Document:

EX-10.16

 Exhibit 10.16 

SECOND WAIVER AGREEMENT 

This SECOND WAIVER AGREEMENT is dated as of October 15, 2012 (this “Agreement”) by and among Plains
Offshore Operations Inc., a Delaware corporation (“Company”), PXP Resources LLC, a Delaware limited liability company (“PXP LLC”), Plains Exploration & Production Company, a Delaware
corporation (together with any Affiliate of Plains Exploration & Production Company, “PXP”), and each Investor named on the signature pages hereto. The parties to this Agreement are collectively referred to herein as
the “Parties.” Capitalized terms not defined herein have the meaning ascribed to them in the Stockholders Agreement (as defined below). 

WHEREAS, the Parties are party to that certain Stockholders Agreement dated November 17, 2011, as amended by Amendment No. 1
thereto dated as of December 22, 2011 and Amendment No. 2 thereto dated as of January 31, 2012 (the “Stockholders Agreement”); 

WHEREAS, PXP has entered into one or more agreements (the “Purchase Agreements”) to acquire certain Deepwater
GOM Assets, including all or certain interests of BP Exploration & Production Inc. and BP America Production Company in and near the Holstein, Diana, Hoover, Horn Mountain, Ram Powell, and Marlin Hub Fields, and certain interests of Royal
Dutch Shell plc in and near the Holstein Field, including but not limited to the following offshore blocks: Alaminos Canyon 25 and 26, East Breaks 945, 946 and 989, Green Canyon 644, 645 and 688, Mississippi Canyon 82, 84, 85, and 126 - 129, and
Viosca Knoll 871, 911 - 913, 915, and 955 - 957 (collectively, the “GOM Assets”); 
 WHEREAS, pursuant to
Section 2.02(c) of the Stockholders Agreement, in the event that PXP acquires the GOM Assets, PXP is required to offer to sell the GOM Assets to the Company within thirty (30) days after such acquisition (the closing date of PXP’s
acquisition of the GOM Assets is referred to herein as the “GOM Asset Closing Date”); 
 WHEREAS, on
August 16, 2012, the Parties hereto entered into that certain Waiver Agreement (the “First Waiver Agreement”) setting forth, among other things, the terms under which the Company will waive its right to purchase the GOM
Assets under the Stockholders Agreement; and 
 WHEREAS, the Parties desire to amend certain terms of the First Waiver Agreement and
to set forth their mutual understanding regarding PXP’s right to purchase the GOM Assets. 
 NOW, THEREFORE, the Parties hereby
agree as follows: 
 1. Waiver of Right to Purchase. Notwithstanding the provisions of Section 2.02(c) of the Stockholders
Agreement (x) the Company hereby waives any interest in, or right to purchase from PXP, the GOM Assets and (y) the Parties hereby agree that PXP may acquire the GOM Assets, provided in each case that the acquisition of the GOM Assets
occurs on or prior to March 3, 2013 substantially on the terms set forth in the Purchase Agreements. 
 2. Amendment of First Waiver
Agreement. The Parties hereby agree that Section 1 of the First Waiver Agreement is hereby deleted in its entirety and the first four lines of Section 2 of the First Waiver Agreement are amended to read in their entirety as follows:

 “If any GOM Assets are acquired by PXP or any subsidiary of PXP rather than the Company on or prior to March 3, 2013, the
Parties hereby amend the Stockholders Agreement as follows:”. 

 3. Limitation on Waiver. The waiver set forth in Section 1 is limited precisely as
written. Nothing set forth herein shall be deemed a waiver of any rights by the Company in connection with any acquisition of GOM Assets except as expressly set forth herein and as set forth in the amendment to Section 2.02(c) of the
Stockholders Agreement included in Section 2 to the First Waiver Agreement to the extent that such amendment becomes effective in accordance with the terms hereof and thereof. For the avoidance of doubt, nothing set forth herein waives any
rights other than those rights under Section 2.02(c) of the Stockholders Agreement. 
 4. Amendment. This Agreement may be
modified, amended, supplemented or waived in whole or in part only by a separate written agreement executed by all of the Parties expressly modifying, amending, supplementing or waiving this Agreement. 

5. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original instrument, but all such
counterparts together shall constitute but one agreement. Facsimiles of signatures or signatures delivered in portable document format (.pdf) will be deemed to be originals. 

6. Governing Law. This Agreement shall be governed and construed in accordance with the Laws of the State of Delaware, United States of
America without regard to principles of conflicts of laws that would direct the application of the Laws of another jurisdiction 
 [Signature
Pages Follow] 

  
 2 

 IN WITNESS WHEREOF, this Agreement has been signed by each of the Parties as of the date first
above written. 
  

					
	PLAINS OFFSHORE OPERATIONS INC.
		
	By:	 	 /s/ Winston M. Talbert

		 	Name:	 	Winston M. Talbert
		 	Title:	 	Vice President & Treasurer
	
	PXP RESOURCES LLC
		
	By:	 	 /s/ Winston M. Talbert

		 	Name:	 	Winston M. Talbert
		 	Title:	 	Vice President & Treasurer
	
	PLAINS EXPLORATION & PRODUCTION COMPANY
		
	By:	 	 /s/ Winston M. Talbert

		 	Name:	 	Winston M. Talbert
		 	Title:	 	Executive Vice President and Chief
		 		 	Financial Officer

  
 [Signature Page to
Waiver Agreement] 

 
					
	INVESTORS:
	
	ENERGY FUND XV, L.P.
		
	By:	 	Energy Management Company, LLC, as Sub-advisor to and Attorney-in-Fact for TCW Asset Management Company, Manager of Fund XV
		
	By:	 	/s/ Kurt A. Talbot
		 	  

		 	Name:	 	Kurt A. Talbot
		 	Title:	 	Co-president and Chief Investment Officer
		
	By:	 	/s/ Patrick H. Hickey
		 	  

		 	Name:	 	Patrick H. Hickey
		 	Title:	 	Senior Vice President
	
	ENERGY FUND XV-A, L.P.
		
	By:	 	Energy Management Company, LLC, as Sub-advisor to and Attorney-in-Fact for TCW Asset Management Company, Manager of Fund XV-A
		
	By:	 	/s/ Kurt A. Talbot
		 	  

		 	Name:	 	Kurt A. Talbot
		 	Title:	 	Co-president and Chief Investment Officer
		
	By:	 	/s/ Patrick H. Hickey
		 	  

		 	Name:	 	Patrick H. Hickey
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Waiver Agreement] 

 
					
	INVESTORS:
	
	ENERGY FUND XV-B, L.P,
		
	By:	 	Energy Management Company, LLC, as Sub-advisor to and Attorney-in-Fact for TCW Asset Management Company, Manager of Fund XV-B
		
	By:	 	/s/ Kurt A. Talbot
		 	  

		 	Name:	 	Kurt A. Talbot
		 	Title:	 	Co-president and Chief Investment Officer
		
	By:	 	/s/ Patrick H. Hickey
		 	  

		 	Name:	 	Patrick H. Hickey
		 	Title:	 	Senior Vice President
	
	ENERGY XV BLOCKER (PLAINS), LLC
		
	By:	 	Energy Management Company, LLC, as Manager of Fund XV Blocker-(Plains)
		
	By:	 	/s/ Kurt A. Talbot
		 	  

		 	Name:	 	Kurt A. Talbot
		 	Title:	 	Co-president and Chief Investment Officer
		
	By:	 	/s/ Patrick H. Hickey
		 	  

		 	Name:	 	Patrick H. Hickey
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Waiver Agreement] 

 
					
	INVESTORS:
	
