Third Amendment
To
Third Amended And Restated Credit Agreement
Dated as of November 4, 2019
Among
Oasis Petroleum North America LLC,
As Borrower,
The Guarantors Party Hereto,
Wells Fargo Bank, N.A.,
As Administrative Agent and Issuing Bank,
And
The Lenders Party Hereto

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THIRD AMENDMENT TO
THIRD AMENDED AND RESTATED CREDIT AGREEMENT
THIS THIRD AMENDMENT to THIRD AMENDED AND RESTATED Credit Agreement (this “Third
Amendment”) dated as of November 4, 2019, is among OASIS PETROLEUM NORTH AMERICA
LLC, a Delaware limited liability company (the “Borrower”); the Guarantors party
hereto (the “Guarantors” and collectively with the Borrower, the “Credit
Parties”); each of the lenders party to the Credit Agreement referred to below
(collectively, the “Lenders”) party hereto; and WELLS FARGO BANK, N.A., as
administrative agent for the Lenders (in such capacity, together with its
successors in such capacity, the “Administrative Agent”) and as the issuing bank
(in such capacity, the “Issuing Bank”).
R E C I T A L S:
A.Parent, OP LLC, the Borrower, the Administrative Agent and the Lenders are
parties to that certain Third Amended and Restated Credit Agreement dated as of
October 16, 2018 (as amended, amended and restated, restated, supplemented or
otherwise modified, the “Credit Agreement”), pursuant to which the Lenders have
made certain credit available to and on behalf of the Borrower.
B.The Borrower, the Guarantors, the Administrative Agent and the Lenders party
hereto desire to amend certain provisions of the Credit Agreement as set forth
herein effective as of the Third Amendment Effective Date (as defined below).
C.The Borrower has requested that the Aggregate Elected Commitment Amounts be
reduced from $1,350,000,000 to $1,100,000,000.00.
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein
contained, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:
Section 1.Defined Terms. Each capitalized term used herein but not otherwise
defined herein has the meaning given such term in the Credit Agreement, as
amended by this Third Amendment. Unless otherwise indicated, all section
references in this Third Amendment refer to sections of the Credit Agreement.
Section 2.Amendments to Credit Agreement. In reliance on the representations,
warranties, covenants and agreements contained in this Third Amendment, and
subject to the conditions precedent contained in Section 3 hereof, the Credit
Agreement shall be amended effective as of the date hereof in the manner
provided in this Section 2.
2.1 Amendments to Section 1.02 (Certain Defined Terms).
(a) The following definitions contained in Section 1.02 of the Credit Agreement
are hereby amended and restated as follows:

