Exxon Mobil Corp. is taking Australia’s Macquarie Energy to court in an $11.7 million lawsuit over missed deliveries in February, according to Reuters.
- Exxon is asking the Texas court to rule that the massive storm last month was a natural disaster. The company said state declarations of emergencies prevented it from fulfilling commitments to Macquarie.
- Such a ruling will enable Exxon to break contract with Macquarie. The Australian company earlier demanded to be paid $11.7 million in damages for missed deliveries.
- Macquarie rejected Exxon’s own declaration of a natural disaster, but it later issued its own force majeure over gas commitments to Exxon in Texas.
- Officials of both companies were not immediately available for comment.
- Macquarie earlier benefitted from record natural gas prices during the cold snap. Analysts project profits of up to $317 million from a weather-related gas binge.