HOUSTON—Exxon Mobil Corp is suing Australia’s Macquarie Energy in a Texas court to avoid paying $11.7 million for missed deliveries during last month’s winter freeze in the central United States. The lawsuit, filed by Exxon’s natural gas business, said the massive storm and state declarations of emergencies prevented it from fulfilling its supply commitment to Macquarie Energy, the second largest U.S. gas marketer. Exxon is asking the Texas court to rule that the massive storm, caused when an arctic air mass swept the central United States, was a natural disaster. Such a ruling would allow Exxon to break its contract with Macquarie without a penalty, overriding a demand from the Australian company that Exxon cover the wholesaler’s $11.7 million in damages for missed deliveries. U.S. gas demand and prices soared last month when freezing temperatures hit as far south as Texas, where 4.3 million homes lost power. A Macquarie spokesperson …
Read More
RSS Feed | The Epoch Times
