The Delaware Supreme Court on Thursday reversed a Chancery Court decision forcing billionaire William I. Koch to sell his $3 billion energy company so that two private equity firms could recoup their investment in the company.

A full panel of the high court said that Vice Chancellor J. Travis Laster had misconstrued Oxbow Carbon LLC’s agreement when he ruled last February that Crestview Partners and Load Line Capital LLC could pursue a full-company sale, which the firms claimed they had bargained for when they invested in Florida-based Oxbow back in 2007.