Exhibit 10.1

Twelfth AMENDMENT TO AMENDED AND RESTATED
CREDIT AGREEMENT

This TWELFTH Amendment to AMENDED AND RESTATED Credit Agreement (this
“Amendment”) dated as of October 29, 2013, is by and among Concho Resources
Inc., a Delaware corporation (the “Borrower”), each of the undersigned
guarantors (the “Guarantors”), the Lenders party hereto (the “Lenders”)  and
JPMorgan  Chase Bank, N.A., as Administrative Agent (in such capacity, the
“Administrative Agent”).  Unless the context otherwise requires or unless
otherwise expressly defined herein, capitalized terms used but not defined in
this Amendment have the meanings assigned to such terms in the Credit Agreement
(as defined below).

WITNESSETH:

WHEREAS, the Borrower, the Administrative Agent and the Lenders entered into
that certain Amended and Restated Credit Agreement dated as of July 31, 2008 (as
amended, amended and restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”); 

WHEREAS, the Borrower has requested that the Administrative Agent and the
Lenders amend the Credit Agreement in certain respects.

NOW, THEREFORE, for and in consideration of the mutual covenants and agreements
herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged and confessed, the Borrower, the
Guarantors, the Administrative Agent and the Required Lenders hereby agree as
follows:

SECTION 1.  AMENDMENTS TO CREDIT AGREEMENT.   SUBJECT TO THE SATISFACTION OR
WAIVER IN WRITING OF EACH CONDITION PRECEDENT SET FORTH IN SECTION 3  OF THIS
AMENDMENT, AND IN RELIANCE ON THE REPRESENTATIONS, WARRANTIES, COVENANTS AND
AGREEMENTS CONTAINED IN THIS AMENDMENT, THE CREDIT AGREEMENT SHALL BE AMENDED
EFFECTIVE AS OF THE TWELFTH AMENDMENT EFFECTIVE DATE (DEFINED BELOW) IN THE
MANNER PROVIDED IN THIS SECTION 1. 

1.1              ADDITIONAL DEFINITIONS.  SECTION 1.01 OF THE CREDIT AGREEMENT
SHALL BE AND IT HEREBY IS AMENDED BY INSERTING THE FOLLOWING DEFINITIONS IN THE
APPROPRIATE ALPHABETICAL ORDER:

“COLLATERAL COVERAGE RATIO” MEANS, AS OF ANY DATE OF DETERMINATION, THE RATIO OF
(A) THE MORTGAGED PRESENT VALUE TO (B) THE LESSER OF (I) THE BORROWING BASE THEN
IN EFFECT ON THE DATE OF DETERMINATION AND (II) THE AGGREGATE COMMITMENTS AT
SUCH DATE OF DETERMINATION.

“MORTGAGED PRESENT VALUE” MEANS, AS OF ANY DATE OF DETERMINATION, THE
CALCULATION OF THE PRESENT VALUE (USING THE AVERAGE OF THE DISCOUNT RATES THEN
CUSTOMARILY UTILIZED BY THE ADMINISTRATIVE AGENT FOR RESERVE VALUATION PURPOSES)
OF PROJECTED FUTURE NET REVENUES FROM PROVEN RESERVES ATTRIBUTABLE TO THE
MORTGAGED PRESENT VALUE PRODUCTION, UTILIZING THE PRICE ASSUMPTIONS THEN BEING
APPLIED BY THE ADMINISTRATIVE AGENT TO EVALUATE THE LOAN VALUE OF OIL AND GAS
PROPERTIES, GENERALLY.  NOTWITHSTANDING THE FOREGOING, NO MORE THAN 25% OF ANY
CALCULATION OF MORTGAGED PRESENT VALUE MAY BE ATTRIBUTABLE TO PROVEN RESERVES
THAT ARE NOT THEN CATEGORIZED AS “PROVED DEVELOPED PRODUCING”.

