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Exhibit 4.3    
    

REGISTRATION
RIGHTS AGREEMENT 

AMONG 

PACIFIC
ENERGY PARTNERS, L. P., 

PACIFIC
ENERGY FINANCE CORPORATION, 

THE
GUARANTORS 

AND

THE
INITIAL PURCHASERS 

71/8%
Senior Notes due 2014 

Dated:
June 16, 2004 

   
PACIFIC ENERGY PARTNERS, L.P.

(a Delaware limited partnership) 

PACIFIC
ENERGY FINANCE CORPORATION

(a Delaware corporation) 

$250,000,000

71/8% Senior Subordinated Notes due 2014 

REGISTRATION
RIGHTS AGREEMENT 

June 16,
2004 

LEHMAN BROTHERS INC.

BANC OF AMERICA SECURITIES LLC

CITIGROUP GLOBAL MARKETS INC.

BNP PARIBAS SECURITIES CORP.

SCOTIA CAPITAL (USA) INC.

WACHOVIA CAPITAL MARKET, LLC 

c/o LEHMAN BROTHERS INC.
 745 Seventh Avenue

New York, New York 10019 

Dear
Sirs: 

        Pacific
Energy Partners, L.P., a Delaware limited partnership (the "Partnership"), Pacific Energy Finance Corporation, a Delaware
corporation ("Finance Corp." and together with the Partnership, the "Issuers"), and the Guarantors
listed on the signature page hereto (the "Guarantors"), propose to
issue and sell to you (the "Initial Purchasers"), upon the terms set forth in a purchase agreement dated June 10, 2004 (the
"Purchase Agreement"), $250,000,000 aggregate principal amount of their 71/8% Senior Notes due 2014 (the "Initial
Securities"). The Initial Securities will be issued pursuant to an Indenture, to be dated as of the date hereof (the
"Indenture"), among the Issuers, the Guarantors and Wells Fargo Bank, N.A. as trustee (the "Trustee").
The Issuers and the Guarantors are collectively referred to herein as the "Company." To satisfy a condition to the obligations of the Initial Purchasers
under the Purchase Agreement, the Issuers agree with the Initial Purchasers, for the benefit of the Initial Purchasers and the subsequent holders of the Securities (as defined below) (collectively the
"Holders"), as follows: 

	1.
	Registered Exchange Offer. Unless not permitted by applicable law (after the Company has complied with the ultimate paragraph of this
Section 1), the Company shall prepare and, not later than 90 days (such 90th day being a "Filing Deadline") after the date on which the Initial
Purchasers purchase the Initial Securities pursuant to the Purchase Agreement (the "Closing Date"), file with the Securities and Exchange Commission
(the "Commission") a registration statement (the "Exchange Offer Registration Statement") on an
appropriate form under the Securities Act of 1933, as amended (the "Securities Act"), with respect to a proposed offer (the
"Registered Exchange Offer") to the Holders of Transfer Restricted Securities (as defined in Section 6 hereof), who are not prohibited by any law
or policy of the Commission from participating in the Registered Exchange Offer, to issue and deliver to such Holders, in exchange for the Initial Securities, a like aggregate principal amount of debt
securities of the Issuers issued under the Indenture, identical in all material respects to the Initial Securities and registered under the Securities Act (the "Exchange
Securities"). The Company shall (i) use commercially reasonable efforts to cause such Exchange Offer Registration Statement to become effective under the Securities Act
within 270 days after the Closing Date (such 270th day being an "Effectiveness Deadline") and (ii) keep the Exchange Offer Registration Statement
effective for not less than 30 

1

 

days
(or longer, if required by applicable law) after the date notice of the Registered Exchange Offer is mailed to the Holders (such period being called the "Exchange Offer
Registration Period"). 

If
the Company commences the Registered Exchange Offer, the Company (i) will be entitled to consummate the Registered Exchange Offer 30 days after such commencement (provided that the
Company has accepted all the Initial Securities theretofore validly tendered in accordance with the terms of the Registered Exchange Offer) and (ii) will be required to consummate the
Registered Exchange Offer as soon as practicable after the date on which the Exchange Offer Registration Statement is declared effective but no later than the 40th Business Day after such
effectiveness date (the "Consummation Deadline"). 

As
soon as practicable after the declaration of the effectiveness of the Exchange Offer Registration Statement, the Company shall commence the Registered Exchange Offer, it being the objective of such
Registered Exchange Offer to enable each Holder of Transfer Restricted Securities electing to exchange the Initial Securities for Exchange Securities (assuming that such Holder is not an affiliate of
the Company within the meaning of the Securities Act, acquires the Exchange Securities in the ordinary
course of such Holder's business and has no arrangements with any person to participate in the distribution of the Exchange Securities and is not prohibited by any law or policy of the Commission from
participating in the Registered Exchange Offer) to trade such Exchange Securities from and after their receipt without any limitations or restrictions under the Securities Act and without material
restrictions under the securities laws of the several states of the United States. 

The
Company acknowledges that, pursuant to current interpretations by the Commission's staff of Section 5 of the Securities Act, in the absence of an applicable exemption therefrom,
(i) each Holder which is a broker-dealer electing to exchange Initial Securities, acquired for its own account as a result of market making activities or other trading activities, for Exchange
Securities (an "Exchanging Dealer"), is required to deliver a prospectus containing the information set forth in (a) Annex A hereto on the cover,
(b) Annex B hereto in the "Exchange Offer Procedures" section and the "Purpose of the Exchange Offer" section, and (c) Annex C hereto in the "Plan of Distribution" section of such
prospectus in connection with a sale of any such Exchange Securities received by such Exchanging Dealer pursuant to the Registered Exchange Offer and (ii) an Initial Purchaser that elects to
sell Securities (as defined below) acquired in exchange for Initial Securities constituting any portion of an unsold allotment, is required to deliver a prospectus containing the information required
by Item 507 or 508 of Regulation S-K under the Securities Act, as applicable, in connection with such sale. 

The
Company shall use commercially reasonable efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the prospectus contained therein, in order to permit such
prospectus to be lawfully delivered by all persons subject to the prospectus delivery requirements of the Securities Act for such period of time as such persons must comply with such requirements in
order to resell the Exchange Securities; provided, however, that (i) in the case where such prospectus and any amendment or supplement thereto must be delivered by an Exchanging Dealer or an
Initial Purchaser, such period shall be the lesser of 180 days and the date on which all Exchanging Dealers and the Initial Purchasers have sold all Exchange Securities held by them (unless
such period is extended pursuant to Section 3(j) below) and (ii) the Company shall make such prospectus and any amendment or supplement thereto available to any broker-dealer for use in
connection with any resale of any Exchange Securities for a period of not less than 180-days after the consummation of the Registered Exchange Offer. 

If,
upon consummation of the Registered Exchange Offer, any Initial Purchaser holds Initial Securities acquired by it as part of its initial distribution, the Company, simultaneously with the 

2

 

delivery
of the Exchange Securities pursuant to the Registered Exchange Offer, shall issue and deliver to such Initial Purchaser upon the written request of such Initial Purchaser, in exchange (the
"Private Exchange") for the Initial Securities held by such Initial Purchaser, a like principal amount of debt securities of the Issuers issued under
the Indenture and identical in all material respects to the Initial Securities (the "Private Exchange Securities"). The Initial Securities, the Exchange
Securities and the Private Exchange Securities are herein collectively called the "Securities." 

In
connection with the Registered Exchange Offer, the Company shall: 

	a.
	mail
to each Holder a copy of the prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal;

	b.
	keep
the Registered Exchange Offer open for not less than 30 days (or longer, if required by applicable law) after the date notice thereof is mailed to the Holders;

	c.
	utilize
the services of a depositary for the Registered Exchange Offer, which may be the Trustee or an affiliate of the Trustee;

	d.
	permit
Holders to withdraw tendered Securities at any time prior to the close of business, New York time, on the last business day on which the Registered Exchange Offer shall remain
open; and 

otherwise
comply with all applicable laws. 

As
soon as practicable after the close of the Registered Exchange Offer or the Private Exchange, as the case may be, the Company shall: 

	(x)
	accept
for exchange all the Securities validly tendered and not withdrawn pursuant to the Registered Exchange Offer and the Private Exchange; and

	(y)
	cause
the Trustee to deliver promptly to each Holder of the Initial Securities, Exchange Securities or Private Exchange Securities, as the case may be, equal in principal amount to
the Initial Securities of such Holder so accepted for exchange. 

The
Indenture will provide that the Exchange Securities will not be subject to the transfer restrictions set forth in the Indenture and that all the Securities will vote and consent together on all
matters as one class and that none of the Securities will have the right to vote or consent as a class separate from one another on any matter. 