	MTP ENERGY MASTER FUND LTD
		
	By:	 	MTP Energy Management LLC, its investment manager
		
	By:	 	Magnetar Financial LLC, its sole member
		
	By:	 	/s/ Douglas Litowitz
		 	  

		 	Name:	 	Douglas Litowitz
		 	Title:	 	Counsel
	
	MTP ENERGY OPPORTUNITIES FUND I LLC
		
	By:	 	 MTP Energy Management LLC, its

manager

		
	By:	 	Magnetar Financial LLC, its sole member
		
	By:	 	/s/ Douglas Litowitz
		 	  

		 	Name:	 	Douglas Litowitz
		 	Title:	 	Counsel
	
	HIPPARCHUS FUND LP
		
	By:	 	Magnetar Financial LLC, its general partner
		
	By:	 	/s/ Douglas Litowitz
		 	  

		 	Name:	 	Douglas Litowitz
		 	Title:	 	Counsel

  
 [Signature Page to
Waiver Agreement] 

 
					
	INVESTORS:
	
	MTP OPPORTUNITY FUND, LLC
		
	By:	 	BAA Co-Investment Fund III (GenPar), LLC
		
	By:	 	BlackRock Financial Management, Inc., its managing member
		
	By:	 	/s/ Robert S. Ellsworth
		 	  

		 	Name:	 	Robert S. Ellsworth
		 	Title:	 	Managing Director
		
	By:	 	/s/ Lawrence M. Gail
		 	  

		 	Name:	 	Lawrence M. Gail
		 	Title:	 	Managing Director
	
	TRIANGLE PEAK PARTNERS PRIVATE EQUITY, LP
		
	By:	 	Triangle Peak Partners Private Equity GP, LLC, its general partner
		
	By:	 	/s/ David L. Peseroff
		 	  

		 	Name:	 	 David L. Peseroff

		 	Title:	 	Managing Member

  
 [Signature Page to
Waiver Agreement] 

 
					
	INVESTORS:
	
	FSEP TERM FUNDING, LLC
		
	By:	 	FS Energy and Power Fund, as Sole Member
		
	By:	 	GSO Capital Partners LP, as Sub-Advisor
		
	By:	 	/s/ Marisa Beeney
		 	  

		 	Name:	 	Marisa Beeney
		 	Title:	 	Authorized Signatory
	
	FS INVESTMENT CORPORATION
		
	By:	 	GSO / Blackstone Debt Funds Management LLC, as Sub-Advisor
		
	By:	 	/s/ Marisa Beeney
		 	  

		 	Name:	 	Marisa Beeney
		 	Title:	 	Authorized Signatory
	
	LOCUST STREET FUNDING LLC
		
	By:	 	FS Investment Corporation, as Sole Member
		
	By:	 	GSO / Blackstone Debt Funds Management LLC, as Sub-Advisor
		
	By:	 	/s/ Marisa Beeney
		 	  

		 	Name:	 	Marisa Beeney
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Waiver Agreement]EX-10.17

 Exhibit 10.17 

CONSENT AND FOURTH AMENDMENT TO 

THE STOCKHOLDERS AGREEMENT 

This CONSENT AND FOURTH AMENDMENT (this “Consent and Amendment”) TO THE STOCKHOLDERS AGREEMENT dated as of November 17,
2011, as amended by Amendment No. 1 thereto dated as of December 22, 2011, as amended by Amendment No. 2 thereto dated as of January 31, 2012, as amended by Section 2 of the Waiver Agreement dated August 16, 2012 (as so
amended, the “Stockholders Agreement”), by and among Plains Offshore Operations Inc., a Delaware corporation (the “Company”), Freeport-McMoRan Oil & Gas LLC (formerly Plains Exploration &
Production Company), a Delaware limited liability company (“FM O&G”), and PXP Resources LLC, a Delaware limited liability company (“PXP Resources”), and each investor named in Schedule A thereto
(collectively, the “Investors”) is made and entered into as of January 15, 2014 by and among the Company, FM O&G, PXP Resources and the undersigned Investors in accordance with Section 3.06 of the Stockholders
Agreement. All capitalized terms used but not otherwise defined herein shall have the meaning set forth in the Stockholders Agreement. 

