Document:

EX-4.1

 Exhibit 4.1 

WPX ENERGY, INC. 
 AND

 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

as Trustee 
  

 
 SECOND
SUPPLEMENTAL INDENTURE 
 Dated as of July 22, 2015 

to the 
 INDENTURE

 Dated as of September 8, 2014 

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	PAGE	 
	ARTICLE 1	  
	DEFINITIONS	  
			
	 Section 1.01.
	 	 Relation to Base Indenture
	  	 	1	  
	 Section 1.02.
	 	 Definition of Terms
	  	 	1	  
	ARTICLE 2	  
	GENERAL TERMS AND CONDITIONS OF THE NOTES	  
			
	 Section 2.01.
	 	 Designation and Principal Amount
	  	 	9	  
	 Section 2.02.
	 	 Maturity
	  	 	9	  
	 Section 2.03.
	 	 Form, Payment and Appointment
	  	 	9	  
	 Section 2.04.
	 	 Global Notes
	  	 	10	  
	 Section 2.05.
	 	 Interest
	  	 	11	  
	 Section 2.06.
	 	 No Sinking Fund
	  	 	11	  
	 Section 2.07.
	 	 Satisfaction and Discharge
	  	 	11	  
	
	ARTICLE 3	  
	REDEMPTION OF THE NOTES	  
			
	 Section 3.01.
	 	 Optional Redemption
	  	 	12	  
	 Section 3.02.
	 	 Election or Obligation to Redeem; Notice to Trustee
	  	 	12	  
	 Section 3.03.
	 	 Selection by Trustee of Notes to be Redeemed
	  	 	13	  
	 Section 3.04.
	 	 Deposit of Redemption Price
	  	 	13	  
	 Section 3.05.
	 	 Notes Redeemed in Part
	  	 	13	  
	 Section 3.06.
	 	 Repurchases on the Open Market
	  	 	14	  
	 Section 3.07.
	 	 Special Mandatory Redemption
	  	 	14	  
	
	ARTICLE 4	  
	CHANGE OF CONTROL	  
			
	 Section 4.01.
	 	 Offer to Repurchase Upon Change of Control
	  	 	15	  
	
	ARTICLE 5	  
	FORMS OF NOTES	  
			
	 Section 5.01.
	 	 Forms of Notes
	  	 	16	  
	
	ARTICLE 6	  
	ORIGINAL ISSUE OF NOTES	  
			
	 Section 6.01.
	 	 Original Issue of Notes
	  	 	17	  

  
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	ARTICLE 7	  
	MISCELLANEOUS	  
			
	 Section 7.01.
		 Ratification of Indenture
		 	17	  
	 Section 7.02.
		 Trustee Not Responsible for Recitals
		 	17	  
	 Section 7.03.
		 Governing Law
		 	17	  
	 Section 7.04.
		 Waiver of Trial by Jury
		 	17	  
	 Section 7.05.
		 Table of Contents, Headings, etc
		 	17	  
	 Section 7.06.
		 Execution in Counterparts
		 	18	  
	 Section 7.07.
		 Separability; Benefits
		 	18	  
			
	 EXHIBIT A-1
		 Form of 7.50% Senior Notes due 2020
		 	A-1	  
	 EXHIBIT A-2
		 Form of 8.25% Senior Notes due 2023
		 	A-2	  

  
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 THIS SECOND SUPPLEMENTAL INDENTURE (this “Second Supplemental Indenture”), dated
as of July 22, 2015, is between WPX Energy, Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., a national banking association (the “Trustee”). 

R E C I T A L S 
 WHEREAS, the
Company has executed and delivered to the Trustee an Indenture, dated as of September 8, 2014, between the Company and the Trustee (the “Base Indenture” and, as supplemented by this Second Supplemental Indenture, the
“Indenture”), providing for the issuance from time to time of series of Securities of the Company; 
 WHEREAS,
Section 10.01(c) of the Base Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Base Indenture to establish the forms or terms of Securities of any series as permitted by Section 2.01 and Section
2.02 of the Base Indenture; 
 WHEREAS, pursuant to Section 2.02 of the Base Indenture, the Company wishes to provide for the issuance of
(i) a new series of Securities to be known as its 7.50% Senior Notes due 2020 (the “2020 Notes”) and (ii) a new series of Securities to be known as its 8.25% Senior Notes due 2023 (the “2023 Notes” and,
together with the 2020 Notes, the “Notes”), the form and terms of such Notes and the terms, provisions and conditions thereof to be set forth as provided in this Second Supplemental Indenture; and 

WHEREAS, the Company has requested that the Trustee execute and deliver this Second Supplemental Indenture, and all requirements necessary to
make this Second Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid, binding and enforceable
obligations of the Company, have been done and performed, and the execution and delivery of this Second Supplemental Indenture has been duly authorized in all respects; 

NOW, THEREFORE, in consideration of the covenants and agreements set forth herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Relation to Base Indenture. This Second Supplemental Indenture constitutes an integral part of the Base Indenture.

 Section 1.02. Definition of Terms. For all purposes of this Second Supplemental Indenture: 

 (a) Capitalized terms used herein without definition shall have the meanings set forth in the
Base Indenture; 
 (b) a term defined anywhere in this Second Supplemental Indenture has the same meaning throughout; 

(c) the singular includes the plural and vice versa; 

(d) headings are for convenience of reference only and do not affect interpretation; 

(e) the following terms have the meanings given to them in this Section 1.02(e): 

“2020 Notes Maturity Date” shall have the meaning set forth in Section 2.02 hereto. 

“2023 Notes Maturity Date” shall have the meaning set forth in Section 2.02 hereto. 

“Acquisition” shall mean the acquisition of RKI by the Company, as further described in the prospectus supplement, dated
July 17, 2015, to the prospectus, dated July 14, 2015, of the Company relating to the Notes, and filed with the Commission. 

“Adjusted Treasury Rate” shall mean, with respect to any Redemption Date, the rate per annum equal to the semiannual
equivalent yield to maturity of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for that Redemption
Date. 
 “Change of Control” shall mean: 

(a) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the properties or assets (including Capital Stock of the Subsidiaries of the Company) of the Company and its Subsidiaries taken as a whole, to any “person” (as that term is
used in Section 13(d)(3) of the Exchange Act) (other than the Company or its Subsidiaries); 
 (b) the adoption of a plan relating or
the liquidation or dissolution of the Company; 
 (c) any “person” or “group” (as such terms are used in Sections 13(d)
and 14(d) of the Exchange Act, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire,
whether such right is exercisable immediately or only after the passage 

  
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of time (such right, an “option right”)), directly or indirectly, of 50% or more of the equity securities of the Company entitled to vote for members of the Board of Directors or
equivalent governing body of the Company on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right); or 

(d) a majority of the members of the Board of Directors or equivalent governing body of the Company ceases to be composed of individuals
(i) who were members of that board or equivalent governing body on the date the Notes were issued, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause
(i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or equivalent governing body was approved by individuals
referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii), any
individual whose initial nomination for, or assumption of office as, a member of that board or equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more
directors by any person or group other than a solicitation for the election of one or more directors by or on behalf of the Board of Directors). 

“Change of Control Offer” shall have the meaning specified in Section 4.01(b). 

“Change of Control Payment” shall have the meaning specified in Section 4.01(b)(i). 

“Change of Control Payment Date” shall have the meaning specified in Section 4.01(b)(ii). 

“Change of Control Triggering Event” shall have the meaning specified in Section 4.01(a). 

“Comparable Treasury Issue” shall mean the United States Treasury security or securities selected by the Quotation Agent as
having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate notes of
comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” shall mean, with respect to any
Redemption Date: 
 (a) the average of the Reference Treasury Dealer Quotations for that Redemption Date, after excluding the highest and
lowest of such Reference Treasury Dealer Quotations, or 
 (b) if the Quotation Agent obtains fewer than three Reference Treasury Dealer
Quotations, the average of all Reference Treasury Dealer Quotations so received. 

  
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 “DTC” shall have the meaning set forth in Section 2.04(a). 

“Global Note” shall have the meaning set forth in Section 2.04(a). 

“holder” means a Person in whose name a Note is registered. 

“Interest Payment Date” shall have the meaning set forth in Section 2.05(b). 

“Interest Period” shall have the meaning set forth in Section 2.05(a). 

“Investment Grade Rating” shall mean a rating equal to or higher than: (a) Baa3 (or the equivalent) by Moody’s; or (b) BBB- (or the equivalent) by S&P, or, if either such entity ceases to rate any series of Notes for reasons outside of the Company’s control, the equivalent investment grade credit rating from any
other Rating Agency. 
 “Issue Date” shall mean July 22, 2015. 

“Maturity Date” shall have the meaning set forth in Section 2.02. 

“Merger Agreement” shall mean that certain Agreement and Plan of Merger dated July 13, 2015 among RKI, the Company and
Thunder Merger Sub, LLC, a Delaware limited liability company. 
 “Moody’s” shall mean Moody’s Investors Service,
Inc. or, if Moody’s Investors Service, Inc. shall cease rating debt securities having a maturity at original issue of at least one year and such ratings business shall have been transferred to a successor Person, such successor Person;
provided, however, that if there is no successor Person, then “Moody’s” shall mean any other nationally recognized rating agency, other than S&P, that rates debt securities having a maturity at original issuance of
at least one year and that shall have been designated by the Company. 
 “Optional Redemption Price” shall mean, with
respect to any redemption of Notes, the applicable redemption price set forth in each series of Notes. 
 “Outside Date”
shall mean November 30, 2015. 
 “Quotation Agent” shall mean the Reference Treasury Dealer appointed as such agent by
the Company. 
 “Rating Agencies” shall mean Moody’s and S&P, or if S&P or Moody’s or both shall not make
a rating on any series of Notes publicly available (other than as a result of voluntary action, or inaction, on the part of the Company), a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company (as
certified by a resolution of the Company’s Board of Directors) which shall be substituted for S&P or Moody’s, or both, as the case may be. 

“Rating Decline” shall mean a decrease in the ratings of the Notes of a series by one or more gradations (including
gradations within categories as well as between rating categories) by each of the Rating Agencies on any date from the date of the public notice 

  
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of an arrangement that could result in a Change of Control until the end of the 30-day period following public notice of the occurrence of the Change of Control (which 30-day period will be
extended so long as the rating of the Notes of such series is under publicly announced consideration for possible downgrade by either of the Rating Agencies and the other Rating Agency has either downgraded, or publicly announced that it is
considering downgrading, the Notes of such series). Notwithstanding the foregoing, if the Notes of such series have an Investment Grade Rating by each of the Rating Agencies, then “Rating Decline” means a decrease in the ratings of the
Notes of such series by one or more gradations (including gradations within categories as well as between rating categories) by each of the Rating Agencies such that the rating of the Notes of such series by each of the Rating Agencies falls below
an Investment Grade Rating on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 30-day period following public notice of the occurrence of the Change of Control (which 30-day
period will be extended so long as the rating of the Notes of such series is under publicly announced consideration for possible downgrade by either of the Rating Agencies and the other Rating Agency has either downgraded, or publicly announced that
it is considering downgrading, the Notes of such series). 
 “Record Date” shall have the meaning set forth in
Section 2.05(b). 
 “Redemption Date” shall mean, with respect to any Note or portion thereof to be redeemed, each
date fixed for such redemption by or pursuant to this Second Supplemental Indenture and the Notes. 
 “Reference Treasury
Dealer” shall mean each of (a) Barclays Capital, Inc., unless it ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), in which case the Company shall substitute
therefor another Primary Treasury Dealer; and (b) any two other Primary Treasury Dealers selected by the Company. 
 “Reference
Treasury Dealer Quotations” shall mean, with respect to any Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the applicable Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding that Redemption Date. 