“MORTGAGED PRESENT VALUE PRODUCTION” MEANS, AT ANY DATE OF DETERMINATION, THE
PROJECTED PRODUCTION OF HYDROCARBONS (MEASURED BY VOLUME UNIT OR BTU EQUIVALENT,
NOT SALES PRICE) FROM PROPERTIES AND INTERESTS OWNED BY ANY LOAN PARTY WHICH ARE
MORTGAGED PROPERTIES, AS SUCH PRODUCTION IS PROJECTED IN THE MOST RECENT
ENGINEERING REPORT DELIVERED PURSUANT TO SECTION 3.01, AFTER DEDUCTING PROJECTED
PRODUCTION FROM ANY QUALIFIED DISPOSITION OR EXECUTED CONTRACT THEN IN EFFECT
FOR A QUALIFIED DISPOSITION THAT HAD BEEN INCLUDED IN SUCH REPORT AND AFTER

 

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ADDING PROJECTED PRODUCTION FROM ANY QUALIFIED ACQUISITION OR EXECUTED CONTRACT
FOR A QUALIFIED ACQUISITION THEN IN EFFECT THAT HAD NOT BEEN REFLECTED IN SUCH
REPORT BUT THAT IS REFLECTED IN A SEPARATE OR SUPPLEMENTAL REPORT WHICH IS
SATISFACTORY TO THE ADMINISTRATIVE AGENT.

“TWELFTH AMENDMENT EFFECTIVE DATE” MEANS OCTOBER 29, 2013.

1.2              AMENDED DEFINITIONS. THE FOLLOWING DEFINITIONS SET FORTH IN
SECTION 1.01  OF THE CREDIT AGREEMENT SHALL BE AND HEREBY ARE AMENDED AND
RESTATED AS FOLLOWS:

“CONSOLIDATED EBITDAX” MEANS, FOR ANY PERIOD, FOR THE BORROWER AND ITS
RESTRICTED SUBSIDIARIES ON A CONSOLIDATED BASIS, AN AMOUNT EQUAL TO CONSOLIDATED
NET INCOME FOR SUCH PERIOD PLUS  (A) THE FOLLOWING TO THE EXTENT DEDUCTED IN
CALCULATING SUCH CONSOLIDATED NET INCOME: (I) CONSOLIDATED INTEREST CHARGES FOR
SUCH PERIOD, (II) THE PROVISION FOR FEDERAL, STATE, AND LOCAL INCOME AND
FRANCHISE TAXES PAYABLE BY THE BORROWER AND ITS RESTRICTED SUBSIDIARIES FOR SUCH
PERIOD, (III) DEPLETION, DEPRECIATION, AMORTIZATION AND EXPLORATION EXPENSE,
(IV) ALL OTHER NON-CASH ITEMS REDUCING SUCH CONSOLIDATED NET INCOME, AND (V)
EXTRAORDINARY OR NON-RECURRING LOSSES, AND MINUS  (B) THE FOLLOWING TO THE
EXTENT INCLUDED IN CALCULATING SUCH CONSOLIDATED NET INCOME: (I) FEDERAL, STATE
AND LOCAL INCOME TAX CREDITS OF THE BORROWER AND ITS RESTRICTED SUBSIDIARIES FOR
SUCH PERIOD (II) ALL OTHER NON-CASH ITEMS INCREASING CONSOLIDATED NET INCOME FOR
SUCH PERIOD, AND (III) EXTRAORDINARY OR NON-RECURRING GAINS; PROVIDED  THAT,
WITH RESPECT TO THE DETERMINATION OF THE BORROWER’S COMPLIANCE WITH THE
CONSOLIDATED LEVERAGE RATIO SET FORTH IN SECTION 7.11(A) FOR ANY PERIOD,
CONSOLIDATED EBITDAX SHALL BE ADJUSTED TO GIVE EFFECT, ON A PRO FORMA BASIS, TO
ANY QUALIFIED ACQUISITION OR QUALIFIED DISPOSITION MADE DURING SUCH PERIOD, AS
IF SUCH ACQUISITION OR DISPOSITION HAD OCCURRED ON THE FIRST DAY OF SUCH PERIOD.

“EXCLUDED HEDGES” MEANS SWAP CONTRACTS THAT (I) ARE BASIS DIFFERENTIAL ONLY
SWAPS FOR VOLUMES OF CRUDE OIL AND NATURAL GAS INCLUDED UNDER OTHER SWAP
CONTRACTS PERMITTED BY SECTION 7.12(A), INCLUDING MIDLAND-CUSHING DIFFERENTIAL
BASIS SWAPS OR (II) ARE A HEDGE OF VOLUMES OF CRUDE OIL OR NATURAL GAS BY MEANS
OF A PUT OR A PRICE “FLOOR” FOR WHICH THERE EXISTS NO MARK-TO-MARKET EXPOSURE TO
THE BORROWER.

