Such a ruling would allow Exxon to break its contract without paying a penalty for failing to deliver natural gas to Macquarie, which is the second largest gas marketer in the U.

S.

The lawsuit says a massive storm and state declarations of emergencies had prevented ExxonMobil from fulfilling its supply commitment.

Macquarie had demanded that Exxon cover the wholesalers $11.7 million in damages for miss deliveries.

MacQuarrie was one of the biggest winners in the cold snap that stretched as far south as Texas, where over four million homes lost power.

The freezing temperatures caused gas demand and prices to soar in the U.

S.

And analysts said Australian based MacQuarrie could reap a $317 million profit from a weather related gas binge.

Macquarie spokesman declined immediate comment.

Exxon did not reply to a request for comment.

Macquarie shares closed nearly 1% lower in Australia.