“RKI” shall mean RKI Exploration & Production, LLC, a Delaware limited liability company. 

“S&P” shall mean Standard & Poor’s Ratings Service or, if Standard & Poor’s Ratings Service
shall cease rating debt securities having a maturity at original issue of at least one year and such ratings business shall have been transferred to a successor Person, such successor Person; provided, however, that if there is no
successor Person, then “S&P” shall mean any other nationally recognized rating agency, other than Moody’s, that rates debt securities having a maturity at original issuance of at least one year and that shall have been designated
by the Company. 

  
 5 

 “Special Mandatory Redemption Date” shall have the meaning set forth in
Section 3.07(b) hereto. 
 “Special Mandatory Redemption Event” shall have the meaning set forth in
Section 3.07(a) hereto. 
 “Special Mandatory Redemption Notice Date” shall have the meaning set forth in
Section 3.07(b) hereto. “Special Mandatory Redemption Price” shall have the meaning set forth in Section 3.07(a) hereto. 

The terms “2020 Notes,” “2023 Notes,” “Base Indenture,” “Company,”
“Indenture,” “Notes,” “Second Supplemental Indenture,” and “Trustee” shall have the respective meanings set forth in the recitals to this Second Supplemental Indenture and the
paragraph preceding such recitals. 
 (f) The definitions of “Permitted International Debt” and “Permitted
Liens” from the Base Indenture shall not apply to the Notes and hereafter shall be void and of no force and effect except solely with respect to any series of securities issued under the Base Indenture prior to the date of this Second
Supplemental Indenture, or to any subsequent series of securities issued under the Base Indenture as at the time supplemented and modified under the express terms of which series any such Section is to be applicable; and, insofar as relating to the
Notes, any reference to “Permitted International Debt” and “Permitted Liens” in the Base Indenture shall instead be deemed to refer to the definitions of such terms in this Second Supplemental Indenture. 

“Permitted International Debt” shall mean Indebtedness of any International Subsidiary for which neither the Company nor any
Domestic Subsidiary, directly or indirectly, provides any guarantee or other credit support and which is secured, if at all, only by pledges of or liens on assets (i) held by an International Subsidiary on the Issue Date, (ii) acquired by
an International Subsidiary from a Person not constituting an Affiliate or (iii) acquired by an International Subsidiary from the Company, any Domestic Subsidiary or other Affiliate on terms that, in the good faith judgment of the
Company’s Board of Directors, are no less favorable to the Company or the relevant Domestic Subsidiary or other Affiliate than those that would have been obtained in a comparable transaction by the Company or such Domestic Subsidiary or other
Affiliate with an unrelated Person or, if in the good faith judgment of the Company’s Board of Directors, no comparable transaction is available with which to compare such transaction, such transaction is otherwise fair to the Company or the
relevant Domestic Subsidiary or other Affiliate from a financial point of view. 
 “Permitted Liens” shall mean: 

(a) any Lien existing on any property at the time of the acquisition thereof and not created in contemplation of such acquisition by the
Company or any of its Subsidiaries, whether or not assumed by the Company or any of its Subsidiaries; 

  
 6 

 (b) any Lien existing on any property of a Subsidiary of the Company at the time it becomes a
Subsidiary of the Company and not created in contemplation thereof and any Lien existing on any property of any Person at the time such Person is merged or liquidated into or consolidated with the Company or any Subsidiary thereof and not created in
contemplation thereof; 
 (c) purchase money and analogous Liens incurred in connection with the acquisition (including through merger,
consolidation or other reorganization), development, construction, improvement, repair or replacement of property (including such Liens securing Indebtedness incurred within 12 months of the date on which such property was acquired, developed,
constructed, improved, repaired or replaced); provided that all such Liens attach only to the property acquired, developed, constructed, improved, repaired or replaced and the principal amount of the Indebtedness secured by such Lien shall not
exceed the gross cost of the property; 
 (d) Liens on accounts receivable and related proceeds thereof arising in connection with a
receivables financing and any Lien held by the purchaser of receivables derived from property or assets sold by the Company or any Subsidiary thereof and securing such receivables resulting from the exercise of any rights arising out of defaults on
such receivables; 
 (e) leases constituting Liens existing on the Issue Date or thereafter existing and any renewals or extensions thereof;

 (f) any Lien securing industrial development, pollution control or similar revenue bonds; 

(g) Liens existing on the Issue Date; 

(h) Liens in favor of the Company or any of its Subsidiaries; 

(i) Liens securing Indebtedness incurred to refund, extend, refinance or otherwise replace Indebtedness (“Refinanced
Indebtedness”) secured by a Lien permitted to be incurred under this Indenture; provided that the principal amount of such Refinanced Indebtedness does not exceed the principal amount of Indebtedness refinanced (plus the amount of
penalties, premiums, fees, accrued interest and reasonable expenses incurred therewith) at the time of refinancing; 
 (j) Liens on any
assets or properties, or pledges of the Capital Stock, of (a) any Joint Venture owned by the Company or any of its Subsidiaries or (b) any Non-Recourse Subsidiary, in each case only to the extent securing Non-Recourse Indebtedness of such
Joint Venture or Non-Recourse Subsidiary; 
 (k) Liens on the products and proceeds (including insurance, condemnation and eminent domain
proceeds) of and accessions to, and contract or other rights (including rights under insurance policies and product warranties) derivative of or relating to, property permitted by this Indenture to be subject to Liens but subject to the same
restrictions and limitations set forth in this Indenture as to Liens on such property 

  
 7 

 
(including the requirement that such Liens on products, proceeds, accessions, and rights secure only obligations that such property is permitted to secure); 

(l) any Liens securing Indebtedness neither assumed nor guaranteed by the Company or a Subsidiary of the Company nor on which the Company or a
Subsidiary of the Company customarily pays interest, existing upon real estate or rights in or relating to real estate (including rights-of-way and easements) acquired by the Company or such Subsidiary, which mortgage Liens do not materially impair
the use of such property for the purposes for which it is held by the Company or such Subsidiary; 
 (m) any Lien existing or hereafter
created on any office equipment, data processing equipment (including computer and computer peripheral equipment), or transportation equipment (including motor vehicles, aircraft, and marine vessels); 

(n) undetermined Liens and charges incidental to construction or maintenance; 

(o) any Lien created or assumed by the Company or a Subsidiary of the Company on oil, gas, coal, or other mineral or timber property owned or
leased by the Company or a Subsidiary of the Company to secure loans to the Company or a Subsidiary of the Company, for the purpose of developing such properties; 

(p) any Lien created by the Company or a Subsidiary of the Company on any contract (or any rights thereunder or proceeds therefrom) providing
for advances by the Company or such Subsidiary to finance oil, natural gas, hydrocarbon or other mineral exploration or development, which Lien is created to secure Indebtedness incurred to finance such advances; 

(q) any Lien granted in connection with a cash collateralization or similar arrangement to secure obligations of the Company or of any of the
Company’s Subsidiaries to issuing banks in connection with letters of credits issued at the request of the Company or any Subsidiary of the Company; 

(r) Liens on cash deposits in the nature of a right of setoff, banker’s lien, counterclaim or netting of cash amounts owed arising in the
ordinary course of business on deposit accounts; 
 (s) Liens arising under or from farm-out or farm-in agreements, carried working interest
arrangements or agreements, joint operating agreements, unitization and pooling arrangements and agreements, royalties, overriding royalties, contracts for sales of oil, gas or other mineral interests, area of mutual interest agreements, division
orders, joint ventures, partnerships and similar agreements relating to the exploration or development of, or production from, oil and gas properties incurred in the ordinary course of business; 

(t) Liens occurring in, arising from, or associated with Specified Escrow Arrangements; 

  
 8 

 (u) Liens securing Permitted International Debt; 

(v) Liens not otherwise permitted so long as the aggregate outstanding principal amount of the Indebtedness secured thereby does not exceed
$10,000,000 at any time; and 
 (w) Liens in respect of production payments, forward sales and similar arrangements arising in connection
with Indebtedness that is payable solely out of the proceeds of the sale of oil, natural gas, hydrocarbon or other minerals produced from the properties to which such Lien attaches. 

Each of the foregoing paragraphs (a) through (w) shall also be deemed to permit (i) appropriate Uniform Commercial Code and
other similar filings to perfect the Liens permitted by such paragraph and (ii) Liens on the products and proceeds (including insurance, condemnation and eminent domain proceeds) of and accessions to, and contract or other rights (including
rights under insurance policies and product warranties) derivative of or relating to, the property permitted to be encumbered under such paragraph, but subject to the same restrictions and limitations herein set forth as to Liens on such property
(including the requirement that such Liens on products, proceeds, accessions and rights secure only the specified obligations, and in the amount, that such property is permitted to secure). 

ARTICLE 2 
 GENERAL
TERMS AND CONDITIONS OF THE NOTES 

Section 2.01. Designation and Principal Amount. The Notes may be issued from time to time upon written order of the Company for
the authentication and delivery of Notes pursuant to Section 2.03 of the Base Indenture. 
 There is hereby authorized (i) a
series of Securities designated as 7.50% Senior Notes due 2020 and (ii) a series of Securities designated as 8.25% Senior Notes due 2023, in each case, limited in aggregate principal amount to U.S.$500,000,000 (except for Notes authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, any Notes of such series pursuant to Sections 2.06, 2.07, 2.08, 2.09, 3.03 or 10.04 of the Base Indenture or Section 4.01(d) hereof or pursuant to the last
paragraph of Section 2.02 of the Base Indenture). 
 Section 2.02. Maturity . The date upon which the 2020 Notes shall become
due and payable at final maturity, together with any accrued and unpaid interest is August 1, 2020 (the “2020 Notes Maturity Date”). The date upon which the 2023 Notes shall become due and payable at final maturity, together
with any accrued and unpaid interest is August 1, 2023 (the “2023 Notes Maturity Date” and, together with the 2020 Notes Maturity Date, the “Maturity Date”). 

