Document:

exv10w14

 

Exhibit 10.14

AMENDMENT TO

NATURAL GAS LIQUIDS PURCHASE AGREEMENT

BY AND BETWEEN

ONEOK HYDROCARBON, L.P. AND PIONEER NATURAL RESOURCES USA, INC.

DATED MARCH 26, 2003

     THIS AMENDMENT
is made as of this 8th day of April, 2008, by and between PIONEER
NATURAL RESOURCES USA, INC. (“Pioneer”), and ONEOK HYDROCARBON, L.P. (formerly known as, KOCH
Hydrocarbon, LP) (“OHLP”).

     WHEREAS, under that
certain Natural Gas Liquids Purchase Agreement dated March 26, 2003 (the
“Original Agreement”), as amended by that certain Amendment dated February 9, 2005 (the “First
Amendment”) (the Original Agreement together with the First Amendment hereinafter collectively
referred to as the “Agreement”), Pioneer sells and OHLP purchases certain volumes of natural gas
liquids that originate from the Midkiff and Benedum Plants as described therein; and,

     WHEREAS, said Parties
desire to amend the Agreement as hereinafter set forth.

     NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Parties mutually agree to amend the Agreement as follows in this Second
Amendment.

	 	1.	 	Section 2, Term, of the Agreement shall be deleted in its entirety, and
the following substituted in lieu thereof:

“2. Term.
This Agreement shall begin on the Effective Date, and
shall be effective until February 28, 2009, at which time this Agreement
shall expire.”

	 	2.	 	Effective March 1, 2008, Section 5, Base and Adjusted Base Fractionation
Fees, shall be deleted in its entirety, and the following substituted in lieu thereof:

“5. Base
and Adjusted Base Fractionation Fees. The Base
Fractionation Fee shall be two and twenty-five hundredths cents (2.25¢) per
Gallon of the NGL’s delivered hereunder. Commencing March 1, 2008, and the
beginning of each Month thereafter, the Base Fractionation Fee shall be
adjusted to equal the sum of the following two components (the “Adjusted
Base Fractionation Fee”):

1. Eighty-two
hundredths of a cent (0.82¢) per Gallon for fuel gas,
which shall be redetermined by (i) the price per MMBtu of natural gas
reflected by the Monthly Houston Ship Channel/Beaumont, Texas, index
(applicable to the first Day of the Month — large packages only), for
each current Month of actual delivery, as published in Inside
F.E.R.C.’s Gas Market Report, plus eight cents (8.00¢), divided by
$3.50/MMBtu, and (ii) multiplying the resulting ratio by 0.820¢ per
Gallon, and

 

 

2. A base
fee of one and forty-three hundredths cents (1.43¢) per Gallon.
Notwithstanding anything to the contrary, the Adjusted Base Fractionation
Fee shall not be reduced below the Base Fractionation Fee of 2.25¢ per Gallon.”

     This
Amendment shall be effective as of the date first above written. Except as hereby
amended, the Agreement shall remain in full force and effect. Capitalized terms not otherwise
defined herein shall have the respective meanings assigned to such terms by the Agreement.

     IN
WITNESS WHEREOF, the Parties have executed this Amendment the day and year first above
written.

	 	 	 	 	 
	ONEOK HYDROCARBON, L.P.	 	 
	 
	 	 	 	 
	By:
	 	ONEOK Hydrocarbon GP, L.L.C, is general partner	 	 
	 
	 	 	 	 
	By:
	 	/s/ Sheridan Swords	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Name:
	 	Sheridan Swords	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Title:
	 	President	 	 
	 
	 	 	 	 

	 	 	 	 	 
	PIONEER NATURAL SOURCES USA, INC.	 	 
	 
	 	 	 	 
	By:
	 	/s/ Hershal K. Wolfe
	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Name:
	 	Hershal K. Wolfe	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Title:
	 	Vice President Marketingexv10w15

 

Exhibit 10.15

THIRD AMENDMENT TO CREDIT AGREEMENT

     THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of April 15,
2008 (the “Effective Date”), is entered into by and among PIONEER SOUTHWEST ENERGY PARTNERS
L.P., a Delaware limited partnership (the “Borrower”), each lender from time to time party
hereto (collectively, the “Lenders” and individually, a “Lender”), BANK OF AMERICA,
N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, WELLS FARGO BANK, N. A., as
Syndication Agent, and BMO CAPITAL MARKETS FINANCING, INC., as Documentation Agent.