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“Agreement” means this Credit Agreement, as amended by the First Amendment,
Second Amendment and Third Amendment and as the same may from time to time be
further amended, modified, supplemented or restated.
“Aggregate Elected Commitment Amounts” at any time shall equal the sum of the
Elected Commitments, as the same may be increased, reduced or terminated
pursuant to Section 2.06(c). As of the Third Amendment Effective Date, the
Aggregate Elected Commitment Amounts are $1,100,000,000.
(b) The following definition is hereby added to Section 1.02 of the Credit
Agreement where alphabetically appropriate to read as follows:
“Third Amendment” means that certain Third Amendment to Third Amended and
Restated Credit Agreement, dated as of October [ ], 2019 among the Parent, the
Borrower, the other Guarantors, the Administrative Agent, the Issuing Bank and
the Lenders party thereto.
2.2 Amendment to Section 2.02. Section 2.02(c) of the Credit Agreement is hereby
amended to replace the reference to “six (6)” with “ten (10)” in lieu thereof.
2.3 Amendments to Section 9.04.
(a) Section 9.04(b)(i)(B) of the Credit Agreement is hereby amended and restated
in its entirety as follows:
        “(B) [reserved],”
(b) Section 9.04(b)(i)(D) of the Credit Agreement is hereby amended and restated
in its entirety as follows:
        “(D) the Parent may Redeem the Senior Notes, Permitted Refinancing Debt
or Convertible Notes to the extent that (w) no Default or Event of Default
exists or results therefrom, (x) before and after giving effect to such
Redemption, the current total Revolving Credit Exposures shall not exceed 85% of
the total Commitments (i.e., the least of (i) the Aggregate Maximum Credit
Amounts, (ii) the then effective Borrowing Base and (iii) the Aggregate Elected
Commitment Amounts) at such time, (y) the consideration paid by the Parent with
respect to such Redemption shall (i) consist of cash and (ii) not exceed an
aggregate amount of $300,000,000, excluding all accrued interest or transaction
costs associated with the Redemption, and (z) after giving pro forma effect to
such Redemption, the Leverage Ratio shall not be greater than 3.25 to 1.0
(provided that, for the avoidance of doubt, pro forma compliance with the
Leverage Ratio pursuant to this Section 9.04(b)(i)(D) shall be required
regardless of whether the Leverage Ratio would be tested under or pursuant to
Section 9.01(c)) , or”
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Section 3.Conditions Precedent. This Third Amendment shall become effective as
of the date when each of the following conditions is satisfied (or waived in
accordance with Section 12.02 of the Credit Agreement) (the “Third Amendment
Effective Date”):
3.1 Executed Counterparts of Third Amendment. The Administrative Agent shall
have received from the Borrower, each Guarantor and the Lenders constituting the
Majority Lenders (in such number as may be requested by the Administrative
Agent) executed counterparts of this Third Amendment signed on behalf of such
Person.
3.2 No Default. No Default shall have occurred and be continuing as of the date
hereof prior to and after giving effect to the terms of this Third Amendment.
3.3 Further Assurances. The Administrative Agent shall have received such other
documents as the Administrative Agent or its special counsel may reasonably
require.
The Administrative Agent is hereby authorized and directed to declare this Third
Amendment to be effective when it has received documents confirming or
certifying, to the satisfaction of the Administrative Agent, compliance with the
conditions set forth in this Section 3 or the waiver of such conditions as
permitted hereby. Such declaration shall be final, conclusive and binding upon
all parties to the Credit Agreement for all purposes.
Section 4.Aggregate Elected Commitment Amounts. The Borrower, the Guarantors,
the Administrative Agent and the Lenders party hereto hereby agree that the
Aggregate Elected Commitment Amounts shall be reduced from $1,350,000,000 to
$1,100,000,000.00 (ratably among the Lenders in accordance with each Lender’s
Applicable Percentage) effective as of the Third Amendment Effective Date.
Section 5.Miscellaneous.
5.1 Confirmation and Effect. The provisions of the Credit Agreement, as amended
by this Third Amendment, shall remain in full force and effect following the
effectiveness of this Third Amendment. Each reference in the Credit Agreement to
“this Agreement”, “hereunder”, “hereof”, “herein” or any other word or words of
similar import shall mean and be a reference to the Credit Agreement as amended
hereby, and each reference in any other Loan Document to the Credit Agreement or
any word or words of similar import shall be and mean a reference to the Credit
Agreement as amended hereby.
5.2 No Waiver. Neither the execution by the Administrative Agent or the Lenders
of this Third Amendment, nor any other act or omission by the Administrative
Agent or the Lenders or their officers in connection herewith, shall be deemed a
waiver by the Administrative Agent or the Lenders of any Defaults or Events of
Default which may exist, which may have occurred prior to the date of the
effectiveness of this Third Amendment or which may occur in the future under the
Credit Agreement and/or the other Loan Documents. Similarly, nothing contained
in this Third Amendment shall directly or indirectly in any way whatsoever
either: (a) impair, prejudice or otherwise adversely affect the Administrative
Agent’s or the Lenders’ right at any time to exercise any right, privilege or
remedy in connection with the
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Loan Documents with respect to any Default or Event of Default, (b) except as
expressly provided herein, amend or alter any provision of the Credit Agreement,
the other Loan Documents, or any other contract or instrument, or (c) constitute
any course of dealing or other basis for altering any obligation of the Borrower
or any right, privilege or remedy of the Administrative Agent or the Lenders
under the Credit Agreement, the other Loan Documents, or any other contract or
instrument.
5.3 Ratification and Affirmation; Representations and Warranties. Each Credit
Party hereby (a) acknowledges the terms of this Third Amendment; (b) ratifies
and affirms its obligations under, and acknowledges its continued liability
under, the Guaranty and Security Agreement, the Mortgages and each other Loan
Document to which it is a party and agrees that each Loan Document to which it
is a party remains in full force and effect as expressly amended hereby and (c)
represents and warrants to the Lenders that as of the date hereof, after giving
effect to the terms of this Third Amendment: (i) all of the representations and
warranties contained in each Loan Document to which it is a party are true and
correct in all material respects (or, if already qualified by materiality,
Material Adverse Effect or a similar qualification, true and correct in all
respects), except to the extent any such representations and warranties are
expressly limited to an earlier date, in which case, such representations and
warranties shall continue to be true and correct in all material respects (or,
if already qualified by materiality, Material Adverse Effect or a similar
qualification, true and correct in all respects) as of such specified earlier
date, (ii) no Default or Event of Default has occurred and is continuing and
(iii) no event or events have occurred which individually or in the aggregate
could reasonably be expected to have a Material Adverse Effect.
5.4 Counterparts. This Third Amendment may be executed by one or more of the
parties hereto in any number of separate counterparts, and all of such
counterparts taken together shall be deemed to constitute one and the same
instrument. Delivery of this Third Amendment by facsimile or email transmission
shall be effective as delivery of a manually executed counterpart hereof.
5.5 No Oral Agreement. This Third Amendment, the Credit Agreement and the other
Loan Documents executed in connection herewith and therewith represent the final
agreement between the parties and may not be contradicted by evidence of prior,
contemporaneous, or unwritten oral agreements of the parties. There are no
subsequent oral agreements between the parties.
5.6 GOVERNING LAW. THIS THIRD AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
5.7 Payment of Expenses. In accordance with Section 12.03 of the Credit
Agreement, the Borrower agrees to pay or reimburse the Administrative Agent for
all of its reasonable out-of-pocket costs and reasonable expenses incurred in
connection with this Third Amendment, any other documents prepared in connection
herewith and the transactions contemplated hereby, including, without
limitation, the reasonable fees and disbursements of counsel to the
Administrative Agent.

