Plains Exploration & Production Company, Petitioner v. Torch Energy Advisors Incorporated, Respondent

Summary

The Texas Supreme Court held that the excluded‑assets provisions of the 1996 purchase‑and‑sale agreement are unambiguous and do not cover the restitution award obtained in the Amber litigation, so Torch Energy Advisors has no contractual right to any portion of that judgment. Accordingly, the Court reversed the Court of Appeals and entered judgment that Torch takes nothing. Justice Johnson dissented, arguing that the agreement is ambiguous and should be remanded for a factfinder.