Document:

<PAGE>   1

                                                                     EXHIBIT 4.2

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                          FIRST SUPPLEMENTAL INDENTURE

                                     BETWEEN

                        SERVICE CORPORATION INTERNATIONAL

                                       AND

                            THE CHASE MANHATTAN BANK
                                   AS TRUSTEE

                                   ----------

                                   DATED AS OF

                                  JUNE 22, 2001

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<PAGE>   2

                                Table of Contents

<TABLE>
<CAPTION>
                                                                                                               Page
                                                                                                               ----

                                   ARTICLE ONE

<S>                                                                                                             <C>
THE 2008 NOTES ..................................................................................................2
   SECTION 1.1               Designation of 2008 Notes; Establishment of Form....................................2
   SECTION 1.2               Global 2008 Notes; Certificated 2008 Notes..........................................2
   SECTION 1.3               Aggregate Principal Amount..........................................................3
   SECTION 1.4               Interest Rate, Interest Payment and Regular Record Dates............................3
   SECTION 1.5               Accrual of Interest.................................................................3
   SECTION 1.6               Stated Maturity.....................................................................4
   SECTION 1.7               Paying and Conversion Agents; Place of Payment......................................4
   SECTION 1.8               Sinking Fund and Optional Redemption................................................4
   SECTION 1.9               Change in Control...................................................................4
   SECTION 1.10              Conversion..........................................................................5
   SECTION 1.11              Defeasance of 2008 Notes............................................................5
   SECTION 1.12              Other Terms of 2008 Notes...........................................................5

                                   ARTICLE TWO

MISCELLANEOUS PROVISIONS ........................................................................................6
   SECTION 2.1               Integral Part.......................................................................6
   SECTION 2.2               General Definitions.................................................................6
   SECTION 2.3               Adoption, Ratification and Confirmation.............................................6
   SECTION 2.4               Counterparts........................................................................6
   SECTION 2.5               Governing Law.......................................................................6
   SECTION 2.6               Conflict With Any Provision of Trust Indenture Act of 1939..........................6
   SECTION 2.7               Effect of Headings and Table of Contents............................................7
   SECTION 2.8               Severability Clause.................................................................7
   SECTION 2.9               Successors and Assigns..............................................................7
   SECTION 2.10              Benefit of First Supplemental Indenture.............................................7
   SECTION 2.11              Acceptance by Trustee...............................................................7
</TABLE>

                                       i

<PAGE>   3

                          FIRST SUPPLEMENTAL INDENTURE

         THIS First Supplemental Indenture, dated as of June 22, 2001, between
Service Corporation International, a Texas corporation (the "Issuer"), and The
Chase Manhattan Bank, a New York banking corporation, as trustee (the
"Trustee").

                                   WITNESSETH:

         WHEREAS, the Issuer has heretofore executed and delivered to the
Trustee a Subordinated Indenture, dated as of June 22, 2001 (the "Original
Indenture"), providing for the issuance from time to time of one or more series
of the Issuer's unsecured debentures, notes or other evidences of indebtedness;

         WHEREAS, Section 2.1 of the Original Indenture provides that the Issuer
may enter into supplemental indentures to establish the form and the terms,
respectively, of a series of notes to be issued pursuant to the Original
Indenture;

         WHEREAS, the Issuer desires (i) to issue 6 3/4% Convertible
Subordinated Notes due 2008 (the "2008 Notes"), the issuance of which has been
authorized by the Board of Directors of the Issuer, and (ii) to establish the
form and terms thereof;

         WHEREAS, the Issuer, pursuant to the foregoing authority, proposes in
and by this First Supplemental Indenture to supplement in certain respects the
Original Indenture insofar as it will apply only to the 2008 Notes (and not to
any other series); and

         WHEREAS, all things necessary have been done to make the 2008 Notes,
when duly issued and executed by the Issuer and authenticated and delivered by
the Trustee hereunder, the valid obligations of the Issuer, and to make this
First Supplemental Indenture a valid agreement of the Issuer, in accordance with
their and its terms.

         NOW, THEREFORE,

         In consideration of the premises provided for herein, the Issuer and
the Trustee mutually covenant and agree for the equal and proportionate benefit
of all Holders of the 2008 Notes as follows:

<PAGE>   4

                                   ARTICLE ONE
                                 THE 2008 NOTES

         SECTION 1.1 Designation of 2008 Notes; Establishment of Form.

         There shall be issued hereunder the 2008 Notes designated "6 3/4%
Convertible Subordinated Notes due 2008" of the Issuer. The form of the Series
2008 Notes shall be substantially as set forth in Annex A hereto, which is
incorporated into and shall be deemed a part of this First Supplemental
Indenture, with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by the Indenture, and may have such
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
exchange or Depositary therefor or as may, consistently herewith, be determined
by the officers of the Issuer executing such 2008 Notes, as evidenced by their
execution of the 2008 Notes.

         SECTION 1.2 Global 2008 Notes; Certificated 2008 Notes.

         (a) Issue of Global 2008 Notes. The Issuer initially appoints The
Depository Trust Company to act as Depositary with respect to the 2008 Notes.
All of the 2008 Notes shall be issued initially in the form of one or more
Global 2008 Notes, which shall be deposited with the Trustee, at its Corporate
Trust Office, as custodian (the "2008 Notes Custodian") for the Depositary and
shall be registered in the name of its nominee, Cede & Co., duly executed by the
Issuer and authenticated by the Trustee as provided in the Indenture. The
aggregate principal amount of a Global Security may from time to time be
decreased by adjustments made on the records of the 2008 Notes Custodian as
hereinafter provided, subject in each case to compliance with the rules and
procedures of the Depositary (the "Applicable Procedures").

         (b) Global 2008 Notes in General. Each Global Security shall represent
such of the outstanding 2008 Notes as shall be specified therein and each shall
provide that it shall represent the aggregate amount of outstanding 2008 Notes
from time to time endorsed thereon and that the aggregate amount of outstanding
2008 Notes represented thereby may from time to time be reduced to reflect
exchanges, redemptions, purchases or conversions of such 2008 Notes. Any
endorsement of a Global Security to reflect the amount of any such decrease in
the principal amount of outstanding 2008 Notes represented thereby shall be made
by the 2008 Notes Custodian in accordance with the standing instructions and
procedures existing between the Depositary and the 2008 Notes Custodian.

         (c) Certificated 2008 Notes. Certificated 2008 Notes shall be issued
only under the circumstances provided in Section 2.8 of the Indenture.
"Certificated 2008 Notes" shall mean a security certificate in definitive
registered form, in substantially the form attached to this First Supplemental
Indenture as Annex A (excluding the information or the scheduled called for by

                                       2
<PAGE>   5

footnotes 1, 2 and 3 thereof) and issued in exchange and transfer for the Global
Security pursuant to Section 2.8 of the Indenture.

         SECTION 1.3 Aggregate Principal Amount.

         (a) The Trustee shall authenticate and deliver the 2008 Notes on June
22, 2001 (the "Issue Date") (i) in an aggregate principal amount of $300,000,000
upon receipt of Issuer Order for the authentication and delivery of the 2008
Notes, in accordance with Section 2.3 of the Indenture and (ii) in an aggregate
principal amount of up to $45,000,000 upon receipt of Issuer Order should the
underwriters' over-allotment be exercised (except in each case for the 2008
Notes authenticated and delivered upon registration of transfer of, or in
exchange for, or in lieu of, other 2008 Notes pursuant to Section 2.8, 2.9,
2.11, 8.5, 12.3 or 13.2 of the Indenture).

         (b) The Issuer may not issue new 2008 Notes to replace the 2008 Notes
that have matured or been converted, redeemed or otherwise cancelled (except for
registration of transfer, exchange or replacement thereof).

         SECTION 1.4 Interest Rate, Interest Payment and Regular Record Dates.

         The 2008 Notes shall bear interest at the rate of 6 3/4% per annum.
Interest shall be payable on the 2008 Notes at maturity (or earlier purchase,
redemption or, in certain circumstances, conversion) and semi-annually on June
22 and December 22 of each year (an "Interest Payment Date"), commencing
December 22, 2001, to Holders of record at the close of business on June 7 or
December 7, as the case may be (whether or not a Business Day) immediately
preceding each Interest Payment Date (each a "Regular Record Date"). Interest
payable upon a Redemption Date or a Change in Control Purchase Date by the
Issuer shall be paid to the Persons to whom principal is payable, unless such
Redemption Date or Change in Control Purchase Date is an Interest Payment Date.
If the Redemption Date or Change in Control Purchase Date is also an Interest
Payment Date, interest shall be paid to the Holder on the preceding Regular
Record Date.

         SECTION 1.5 Accrual of Interest.

         Interest shall accrue with respect to the 2008 Notes from the Issue
Date, or from the most recent date to which interest has been paid or provided
for until the 2008 Notes are paid in full or funds are made available for
payment in full of the 2008 Notes in accordance with the Indenture. Each payment
of interest on the 2008 Notes will include interest accrued through the day
before the applicable Interest Payment Date or the date of maturity (or earlier
purchase, redemption or, in certain circumstances, conversion), as the case may
be. Any payment of principal and cash interest required to be made on any day
that is not a Business Day will be made on the succeeding Business Day. In the
event of the maturity, conversion, purchase by the Issuer at the option of a
Holder or redemption of a 2008 Note, interest will cease to accrue on

                                       3
<PAGE>   6

such Note, under the terms and subject to the conditions of the Indenture.
Subject to Section 1.10 hereof, the Issuer is not obligated to make any cash
payment of accrued interest upon conversion of a Series 2008 Note.