WITNESSETH:

     WHEREAS, the Borrower, the Lenders, the Swing Line Lender, the L/C Issuer, the Administrative
Agent, the Syndication Agent and the Documentation Agent have entered into that certain Credit
Agreement, dated as of October 29, 2007, as amended by that certain Amendment to Credit Agreement,
dated as of December 14, 2007, as further amended by that certain Second Amendment to Credit
Agreement, dated as of February 15, 2008, by and among the Borrower, the Lenders, the Swing Line
Lender, the L/C Issuer, the Administrative Agent, the Syndication Agent and the Documentation Agent
(as may be further amended or otherwise modified, the “Credit Agreement”);

     WHEREAS, the Borrower, the Lenders, the Swing Line Lender, the L/C Issuer, the Administrative
Agent, the Syndication Agent and the Documentation Agent intend to waive certain provisions of the
Credit Agreement and amend certain provisions of the Credit Agreement as set forth herein.

     NOW THEREFORE, in consideration of the foregoing and the mutual agreements set forth herein,
the parties hereto agree as follows:

     SECTION 1. Definitions. Unless otherwise defined in this Amendment, each capitalized
term used in this Amendment has the meaning assigned to such term in the Credit Agreement.

     SECTION 2. Amendment of Section 1.01 of the Credit Agreement. Section 1.01 of the
Credit Agreement is hereby amended by deleting the definition of “Outside Closing Date” and
replacing it in its entirety with the following:

“‘Outside Closing Date’ means June 20, 2008.”

     SECTION 3. Amendment of Section 2.09 of the Credit Agreement. Section 2.09 of the
Credit Agreement is hereby amended by deleting the text of sub-clause (iii) of clause (b) thereof
and replacing it in its entirety with the following:

“(iii) The Borrower shall pay to the Administrative Agent,
for the account of each Lender in accordance with its
Applicable Percentage, a commitment fee equal to, (i) for the
period commencing on December 15, 2007 and ending on April
14, 2008, 50% of the Applicable Rate set forth

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under the column “Commitment Fee” times the Aggregate
Commitments and (ii) for the period commencing on April 15,
2008 and ending on the earlier of the Closing Date or the
date on which the Aggregate Commitments terminate, the
Applicable Rate set forth under the column “Commitment Fee”
times the Aggregate Commitments. Such commitment fee
shall be payable in full upon the earlier of the Closing Date
or the termination of the Aggregate Commitments.”

     SECTION 4. Representations and Warranties, Etc. To induce the Lenders to enter into
this Amendment, the Borrower represents and warrants to the Administrative Agent and the Lenders
that as of the date hereof, after giving effect to this Amendment:

     (a) each of the representations and warranties by the Borrower contained in the Credit
Agreement and in the other Loan Documents are true and correct on and as of the date hereof
in all material respects as though made as of the date hereof, except those that by their
terms relate solely as to an earlier date, in which event they shall be true and correct on
and as of such earlier date;

     (b) the execution, delivery and performance of this Amendment has been duly authorized
by all requisite organizational action on the part of the Borrower;

     (c) the Credit Agreement and each other Loan Document constitute valid and legally
binding agreements enforceable against each Loan Party that is a party thereto in accordance
with their respective terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other similar
laws relating to or affecting creditors’ rights generally and by general principles of
equity, regardless of whether considered in a proceeding in equity or at law; and

     (d) no Default or Event of Default exists under the Credit Agreement or any of the
other Loan Documents.

     SECTION 5. Ratification. The Borrower hereby ratifies and confirms, as of the
Effective Date, (a) the covenants and agreements contained in each Loan Document to which it is a
party, including, in each case, as such covenants and agreements may be modified by this Amendment
and the transactions contemplated thereby and (b) all of the Obligations under the Credit Agreement
and the other Loan Documents. This Amendment is an amendment to the Credit Agreement, and the
Credit Agreement as amended hereby, is hereby ratified, approved and confirmed in each and every
respect.