“LENDER COUNTERPARTY” MEANS ANY LENDER OR ANY AFFILIATE OF A LENDER THAT IS
COUNTERPARTY TO A SWAP CONTRACT WITH ANY LOAN PARTY, OTHER THAN A DEFAULTING
LENDER OR AN AFFILIATE OF A DEFAULTING LENDER.

“QUALIFIED ACQUISITION” MEANS AN ACQUISITION OR A SERIES OF RELATED ACQUISITIONS
IN WHICH THE CONSIDERATION PAID BY THE LOAN PARTIES IS EQUAL TO OR GREATER THAN
$50,000,000.

“QUALIFIED DISPOSITION” MEANS A DISPOSITION OR A SERIES OF RELATED DISPOSITIONS
IN WHICH THE CONSIDERATION RECEIVED BY THE LOAN PARTIES IS EQUAL TO OR GREATER
THAN $50,000,000.

1.3              TITLE INFORMATION.  SECTION 6.14 OF THE CREDIT AGREEMENT SHALL
BE AND IT HEREBY IS AMENDED IN ITS ENTIRETY TO READ AS FOLLOWS:

6.14     DELIVERY OF TITLE OPINIONS.   AS AND WHEN REQUESTED BY THE
ADMINISTRATIVE AGENT AT ANY TIME ADDITIONAL MORTGAGES ARE REQUIRED PURSUANT TO
SECTION 6.16(C), DELIVER TO THE ADMINISTRATIVE AGENT SUCH REPORTS, OPINIONS OF
COUNSEL (WHICH OPINIONS ARE NOT REQUIRED TO BE ADDRESSED TO THE ADMINISTRATIVE
AGENT) AND OTHER EVIDENCE OF TITLE AS THE ADMINISTRATIVE AGENT SHALL DEEM
REASONABLY NECESSARY OR APPROPRIATE TO VERIFY (A) CLEAR AND VALID TITLE (EXCEPT
FOR SUCH DEFECTS IN TITLE AS COULD NOT, INDIVIDUALLY OR IN THE AGGREGATE,
REASONABLY BE EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT) OF THE BORROWER AND
ITS RESTRICTED SUBSIDIARIES TO NOT LESS THAN EIGHTY PERCENT (80%) OF THE
ENGINEERED VALUE OF THE BORROWING BASE PROPERTIES THAT ARE REQUIRED TO BE
SUBJECT TO A MORTGAGE PURSUANT TO SECTION 6.16(C) AND AT LEAST THE WORKING

 

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INTEREST AND NET REVENUE INTEREST IN SUCH OIL AND GAS PROPERTIES SET FORTH IN
THE MOST RECENT ENGINEERING REPORT AND (B) THE VALIDITY, PERFECTION AND PRIORITY
OF THE LIENS CREATED BY THE MORTGAGES AND SECURITY INSTRUMENTS AND SUCH OTHER
MATTERS REGARDING SUCH MORTGAGES AS ADMINISTRATIVE AGENT SHALL REASONABLY
REQUEST, EXCEPT THAT OPINIONS OF COUNSEL REGARDING PRIORITY OF THE LIENS SHALL
NOT BE REQUIRED.

1.4              MORTGAGED PROPERTIES.  SECTION 6.16(C) OF THE CREDIT AGREEMENT
SHALL BE AND IT HEREBY IS AMENDED IN ITS ENTIRETY TO READ AS FOLLOWS:

(C)        THE BORROWER SHALL, AND SHALL CAUSE EACH OF ITS RESTRICTED
SUBSIDIARIES TO TAKE SUCH ACTIONS AND EXECUTE AND DELIVER SUCH DOCUMENTS AND
INSTRUMENTS AS ADMINISTRATIVE AGENT SHALL REASONABLY REQUIRE TO ENSURE THAT THE
ADMINISTRATIVE AGENT SHALL, AT ALL TIMES, HAVE RECEIVED CURRENTLY EFFECTIVE,
DULY EXECUTED MORTGAGES AS MAY BE NECESSARY OR, IN THE REASONABLE OPINION OF
ADMINISTRATIVE AGENT, DESIRABLE TO EFFECTIVELY CREATE A VALID, PERFECTED AND
FIRST PRIORITY LIEN (SUBJECT ONLY TO LIENS PERMITTED UNDER SECTION 7.01) AGAINST
BORROWING BASE PROPERTIES SUFFICIENT TO PROVIDE A COLLATERAL COVERAGE RATIO OF
AT LEAST 1.75 TO 1.00, IN WHICH EVENT NEITHER THE BORROWER NOR ANY OF ITS
RESTRICTED SUBSIDIARIES SHALL HAVE ANY OBLIGATION TO EXECUTE OR DELIVER ANY
MORTGAGES, DOCUMENTS AND/OR INSTRUMENTS PURSUANT TO THIS SECTION 6.16(C). 