Interest
on each Exchange Security and Private Exchange Security issued pursuant to the Registered Exchange Offer and in the Private Exchange will accrue from the last interest payment date on which
interest was paid on the Initial Securities surrendered in exchange therefor or, if no interest has been paid on the Initial Securities, from the date of original issue of the Initial Securities. 

Each
Holder participating in the Registered Exchange Offer shall be required to represent to the Company that at the time of the consummation of the Registered Exchange Offer (i) any Exchange
Securities received by such Holder will be acquired in the ordinary course of business, (ii) such Holder will have no arrangements or understanding with any person to participate in the
distribution of the Initial Securities or the Exchange Securities within the meaning of the Securities Act, (iii) such Holder is not an "affiliate," as defined in Rule 405 of the
Securities Act, of the Company or if it is an affiliate, such Holder will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable,
(iv) if such Holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of the Exchange Securities and (v) if such Holder is a
broker-dealer, that it will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of 

3

 

market-making
activities or other trading activities and that it will be required to acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. 

Notwithstanding
any other provisions hereof, the Company will ensure that (i) any Exchange Offer Registration Statement and any amendment thereto and any prospectus forming part thereof and any
supplement thereto complies in all material respects with the Securities Act and the rules and regulations thereunder, (ii) any Exchange Offer Registration Statement and any amendment thereto
does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading and (iii) any prospectus forming part of any Exchange Offer Registration Statement, and any supplement to such prospectus, does not include an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

If
following the date hereof there has been announced a change in Commission policy with respect to exchange offers that in the reasonable opinion of counsel to the Company raises a substantial
question as to whether the Registered Exchange Offer is permitted by applicable federal law, the Company will seek a no-action letter or other favorable decision from the Commission
allowing the Company to consummate the Registered Exchange Offer. The Company will pursue the issuance of such a decision to the Commission staff level but shall not be required to take commercially
unreasonable action to effectuate a change of SEC policy. In connection with the foregoing, the Company will take all such other actions as may be requested by the Commission or otherwise required in
connection with the issuance of such decision, including without limitation (i) participating in telephonic conferences with the Commission, (ii) delivering to the Commission staff an
analysis prepared by counsel to the Company setting forth the legal bases, if any, upon which such counsel has concluded that the Registered Exchange Offer should be permitted and
(iii) diligently pursuing a resolution (which need not be favorable) by the Commission staff. 

	2.
	Shelf Registration. If, (i) because of any change in law or in applicable interpretations thereof by the staff of the Commission,
the Company is not permitted to effect a Registered Exchange Offer, as contemplated by Section 1 hereof, (ii) any Initial Purchaser so requests within 90 days following consummation of
the Registered Exchange Offer with respect to the Initial Securities (or the Private Exchange Securities) not eligible to be exchanged for Exchange Securities in the Registered Exchange Offer and held
by it following consummation of the Registered Exchange Offer or (iii) any Holder (other than an Exchanging Dealer) is not eligible to participate in the Registered Exchange Offer or, in the
case of any Holder (other than an Exchanging Dealer) that participates in the Registered Exchange Offer, such Holder does not receive freely tradable Exchange Securities on the date of the exchange
and any such Holder so requests and the prospectus contained in the Exchange Offer Registration Statement is not available for resales by such Holder, the Company shall take the following actions (the
date on which any of the conditions described in the foregoing clauses (i) through (iii) occur, including in the case of clause (iii) the receipt of the required notice, being a
"Trigger Date"):

	a.
	The
Company shall (but in no event more than 75 days after the Trigger Date (such 75th day being a "Shelf Filing Deadline")) file
with the Commission and thereafter use commercially reasonable efforts to cause to be declared effective on or prior to the 150th day after the Trigger Date (such 150th day being an
"Effectiveness Deadline") a registration statement (the "Shelf Registration Statement" and, together
with the Exchange Offer Registration Statement, a "Registration Statement") on an appropriate form under the Securities Act relating to the offer and
sale of the Transfer Restricted Securities by the Holders thereof from time to time in accordance with the methods of distribution set forth in the Shelf Registration Statement and Rule 415
under the Securities Act (hereinafter, the "Shelf Registration"); provided, 

4

 

however,
that no Holder (other than an Initial Purchaser) shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be
bound by all the provisions of this Agreement applicable to such Holder. 

	b.
	The
Company shall use its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective in order to permit the prospectus included therein to be
lawfully delivered by the Holders of the relevant Securities, for a period of two years (or for such longer period if extended pursuant to Section 3(j) below) from the date of its effectiveness
or such shorter period that will terminate when all the Securities covered by the Shelf Registration Statement (i) have been sold pursuant thereto or (ii) are no longer subject to
restrictions on resale pursuant to Rule 144 under the Securities Act, or any successor rule thereof. The Company shall be deemed not to have used commercially reasonable efforts to keep the
Shelf Registration Statement effective during the requisite period if it voluntarily takes any action that would result in Holders of Securities covered thereby not being able to offer and sell such
Securities during that period, unless such action is required by applicable law; provided, however, if such Shelf Registration Statement fails to remain effective solely because of the making, by the
Company or any of its subsidiaries, of a material acquisition that requires financial statements to be filed with the Commission, the Company shall be deemed to have used commercially reasonable
efforts to keep the Shelf Registration Statement effective during the requisite period so long as the period of time such Shelf Registration Statement is not effective does not exceed sixty
(60) days.

	c.
	Notwithstanding
any other provisions of this Agreement to the contrary, the Company shall cause the Shelf Registration Statement and the related prospectus and any amendment or
supplement thereto, as of the effective date of the Shelf Registration Statement, amendment or supplement, (i) to comply in all material respects with the applicable requirements of the
Securities Act and the rules and regulations of the Commission and (ii) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

	3.
	Registration Procedures. In connection with any Shelf Registration contemplated by Section 2 hereof and, to the extent
applicable, any Registered Exchange Offer contemplated by Section 1 hereof, the following provisions shall apply:

	a.
	The
Company shall (i) furnish to each Initial Purchaser, prior to the filing thereof with the Commission, a copy of the Registration Statement and each amendment thereof and
each supplement, if any, to the prospectus included therein and, in the event that an Initial Purchaser (with respect to any portion of an unsold allotment from the original offering) is participating
in the Registered Exchange Offer or the Shelf Registration Statement, the Company shall use commercially reasonable efforts to reflect in each such document, when so filed with the Commission, such
comments as such Initial Purchaser reasonably may propose; (ii) include the information set forth in Annex A hereto on the cover, in Annex B hereto in the "Exchange Offer Procedures" section
and the "Purpose of the Exchange Offer" section and in Annex C hereto in the "Plan of Distribution" section of the prospectus forming a part of the Exchange Offer Registration Statement and include
the information set forth in Annex D hereto in the letter of transmittal delivered pursuant to the Registered Exchange Offer; (iii) if requested by an Initial Purchaser, include the information
required by Item 507 or 508 of Regulation S-K under the Securities Act, as applicable, in the prospectus forming a part of the Exchange Offer Registration Statement;
(iv) include within the prospectus contained in the Exchange Offer Registration Statement a section entitled "Plan of Distribution," which shall contain a summary statement of the positions
taken or policies made by the staff of the Commission with respect to the potential "underwriter" status of any broker-dealer that is the 

5

 

beneficial
owner (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) of Exchange
Securities received by such broker-dealer in the Registered Exchange Offer (a "Participating Broker-Dealer"), whether such positions or policies have
been publicly disseminated by the staff of the Commission or such positions or policies, in the reasonable judgment of the Company based upon advice of counsel (which may be in-house
counsel), represent the prevailing views of the staff of the Commission; and (v) in the case of a Shelf Registration Statement, include the names of the Holders who propose to sell Securities
pursuant to the Shelf Registration Statement as selling securityholders. 

	b.
	The
Company shall give written notice to the Initial Purchasers, the Holders of the Securities (with respect to any Shelf Registration Statement) and any Participating Broker-Dealer
from whom the Company has received prior written notice that it will be a Participating Broker-Dealer in the Registered Exchange Offer (which notice pursuant to clauses (ii)-(v) hereof shall be
accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made):

	i.
	when
the Registration Statement or any amendment thereto has been filed with the Commission;

	ii.
	when
the Registration Statement or any post-effective amendment thereto has become effective;

	iii.
	of
any request by the Commission for amendments or supplements to the Registration Statement or the prospectus included therein or for additional information;

	iv.
	of
the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose;

	v.
	of
the receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose; and

	vi.
	of
the happening of any event that requires the Company to make changes in the Registration Statement or the prospectus in order that the Registration Statement or the prospectus do
not contain an untrue statement of a material fact nor omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the prospectus, in light
of the circumstances under which they were made) not misleading.

	c.
	The
Company shall make every reasonable effort to obtain the withdrawal at the earliest possible time, of any order suspending the effectiveness of the Registration Statement.

	d.
	The
Company shall furnish to each Holder of Securities included within the coverage of the Shelf Registration, without charge, at least one copy of the Shelf Registration Statement and
any post-effective amendment thereto, including financial statements and schedules, and, if the Holder so requests in writing, all exhibits thereto (including those, if any, incorporated
by reference).

	e.
	The
Company shall deliver to each Exchanging Dealer and each Initial Purchaser, and to any other Holder who so requests, without charge, at least one copy of the Exchange Offer
Registration Statement and any post-effective amendment thereto, including financial statements and schedules, and, if any Initial Purchaser or any such Holder requests, all exhibits
thereto (including those incorporated by reference). 

