UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended December 31, 2003
Check here if Amendment [ ]; Amendment Number:
This amendment (Check only one.) : [ ] is a restatement
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Petroleum & Resources Corporation
Address: 7 St. Paul Street, Suite 1140
Baltimore, MD 21202
Form 13F File Number: 28-293
The institutional investment manager filing this report and the person
by whom it is signed hereby represent that the person signing the
report is authorized to submit it, that all information contained
herein is true, correct and complete, and that it is understood that
all required items, statements, schedules, lists,and tables, are
considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Maureen A. Jones
Title: Vice President and CFO
Phone: (410) 752-5900
Signature, Place, and Date of Signing:
Maureen A. Jones Baltimore, MD January 15, 2004
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported
are in this report, and all holdings are reported by other
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings
for this reporting manager are reported in this report and a portion are
reported by other reporting manager (s).)
List of Other Managers Reporting for this Manager:
Form 13F File Number Name
28
[Repeat as necessary.]
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 52
Form 13F Information Table Value Total: $ 459,645
(in thousands)
List of Other Included Managers:
Provide a numbered list of the name (s) and Form 13F file number(s)
of all institutional investment managers with respect to which this
report is filed, other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column
headings and
list entries.]
No. Form 13-F File No. Name
28-
[Repeat as necessary.]
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6COLUMN 7 COLUMN 8
NAME OF ISSUER TITLE OF CLASS CUSIP VALUE IN SHARES/PRN SH/ PUT/ INVSTM OTHER VOTING AUTHORITY
000's AMOUNT PRN CALLDISCRETNMANAGERS
SOLE SHARED NONE
>C>
WILLIAMS COMPANIES, COM 969457100 1,964 200,000 SH SOLE 200,000
AGL RESOURCES INC. COM 001204106 7,275 250,000 SH SOLE 250,000
AIR PRODUCTS & CHEMICA COM 009158106 3,962 75,000 SH SOLE 75,000
ALBEMARLE CORP. COM 012653101 5,994 200,000 SH SOLE 200,000
AMERADA HESS CORP COM 023551104 6,646 125,000 SH SOLE 125,000
APACHE CORP. COM 037411105 8,516 105,000 SH SOLE 105,000
ARCH COAL INC. COM 039380100 7,792 250,000 SH SOLE 250,000
BAKER HUGHES, INC.. COM 057224107 4,181 130,000 SH SOLE 130,000
BJ SERVICES CO. COM 055482103 13,283 370,000 SH SOLE 370,000
BOISE CASCADE ACES 7.5 PFD CV 097383855 2,611 51,000 SH SOLE 51,000
BOISE CASCADE CORP. COM 097383103 6,736 205,000 SH SOLE 205,000
BP P.L.C. SPONSORED ADR055622104 26,649 540,000 SH SOLE 540,000
BURLINGTON RESOURCES I COM 122014103 7,388 133,400 SH SOLE 133,400
CHEVRONTEXACO CORP. COM 166764100 25,053 290,000 SH SOLE 290,000
CONOCOPHILLIPS COM 20825C104 17,048 260,000 SH SOLE 260,000
DEVON ENERGY CORP. COM 25179M103 11,379 198,720 SH SOLE 198,720
DUKE ENERGY 8.25% DUE PFD CV 264399585 2,214 160,000 SH SOLE 160,000
DUKE ENERGY CORP. COM 264399106 2,352 115,000 SH SOLE 115,000
EL PASO CORP. COM 28336L109 1,474 180,000 SH SOLE 180,000
ENERGEN CORP. COM 29265N108 8,206 200,000 SH SOLE 200,000
EOG RESOURCES INC. COM 26875P101 9,234 200,000 SH SOLE 200,000
EQUITABLE RESOURCES IN COM 294549100 10,730 250,000 SH SOLE 250,000
EXXON MOBIL CORP. COM 30231G102 43,050 1,050,000 SH SOLE 1,050,000
GENERAL ELECTRIC CO. COM 369604103 10,217 329,800 SH SOLE 329,800
GLOBALSANTAFE CORP. COM G3930E101 4,966 200,000 SH SOLE 200,000
GRANT PRIDECO INC COM 38821G101 4,010 308,000 SH SOLE 308,000
INGERSOLL-RAND CO. LTD CL A G4776G101 6,788 100,000 SH SOLE 100,000
KERR-MCGEE CORP. COM 492386107 8,236 177,153 SH SOLE 177,153
KEYSPAN CORP. COM 49337W100 8,096 220,000 SH SOLE 220,000
KINDER MORGAN INC COM 49455P101 4,568 77,300 SH SOLE 77,300
MDU RESOURCES GROUP, I COM 552690109 7,143 300,000 SH SOLE 300,000
MURPHY OIL CORP. COM 626717102 4,245 65,000 SH SOLE 65,000
NABORS INDUSTRIES, LTD COM G6359F103 5,187 125,000 SH SOLE 125,000
NATIONAL FUEL GAS CO. COM 636180101 4,888 200,000 SH SOLE 200,000
NEW JERSEY RESOURCES C COM 646025106 10,687 277,500 SH SOLE 277,500
NOBLE CORP COM G65422100 4,830 135,000 SH SOLE 135,000
NOBLE ENERGY INC. COM 655044105 6,265 141,000 SH SOLE 141,000
OCCIDENTAL PETROLEUM C COM 674599105 8,448 200,000 SH SOLE 200,000
PHILADELPHIA SUBURBAN COM PAR $0.50718009608 8,426 381,250 SH SOLE 381,250
PIONEER NATURAL RESOUR COM 723787107 9,292 291,000 SH SOLE 291,000
QUESTAR CORP COM 748356102 7,030 200,000 SH SOLE 200,000
ROHM & HAAS CO. COM 775371107 8,542 200,000 SH SOLE 200,000
ROYAL DUTCH PETROLEUM, Y REG EUR .56780257804 31,434 600,000 SH SOLE 600,000
SCHLUMBERGER LTD COM 806857108 15,322 280,000 SH SOLE 280,000
SHELL TRANSPORT & TRAD DR NY SHS NEW822703609 6,755 150,000 SH SOLE 150,000
STONE ENERGY CORP. COM 861642106 4,428 104,300 SH SOLE 104,300
TECO ENERGY, INC COM 872375100 2,882 200,000 SH SOLE 200,000
TEMPLE-INLAND, INC. COM 879868107 7,520 120,000 SH SOLE 120,000
TOTAL S.A. SPONSORED ADR89151E109 12,951 140,000 SH SOLE 140,000
UNOCAL CAPITAL TRUST PFD CV 91528T207 3,799 72,540 SH SOLE 72,540
WEATHERFORD INT'L. LTD COM G95089101 7,380 205,000 SH SOLE 205,000
WILLIAMS FELINE PACS D PFD CV 969457886 1,573 120,000 SH SOLE 120,000
459,645