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5.8 Severability. Any provision of this Third Amendment which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.
5.9 Successors and Assigns. This Third Amendment shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and
assigns.
5.10 Loan Document. This Third Amendment shall constitute a “Loan Document”
under and as defined in Section 1.02 of the Credit Agreement.
5.11 No Novation. The parties hereto agree that this Third Amendment does not in
any way constitute a novation of the existing Credit Agreement, but is an
amendment of the Credit Agreement.
[Signatures Begin Next Page]

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IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be
duly executed as of the date first written above.
BORROWER:
OASIS PETROLEUM NORTH AMERICA LLC

By:Name:Michael LouTitle:Executive Vice President andChief Financial Officer

GUARANTORS:
OASIS PETROLEUM INC.
OASIS PETROLEUM LLC
OASIS PETROLEUM MARKETING LLC
OASIS WELL SERVICES LLC
OASIS MIDSTREAM SERVICES LLC
OMS HOLDINGS LLC
OASIS PETROLEUM PERMIAN LLC

By:Name:Michael LouTitle:Executive Vice President andChief Financial Officer

OMP GP LLC

By:Name:Michael LouTitle:President

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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ADMINISTRATIVE AGENT,
SWINGLINE LENDER,
ISSUING BANK AND LENDER:  
WELLS FARGO BANK, N.A.,
as Administrative Agent, Issuing Bank, a Swingline Lender and a Lender

By:Name:Edward PakTitle:Director

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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LENDERS:
CITIBANK, N.A., as a Lender

By:Name:Title:

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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JPMORGAN CHASE BANK, N.A.,
as a Swingline Lender and a Lender

By:Name:Title:

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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ROYAL BANK OF CANADA, as a Lender

By:Name:Title:

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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CAPITAL ONE, NATIONAL ASSOCIATION,
as a Lender

By:Name:Title:

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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COMPASS BANK, as a Lender

By:Name:Title:

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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CANADIAN IMPERIAL BANK OF
COMMERCE, NEW YORK BRANCH,
as a Lender

By:Name:Title:

By:Name:Title:

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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ING CAPITAL LLC, as a Lender

By:Name:Title:

By:Name:Title:

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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CITIZENS BANK, N.A., as a Lender

By:Name:Title:

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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ZB, N.A. DBA AMEGY BANK, as a Lender

By:Name:Title:

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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BOKF, NA dba Bank of Texas, as a Lender

By:Name:Title:

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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BRANCH BANKING AND TRUST COMPANY,
as a Lender

By:Name:Title:

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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COMERICA BANK, as a Lender

By:Name:Title:

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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CREDIT SUISSE AG, CAYMAN ISLANDS
BRANCH,
as a Lender

By:Name:Title:

By:Name:Title:

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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REGIONS BANK, as a Lender

By:Name:Title:

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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IBERIABANK, as a Lender

By:Name:Title:

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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Goldman Sachs Bank USA, as a Lender

By:Name:Title:

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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Morgan Stanley Bank, N.A., as a Lender

By:Name:Title:

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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FIFTH THIRD BANK, as a Lender

By:Name:Title:

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)

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MIZUHO BANK, LTD., as a Lender

By:Name:Title:

Signature Page to Third Amendment to Third Amended and Restated Credit Agreement
        (Oasis Petroleum North America LLC)