BALTIMORE, MARYLAND -- February 13, 2003 - Petroleum & Resources Corporation updates its list of top ten holdings, sector weightings, and portfolio changes for fourth quarter ending December 31, 2002 as follows:
TOP TEN HOLDINGS
|
Company |
% of Net Assets |
| Exxon Mobil Corp. |
8.1% |
| Royal Dutch Petroleum Co. |
6.4% |
| Chevron Texaco Corp. |
4.4% |
| BP plc ADR |
4.4% |
| BJ Services Co. |
2.9% |
| Equitable Resources Inc. |
2.8% |
| Anadarko Petroleum Corp. |
2.7% |
| Ocean Energy, Inc. |
2.4% |
| TotalFina Elf ADR |
2.0% |
| Apache Corp. |
1.9% |
| Total |
38.0% |
SECTOR WEIGHTINGS
The portfolio weightings for the sectors the Fund invests in were as follows:
| Internationals | 26.6% |
| Domestics | 7.0% |
| Producers | 13.8% |
| Distributors | 16.7% |
| Services | 13.3% |
| Basic Materials & Other | 8.2% |
| Paper & Forest Products | 3.1% |
| Cash & Equivalents | 10.7% |
PRINCIPAL CHANGES IN PORTFOLIO
During the fourth quarter of 2002, Petroleum & Resources added two new names to its investment list with purchases of Ingersoll-Rand Co. Ltd. and MDU Resources Group, Inc. The Corporation added to its holdings in Albemarle Corp., Arch Coal Inc., Baker Hughes, Inc., and Weatherford International, Ltd. The Corporation reduced its holdings in Amerada Hess Corp., El Paso Corp., Engelhard Corp., Exxon Mobil Corp., MeadWestvaco Corp., Murphy Oil Corp., and Royal Dutch Petroleum Co..
The 2002 Annual Report for the Corporation will be mailed to shareholders on or about February 21, 2003.
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:
Richard F. Koloski, President
Lawrence L. Hooper, Jr., Vice President, Secretary & General Counsel
410-752-5900 or 800-638-2479
E-mail: contact@peteres.com
Website: www.peteres.com
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