AMENDMENT TO NATURAL GAS LIQUIDS PURCHASE AGREEMENT BY AND BETWEEN ONEOK HYDROCARBON, L.P. AND PIONEER NATURAL RESOURCES USA, INC. DATED MARCH 26, 2003
Exhibit 10.14
AMENDMENT TO
NATURAL GAS LIQUIDS PURCHASE AGREEMENT
BY AND BETWEEN
ONEOK HYDROCARBON, L.P. AND PIONEER NATURAL RESOURCES USA, INC.
DATED MARCH 26, 2003
NATURAL GAS LIQUIDS PURCHASE AGREEMENT
BY AND BETWEEN
ONEOK HYDROCARBON, L.P. AND PIONEER NATURAL RESOURCES USA, INC.
DATED MARCH 26, 2003
THIS AMENDMENT
is made as of this 8th day of April, 2008, by and between PIONEER
NATURAL RESOURCES USA, INC. (“Pioneer”), and ONEOK HYDROCARBON, L.P. (formerly known as, XXXX
Hydrocarbon, LP) (“OHLP”).
WHEREAS, under that
certain Natural Gas Liquids Purchase Agreement dated March 26, 2003 (the
“Original Agreement”), as amended by that certain Amendment dated February 9, 2005 (the “First
Amendment”) (the Original Agreement together with the First Amendment hereinafter collectively
referred to as the “Agreement”), Pioneer sells and OHLP purchases certain volumes of natural gas
liquids that originate from the Xxxxxxx and Xxxxxxx Plants as described therein; and,
WHEREAS, said Parties
desire to amend the Agreement as hereinafter set forth.
NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Parties mutually agree to amend the Agreement as follows in this Second
Amendment.
1. | Section 2, Term, of the Agreement shall be deleted in its entirety, and the following substituted in lieu thereof: |
“2. Term.
This Agreement shall begin on the Effective Date, and
shall be effective until February 28, 2009, at which time this Agreement
shall expire.”
2. | Effective March 1, 2008, Section 5, Base and Adjusted Base Fractionation Fees, shall be deleted in its entirety, and the following substituted in lieu thereof: |
“5. Base
and Adjusted Base Fractionation Fees. The Base
Fractionation Fee shall be two and twenty-five hundredths cents (2.25¢) per
Gallon of the NGL’s delivered hereunder. Commencing March 1, 2008, and the
beginning of each Month thereafter, the Base Fractionation Fee shall be
adjusted to equal the sum of the following two components (the “Adjusted
Base Fractionation Fee”):
1. Eighty-two
hundredths of a cent (0.82¢) per Gallon for fuel gas,
which shall be redetermined by (i) the price per MMBtu of natural gas
reflected by the Monthly Houston Ship Channel/Beaumont, Texas, index
(applicable to the first Day of the Month — large packages only), for
each current Month of actual delivery, as published in Inside
F.E.R.C.’s Gas Market Report, plus eight cents (8.00¢), divided by
$3.50/MMBtu, and (ii) multiplying the resulting ratio by 0.820¢ per
Gallon, and
2. A base
fee of one and forty-three hundredths cents (1.43¢) per Gallon.
Notwithstanding anything to the contrary, the Adjusted Base Fractionation
Fee shall not be reduced below the Base Fractionation Fee of 2.25¢ per Gallon.”
This
Amendment shall be effective as of the date first above written. Except as hereby
amended, the Agreement shall remain in full force and effect. Capitalized terms not otherwise
defined herein shall have the respective meanings assigned to such terms by the Agreement.
IN
WITNESS WHEREOF, the Parties have executed this Amendment the day and year first above
written.
ONEOK HYDROCARBON, L.P. | ||||
By: |
ONEOK Hydrocarbon GP, L.L.C, is general partner | |||
By: |
/s/ Sheridan Swords | |||
Name: |
Sheridan Swords | |||
Title: |
President | |||
PIONEER NATURAL SOURCES USA, INC. | ||||
By: |
/s/ Xxxxxxx X. Xxxxx | |||
Name: |
Xxxxxxx X. Xxxxx | |||
Title: |
Vice President Marketing | |||