WHEREAS, pursuant to the Notice of Intention to Issue Additional Equity dated November 15, 2013, the Investors have agreed to fund
their Pro Rata Percentages of certain Cost Overruns through the purchase of shares of Preferred Stock together with non-detachable Warrants to be issued by the Company in accordance with Section 2.04 of the Stockholders Agreement on
January 15, 2014 (the “Equity Funding”); 
 WHEREAS, the Company, FM O&G, PXP Resources and the undersigned
Investors, whose consent or approval would constitute Majority Preferred Approval (as defined in the Stockholders Agreement), desire to amend the Stockholders Agreement to reflect the Equity Funding and to approve the amendment (the “COD
Amendment”) to the Certificate of Designation of 8.0% Convertible Preferred Stock of the Company dated November 17, 2011, in the form attached as Exhibit A hereto, increasing the number of shares designated as “8.0%
Convertible Preferred Stock”. 
 NOW, THEREFORE, in consideration of the foregoing recitals and the agreements contained herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows: 

 

	1)	Amendment to the Stockholders Agreement. Upon the consummation of the Equity Funding, Schedule A to the Stockholders Agreement is hereby amended by deleting the table entirely and inserting in its place
the table attached as Exhibit B hereto. 

  

	2)	COD Amendment. PXP Resources and the undersigned Investors hereby approve the adoption of the COD Amendment and authorize and direct the officers of the Company to take all such further actions, on behalf
of the Company, as they may deem necessary, desirable or convenient to carry out the intent of the foregoing approval, including the filing of the COD Amendment with the Secretary of State of the State of Delaware and the execution by any one of
them, on behalf of the Company, of all other and further agreements, requests, certificates, instruments or documents, and the doing of all such further acts, necessary or appropriate to reflect or effect the foregoing. 

	3)	Miscellaneous. The provisions of Sections 3.01 (Counterparts), 3.03 (Governing Law) and 3.04 (Waiver of Jury Trial) of the Stockholders Agreement shall apply, mutatis mutandis, to this Consent
and Amendment. 

  

	4)	Full Force and Effect. Except as amended hereby, each of the Company, FM O&G, PXP Resources and each of the Investors acknowledges and agrees that all provisions of the Stockholders Agreement remain in
full force and effect as originally written. Any references set forth in any document delivered in connection with the Stockholders Agreement shall be deemed to include a reference to the Stockholders Agreement as amended by this Consent and
Amendment, whether or not so stated in the document. 

 [Signature page follows.] 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have entered into this Consent and Amendment as of the date first written
above. 
  

							
	PLAINS OFFSHORE OPERATIONS INC.
			
		 	By:	 	 /s/ Marc A. Hensel

		 		 	Name:	 	Marc A. Hensel
		 		 	Title:	 	Vice President
	
	PXP RESOURCES LLC
			
		 	By:	 	 /s/ Marc A. Hensel

		 		 	Name:	 	Marc A. Hensel
		 		 	Title:	 	Vice President
	
	FREEPORT-MCMORAN OIL & GAS LLC
			
		 	By:	 	 /s/ Marc A. Hensel

		 		 	Name:	 	Marc A. Hensel
		 		 	Title:	 	Vice President

  
 [Signature Page to
Consent and Fourth Amendment to Stockholders Agreement] 

 
											
	EIG ENERGY FUND XV, L.P.
	A Delaware limited partnership (“Fund XV”)
			
		 	By:	 	 EIG Management Company, LLC, as Sub-adviser to and Attorney-in-Fact for TCW Asset Management Company, Manager of Fund
XV

					
		 		 		 	By:	 	 /s/ Kurt A. Talbot

		 		 		 		 	Name:	 	Kurt A. Talbot
		 		 		 		 	Title:	 	Co-president and Chief Investment Officer
					
		 		 		 	By:	 	 /s/ Patrick H. Hickey

		 		 		 		 	Name:	 	Patrick H. Hickey
		 		 		 		 	Title:	 	Senior Vice President
	
	EIG ENERGY FUND XV-A, L.P.
	A Delaware limited partnership (“Fund XV-A”)
			
		 	By:	 	EIG Management Company, LLC, as Sub-adviser to and Attorney-in-Fact for TCW Asset Management Company, Manager of Fund XV-A
					