         SECTION 1.6 Stated Maturity.

         The date on which the principal of the 2008 Notes matures and is
payable shall be June 22, 2008.

         SECTION 1.7 Paying and Conversion Agents; Place of Payment.

         (a) Paying and Conversion Agents. The Issuer initially appoints the
Trustee to act as Paying Agent and Conversion Agent with respect to the 2008
Notes.

         (b) Place of Payment. The Place of Payment for the 2008 Notes is at the
office or agency of the Trustee in Dallas, Texas or New York, New York;
provided, however, that payment of interest may be made at the option of the
Issuer by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register.

         SECTION 1.8 Sinking Fund and Optional Redemption.

         (a) Sinking Fund. There shall be no sinking fund for the retirement of
the 2008 Notes.

         (b) Optional Redemption. At any time on or after June 22, 2004, the
Issuer, at its option, may redeem the 2008 Notes in accordance with the
provisions of Article Twelve of the Indenture for cash, upon thirty (30) days
written notice, at any time and from time to time, in whole or in part, at a
redemption prices expressed as a percentage of the principal amount of such
Notes, as follows:

<TABLE>
<CAPTION>
                                                                                          Redemption
       Redemption Period                                                                    Price
       -----------------                                                                  ----------

<S>                                                                                       <C>
       June 22, 2004 through June 21, 2005......................................           103.86%
       June 22, 2005 through June 21, 2006......................................           102.89%
       June 22, 2006 through June 21, 2007......................................           101.93%
       June 22, 2007 through June 21, 2008......................................           100.96%
</TABLE>

and 100% thereafter.

         SECTION 1.9 Change in Control.

         At the option of the Holder of any 2008 Note, the Issuer shall become
obligated to purchase all or any part of the principal amount of such Note in
authorized denominations upon a Change in Control, all in accordance with and
subject to the terms and conditions of Section 3.9 of the Indenture.

                                       4
<PAGE>   7

         SECTION 1.10 Conversion.

         (a) Convertibility. The 2008 Notes shall be convertible in accordance
with and subject to the terms and conditions of Article Thirteen of the
Indenture. The initial Conversion Price is $6.92 per share of Common Stock (or
the initial conversion rate for the 2008 Notes is 144.5348 shares of Common
Stock per $1000 principal amount of the 2008 Notes), subject to adjustment
pursuant to Section 13.4 of the Indenture.

         (b) Accrued Interest Upon Conversion. Upon conversion of a 2008 Note, a
Holder shall not receive (except as provided in this Section 1.10) any cash
payment representing accrued interest thereon. The Issuer's delivery to the
Holder of the fixed number of share of Common Stock into which the 2008 Note is
convertible (together with the cash payment, if any, in lieu of any fractional
shares) shall satisfy the Issuer's obligation to pay the principal amount of the
2008 Note, and the accrued and unpaid interest to the Date of Conversion. Such
accrued interest shall be deemed to be paid in full rather than cancelled,
extinguished or forfeited. Notwithstanding the foregoing, accrued but unpaid
cash interest shall be payable upon conversion of the 2008 Notes at the option
of the Holder made concurrently with or after acceleration of the 2008 Notes
following an Event of Default under the Indenture with respect to the 2008
Notes. The 2008 Notes surrendered for conversion during the period from the
close of business on such Interest Payment Date (except the 2008 Notes to be
redeemed on a date within such period) must be accompanied by payment of an
amount equal to the interest thereon that the Holder is to receive. Except as
described in this Section 1.10, no interest on a converted 2008 Note shall be
payable by the Issuer on any Interest Payment Date subsequent to the Date of
Conversion. The Conversion Price will not be adjusted at any time during the
term of the 2008 Notes for accrued interest.

         (c) Convertibility After Delivery of Change in Control Purchase Notice.
A 2008 Note in respect of which a Holder has delivered a Change in Control
Purchase Note may be converted only if such notice is withdrawn by a written
notice of withdrawal delivered by the Holder to the Trustee before the close of
business on the Change in Control Purchase Date, in accordance with the terms of
Section 3.12 of the Indenture.

         SECTION 1.11 Defeasance of 2008 Notes.

         The 2008 Notes may be defeased by the Issuer in accordance with the
provisions of Article Ten of the Indenture (excluding Section 10.1(C) thereof).

         SECTION 1.12 Other Terms of 2008 Notes.

         Without limiting the foregoing provisions of this Article One, the
terms of the 2008 Notes shall be as set forth in the form of the 2008 Notes
contained in Annex A hereto and as provided in the Indenture.

                                       5
<PAGE>   8

                                  ARTICLE TWO
                            MISCELLANEOUS PROVISIONS

         SECTION 2.1 Integral Part.

         This First Supplemental Indenture constitutes an integral part of the
Indenture with respect to the 2008 Notes only.

         SECTION 2.2 General Definitions.

         For all purposes of this First Supplemental Indenture:

         (a) capitalized terms used herein without definition shall have the
meanings specified in the Original Indenture; and

         (b) the terms "herein", "hereof", "hereunder" and other words of
similar import refer to this First Supplemental Indenture.

         SECTION 2.3 Adoption, Ratification and Confirmation.

         The Original Indenture, as supplemented by this First Supplemental
Indenture, is in all respects hereby adopted, ratified and confirmed, and this
First Supplemental Indenture shall be deemed part of the Indenture in the manner
and to the extent herein and therein provided. The provisions of this First
Supplemental Indenture shall, subject to the terms hereof, supersede the
provisions of the Original Indenture to the extent the Original Indenture is
inconsistent herewith.

         SECTION 2.4 Counterparts.

         This First Supplemental Indenture may be executed in any number of
counterparts, each of which when so executed shall be deemed an original; and
all such counterparts shall together constitute but one and the same instrument.

         SECTION 2.5 Governing Law.

         THIS FIRST SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

         SECTION 2.6 Conflict With Any Provision of Trust Indenture Act of 1939.

         If and to the extent that any provision of this First Supplemental
Indenture limits, qualifies or conflicts with a provision required under the
terms of the Trust Indenture Act of 1939, such Trust Indenture Act of 1939
provision shall control.

                                       6
<PAGE>   9

         SECTION 2.7 Effect of Headings and Table of Contents.

         The Article and Section headings herein are for convenience only and
shall not affect the construction hereof.

         SECTION 2.8 Severability Clause.

         In case any provision in this First Supplemental Indenture or in the
2008 Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

         SECTION 2.9 Successors and Assigns.

         All covenants and agreements in this First Supplemental Indenture by
the parties hereto shall bind their respective successors and assigns and inure
to the benefit of their respective successors and assigns, whether so expressed
or not.

         SECTION 2.10 Benefit of First Supplemental Indenture.

          Nothing in this First Supplemental Indenture, express or implied,
shall give to any Person, other than the parties hereto, any Security Registrar,
any Paying Agent, any Conversion Agent and their successors hereunder, and the
Holders of the 2008 Notes, any benefit or any legal or equitable right, remedy
or claim under this First Supplemental Indenture.

         SECTION 2.11 Acceptance by Trustee.

         The Trustee accepts the supplements to the Original Indenture effected
by this First Supplemental Indenture and agrees to execute the trusts created by
the Original Indenture as hereby supplemented, but only upon the terms and
conditions set forth in the Indenture. Without limiting the generality of the
foregoing, the Trustee assumes no responsibility for the correctness of the
recitals contained herein, which shall be taken as the statements of the Issuer
and, except as provided in the Indenture, the Trustee shall not be responsible
or accountable in any way whatsoever for or with respect to the validity or
execution or sufficiency of this First Supplemental Indenture and the Trustee
makes no representation with respect thereto.

                                       7
<PAGE>   10

IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental
Indenture to be duly executed as of the day and year first set forth above.

                                             SERVICE CORPORATION INTERNATIONAL

                                             By:     /s/ FRANK T. HUNDLEY
                                                    --------------------------
                                             Name:   Frank T. Hundley
                                                    --------------------------
                                             Title:  Vice President Treasurer
                                                    --------------------------

                                             THE CHASE MANHATTAN BANK,
                                                   as Trustee

                                             By:     /s/ MAURI J. COWEN
                                                    --------------------------
                                             Name:   Mauri J. Cowen
                                                    --------------------------
                                             Title:  Vice President and
                                                       Trust Officer
                                                    --------------------------

                                       8
<PAGE>   11

                                     ANNEX A
                           [FORM OF FACE OF 2008 NOTE]

         [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

         THIS 2008 NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS 2008 NOTE IS EXCHANGEABLE FOR 2008 NOTES REGISTERED IN THE
NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR 2008 NOTES IN DEFINITIVE FORM, THIS 2008 NOTE MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR
A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.](1)

--------
(1) Include only if the Security is a Global Security.