Section 2.03. Form, Payment and Appointment. Except as provided in Section 2.04, the Notes shall be issued in fully
registered, certificated form, bearing identical terms. Principal of and premium, if any, and interest on the Notes will be payable, the 

  
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transfer of such Notes will be registrable, and such Notes will be exchangeable for Notes of a like aggregate principal amount bearing identical terms and provisions, at the office or agency of
the Company maintained for such purpose in the Borough of Manhattan, The City of New York, which shall initially be the Principal Office of the Trustee, acting through the corporate trust office of its affiliate, The Bank of New York Mellon, located
at 101 Barclay Street, New York, New York 10286; provided, however, that payment of interest due on an Interest Payment Date may be made at the option of the Company by check mailed to the Person entitled thereto at such address as
shall appear in the Security Register or by wire transfer to an account appropriately designated by the Person entitled to payment, provided that the paying agent shall have received written notice of such account designation at least five
Business Days prior to the date of such payment. 
 No service charge shall be made for any registration of transfer or exchange of the
Notes, but the Company may require payment from the holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

The Security Registrar and paying agent for the Notes shall initially be the Trustee. 

The Specified Currency of the Notes shall be U.S. Dollars. 

Section 2.04. Global Notes. 

(a) Each series of Notes shall be issued initially in the form of one or more permanent Global Securities in registered form (each, a
“Global Note”). The Depository Trust Company (“DTC”) shall initially act as the Depositary for each series of Notes. Each Global Note (i) shall be deposited with the Depositary or its custodian and registered
in the name of DTC’s nominee, (ii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions, and (iii) shall bear a legend substantially to the effect set forth in Section 2.12 of
the Base Indenture. 
 (b) The aggregate amount of Outstanding Notes represented by any Global Note may from time to time be increased or
decreased to reflect exchanges. The Trustee may make any endorsement on a Global Note to reflect the amount, or any increase or decrease in the amount, or changes in the rights of holders of the Notes represented thereby, in each case in accordance
with the terms of the Indenture and the Notes. Each Global Note shall represent the aggregate amount of Notes from time to time endorsed thereon. 

(c) Unless and until any Global Note for the Notes is exchanged for Notes in certificated form, such Global Note may be transferred, in whole
but not in part, and any payments on the Notes evidenced by such Global Note shall be made, only to the Depositary or a nominee of the Depositary, or to a successor Depositary selected or approved by the Company or to a nominee of such successor
Depositary, in each case as the Securityholder of such Notes. 

  
 10 

 Section 2.05. Interest. 

(a) Interest payable on any Interest Payment Date, the Maturity Date or, if applicable, the Redemption Date, with respect to each series of
Notes shall be the amount of interest accrued from, and including, the immediately preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the original issue date of July 22, 2015,
if no interest has been paid or duly provided for with respect to such Notes) to, but excluding, such Interest Payment Date, Maturity Date or, if applicable, Redemption Date, as the case may be (each, an “Interest Period”). 

(b) Interest on the 2020 Notes shall accrue at the rate of 7.50% per annum and interest on the 2023 Notes shall accrue at the rate of
8.25% per annum. Interest on the Notes shall accrue from July 22, 2015 and shall be payable semi-annually in arrears on February 1 and August 1 of each year (each, an “Interest Payment Date”), beginning on
February 1, 2016 to, but excluding, the Maturity Date of the Notes. Interest shall be payable to the Persons in whose names the relevant Notes are registered at the close of business on the January 15 or July 15 (whether or not a
Business Day), respectively, immediately prior to each Interest Payment Date (each, a “Record Date”). 
 (c) The amount of
interest payable for any full semi-annual Interest Period in respect of the Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any period shorter than a full semi-annual
Interest Period in respect of the Notes will be calculated on the basis of a 30-day month and, for any period less than a month, on the basis of the actual number of days elapsed per 30-day month. If any scheduled Interest Payment Date for the Notes
falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date will be postponed to the next succeeding day which is a Business Day (and no interest on such payment will accrue for the period from and after
such scheduled Interest Payment Date). 
 (d) In the event that the Maturity Date, a Redemption Date or a Change of Control Payment Date for
any Note falls on a day that is not a Business Day, then the related payments of principal, premium, if any, and interest will be made on the next succeeding day that is a Business Day (and no additional interest will accrue on the amount payable
for the period from and after such Maturity Date, Redemption Date or a Change of Control Payment Date, as the case may be). 

Section 2.06. No Sinking Fund. The Notes are not entitled to the benefit of any sinking fund. 

Section 2.07. Satisfaction and Discharge. Article 12 of the Base Indenture contains provisions for the satisfaction and discharge
of the Indenture and the legal and covenant defeasance of the obligations of the Company with respect to any series of Securities at any time upon compliance by the Company with certain conditions set forth therein, which provisions shall apply to
the Notes. 

  
 11 

 ARTICLE 3 

REDEMPTION OF THE NOTES 

Section 3.01. Optional Redemption. 

(a) The Notes may be redeemed, in whole or in part, at the option of the Company pursuant to the terms set forth in (b) and
(c) below. With respect to a redemption pursuant to clause (b) below, the Company shall give the Trustee notice of the related Redemption Price promptly after the determination thereof and the Trustee shall have no responsibility for
determining such Redemption Price. Except as otherwise provided in this Article 3, Notes shall be redeemed in accordance with the provisions of Article 3 of the Base Indenture. 

(b) The Company may, at its option, at any time or from time to time prior to July 1, 2020, in the case of the 2020 Notes, and
June 1, 2023, in the case of the 2023 Notes, redeem the applicable series of Notes, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at a Redemption Price equal to the greater of: 

(i) 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to but excluding, the
Redemption Date, and 
 (ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled
payments of principal of and interest on the Notes to be redeemed (not including any portion of payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Adjusted Treasury Rate, plus (A) 50 basis points in the case of the 2020 Notes and (B) 50 basis points in the case of the 2023 Notes plus, in each case, accrued and unpaid interest thereon to but excluding the
Redemption Date (provided, in each case, that interest payments due on or prior to the Redemption Date of the series of Notes to be redeemed will be paid to the record holders of such Notes on the relevant Record Date). 

(c) The Company may, at any time or from time to time on or after July 1, 2020, in the case of the 2020 Notes, and June 1, 2023, in
the case of the 2023 Notes, redeem the Notes, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to but excluding the Redemption Date
(provided, in each case, that interest payments due on or prior to the Redemption Date of the series of Notes to be redeemed will be paid to the record holders of such Notes on the relevant Record Date). 

Section 3.02. Election or Obligation to Redeem; Notice to Trustee. 

The election pursuant to Section 3.01 of the Company to optionally redeem a series of Notes shall be evidenced by or pursuant to a Board
Resolution. In case of any redemption of such Notes, the Company shall, at least 35 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee),

  
 12 

 
notify the Trustee of such Redemption Date and of the principal amount of the Notes to be redeemed. 

Section 3.03. Selection by Trustee of Notes to be Redeemed. 

If less than all of a series of Notes are to be redeemed, the particular Notes of such series to be redeemed shall be selected not more than 60
days prior to the Redemption Date by the Trustee from the Outstanding Notes of such series not previously called for redemption by such method as the Trustee shall deem fair and appropriate; provided, however, that no such partial
redemption shall reduce the portion of the principal amount of a Note not redeemed to less than $2,000; provided, that beneficial interests in Notes represented by one or more Global Notes shall be selected for redemption by DTC in accordance
with its standard procedures. 
 The Trustee shall promptly notify the Company and the Security Registrar (if other than itself) in writing
of the applicable series of Notes selected for redemption and, in the case of any series of Notes selected for partial redemption, the principal amount thereof to be redeemed. 

For all purposes of this Second Supplemental Indenture, unless the context otherwise requires, all provisions relating to the redemption of a
series of Notes shall relate, in the case of any series of Notes redeemed or to be redeemed only in part, to the portion of the principal of such applicable series of Notes which has been or is to be redeemed. 

Section 3.04. Deposit of Redemption Price. 

At or prior to 10:00 a.m., New York City time, on any Redemption Date, the Company shall deposit, with respect to the Notes called for
redemption pursuant to Section 3.03 of the Base Indenture, with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 4.04 of the Base Indenture) an
amount of money in Dollars sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) any accrued interest on all such Notes or portions thereof which are to be redeemed on that date. 

If any Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium, until paid, shall
bear interest from the Redemption Date at the rate borne by the Notes. 
 Section 3.05. Notes Redeemed in Part. 

Any Note which is to be redeemed only in part shall be surrendered at any Place of Payment for such Note (with, if the Company or the Trustee
so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the holder thereof or his attorney duly authorized in writing) and the Company shall execute and the Trustee
shall authenticate and deliver to the holder of such Note without service charge, a new Note or Notes, containing identical 

  
 13 

 
terms and provisions, of any authorized denomination as requested by such holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal amount of the
Note so surrendered. If a Global Note is so surrendered, the Company shall execute, and the Trustee shall authenticate and deliver to or on behalf of the Depositary for such Global Note as shall be specified in the Company Order with respect thereto
to the Trustee, without service charge, a new Global Note in a denomination equal to and in exchange for the unredeemed portion of the principal of the Global Note so surrendered. 

Section 3.06. Repurchases on the Open Market. 

The Company or any Affiliate of the Company may at any time or from time to time repurchase any of the Notes in the open market or otherwise.
Such Notes may, at the option of the Company or the relevant Affiliate of the Company, be held, resold or surrendered to the Trustee for cancellation. 

Section 3.07. Special Mandatory Redemption. 

(a) In the event that the Acquisition is not consummated by the Outside Date or the Merger Agreement is terminated at any time prior thereto
(each event being a “Special Mandatory Redemption Event”), each series of the Notes shall be subject to a special mandatory redemption, at a price equal to 100% of the initial issue price of such series of the Notes, plus accrued
and unpaid interest from the Issue Date up to, but not including, the Special Mandatory Redemption Date (as defined below) (the “Special Mandatory Redemption Price”). Any Notes so redeemed shall be redeemed in accordance with
Article 3 of the Base Indenture. 
 (b) Upon the occurrence of a Special Mandatory Redemption Event, the Company shall promptly (but in no
event later than five Business Days following such Special Mandatory Redemption Event) notify the holders of such event (with a copy of the notice to be simultaneously delivered to the Trustee) (such date of notification to the holders, the
“Special Mandatory Redemption Notice Date”), that the Notes will be redeemed on the 30th day following the Special Mandatory Redemption Notice Date (such date, the “Special Mandatory Redemption Date”), in each case
in accordance with the applicable provisions of the Indenture. The notice provided on the Special Mandatory Redemption Notice Date shall notify each holder in accordance with the applicable provisions of the Indenture that all of the outstanding
Notes shall be redeemed at the Special Mandatory Redemption Price on the Special Mandatory Redemption Date automatically and without any further action by the holders of any series of the Notes. At or prior to 12:00 p.m. (New York City time) on the
Business Day immediately preceding the Special Mandatory Redemption Date, the Company deposit with the Trustee funds sufficient to pay the Special Mandatory Redemption Price for each series of Notes. If such deposit is made as provided above, the
Notes shall cease to bear interest on and after the Special Mandatory Redemption Date. 
 (c) Notwithstanding the provisions set forth in
Article 10 of the Base Indenture, the provisions relating to mandatory redemption described in this Section 3.07 

  
 14 

 
may not be waived or modified for any series of Notes without the prior written consent of holders of at least 90% in principal amount of the outstanding Notes of that series. 

