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Arctic Slope Regional Construction Company Inc history
Arctic Slope Regional Construction Company Inc company history timeline
In 1867 Alaska was sold to the United States from Russia.
Statehood for Alaska in 1959 promised to usher in a host of changes, marking a momentous transition for its citizens.
In 1966, Native leaders banded together and formed a statewide organization named the Alaska Federation of Natives, or AFN. As an organized body, the AFN lobbied the United States Congress, seeking a resolution to the thorny issue of land ownership.
In the late 1970’s, ASRC’s leaders were focused on creating new business and job opportunities for shareholders.
The articles of incorporation for ASRC were signed on June 22, 1972.
Since its incorporation in the summer of 1972, Arctic Slope Regional Corporation has grown into the largest locally-owned and operated business in Alaska, a level of growth and expansion credited to the deliberate actions and decisions made by its board of directors as well as executive leaders.
The northernmost of the regional corporations, formed in 1972, was Arctic Slope Regional Corporation, owned by the Inupiat people.
1972: Arctic Slope is created.
The 13th Regional Corporation was formed in 1975 to represent Alaska Natives living in the Lower 48.
However, by 1976, ASRC had selected much of its lands and was the first regional corporation to receive a land conveyance.
In 1978, when the first dividends were issued, Arctic Slope Regional Corporation paid out a total of $185,000 to shareholders.
In litigation brought by the other eleven regional corporations, a 1980 court ruling found that ASRC must share 70% of its exploration revenue with other regions – meaning it owed them approximately $7 million.
ASRC approached the federal government about possible land exchange. It owned lands in the Gates of the Arctic National Park, which had been established in 1980 when the Alaska National Interest Lands Conservation Act (ANILCA) was passed.
On June 29, 1982, the 7(i) Settlement Agreement was signed, which set out in very certain terms how resource revenues would be shared among all 12 regional corporations.
ASRC and the Secretary of the Interior entered into a land exchange agreement in August 1983.
In 1985, Arctic Slope purchased the established pipeline construction firm and formed Natchiq Inc., which would rank as the largest Arctic Slop subsidiary a quarter-century later.
1985: Houston Contracting Co. is acquired.
Natchiq's interests included Alaska Petroleum Contractors, formed in 1987, and GSL Oilfield Service, a contractor with experience in offshore oil exploration that was acquired several years later.
ASRC began enrolling new shareholders in April 1990.
In 1990, revenues leaped 94 percent, reaching $218.3 million, while earnings shot up 76 percent to $25.5 million.
In 1991, the total dividends issued to shareholders exceeded $1.5 million.
First amount is for FY ending June 30, 1994; second amount is for FY ending Dec.
Arctic Slope made $91 million selling tax losses, an amount that showed up in its 1994 profits after the sale was approved by the Internal Revenue Service.
Led by Natchiq and its two operating subsidiaries, Houston Contracting and Alaska Petroleum Contractors, which accounted for a third of ASRC's revenues, the company generated $468 million in revenues in 1995.
In 1996 Arco announced discovery of the Alpine oil field, which is partly on Kuukpik and Arctic Slope's land.
More than a quarter century later, the company they started, Arctic Slope Regional Corp., is the largest Alaska-owned company, with revenues in 1997 of $661 million.
In 1998, revenues increased from $700 million to $887 million, while earnings swelled 77 percent.
Scheduled to begin production in the year 2000, Alpine will be the first oil produced on Arctic Slope corporation land.
In 2015, that number exceeded $2.5 billion.
By 2017, that number has grown to exceed $1 billion.
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Arctic Slope Regional Construction Company Inc may also be known as or be related to Arctic Slope Regional Construction Company Inc and Arctic Slope Regional Corporation.