Patrick K. Craine

Patrick K. Craine is the Chief Legal & Administrative Officer at Gulfport Energy. Prior to their current position, they served as the Deputy General Counsel and Chief Risk and Compliance Officer at Chesapeake Energy from January 2013 to December 2019.

At Chesapeake Energy, Craine managed a team of over 60 professionals and was responsible for the company's external legal G&A budget of over $50 million. Patrick reduced litigation matters from over 1400 to ~190 cases and royalty matters from ~600 to ~75 cases (8 states with over 15,000 plaintiffs). Craine also reduced external legal spend by over 45% YOY and developed and implemented a matter management system. Additionally, they created a Legal Operations Group to optimize the function and conducted numerous RFPs and created alternative fee structures that aligned all parties.

Craine also defended DOJ and SEC investigations related to the company's former founder (received no action letter), DOJ antitrust investigation (received a marker and immunity from prosecution), DOJ and SEC accounting investigations (closed with no action), DOJ and SEC royalty investigations (closed with no action), and DOJ/EPA Clean Water Act and Clean Air Act matters (negotiated settlement).

In terms of compliance, Craine created a best-in-class compliance program that was recognized as a national finalist by Corporate Secretary Magazine. Patrick also revamped the Code of Conduct, which was graded “A” by NYSE. Furthermore, they supervised investigations and provided regular reporting to management and Audit Committee. Lastly, they developed a policy portal and fit-for-purpose policies for the organization.

As for Enterprise Risk Management, Craine established an ERM program and prepared materials that were presented to the Audit Committee and Board. Patrick also incorporated ERM with Strategic Planning and A&D groups.

Finally, in Traditional Risk Management, Craine reorganized and optimized the insurance function. Patrick managed to reduce overall premium (71% over 5 years) and 15% YOY as well as insurance brokerage fees (82% over 5 years) and 29% YOY. G&A premium was reduced by over 40% YOY. Craine also established preferred provider relationships with insurers and underwriters and enhanced coverage in all policy towers.

Some of their coworkers include Quentin R. Hicks - Executive Vice President and Chief Financial Officer, Michael Sluiter - Senior Vice President, Reservoir Engineering, and Donnie Moore - COO. Patrick K. Craine reports to David M. Wood, President & CEO.