6

 

	f.
	The
Company shall, during the Shelf Registration Period, deliver to each Holder of Securities included within the coverage of the Shelf Registration, without charge, as many copies of
the prospectus (including each preliminary prospectus) included in the Shelf Registration Statement and any amendment or supplement thereto as such person may reasonably request. The Company consents,
subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of the selling Holders of the Securities in connection with the offering and
sale of the Securities covered by the prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement.

	g.
	The
Company shall deliver to each Initial Purchaser, any Exchanging Dealer, any Participating Broker-Dealer and such other persons required to deliver a prospectus following the
Registered Exchange Offer, without charge, as many copies of the final prospectus included in the Exchange Offer Registration Statement and any amendment or supplement thereto as such persons may
reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by any Initial Purchaser, if necessary, any
Participating Broker-Dealer and such other persons required to deliver a prospectus following the Registered Exchange Offer in connection with the offering and sale of the Exchange Securities covered
by the prospectus, or any amendment or supplement thereto, included in such Exchange Offer Registration Statement.

	h.
	Prior
to any public offering of the Securities pursuant to any Shelf Registration Statement the Company shall register or qualify or cooperate with the Holders of the Securities
included therein and their respective counsel in connection with the registration or qualification of the Securities for offer and sale under the securities or "blue sky" laws of such states of the
United States as any Holder of the Securities reasonably requests in writing and do any and all other acts or things necessary or advisable to enable the offer and sale in such jurisdictions of the
Securities covered by such Shelf Registration Statement; provided, however, that the Company shall not be required to (i) qualify generally to do business in any jurisdiction where it is not
then so qualified or (ii) take any action which would subject it to general service of process or to taxation in any jurisdiction where it is not then so subject.

	i.
	The
Company shall cooperate with the Holders of the Securities to facilitate the timely preparation and delivery of certificates representing the Securities to be sold pursuant to any
Registration Statement free of any restrictive legends.

	j.
	Upon
the occurrence of any event contemplated by paragraphs (ii) through (v) of Section 3(b) above during the period for which the Company is required to maintain
an effective Registration Statement, the Company shall promptly prepare and file a post-effective amendment to the Registration Statement or a supplement to the related prospectus
and any other required document so that, as thereafter delivered to Holders of the Securities or purchasers of Securities, the prospectus will not contain an untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company
notifies the Initial Purchasers, the Holders of the Securities and any known Participating Broker-Dealer in accordance with paragraphs (ii) through (v) of Section 3(b) above to
suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the Initial Purchasers, the Holders of the Securities and any such Participating Broker-Dealers
shall suspend use of such prospectus, and the period of effectiveness of the Shelf Registration Statement provided for in Section 2(b) above and the Exchange Offer Registration Statement
provided for in Section 1 above shall each be extended by the number of days from and including the date of the giving of such notice to and including the date when the Initial Purchasers, the
Holders of the Securities and any known 

7

 

Participating
Broker-Dealer shall have received such amended or supplemented prospectus pursuant to this Section 3(j). 

	k.
	Not
later than the effective date of the applicable Registration Statement, the Company will provide a CUSIP number for the Initial Securities, the Exchange Securities or the Private
Exchange Securities, as the case may be, and provide the applicable trustee with certificates for the Initial Securities, the Exchange Securities or the Private Exchange Securities, as the case may
be, in a form eligible for deposit with The Depository Trust Company.

	l.
	The
Partnership will comply with all rules and regulations of the Commission to the extent and so long as they are applicable to the Registered Exchange Offer or the Shelf Registration
and will make generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act) an earnings statement satisfying the provisions of
Section 11(a) of the Securities Act, no later than 45 days after the end of a 12-month period (or 90 days, if such period is a fiscal year) beginning with the first
month of the Partnership's first fiscal quarter commencing after the effective date of the Registration Statement, which statement shall cover such 12-month period.

	m.
	The
Company shall cause the Indenture to be qualified under the Trust Indenture Act of 1939, as amended, in a timely manner and containing such changes, if any, as shall be necessary
for such qualification. In the event that such qualification would require the appointment of a new trustee under the Indenture, the Company shall appoint a new trustee thereunder pursuant to the
applicable provisions of the Indenture.

	n.
	The
Company may require each Holder of Securities to be sold pursuant to the Shelf Registration Statement to furnish to the Company such information regarding the Holder and the
distribution of the Securities as the Company may from time to time reasonably require for inclusion in the Shelf Registration Statement, including requiring the Holder to properly complete and
execute such selling Security Holder notice and questionnaires, and any amendments or supplements thereto, as the Company may reasonably deem necessary or appropriate, and the Company may exclude from
such registration the Securities of any Holder that fails to furnish such information within a reasonable time after receiving such request.

	o.
	The
Company shall enter into such customary agreements (including, if requested, an underwriting agreement in customary form) and take all such other action, if any, as any Holder of
the Securities shall reasonably request in order to facilitate the disposition of the Securities pursuant to any Shelf Registration.

	p.
	In
the case of any Shelf Registration, the Company shall (i) make reasonably available for inspection by the Holders of the Securities, any underwriter participating in any
disposition pursuant to the Shelf Registration Statement and any attorney, accountant or other agent retained by the Holders of the Securities or any such underwriter all relevant financial and other
records, pertinent corporate documents and properties of the Company and (ii) cause the Company's officers, directors, employees, accountants and auditors to supply all relevant information
reasonably requested by the Holders of the Securities or any such underwriter, attorney, accountant or agent in connection with the Shelf Registration Statement, in each case, as shall be reasonably
necessary to enable such persons, to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however, that the foregoing inspection and information
gathering shall be coordinated on behalf of the Initial Purchasers by Lehman Brothers Inc. and on behalf of the other parties, by one counsel designated by and on behalf of such other parties
as described in Section 4 hereof. 

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	q.
	In
the case of any Shelf Registration, the Company, if requested by any Holder of Securities covered thereby, shall cause (i) its counsel to deliver an opinion and updates
thereof relating to the Securities in customary form addressed to such Holders and the managing underwriters, if any, thereof and dated, in the case of the initial opinion, the effective date of such
Shelf Registration Statement (it being agreed that the matters to be covered by such opinion shall include, without limitation, the incorporation, organization or formation and good standing of the
Company and its subsidiaries; the qualification of the Company and its subsidiaries to transact business as foreign corporations, limited partnerships or limited liability companies; the due
authorization, execution and delivery of the relevant agreement of the type referred to in Section 3(o) hereof; the due authorization, execution, authentication and issuance, and the validity
and enforceability, of the applicable Securities; except as otherwise disclosed in the prospectus, the absence of material legal or governmental proceedings involving the Company and its subsidiaries;
except as otherwise disclosed in the prospectus, the absence of governmental approvals required to be obtained in connection with the Shelf Registration Statement, the offering and sale of the
applicable Securities, or any agreement of the type referred to in Section 3(o) hereof; the compliance as to form of such Shelf Registration Statement and any documents incorporated by
reference therein and of the Indenture with the requirements of the Securities Act and the Trust Indenture Act, respectively; and, as of the date of the opinion and as of the effective date of the
Shelf Registration Statement or most recent post-effective amendment thereto, as the case may be, the absence from such Shelf Registration Statement and the prospectus included therein, as
then amended or supplemented, and from any documents incorporated by reference therein of an untrue statement of a material fact or the omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading (in the case of any such documents, in light of the circumstances existing at the time that such documents were filed with the
Commission under the Securities Act or the Exchange Act); (ii) its officers to execute and deliver all customary documents and certificates and updates thereof requested by any underwriters of
the applicable Securities and (iii) its independent public accountants and the independent public accountants with respect to any other entity for which financial information is provided in the
Shelf Registration Statement to provide to the selling Holders of the applicable Securities and any underwriter therefor a comfort letter in customary form and covering matters of the type customarily
covered in comfort letters in connection with primary underwritten offerings, subject to receipt of appropriate documentation as contemplated, and only if permitted, by Statement of Auditing Standards
No. 72.