1.5              LIMITATION ON SALE/LEASEBACKS.  SECTION 7.13 OF THE CREDIT
AGREEMENT SHALL BE AND IT HEREBY IS AMENDED IN ITS ENTIRETY TO READ AS FOLLOWS:

7.13     LIMITATION ON SALE/LEASEBACKS.   ENTER INTO ANY ARRANGEMENT, DIRECTLY
OR INDIRECTLY, WITH ANY PERSON WHEREBY THE BORROWER OR SUCH RESTRICTED
SUBSIDIARY SHALL SELL OR TRANSFER ANY OIL AND GAS PROPERTIES OR ANY MIDSTREAM
ASSETS OR PROPERTIES, WITH THE INTENT TO LEASE SUCH ASSET OR PROPERTY AS LESSEE.

SECTION 2.  REAFFIRMATION OF BORROWING BASE.   THIS AMENDMENT SHALL CONSTITUTE A
NOTICE OF REAFFIRMATION OF THE BORROWING BASE PURSUANT TO SECTION 3.04 OF THE
CREDIT AGREEMENT AND THE ADMINISTRATIVE AGENT HEREBY NOTIFIES THE BORROWER THAT,
AS OF THE TWELFTH AMENDMENT EFFECTIVE DATE, THE BORROWING BASE SHALL CONTINUE TO
BE $3,000,000,000 UNTIL THE EARLIER OF (A) THE NEXT REDETERMINATION OF THE
BORROWING BASE PURSUANT TO ARTICLE III OF THE CREDIT AGREEMENT AND (B) THE DATE
THE BORROWING BASE IS OTHERWISE ADJUSTED PURSUANT TO THE TERMS OF THE CREDIT
AGREEMENT.  THE BORROWER AND THE REQUIRED LENDERS AGREE THAT THE REAFFIRMATION
OF THE BORROWING BASE PROVIDED FOR IN THIS SECTION 2  SHALL BE CONSIDERED AND
DEEMED TO BE THE OCTOBER 1, 2013 SCHEDULED REDETERMINATION.

SECTION 3.  CONDITIONS.   THE AMENDMENTS TO THE CREDIT AGREEMENT SET FORTH IN
SECTION 1  OF THIS AMENDMENT AND THE REAFFIRMATION OF THE BORROWING BASE SET
FORTH IN SECTION 2 OF THIS AMENDMENT SHALL BE EFFECTIVE ON THE DATE THAT EACH OF
THE CONDITIONS SET FORTH IN THIS SECTION 3  IS SATISFIED (THE “TWELFTH AMENDMENT
EFFECTIVE DATE”). 

3.1              EXECUTION AND DELIVERY.  EACH LOAN PARTY AND THE REQUIRED
LENDERS SHALL HAVE EXECUTED AND DELIVERED THIS AMENDMENT AND ANY OTHER DOCUMENTS
REQUESTED BY THE ADMINISTRATIVE AGENT PRIOR TO THE DATE HEREOF, ALL IN FORM AND
SUBSTANCE SATISFACTORY TO THE ADMINISTRATIVE AGENT.

3.2              NO DEFAULT.  NO DEFAULT SHALL HAVE OCCURRED AND BE CONTINUING
OR SHALL RESULT FROM THE EFFECTIVENESS OF THIS AMENDMENT.

3.3              OTHER DOCUMENTS.  THE ADMINISTRATIVE AGENT SHALL HAVE RECEIVED
SUCH OTHER INSTRUMENTS AND DOCUMENTS INCIDENTAL AND APPROPRIATE TO THE
TRANSACTION PROVIDED FOR HEREIN AS THE ADMINISTRATIVE AGENT OR ITS SPECIAL
COUNSEL MAY REASONABLY REQUEST PRIOR TO THE DATE HEREOF, AND ALL SUCH DOCUMENTS
SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE ADMINISTRATIVE AGENT.