ARTICLE 4 
 CHANGE
OF CONTROL 
 Section 4.01. Offer to Repurchase Upon Change of Control. 

(a) If a Change of Control occurs and is accompanied by a Rating Decline with respect to a series of Notes (together, a “Change of
Control Triggering Event”), each registered holder of the Notes of such series will have the right to require the Company to offer to repurchase all or any part (equal to $1,000 or an integral multiple of $1,000 in excess thereof,
provided that the unpurchased portion of any Notes must be in a minimum denomination of $2,000) of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount of such Notes plus accrued and unpaid interest, if
any, to the date of purchase. 
 (b) Within 30 days following any Change of Control Triggering Event, the Company will mail a notice (the
“Change of Control Offer”) to each holder of Notes of such series with a copy to the Trustee stating: 
 (i)
that a Change of Control Triggering Event has occurred with respect to such series of Notes and that such holder has the right to require the Company to purchase such holder’s Notes at a purchase price in cash equal to 101% of the principal
amount of such Notes plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control Payment”); 

(ii) the repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed and
which may be up to five days after the expiration of the Change of Control Offer) (the “Change of Control Payment Date”); and 

(iii) the procedures determined by the Company, consistent with the Indenture, that a holder must follow in order to have its
Notes repurchased. 
 (c) On the Change of Control Payment Date the Company will, to the extent lawful: 

(i) accept for payment all Notes or portions thereof (in integral multiples of $1,000 or an integral multiple of $1,000 in
excess thereof; provided that the unpurchased portion of any Note must be in a minimum denomination of $2,000) properly tendered and not withdrawn under the Change of Control Offer; 

(ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof
so tendered; and 

  
 15 

 (iii) deliver or cause to be delivered to the Trustee the Notes so accepted
together with an Officer’s Certificate stating the aggregate principal amount of such Notes or portions thereof being purchased by the Company. 

(d) The Paying Agent will promptly mail or otherwise deliver to each holder of Notes so tendered the Change of Control Payment for such Notes,
and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each such new Note
will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 
 (e) The Company will comply with the
requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control
Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.01, the Company will comply with the applicable securities laws and regulations and will not be deemed to
have breached its obligations under this Section 4.01 by virtue of such compliance. 
 If the Change of Control Payment Date is on or
after a Record Date and on or before the related Interest Payment Date for the Notes, accrued and unpaid interest, if any, will be paid to the Person in whose name such Note is registered at the close of business on such Record Date, and no
additional interest will be payable to holders who tender pursuant to the Change of Control Offer. 
 The Company will not be required to
make a Change of Control Offer upon a Change of Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth herein and purchases all Notes
validly tendered and not withdrawn under such Change of Control Offer. 
 ARTICLE 5 

FORMS OF NOTES 

Section 5.01. Forms of Notes. 

(a) The 2020 Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the form attached as
Exhibit A-1 hereto, with such changes therein as the officers of the Company executing the 2020 Notes (by manual or facsimile signature) may approve, such approval to be conclusively evidenced by their execution thereof. 

(b) The 2023 Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the form attached as
Exhibit A-2 hereto, with such changes therein as the officers of the Company executing the 2023 Notes (by 

  
 16 

 
manual or facsimile signature) may approve, such approval to be conclusively evidenced by their execution thereof. 

ARTICLE 6 
 ORIGINAL
ISSUE OF NOTES 
 Section 6.01. Original Issue of Notes. The 2020 Notes having an
aggregate principal amount of U.S. $500,000,000 and the 2023 Notes having an aggregate principal amount of U.S. $500,000,000 (subject, in each case, to the last paragraph of Section 2.02 of the Base Indenture) may from time to time, upon
execution of this Second Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Notes to or upon the written order of the Company pursuant to
Section 2.03 of the Base Indenture without any further action by the Company (other than as required by the Base Indenture). 

ARTICLE 7 

MISCELLANEOUS 

Section 7.01. Ratification of Indenture. The Base Indenture, as supplemented by this Second Supplemental Indenture, is in all
respects ratified and confirmed, and this Second Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. 

Section 7.02. Trustee Not Responsible for Recitals. The recitals herein contained are made by the Company and not by the Trustee,
and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Second Supplemental Indenture. 

Section 7.03. Governing Law. THIS SECOND SUPPLEMENTAL INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER
OR RELATED TO THIS SECOND SUPPLEMENTAL INDENTURE OR ANY NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

Section 7.04. Waiver of Trial by Jury. EACH OF THE COMPANY, THE TRUSTEE AND EACH HOLDER OF NOTES, BY ITS ACCEPTANCE THEREOF,
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 7.05. Table of Contents, Headings, etc. The table of contents and the titles and headings of the articles and sections of
this Second Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

  
 17 

 Section 7.06. Execution in Counterparts. This Second Supplemental Indenture may be
executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 

Section 7.07. Separability; Benefits. In case any one or more of the provisions contained in this Second Supplemental Indenture or
in the Notes shall for any reason be held to be invalid, illegal or unenforceable, in any respect, then, to the extent permitted by law, such invalidity, illegality or unenforceability of the remaining provisions shall not in any way be affected or
impaired thereby. Nothing in this Second Supplemental Indenture or in the Notes, expressed or implied, shall give to any person, other than the parties hereto and their successors hereunder, and the holders of the Notes, any benefit or any legal or
equitable right, remedy or claim under this Second Supplemental Indenture. 
 [Signature Page Follows] 

  
 18 

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

			
	WPX ENERGY, INC.
		
	By:	 	 /s/ J. Kevin Vann

	Name:	 	J. Kevin Vann
	Title:	 	Senior Vice President and Chief Financial Officer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Jonathan Glover

	Name:	 	Jonathan Glover
	Title:	 	Vice President

 [Signature Page to Second Supplemental Indenture] 

 EXHIBIT A-1 

[IF THIS NOTE IS TO BE A GLOBAL SECURITY, INSERT:] 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, 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 DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

WPX ENERGY, INC. 
 7.50%
Senior Notes due 2020 
  

			
	CUSIP:                     
	ISIN:                     
		
	No.                     		$            

 WPX ENERGY, INC., a corporation organized and existing under the laws of Delaware (hereinafter called the
“Company,” 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 $        ]1 on August 1, 2020 (such date is hereinafter referred to as the “Maturity Date”), and to pay interest thereon from July 22, 2015 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, semi-annually in arrears on February 1 and August 1 of each year (each, an “Interest Payment Date”), commencing
                    , at 
  

	1 	 USE THE FOLLOWING LANGUAGE INSTEAD FOR GLOBAL SECURITIES: [the principal sum as set forth in the Schedule of Increases or Decreases In Note attached
hereto] 

  
 A-1-1 

 
the rate of 7.50% per annum, until the principal hereof is paid or duly provided for or made available for payment. 

The amount of interest payable for any full semi-annual Interest Period will be calculated on the basis of a 360-day year consisting of twelve
30-day months. The amount of interest payable for any period shorter than a full semi-annual Interest Period will be calculated on the basis of a 30-day month and, for any period less than a month, on the basis of the actual number of days elapsed
per 30-day month. In the event that any scheduled Interest Payment Date falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date will be postponed to the next succeeding day which is a Business Day
(and no interest on such payment will accrue for the period from and after such scheduled Interest Payment Date). The term “Business Day” shall mean each day that is not a Saturday, Sunday or other day on which banking institutions
in New York, New York or another Place of Payment are authorized or required by law, regulation or executive order to close. The term “Place of Payment” shall mean the place or places where the principal of, or any premium or
interest on, this Note are payable. 
 The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will,
as provided in such Indenture, be paid to the Person in whose name this Note, or any predecessor Note, is registered at the close of business on the Record Date for such Interest Payment Date. 

Payment of the principal of, premium, if any, and interest on this Note will be made at the office or agency of the Company maintained for
that purpose in the Borough of Manhattan, The City of New York, which shall initially be the Principal Office of the Trustee, acting through the corporate trust office of its affiliate, The Bank of New York Mellon, located at 101 Barclay Street, New
York, New York 10286, 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 payment of interest due on an Interest Payment Date may
be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the Security Register or by wire transfer to an account appropriately designated by the Person entitled to payment,
provided that the paying agent shall have received written notice of such account designation at least five Business Days prior to the date of such payment. 

Reference is hereby made to the further provisions of this 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 Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-1-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	WPX ENERGY, INC.
		
	By:		  

	Name:		
	Title:		

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein described in the within-mentioned Indenture. 

Dated:                      

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:		  

			Authorized Signatory

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued
in one or more series under an Indenture (the “Base Indenture”), dated as of September 8, 2014, between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,”
which term includes any successor trustee), as amended and supplemented by the Second Supplemental Indenture, dated as of July 22, 2015, between the Company and the Trustee (the “Second Supplemental Indenture,” the Base
Indenture as supplemented by the Second Supplemental Indenture, the “Indenture”), to which Indenture reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the
Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to
$500,000,000. 
 All terms used but not defined in this Note that are defined in the Indenture shall have the meaning assigned to them in
the Indenture. 
 The Company shall have the right to redeem the Notes at its option as set forth in Section 3.01 of the Second
Supplemental Indenture. 
 Upon a Special Mandatory Redemption Event, the Company shall be required to redeem the Notes as provided in
Section 3.07 of the Second Supplemental Indenture. 
 Upon a Change of Control Triggering Event, the Company may be required to offer
to repurchase all or any part of the Notes. 
 The Notes are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance of the obligations of the Company at any time upon compliance by the Company with certain
conditions set forth therein, which provisions apply to the Notes. 
 If an Event of Default with respect to the Notes shall occur and be
continuing, the principal of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the holders of the Notes at any time by the Company and the Trustee, with the
consent of the holders of a majority in the aggregate principal amount of the Securities of each series affected thereby at the time Outstanding, voting as a single class. The Indenture also contains provisions permitting the holders of specified
percentages in principal amount of the Notes at the time Outstanding, on behalf of the holders of all Notes, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be
conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon the 

  
 A-1-R-1 

 
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security
Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees. 
 The Notes are issuable only in registered form without coupons in
minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof, except as provided for in Section 2.04 of the Second Supplemental Indenture. As provided in the Indenture and subject to certain limitations therein set forth,
the Notes are exchangeable for a like aggregate principal amount of Notes 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 Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 The Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK. 
 The Company will furnish a copy of the Indenture to any holder upon written request and without
charge. 

