Exhibit 10.2

  

Execution Copy

FIRST AMENDMENT

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

WHEREAS, the Borrower, the Lenders, the Administrative Agent, Swingline Lender
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. Amendments to Credit Agreement. The Credit Agreement is hereby
amended as follows:

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

“Apco Argentina” means Apco Oil and Gas International Inc., a Cayman Islands
company, and its subsidiaries.

(b) 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 the Borrower, (b) the distribution of common stock of
the Borrower through a tax-free spin-off to shareholders of Williams and (c) so
long as no Change of Control occurs as a result thereof, a private sale of the
Borrower’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 the Borrower’s common stock or Equity Interests.

(c) Section 4.01(f) of the Credit Agreement is hereby amended in its entirety to
read “[reserved]”.

(d) The first Section 4.01(g) of the Credit Agreement is hereby deleted in its
entirety.

(e) A new Section 5.10 of the Credit Agreement is hereby added as follows:

Section 5.10 Potential Collateral. If, upon the first issuance after the
Effective Date by the Borrower of senior unsecured notes, the long-term senior
unsecured debt rating of the Borrower is equal to or less than Ba2 (or the
equivalent) by Moody’s and BB (or the equivalent) by S&P, then within 120 days
thereafter (or such later date that the Administrative Agent may agree acting in
its sole discretion) the Borrower shall grant to

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the Administrative Agent a legal, valid and enforceable first priority Lien
(subject to Permitted Liens) in at least 80% of the PV of the Proved Reserves of
Oil and Gas Properties of the Borrower and its Subsidiaries (including the
Capital Stock of any Subsidiary that owns such Oil and Gas Properties) pursuant
to security documentation in form and substance reasonably agreed to between the
Borrower and the Administrative Agent, together with the completion of all other
actions, recordings and filings of or with respect thereto that the
Administrative Agent may deem necessary in order to perfect the Liens created
thereby and such other additional closing documents, certificates and legal
opinions as may reasonably be requested by the Administrative Agent. The
Indebtedness under the Loan Documents secured by any Lien granted pursuant to
this Section 5.10 shall not be factored in any calculation or determination of
secured indebtedness set forth in clauses (ff) and (gg) of Permitted Liens. All
Liens granted pursuant to this Section 5.10 shall automatically terminate and
the collateral subject to such Lien shall be automatically released upon the
occurrence of the Investment Grade Date or upon termination of this Agreement.
Additionally, in connection with the sale or other disposition of any Oil and
Gas Properties subject to a Lien or of the Capital Stock of any Subsidiary that
owns any Oil and Gas Properties subject to a Lien, any such Lien shall
automatically terminate and the collateral subject to such Lien shall be
automatically released upon the occurrence of such sale or other disposition.

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 Effective 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.

 

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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.

[Signature Pages Follow]

 

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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.

 

WPX ENERGY, INC. By:  

/s/ Rodney J. Sailor

Name:  

Rodney J. Sailor

Title:  

Treasurer & Deputy Chief Financial Officer

 

Signature Page to First Amendment – WPX Energy, Inc.

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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 – WPX Energy, Inc.

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

/s/ Benjamin E. Sauter

Name:  

Benjamin E. Sauter

Title:  

Vice President

 

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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 – WPX Energy, Inc.

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

/s/ Muhammad Hasan

Name:  

Muhammad Hasan

Title:  

Vice President

 

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BNP PARIBAS, Individually and as an Issuing Bank By:  

/s/ Andrew Ostrov

Name:  

Andrew Ostrov

Title:  

Director

By:  

/s/ Larry Robinson

Name:  

Larry Robinson

Title:  

Director

 

Signature Page to First Amendment – WPX Energy, Inc.

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CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK By:  

/s/ Darrell Stanley

Name:  

Darrell Stanley

Title:  

Managing Director

By:  

/s/ Sharada Manne

Name:  

Sharada Manne

Title:  

Director

 

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THE BANK OF NOVA SCOTIA By:  

/s/ John Frazell

Name:  

John Frazell

Title:  

Director

 

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THE ROYAL BANK OF SCOTLAND PLC By:  

/s/ Steve Ray

Name:  

Steve Ray

Title:  

Director

 

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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

 

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DEUTSCHE BANK AG NEW YORK BRANCH By:  

/s/ Philippe Sandmeier

Name:  

Philippe Sandmeier

Title:  

Managing Director

By:  

/s/ John S. McGill

Name:  

John S. McGill

Title:  

Director

 

Signature Page to First Amendment – WPX Energy, Inc.

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DNB NOR BANK ASA By:  

/s/ Nikolai A. Nachamkin

Name:  

Nikolai A. Nachamkin

Title:  

Senior Vice President

By:  

/s/ Evan Uhliċk

Name:  

Evan Uhliċk

Title:  

Vice President

 

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GOLDMAN SACHS BANK USA By:  

/s/ Lauren Day

Name:  

Lauren Day

Title:  

Authorized Signatory

 

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MIZUHO CORPORATE BANK, LTD. By:  

/s/ Leon Mo

Name:  

Leon Mo

Title:  

Authorized Signatory

 

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MORGAN STANLEY BANK, N.A. By:  

/s/ Frank Jolley

Name:  

Frank Jolley

Title:  

Authorized Signatory

 

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ROYAL BANK OF CANADA By:  

/s/ Jason S. York

Name:  

Jason S. York

Title:  

Authorized Signatory

 

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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

 

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WELLS FARGO BANK, N.A. By:  

/s/ Paul V. Farrell

Name:  

Paul V. Farrell

Title:  

Director

 

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COMPASS BANK By:  

/s/ Ian Payne

Name:  

Ian Payne

Title:  

Vice President

 

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SUMITOMO MITSUI BANKING CORPORATION By:  

 

Name:  

 

Title:  

 

 

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. By:  

 

Name:  

 

Title:  

 

 

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U.S. BANK NATIONAL ASSOCIATION By:  

/s/ Bruce E. Hernandez

Name:  

Bruce E. Hernandez

Title:  

Vice President

 

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BOKF, NA DBA BANK OF OKLAHOMA By:  

/s/ Julie Elliott

Name:  

Julie Elliott

Title:  

Vice President

 

Signature Page to First Amendment – WPX Energy, Inc.