	r.
	If
a Registered Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Initial Securities by Holders to the Company (or to such other Person as directed by the
Company) in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be, the Company shall mark, or caused to be marked, on the Initial Securities so exchanged that
such Initial Securities are being canceled in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be; in no event shall the Initial Securities be marked as paid or
otherwise satisfied.

	s.
	In
the event that any broker-dealer registered under the Exchange Act shall underwrite any Securities or participate as a member of an underwriting syndicate or selling group or
"assist in the distribution" (within the meaning of the Conduct Rules (the "Rules") of the National Association of Securities Dealers, Inc.
("NASD")) thereof, whether as a Holder of such Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or
otherwise, the Company will assist such broker-dealer in complying with the requirements of such Rules, including, without limitation, by (i) if such Rules, including Rule 2720, shall so
require, engaging a "qualified independent underwriter" (as defined in Rule 2720) to participate in the preparation of the Registration Statement relating to such 

9

 

Securities,
to exercise usual standards of due diligence in respect thereto and, if any portion of the offering contemplated by such Registration Statement is an underwritten offering or is made
through a placement or sales agent, to recommend the yield of such Securities, (ii) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters
provided in Section 5 hereof and (iii) providing such information to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Rules. 

	t.
	The
Company shall use commercially reasonable efforts to take all other steps necessary to effect the registration of the Securities covered by a Registration Statement contemplated
hereby.

	4.
	Registration
Expenses.

	a.
	All
expenses incident to the Company's performance of and compliance with this Agreement will be borne by the Company, regardless of whether a Registration Statement is ever filed or
becomes effective, including without limitation;

	i.
	all
registration and filing fees and expenses;

	ii.
	all
fees and expenses of compliance with federal securities and state "blue sky" or securities laws;

	iii.
	all
expenses of printing (including printing of prospectuses), messenger and delivery services and telephone;

	iv.
	all
fees and disbursements of counsel for the Company; and

	v.
	all
fees and disbursements of independent certified public accountants of the Company (including the expenses of any special audit and comfort letters required by or incident to such
performance). 

The
Company will bear its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual
audit and the fees and expenses of any person, including special experts, retained by the Company. 

	b.
	In
connection with any Registration Statement required by this Agreement, the Company will reimburse the Initial Purchasers and the Holders of Transfer Restricted Securities who are
tendering Initial Securities in the Registered Exchange Offer and/or selling or reselling Securities pursuant to the "Plan of Distribution" contained in the Exchange Offer Registration Statement or
the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more than one counsel, who shall be Vinson & Elkins L.L.P. unless another firm shall be chosen
by the Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit such Registration Statement is being prepared.

	5.
	Indemnification.

	a.
	The
Company agrees to indemnify and hold harmless each Holder of the Securities, any Participating Broker-Dealer and each person, if any, who controls such Holder or such Participating
Broker-Dealer within the meaning of the Securities Act or the Exchange Act (each Holder, any Participating Broker-Dealer and such controlling persons are referred to collectively as the
"Indemnified Parties") from and against any losses, claims, damages or liabilities, joint or several, or any actions in respect thereof (including, but
not limited to, any losses, claims, damages, liabilities or actions relating to purchases and sales of the Securities) to which each Indemnified Party may become subject under the Securities Act, the
Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or 

10

 

are
based upon any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary
prospectus relating to a Shelf Registration, or arise out of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, and shall reimburse, as incurred, the Indemnified Parties for any legal or other expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action in respect thereof; provided, however, that (i) the Company shall not be liable in any such case to the extent that such loss, claim,
damage or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in a Registration Statement or prospectus or in any amendment
or supplement thereto or in any preliminary prospectus relating to a Shelf Registration in reliance upon and in conformity with written information furnished to the Company by or on behalf of such
Holder specifically for inclusion therein and (ii) with respect to any untrue statement or omission or alleged untrue statement or omission made in any preliminary prospectus relating to a
Shelf Registration Statement, the indemnity agreement contained in this subsection (a) shall not inure to the benefit of any Holder or Participating Broker-Dealer from whom the person asserting
any such losses, claims, damages or liabilities purchased the Securities concerned, to the extent that a prospectus relating to such Securities was required to be delivered by such Holder or
Participating Broker-Dealer under the Securities Act in connection with such purchase and any such loss, claim, damage or liability of such Holder or Participating Broker-Dealer results from the fact
that there was not sent or given to such person, at or prior to the written confirmation of the sale of such Securities to such person, a copy of the final prospectus if the Company had previously
furnished copies thereof to such Holder or Participating Broker-Dealer; provided further, however, that this indemnity agreement will be in addition to any liability which the Company may otherwise
have to such Indemnified Party. 

	b.
	Each
Holder of the Securities, severally and not jointly, will indemnify and hold harmless the Company and each person, if any, who controls the Company within the meaning of the
Securities Act or the Exchange Act from and against any losses, claims, damages or liabilities or any actions in respect thereof, to which the Company or any such controlling person may become subject
under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to a Shelf Registration, or arise out of or
are based upon the omission or alleged omission to state therein a material fact necessary to make the statements therein not misleading, but in each case only to the extent that the untrue statement
or omission or alleged untrue statement or omission was made in reliance upon and in conformity with written information pertaining to such Holder and furnished to the Company by or on behalf of such
Holder specifically for inclusion therein; and, subject to the limitation set forth immediately preceding this clause, shall reimburse, as incurred, the Company for any legal or other expenses
reasonably incurred by the Company or any such controlling person in connection with investigating or defending any loss, claim, damage, liability or action in respect thereof. This indemnity
agreement will be in addition to any liability which such Holder may otherwise have to the Company or any of its controlling persons. 

11

  

	c.
	Promptly
after receipt by an indemnified party under this Section 5 of notice of the commencement of any action or proceeding (including a governmental investigation), such
indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 5, notify the indemnifying party of the commencement thereof; but the
omission so to notify the indemnifying party will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in
paragraph (a) or (b) above. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party
will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof the indemnifying party will not be liable to such indemnified party under this Section 5 for any legal or other expenses,
other than reasonable costs of investigation, subsequently incurred by such indemnified party in connection with the defense thereof. No indemnifying party shall, without the prior written consent of
the indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder
by such indemnified party unless such settlement (i) includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action, and
(ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

	d.
	If
the indemnification provided for in this Section 5 is unavailable or insufficient to hold harmless an indemnified party under subsections (a) or (b) above, then
each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to
in subsection (a) or (b) above in such proportion as is appropriate to reflect the relative fault of the indemnifying party or parties on the one hand and the indemnified party on the
other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other relevant equitable
considerations. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company on the one hand or such Holder or such other indemnified party, as the case may be, on the other, and the parties'
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid by an indemnified party as a result of the losses, claims, damages
or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any action or claim which is the subject of this subsection (d). Notwithstanding any other provision of this Section 5(d), the Holders of the Securities shall not be
required to contribute any amount in excess of the amount by which the net proceeds received by such Holders from the sale of the Securities pursuant to a Registration Statement exceeds the amount of
damages which such Holders have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this
paragraph (d), each person, if any, who controls such indemnified party within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as such 

12

 

indemnified
party and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as the Company. 

	e.
	The
agreements contained in this Section 5 shall survive the sale of the Securities pursuant to a Registration Statement and shall remain in full force and effect, regardless of
any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party.

	6.
	Additional
Interest Under Certain Circumstances.

	a.
	By
way of liquidated damages, additional interest (the "Additional Interest") with respect to the Securities shall be assessed as
follows if any of the following events occur (each such event in clauses (i) through (iv) below being herein called a "Registration
Default"):

	i.
	any
Registration Statement required by this Agreement is not filed with the Commission on or prior to the Filing Deadline or Shelf Filing Deadline, as applicable;

	ii.
	any
Registration Statement required by this Agreement is not declared effective by the Commission on or prior to the applicable Effectiveness Deadline;

	iii.
	the
Registered Exchange Offer has not been consummated on or prior to the Consummation Deadline; or

	iv.
	any
Registration Statement required by this Agreement has been declared effective by the Commission but (A) such Registration Statement thereafter ceases to be effective or
(B) such Registration Statement or the related prospectus ceases to be usable in connection with resales of Transfer Restricted Securities during the periods specified herein because either
(1) any event occurs as a result of which the related prospectus forming part of such Registration Statement would include any untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein in the light of the circumstances under which they were made not misleading, or (2) it shall be necessary to amend such Registration Statement or
supplement the related prospectus, to comply with the Securities Act or the Exchange Act or the respective rules thereunder. 