  
 A-1-R-2 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and transfers this Note to: 
  

 
  

 
 (Insert assignee’s social security or tax
identification number) 
  
  

 
  
  

 
 (Insert address and zip code of assignee) and
irrevocably appoints 
  
  

 
  
  

 
 agent to transfer this Note on the books of the
Company. The agent may substitute another to act for him or her. 
 Date:
                     
  

	
	Signature:
	
	  

	Signature Guarantee:                     

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

 SIGNATURE GUARANTEE 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF INCREASES OR DECREASES IN
NOTE2 
 The initial principal amount of this Note is
$        . The following increases or decreases in the principal amount of this Note have been made: 
  

									
	 Date
	 	 Amount of decrease in
principal amount of

this Note
	 	 Amount of increase in
principal amount of

this Note
	 	 Principal amount of

this Note following
 such
decrease or
 increase
	 	 Signature of

authorized signatory
 of
Trustee

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  

	2 	Insert if this Note is to be a Global Security. 

 EXHIBIT A-2 

[IF THIS NOTE IS TO BE A GLOBAL SECURITY, INSERT:] 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, 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 DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

WPX ENERGY, INC. 
 8.25%
Senior Notes due 2023 

CUSIP:                     

ISIN:                     

 

					
	No.                     		$	        	  

 WPX ENERGY, INC., a corporation organized and existing under the laws of Delaware (hereinafter called the
“Company,” 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 $        ]3 on August 1, 2023 (such date is hereinafter referred to as the “Maturity Date”), and to pay interest thereon from July 22, 2015 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, semi-annually in arrears on February 1 and August 1 of each year (each, an “Interest Payment Date”), 

 

	3 	 USE THE FOLLOWING LANGUAGE INSTEAD FOR GLOBAL SECURITIES: [the principal sum as set forth in the Schedule of Increases or Decreases In Note attached
hereto] 

  
 A-2-1 

 
commencing                     , at the rate of 8.25% per annum, until the principal
hereof is paid or duly provided for or made available for payment. 
 The amount of interest payable for any full semi-annual Interest
Period will be calculated on the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any period shorter than a full semi-annual Interest Period will be calculated on the basis of a 30-day month and, for any
period less than a month, on the basis of the actual number of days elapsed per 30-day month. In the event that any scheduled Interest Payment Date falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment
Date will be postponed to the next succeeding day which is a Business Day (and no interest on such payment will accrue for the period from and after such scheduled Interest Payment Date). The term “Business Day” shall mean each day
that is not a Saturday, Sunday or other day on which banking institutions in New York, New York or another Place of Payment are authorized or required by law, regulation or executive order to close. The term “Place of Payment” shall
mean the place or places where the principal of, or any premium or interest on, this Note are payable. 
 The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note, or any predecessor Note, is registered at the close of business on the Record Date for such
Interest Payment Date. 
 Payment of the principal of, premium, if any, and interest on this Note will be made at the office or agency of
the Company maintained for that purpose in the Borough of Manhattan, The City of New York, which shall initially be the Principal Office of the Trustee, acting through the corporate trust office of its affiliate, The Bank of New York Mellon, located
at 101 Barclay Street, New York, New York 10286, 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 payment of interest due on an
Interest Payment Date may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the Security Register or by wire transfer to an account appropriately designated by the Person entitled
to payment, provided that the paying agent shall have received written notice of such account designation at least five Business Days prior to the date of such payment. 

Reference is hereby made to the further provisions of this 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 Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	WPX ENERGY, INC.
		
	By:		  

			
	Name:		
	Title:		

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein described in the within-mentioned Indenture. 

Dated:                      

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:		  

			Authorized Signatory

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued
in one or more series under an Indenture (the “Base Indenture”), dated as of September 8, 2014, between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,”
which term includes any successor trustee), as amended and supplemented by the Second Supplemental Indenture, dated as of July 22, 2015, between the Company and the Trustee (the “Second Supplemental Indenture,” the Base
Indenture as supplemented by the Second Supplemental Indenture, the “Indenture”), to which Indenture reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the
Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to
$500,000,000. 
 All terms used but not defined in this Note that are defined in the Indenture shall have the meaning assigned to them in
the Indenture. 
 The Company shall have the right to redeem the Notes at its option as set forth in Section 3.01 of the Second
Supplemental Indenture. 
 Upon a Special Mandatory Redemption Event, the Company shall be required to redeem the Notes as provided in
Section 3.07 of the Second Supplemental Indenture. 
 Upon a Change of Control Triggering Event, the Company may be required to offer
to repurchase all or any part of the Notes. 
 The Notes are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance of the obligations of the Company at any time upon compliance by the Company with certain
conditions set forth therein, which provisions apply to the Notes. 
 If an Event of Default with respect to the Notes shall occur and be
continuing, the principal of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the holders of the Notes at any time by the Company and the Trustee, with the
consent of the holders of a majority in the aggregate principal amount of the Securities of each series affected thereby at the time Outstanding, voting as a single class. The Indenture also contains provisions permitting the holders of specified
percentages in principal amount of the Notes at the time Outstanding, on behalf of the holders of all Notes, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be
conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon the 

  
 A-2-R-1 

 
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security
Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees. 
 The Notes are issuable only in registered form without coupons in
minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof, except as provided for in Section 2.04 of the Second Supplemental Indenture. As provided in the Indenture and subject to certain limitations therein set forth,
the Notes are exchangeable for a like aggregate principal amount of Notes 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 Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 The Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK. 
 The Company will furnish a copy of the Indenture to any holder upon written request and without
charge. 
  

  
 A-2-R-2 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and transfers this Note to: 
  

 
  

 
 (Insert assignee’s social security or tax
identification number) 
  
  

 
  
  

 
 (Insert address and zip code of assignee) and
irrevocably appoints 
  
  

 
  
  

 
 agent to transfer this Note on the books of the
Company. The agent may substitute another to act for him or her. 
 Date:              

 

	
	Signature:
	
	  
 Signature Guarantee:
                    

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

 SIGNATURE GUARANTEE 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF INCREASES OR DECREASES IN
NOTE4 
 The initial principal amount of this Note is
$        . The following increases or decreases in the principal amount of this Note have been made: 
  

									
	 Date
	 	 Amount of decrease in
principal amount of

this Note
	 	 Amount of increase in
principal amount of

this Note
	 	 Principal amount of

this Note following
 such
decrease or
 increase
	 	 Signature of

authorized signatory
 of
Trustee

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  

	4 	Insert if this Note is to be a Global Security.EX-10.1

 Exhibit 10.1 
  

 
 FIRST AMENDMENT 

to 
 AMENDED AND RESTATED
CREDIT AGREEMENT 
 DATED AS OF JULY 16, 2015 

among 
 WPX ENERGY, INC.,

 as Borrower, 
 the
Lenders party hereto, 
 CITIBANK, N.A., 

as Exiting Administrative Agent and Exiting Swingline Lender, 

and 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION, 
 as Successor Administrative Agent and Successor Swingline Lender 

 
  

WELLS FARGO SECURITIES, LLC 
 and

 BARCLAYS BANK PLC, 
 as Joint
Lead Arrangers and Joint Book Managers 
 BARCLAYS BANK PLC, 

as Syndication Agent 
 CITIBANK,
N.A., J.P. MORGAN SECURITIES LLC, 
 and 

BANK OF AMERICA, N.A., 
 as
Documentation Agents 

 FIRST AMENDMENT 

TO AMENDED AND RESTATED CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “First Amendment”) dated as of July 16, 2015
is among WPX ENERGY, INC., a Delaware corporation (the “Borrower”), each of the Lenders party hereto, CITIBANK, N.A., as the exiting Administrative Agent (in such capacity, the “Exiting Administrative
Agent”) and exiting Swingline Lender (in such capacity, the “Exiting Swingline Lender”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Successor Administrative Agent (as defined below) and Successor Swingline
Lender (as defined below). 
 R E C I T A L S 

A. Reference is made to that certain Amended and Restated Credit Agreement dated as of October 28, 2014 (as amended, amended and
restated, restated, modified or otherwise supplemented prior to the date hereof, the “Credit Agreement”; as amended by this First Amendment, and as may be further amended, amended and restated, restated, modified or supplemented,
the “Amended Credit Agreement”) among the Borrower, each of the Lenders party thereto and the Exiting Administrative Agent, pursuant to which the Lenders have made certain credit and other financial accommodations available to and
on behalf of the Borrower and its Subsidiaries. 
 B. The Borrower has requested that the Lenders agree to amend certain provisions of the
Credit Agreement. 
 C. The Exiting Administrative Agent has agreed to resign as Administrative Agent, and the Borrower and the Required
Lenders have agreed to appoint Wells Fargo Bank, National Association as successor Administrative Agent (in such capacity, the “Successor Administrative Agent”). 

D. The Exiting Swingline Lender has agreed to assign its rights and obligations as Swingline Lender to Wells Fargo Bank, National Association
as successor Swingline Lender (in such capacity, the “Successor Swingline Lender”). 
 E. NOW, THEREFORE, to induce the
Exiting Administrative Agent, the Successor Administrative Agent, the Exiting Swingline Lender, the Successor Swingline Lender, and the Lenders constituting the Required Lenders to enter into this First Amendment and in consideration of the premises
and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1. Defined Terms. Each capitalized term used herein but not otherwise defined herein has the meaning given to such term in the Amended
Credit Agreement. Unless otherwise indicated, all section references in this First Amendment refer to sections of the Amended Credit Agreement. 

Section 2. Amendments to Credit Agreement. 

2.1 Amendments to Preamble. The first paragraph of the Preamble is hereby amended by deleting the words “CITIBANK, N.A.” and
replacing it with “WELLS FARGO BANK, NATIONAL ASSOCIATION”. 
 2.2 Amendments to Various Defined Terms in
Section 1.02. Section 1.02 is hereby amended by deleting and replacing, or adding, as applicable, the following terms in the appropriate alphabetical order: 

  
 1 

 “Administrative Agent” means Wells Fargo Bank, National
Association in its capacity as administrative agent for the Lenders hereunder. 
 “Change in Control” means
the occurrence of any Person (other than a trustee or other fiduciary holding securities under an employee benefit plan of the Borrower or of any Subsidiary of the Borrower) or two or more Persons acting in concert (other than any group of employees
of the Borrower or any of its Subsidiaries) becomes the Beneficial Owner, directly or indirectly, of 50% or more of the Voting Stock of the Borrower. 

“Corporate Rating” means the public corporate credit rating or public corporate family rating of the Borrower,
as applicable; provided that if Moody’s or S&P shall not have in effect a public corporate credit rating or public corporate family rating of the Borrower, the “Corporate Rating” shall mean the Index Debt rating of
Moody’s or S&P, as applicable. 
 “Consolidated Interest Charges” means, for any period, for the
Borrower and its Subsidiaries on a consolidated basis, (a) the sum of (i) all interest, premium payments, debt discount, fees, charges and related expenses of the Borrower and its Subsidiaries for such period in connection with borrowed
money or letters of credit, obligations evidenced by notes, bonds, debentures or similar instruments (other than surety performance and guaranty bonds), or the deferred purchase price of assets (which deferred purchase obligation is, individually,
in excess of $100,000,000), in each case, to the extent paid or to be paid in cash and treated as interest in accordance with GAAP (but excluding, in any event, (x) transaction costs and any annual administrative or agency fees, (y) fees
and expenses associated with permitted dispositions, acquisitions, investments or equity issuances (whether or not consummated) and (z) amortization of deferred financing costs) and (ii) the portion of any payments of the Borrower and its
Subsidiaries with respect to such period under Capital Lease Obligations that is treated as interest in accordance with GAAP, less (b) cash interest income for such period; provided that Consolidated Interest Charges shall be
calculated on a pro forma basis acceptable to the Administrative Agent to give effect to any acquisitions or dispositions (in a single transaction or a series of related transactions) after the First Amendment Effective Date by the Borrower or any
consolidated Subsidiary of the Borrower of Oil and Gas Properties having an aggregate fair market value equal to or exceeding $100,000,000, and any related incurrence or repayment of Indebtedness made, in each case, during the period beginning on
the first day of the relevant four-quarter period and through the date of calculation as if such acquisition or disposition and any related incurrence or repayment of Indebtedness had occurred on the first day of such four-quarter calculation
period. 
 “Downgrade Period” means any period during which the Borrower’s Corporate Rating is
(a) BB- or worse by S&P and Ba3 or worse by Moody’s or (b) B+ or worse by S&P or B1 or worse by Moody’s. 