                                      A-1
<PAGE>   12

                        SERVICE CORPORATION INTERNATIONAL

                  6 3/4% CONVERTIBLE SUBORDINATED NOTE DUE 2008

                                                              CUSIP: [817565AU8]
                                                                    $
                                                                     -----------

Registered: No. R-
                  ---

         Service Corporation International, a Texas corporation (herein called
the "Issuer", which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to
_____________, or registered assigns, the principal sum of __________________
DOLLARS ($_________)(or such lesser amount as is indicated on the Schedule of
Exchanges of 2008 Notes on the other side of this 2008 Note), (2) on June 22,
2008, and to pay interest thereon from June 22, 2001 or from the most recent
Interest Payment Date to which interest has been paid or duly provided for,
semi-annually on June 22 and December 22 in each year, commencing December 22,
2001, at the rate of 6 3/4% per annum, until the principal hereof is paid or
made available for payment, provided that any principal and premium, and any
such installment of interest, that is overdue shall bear interest at the rate of
6 3/4% per annum (to the extent that the payment of such interest shall be
legally enforceable), from the dates such amounts are due until they are paid or
made available for payment, and such overdue interest shall be payable on
demand. The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date shall, as provided in such Indenture, be paid to the
Person in whose name this 2008 Note (or one or more Predecessor Security) is
registered at the close of business on the Regular Record Date for such
interest, which shall be the June 7 or December 7 (whether or not a Business
Day), as the case may be, next preceding such Interest Payment Date. Any such
interest not so punctually paid or duly provided for will forthwith cease to be
payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this 2008 Note (or one or more Predecessor Security) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest, notice whereof shall be given to Holders of 2008 Notes
not less than 10 days prior to such Special Record Date, or be paid at any time
in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the 2008 Notes may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in said
Indenture.

         This 2008 Note is convertible as specified on the reverse of this 2008
Note.

         Payment of the principal of, premium, if any, and interest on this 2008
Note will be made at the office or agency of the Issuer maintained for that
purpose in The City of New York or Dallas, Texas, in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that at the option of
the Issuer, payment of interest may be made by check mailed to the address of
the Person entitled thereto as such address shall appear in the Security
Register.

         Reference is hereby made to the further provisions of this 2008 Note
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

         Unless the certificate of authentication hereon has been executed by
the Trustee referred to on the reverse hereof by manual signature, this 2008
Note shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

----------
(2) Include only if the Security is a Global Security.

                                      A-2
<PAGE>   13

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed under its corporate seal.

                                    SERVICE CORPORATION INTERNATIONAL

                                    By:
                                        ---------------------------------
                                    Name:
                                           ------------------------------
                                    Title:
                                            -----------------------------

                                      A-3
<PAGE>   14

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the 2008 Notes designated therein referred to in the
within-mentioned Indenture.

                                  THE CHASE MANHATTAN BANK,
                                   as Trustee

                                  BY:
                                      ----------------------------------------
                                        Authorized Signatory

Date of Authentication:
                        ------------------

                                      A-4
<PAGE>   15

                         [FORM OF REVERSE OF 2008 NOTE]

                        SERVICE CORPORATION INTERNATIONAL

                  6 3/4% CONVERTIBLE SUBORDINATED NOTE DUE 2008

         This 2008 Note is one of a duly authorized issue of debt securities of
the Issuer (herein called the "2008 Notes"), issued and to be issued in one or
more series under a Subordinated Indenture, dated as of June 22, 2001, as
supplemented by the First Supplemental Indenture thereto, dated as of June 22,
2001 (as so amended and supplemented, herein called the "Indenture"), between
the Issuer and The Chase Manhattan Bank, as Trustee (herein called the
"Trustee", which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Issuer, the Trustee, the holders of Senior
Indebtedness and the Holders of the 2008 Notes and of the terms upon which the
2008 Notes are, and are to be, authenticated and delivered. This 2008 Note is
one of the series designated on the face hereof, limited in aggregate principal
amount to $300,000,000 (not including $45,000,000 should the underwriters'
over-allotment option be exercised).

OPTIONAL REDEMPTION

         No sinking fund is provided for the 2008 Notes. At any time on or after
June 22, 2004, the 2008 Notes are redeemable as a whole, or in part, at the
option of the Issuer, at the following Redemption Prices expressed as a
percentage of the principal amount:

<TABLE>
<CAPTION>
                                                                                         Redemption
       Redemption Period                                                                    Price
       -----------------                                                                 ----------

<S>                                                                                      <C>
       June 22, 2004 through June 21, 2005.........................................        103.86%
       June 22, 2005 through June 21, 2006.........................................        102.89%
       June 22, 2006 through June 21, 2007.........................................        101.93%
       June 22, 2007 through June 21, 2008.........................................        100.96%
</TABLE>

and 100% thereafter, together with accrued and unpaid interest thereon to, but
excluding, the Redemption Date. If the Redemption Date is also an Interest
Payment Date, interest shall be paid to the Holder on the preceding Regular
Record Date.

NOTICE OF REDEMPTION

         Notice of redemption will be mailed by first-class mail at least 30
days but not more than 60 days before the Redemption Date to each Holder of 2008
Notes to be redeemed at its registered address. 2008 Notes in denominations
larger than $1,000 principal amount may be redeemed in part, but only in whole
multiples of $1,000. On and after the Redemption Date, interest shall cease to
accrue on 2008 Notes or portions thereof called for redemption, unless the
Issuer defaults in making such payment of the Redemption Price, in which case
interest shall continue to accrue until such default is cured and the 2008 Notes
are redeemed.

REPURCHASE OF 2008 NOTES AT OPTION OF HOLDER UPON A CHANGE IN CONTROL

         At the option of the Holder and subject to the terms and conditions of
the Indenture, the Issuer shall become obligated to purchase all or any part
specified by the Holder (so long as the principal amount of such part is $1,000
or an integral multiple of $1,000 in excess thereof) of the 2008 Notes held by
such Holder on the date that is 35 days after the date of the occurrence of a
Change in Control at a price equal to 100% of the principal amount of the 2008
Notes to be purchased plus accrued and unpaid interest to, but excluding, the
Change in Control Purchase Date. If the Change in Control Purchase Date is also
an Interest Payment Date, interest shall be paid to the Holder on the preceding
Regular Record Date.

                                      A-5
<PAGE>   16

         The Holder shall have the right to withdraw any Change in Control
Purchase Notice (in whole or in a portion thereof that is $1,000 principal
amount or an integral multiple of $1,000 in excess thereof) at any time prior to
the close of business on the Change in Control Purchase Date by delivering a
written notice of withdrawal to the Trustee in accordance with the terms of the
Indenture.

CONVERSION

         Subject to the provisions of the Indenture, a Holder of a 2008 Note may
convert the 2008 Note into shares of Common Stock at any time prior to maturity;
provided, however, that if the 2008 Note is called for redemption, the
conversion right will terminate at the close of business on the Change in
Control Purchase Date for such 2008 Note or such earlier date as the Holder
presents such 2008 Note for redemption (unless the Issuer shall default in
making the redemption payment when due, in which case the conversion right shall
terminate at the close of business on the date such default is cured and such
2008 Note is redeemed). A 2008 Note in respect of which a Holder has delivered a
Change in Control Purchase Notice exercising the option of such Holder to
require the Issuer to repurchase such 2008 Note may be converted only if such
notice of exercise is withdrawn in accordance with the terms of the Indenture.
The initial Conversion Price is $6.92 per share of Common Stock, subject to
adjustment as a result of certain events described in the Indenture. The Issuer
will deliver cash or a check in lieu of any fractional share of Common Stock.

         To convert a 2008 Note, a Holder must (a) complete and manually sign
the conversion notice in substantially the form attached hereto and deliver such
notice to the Conversion Agent, (b) surrender the 2008 Note to the Conversion
Agent, (c) furnish appropriate endorsements and transfer documents (including
any certification that may be required under applicable law) if required by the
Conversion Agent, (d) pay any transfer or similar tax, if required, and (e) pay
an amount equal to accrued interest payable on the 2008 Note if required by the
Indenture.

SUBORDINATION

         The indebtedness evidenced by this 2008 Note is, to the extent provided
in the Indenture, subordinate and subject in right of payment to the prior
payment in full of all Senior Indebtedness of the Issuer, and this 2008 Note is
issued subject to the provisions of the Indenture with respect thereto. Each
Holder of this 2008 Note, by accepting the same, (a) agrees to and shall be
bound by such provisions, (b) authorizes and directs the Trustee on its behalf
to take such action as may be necessary or appropriate to effectuate the
subordination so provided and (c) appoints the Trustee its attorney-in-fact for
any and all such purposes.

DEFEASANCE AND COVENANT DEFEASANCE

          The Indenture contains provisions for Defeasance and Covenant
Defeasance at any time of the entire indebtedness of this 2008 Note and certain
restrictive covenants and Events of Default with respect to this 2008 Note, in
each case upon compliance with certain conditions set forth in the Indenture.

