Company Research Report: Arctic Slope Regional Corporation (ASRC)

Company Overview

• Name: Arctic Slope Regional Corporation (ASRC)

• Mission: To actively manage our businesses, lands and resources, investments, and relationships to enhance Iñupiaq cultural and economic freedom with continuity, responsibility, and integrity.

• Founded: June 22, 1972

• Founded by: Initiated through the provisions of the Alaska Native Claims Settlement Act of 1971 (ANCSA).

• Key People:

• Rex A. Rock Sr. - President and CEO

• Crawford Patkotak - Chairman, Board of Directors

• Butch Lincoln - Executive VP, Chief Operating Officer

• Brent Renfrew - Executive VP, Chief Financial Officer

• Headquarters: Utqiaġvik, Alaska

• Number of Employees: Approximately 15,000

• Revenue: Information not directly available, but noted to exceed $2.5 billion by 2015.

• Known For: ASRC is the largest Alaskan-owned and operated corporation, engaging in diverse business lines including government services, petroleum refining and marketing, energy support services, industrial services, construction, and resource development.

Products and Business Segments

• Government Contract Services

• Comprehensive contract services for federal and state government entities.

• Petroleum Refining & Marketing

• Focuses on petroleum production and distribution through Petro Star Inc., ensuring efficient supply chain management.

• Energy Support Services

• Provides a wide array of support services to energy production sectors.

• Industrial Services

• Offers maintenance, mechanical services, cleaning, demolition, and remediation through ASRC Industrial Services. Key companies include:

• Arctic Pipe Inspection

• Environmental Quality Management

• Mavo Systems

• Construction

• ASRC Construction specializes in infrastructure and building projects, with services including civil construction and materials supply through entities like ASRC Builders and Builders Choice Lumber.

• Lands & Natural Resources

• ASRC manages nearly 5 million acres of valuable Alaskan land resources, including oil, gas, coal, and minerals, prioritizing sustainable development practices.

Recent Developments

• Recent Developments: On September 29, 2023, ASRC was recognized as the top company in Alaska for the 29th consecutive year by Alaska Business Top 49ers.

• New Products/Features: No specific new products or features announced.

• New Partnerships: No information is available on new partnerships.

Notable Achievements

• ASRC has distributed more than $1 billion in dividends to shareholders since its inception.

• Completed significant infrastructure projects across diverse geographies, valued in billions over the past decades.

Leadership and Governance

ASRC has a corporate governance structure that includes a 15-seat board of directors with staggered elections and a senior executive management team committed to socioeconomic development and shareholder returns. Key leadership values are heavily influenced by Iñupiaq cultural principles.

Cultural and Social Impact

ASRC is dedicated to fostering Iñupiaq cultural values alongside business growth. The company supports educational initiatives and community health through significant philanthropic contributions and has provided more than $100 million to various community-support programs.

Conclusion

Arctic Slope Regional Corporation exemplifies a blend of indigenous cultural stewardship and strategic business operations, resulting in sustained growth and significant returns for its shareholders. With a broad scope of operations and a commitment to community development, ASRC continues to secure its place as an influential entity in both Alaskan and national markets.