“First Amendment” means that certain First Amendment to the Credit Agreement dated as of July 16, 2015
among the Borrower, Citibank, N.A., as the Exiting Administrative Agent and Exiting Swingline Lender, the Administrative Agent and the Lenders party thereto. 

“First Amendment Effective Date” has the meaning assigned to such term in Section 4 of the First
Amendment. 

  
 2 

 “Investment Grade Date” means the first date after the Closing
Date on which the Borrower’s Corporate Rating is (a) BBB- or better by S&P (without negative outlook or negative watch), or (b) Baa3 or better by Moody’s (without negative outlook or negative watch), provided that the
other of the two Corporate Ratings is at least BB+ by S&P or Ba1 by Moody’s. 
 “Joint Lead
Arrangers” means Wells Fargo Securities, LLC and Barclays Bank PLC. 
 “Prime Rate” means the rate
of interest per annum publicly announced from time to time by Wells Fargo Bank, National Association, as its prime rate in effect at its principal office in San Francisco. Each change in the Prime Rate shall be effective from and including the date
such change is publicly announced as being effective. 
 “PV” means the calculation of the net present value
of projected future cash flows from Proved Reserves of the Borrower and its consolidated Subsidiaries based upon the most recently delivered Reserve Report (using a discount rate of 9% and the arithmetical average of the customary price deck of
Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Bank of America, N.A., Barclays Bank PLC and J.P. Morgan Securities LLC as of the effective date of such Reserve Report and giving effect to the Borrower’s hedging arrangements), and
using future capital and lease operating cost assumptions proposed by the Borrower and reasonably acceptable to the Administrative Agent. For purposes of calculating the PV, a maximum of 35% of the PV value will be included from Proved Reserves that
are not proved developed producing reserves and no PV value will be included from reserves located in countries other than the United States and Canada. If, during any period between the effective dates of the Reserve Reports, the aggregate value,
as set forth in the most recent Reserve Report, of Oil and Gas Properties disposed of by the Borrower and its consolidated Subsidiaries shall exceed $200,000,000 in the aggregate, then the PV for such period shall be reduced from time to time, by an
amount equal to the value assigned such Oil and Gas Properties, in the most recent calculation of the PV for such period (or if no value was assigned, by an amount agreed to by the Borrower and Administrative Agent). In the case of a purchase of
Proved Reserves for an aggregate purchase price in excess of $100,000,000 by the Borrower or any consolidated Subsidiary during such period, at the option the Borrower, the PV shall be increased by an amount agreed to by the Borrower and the
Administrative Agent. PV shall reflect the deferred revenue with respect to production payments included in Indebtedness, at a value that is equal to the amount of deferred revenues so included in Indebtedness. 

“Swingline Lender” means Wells Fargo Bank, National Association. 

2.3 Amendment to Definition of “Consolidated EBITDAX” in Section 1.02. Section 1.02 is hereby amended by
deleting the proviso at the end of the definition of “Consolidated EBITDAX” and replacing it with the following proviso: 

“provided, however, that Consolidated EBITDAX shall be calculated on a pro forma basis acceptable to the Agent to give
effect to any acquisitions or dispositions (in a single transaction or a series of related transactions) after the Closing Date by the Borrower or any consolidated Subsidiary of the Borrower of Oil and Gas Properties having an aggregate fair market
value equal to or exceeding $100,000,000 made during the period beginning on the first day of the relevant four-quarter period and through the date of calculation as if such acquisition or disposition had occurred on the first day of such
four-quarter calculation period.” 

  
 3 

 2.4 Amendments to Various Sections. Each instance of the term “Index Debt” shall
be deleted and replaced by the term “Corporate Rating” in (i) the definition of “Downgrade Period” in Section 1.02, (ii) Section 5.02(f) and (iii) Schedule 1 to Exhibit D (Form of Compliance Certificate).

 2.5 Amendment to Article V. Article V is hereby amended by adding a new Section 5.10 as follows: 

“Section 5.10. Maintenance of Ratings. The Borrower shall use commercially reasonable efforts to ensure that
a Corporate Rating and Index Debt rating is maintained by each of Moody’s and S&P.” 
 2.6 Amendment to
Section 6.08. Section 6.08 is hereby amended by deleting such Section in its entirety and replacing it with the following: 

“Section 6.08. Financial Condition Covenants. 

(a) Ratio of PV to Consolidated Indebtedness. During a Downgrade Period, the Borrower shall not permit the ratio of
(i) PV as most recently calculated under Section 5.01(e) or otherwise adjusted as set forth in the definition of PV to (ii) Consolidated Indebtedness of the Borrower as of the last day of any fiscal quarter ending during the
period set forth below for which financial statements have been delivered or were required to be delivered pursuant to Section 5.01, to be less than the ratio set forth below: 

 

			
	on or before December 31, 2016:        		1.10 to 1.00
		
	thereafter:		1.50 to 1.00.

 provided that such financial covenant in this Section 6.08(a) shall not apply at any
time after the occurrence of the Investment Grade Date. For purposes of this Section 6.08(a), Hybrid Securities up to an aggregate amount of 15% of the Borrower’s Consolidated Total Capitalization shall be excluded from Consolidated
Indebtedness. 
 (b) Ratio of Consolidated Indebtedness to Consolidated Total Capitalization. The Borrower shall not
permit the ratio of (i) Consolidated Indebtedness of the Borrower as of the last day of any fiscal quarter for which financial statements have been delivered or were required to be delivered pursuant to Section 5.01 to (ii) the
Consolidated Total Capitalization as of such date to exceed 60%. 
 (c) Ratio of Consolidated Net Indebtedness to
Consolidated EBITDAX. The Borrower shall not permit the ratio of (i) Consolidated Net Indebtedness of the Borrower as of the last day of any fiscal quarter ending during the period set forth below for which financial statements have been
delivered or were required to be delivered pursuant to Section 5.01 to (ii) Consolidated EBITDAX of the Borrower for the period of four fiscal quarters ending on such date (after giving pro forma effect to any transactions completed in
such period as set forth in the definition of “Consolidated EBITDAX”) during the period set forth below to be greater than the ratio set forth below: 

 

			
	on or before December 31, 2016:        		4.50 to 1.00
		
	thereafter:		4.00 to 1.00;

  
 4 

 provided that the financial covenant in this Section 6.08(c)
shall not apply at such times when the Borrower’s Corporate Ratings are equal to, or better than, Baa3 or BBB- by at least one of S&P and Moody’s and not less than BB+ or Ba1 by the other such agency. 

(d) Ratio of Consolidated EBITDAX to Consolidated Interest Charges. The Borrower shall not permit the ratio of
(i) Consolidated EBITDAX of the Borrower (after giving pro forma effect to any transactions completed in such period as set forth in such definition) to (ii) Consolidated Interest Charges, in each case, for the period of four fiscal
quarters ending on the last day of any fiscal quarter for which financial statements have been delivered or were required to be delivered pursuant to Section 5.01, to be less than 2.50 to 1.00.” 

2.7 Amendments to Sections 8.01 and 8.09. Sections 8.01 and 8.09 are hereby amended by replacing each reference to the
words “Citibank, N.A.” with “Wells Fargo Bank, National Association.” 
 2.8 Amendments to Section 9.01.

 (a) Section 9.01(a)(ii) is hereby amended by deleting such Section in its entirety and replacing it with the following: 

“(ii) if to the Administrative Agent, to Wells Fargo Bank, National Association, 1525 W WT Harris Blvd., Charlotte, NC 28262 (fax number:
704-715-0017; email address: agencyservices.requests@wellsfargo.com), Attention: WPX Energy, Inc. Portfolio Manager.” 
 (b)
Section 9.01(a)(iii) is hereby amended by deleting such Section in its entirety and replacing it with the following: 

“(iii) if to the Swingline Lender, to Wells Fargo Bank, National Association, 1525 W WT Harris Blvd., Charlotte, NC 28262 (fax number:
704-715-0017; email address: agencyservices.requests@wellsfargo.com), Attention: WPX Energy, Inc. Portfolio Manager.” 
 (c)
Section 9.01(c) is hereby amended by deleting the word “oploanswebadmin@citigroup.com” and replacing it with “agencyservices.requests@wellsfargo.com”. 

2.9 Amendments to Exhibits. 

(a) The Exhibits to the Credit Agreement are hereby amended by deleting all references to “Citibank, N.A.” and replacing it with
“Wells Fargo Bank, National Association”. 
 (b) Exhibits B and E to the Credit Agreement are hereby amended by deleting
the words “2 Penns Way, Suite 200, New Castle, Delaware 19720” and replacing it with: “1525 W WT Harris Blvd., Charlotte, NC 28262”. 

(c) Exhibit D to the Credit Agreement is hereby amended by deleting such Exhibit in its entirety and replacing it with the Exhibit
D attached hereto. 
 Section 3. Successor Administrative Agent. 

3.1 Resignation of Exiting Administrative Agent; Appointment of Successor Administrative Agent. As of the First Amendment Effective
Date: 

  
 5 

 (a) the Exiting Administrative Agent hereby gives notice of its resignation as the Administrative
Agent; 
 (b) each of the Exiting Administrative Agent, the Required Lenders and the Borrower hereby waives the 30-day notice requirement
for such resignation and agrees that such resignation is effective; 
 (c) each of the Exiting Administrative Agent and the Required
Lenders, with the consent of the Borrower, hereby appoints Wells Fargo Bank, National Association as Successor Administrative Agent under the Amended Credit Agreement and other Loan Documents; and 

(d) Wells Fargo Bank, National Association hereby accepts its appointment as Successor Administrative Agent under the Amended Credit Agreement
and the other Loan Documents. 
 Each of the parties hereto agrees to execute, deliver and/or file all documents, agreements, assignments or instruments
(including, but not limited to, affidavits and notices) necessary or advisable to evidence the appointment of Wells Fargo Bank, National Association as the Successor Administrative Agent. 

