BALTIMORE, July 12, 2012 /PRNewswire via COMTEX/ -- The Board of Directors of Petroleum & Resources Corporation PEO -0.04% today declared a dividend of $0.10 per share, payable September 1, 2012, to stockholders of record on August 10, 2012, and announced its performance for the first half of 2012.
For the six months ended June 30th, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was -2.3%. Comparable figures were -5.9% for the Lipper Global Natural Resources Funds Index (Lipper Peer Group), -2.5% for the Dow Jones U.S. Oil and Gas Index, and 1.7% for the Dow Jones U.S. Basic Materials Index. The total return on Petroleum & Resources' market value was -1.3%. The net capital gain realized by Petroleum & Resources on its investments for the six months was $0.75 per share.
For the twelve months ended June 30th, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was -11.3%. Comparable figures were -23.3% for the Lipper Peer Group, -9.0% for the Dow Jones U.S. Oil and Gas Index, and -15.9% for the Dow Jones U.S. Basic Materials Index. The total return on Petroleum & Resources' market value was -12.3%.
The net asset value of Petroleum & Resources at June 30, 2012, compared with the year earlier, was:
Net Asset Value
Net assets $710,406,280 $835,707,499
Shares outstanding 25,654,466 24,802,112
Net assets per share $27.69 $33.70
During the three months ended June 30, 2012, Petroleum & Resources added three new names to its investment portfolio through the purchases of shares of Alpha Natural Resources, Inc. (subsequently sold during the quarter) and Midstates Petroleum Co., Inc., and the receipt of shares of Phillips 66 (via spin off from ConocoPhillips). The Corporation also increased its holdings in Anadarko Petroleum, Apache, EOG Resources, Exxon Mobil, LyondellBasell Industries, Pioneer Natural Resources, Royal Dutch Shell (in lieu of cash dividend),and Transocean.
Two holdings were eliminated from the Corporation's investment portfolio with the sales of Alpha Natural Resources, Inc. and Northeast Utilities. In addition, the Corporation reduced its holdings in ConocoPhillips and Peabody Energy.
The Semi-Annual Report to Stockholders is expected to be released on or about July 20, 2012.
Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange under the symbol PEO.