 

 

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SECTION 4.  REPRESENTATIONS AND WARRANTIES OF THE BORROWER.   TO INDUCE THE
LENDERS TO ENTER INTO THIS AMENDMENT, THE BORROWER AND EACH GUARANTOR HEREBY
REPRESENTS AND WARRANTS TO THE LENDERS AS FOLLOWS:

4.1              REAFFIRMATION OF REPRESENTATIONS AND WARRANTIES/FURTHER
ASSURANCES.  AFTER GIVING EFFECT TO THE AMENDMENTS CONTAINED HEREIN, EACH
REPRESENTATION AND WARRANTY OF THE BORROWER OR ANY GUARANTOR CONTAINED IN THE
CREDIT AGREEMENT, THE GUARANTY OR IN ANY OTHER LOAN DOCUMENT IS TRUE AND CORRECT
IN ALL MATERIAL RESPECTS ON THE DATE OF THIS AMENDMENT (EXCEPT THAT ANY
REPRESENTATION OR WARRANTY WHICH BY ITS TERMS WAS MADE AS OF A SPECIFIED DATE
SHALL BE TRUE AND CORRECT IN ALL MATERIAL RESPECTS ONLY AS OF SUCH SPECIFIED
DATE AND ANY REPRESENTATION OR WARRANTY WHICH IS QUALIFIED BY REFERENCE TO
“MATERIALITY” OR “MATERIAL ADVERSE EFFECT” IS TRUE AND CORRECT IN ALL RESPECTS).

4.2              CORPORATE AUTHORITY; NO CONFLICTS.  THE EXECUTION, DELIVERY AND
PERFORMANCE BY THE BORROWER AND EACH GUARANTOR (TO THE EXTENT A PARTY HERETO OR
THERETO) OF THIS AMENDMENT AND ALL DOCUMENTS, INSTRUMENTS AND AGREEMENTS
CONTEMPLATED HEREIN ARE WITHIN THE BORROWER’S OR SUCH GUARANTOR’S CORPORATE OR
OTHER ORGANIZATIONAL POWERS, HAVE BEEN DULY AUTHORIZED BY NECESSARY ACTION AND
REQUIRE NO APPROVAL, CONSENT OR ACTION BY OR IN RESPECT OF, OR FILING WITH, ANY
COURT OR AGENCY OF GOVERNMENT.

4.3              ENFORCEABILITY.   THIS AMENDMENT CONSTITUTES THE VALID AND
BINDING OBLIGATION OF THE BORROWER ENFORCEABLE IN ACCORDANCE WITH ITS TERMS,
EXCEPT AS (I) THE ENFORCEABILITY THEREOF MAY BE LIMITED BY BANKRUPTCY,
INSOLVENCY OR SIMILAR LAWS AFFECTING CREDITOR’S RIGHTS GENERALLY, AND (II) THE
AVAILABILITY OF EQUITABLE REMEDIES MAY BE LIMITED BY EQUITABLE PRINCIPLES OF
GENERAL APPLICATION.

4.4              NO DEFAULT.  AS OF THE DATE OF THIS AMENDMENT, NO DEFAULT HAS
OCCURRED AND IS CONTINUING.

SECTION 5.  MISCELLANEOUS. 