3.2 Rights, Duties and Obligations. As of the First Amendment Effective Date, (a) the Successor Administrative Agent is hereby
vested with all the rights, powers, privileges and duties of the Administrative Agent, as described in the Loan Documents, (b) the Successor Administrative Agent assumes from and after the First Amendment Effective Date the obligations,
responsibilities and duties of the Administrative Agent, in accordance with the terms of the Loan Documents and (c) the Exiting Administrative Agent is discharged from all of its duties and obligations as the Administrative Agent under the Loan
Documents. All fees payable to the Successor Administrative Agent shall be agreed in a separate agreement between the Borrower and the Successor Administrative Agent. Nothing in this First Amendment shall be deemed a termination of any provision of
any Loan Document pertaining to Citibank, N.A. in its capacity as Administrative Agent that expressly survives the Exiting Administrative Agent’s resignation and such provisions shall continue in effect in accordance with their terms for the
benefit of the Exiting Administrative Agent, its subagents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the Exiting Administrative Agent was acting as Administrative Agent. The
Borrower expressly agrees and acknowledges that the Successor Administrative Agent is not assuming any liability in its capacity as administrative agent for the Lenders (i) under or related to the Loan Documents prior to the First Amendment
Effective Date and (ii) for any and all claims under or related to the Loan Documents that may have arisen or accrued prior to the First Amendment Effective Date. The Borrower expressly agrees and confirms that the Successor Administrative
Agent’s right to indemnification, as set forth in the Loan Documents, shall apply with respect to any and all losses, claims, costs and expenses that the Successor Administrative Agent suffers, incurs or is threatened with relating to actions
taken or omitted by any of the parties to this First Amendment prior to the First Amendment Effective Date. 
 Section 4. Conditions Precedent.

 This First Amendment shall become effective on the date when each of the following conditions is satisfied (or waived in accordance with
Section 9.03 of the Credit Agreement) (such date, the “First Amendment Effective Date”): 
 4.1 The Successor
Administrative Agent shall have received from the Borrower, the Exiting Administrative Agent, the Exiting Swingline Lender, and the Lenders constituting the Required Lenders either (a) a counterpart of this First Amendment signed on behalf of
such party or (b) written evidence satisfactory to the Successor Administrative Agent (which may include fax or email pdf transmission of a 

  
 6 

 
signed signature page of this First Amendment) that such party has signed a counterpart of this First Amendment. 

4.2 The Exiting Administrative Agent, the Exiting Swingline Lender, the Successor Administrative Agent, the Successor Swingline Lender, the
Joint Lead Arrangers and the Lenders shall have received all fees and other amounts due and payable on or prior to the First Amendment Effective Date, including, to the extent invoiced at least two Business Days prior to the First Amendment
Effective Date (or such later date as the Borrower may reasonably agree), reimbursement or payment in full of all reasonable out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Amended Credit Agreement. 

4.3 The Successor Administrative Agent shall have received a certificate, dated the Amendment Effective Date and signed by the President, an
Executive Vice President, a Financial Officer or a Responsible Officer of the Borrower, confirming compliance with Section 5.2 below. 

The Successor Administrative Agent is hereby authorized and directed to notify the Borrower and Lenders of the Amendment Effective Date and
such notice shall be conclusive and binding upon all parties to the Credit Agreement. 
 Section 5. Miscellaneous. 

5.1 Confirmation. The provisions of the Amended Credit Agreement shall remain in full force and effect following the effectiveness of
this First Amendment. 
 5.2 Ratification and Affirmation; Representations and Warranties. The Borrower hereby (a) acknowledges
the terms of this First Amendment, (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a
party remains in full force and effect, except as expressly amended hereby and (c) represents and warrants to the Lenders that on and as of the date hereof, and immediately after giving effect to the terms of this First Amendment: (i) all
of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that are
already qualified or modified by materiality in the text thereof), other than those representations and warranties that expressly relate to a specific earlier date, which shall be true and correct in all material respects as of such earlier date
(except that such materiality qualifier shall not be applicable to any representations and warranties that are already qualified or modified by materiality in the text thereof)); and (ii) no Default or Event of Default has occurred and is
continuing. 
 5.3 Loan Document. This First Amendment is a Loan Document. 

5.4 Counterparts. This First Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and
all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this First Amendment by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

 5.5 NO ORAL AGREEMENT. THIS FIRST AMENDMENT, THE AMENDED CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY SEPARATE LETTER
AGREEMENT MEMORIALIZING RELATED FEES EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED BY

  
 7 

 
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES. 

5.6 GOVERNING LAW. THIS FIRST AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

5.7 Severability. Any provision of this First Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 5.8 Successors and Assigns. This First Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns. 
 [This page intentionally left blank. Signature pages
follow.] 

  
 8 

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

									
	BORROWER:				WPX ENERGY, INC.
				
					By:		 /s/ Todd Scruggs

							Name:		Todd Scruggs
							Title:		Treasurer

  

SIGNATURE PAGE – FIRST AMENDMENT 

WPX ENERGY, INC. 

									
	EXITING ADMINISTRATIVE AGENT, EXITING SWINGLINE LENDER AND LENDER:				 CITIBANK, N.A.,
 as Exiting
Administrative Agent, Exiting Swingline Lender and Lender

				
					By:		 /s/ Ivan Davey

							Name:		Ivan Davey
							Title:		Vice President

  

SIGNATURE PAGE – FIRST AMENDMENT 

WPX ENERGY, INC. 

									
	SUCCESSOR ADMINISTRATIVE AGENT, SUCCESSOR SWINGLINE LENDER AND LENDER:				 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Successor Administrative Agent, Successor Swingline Lender and Lender

				
					By:		 /s/ Nathan Starr

							Name:		Nathan Starr
							Title:		Assistant Vice President

  

SIGNATURE PAGE – FIRST AMENDMENT 

WPX ENERGY, INC. 

									
	LENDER:				 BANK OF AMERICA, N.A.,
 as a
Lender

				
					By:		 /s/ Ronald E. McKaig

							Name:		Ronald E. McKaig
							Title:		Managing Director

  

SIGNATURE PAGE – FIRST AMENDMENT 

WPX ENERGY, INC. 

									
	LENDER:				 BARCLAYS BANK PLC,
 as a
Lender

				
					By:		 /s/ Christopher Lee

							Name:		Christopher Lee
							Title:		Vice President

  

SIGNATURE PAGE – FIRST AMENDMENT 

WPX ENERGY, INC. 

									
	LENDER:				 J.P. MORGAN CHASE BANK, N.A.,

as a Lender

				
					By:		 /s/ Darren Vanek

							Name:		Darren Vanek
							Title:		Executive Director

  

SIGNATURE PAGE – FIRST AMENDMENT 

WPX ENERGY, INC. 

									
	LENDER:				 Toronto Dominion (Texas) LLC,

as a Lender

				
					By:		 /s/ Rayan Karim

							Name:		Rayan Karim
							Title:		Authorized Signatory

  

SIGNATURE PAGE – FIRST AMENDMENT 

WPX ENERGY, INC. 

									
	LENDER:				 COMPASS BANK,
 as a
Lender

				
					By:		 /s/ Kathleen J. Bowen

							Name:		Kathleen J. Bowen
							Title:		Managing Director

  

SIGNATURE PAGE – FIRST AMENDMENT 

WPX ENERGY, INC. 

									
	LENDER:				CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, 
					as a Lender
				
					By:		 /s/ Darrell Stanley

							Name:		Darrell Stanley
							Title:		Managing Director
				
					By:		 /s/ Michael Willis

							Name:		Michael Willis
							Title:		Managing Director

  

SIGNATURE PAGE – FIRST AMENDMENT 

WPX ENERGY, INC. 

									
	LENDER:				Royal Bank of Canada,
					as a Lender
				
					By:		 /s/ Evans Swann, Jr.

							Name:		Evans Swann, Jr.
							Title:		Authorized Signatory

  

SIGNATURE PAGE – FIRST AMENDMENT 

WPX ENERGY, INC. 

									
	LENDER:				The Bank of Nova Scotia,
					as a Lender
				
					By:		 /s/ Mark Sparrow

							Name:		Mark Sparrow
							Title:		Director

  

SIGNATURE PAGE – FIRST AMENDMENT 

WPX ENERGY, INC. 

									
	LENDER:				The Bank of Tokyo Mitsubishi UFJ LTD,
					as a Lender
				
					By:		 /s/ Mark Oberreuter

							Name:		Mark Oberreuter
							Title:		Vice President

  

SIGNATURE PAGE – FIRST AMENDMENT 

WPX ENERGY, INC. 

									
	LENDER:				 U.S. BANK NATIONAL ASSOCIATION,

as a Lender

				
					By:		 /s/ Nicholas T. Hanford

							Name:		Nicholas T. Hanford
							Title:		Vice President

  

SIGNATURE PAGE – FIRST AMENDMENT 

WPX ENERGY, INC. 

									
	LENDER:				 BNP PARIBAS,
 as a
Lender

				
					By:		 /s/ Ann Rhoads

							Name:		Ann Rhoads
							Title:		Managing Director
				
					By:		 /s/ Sriram Chandrasekaran

							Name:		Sriram Chandrasekaran
							Title:		Director

  

SIGNATURE PAGE – FIRST AMENDMENT 

WPX ENERGY, INC. 

									
	LENDER:				 BRANCH BANKING AND TRUST COMPANY,

as a Lender

				
					By:		 /s/ DeVon J. Lang

							Name:		DeVon J. Lang
							Title:		Senior Vice President

  

SIGNATURE PAGE – FIRST AMENDMENT 

WPX ENERGY, INC. 

									
	LENDER:				 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

as a Lender

				
					By:		 /s/ Nupur Kumar

							Name:		Nupur Kumar
							Title:		Authorized Signatory
				
					By:		 /s/ Karim Rahimtoola

							Name:		Karim Rahimtoola
							Title:		Authorized Signatory

  

SIGNATURE PAGE – FIRST AMENDMENT 

WPX ENERGY, INC. 

									
	LENDER:				 BOKF, NA dba Bank of Oklahoma,

as a Lender

				
					By:		 /s/ J. Nick Cooper

							Name:		J. Nick Cooper
							Title:		Vice President

  

SIGNATURE PAGE – FIRST AMENDMENT 

WPX ENERGY, INC. 

 EXHIBIT D 

FORM OF COMPLIANCE CERTIFICATE 

The undersigned hereby certifies that he is the
                     of WPX Energy, Inc. (the “Borrower”), and that as such he is authorized to execute this certificate on behalf
of the Borrower. With reference to the Amended and Restated Credit Agreement dated as of October 28, 2014 (as restated, amended, amended and restated, restated, modified, supplemented and in effect from time to time, the
“Agreement”), among the Borrower, Citibank, N.A., as Administrative Agent (the “Agent”), for the lenders (the “Lenders”), which are or become a party thereto, and such Lenders, the undersigned
represents and warrants as follows (each capitalized term used herein having the same meaning given to it in the Agreement unless otherwise specified); 

(a) [As of the date hereof, no Default exists and is continuing.] [Attached hereto is a schedule specifying the details of [a] certain
Default[s] which exist under the Agreement and the action taken or proposed to be taken with respect thereto.] 
 (b) Attached hereto as
Schedule 1 are the detailed computations necessary to determine whether the Borrower is in compliance with Sections 6.08 of the Agreement as of the end of the [fiscal quarter][fiscal year] ending
                    . 
 EXECUTED AND
DELIVERED this      day of             , 20    . 
  

