Hess Energy, Inc. v. Lightning Oil Co., Ltd.
United States Court of Appeals for the Fourth Circuit
338 F.3d 357 (2003)
Hess Energy, Inc. (plaintiff) contracted to buy natural gas from Lightning Oil Co., Ltd. (defendant) at fixed prices on specified future dates. Lightning refused to deliver after claiming Hess breached, but Hess sued and established that Lightning had materially breached. The jury calculated damages based on the difference between market and contract prices on the specified delivery dates, returning a verdict over $3 million. Lightning appealed, claiming the jury should have used market prices on the date Hess learned Lightning intended not to perform instead.
Rule of Law
Holding and Reasoning (Niemeyer, J.)
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