Exxon Mobil Corp. has filed a lawsuit in an $11.7 million tussle with Australia’s Macquarie Energy in a Texas court over missed deliveries last month, according to Reuters. Exxon wants the Texas court to rule that the massive storm which swept across the central U.S was a natural disaster.
Exxon says the massive storm and state declarations of emergencies prevented it from fulfilling its supply commitment to Macquarie Energy.
The ruling will allow Exxon to break a contract with Macquarie that would have required it to pay $11.7 million in damages to the Australian company for missed deliveries.
Macquarie had rejected Exxon’s own declaration of a natural disaster but issued its own force majeure declaration over gas it had agreed to provide Exxon in Texas.Exxon stock is currently declining. XOM: NYSE is down 0.87% on premarket.