TRANSFER

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this 2008 Note is registrable in the Security
Register, upon surrender of this 2008 Note for registration or transfer at the
office or agency in a Place of Payment for 2008 Notes, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Issuer and the Security Registrar duly executed by, the Holder hereof or its
attorney duly authorized in writing, and thereupon one or more new 2008 Notes
and of like tenor, of any authorized denominations and for the same aggregate
principal amount, executed by the Issuer and authenticated and delivered by the
Trustee, will be issued to the designated transferee or transferees.

         The 2008 Notes are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations set forth therein and on the face
of this 2008 Note, the 2008 Notes are exchangeable

                                      A-6
<PAGE>   17

for a like aggregate principal amount of 2008 Notes of like tenor and of a
different authorized denomination, as requested by the Holder surrendering the
same.

         No service charge shall be made for any such registration of transfer
or exchange, but the Issuer may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

         Prior to due presentment of this 2008 Note for registration of
transfer, the Issuer, the Trustee or any agent of the Issuer or the Trustee may
treat the Person in whose name this 2008 Note is registered as the owner hereof
for all purposes, whether or not this 2008 Note be overdue, and neither the
Issuer, the Trustee nor any such agent shall be affected by notice to the
contrary.

AMENDMENT, SUPPLEMENT AND WAIVER

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Securities (including the 2008
Notes) of each series to be affected under the Indenture at any time by the
Issuer and the Trustee with the consent of the Holders of a majority in
principal amount of the Securities (including the 2008 Notes) at the time
outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Securities (including the 2008 Notes) of each series at the time
outstanding, on behalf of the Holders of all Securities (including the 2008
Notes) of such series at the time outstanding, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this 2008 Note shall be conclusive and binding upon such Holder and upon all
future Holders of this 2008 Note and of any 2008 Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this 2008 Note.

EVENTS OF DEFAULT

         If an Event of Default with respect to the 2008 Notes shall occur and
be continuing, the principal of the 2008 Notes may be declared due and payable
in the manner and with the effect provided in the Indenture. If an Event of
Default occurs as a result of certain events of bankruptcy, insolvency or
reorganization of the Issuer, the principal amount of the 2008 Notes shall
become due and payable immediately without any declaration or other act on the
part of the Trustee or any Holder, all as and to the extent provided in the
Indenture.

INDENTURE TO CONTROL; GOVERNING LAW

         In the case of any conflict between the provisions of this 2008 Note
and the Indenture, the provisions of the Indenture shall control.

         THE INDENTURE AND THE 2008 NOTES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

ABBREVIATIONS AND DEFINITIONS

         Customary abbreviations may be used in the name of the Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and not as
tenants in common), CUST (= Custodian) and U/G/M/A (= Uniform Gifts to Minors
Act).

All terms defined in the Indenture and used in this 2008 Note but not
specifically defined herein are defined in the Indenture and are used herein as
so defined.

                                      A-7
<PAGE>   18

                                CONVERSION NOTICE

         To convert this 2008 Note into Common Stock of the Issuer, check the
box: [ ]

         To convert only part of this 2008 Note, state the principal amount to
be converted (must be $1,000 or a multiple of $1,000): $              .
                                                        --------------

         If you want the stock certificate made out in another person's name,
fill in the form below:

                (Insert other person's soc. sec. or tax I.D. no.)
--------------------------------------------------------------------------------
            (Print or type other person's name, address and zip code)

Your signature:                              Date:
               -------------------------          -----------------------------

(Sign exactly as your name appears on the other side of this 2008 Note.)

*Signature guaranteed by:
                         -----------------------------------------

By:

* The signature must be guaranteed by an institution which is a member of one of
the following recognized signature guaranty programs: (i) the Securities
Transfer Agent Medallion Program (STAMP); (ii) the New York Stock Exchange
Medallion Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or
(iv) such other guaranty program acceptable to the Trustee.

                                      A-8
<PAGE>   19

                      OPTION OF HOLDER TO ELECT PURCHASE ON
                                CHANGE IN CONTROL

         If you want to elect to have this 2008 Note purchased, in whole or in
part, by the Issuer pursuant to Section 3.9 of the Indenture, check the
following box: [ ]

         If you want to have only part of this 2008 Note purchased by the Issuer
pursuant to Article Twelve of the Indenture, state the principal amount you want
to be purchased (must be $1,000 or a multiple of $1,000): $
                                                           ----------------

Your signature:                              Date:
               -------------------------          -----------------------------

(Sign exactly as your name appears on the other side of this 2008 Note.)

*Signature guaranteed by:
                         -----------------------------------------

By:
   ----------------------------------------

* The signature must be guaranteed by an institution which is a member of one of
the following recognized signature guaranty programs: (i) the Securities Agent
Medallion Program (STAMP); (ii) the New York Stock Exchange Medallion Program
(MSP); (iii) the Stock Exchange Medallion Program (SEMP); or (iv) such other
guaranty program acceptable to the Trustee.

                                      A-9
<PAGE>   20

                                 ASSIGNMENT FORM

         To assign this 2008 Note, fill in the form below: (I) or (we) assign
and transfer this 2008 Note to

----------------------------------------------------------
      (Insert assignee's soc. sec. or tax I.D. no.)
----------------------------------------------------------
----------------------------------------------------------
----------------------------------------------------------
----------------------------------------------------------

         (Print or type assignee's name, address and zip code) and irrevocably
appoint ________________ to transfer this 2008 Note on the books of the Issuer.
The agent may substitute another to act for him.

Date:
       ----------------------------

                                    Your Signature:
                                                     --------------------------

         (Sign exactly as your name appears on the face of this 2008 Note)

                                    Signature Guarantee:
                                                          ---------------------

                                      A-10
<PAGE>   21

                       SCHEDULE OF EXCHANGES OF 2008 NOTES

         The following exchanges, redemptions, purchases or conversions of a
part of this Global Security have been made:(3)

<TABLE>
<CAPTION>
                         Amount of Decrease    Principal Amount        Signature of
                            in Principal        of this Global      authorized officer
       Date of             Amount of this     Security Following      of Trustee or
     Transaction          Global Security       such Decrease           Custodian
     -----------         ------------------   ------------------    ------------------
<S>                      <C>                  <C>                   <C>

</TABLE>

--------
(3) This schedule should be included only if the Security is a Global Security.

                                      A-11<PAGE>   1
                                                                     EXHIBIT 4.8

================================================================================

                               GUARANTEE AGREEMENT

                                     between

                            BURLINGTON RESOURCES INC.

                                 (as Guarantor)

                                       and

                                    [      ]

                                  (as Trustee)

                                   dated as of

                                    [      ]

================================================================================

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                            Page
                                                                                                            ----

<S>     <C>               <C>                                                                               <C>
ARTICLE I.                DEFINITIONS.........................................................................2

         Section 1.1.     Definitions.........................................................................2

ARTICLE II.               TRUST INDENTURE ACT.................................................................5

         Section 2.1.     Trust Indenture Act; Application....................................................5
         Section 2.2.     List of Holders.....................................................................5
         Section 2.3.     Reports by the Guarantee Trustee....................................................5
         Section 2.4.     Periodic Reports to the Guarantee Trustee...........................................5
         Section 2.5.     Evidence of Compliance with Conditions Precedent....................................6
         Section 2.6.     Events of Default; Waiver...........................................................6
         Section 2.7.     Event of Default; Notice............................................................6
         Section 2.8.     Conflicting Interests...............................................................6

ARTICLE III.              POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE..................................7

         Section 3.1.     Powers and Duties of the Guarantee Trustee..........................................7
         Section 3.2.     Certain Rights of Guarantee Trustee.................................................8

ARTICLE IV.               GUARANTEE TRUSTEE..................................................................11

         Section 4.1.     Guarantee Trustee: Eligibility.....................................................11
         Section 4.2.     Appointment, Removal and Resignation of the Guarantee Trustee......................11

ARTICLE V.                GUARANTEE..........................................................................12

         Section 5.1.     Guarantee..........................................................................12
         Section 5.2.     Waiver of Notice and Demand........................................................12
         Section 5.3.     Obligations Not Affected...........................................................12
         Section 5.4.     Rights of Holders..................................................................13
         Section 5.5.     Guarantee of Payment...............................................................14
         Section 5.6.     Subrogation........................................................................14
         Section 5.7.     Independent Obligations............................................................14

ARTICLE VI. COVENANTS AND SUBORDINATION......................................................................14

         Section 6.1.     Subordination......................................................................14
         Section 6.2.     Pari Passu Guarantees..............................................................15
</TABLE>

                                      -i-

<PAGE>   3

<TABLE>
<S>     <C>               <C>                                                                               <C>
ARTICLE VII.              TERMINATION........................................................................15

         Section 7.1.     Termination........................................................................15

ARTICLE VIII.             MISCELLANEOUS......................................................................15

         Section 8.1.     Successors and Assigns.............................................................15
         Section 8.2.     Amendments.........................................................................15
         Section 8.3.     Notices............................................................................16
         Section 8.4.     Benefit............................................................................17
         Section 8.5.     Interpretation.....................................................................17
         Section 8.6.     Governing Law......................................................................18

SIGNATURES..................................................................................................S-1
</TABLE>

                                      -ii-

<PAGE>   4

                               GUARANTEE AGREEMENT

                  This GUARANTEE AGREEMENT, dated as of [    ], is executed and
delivered by BURLINGTON RESOURCES INC., a Delaware corporation (the "Guarantor")
having its principal office at 5051 Westheimer, Suite 1400, Houston, Texas
77056, and [    ], a national banking association organized under the laws of
the United States, as trustee (the "Guarantee Trustee"), for the benefit of the
Holders (as defined herein) from time to time of the Preferred Securities (as
defined herein) of Burlington Resources Capital I, a Delaware statutory business
trust (the "Issuer").