		 		 		 	By:	 	 /s/ Kurt A. Talbot

		 		 		 		 	Name:	 	Kurt A. Talbot
		 		 		 		 	Title:	 	Co-president and Chief Investment Officer
					
		 		 		 	By:	 	 /s/ Patrick H. Hickey

		 		 		 		 	Name:	 	Patrick H. Hickey
		 		 		 		 	Title:	 	Senior Vice President

  
 [Signature Page to
Consent and Fourth Amendment to Stockholders Agreement] 

 
											
	EIG ENERGY FUND XV-B, L.P.
	A Delaware limited partnership (“Fund XV-B”)
			
		 	By:	 	EIG Management Company, LLC, as Sub-adviser to and Attorney-in-Fact for TCW Asset Management Company, Manager of Fund XV-B
					
		 		 		 	By:	 	 /s/ Kurt A. Talbot

		 		 		 		 	Name:	 	Kurt A. Talbot
		 		 		 		 	Title:	 	Co-president and Chief Investment Officer
					
		 		 		 	By:	 	 /s/ Patrick H. Hickey

		 		 		 		 	Name:	 	Patrick H. Hickey
		 		 		 		 	Title:	 	Senior Vice President
	
	EIG ENERGY XV BLOCKER (PLAINS), LLC
	A Delaware limited liability company (“Blocker”)
			
		 	By:	 	EIG Management Company, LLC, as Manager of Blocker
					
		 		 		 	By:	 	 /s/ Kurt A. Talbot

		 		 		 		 	Name:	 	Kurt A. Talbot
		 		 		 		 	Title:	 	Co-president and Chief Investment Officer
					
		 		 		 	By:	 	 /s/ Patrick H. Hickey

		 		 		 		 	Name:	 	Patrick H. Hickey
		 		 		 		 	Title:	 	Senior Vice President

  
 [Signature Page to
Consent and Fourth Amendment to Stockholders Agreement] 

 Exhibit A 

COD Amendment 
 [see
attached] 

  
 [Exhibit A – COD
Amendment] 

 Exhibit B 

Schedule A to Stockholders Agreement 
  

																	
	 Purchaser
	  	Number of
Shares of
Convertible
Preferred
Stock	 	  	Number of
Escrowed
Class A
Shares	 	  	Number of
Warrants	 	  	Aggregate
Purchase Price	 
	 EIG Energy Fund XV, L.P. 
 c/o EIG
Management Company, LLC
 1700 Pennsylvania Avenue, NW, Suite 800

Washington, DC 20006
 Attn: Niranjan Ravindran

Phone: 202-600-3309
 Fax: 202-600-3409

e-mail: niranjan.ravindran@eigpartners.com
	  	 	124,464	  	  	 	22,844,654	  	  	 	2,522,747	  	  	$	124,464,000	  
					
	 EIG Energy Fund XV-A, L.P. 
 c/o EIG
Management Company, LLC
 1700 Pennsylvania Avenue, NW, Suite 800

Washington, DC 20006
 Attn: Niranjan Ravindran

Phone: 202-600-3309
 Fax: 202-600-3409

e-mail: niranjan.ravindran@eigpartners.com
	  	 	84,951	  	  	 	15,592,333	  	  	 	1,721,862	  	  	$	84,951,000	  
					
	 EIG Energy Fund XV-B, L.P. 
 c/o EIG
Management Company, LLC
 1700 Pennsylvania Avenue, NW, Suite 800

Washington, DC 20006
 Attn: Niranjan Ravindran

Phone: 202-600-3309
 Fax: 202-600-3409

e-mail: niranjan.ravindran@eigpartners.com
	  	 	82,132	  	  	 	15,074,780	  	  	 	1,664,725	  	  	$	82,132,000	  
					
	 EIG Energy XV Blocker (Plains), LLC 
 c/o
EIG Management Company, LLC
 1700 Pennsylvania Avenue, NW, Suite 800

Washington, DC 20006
 Attn: Niranjan Ravindran

Phone: 202-600-3309
 Fax: 202-600-3409

e-mail: niranjan.ravindran@eigpartners.com
	  	 	66,587	  	  	 	12,221,567	  	  	 	1,349,644	  	  	$	66,587,000	  
					
