By the Journal of Commerce

BARROW — For the second year in a row, the Arctic Slope Regional Corp. brought in more than $1 billion in revenues, thanks in part to the Alpine oil field and high oil prices.

The Alaska Native corporation posted a record $206.3 million profit last year by bringing in more than $1.7 billion in revenues.

In 2005, the corporation reported a $128 million profit on $1.6 billion in revenue.

The gains also allowed for record-high dividends for its almost 10,000 shareholders. The company paid out a combined amount of $47.41 per share for the 2006 fall and spring payout, or a 66 percent increase from the previous year.

The boom comes only two years after the company posted a loss of $17 million.

Roberta Quintavell, the corporation's president and chief executive officer, said the 2006 gain was due in part to diversifying the company's portfolio. That portfolio includes petroleum refining and marketing, government contracting, construction and oil field support.

Subsidiary Petro Star Inc., with refineries in North Pole and Valdez, counted for 36 percent of the profit, and its energy services, which provide oil field support around the world, contributed to 32 percent of the revenue.

Some of the corporation's success has also been credited to becoming more efficient by cutting companies that weren't performing well or just didn't fit with ASRC's vision.

ASCG Inc. was sold to NANA Regional Corp. where it fits in with NANA's other engineering-based companies.

The corporation also benefited from a $47.8 million tax adjustment after the company increased the value placed on its tax-deductible assets following the company's substantial growth over the years.