Each
of the foregoing will constitute a Registration Default whatever the reason for any such event and whether it is voluntary or involuntary or is beyond the control of the Company or pursuant to
operation of law or as a result of any action or inaction by the Commission. 

Additional
Interest shall accrue on the Securities over and above the interest set forth in the title of the Securities from and including the date on which any such Registration Default shall occur
to but excluding the date on which all such Registration Defaults have been cured, at a rate of 0.25% per annum (the "Additional Interest Rate") for the
first 90-day period immediately following the occurrence of such Registration Default. The Additional Interest Rate shall increase by an additional 0.25% per annum with respect to each
subsequent 90-day period until all Registration Defaults have been cured, up to a maximum Additional Interest Rate of 1.0% per annum. 

	b.
	A
Registration Default referred to in Section 6(a)(iv) hereof shall be deemed not to have occurred and be continuing in relation to a Shelf Registration Statement or the
related prospectus if (i) such Registration Default has occurred solely as a result of (x) the filing of a post-effective amendment to such Shelf Registration Statement to
incorporate annual audited financial information with respect to the Company where such post-effective amendment is not yet effective and needs to be declared effective to permit Holders
to use the related 

13

 

prospectus
or (y) other material events, with respect to the Company that would need to be described in such Shelf Registration Statement or the related prospectus and (ii) in the case
of clause (y), the Company is proceeding promptly and in good faith to amend or supplement such Shelf Registration Statement and related prospectus to describe such events; provided, however,
that Additional Interest shall be payable in accordance with the above paragraph from the day such Registration Default occurs until such Registration Default is cured (1) in any case, if such
Registration Default occurs for a continuous period in excess of 30 days or (2) solely in the case of a material acquisition by the Company or any of its subsidiaries requiring financial
statements to be filed with the Commission, if such Registration Default occurs for a continuous period in excess of sixty (60) days. 

	c.
	Any
amounts of Additional Interest due pursuant to Section 6(a) will be payable in cash on the regular interest payment dates with respect to the Securities. The amount of
Additional Interest will be determined by multiplying the applicable Additional Interest Rate by the principal amount of the Securities and further multiplied by a fraction, the numerator of which is
the number of days such Additional Interest Rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months), and the
denominator of which is 360.

	d.
	"Transfer Restricted Securities" means each Security until (i) the date on which such Security has been exchanged by a person
other than a broker-dealer for a freely transferable Exchange Security in the Registered Exchange Offer, (ii) following the exchange by a broker-dealer in the Registered Exchange Offer of an
Initial Security for an Exchange Security, the date on which such Exchange Security is sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a copy of the
prospectus contained in the Exchange Offer Registration Statement, (iii) the date on which such Security has been effectively registered under the Securities Act and disposed of in accordance
with the Shelf Registration Statement or (iv) the date on which such Security is distributed to the public pursuant to Rule 144 under the Securities Act or is saleable pursuant to
Rule 144(k) under the Securities Act.

	7.
	Rules 144 and 144A. The Company shall use its best efforts to file the reports required to be filed by it under the Securities Act and
the Exchange Act in a timely manner and, if at any time the Company is not required to file such reports, it will, upon the request of any Holder of Securities, make publicly available other
information so long as necessary to permit sales of their securities pursuant to Rules 144 and 144A. The Company covenants that it will take such further action as any Holder of Securities may
reasonably request, all to the extent required from time to time to enable such Holder to sell Securities without registration under the Securities Act within the limitation of the exemptions provided
by Rules 144 and 144A (including the requirements of Rule 144A(d)(4)). The Company will provide a copy of this Agreement to prospective purchasers of Initial Securities identified to the Company by
the Initial Purchasers upon request. Upon the request of any Holder of Initial Securities, the Company shall deliver to such Holder a written statement as to whether it has complied with such
requirements. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Company to register any of its securities pursuant to the Exchange Act.

	8.
	Underwritten Registrations. If any of the Transfer Restricted Securities covered by any Shelf Registration are to be sold in an
underwritten offering, the investment banker or investment bankers and manager or managers that will administer the offering ("Managing Underwriters")
will be selected, with the reasonable approval of the Company, by the Holders of a majority in aggregate principal amount of such Transfer Restricted Securities to be included in such offering. 

No
person may participate in any underwritten registration hereunder unless such person (i) agrees to sell such person's Transfer Restricted Securities on the basis reasonably provided in any 

14

 

underwriting
arrangements approved by the persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 

	9.
	Miscellaneous.

	a.
	Remedies. Each of the parties hereto acknowledges and agrees that the payment of Additional Interest as provided in Section 6
hereof shall be the exclusive remedy for any failure by the Company to comply with its obligations under Sections 1 and 2 hereof.

	b.
	No Inconsistent Agreements. The Company will not on or after the date of this Agreement enter into any agreement with respect to its
securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any
way conflict with and are not inconsistent with the rights granted to the holders of the Company's securities under any agreement in effect on the date hereof.

	c.
	Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given, except by the Company and the written consent of the Holders of a majority in principal amount of the Securities affected by such amendment,
modification, supplement, waiver or consent. Without the consent of the Holder of each Security, however, no modification may change the provisions relating to the payment of Additional Interest.

	d.
	Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, first-class
mail, facsimile transmission, or air courier which guarantees overnight delivery:

	(1)
	if
to a Holder of the Securities, at the most current address given by such Holder to the Company;

	(2)
	if
to the Initial Purchasers, to them in care of: 

Lehman
Brothers Inc.

745 Seventh Avenue

New York, NY 10019

Attention: Syndicate Department

(Fax: (212) 526-6588) 

with
a copy to: 

Office
of the General Counsel

Lehman Brothers Inc.

399 Park Avenue

New York, NY 10022

Attention: Director of Litigation

(Fax: (646) 758-5203) 

	(3)
	if
to the Company at its address as follows: 

25
Pacific Energy Partners, L.P.

5900 Cherry Avenue

Long Beach, California 90805

Attention Lynn T. Wood

(Fax (562) 728-2318) 

15

 

with
a copy to: 

Vinson &
Elkins L.L.P.

666 Fifth Avenue, 26th Floor

New York, NY 10103

Attention: Alan P. Baden

(Fax: (917) 849-5337) 

All
such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; three business days after being deposited in the mail, postage
prepaid, if mailed; when receipt is acknowledged by recipient's facsimile machine operator, if sent by facsimile transmission; and on the day delivered, if sent by overnight air courier guaranteeing
next day delivery. 

	e.
	Third Party Beneficiaries. The Holders shall be third party beneficiaries to the agreements made hereunder between the Company, on the
one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent they may deem such enforcement necessary or advisable to protect
their rights or the rights of Holders hereunder.

	f.
	Successors and Assigns. This Agreement shall be binding upon the Company and its successors and assigns.

	g.
	Counterparts. This Agreement may be executed in any number of counterparts and by the 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.

	h.
	Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof.

	i.
	Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO PRINCIPLES OF CONFLICTS OF LAWS.

	j.
	Severability. If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid,
illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired
thereby.

	k.
	Securities Held by the Company. Whenever the consent or approval of Holders of a specified percentage of principal amount of Securities
is required hereunder, Securities held by the Company or its affiliates (other than subsequent Holders of Securities if such subsequent Holders are deemed to be affiliates solely by reason of their
holdings of such Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage.

	l.
	Submission to Jurisdiction. By the execution and delivery of this Agreement, the Company submits to the nonexclusive jurisdiction of the
competent Federal and state courts in the Borough of Manhattan in the City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 

If
the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along with all counterparts, will
become 

16

 

a
binding agreement among the several Initial Purchasers and the Company in accordance with its terms. 

	 	 	Very truly yours,
	

 	
 	

PACIFIC ENERGY PARTNERS, L.P.
	

 	
 	

By:	
 	

Pacific Energy GP, Inc., its general partner
	

 	
 	

 	
 	

By:	
 	

/s/  GERALD A. TYWONIUK      
 Gerald A. Tywoniuk

Senior Vice President, Chief Financial Officer and Treasurer
	

 	
 	

PACIFIC ENERGY FINANCE CORPORATION
	

 	
 	

 	
 	

By:	
 	

/s/  GERALD A. TYWONIUK      
 Gerald A. Tywoniuk

Senior Vice President, Chief Financial Officer and Treasurer
	

 	
 	

PACIFIC ENERGY GP, INC.
	