	 MTP Energy Master Fund Ltd 
 c/o Magnetar
Financial LLC
 1603 Orrington Avenue, 13th Floor
 Evanston, IL
60201
 Attention: Zoe Allen
 Phone: (847) 905-4639

email: notices@magnetar.com
	  	 	19,697	  	  	 	3,615,333	  	  	 	399,236	  	  	$	19,697,000	  
					
	 MTP Energy Opportunities Fund I LLC 
 c/o
Magnetar Financial LLC
 1603 Orrington Avenue, 13th Floor

Evanston, IL 60201
 Attention: Zoe Allen

Phone: (847) 905-4639
 email:
notices@magnetar.com
	  	 	5,267	  	  	 	966,667	  	  	 	106,756	  	  	$	5,267,000	  
					
	 MTP Opportunity Fund, LLC 
 c/o BlackRock
Alternative Advisors
 601 Union Street, 56th Floor
 Seattle, WA
98101
 Attn: Megan Hannah
 Fax: (206) 613-6712

email: megan.hannah@blackrock.com
	  	 	10,323	  	  	 	1,894,666	  	  	 	209,237	  	  	$	10,323,000	  

  
 [Exhibit B - Schedule
A to Stockholders Agreement] 

																	
	 with a copy to
 BAA Legal
Department
 601 Union Street, 56th Floor
 Seattle, WA
98101
 email: BAA-Legal-Notices@blackrock.com:
	  				  				  				  			
					
	 Triangle Peak Partners Private Equity, LP 

P.O. Box 3788
 Carmel Plaza, Suite 305 (Ocean & Mission
Streets)
 Carmel, CA 93921
 Attention: Michael C. Morgan,
Managing Member
 Phone:
 Fax: (831) 622- 0435
	  	 	5,266	  	  	 	966,667	  	  	 	106,736	  	  	$	5,266,000	  
					
	 Hipparchus Fund LP 
 c/o Magnetar
Financial LLC
 1603 Orrington Avenue, 13th Floor
 Evanston, IL
60201
 Attention: Zoe Allen
 Phone: (847) 905-4639

email: notices@magnetar.com
	  	 	1,580	  	  	 	290,000	  	  	 	32,024	  	  	$	1,580,000	  
					
	 FSEP Term Funding, LLC 
 c/o GSO Capital
Partners LP
 345 Park Avenue, 31st Floor
 New York, NY
10154
 Attention: GSO Legal
 Telephone: (212) 503-2157

Facsimile: (212) 503-6924
 Email: gsolegal@blackstone.com

With copy to: Robert Horn
 Telephone: (212) 503-2133

Email: robert.horn@gsocap.com
	  	 	21,067	  	  	 	3,866,666	  	  	 	427,005	  	  	$	21,067,000	  
					
	 Race Street Funding LLC 
 c/o GSO /
Blackstone Debt Funds Management LLC
 345 Park Avenue, 31st Floor

New York, NY 10154
 Attention: Brad Marshall

Phone: (212) 503-2143
 Fax: (972) 499-4213

email: brad.marshall@gsocap.com
	  	 	21,066	  	  	 	3,866,667	  	  	 	426,985	  	  	$	21,066,000	  
					
	 Locust Street Funding LLC 
 c/o GSO
Capital Partners LP
 345 Park Avenue, 31st Floor
 New York, NY
10154
 Attention: GSO Legal
 Phone: (212) 503-2157

Fax: (212) 503-6924
 email: gsolegal@blackstone.com

With copy to: Robert Horn
 Phone: (212) 503-2133

email: robert.horn@gsocap.com
	  	 	31,600	  	  	 	5,800,000	  	  	 	640,496	  	  	$	31,600,000	  
					
	 Total
	  	 	474,000	  	  	 	87,000,000	  	  	 	9,607,453	  	  	$	474,000,000	  

  
 [Exhibit B - Schedule
A to Stockholders Agreement]

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