5.1              REAFFIRMATION OF LOAN DOCUMENTS AND LIENS.  ANY AND ALL OF THE
TERMS AND PROVISIONS OF THE CREDIT AGREEMENT AND THE LOAN DOCUMENTS SHALL,
EXCEPT AS AMENDED AND MODIFIED HEREBY, REMAIN IN FULL FORCE AND EFFECT.  THE
BORROWER AND EACH GUARANTOR HEREBY AGREES THAT THE AMENDMENTS AND MODIFICATIONS
HEREIN CONTAINED SHALL NOT IMPAIR ITS LIABILITIES, DUTIES AND OBLIGATIONS UNDER
THE CREDIT AGREEMENT, THE GUARANTY AND THE OTHER LOAN DOCUMENTS TO WHICH IT IS A
PARTY OR THE LIENS GRANTED BY IT SECURING THE PAYMENT AND PERFORMANCE THEREOF. 
THE EXECUTION, DELIVERY AND EFFECTIVENESS OF THIS AMENDMENT SHALL NOT OPERATE AS
A WAIVER OF ANY RIGHT, POWER OR REMEDY OF ANY LENDER, THE L/C ISSUER OR THE
ADMINISTRATIVE AGENT UNDER ANY OF THE LOAN DOCUMENTS, NOR, EXCEPT AS EXPRESSLY
PROVIDED HEREIN, CONSTITUTE A WAIVER OR AMENDMENT OF ANY PROVISION OF ANY OF THE
LOAN DOCUMENTS.  UPON AND AFTER THE EXECUTION OF THIS AMENDMENT BY EACH OF THE
PARTIES HERETO, (I) EACH REFERENCE IN THE CREDIT AGREEMENT TO “THIS AGREEMENT”,
“HEREUNDER”, “HEREOF” OR WORDS OF LIKE IMPORT REFERRING TO THE CREDIT AGREEMENT,
AND EACH REFERENCE IN THE OTHER LOAN DOCUMENTS TO “THE CREDIT AGREEMENT”,
“THEREUNDER”, “THEREOF” OR WORDS OF LIKE IMPORT REFERRING TO THE CREDIT
AGREEMENT, SHALL MEAN AND BE A REFERENCE TO THE CREDIT AGREEMENT AS MODIFIED
HEREBY AND (II) EACH REFERENCE IN THE GUARANTY TO “THIS GUARANTY” AND EACH
REFERENCE IN THE OTHER LOAN DOCUMENTS TO “THE GUARANTY”, SHALL MEAN AND BE A
REFERENCE TO THE GUARANTY AS MODIFIED HEREBY.  THIS AMENDMENT IS A LOAN
DOCUMENT, AND ALL PROVISIONS IN THE CREDIT AGREEMENT PERTAINING TO LOAN
DOCUMENTS APPLY HERETO.

5.2              PARTIES IN INTEREST.  ALL OF THE TERMS AND PROVISIONS OF THIS
AMENDMENT SHALL BIND AND INURE TO THE BENEFIT OF THE PARTIES HERETO AND THEIR
RESPECTIVE SUCCESSORS AND ASSIGNS.

5.3              LEGAL EXPENSES.  THE BORROWER HEREBY AGREES TO PAY ALL
REASONABLE FEES AND EXPENSES OF SPECIAL COUNSEL TO THE ADMINISTRATIVE AGENT
INCURRED BY THE ADMINISTRATIVE AGENT IN CONNECTION WITH THE PREPARATION,
NEGOTIATION AND EXECUTION OF THIS AMENDMENT AND ALL RELATED DOCUMENTS.

5.4              COUNTERPARTS.   THIS AMENDMENT MAY BE EXECUTED IN ONE OR MORE
COUNTERPARTS AND BY DIFFERENT PARTIES HERETO IN SEPARATE COUNTERPARTS EACH OF
WHICH WHEN SO EXECUTED AND DELIVERED SHALL BE DEEMED AN ORIGINAL, BUT ALL SUCH
COUNTERPARTS TOGETHER SHALL CONSTITUTE BUT ONE AND THE SAME INSTRUMENT;
SIGNATURE PAGES

 

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MAY BE DETACHED FROM MULTIPLE SEPARATE COUNTERPARTS AND ATTACHED TO A SINGLE
COUNTERPART SO THAT ALL SIGNATURE PAGES ARE PHYSICALLY ATTACHED TO THE SAME
DOCUMENT.  HOWEVER, THIS AMENDMENT SHALL BIND NO PARTY UNTIL THE BORROWER, THE
GUARANTORS, THE REQUIRED LENDERS, AND THE ADMINISTRATIVE AGENT HAVE EXECUTED A
COUNTERPART.  DELIVERY OF PHOTOCOPIES OF THE SIGNATURE PAGES TO THIS AMENDMENT
BY FACSIMILE OR ELECTRONIC MAIL SHALL BE EFFECTIVE AS DELIVERY OF MANUALLY
EXECUTED COUNTERPARTS OF THIS AMENDMENT.

5.5              COMPLETE AGREEMENT.  THIS AMENDMENT, THE CREDIT AGREEMENT, AND
THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS
OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

5.6              HEADINGS.   THE HEADINGS, CAPTIONS AND ARRANGEMENTS USED IN
THIS AMENDMENT ARE, UNLESS SPECIFIED OTHERWISE, FOR CONVENIENCE ONLY AND SHALL
NOT BE DEEMED TO LIMIT, AMPLIFY OR MODIFY THE TERMS OF THIS AMENDMENT, NOR
AFFECT THE MEANING THEREOF.