                  WHEREAS, pursuant to an Amended and Restated Declaration of
Trust (the "Declaration of Trust"), dated as of [    ] among the Issuer trustees
named therein, the Guarantor, as Depositor, and the Holders from time to time of
undivided beneficial ownership interests in the assets of the Issuer, the Issuer
is issuing $[    ] aggregate liquidation preference of its [    ]% Trust
Preferred Securities (liquidation preference $[    ] per preferred security)
(the "Preferred Securities") and $[    ] aggregate liquidation preference of its
common securities (the "Common Securities" and, together with the Preferred
Securities, the "Securities") representing undivided beneficial ownership
interests in the assets of the Issuer and having the terms set forth in the
Declaration of Trust;

                  WHEREAS, the Preferred Securities will be issued by the Issuer
and the proceeds thereof, together with the proceeds from the issuance of the
Issuer's Common Securities, will be used to purchase the Debentures (as defined
in the Declaration of Trust) of the Guarantor which will be deposited with
[    ], Property Trustee under the Declaration of Trust, as trust assets; and

                  WHEREAS, as incentive for the Holders to purchase the
Securities, the Guarantor desires irrevocably and unconditionally to agree, to
the extent set forth herein, to pay to the Holders of the Securities the
Guarantee Payments (as defined herein) and to make certain other payments on the
terms and conditions set forth herein.

                  NOW, THEREFORE, in consideration of the purchase by each
Holder of Securities, which purchase the Guarantor hereby agrees shall benefit
the Guarantor, the Guarantor executes and delivers this Guarantee Agreement for
the benefit of the Holders from time to time of the Securities.

<PAGE>   5
                                      -2-

                             ARTICLE I. DEFINITIONS

                  Section 1.1. Definitions.

                  As used in this Guarantee Agreement, the terms set forth below
shall, unless the context otherwise requires, have the following meanings.
Capitalized or otherwise defined terms used but not otherwise defined herein
shall have the meanings assigned to such terms in the Declaration of Trust as in
effect on the date hereof.

                  "Affiliate" of any specified Person means any other Person
directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person; provided, however, that an Affiliate
of the Guarantor shall not be deemed to include the Issuer. For the purposes of
this definition, "control" when used with respect to any specified Person means
the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms "controlling" and "controlled" have meanings
correlative to the foregoing.

                  "Event of Default" means a default by the Guarantor on any of
its payment or other obligations under this Guarantee Agreement; provided,
however, that, except with respect to a default in payment of any Guarantee
Payments, the Guarantor shall have received notice of default and shall not have
cured such default within 90 days after receipt of such notice.

                  "Guarantee Payments" means the following payments or
distributions, without duplication, with respect to the Securities, to the
extent not paid or made by or on behalf of the Issuer; (i) any accumulated and
unpaid Distributions (as defined in the Declaration of Trust) required to be
paid on such Securities, to the extent the Issuer shall have funds on hand
available therefor at such time, (ii) the redemption price, including all
accumulated and unpaid Distributions to the date of redemption (the "Redemption
Price"), with respect to the Securities called for redemption by the Issuer to
the extent the Issuer shall have funds on hand available therefor at such time,
and (iii) upon a voluntary or involuntary termination, winding-up or liquidation
of the Issuer, unless Debentures are distributed to the Holders, the lesser of
(a) the aggregate of the liquidation preference of $[    ] per Security plus
accumulated and unpaid Distributions on the Securities to the date of payment to
the extent the Issuer shall have funds on hand available to make such payment at
such time and (b) the amount of assets of the Issuer remaining available for
distribution to Holders in liquidation of the Issuer (in either case, the
"Liquidation Distribution").

                  "Guarantee Trustee" means [    ], until a Successor Guarantee
Trustee has been appointed and has accepted such appointment pursuant to the
terms of this Guarantee Agreement and thereafter means each such Successor
Guarantee Trustee.

<PAGE>   6
                                      -3-

                  "Holder" means any holder, as registered on the books and
records of the Issuer, of any Securities; provided, however, that in determining
whether the holders of the requisite percentage of Preferred Securities have
given any request, notice, consent or waiver hereunder, "Holder" shall not
include the Guarantor, the Guarantee Trustee, or any Affiliate of the Guarantor
or the Guarantee Trustee.

                  "Indebtedness" means, with respect to a Person, (i) the
principal of and premium, if any, and interest, if any, on, (A) indebtedness of
such Person for money borrowed and (B) indebtedness evidenced by securities,
notes, debentures, bonds or other similar instruments issued by such Person;
(ii) all capital lease obligations of such Person; (iii) all obligations of such
Person issued or assumed as the deferred purchase price of property, all
conditional sale obligations of such Person and all obligations of such Person
under any conditional sale or title retention agreement (but excluding trade
accounts payable and accrued liabilities in the ordinary course of business);
(iv) all obligations, contingent or otherwise, of such Person in respect of any
letters of credit, banker's acceptance, security purchase facilities or similar
credit transactions; (v) all obligations in respect of interest rate swap, cap,
floor, collar or other agreements, interest rate future or option contracts,
currency swap agreements, currency future or option contracts and other similar
agreements; and (vi) all obligations of the type referred to in clauses (i)
through (v) of others for the payment of which such Person is responsible or
liable as obligor, guarantor or otherwise.

                  "Indenture" means the Indenture, dated as of [    ], between

the Guarantor and [    ], as Indenture Trustee, as amended or supplemented from
time to time.

                  "Junior Subordinated Indebtedness" means all Indebtedness of
the Guarantor subordinate and junior to Subordinated Indebtedness and Senior
Indebtedness.

                  "List of Holders" has the meaning specified in Section 2.2(a).

                  "Majority in liquidation preference of the Preferred
Securities" means, except as provided by the Trust Indenture Act, a vote by the
Holder(s), voting separately as a class, of more than 50% of the liquidation
preference of all then outstanding Preferred Securities issued by the Issuer.

                  "Officers' Certificate" means a certificate signed by the
Chairman of the Board, the President or a Vice Chairman or a Vice President, and
by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Guarantor, and delivered to the Guarantee Trustee. Any
Officers' Certificate delivered with respect to compliance with a condition or
covenant provided for in this Guarantee Agreement shall include:

                  (a) a statement that each officer signing the Officers'
         Certificate has read the covenant or condition and the definitions
         relating thereto;

<PAGE>   7
                                      -4-

                  (b) a brief statement of the nature and scope of the
         examination or investigation undertaken by each officer in rendering
         the Officers' Certificate;

                  (c) a statement that each officer has made such examination or
         investigation as, in such officer's opinion, is necessary to enable
         such officer to express an informed opinion as to whether or not such
         covenant or condition has been complied with; and

                  (d) a statement as to whether, in the opinion of each officer,
         such condition or covenant has been complied with.

                  "Person" means a legal person, including any individual,
corporation, estate, partnership, joint venture, association, joint stock
company, limited liability company, trust, unincorporated association, or
government or any agency or political subdivision thereof, or any other entity
of whatever nature.

                  "Responsible Officer" means, with respect to the Guarantee
Trustee, any Senior Vice President, any Vice President, any Assistant Vice
President, the Secretary, any Assistant Secretary, the Treasurer, any Assistant
Treasurer, any Trust Officer or Assistant Trust officer or any other officer of
the Corporate Trust Department of the above designated officers and also means,
with respect to a particular corporate trust matter, any other officer to whom
such matter is referred because of that officer's knowledge of and familiarity
with the particular subject.

                  "Senior Indebtedness" means all Indebtedness of the Guarantor,
unless, in the instrument creating or evidencing the same or pursuant to which
the same is outstanding, it is provided that such obligations are not superior
in right of payment to Subordinated Indebtedness or Junior Subordinated
Indebtedness or to other Indebtedness of the Guarantor which is pari passu with,
or subordinated to, Subordinated Indebtedness or Junior Subordinated
Indebtedness.

                  "Subordinated Indebtedness" means all Indebtedness of the
Guarantor which is subordinated and Junior in right of payment to Senior
Indebtedness, but does not include Junior Subordinated Indebtedness.

                  "Successor Guarantee Trustee" means a successor Guarantee
Trustee possessing the qualifications to act as Guarantee Trustee under Section
4.1.

                  "Trust Indenture Act" means the Trust Indenture Act of 1939,
as amended.

<PAGE>   8
                                      -5-

                         ARTICLE II. TRUST INDENTURE ACT

                  Section 2.1. Trust Indenture Act; Application.

                  (a) This Guarantee Agreement is subject to the provisions of
the Trust Indenture Act that are required to be part of this Guarantee Agreement
and shall, to the extent applicable, be governed by such provisions.

