Press Releases

ASRC Reaches Historic Milestone in Revenue Sharing

For the first time since incorporation, Arctic Slope Regional Corporation has distributed in excess of one billion dollars to the other Alaska Native regional corporations as part of its 7(i) obligation. 7(i) distributions are made annually; a recent payout from ASRC was approximately $125 million.

“Every region in the state benefits from ASRC’s 7(i) distribution, and the more than a billion dollars in total is a testament to the hard work and dedication of ASRC employees, as well as the importance of responsible natural resource development,” said Rex A. Rock Sr., ASRC president and CEO. “However, in light of this milestone, it’s an important reminder that oil production continues to decline on the North Slope. That decline in production as well as low oil prices will likely affect future 7(i) payouts.”

A provision inside the Alaska Native Claims Settlement Act of 1971 requires the original 12 land-based Alaska Native regional corporations to share 70 percent of their revenue from resource development on their ANCSA conveyed lands. ASRC’s 7(i) applicable revenue comes mostly from resource development in the Colville River Delta, mainly Alpine and other satellite oilfields.

 


About ASRC

Arctic Slope Regional Corporation is owned by and represents the business interests of the Arctic Slope Iñupiat. Since opening enrollment in 1989 to Alaska Natives born after 1971, the corporation’s shareholder base has nearly tripled, growing from the 3,700 original enrollees to approximately 13,000 today. Corporate headquarters are based in Utqiaġvik (Barrow), Alaska, with administrative and subsidiary offices located in Anchorage and throughout the United States. ASRC, along with its family of companies, is the largest Alaskan-owned company, employing approximately 13,500 people across Alaska and the Lower 48. The company has six major business segments: government contract services, petroleum refining and marketing, energy support services, industrial services, construction, and resource development.

Contact

Ty Hardt
Sr. Director of Communications
3900 C Street Suite 801
Anchorage, AK 99503-5963

Direct: 907.339.6888
Email: thardt@asrc.com