5.7              GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF TEXAS.

[Signature Pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Twelfth Amendment to
Amended and Restated Credit Agreement to be duly executed as of the date first
above written.

BORROWER: 

CONCHO RESOURCES INC.,
a Delaware corporation

By:        /s/ Ben Rodgers                                            
Name:   Ben Rodgers
Title:     Vice President and Treasurer

 

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JPMORGAN CHASE BANK, N.A.,
as Administrative Agent and a Lender

By:        /s/ David Morris                                            
Name:   David Morris
Title:     Authorized Officer

 

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bank of america, n.a.,
as Syndication Agent and a Lender

By:        /s/ Alia Qaddumi                                          
Name:   Alia Qaddumi
Title:     Vice President

 

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CREDIT AGRICOLE CORPORATE
AND INVESTMENT BANK, f/k/a CALYON (NEW YORK BRANCH),
as a Co-Documentation Agent and a Lender

By:        /s/ Sharada Manne                                        
Name:   Sharada Manne
Title:     Managing Director

By:        /s/ Michael D. Willis                                     
Name:   Michael D. Willis
Title:     Managing Director

 

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ING CAPITAL LLC,
as a Co-Documentation Agent and a Lender

By:        /s/ Charles Hall                                             
Name:   Charles Hall
Title:     Managing Director

 

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SCOTIABANC INC.,
as a Lender

By:        /s/ J.F. Todd                                                  
Name:   J.F. Todd
Title:     Managing Director

 

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union bank, N.A.,
as a Lender

By:        /s/ Brian Hawk                                              
Name:   Brian Hawk
Title:     Assistant Vice President

 

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compass bank,
as a Lender

By:        /s/ James Neblett                                           
Name:   James Neblett
Title:     Vice President

 

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keybank national association,
as a Lender

By:        /s/ Paul J. Pace                                              
Name:   Paul J. Pace
Title:     Senior Vice President

 

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U.S. BANK NATIONAL ASSOCIATION,
as a Lender

By:        /s/ Tara Mclean                                             
Name:   Tara Mclean
Title:     Vice President

 

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wells fargo bank, N.A.,
as a Co-Documentation Agent and a Lender

By:        /s/ Lila Jordan                                               
Name:   Lila Jordan
Title:     Managing Director

 

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SUMITOMO MITSUI BANKING CORPORATION,
as a Lender

By:        /s/ James D. Weinstein                                  
Name:   James D. Weinstein
Title:     Managing Director

 

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NATIXIS (formerly Natexis Banques Populaires),
as a Lender

By:        /s/ Louis P. Laville, III                                 
Name:   Louis P. Laville, III
Title:     Managing Director

By:        /s/ Timothy L. Polvado                                 
Name:   Timothy L. Polvado
Title:     Managing Director

 

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SUNTRUST BANK,
as a Lender

By:        /s/ Shannon Juhan                                         
Name:   Shannon Juhan
Title:     Vice President

 

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BOKF, NA dba BANK OF TEXAS,
as a Lender

By:        /s/ Matt Chase                                               
Name:   Matt Chase
Title:     Vice President

 

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CITIBANK, N.A.,
as a Lender

By:        /s/ Mason McGurrin                                      
Name:   Mason McGurrin
Title:     Vice-President

 

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frost national bank,
as a Lender

By:        /s/ Alex Zemkoski                                         
Name:   Alex Zemkoski
Title:     Senior Vice President

 

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BANK OF MONTREAL,
as a Lender

By:        /s/ Gumaro Tijerina                                       
Name:   Gumaro Tijerina
Title:     Director

 

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barclays bank plc,
as a Lender

By:        /s/ Vanessa A. Kurbatskiy                            
Name:   Vanessa A. Kurbatskiy
Title:     Vice President

 

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THE ROYAL BANK OF SCOTLAND plc,
as a Lender

By:        /s/ Sanjay Remond                                        
Name:   Sanjay Remond
Title:     Authorised Signatory

 

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UBS LOAN FINANCE LLC,
as a Lender

By:        /s/ Lana Gifas                                               
Name:   Lana Gifas
Title:     Director

By:        /s/ Jennifer Anderson                                    
Name:   Jennifer Anderson
Title:     Associate Director

 

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CAPITAL ONE, National association,
as a Lender

