BALTIMORE, MARYLAND, January 8, 2004 -- The Board of Directors of Petroleum & Resources Corporation (NYSE:PEO) announced the Corporation's performance for 2003 and declared a dividend.
2003 PERFORMANCE
The Fund performed well in 2003. For the twelve months ended December 31, the total return on Petroleum & Resources' net asset value, after adjusting for income dividends as well as capital gains distributions paid, was 21.2 percent and, on a market value basis, the total return was 30.8 percent. Comparable figures for the S&P 500 Index and the Dow Jones Energy Index were 28.6 percent and 22.9 percent, respectively.
DIVIDEND DECLARED
Petroleum & Resources declared a dividend of $.13 per share, payable March 1, 2004 to stockholders of record February 17, 2004. The $.13 consists of $.03 of investment income, $.02 of short-term capital gain, and $.07 of long-term capital gain, all realized in 2003, and $.01 of investment income realized in 2004.
NET ASSET VALUE ANNOUNCED
The net asset value of Petroleum & Resources at the end of 2003 is compared with the prior year in the following table:
Net Asset Value
|
12/31/03 |
12/30/02 |
|
| Net assets |
$522,941,279 |
$451,275,463 |
| Shares outstanding |
21,736,777 |
21,510,067 |
| Net assets per share |
$24.06* |
$20.98 |
*After capital gains distributions of $0.81 per share paid in 2003.
PRINCIPAL CHANGES IN PORTFOLIO DURING THE FOURTH QUARTER
During the three months ended December 31, 2003, Petroleum & Resources Corporation added one new name to its investment list with the purchase of Air Products and Chemicals, Inc.. The Corporation increased its holdings in AGL Resources Inc., Amerada Hess Corp., BP plc ADR, ConocoPhillips, MDU Resources Group, Inc., Noble Energy, Inc., and Pioneer Natural Resources Co. The Corporation eliminated three holdings from its portfolio with the sales of Atmos Energy Corp., MeadWestvaco Corp., and Unocal Corp. common stock. The Corporation reduced its holdings in Apache Corp., BJ Services Co., ChevronTexaco Corp., El Paso Corp., Kinder Morgan, Inc., Murphy Oil Corp., and Questar Corp.
Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange and Pacific Exchange, and its symbol is PEO.
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For further information, please contact:
Douglas G. Ober, Chairman, President & Chief Executive Officer
Lawrence L. Hooper, Jr., Vice President, Secretary & General Counsel
at (410) 752-5900 or (800) 638-2479
E-mail: contact@peteres.com
Website: www.peteres.com
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