                  (b) If and to the extent that any provision of this Guarantee
Agreement limits, qualifies or conflicts with the duties imposed by Sections 310
to 317, inclusive, of the Trust Indenture Act, such imposed duties shall
control.

                  Section 2.2. List of Holders.

                  (a) The Guarantor shall furnish or cause to be furnished to
the Guarantee Trustee (a) semiannually, on or before [    ] and [    ] of each
year, a list, in such form as the Guarantee Trustee may reasonably require, of
the names and addresses of the Holders ("List of Holders") as of a date not more
than 15 days prior to the delivery thereof, and (b) at such other times as the
Guarantee Trustee may request in writing, within 30 days after the receipt by
the Guarantor of any such request, a List of Holders as of a date not more than
15 days prior to the time such list is furnished, in each case to the extent
such information is in the possession or control of the Guarantor and is not
identical to a previously supplied list of Holders or has not otherwise been
received by the Guarantee Trustee in its capacity as such. The Guarantee Trustee
may destroy any List of Holders previously given to it on receipt of a new List
of Holders.

                  (b) The Guarantee Trustee shall comply with its obligations
under Section 311(a), Section 311(b) and Section 312(b) of the Trust Indenture
Act.

                  Section 2.3. Reports by the Guarantee Trustee.

                  Not later than [    ] of each year, commencing [    ], the
Guarantee Trustee shall provide to the Holders such reports as are required by
Section 313 of the Trust Indenture Act, if any, in the form and in the manner
provided by Section 313 of the Trust Indenture Act. The Guarantee Trustee shall
also comply with the requirements of Section 313 (d) of the Trust Indenture Act.

                  Section 2.4. Periodic Reports to the Guarantee Trustee.

                  The Guarantor shall provide to the Guarantee Trustee, the
Securities and Exchange Commission and the Holders such documents, reports and
information, if any, as required by Section 314 of the Trust Indenture Act and
the compliance certificate required by

<PAGE>   9
                                      -6-

Section 314 of the Trust Indenture Act, in the form, in the manner and at the
times required by Section 314 of the Trust Indenture Act.

                  Section 2.5. Evidence of Compliance with Conditions Precedent.

                  The Guarantor shall provide to the Guarantee Trustee such
evidence of compliance with such conditions precedent, if any, provided for in
this Guarantee Agreement that relate to any of the matters set forth in Section
314(c) of the Trust Indenture Act. Any certificate or opinion required to be
given by an officer pursuant to Section 314(c)(1) may be given in the form of an
Officers' Certificate.

                  Section 2.6. Events of Default; Waiver.

                  The Holders of a Majority in liquidation preference of the
Preferred Securities may, by vote, on behalf of the Holders, waive any past
Event of Default and its consequences. Upon such waiver, any such Event of
Default shall cease to exist, and any Event of Default arising therefrom shall
be deemed to have been cured, for every purpose of this Guarantee Agreement, but
no such waiver shall extend to any subsequent or other default or Event of
Default or impair any right consequent therefrom.

                  Section 2.7. Event of Default; Notice.

                  (a) The Guarantee Trustee shall, within 90 days after the
occurrence of an Event of Default known to the Guarantee Trustee, transmit by
mail, first class postage prepaid, to the Holders, notices of all such Events of
Default unless such defaults have been cured or waived before the giving of such
notice; provided, that, except in the case of a default in the payment of a
Guarantee Payment, the Guarantee Trustee shall be protected in withholding such
notice if and so long as the Board of Directors, the executive committee or a
trust committee of directors and/or Responsible Officers of the Guarantee
Trustee in good faith determines that the withholding of such notice is in the
interests of the Holders.

                  (b) The Guarantee Trustee shall not be deemed to have
knowledge of any Event of Default unless the Guarantee Trustee shall have
received written notice, or a Responsible Officer charged with the
administration of the Declaration of Trust shall have obtained written notice,
of such Event of Default.

                  Section 2.8. Conflicting Interests.

                  The Declaration of Trust shall be deemed to be specifically
described in this Guarantee Agreement for the purposes of clause (i) of the
first proviso contained in Section 310(b) of the Trust Indenture Act.

<PAGE>   10
                                      -7-

         ARTICLE III. POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

                  Section 3.1. Powers and Duties of the Guarantee Trustee.

                  (a) This Guarantee Agreement shall be held by the Guarantee
Trustee for the benefit of the Holders, and the Guarantee Trustee shall not
transfer this Guarantee Agreement to any Person except a Holder exercising his
or her rights pursuant to Section 5.4(iv) or to a Successor Guarantee Trustee on
acceptance by such Successor Guarantee Trustee of its appointment to act as
Successor Guarantee Trustee. The right, title and interest of the Guarantee
Trustee shall automatically vest in any Successor Guarantee Trustee, upon
acceptance by such Successor Guarantee Trustee of its appointment hereunder, and
such vesting and cessation of title shall be effective whether or not
conveyancing documents have been executed and delivered pursuant to the
appointment of such Successor Guarantee Trustee.

                  (b) If an Event of Default has occurred and is continuing, the
Guarantee Trustee shall enforce this Guarantee Agreement for the benefit of the
Holders.

                  (c) The Guarantee Trustee, before the occurrence of any Event
of Default and after the curing or waiver of all Events of Default that may have
occurred, shall undertake to perform only such duties as are specifically set
forth in this Guarantee Agreement, and no implied covenants shall be read into
this Guarantee Agreement against the Guarantee Trustee. In case an Event of
Default has occurred (that has not been cured or waived pursuant to Section
2.6), the Guarantee Trustee shall exercise such of the rights and powers vested
in it by this Guarantee Agreement, and use the same degree of care and skill in
its exercise thereof, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

                  (d) No provision of this Guarantee Agreement shall be
construed to relieve the Guarantee Trustee from liability for its own negligent
action, its own negligent failure to act or its own willful misconduct, except
that:

                      (i) prior to the occurrence of any Event of Default and
         after the curing or waiving of all such Events of Default that may have
         occurred:

                               (A) the duties and obligations of the Guarantee
                  Trustee shall be determined solely by the express provisions
                  of this Guarantee Agreement, and the Guarantee Trustee shall
                  not be liable except for the performance of such duties and
                  obligations as are specifically set forth in this Guarantee
                  Agreement; and

<PAGE>   11
                                      -8-

                               (B) in the absence of bad faith on the part of
                  the Guarantee Trustee, the Guarantee Trustee may conclusively
                  rely, as to the truth of the statements and the correctness of
                  the opinions expressed therein, upon any certificates or
                  opinions furnished to the Guarantee Trustee and conforming to
                  the requirements of this Guarantee Agreement; but in the case
                  of any such certificates or opinions that by any provision
                  hereof or of the Trust Indenture Act are specifically required
                  to be furnished to the Guarantee Trustee, the Guarantee
                  Trustee shall be under a duty to examine the same to determine
                  whether or not they conform to the requirements of this
                  Guarantee Agreement;

                     (ii) the Guarantee Trustee shall not be liable for any
         error of judgment made in good faith by a Responsible Officer of the
         Guarantee Trustee, unless it shall be proved that the Guarantee Trustee
         was negligent in ascertaining the pertinent facts upon which such
         judgment was made;

                    (iii) the Guarantee Trustee shall not be liable with respect
         to any action taken or omitted to be taken by it in good faith in
         accordance with the direction of the Holders of not less than a
         Majority in liquidation preference of the Preferred Securities relating
         to the time, method and place of conducting any proceeding for any
         remedy available to the Guarantee Trustee, or exercising any trust or
         power conferred upon the Guarantee Trustee under this Guarantee
         Agreement; and

                     (iv) no provision of this Guarantee Agreement shall require
         the Guarantee Trustee to expend or risk its own funds or otherwise
         incur personal financial liability in the performance of any of its
         duties or in the exercise of any of its rights or powers, if the
         Guarantee Trustee shall have reasonable grounds for believing that the
         repayment of such funds or liability is not reasonably assured to it
         under the terms of this Guarantee Agreement or adequate indemnity
         against such risk or liability is not reasonably assured to it.

                  Section 3.2. Certain Rights of Guarantee Trustee.

                  (a)  Subject to the provisions of Section 3.1:

                      (i) The Guarantee Trustee may rely and shall be fully
         protected in acting or refraining from acting upon any resolution,
         certificate, statement, instrument, opinion, report, notice, request,
         direction, consent, order, bond, debenture, note, other evidence of
         indebtedness or other paper or document reasonably believed by it to be
         genuine and to have been signed, sent or presented by the proper party
         or parties.

<PAGE>   12
                                      -9-

                     (ii) Any direction or act of the Guarantor contemplated by
         this Guarantee Agreement shall be sufficiently evidenced by an
         Officer's Certificate unless otherwise prescribed herein.

                    (iii) Whenever, in the administration of this Guarantee
         Agreement, the Guarantee Trustee shall deem it desirable that a matter
         be proved or established before taking, suffering or omitting to take
         any action hereunder, the Guarantee Trustee (unless other evidence is
         herein specifically prescribed) may, in the absence of bad faith on its
         part, request and rely upon an Officers' Certificate which, upon
         receipt of such request from the Guarantee Trustee, shall be promptly
         delivered by the Guarantor.