By:        /s/ Christopher Kuna                                     
Name:   Christopher Kuna
Title:     Vice President

 

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CIBC, INC.,
as a Lender

By:        /s/ Trudy Nelson                                           
Name:   Trudy Nelson
Title:     Authorized Signatory

By:        /s/ Richard Antl                                            
Name:   Richard Antl
Title:     Authorized Signatory

 

 

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COMERICA BANK,
as a Lender

By:        /s/ Brandon M. White                                   
Name:   Brandon M. White
Title:     Assistant Vice President

 

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GOLDMAN SACHS BANK USA,
as a Lender

By:        /s/ Michelle Latzoni                                      
Name:   Michelle Latzoni
Title:     Authorized Signatory

 

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REGIONS BANK,
as a Lender

By:        /s/ Daniel G. Steele                                       
Name:   Daniel G. Steele
Title:     Senior Vice President

 

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ROYAL BANK OF CANADA,
as a Lender

By:        /s/ Kristan Spivey                                         
Name:   Kristan Spivey
Title:     Authorized Signatory

 

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SOCIETE GENERALE,
as a Lender

By:        /s/ David M. Bornstein                                 
Name:   David M. Bornstein
Title:     Director

 

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AMEGY BANK, N.A.,
as a Lender

By:        /s/ JB Askew                                                 
Name:   JB Askew
Title:     Assistant Vice President

 

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CREDIT SUISSE AG, Cayman Islands BRANCH,
as a Lender

By:        /s/ Nupur Kumar                                           
Name:   Nupur Kumar
Title:     Authorized Signatory

By:        /s/ Michael Spaight                                       
Name:   Michael Spaight

 

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CONSENT AND REAFFIRMATION

The undersigned (each a “Guarantor”) hereby (i) acknowledges receipt of a copy
of the foregoing Twelfth Amendment to Amended and Restated Credit Agreement (the
“Twelfth Amendment”); (ii) consents to the Borrower’s execution and delivery
thereof; (iii) agrees to be bound thereby; (iv) affirms that nothing contained
therein shall modify in any respect whatsoever its guaranty of the obligations
of the Borrower to Lenders pursuant to the terms of its Guaranty in favor of
Agent and the Lenders (the “Guaranty”) or the Liens granted by it securing
payment and performance thereunder and (v) reaffirms that the Guaranty and such
Liens are and shall continue to remain in full force and effect.  Although each
Guarantor has been informed of the matters set forth herein and has acknowledged
and agreed to same, each Guarantor understands that the Lenders have no
obligation to inform any Guarantor of such matters in the future or to seek any
Guarantor’s acknowledgment or agreement to future amendments or waivers for its
Guaranty to remain in full force and effect, and nothing herein shall create
such duty or obligation.

IN WITNESS WHEREOF, the undersigned has executed this Consent and Reaffirmation
on and as of the date of this Twelfth Amendment.

 

GUARANTORS: 

COG OPERATING LLC,
a Delaware limited liability company

By:        /s/ Ben Rodgers                                            
Name:   Ben Rodgers
Title:     Vice President and Treasurer

COG REALTY LLC,
a Texas limited liability company

By:        /s/ Ben Rodgers                                            
Name:   Ben Rodgers
Title:     Vice President and Treasurer

QUAIL RANCH LLC,  
a Texas limited liability company

By:      /s/ Ben Rodgers                                              
Name:  Ben Rodgers
Title:    Vice President and Treasurer

COG HOLDINGS LLC,
a Texas limited liability company

By:        /s/ Ben Rodgers                                            
Name:   Ben Rodgers
Title:     Vice President and Treasurer

 

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CONCHO OIL & GAS LLC,
a Texas limited liability company

By:        /s/ Ben Rodgers                                            
Name:   Ben Rodgers
Title:     Vice President and Treasurer

DELAWARE RIVER SWD LLC,
a Texas limited liability company

By:        /s/ Ben Rodgers                                            
Name:   Ben Rodgers
Title:     Vice President and Treasurer

COG PRODUCTION LLC,
a Texas limited liability company

By:        /s/ Ben Rodgers                                            
Name:   Ben Rodgers
Title:     Vice President and Treasurer

COG ACREAGE LP,
a Texas limited partnership

By:      COG Production LLC, its general partner

By:        /s/ Ben Rodgers                                            
Name:   Ben Rodgers
Title:     Vice President and Treasurer

 

 

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