The 13 Regional Corporations.

• Author: STRICKER, JULIE

All 13 Alaska Native Regional Corporations are showing profits.

Low oil prices, oil corporation mergers and a volatile stock market sent Alaska's Native corporations on an economic roller coaster in 1999. Although some lost ground, all of the corporations came through with profits and broader, more stable foundations on which to base future growth. Together, the regional corporations accounted for more than $1.97 billion in revenues in 1999, much of which are reinvested in Alaska-based programs or as dividends.

Created by Congress in 1971 to settle aboriginal land claims that were threatening to derail the trans-Alaska oil pipeline, 12 Alaska Native Regional corporations divided 44 million acres of land and nearly $1 billion to seed their business operations. The 13th Regional Corp., which does not have a land base, is based in Seattle and was established for Alaska Natives living outside the state.

Arctic Slope Regional Corp.

The largest corporation in terms of revenue, Arctic Slope Regional Corp., based in Barrow, was buffeted as oil prices dived below $10 a barrel before surging past $25 a barrel in the space of the calendar year. In addition, the merger of two of the North Slope's largest oil companies--BP Amoco's buyout of ARCO--pinched the oil field services industries, one of Arctic Slope's top subsidiary branches.

ASRC posted net revenues of $865.62 million in 1999, down from $868.68 million in 1998, while net income was significantly lower in 1999 at $15.54 million, compared with $28.41 million in 1998.

Operating income declined and net income fell, as did the corporation's investment portfolio, which saw earnings decline from 10.5 percent in 1998 to just 8.9 percent in 1999.

"Providing leadership and bringing clarity to such situations has been a real challenge in 1999," ASRC President and CEO Jacob Adams said in the corporation's annual report.

Doyon Ltd.

Fairbanks-based Doyon Ltd. also was hit hard by the slowdown on the North Slope. Doyon Drilling Inc., long one of Doyon's most profitable subsidiaries, was forced to lay off 72 percent of its workers as rig utilization fell to 33 percent from 97 percent in 1998.

Doyon's investment portfolio, its largest revenue-producer, rose 30 percent. Doyon also increased its stake in the tourism industry and real estate market, both of which gained revenue. Total revenue was $49.45 million, down from $66.35 million in 1998.

But the biggest shock came in early 2000. The corporation had just completed the transfer of the office of president and CEO to Rosemarie Maher in January 2000, and was preparing to celebrate the completion of...