                     (iv) The Guarantee Trustee may consult with legal counsel,
         and the written advice or opinion of such legal counsel with respect to
         legal matters shall be full and complete authorization and protection
         in respect of any action taken, suffered or omitted to be taken by it
         hereunder in good faith and in accordance with such advice or opinion.
         Such legal counsel may be legal counsel to the Guarantor or any of its
         Affiliates and may be one of its employees. The Guarantee Trustee shall
         have the right at any time to seek instructions concerning the
         administration of this Guarantee Agreement from any court of competent
         jurisdiction.

                      (v) The Guarantee Trustee shall be under no obligation to
         exercise any of the rights or powers vested in it by this Guarantee
         Agreement at the request or direction of any Holder, unless such Holder
         shall have provided to the Guarantee Trustee such adequate security and
         indemnity as would satisfy a reasonable person in the position of the
         Guarantee Trustee, against the costs, expenses (including attorneys'
         fees and expenses) and liabilities that might be incurred by it in
         complying with such request or direction, including such reasonable
         advances as may be requested by the Guarantee Trustee; provided that,
         nothing contained in this Section 3.2(a)(v) shall be taken to relieve
         the Guarantee Trustee, upon the occurrence of an Event of Default, of
         its obligation to exercise the rights and powers vested in it by this
         Guarantee Agreement.

                     (vi) The Guarantee Trustee shall not be bound to make any
         investigation into the facts or matters stated in any resolution,
         certificate, statement, instrument, opinion, report, notice, request,
         direction, consent, order, bond, debenture, note, other evidence of
         indebtedness or other paper or document, but the Guarantee Trustee, in
         its discretion, may make such further inquiry or investigation into
         such facts or matters as it may see fit.

                    (vii) The Guarantee Trustee may execute any of the trusts or
         powers hereunder or perform any duties hereunder either directly or by
         or through its agents or attorneys, and the Guarantee Trustee shall not
         be responsible for any misconduct or

<PAGE>   13
                                      -10-

         negligence on the part of any such agent or attorney appointed with due
         care by it hereunder.

                   (viii) Any action taken by the Guarantee Trustee or its
         agents hereunder shall bind the holders, and the signature of the
         Guarantee Trustee or its agents alone shall be sufficient and effective
         to perform such action. No third party shall be required to inquire as
         to the authority of the Guarantee Trustee to so act or as to its
         compliance with any of the terms and provisions of this Guarantee
         Agreement, both of which shall be conclusively evidenced by the
         Guarantee's or its agent's taking such action.

                     (ix) Whenever in the administration of this Guarantee
         Agreement the Guarantee Trustee shall deem it desirable to receive
         instructions with respect to enforcing any remedy or right or taking
         any other action hereunder, the Guarantee Trustee (A) may request
         instructions from the Holders of a Majority in Liquidation Amount of
         the Securities, (B) may refrain from enforcing such remedy or right or
         taking such other action until such instructions are received, and (C)
         shall be protected in acting in accordance with such instructions.

                  (b) No provision of this Guarantee Agreement shall be deemed
to impose any duty or obligation on the Guarantee Trustee to perform any act or
acts or exercise any right, power, duty or obligation conferred or imposed on it
in any jurisdiction in which it shall be illegal, or in which the Guarantee
Trustee shall be unqualified or incompetent in accordance with applicable law,
to perform any such act or acts or to exercise any such right, power, duty or
obligation. No permissive power or authority available to the Guarantee Trustee
shall be construed to be a duty to act in accordance with such power and
authority.

                  Section 3.3. Indemnity.

                  The Guarantor agrees to indemnify the Guarantee Trustee for,
and to hold it harmless against, any loss, liability or expense incurred without
negligence or bad faith on the part of the Guarantee Trustee, arising out of or
in connection with the acceptance or administration of this Guarantee Agreement,
including the costs and expenses of defending itself against any claim or
liability in connection with the exercise or performance of any of its powers or
duties hereunder. The Guarantee Trustee will not claim or exact any lien or
charge on any Guarantee Payments as a result of any amount due to it under this
Guarantee Agreement. The provisions of this Section 3.3 shall survive the
termination of this Guarantee Agreement or the removal or resignation of the
Guarantee Trustee.

<PAGE>   14
                                      -11-

                          ARTICLE IV. GUARANTEE TRUSTEE

                  Section 4.1. Guarantee Trustee: Eligibility.

                  (a)  There shall at all times be a Guarantee Trustee which
shall:

                      (i)  not be an Affiliate of the Guarantor; and

                     (ii) be a Person that is eligible pursuant to the Trust
         Indenture Act to act as such and has a combined capital and surplus of
         at least $50,000,000, and shall be a corporation meeting the
         requirements of Section 310(c) of the Trust Indenture Act. If such
         corporation publishes reports of condition at least annually, pursuant
         to law or to the requirements of the supervising or examining
         authority, then, for the purposes of this Section and to the extent
         permitted by the Trust Indenture Act, the combined capital and surplus
         of such corporation shall be deemed to be its combined capital and
         surplus as set forth in its most recent report of condition so
         published.

                  (b) If at any time the Guarantee Trustee shall cease to be
eligible to so act under Section 4.1(a), the Guarantee Trustee shall immediately
resign in the manner and with the effect set out in Section 4.2(c).

                  (c) If the Guarantee Trustee has or shall acquire any
"conflicting interest" within the meaning of Section 310(b) of the Trust
Indenture Act, the Guarantee Trustee and Guarantor shall in all respects comply
with the provisions of Section 310(b) of the Trust Indenture Act.

                  Section 4.2. Appointment, Removal and Resignation of the
Guarantee Trustee.

                  (a)  Subject to Section 4.2(b), the Guarantee Trustee may be
appointed or removed without cause at any time by the Guarantor.

                  (b) The Guarantee Trustee shall not be removed until a
Successor Guarantee Trustee has been appointed and has accepted such appointment
by written instrument executed by such Successor Guarantee Trustee and delivered
to the Guarantor.

                  (c) The Guarantee Trustee appointed hereunder shall hold
office until a Successor Guarantee Trustee shall have been appointed or until
its removal or resignation. The Guarantee Trustee may resign from office
(without need for prior or subsequent accounting) by an instrument in writing
executed by the Guarantee Trustee and delivered to the Guarantor, which
resignation shall not take effect until a Successor Guarantee Trustee has been
appointed

<PAGE>   15
                                      -12-

and has accepted such appointment by instrument in writing executed by such
Successor Guarantee Trustee and delivered to the Guarantor and the resigning
Guarantee Trustee.

                  (d) If no Successor Guarantee Trustee shall have been
appointed and accepted appointment as provided in this Section 4.2 within 60
days after delivery to the Guarantor of an instrument of resignation, the
resigning Guarantee Trustee may petition, at the expense of the Guarantor, any
court of competent jurisdiction for appointment of a Successor Guarantee
Trustee. Such court may thereupon, after prescribing such notice, if any, as it
may deem proper, appoint a Successor Guarantee Trustee.

                              ARTICLE V. GUARANTEE

                  Section 5.1. Guarantee.

                  The Guarantor irrevocably and unconditionally agrees to pay in
full to the Holders the Guarantee Payments (without duplication of amounts
theretofore paid by or on behalf of the Issuer), as and when due, regardless of
any defense, right of set-off or counterclaim which the Issuer may have or
assert. The Guarantor's obligation to make a Guarantee Payment may be satisfied
by direct payment of the required amounts by the Guarantor to the Holders or by
causing the Issuer to pay such amounts to the Holders.

                  Section 5.2. Waiver of Notice and Demand.

                  The Guarantor hereby waives notice of acceptance of the
Guarantee Agreement and of any liability to which it applies or may apply,
presentment, demand for payment, any right to require a proceeding first against
the Guarantee Trustee, Issuer or any other Person before proceeding against the
Guarantor, protest, notice of nonpayment, notice of dishonor, notice of
redemption and all other notices and demands.

                  Section 5.3. Obligations Not Affected.

                  The obligations, covenants, agreements and duties of the
Guarantor under this Guarantee Agreement shall in no way be affected or impaired
by reason of the happening from time to time of any of the following:

                  (a) the release or waiver, by operation of law or otherwise,
         of the performance or observance by the Issuer of any express or
         implied agreement, covenant, term or condition relating to the
         Securities to be performed or observed by the Issuer;

                  (b) the extension of time for the payment by the Issuer of all
         or any portion of the Distributions (other than an extension of time
         for payment of Distributions that

<PAGE>   16
                                      -13-

         results from the extension of any interest payment period on the
         Debentures as so provided in the Indenture), Redemption Price,
         Liquidation Distribution or any other sums payable under the terms of
         the Securities or the extension of time for the performance of any
         other obligation under, arising out of, or in connection with, the
         Securities;

                  (c) any failure, omission, delay or lack of diligence on the
         part of the Holders to enforce, assert or exercise any right,
         privilege, power or remedy conferred on the Holders pursuant to the
         terms of the Securities, or any action on the part of the Issuer
         granting indulgence or extension of any kind;

                  (d) the voluntary or involuntary liquidation, dissolution,
         sale of any collateral, receivership, insolvency, bankruptcy,
         assignment for the benefit of creditors, reorganization, arrangement,
         composition or readjustment of debt of, or other similar proceedings
         affecting, the Issuer or any of the assets of the Issuer;

                  (e)  any invalidity of, or defect or deficiency in, the
         Securities;

                  (f)  the settlement or compromise of any obligation guaranteed
         hereby or hereby incurred; or

                  (g) any other circumstance whatsoever that might otherwise
         constitute a legal or equitable discharge or defense of a guarantor, it
         being the intent of this Section 5.3 that the obligations of the
         Guarantor hereunder shall be absolute and unconditional under any and
         all circumstances.

