Microsoft has identified an issue with page file management. See the Microsoft Memory allocation errors can be caused by slow page file growth article for more information.
A geoprocessing tool may fail or crash with messages indicating that the process could not access additional memory, even though the system drive where the page file is located has sufficient free space. Following the workaround provided in the Microsoft bug report above will cause the process to complete successfully.
Manually configure the size of the page file
This situation typically occurs on systems with 8-16 GB of RAM. The total amount of RAM and the page file size determine the amount of available virtual memory, and Windows should automatically grow the page file to accommodate virtual memory demand of the applications by default. The issue occurs when the page file does not grow quickly enough to keep up with the allocation requests.
The workaround for this issue is to manually configure the size of the page file. To do this, use the workaround from the Microsoft article.