Exhibit 10.1  

Execution Copy

FIRST AMENDMENT

This First Amendment (this “Amendment”), dated as of November 1, 2011, is by and
among The Williams Companies, Inc., a Delaware corporation (“Borrower”), the
Lenders party hereto, and Citibank, N.A., as administrative agent for the
Lenders (the “Administrative Agent”).

WHEREAS, the Borrower, the Lenders, the Administrative Agent and Issuing Banks
are parties to that certain Credit Agreement dated as of June 3, 2011 (the
“Credit Agreement”; the capitalized terms of which are used herein unless
otherwise defined herein);

WHEREAS, the Borrower has requested and the Required Lenders have agreed to
amend the Credit Agreement as provided for herein.

NOW THEREFORE, in consideration of the premises and the mutual covenants,
representations and warranties contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

AGREEMENT

Section 1. Amendment to Credit Agreement.

(a) The definition of “‘consolidated’ or ‘Consolidated’” set forth in
Section 1.01 of the Credit Agreement is hereby amended by (i) deleting “after
the WPX Separation, the WPX Entities” and (ii) inserting “after the
effectiveness of the WPX Credit Agreement, the WPX Entities” in lieu thereof.

(b) Clause (b) of the definition of “Consolidated EBITDA” set forth in
Section 1.01 of the Credit Agreement is hereby amended by (i) deleting “after
the WPX Separation, the WPX Entities” and (ii) inserting “after the
effectiveness of the WPX Credit Agreement, the WPX Entities” in lieu thereof.

(c) Clause (z) of the definition of “Indebtedness” set forth in Section 1.01 of
the Credit Agreement is hereby amended by (i) deleting “after the WPX
Separation, Indebtedness of the WPX Entities” and (ii) inserting “after the
effectiveness of the WPX Credit Agreement, Indebtedness of the WPX Entities” in
lieu thereof.

(d) The proviso in clause (b) of the definition of “Subsidiary” set forth in
Section 1.01 of the Credit Agreement is hereby amended by (i) deleting “(2)
after the WPX Separation, the WPX Entities” and (ii) inserting “(2) after the
effectiveness of the WPX Credit Agreement, the WPX Entities” in lieu thereof.

(e) The definition of “WPX Separation” set forth in Section 1.01 of the Credit
Agreement is hereby amended in its entirety to read as follows:

“WPX Separation” means the earliest to occur of (a) the initial public offering
of Class A common stock of WPX, (b) the distribution of common stock of WPX
through a tax-free spin-off to shareholders of the Borrower and (c) a private
sale of WPX’s Equity Interests, and any transaction related thereto (other than
under any equity compensation plan); in each case with respect to all or a
portion of WPX’s common stock or Equity Interests.

--------------------------------------------------------------------------------

(f) The following defined term is added directly after the definition of “WPX”
set forth in Section 1.01 of the Credit Agreement:

“WPX Credit Agreement” means that certain Credit Agreement, dated as of June 3,
2011, by and among WPX Energy, Inc., as Borrower, the Lenders from time to time
party thereto and Citibank, N.A., as Administrative Agent, as amended, restated,
amended and restated, supplemented or otherwise modified from time to time.

Section 2. Condition to Effectiveness. This Amendment shall become effective
(the “Amendment Date”) when the Administrative Agent shall have received
counterparts of this Amendment duly executed by the Borrower and the Required
Lenders.

Section 3. Representations and Warranties. The Borrower hereby represents and
warrants that, as of the Amendment Date:

(a) This Amendment has been duly executed and delivered by the Borrower and
constitutes a legal, valid and binding obligation of the Borrower, enforceable
against the Borrower in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law.

(b) The execution, delivery and performance by the Borrower of this Amendment
and the consummation of the transactions contemplated hereby do not contravene
(i) the Borrower’s organizational documents or (ii) any law or any restriction
under any material agreement binding on or affecting the Borrower and will not
result in or require the creation or imposition of any Lien prohibited by the
Credit Agreement.

Section 4. Effect of Loan Document.

(a) The Credit Agreement and the Loan Documents remain in full force and effect,
as amended hereby, and nothing herein shall act as a waiver of any of the
Administrative Agent’s or Lenders’ rights under the Loan Documents, as amended,
however denominated. After the Amendment Date, any reference to the Credit
Agreement in any Loan Document shall be a reference to the Credit Agreement, as
amended by this Amendment.

(b) This Amendment is a Loan Document for the purposes of the provisions of the
other Loan Documents. Without limiting the foregoing, any breach of
representations and warranties under this Amendment may be a Default or Event of
Default under other Loan Documents as provided therein.