 	
 	

 	
 	

By:	
 	

/s/  GERALD A. TYWONIUK      
 Gerald A. Tywoniuk

Senior Vice President, Chief Financial Officer and Treasurer
	

 	
 	

PACIFIC ENERGY GROUP LLC
	

 	
 	

By:	
 	

Pacific Energy Partners, L.P., its sole member
	

 	
 	

 	
 	

By:	
 	

Pacific Energy GP, Inc., its general partner
	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/  GERALD A. TYWONIUK      
 Gerald A. Tywoniuk

Senior Vice President, Chief Financial Officer and Treasure
	

 	
 	

PEG CANADA GP LLC
	

 	
 	

By:	
 	

Pacific Energy Partners, L.P., its sole member
	

 	
 	

 	
 	

By:	
 	

Pacific Energy GP, Inc., its general partner
	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/  GERALD A. TYWONIUK      
 Gerald A. Tywoniuk

Senior Vice President, Chief Financial Officer and Treasurer
	

 	
 	

PEG CANADA, L.P.
	

 	
 	

By:	
 	

PEG Canada GP LLC, its general partner
	

 	
 	

 	
 	

By:	
 	

/s/  GERALD A. TYWONIUK      
 Gerald A. Tywoniuk,

Senior Vice President, Chief Financial Officer and Treasurer
	 	 	 	 	 	 	 	 	 	 

17

 

	

 	
 	

ROCKY MOUNTAIN PIPELINE SYSTEM LLC
	

 	
 	

By:	
 	

Pacific Energy Group LLC, its sole member
	

 	
 	

 	
 	

By:	
 	

Pacific Energy Partners, L.P., its sole member
	

 	
 	

 	
 	

 	
 	

By:	
 	

Pacific Energy GP, Inc., its general partner
	

 	
 	

 	
 	

 	
 	

 	
 	

By:	

/s/  GERALD A. TYWONIUK      
 Gerald A. Tywoniuk

Senior Vice President, Chief Financial Officer and Treasurer
	

 	
 	

RANCH PIPELINE LLC
	

 	
 	

By:	
 	

Pacific Energy Group LLC, its sole member
	

 	
 	

 	
 	

By:	
 	

Pacific Energy Partners, L.P., its sole member
	

 	
 	

 	
 	

 	
 	

By:	
 	

Pacific Energy GP, Inc., its general partner
	

 	
 	

 	
 	

 	
 	

 	
 	

By:	

/s/  GERALD A. TYWONIUK      
 Gerald A. Tywoniuk

Senior Vice President, Chief Financial Officer and Treasurer
	

 	
 	

PACIFIC MARKETING AND TRANSPORTATION LLC
	

 	
 	

By:	
 	

Pacific Energy Group LLC, its sole member
	

 	
 	

 	
 	

By:	
 	

Pacific Energy Partners, L.P., its sole member
	

 	
 	

 	
 	

 	
 	

By:	
 	

Pacific Energy GP, Inc., its general partner
	

 	
 	

 	
 	

 	
 	

 	
 	

By:	

/s/  GERALD A. TYWONIUK      
 Gerald A. Tywoniuk

Senior Vice President, Chief Financial Officer and Treasurer

18

 

The
foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first above written. 

LEHMAN BROTHERS INC.

BANK OF AMERICA SECURITIES LLC

CITIGROUP GLOBAL MARKETS INC.

BNP PARIBAS SECURITIES CORP.

SCOTIA CAPITAL (USA) INC.

WACHOVIA CAPITAL MARKETS, LLC 

	By:	 	LEHMAN BROTHERS INC., as Authorized Representative
	

 	
 	

By:	
 	

/s/  MICHAEL KONISBERG      
 Name: Michael Konisberg

Title:	
 	

 

19

 
ANNEX A  

        Each broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in
connection with any resale of such Exchange Securities. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is
an "underwriter" within the meaning of the Securities Act. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of
Exchange Securities received in exchange for Initial Securities where such Initial Securities were acquired by such broker-dealer as a result of market-making activities or other trading activities.
The Company has agreed that, for a period of 180 days after the Expiration Date (as defined herein), it will make this Prospectus available to any broker-dealer for use in connection with any
such resale. See "Plan of Distribution." 

ANNEX B  

        Each broker-dealer that receives Exchange Securities for its own account in exchange for Initial Securities, where such Initial Securities were acquired by such
broker-dealer as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. See
"Plan of Distribution." 

ANNEX C  

PLAN OF DISTRIBUTION  

        Each broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in
connection with any resale of such Exchange Securities. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange
Securities received in exchange for Initial Securities where such Initial Securities were acquired as a result of market-making activities or other trading activities. The Company has agreed that, for
a period of 180 days after the Expiration Date, it will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. In addition,
until, 200  , all dealers effecting transactions in the Exchange Securities may be required to deliver a prospectus. 

        The
Company will not receive any proceeds from any sale of Exchange Securities by broker-dealers. Exchange Securities received by broker-dealers for their own account pursuant to the
Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the
Exchange Securities or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such
resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer or the purchasers of
any such Exchange Securities. Any broker-dealer that resells Exchange Securities that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that participates
in a distribution of such Exchange Securities may be deemed to be an "underwriter" within the meaning of the Securities Act and any profit on any such resale of Exchange Securities and any commission
or concessions received by any such persons may be deemed to be underwriting compensation under the Securities Act. The Letter of Transmittal states that, by acknowledging that it will deliver and by
delivering a prospectus, a broker-dealer will not be deemed to admit that it is an "underwriter" within the meaning of the Securities Act. 

        For
a period of 180 days after the Expiration Date the Company will promptly send additional copies of this Prospectus and any amendment or supplement to this Prospectus to any
broker-dealer that requests such documents in the Letter of Transmittal. The Company has agreed to pay all expenses incident to the Exchange Offer (including the expenses of one counsel for the
Holders of the 

20

 

Securities)
other than commissions or concessions of any brokers or dealers and will indemnify the Holders of the Securities (including any broker-dealers) against certain liabilities, including
liabilities under the Securities Act. 

ANNEX D  

        If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage in, a distribution of Exchange
Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making
activities or other trading activities, it acknowledges that it will deliver a prospectus in connection with any resale of such Exchange Securities; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an "underwriter" within the meaning of the Securities Act. 

21

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Exhibit 10.2    
    

FOURTH AMENDMENT TO CREDIT AGREEMENT  

        THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (herein called the "Fourth Amendment") dated as of the 28th day of May, 2004, by and among PACIFIC ENERGY GROUP LLC, a
Delaware limited liability company ("Borrower"), PACIFIC ENERGY PARTNERS, L.P., a Delaware limited partnership ("Pacific Energy Partners"), and FLEET NATIONAL BANK, as administrative agent (in such
capacity, "Administrative Agent"), and the Lenders referred to below. 

W I T N E S S E T H:  

        WHEREAS, Borrower, Pacific Energy Partners, Administrative Agent, the Syndication Agent, Co-Documentation Agents, Arrangers party thereto and the
lenders party thereto ("Lenders") have entered into that certain Credit Agreement dated as of July 19, 2002, as amended by a First Amendment to Credit Agreement dated July 18, 2003, a
Second Amendment to Credit Agreement dated December 20, 2003 and a Third Amendment to Credit Agreement dated as of April 23, 2004 (as so amended, the "Original Agreement") for the
purpose and consideration therein expressed, whereby Lenders became obligated to extend credit to Borrower as therein provided; 

        WHEREAS,
Pacific Energy Partners intends to sell certain senior notes and use the net cash proceeds of such sale to repay in full the Term Loans and for other general corporate purposes
permitted by the terms of the Original Agreement; and 

        WHEREAS,
Pacific Energy Partners has requested, and the Majority Lenders have agreed, to certain additional amendments to the Original Agreement to permit the sale of the senior notes; 

        NOW,
THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and in the Original Agreement and in consideration of the loans and other credit
that may hereafter be extended by Lenders to Borrower, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows: 

ARTICLE I.—DEFINITIONS AND REFERENCES

        Section 1.1.    Terms Defined in the Original Agreement.    Unless the context otherwise requires or unless
otherwise expressly defined herein, the terms defined in the Original Agreement shall have the same meanings whenever used in this Fourth Amendment. 

ARTICLE II.—AMENDMENTS TO ORIGINAL AGREEMENT

        Section 2.1.    Definitions.    

        (a)   The
definition of "Guaranty Obligation" is amended to add the following at the end of the current proviso therein: 

";
provided further that the subordination by a Restricted Person of Indebtedness or other obligations owed by the primary obligor to such Restricted Person that are Investments permitted under
clause (e) or (f) of the definition of Permitted Investments to Indebtedness or other obligations owed by such primary obligor to another Person shall not be considered a Guaranty
Obligation." 

        (b)   The
definition of "Senior Indebtedness" is amended to revise clause (v) thereof to read as follows: 

"(v) Indebtedness
described in Section 7.1(e), (f) or (g)." 