     SECTION 6. Effectiveness. This Amendment shall become effective as of the Effective
Date when all of the conditions set forth in this Section have been satisfied.

     (a) The Administrative Agent shall have received duly executed counterparts of this
Amendment from the Borrower, the Administrative Agent, the L/C Issuer, the Syndication
Agent, the Documentation Agent and each Lender; and

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     (b) The Administrative Agent shall have received (i) all reasonable documented
out-of-pocket fees, costs and expenses incurred in connection with the negotiation,
preparation, execution and delivery of this Amendment and related documents (including all
reasonable documented fees, charges and disbursements of counsel to the Administrative
Agent), and (ii) all other reasonable fees, costs and expenses due and payable pursuant to
Section 10.04 of the Credit Agreement, in each case under either clause (i) or (ii) above,
to the extent then invoiced.

     SECTION 7. Governing Law; Severability; Integration. THIS AMENDMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF TEXAS. If any provision of this
Amendment or any other Loan Document is held to be illegal, invalid or unenforceable, (a) the
legality, validity and enforceability of the remaining provisions of this Amendment and the other
Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good
faith negotiations to replace the illegal, invalid or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of the illegal, invalid
or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. This Amendment and
the other Loan Documents constitute the entire contract among the parties relating to the subject
matter hereof and supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof.

     SECTION 8. Execution in Counterparts. This Amendment may be executed by the parties
hereto in several counterparts (and by different parties hereto in different counterparts), each of
which shall constitute an original and all of which when taken together shall constitute a single
document.

     SECTION 9. Successors and Assigns. This Amendment shall be binding upon and inure to
the benefit of the parties hereto and their respective permitted successors and assigns;
provided, however, that (a) no Borrower may assign or transfer its rights or
obligations hereunder without the prior written consent of the Administrative Agent and each
Lender; and (b) the rights of sale, assignment and transfer of the Lenders are subject to Section
10.06 of the Credit Agreement.

     SECTION 10. Miscellaneous. (a) On and after the effectiveness of this Amendment, each
reference in each Loan Document 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 amended or otherwise modified by this Amendment; (b) the
execution, delivery and effectiveness of this Amendment shall not, except as expressly provided
herein, operate as a waiver of any default of the Borrower or any right, power or remedy of the
Administrative Agent, the L/C Issuer, the Syndication Agent, the Documentation Agent or the Lenders
under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan
Documents; (c) this Amendment is a Loan Document executed pursuant to the Credit Agreement and
shall (unless otherwise expressly indicated therein) be construed, administered and applied in
accordance with the terms and provisions of the Credit Agreement; and (d) a facsimile signature of
any party hereto shall be deemed to be an original signature for purposes of this Amendment.

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     SECTION 11. ENTIRE AGREEMENT. THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL
AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE
PARTIES.

[Remainder of Page Left Intentionally Blank]

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Third Amendment to Credit Agreement

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the date first above written.

	 	 	 	 	 
	 	PIONEER SOUTHWEST ENERGY PARTNERS L.P.

By: Pioneer Natural Resources GP LLC, its general

partner

 	 
	 	By:  	/s/ Richard P. Dealy
 	 
	 	 	Name:  	Richard P. Dealy 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 

S-1

 

	 	 	 	 	 

Third Amendment to Credit Agreement

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as

Administrative Agent

 	 
	 	By:  	/s/ Ronald E. McKaig
 	 
	 	 	Name:  	Ronald E. McKaig 	 
	 	 	Title:  	Senior Vice President 	 

S-2

 

	 	 	 	 	 

Third Amendment to Credit Agreement

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as a Lender, L/C Issuer and

Swing Line Lender

 	 
	 	By:  	/s/ Ronald E. McKaig
 	 
	 	 	Name:  	Ronald E. McKaig 	 
	 	 	Title:  	Senior Vice President 	 

S-3

 

	 	 	 	 	 

Third Amendment to Credit Agreement

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A., as Syndication Agent and a
Lender

