Lester Zitkus
About Lester Zitkus
Senior Vice President, Land at Gulfport Energy since January 2017; joined Gulfport as Vice President of Land in March 2014. Age 59; degree in Mineral Land Management (University of Evansville). Prior roles include Vice President of Land at Chesapeake (2007–2013) and various leadership positions at Equitable Resources/EQT (1987–2007); industry affiliations include past president of the American Association of Professional Landmen and Past Regional Director of the Independent Petroleum Association of America . Company performance during his ongoing tenure included strong shareholder returns and cash generation: GPOR stock appreciated ~38% in 2024 and ~80% in 2023, with $650 million operating cash flow in 2024 and robust buybacks, indicating execution against capital efficiency and FCF goals .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Equitable Resources Inc. (now EQT Corp.) | Vice President of Operations; Senior Vice President of Land | 1987–2007 | Not disclosed in filings |
| Chesapeake Energy Corporation | Vice President of Land | 2007–2013 | Not disclosed in filings |
| Gulfport Energy | Vice President of Land | 2014–2017 | Not disclosed in filings |
| Gulfport Energy | Senior Vice President, Land | 2017–Present | Executive land leadership supporting GPOR’s Utica/SCOOP footprint |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| American Association of Professional Landmen | Member; Past President | Not disclosed | Professional standards and land management leadership (not quantified) |
| Independent Petroleum Association of America | Past Regional Director | Not disclosed | Industry advocacy (not quantified) |
Fixed Compensation
- Not disclosed for Zitkus in the latest proxy (he is not a Named Executive Officer). The Summary Compensation Table covers NEOs only .
- Gulfport’s executive pay framework (context): market-competitive base salary, annual cash STI tied to KPIs, and LTI comprising time-based RSUs and performance-based RSUs (PSUs) .
Performance Compensation
2024 Short-Term Incentive Metrics (company-level program; NEO payouts certified at 150% of target; Zitkus-specific payout not disclosed):
| Metric | Weighting | Threshold | Target | Maximum | 2024 Actual | 2024 Payout Contribution |
|---|---|---|---|---|---|---|
| Production (MMcfe/day) | 20% | 1,035 | 1,057 | 1,090 | 1,060 | 22% |
| Capex ($MM) | 20% | 435 | 408 | 375 | 385 | 34% |
| LOE per Mcfe ($/Mcfe) | 15% | 0.20 | 0.19 | 0.17 | 0.18 | 22% |
| Adjusted Free Cash Flow ($MM) | 15% | 190 | 231 | 295 | 261 | 22% |
| TRIR | 10% | 0.8 | 0.6 | 0.4 | 0.3 | 20% |
| Spills | 10% | 6 | 4 | 2 | 1 | 20% |
| Strategic Initiatives | 10% | Qualitative | Qualitative | Qualitative | Qualitative | 10% |
| Total Achievement | — | — | — | — | — | 150% |
Long-Term Incentive Design (context for executives; individual Zitkus awards not disclosed):
- Time-Based RSUs: vest in three equal annual installments over 3 years .
- Performance-Based RSUs (PSUs): 3-year performance period; payout grid tied to absolute TSR bands and relative TSR versus peer companies, up to 200% of target .
- Anti-hedging/pledging policies in effect; clawback policy adopted July 31, 2023 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (Zitkus) | Not individually itemized in 2025 proxy; directors and executive officers as a group (13 persons) held 110,185 shares, <1% of shares outstanding . |
| Vested vs unvested shares (Zitkus) | Not disclosed (table covers NEOs) . |
| Shares pledged as collateral | Prohibited by policy; “to our knowledge, all individuals follow these policies” . |
| Insider hedging/margin accounts | Prohibited (no hedging, no margin accounts) . |
| Stock ownership guidelines | CEO 5x salary; other NEOs and applicable Section 16 officers 3x salary; once met, subsequent stock declines don’t affect compliance if shares retained (amended Feb 20, 2025). Specific compliance for Zitkus not disclosed . |
Employment Terms
- Executive officers serve at the pleasure of the Board; no family relationships among officers or directors; executive officers listed by role (includes Zitkus) .
- Clawback policy: recovery of incentive compensation after restatement for material non-compliance; potential forfeiture of equity awards for serious breaches of conduct .
- RSU/PSU grant agreements (context for executives): double-trigger protections and accelerated vesting mechanics around change in control and certain special events; PSU conversion to time-based RSUs upon assumed CiC with vesting protections upon qualifying termination (Zitkus-specific grant terms not disclosed) .
Investment Implications
- Pay-for-performance alignment is strong at the company level: STI metrics tied to production, capex, LOE, FCF, safety; 2024 payouts at 150% reflect above-target performance and robust shareholder returns; however, Zitkus’s individual compensation and vesting detail are not disclosed, limiting precision on his pay-for-performance linkage .
- Alignment safeguards reduce governance risk: strict anti-hedging/pledging, ownership guidelines, and clawback policy; no tax gross-ups; no single-trigger vesting .
- Retention/change-of-control risk assessment is constrained: NEO employment agreements provide substantial severance and equity vesting protections, but comparable terms for Zitkus are not disclosed; executive officers serve at Board pleasure .
- Performance backdrop is favorable: strong TSR in 2023–2024 and adjusted free cash flow; continued focus on capital efficiency and safety metrics suggests incentive constructs likely reinforce operational execution for land strategy in core Utica/SCOOP basins .
Monitoring recommendations: track any Form 4 activity for Zitkus to assess selling pressure, confirm Section 16 status and ownership guideline compliance, and review future proxies for individual officer ownership and award disclosures.