 

        (c)   The
definitions of "Finance Entity", "PEG Canada LP" and "PEG Canada GP" are added to Section 1.1 of the Original Agreement in appropriate alphabetical order to
read as follows: 

"Finance
Entity' means any Restricted Subsidiary of Pacific Energy Partners that (a) is not also a Subsidiary of Borrower and (b) is formed solely for the purpose of issuing Indebtedness
specifically permitted by Section 7.1(f). 

"PEG
Canada LP" means PEG Canada, L.P., a Delaware limited partnership. 

"PEG
Canada GP" means PEG Canada GP LLC, a Delaware limited liability company." 

        Section 2.2.    Indebtedness.    Clause (f) of Section 7.1 of the Original Agreement is hereby
deleted and replaced with the following: 

        "(f)
Indebtedness evidenced by senior or subordinated notes issued by Pacific Energy Partners and/or Finance Entity and guaranties thereof by one or more of Borrower and the Subsidiary
Guarantors (excluding any PUC Restricted Subsidiary that has not delivered a full Guaranty); provided that (i) such Indebtedness is unsecured,
(ii) such notes are issued in a public offering under a registration statement, or are issued to accredited institutional investors pursuant to Rule 144A or Regulation S of the
Securities Exchange Commission with an agreement to exchange such notes for substantially identical notes offered under such a registration statement (and the issuance of such registered notes upon
such exchange shall not be considered a new incurrence of Indebtedness under this Section 7.1(f)), (iii) at the time of such issuance and after giving effect thereto on a pro forma
basis, Pacific Energy Partners and Borrower shall comply with the requirements of Sections 7.10, 7.11, 7.12 and 7.15, (iv) no principal amount of such Indebtedness matures earlier than two
(2) years after the Revolving Loan Maturity Date as such date exists as of the date of issuance of the notes, (v) at the time of such issuance and after giving effect thereto, no Default
or Event of Default shall exist or would occur, (vi) Pacific Energy Partners and Borrower shall have complied with and caused each of the Subsidiary Guarantors to comply with
Section 6.16(d), and (vii) Pacific Energy Partners and Borrower shall have delivered to the Administrative Agent a certificate in reasonable detail reflecting compliance with each of the
foregoing requirements of this Section 7.1(f), including calculations with supporting detail regarding each of the requirements of Sections 7.10, 7.11, 7.12 and 7.15, together with such other
evidence of compliance with the foregoing requirements of this Section 7.1(f) as the Administrative Agent may reasonably request; and" 

        Section 2.3.    Hedging Contracts.    Section 7.3 of the Original Agreement is hereby amended to add the
following clause (d) thereto: 

        "(d)
Hedging Contracts entered into by Pacific Energy Partners, Borrower or any Guarantor with the purpose and effect of hedging the risk of foreign currency fluctuations." 

        Section 2.4.    Sale of Property.    The following proviso is added to the end of the last sentence of
Section 7.5: 

";
provided that the subordination of indebtedness or other obligations that are Investments permitted under clause (e) or (f) of the definition of Permitted Investments shall not be
considered a sale, pledge or other disposition of such Indebtedness or other obligations." 

2

 

        Section 2.5.    Prohibited Contracts    

        (a)   The
introductory clause of the first sentence of Section 7.9 (which reads "Except as expressly provided for in the Loan Documents and as described in the
Disclosure Schedule,") is hereby deleted in its entirety and the following inserted in lieu thereof: 

"Except
(i) as expressly provided for in the Loan Documents, (ii) as described in the Disclosure Schedule or (iii) under agreements evidencing the Indebtedness permitted under
Section 7.1(f)," 

        (b)   The
second sentence of Section 7.9 is hereby deleted in its entirety and the following inserted in lieu thereof: 

"Except
under agreements evidencing Permitted Liens (but then only with respect to the property subject to such Permitted Lien), no Restricted Person will, directly or indirectly, enter into, create,
or otherwise allow to exist any contract or other consensual restriction on its ability or the ability of any other Restricted Person to grant Liens to the Administrative Agent for the benefit of the
Lenders." 

        Section 2.6.    Limitation on Investments and New Businesses.    

        (a)   Clause (a)
of Section 7.7 is hereby deleted in its entirety and the following inserted in lieu thereof: 

        "(a)
except as provided below with respect to Finance Entity, engage directly or indirectly in any business or conduct any operations except in connection or incidental to its Present
and Related Businesses," 

        (b)   The
third sentence of Section 7.7 is hereby deleted in its entirety and the following two sentences inserted in lieu thereof: 

        "Pacific
Energy Partners will not engage in any material business other than the ownership of the Borrower, the ownership of PEG Canada LP and PEG Canada GP, the ownership of Finance
Entity, and the ownership of Unrestricted Subsidiaries. Finance Entity may act as issuer or co-issuer of Indebtedness specifically permitted by Section 7.1(f) but otherwise will not
engage in any business (other than as is incidental to such issuance) and will not own any assets." 

        Section 2.7.    Transactions with Affiliates.    Clause (d) of Section 7.8 is hereby deleted in
its entirety and the following inserted in lieu thereof: 

        "(d)
Investments in Unrestricted Subsidiaries and guaranties by Pacific Energy Partners, PEG Canada LP, or PEG Canada GP of liabilities of Unrestricted Subsidiaries, in each case subject
to compliance with Sections 6.17 and 6.18, and" 

        Section 2.8.    Subsidiaries; Unrestricted Subsidiaries.    The first sentence following clause (h) of
Section 6.17 is deleted in its entirety and replaced with the following inserted in lieu thereof: 

        "Pacific
Energy Partners, PEG Canada LP and PEG Canada GP (but not other Restricted Persons) may provide unsecured guaranties (which guaranties may not be guarantied by any Restricted
Person) of (i) trade obligations (but not Indebtedness) of their respective Unrestricted Subsidiaries from time to time and (ii) general and administrative expenses (but not
Indebtedness) incurred in the ordinary course of business of their respective Unrestricted Subsidiaries (such as motor vehicle leases and employee credit card expenses) from time to time so long as
the aggregate amount of such obligations and expenses (or the specified limit of the applicable guaranties, if less) outstanding on any day under preceding clauses (i) and (ii) does not
exceed the amount of additional Indebtedness that is available to be incurred on such day under Section 7.1(g)." 

3

 

        Section 2.9.    Limitation on Mergers, Issuances of Securities.    The third sentence of Section 7.4 is
amended to add the following proviso to the end thereof: 

        ";
provided, however, that Finance Entity may be an issuer or co-issuer of Indebtedness specifically permitted by Section 7.1(f)." 

        Section 2.10.    Section References.    All references in the Original Agreement to Section 7.10 shall
be deemed to refer to Section 7.10 and to Section 7.15. 

ARTICLE III.—CONDITIONS OF EFFECTIVENESS

        Section 3.1.    Effective Date.    This Fourth Amendment shall become effective, and is expressly conditioned,
upon (a) the payment in full of all principal of and interest on the Term Loans, (b) Pacific Energy Partners and Borrower complying with each of the provisions of Sections 6.13, 6.16 and
6.17 (including, with respect to any Unrestricted Subsidiaries to be designated as Restricted Subsidiaries) to the extent specified by Administrative Agent and (c) the receipt by Administrative
Agent, at Administrative Agent's office, of a counterpart of this Fourth Amendment executed and delivered by Borrower and Majority Lenders. Pacific Energy Partners, Borrower and Majority Lenders agree
that the execution and delivery of this Fourth Amendment by Majority Lenders is made effective immediately upon the payment in full of all principal of and interest on the Term Loans. 

ARTICLE IV.—REPRESENTATIONS AND WARRANTIES

        Section 4.1.    Representations and Warranties.    In order to induce Administrative Agent and Majority Lenders
to enter into this Fourth Amendment, Pacific Energy Partners and Borrower represent and warrant to each Lender that: 

        (a)   The
representations and warranties contained in Article V of the Original Agreement are true and correct at and as of the time of the effectiveness hereof (except
to the extent that the facts on which such representations and warranties are based have been changed by the extension of credit under the Original Agreement or to the extent that such representation
or warranty was made as of a specific date or updated, modified or supplemented, as of a subsequent date with the consent of Majority Lenders). 

        (b)   Each
of Pacific Energy Partners and Borrower is duly authorized to execute and deliver this Fourth Amendment, Borrower is and will continue to be duly authorized to
borrow monies under the Credit Agreement, and each of Pacific Energy Partners and Borrower is and will continue to be duly authorized to perform its obligations under the Credit Agreement. Pacific
Energy Partners and Borrower have duly taken all action necessary to authorize the execution and delivery of this Fourth Amendment and to authorize the performance of the obligations of Pacific Energy
Partners and Borrower hereunder. 

