ASRC's mission is to actively manage our businesses, our lands and resources, our investments, and our relationships to enhance Iñupiaq cultural and economic freedom - with continuity, responsibility, and integrity.
Arctic Slope Regional Corporation (ASRC) was established pursuant to the Alaska Native Claims Settlement Act of 1971. Incorporated in 1972, ASRC has its corporate headquarters in Barrow, Alaska with administrative and subsidiary offices located in Anchorage and throughout the United States. The past 43 years has been a time of growth and diversification for ASRC. Although Arctic Slope Regional Corporation had humble beginnings, and there was a time the company’s leaders worked for no pay, it is now the largest Alaskan-owned company – with approximately 10,000 employees worldwide. It has been the largest locally-owned and operated business in Alaska for the past 20 years.
ASRC is a private, for-profit corporation that is owned by and represents the business interests of its 12,000 Iñupiat Eskimo shareholders in the villages of Point Hope, Point Lay, Wainwright, Atqasuk, Barrow, Nuiqsut, Kaktovik, and Anaktuvuk Pass. Some of the corporation’s shareholders live outside of the region in Alaska, with a small number residing in the Lower 48.
ASRC owns title to nearly five million acres of land on Alaska's North Slope which contain a high potential for oil, gas, coal and base metal sulfides. Additionally ASRC owns subsurface rights to certain lands, and has surface rights to other lands. ASRC, as a steward of the land, continuously strives to balance management of cultural resources with management of natural resources.
Consistent with the goals of ANCSA, ASRC’s earnings are employed for the benefit of its shareholders. Each year, a significant amount of Arctic Slope Regional Corporation’s earnings – approximately 40 percent – are distributed directly to its shareholders through dividends and other benefits. The remainder is reinvested in the company to ensure sustainable economic growth for current and future generations of Iñupiat. ASRC is proud of the dividend distributions to its shareholders. Since inception, ASRC has distributed more than $825 million in dividends to shareholders. ASRC shareholders have benefited from employment, education and training opportunities. Since 2000 ASRC has distributed more than $90 million to support a wide range of socio-economic opportunities. In 2014, ASRC employed 4,175 Alaskans.
From 2005-2009, ASRC donated nearly $15 million to nonprofit, charitable causes. ASRC also makes investments in its Native community through two nonprofit organizations, the Arctic Slope Community Foundation and the Arctic Education Foundation.
ASRC is poised for the next era of growth with continued dedication to provide maximum benefit to the ASRC shareholders.
ASRC and its family of companies operate six diverse lines of business:
Energy Support Services
• ASRC Energy Services, LLC
• Little Red Services, Inc.
Petroleum Refining and Marketing
• Petro Star Inc.
• ASRC Federal Holding Company
• ASRC Construction Holding Company, LLC
Through deliberate investments, positive operating developments and our continued focus on cost control and efficiency, each of our business segments continue to grow.
ASRC’s other operations include three strategically owned businesses focused on supporting economic development on the North Slope.
• Financial and Lending Services
Alaska Growth Capital, BIDCO
• Local Services
Tundra Tours, Inc.
Alaska Growth Capital BIDCO is a recognized leader in economic development finance, providing small-business loans and investments in economically underserved areas of Alaska. Alaska’s only BIDCO, Alaska Growth Capital, offers consulting services that range from strategy and planning for entrepreneurs to investment banking, and supports ASRC’s strategy for economic development in our region.
Barrow-based companies Eskimos, Inc. and Tundra Tours, Inc. are two of ASRC’s first business ventures. Eskimos, Inc. serves as a fuel and parts distributor to remote locations throughout the North Slope. Tundra Tours, Inc. owns the Top of the World Hotel located in Barrow, Alaska. Both companies provide local services and employment opportunities to ASRC shareholders and residents on the North Slope.
KEY FACTS AT A GLANCE
• Arctic Slope Regional Corporation is the largest locally owned and operated business in Alaska, with approximately 10,000 employees on its payroll, including more than 4,000 in Alaska. Revenues exceeded $2.6 billion in 2014, up from $2.5 billion in 2013.
• ASRC is owned by 12,000 Iñupiat Eskimo shareholders who live primarily in eight villages on Alaska’s North Slope, above the Arctic Circle. This is one of the most isolated and challenging environments in the United States.
• In 1990, ASRC became the first of only four Alaska Native corporations to enroll shareholders born after 1971. Today, nearly 70 percent of ASRC shareholders were born after 1971.
• Seventy-five percent of ASRC’s senior executives are Iñupiat, including the company’s president and chief executive officer.
• ASRC distributed $44.1 million in wages to its shareholders in 2014.
• Since 2005, ASRC has distributed an average of $16 million each year in benefits to its shareholders in the form of educational scholarships and community support funding, as well as training and development. This distribution topped $20 million in 2010.
• ASRC has distributed more than $825 million in dividends to shareholders since its incorporation in 1972.
• In 2015, ASRC reached a historic milestone in revenue sharing. For the first time since incorporation, ASRC has distributed in excess of $1,000,000,000 to the other Alaska Native regional corporations as part of its 7(i) obligation. A provision inside the Alaska Native Claims Settlement Act of 1971 requires the original 12 land-based Alaska Native regional corporations to share 70% of their revenue from resource development on their ANCSA-conveyed lands.
OUR HERITAGE AND OUR SHAREHOLDERS
The history of the people of Alaska’s North Slope reaches back thousands of years, and serves as the foundation upon which ASRC will continue to build in order to benefit future generations. As a company owned and operated by Iñupiaq, ASRC relies on the teachings of the region’s ancestors and lives by the values passed on through countless generations. Iñupiaq values guide ASRC in actively managing its businesses, lands, resources and business relationships. Arctic Slope Corporation’s core values are the cornerstone of its success as a community partner and as a company
Iñupiaq know hard work at a cultural level. In our faces you can see the strength, determination and a spark of inventiveness that flows from the very roots of the Iñupiaq culture. ASRC combines this with disciplined business practices to deliver high levels of performance and returns. The vast majority of ASRC’s shareholders call Alaska’s North Slope home, where generations of Iñupiat have raised their families. Others live outside of the region, with a smaller number residing in the lower-48. Many shareholders engage in subsistence lifestyles, and urban Iñupiat often return to their village to partake in seasonal hunting and whaling traditions. About 40% of our shareholder base is under the age of 18. Creating higher educational opportunities for this group is a top priority.
The corporation supports scholarship programs through the Arctic Education Foundation, and has joined in partnership with Ilisaġvik College to strengthen job skill sets for residents of the North Slope. Internship opportunities are also available at ASRC to shareholders enrolled in higher education programs. In addition to formal education, the cross-generational transmission of values to the region’s younger generation is vital to the community. ASRC supports cultural, youth and community events that promote that heritage, and provides opportunities for youth to engage with their elders. Handing down Iñupiat traditions and values to the next generation is at the bedrock of ASRC’s success, as the corporation relies on the wisdom of the region’s elders to build a cadre of future leaders.
ASRC continually tracks shareholder hiring and advancement goals enterprise-wide, overseeing shareholder hiring, training and career advancement, and maintains a dynamic shareholder database to help coordinate community placement programs with employers outside of ASRC. The corporation provides advice and support to shareholders during the hiring and advancement process and works in close coordination with corporate and subsidiary HR organizations to advance skill sets, safety and overall employee quality throughout the company.