Section 5. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York and the applicable laws of the
United States of America.

Section 6. Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement. Transmission by facsimile
or electronic transmission (i.e., pdf) of an executed counterpart of this
Amendment shall be deemed to constitute due and sufficient delivery of such
counterpart.

 

2

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their respective duly authorized officers as of the
Amendment Date.

 

THE WILLIAMS COMPANIES, INC. By:  

/s/ Rodney J. Sailor

Name:  

Rodney J. Sailor

Title:  

Vice President & Treasurer

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

CITIBANK, N.A.,

Individually and as Administrative Agent and

as an Issuing Bank

By:  

/s/ John F. Miller

Name:  

John F. Miller

Title:  

Attorney-In-Fact

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

BARCLAYS BANK PLC, Individually and as an Issuing Bank By:  

/s/ May Huang

Name:  

May Huang

Title:  

Assistant Vice President

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

JPMORGAN CHASE BANK, N.A., Individually and as an Issuing Bank By:  

/s/ Muhammad Hasan

Name:  

Muhammad Hasan

Title:  

Vice President

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

BANK OF AMERICA, N.A., Individually and as an Issuing Bank By:  

/s/ Benjamin E. Sauter

Name:  

Benjamin E. Sauter

Title:  

Vice President

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

THE ROYAL BANK OF SCOTLAND PLC By:  

/s/ Steve Ray

Name:  

Steve Ray

Title:  

Director

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

THE BANK OF NOVA SCOTIA By:  

/s/ John Frazell

Name:  

John Frazell

Title:  

Director

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK., individually and as an Issuing
Bank By:  

/s/ Darrell Stanley

Name:  

Darrell Stanley

Title:  

Managing Director

By:  

/s/ Sharada Manne

Name:  

Sharada Manne

Title:  

Director

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

WELLS FARGO BANK, N.A.

By:

 

/s/ Paul V. Farrell

Name:

 

Paul V. Farrell

Title:

 

Director

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

UBS LOAN FINANCE LLC

By:  

/s/ Mary E. Evans

Name:  

Mary E. Evans

Title:  

Associate Director Banking Products Services, US

By:  

/s/ Irja R. Otsa

Name:  

Irja R. Otsa

Title:  

Associate Director Banking Products Services, US

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

ROYAL BANK OF CANADA

By:  

/s/ Jason S. York

Name:  

Jason S. York

Title:  

Authorized Signatory

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

MORGAN STANLEY BANK, N.A.

By:  

/s/ John Durland

Name:  

John Durland

Title:  

Authorized Signatory

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

GOLDMAN SACHS BANK USA

By:

 

 

Name:

 

 

Title:

 

 

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

DEUTSCHE BANK AG NEW YORK BANK

By:  

/s/ Ming K. Chu

Name:  

Ming K. Chu

Title:  

Vice President

By:  

/s/ Virginia Cosenza

Name:  

Virginia Cosenza

Title:  

Vice President

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

By:  

/s/ Nupar Kumar

Name:  

Nupar Kumar

Title:  

Vice President

By:  

/s/ Michael Spaight

Name:  

Michael Spaight

Title:  

Associate

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

BNP PARIBAS

By:  

/s/ Andrew Ostrov

Name:  

Andrew Ostrov

Title:  

Director

By:  

/s/ Larry Robinson

Name:  

Larry Robinson

Title:  

Director

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

U.S. BANK NATIONAL ASSOCIATION

By:  

/s/ Bruce E. Hernandez

Name:  

Bruce E. Hernandez

Title:  

Vice President

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

By:  

 

Name:  

 

Title:  

 

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

TORONTO DOMINION (NEW YORK) LLC By:  

/s/ Debbi L. Brito

Name:  

Debbi L. Brito

Title:  

Authorized Signatory

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

SUMITOMO MITSUI BANKING CORPORATION

By:  

 

Name:  

 

Title:  

 

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

MIZUHO CORPORATE BANK, LTD. By:  

/s/ Leon Mo

Name:  

Leon Mo

Title:  

Authorized Signatory

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

DNB NOR BANK ASA

By:  

 

Name:  

 

Title:  

 

By:  

 

Name:  

 

Title:  

 

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

COMPASS BANK By:  

/s/ Ian Payne

Name:  

Ian Payne

Title:  

Vice President

 

Signature Page to First Amendment – The Williams Companies, Inc.

--------------------------------------------------------------------------------

BOKF, NA DBA BANK OF OKLAHOMA

By:  

/s/ Jessica Johnson

Name:  

Jessica Johnson

Title:  

Assistant Vice President

 

Signature Page to First Amendment – The Williams Companies, Inc.