        (c)   The
execution and delivery by each Related Person of this Fourth Amendment, the performance by each Related Person of its obligations hereunder and the consummation of
the transactions contemplated hereby and thereby do not and will not conflict with any provision of law, statute, rule or regulation or of the organizational documents of any Related Person, or of any
material agreement, judgment, license, order or permit applicable to or binding upon any Related Person, or result in the creation of any lien, charge or encumbrance upon any assets or properties of
any Related Person. Except for those which have been obtained, no consent, approval, authorization or order of any court or governmental authority or third party is required in connection with the
execution and delivery by any Related Person of this Fourth Amendment or the consummation by any Related Person of the transactions contemplated hereby. 

        (d)   When
duly executed and delivered, each of this Fourth Amendment, and the Credit Agreement will be a legal and binding obligation of Pacific Energy Partners and Borrower
enforceable 

4

 

in
accordance with its terms, except as limited by bankruptcy, insolvency or similar laws of general application relating to the enforcement of creditors' rights and by equitable principles of general
application. 

ARTICLE V.—MISCELLANEOUS

        Section 5.1.    Ratification of Agreements.    The Original Agreement as hereby amended is hereby ratified and
confirmed in all respects. Any reference to the Credit Agreement in any Loan Document shall be deemed to be a reference to the Original Agreement as hereby amended. The execution, delivery and
effectiveness of this Fourth Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Lenders or Administrative Agent under the Credit Agreement,
the Notes, or any other Loan Document nor constitute a waiver of any provision of the Credit Agreement, the Notes or any other Loan Document. 

        Section 5.2.    Survival of Agreements.    All representations, warranties, covenants and agreements of Pacific
Energy Partners and Borrower herein shall survive the execution and delivery of this Fourth
Amendment and the performance hereof, and shall further survive until all of the Obligations are paid in full. All statements and agreements contained in any certificate or instrument delivered by any
Related Person hereunder or under the Credit Agreement to Administrative Agent or any Lender shall be deemed to constitute representations and warranties by, and agreements and covenants of, Pacific
Energy Partners and Borrower under this Fourth Amendment and under the Credit Agreement. 

        Section 5.3.    Loan Documents.    This Fourth Amendment is a Loan Document, and all provisions in the Credit
Agreement pertaining to Loan Documents apply hereto. 

        Section 5.4.    Governing Law.    This Fourth Amendment shall be governed by and construed in accordance with
the laws applicable to the Credit Agreement. 

        Section 5.5.    Counterparts.    This Fourth Amendment may be separately executed in counterparts and by the
different parties hereto in separate counterparts, each of which when so executed shall be deemed to constitute one and the same Fourth Amendment. 

        THIS FOURTH AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN 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 OF THE PARTIES.

        [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

5

   
        IN WITNESS WHEREOF, this Fourth Amendment is executed as of the date first written above. 

	BORROWER:	 	PACIFIC ENERGY GROUP LLC
	

 	
 	

By:	
 	

/s/  GERRY TYWONIUK      
 Gerry Tywoniuk, Senior Vice President, Chief Financial Officer and
Treasurer
	
PACIFIC ENERGY PARTNERS:	
 	

PACIFIC ENERGY PARTNERS, L.P.
	

 	
 	

By:	
 	

PACIFIC ENERGY GP, INC.

its general partner
	

 	
 	

 	
 	

By:	
 	

/s/  GERRY TYWONIUK      
 Gerry Tywoniuk, Senior Vice President, Chief Financial Officer
	

 	
 	

FLEET NATIONAL BANK, Administrative Agent, LC Issuer and a Lender
	

 	
 	

By:	
 	

/s/  TERRENCE RONAN      
 Terrence Ronan, Managing Director

7

 
Signature Page to Fourth Amendment

To Credit Agreement 

        In
Witness Whereof, the undersigned Lender hereby enters into the Fourth Amendment to Credit Agreement dated as of May 28, 2004 among Pacific Energy Group LLC, Pacific Energy
Partners, L.P., Fleet National Bank, as administrative agent, and the Lender's signatory thereto. 

	 	 	The Bank of Nova Scotia
 Name of Lender
	

 	
 	

By:	
 	

/s/  V. GIBSON      

	 	 	 	 	Name:	 	V. Gibson
	 	 	 	 	Title:	 	Assistant Agent

8

 
Signature Page to Fourth Amendment

To Credit Agreement 

        In
Witness Whereof, the undersigned Lender hereby enters into the Fourth Amendment to Credit Agreement dated as of May 28, 2004 among Pacific Energy Group LLC, Pacific Energy
Partners, L.P., Fleet National Bank, as administrative agent, and the Lender's signatory thereto. 

	 	 	BNP Paribas
 Name of Lender
	

 	
 	

By:	
 	

/s/  J. ONISCHUK      

	 	 	 	 	Name:	 	J. Onischuk
	 	 	 	 	Title:	 	Director
	

 	
 	

By:	
 	

/s/  MARK A. COX      

	 	 	 	 	Name:	 	Mark A. Cox
	 	 	 	 	Title:	 	Director

9

 
Signature Page to Fourth Amendment

To Credit Agreement 

        In
Witness Whereof, the undersigned Lender hereby enters into the Fourth Amendment to Credit Agreement dated as of May 28, 2004 among Pacific Energy Group LLC, Pacific Energy
Partners, L.P., Fleet National Bank, as administrative agent, and the Lender's signatory thereto. 

	 	 	Citicorp USA, Inc.
 Name of Lender
	

 	
 	

By:	
 	

/s/  AMY PINCU      

	 	 	 	 	Name:	 	Amy Pincu
	 	 	 	 	Title:	 	Vice President

10

 
Signature Page to Fourth Amendment

To Credit Agreement 

        In
Witness Whereof, the undersigned Lender hereby enters into the Fourth Amendment to Credit Agreement dated as of May 28, 2004 among Pacific Energy Group LLC, Pacific Energy
Partners, L.P., Fleet National Bank, as administrative agent, and the Lender's signatory thereto. 

	 	 	Fortis Capital Corp
 Name of Lender
	

 	
 	

By:	
 	

/s/  DARRELL W. HOLLEY      

	 	 	 	 	Name:	 	Darrell W. Holley
	 	 	 	 	Title:	 	Managing Director
	

 	
 	

By:	
 	

/s/  CASEY LOWARY      

	 	 	 	 	Name:	 	Casey Lowary
	 	 	 	 	Title:	 	Senior Vice President

11

 
Signature Page to Fourth Amendment

To Credit Agreement 

        In
Witness Whereof, the undersigned Lender hereby enters into the Fourth Amendment to Credit Agreement dated as of May 28, 2004 among Pacific Energy Group LLC, Pacific Energy
Partners, L.P., Fleet National Bank, as administrative agent, and the Lender's signatory thereto. 

	 	 	U.S.. BANK NATIONAL ASSOCIATION
 Name of Lender
	

 	
 	

By:	
 	

/s/  MONTE E. DECKERD      

	 	 	 	 	Name:	 	Monte E. Deckerd
	 	 	 	 	Title:	 	Vice President

12

 
CONSENT AND AGREEMENT  

        The undersigned each hereby consents to the provisions of this Fourth Amendment and the transactions contemplated herein and hereby (a) ratifies and
confirms the Guaranty dated as of July 19, 2002, made by it in favor of FLEET NATIONAL BANK, as administrative agent (in such capacity), and the other Loan Documents to which it is a party and
(b) agrees that its obligations and covenants thereunder are unimpaired hereby and shall remain in full force and effect. 

	 	 	PACIFIC MARKETING AND TRANSPORTATION LLC

ROCKY MOUNTAIN PIPELINE SYSTEM LLC

RANCH PIPELINE LLC
	

 	
 	

By:	
 	

/s/  LYNN T. WOOD      
 Lynn T. Wood, Vice President of each above-named limited liability company

CONSENT AND AGREEMENT  

        The undersigned hereby consents to the provisions of this Fourth Amendment and the transactions contemplated herein and hereby (a) ratifies and confirms
the Guaranty dated as of July 19, 2002, made by it in favor of FLEET NATIONAL BANK, as administrative agent (in such capacity), and the other Loan Documents to which it is a party and
(b) agrees that its obligations and covenants thereunder are unimpaired hereby and shall remain in full force and effect. 

	 	 	PACIFIC ENERGY PARTNERS, L.P.
	

 	
 	

By:	
 	

PACIFIC ENERGY GP, INC.,

its general partner
	

 	
 	

 	
 	

By:	
 	

/s/  LYNN WOOD      
 Lynn Wood, Vice President

13

QuickLinks

Exhibit 10.2

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