			
	WPX ENERGY, INC.
		
	By:		  

			Name:
			Title:

  
 Schedule 2.01 

 Schedule 1 

to Compliance Certificate 
  

	I.	Ratio of PV to Consolidated Indebtedness1 

  

							
	A.		PV				$            
				
	B.		Consolidated Indebtedness2 of the Borrower as of the last day of the fiscal quarter ended             ,
20    				$            
				
			Ratio of PV to Consolidated Indebtedness
(Line A to Line B)				             to
 1.00

				
			Minimum Required				[1.10]3
 [1.50]4

				
			Compliance				[Yes] [No]
				
			Not Applicable				[Yes] [No]

  

	1 	Ratio of PV to Consolidated Indebtedness, pursuant to the financial covenant set forth in Section 6.08(a) of the Credit Agreement, shall apply during a Downgrade Period, provided that such financial covenant
shall not apply at any time after the occurrence of the Investment Grade Date. 

	2 	Hybrid Securities up to an aggregate amount of 15% of the Borrower’s Consolidated Total Capitalization shall be excluded from Consolidated Indebtedness. 

	3 	As of the last day of any fiscal quarter ending on or before December 31, 2016 for which financial statements have been delivered or were required to be delivered pursuant to Section 5.01 of the Credit
Agreement. 

	4 	As of the last day of any fiscal quarter ending after December 31, 2016 for which financial statements have been delivered or were required to be delivered pursuant to Section 5.01 of the Credit
Agreement. 

  
 Schedule 2.01 

	II.	Ratio of Consolidated Indebtedness to Consolidated Total Capitalization 

  

							
	A.		Consolidated Indebtedness of the Borrower as of the last day of the fiscal quarter ended             , 20    				$            
				
	B.		Consolidated Total Capitalization of the Borrower as of such date in clause II(A) above				$            
				
			Ratio of Consolidated Indebtedness to Consolidated Total Capitalization
(Line A divided by Line B)				    %
				
			Maximum Allowed				60%
				
			Compliance				[Yes] [No]

  
 Schedule 2.01 

	III.	Ratio of Consolidated Net Indebtedness to Consolidated EBITDAX5 

  

									
	A.		Consolidated Net Indebtedness of the Borrower				$            
				
	B.		Consolidated EBITDAX of the Borrower for the four fiscal quarters ended             , 20    , calculated according to the following table:6				$            
				
			(1) consolidated net income for the four fiscal quarters ended             , 20    				$            
				
			(2) plus without duplication and to the extent deducted in the calculation of consolidated net income:				
					
			i.		taxes imposed on or measured by income and franchise taxes paid or accrued				$            
					
			ii.		consolidated interest expense				$            
					
			iii.		amortization, depletion and depreciation expense				$            
					
			iv.		any non-cash losses or charges on any Hedging Agreement resulting from the requirements of FASB ASC 815				$            
					
			v.		oil and gas exploration expenses (including all drilling, completion, geological and geophysical costs) for such period				$            
					
			vi.		losses from sales or other dispositions of assets (other than Hydrocarbons produced in the ordinary course of business) and other extraordinary or non-recurring losses				$            
					
			vii.		other non-cash charges for such period ((i) including non-cash accretion of asset retirement obligations in accordance with FASB ASC 410, Accounting for Asset Retirement and Environmental Obligations and (ii) including non-cash
deferred stock compensation expenses, but (iii) excluding accruals for cash expenses in the ordinary course of business)				$            
					
			viii.		any net equity losses of the Borrower and its consolidated Subsidiaries attributable to Equity Interests held by the Borrower and its consolidated Subsidiaries in Persons that are not consolidated Subsidiaries				$            
					
			ix.		the amount of cash distributions actually received during such period by the Borrower and its consolidated Subsidiaries (a) in respect of incentive distribution rights or other Equity Interests held in entities that are not
consolidated Subsidiaries and (b) from International Subsidiaries				$            
				
			(3) minus without duplication and to the extent included in the calculation of consolidated net income:				
					
			i.		any non-cash gains on any Hedging Agreements resulting from the requirements of FASB ASC 815 for that period				$            
					
			ii.		extraordinary or non-recurring gains				$            
					
			iii.		gains from sales or other dispositions of assets (other than Hydrocarbons				$            

 

	5 	Ratio of Consolidated Net Indebtedness to Consolidated EBITDAX shall not apply at such times when the Borrower’s Index Debt ratings are equal to, or better than, Baa3 or BBB- by at least one of S&P and
Moody’s and not less than BB+ or Ba1 by the other such agency. 

	6 	Consolidated EBITDAX shall be calculated on a pro forma basis acceptable to the Agent to give effect to any acquisitions or dispositions (in a single transaction or a series of related transactions) after the Closing
Date by the Borrower or any consolidated Subsidiary of the Borrower of Oil and Gas Properties having an aggregate fair market value equal to or exceeding $100,000,000 made during the period beginning on the first day of the relevant four-quarter
period and through the date of calculation as if such acquisition or disposition had occurred on the first day of such four-quarter calculation period. 

  
 Schedule 2.01 

									
					produced in the ordinary course of business)				
					
			iv.		other non-cash gains increasing consolidated net income for such period (excluding accruals for cash revenues in the ordinary course of business)				$            
					
			v.		any net equity earnings of the Borrower and its consolidated Subsidiaries attributable to Equity Interests held by the Borrower and its consolidated Subsidiaries in Persons that are not consolidated Subsidiaries				$            
				
			Ratio of Consolidated Net Indebtedness to Consolidated EBITDAX
(Line A to Line B)				             to             
				
			Maximum Allowed				[4.50 to 1.00]7
 [4.00 to
1.00]8

				
			Compliance				[Yes] [No]
				
			Not Applicable				[Yes] [No]

  

	7 	As of the last day of any fiscal quarter ending on or before December 31, 2016 for which financial statements have been delivered or were required to be delivered pursuant to Section 5.01 of the Credit
Agreement, for the four full fiscal quarters ending on such date. 

	8 	As of the last day of any fiscal quarter ending after December 31, 2016 for which financial statements have been delivered or were required to be delivered pursuant to Section 5.01 of the Credit
Agreement, for the four full fiscal quarters ending on such date. 

  
 Schedule 2.01 

	IV.	Ratio of Consolidated EBITDAX to Consolidated Interest Charges 

  

									
	A.		Consolidated EBITDAX of the Borrower as of the last day of the fiscal quarter ended             , 20     calculated according to the
following table:9				$            
				
			(1) consolidated net income for the four fiscal quarters ended             , 20    				$            
				
			(2) plus without duplication and to the extent deducted in the calculation of consolidated net income:				
					
			i.		taxes imposed on or measured by income and franchise taxes paid or accrued				$            
					
			ii.		consolidated interest expense				$            
					
			iii.		amortization, depletion and depreciation expense				$            
					
			iv.		any non-cash losses or charges on any Hedging Agreement resulting from the requirements of FASB ASC 815				$            
					
			v.		oil and gas exploration expenses (including all drilling, completion, geological and geophysical costs) for such period				$            
					
			vi.		losses from sales or other dispositions of assets (other than Hydrocarbons produced in the ordinary course of business) and other extraordinary or non-recurring losses				$            
					
			vii.		other non-cash charges for such period ((i) including non-cash accretion of asset retirement obligations in accordance with FASB ASC 410, Accounting for Asset Retirement and Environmental Obligations and (ii) including non-cash
deferred stock compensation expenses, but (iii) excluding accruals for cash expenses in the ordinary course of business)				$            
					
			viii.		any net equity losses of the Borrower and its consolidated Subsidiaries attributable to Equity Interests held by the Borrower and its consolidated Subsidiaries in Persons that are not consolidated Subsidiaries				$            
					
			ix.		the amount of cash distributions actually received during such period by the Borrower and its consolidated Subsidiaries (a) in respect of incentive distribution rights or other Equity Interests held in entities that are not
consolidated Subsidiaries and (b) from International Subsidiaries				$            
				
			(3) minus without duplication and to the extent included in the calculation of consolidated net income:				
					
			i.		any non-cash gains on any Hedging Agreements resulting from the requirements of FASB ASC 815 for that period				$            
					
			ii.		extraordinary or non-recurring gains				$            
					
			iii.		gains from sales or other dispositions of assets (other than Hydrocarbons produced in the ordinary course of business)				$            
					
			iv.		other non-cash gains increasing consolidated net income for such period (excluding accruals for cash revenues in the ordinary course of business)				$            
					
			v.		any net equity earnings of the Borrower and its consolidated Subsidiaries attributable to Equity Interests held by the Borrower and its consolidated				$            

 

	9 	Consolidated EBITDAX shall be calculated on a pro forma basis acceptable to the Agent to give effect to any acquisitions or dispositions (in a single transaction or a series of related transactions) after the Closing
Date by the Borrower or any consolidated Subsidiary of the Borrower of Oil and Gas Properties having an aggregate fair market value equal to or exceeding $100,000,000 made during the period beginning on the first day of the relevant four-quarter
period and through the date of calculation as if such acquisition or disposition had occurred on the first day of such four-quarter calculation period. 

  
 Schedule 2.01 

									
					Subsidiaries in Persons that are not consolidated Subsidiaries				
				
	B.		Consolidated Interest Charges of the Borrower as of such date in clause IV(A) above calculated according to the following table:10				$            
				
			(1) the sum of:				
					
			i.		all interest, premium payments, debt discount, fees, charges and related expenses of the Borrower and its Subsidiaries for such period in connection with borrowed money or letters of credit, obligations evidenced by notes, bonds,
debentures or similar instruments (other than surety performance and guaranty bonds), or the deferred purchase price of assets (which deferred purchase obligation is, individually, in excess of $100,000,000), in each case, to the extent paid or to
be paid in cash and treated as interest in accordance with GAAP (but excluding, in any event, (x) transaction costs and any annual administrative or agency fees, (y) fees and expenses associated with permitted dispositions, acquisitions, investments
or equity issuances (whether or not consummated) and (z) amortization of deferred financing costs)				$            
					
			ii.		the portion of any payments of the Borrower and its Subsidiaries with respect to such period under Capital Lease Obligations that is treated as interest in accordance with GAAP				$            
				
			(2) less cash interest income for such period				$            
				
			Ratio of Consolidated EBITDAX to Consolidated Interest Charges
(Line A to Line B)				             to             
				
			Minimum Required				2.50 to 1.00
				
			Compliance				[Yes] [No]

  

	10 	Consolidated Interest Charges shall be calculated on a pro forma basis acceptable to the Administrative Agent to give effect to any acquisitions or dispositions (in a single transaction or a series of related
transactions) after the First Amendment Effective Date by the Borrower or any consolidated Subsidiary of the Borrower of Oil and Gas Properties having an aggregate fair market value equal to or exceeding $100,000,000, and any related incurrence or
repayment of Indebtedness made, in each case, during the period beginning on the first day of the relevant four-quarter period and through the date of calculation as if such acquisition or disposition and any related incurrence or repayment of
Indebtedness had occurred on the first day of such four-quarter calculation period. 

  
 Schedule 2.01

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