 	 
	 	By:  	/s/
David C. Brooks
 	 
	 	 	Name:  	David C. Brooks 	 
	 	 	Title:  	Vice President 	 

S-4

 

	 	 	 	 	 

Third Amendment to Credit Agreement

	 	 	 	 	 
	 	BMO CAPITAL MARKETS FINANCING, INC., as Documentation
Agent and a Lender

 	 
	 	By:  	/s/ James V. Ducote
 	 
	 	 	Name:  	James V. Ducote 	 
	 	 	Title:  	Director 	 

S-5

 

	 	 	 	 	 

Third Amendment to Credit Agreement

	 	 	 	 	 
	 	BARCLAYS BANK PLC, as a Lender

 	 
	 	By:  	/s/ Joseph Gyurindak
 	 
	 	 	Name:  	Joseph Gyurindak 	 
	 	 	Title:  	Director 	 

S-6

 

	 	 	 	 	 

Third Amendment to Credit Agreement

	 	 	 	 	 
	 	CITIBANK, N.A., as a Lender

 	 
	 	By:  	/s/ Ashish Sethi
 	 
	 	 	Name:  	Ashish Sethi 	 
	 	 	Title:  	Vice President 	 

S-7

 

	 	 	 	 	 

Third Amendment to Credit Agreement

	 	 	 	 	 
	 	DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender

 	 
	 	By:  	/s/
Ming K. Chu
 	 
	 	 	Name:  	Ming K. Chu 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	                     /s/ Rainer Meier
 	 
	 	 	Name:  	Rainer Meier 	 
	 	 	Title:  	Vice President 	 

S-8

 

	 	 	 	 	 

Third Amendment to Credit Agreement

	 	 	 	 	 
	 	DNB NOR BANK ASA, as a Lender

 	 
	 	By:  	/s/
Cathleen Buckley
 	 
	 	 	Name:  	Cathleen Buckley 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	
/s/ Sanjiv Nayar
 	 
	 	 	Name:  	Sanjiv Nayar 	 
	 	 	Title:  	Senior Vice President 	 

S-9

 

	 	 	 	 	 

Third Amendment to Credit Agreement

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

 	 
	 	By:  	/s/ Robert W. Traband
 	 
	 	 	Name:  	Robert W. Traband 	 
	 	 	Title:  	Executive Director 	 

S-10

 

	 	 	 	 	 

Third Amendment to Credit Agreement

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND plc, as a Lender

 	 
	 	By:  	/s/
David Slye
 	 
	 	 	Name:  	David Slye 	 
	 	 	Title:  	Senior Vice President 	 

S-11

 

	 	 	 	 	 

Third Amendment to Credit Agreement

	 	 	 	 	 
	 	TORONTO DOMINION (TEXAS) LLC, as a Lender

 	 
	 	By:  	/s/ Debbi L. Brito
 	 
	 	 	Name:  	Debbi L. Brito 	 
	 	 	Title:  	Authorized Signatory 	 

S-12

 

	 	 	 	 	 

Third Amendment to Credit Agreement

	 	 	 	 	 
	 	UBS LOAN FINANCE LLC, as a Lender

 	 
	 	By:  	/s/ Mary E. Evans
 	 
	 	 	Name:  	Mary E. Evans 	 
	 	 	Title:  	Associate Director

Banking Products Services, US 	 
	 
	 	 	 
	 	By:  	
/s/ David B. Julie
 	 
	 	 	Name:  	David B. Julie 	 
	 	 	Title:  	Associate Director

Banking Products Services, US 	 

S-13

 

	 	 	 	 	 

Third Amendment to Credit Agreement

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as a Lender

 	 
	 	By:  	/s/
Daria Mahoney
 	 
	 	 	Name:  	Daria Mahoney 	 
	 	 	Title:  	Vice President 	 

S-14

 

	 	 	 	 	 

Third Amendment to Credit Agreement

	 	 	 	 	 
	 	SOCIETE GENERALE, as a Lender

 	 
	 	By:  	/s/ Elena Robciuc
 	 
	 	 	Name:  	Elena Robciuc 	 
	 	 	Title:  	Director 	 
	 

S-15

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