                  There shall be no obligation of the Holders to give notice to,
or obtain the consent of, the Guarantor with respect to the happening of any of
the foregoing.

                  Section 5.4. Rights of Holders.

                  The Guarantor expressly acknowledges that: (i) this Guarantee
Agreement will be deposited with the Guarantee Trustee to be held for the
benefit of the Holders; (ii) the Guarantee Trustee has the right to enforce this
Guarantee Agreement on behalf of the Holders; (iii) the Holders of a Majority in
liquidation preference of the Securities have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the
Guarantee Trustee in respect of this Guarantee Agreement or exercising any trust
or power conferred upon the Guarantee Trustee under this Guarantee Agreement;
and (iv) if the Guarantee Trustee fails to enforce this Guarantee Agreement
after a Holder has made a written request for the Guarantee Trustee to do so,
any Holder may, to the extent permitted by law, institute a legal proceeding
directly against the Guarantor to enforce its rights under this Guarantee
Agreement, without first instituting a legal proceeding against the Guarantee
Trustee, the Issuer or any other Person. Notwithstanding the foregoing, if the
Guarantor has failed to

<PAGE>   17
                                      -14-

make a Guarantee Payment, a Holder may directly institute a proceeding against
the Guarantor for enforcement of this Guarantee Agreement for such payment. The
Guarantor waives, any right or remedy to require that any action on this
Guarantee Agreement be brought first against the Issuer or any other Person or
entity before proceeding directly against the Guarantor.

                  Section 5.5. Guarantee of Payment.

                  This Guarantee Agreement creates a guarantee of payment and
not of collection. This Guarantee Agreement will not be discharged except by
payment of the Guarantee Payments in full (without duplication of amounts
theretofore paid by the Issuer) or upon distribution of Debentures to Holders as
provided in the Declaration of Trust.

                  Section 5.6. Subrogation.

                  The Guarantor shall be subrogated to all (if any) rights of
the Holders against the Issuer in respect of any amounts paid to the Holders by
the Guarantor under this Guarantee Agreement and shall have the right to waive
payment by the Issuer pursuant to Section 5.1; provided, however, that the
Guarantor shall not (except to the extent required by mandatory provisions of
law) be entitled to enforce or exercise any rights which it may acquire by way
of subrogation or any indemnity, reimbursement or other agreement, in all cases
as a result of payment under this Guarantee Agreement, if at the time of any
such payment, any amounts are due and unpaid under this Guarantee Agreement. If
any amount shall be paid to the Guarantor in violation of the preceding
sentence, the Guarantor agrees to hold such amount in trust for the Holders and
to pay over such amount to the Holders.

                  Section 5.7. Independent Obligations.

                  The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Issuer with respect to the Securities and
that the Guarantor shall be liable as principal and as debtor hereunder to make
Guarantee Payments pursuant to the terms of this Guarantee Agreement
notwithstanding the occurrence of any event referred to in subsections (a)
through (g), inclusive, of Section 5.3 hereof.

                     ARTICLE VI. COVENANTS AND SUBORDINATION

                  Section 6.1. Subordination.

                  This Guarantee Agreement will constitute an unsecured
obligation of the Guarantor and will rank subordinate and junior in right of
payment to all Senior Indebtedness and Subordinated Indebtedness of the
Guarantor. If an Event of Default has occurred and is continuing under the
Declaration of Trust, the rights of the holders of the Common Securities to

<PAGE>   18
                                      -15-

receive Guarantee Payments hereunder shall be subordinated to the rights of the
holders of Preferred Securities to receive Guarantee Payments under this
Guarantee.

                  Section 6.2. Pari Passu Guarantees.

                  This Guarantee Agreement shall rank pari passu with any
similar Guarantee Agreements issued by the Guarantor on behalf of the holders of
Preferred Securities issued by Burlington Resources Capital I.

                            ARTICLE VII. TERMINATION

                  Section 7.1. Termination.

                  This Guarantee Agreement shall terminate and be of no further
force and effect upon (i) full payment of the Redemption Price of all
Securities, (ii) the distribution of Debentures to the Holders in exchange for
all of the Securities or (iii) full payment of the amounts payable in accordance
with the Declaration of Trust upon liquidation of the Issuer. Notwithstanding
the foregoing, this Guarantee Agreement will continue to be effective or will be
reinstated, as the case may be, if at any time any Holder must restore payment
of any sums paid with respect to Preferred Securities or this Guarantee
Agreement.

                           ARTICLE VIII. MISCELLANEOUS

                  Section 8.1. Successors and Assigns.

                  All guarantees and agreements contained in this Guarantee
Agreement shall bind the successors, assigns, receivers, trustees and
representatives of the Guarantor and shall inure to the benefit of the Holders
of the Securities then outstanding. Except in connection with a consolidation,
merger or sale involving the Guarantor that is permitted under Article 5 of the
Indenture and pursuant to which the assignee agrees in writing to perform the
Guarantor's obligations hereunder, the Guarantor shall not assign its
obligations hereunder.

                  Section 8.2. Amendments.

                  Except with respect to any changes which do not adversely
affect the rights of the Holders in any material respect (in which case no
consent of the Holders will be required), this Guarantee Agreement may only be
amended with the prior approval of the Holders of not less than a Majority in
liquidation preference of all the outstanding Preferred Securities. The

<PAGE>   19
                                      -16-

provisions of Article VI of the Declaration of Trust concerning meetings of the
Holders shall apply to the giving of such approval.

                  Section 8.3. Notices.

                  Any notice, request or other communication required or
permitted to be given hereunder shall be in writing, duly signed by the party
giving such notice, and delivered, telecopied or mailed by first class mail as
follows:

                  (a) if given to the Guarantee Trustee, at the Guarantee
         Trustee's mailing address set forth below (or such other address as the
         Guarantee Trustee may give notice of to the Guarantor and the Holders):

                  [          ]
                  [          ]
                  [          ]
                  [          ]

                  (b) if given to the Guarantor, to the address set forth below
         or such other address, facsimile number or to the attention of such
         other Person as the Guarantor may give notice to the Holders of the
         Preferred Securities:

                  [          ]
                  [          ]
                  [          ]
                  [          ]

                  (c) if given to the Issuer, in care of the Guarantee Trustee,
         at the Issuer's (and the Guarantee Trustee's) address set forth below
         or such other address as the Guarantee Trustee on behalf of the Issuer
         may give notice to the Holders:

                  [          ]
                  [          ]
                  [          ]
                  [          ]

         with a copy to:

                  [          ]
                  [          ]
                  [          ]
                  [          ]

<PAGE>   20
                                      -17-

                  (d)  if given to any Holder, at the address set forth on the
        books and records of the Issuer.

                  All notices hereunder shall be deemed to have been given when
received in person, telecopied with receipt confirmed, or mailed by first class
mail, postage prepaid, except that if a notice or other document is refused
delivery or cannot be delivered because of a changed address of which no notice
was given, such notice or other document shall be deemed to have been delivered
on the date of such refusal or inability to deliver.

                  Section 8.4. Benefit.

                  This Guarantee Agreement is solely for the benefit of the
Holders and is not separately transferable from the Preferred Securities.

                  Section 8.5. Interpretation.

                  In this Guarantee Agreement, unless the context otherwise
requires:

                  (a) capitalized terms used in this Guarantee Agreement but not
         defined in the preamble hereto have the respective meanings assigned to
         them in Section 1.1;

                  (b)  a term defined anywhere in this Guarantee Agreement has
         the same meaning throughout;

                  (c) all references to "the Guarantee Agreement" or "this
         Guarantee Agreement" are to this Guarantee Agreement as modified,
         supplemented or amended from time to time;

                  (d) all references in this Guarantee Agreement to Articles and
         Sections are to Articles and Sections of this Guarantee Agreement
         unless otherwise specified;

                  (e) a term defined in the Trust Indenture Act has the same
         meaning when used in this Guarantee Agreement unless otherwise defined
         in this Guarantee Agreement or unless the context otherwise requires;

                  (f)  a reference to the singular includes the plural and vice
         versa; and

                  (g) the masculine, feminine or neuter genders used herein
         shall include the masculine, feminine and neuter genders.

<PAGE>   21
                                      -18-

                  Section 8.6. Governing Law.

                  THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF.

                  This instrument may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

<PAGE>   22

                                       S-1

                  THIS GUARANTEE AGREEMENT is executed as of the date first
above written.

                                            BURLINGTON RESOURCES INC.

                                            By:
                                               --------------------------------
                                               Name:
                                               Title:

                                            [                     ],
                                             as Guarantee Trustee

                                            By:
                                               --------------------------------
                                               Name:
                                               Title:

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