MMEX Resources Corp

MMEX Resources Corporation is focused on the development, financing, construction, and operation of clean fuels infrastructure projects. The company has formed special purpose limited liability companies to implement its planned projects, including Pecos UltraClean Refining, LLC and Trans Permian Energy, LLC. The industry is characterized by significant capital requirements, environmental regulation, and the need for permits from agencies such as the Texas Commission on Environmental Quality. The company plans to develop an ultra-clean transportation fuels refinery complex and a natural gas to power project, both located at its owned sites in Pecos County, Texas.

The company has teamed with Polaris Engineering to develop its ultra-clean fuels refinery. In planning discussions with a super major oil company, MMEX is exploring a Natural Gas to Power Project utilizing that company's natural gas in the Permian Basin. The company also plans to market captured CO2 to another super major oil company. No specific market share data or named competitors are provided in the filing.

MMEX generates no revenue from operations as it has not yet commenced revenue-producing activities. The business model is centered on the development, financing, construction, and operation of clean fuels infrastructure projects, with the planned product slate being transportation grade ultra-low sulfur diesel. The company currently has no employees and contracts for all professional services when needed, with key management working under consulting agreements to reduce costs.

The company's primary planned project is the Pecos UltraClean Refining, LLC, which aims to develop an ultra-clean transportation fuels refinery complex of up to 60,000 barrels per day at its Pecos County, Texas sites. The planned product slate is transportation grade ultra-low sulfur diesel. The Ultra Fuel® configuration has expected criteria pollutant emissions that are on the order of 95% lower than those of a traditional refinery in the US Gulf Coast. A companion Blue Hydrogen project is planned to convert natural gas to hydrogen to produce power and provide the refinery with hydrogen for fuel gas, thus eliminating CO2 emissions. The Ultra Fuels® configuration features modular design with an 18-month project completion time-frame.

The company's second major project is through Trans Permian Energy, LLC, which is in planning discussions with a super major oil company to utilize its natural gas in the Permian Basin to develop a Natural Gas to Power Project at the company's Pecos County, Texas site. The project plans to utilize a portion of the super major's natural gas production and transportation from the Permian in gas turbines and generators in a combined cycle configuration to produce electric power. The company plans to convert the natural gas into hydrogen utilizing a major international company's reformer technology, with gas turbines able to utilize initially 75% hydrogen and 25% natural gas to generate electric power. The produced electric power may be dispatched to a data center or to ERCOT Far West, or both. The project design also includes a CO2 capture and production facility with the CO2 marketed to another super major oil company. Additionally, the project plans to utilize its hydrogen production as fuel gas for the Pecos UltraClean Refining project, generating zero CO2 emissions from the refinery.

In July 2026, the company entered into a Settlement Agreement and Release with Sabby Volatility Warrant Master Fund Ltd. resolving an action pending in the Supreme Court of New York, New York County. The company owns a total of approximately 1,081.45 acres in Pecos County, Texas that are the sites for its planned clean fuels and hydrogen projects. The company has no employees as of April 30, 2026, with key management working under consulting agreements to reduce costs.

The company has not yet commenced revenue-producing activities and reported no revenue for the fiscal year ended April 30, 2026. As a development-stage company, MMEX has generated no operating revenue and relies on external financing to fund its planned projects. The company's financial performance is characterized by operating losses and negative cash flows from operations as it advances its clean fuels infrastructure development plans.

The primary growth vector is the development of the Pecos UltraClean Refining, LLC, a planned ultra-clean transportation fuels refinery complex of up to 60,000 barrels per day at the company's Pecos County, Texas sites. The Ultra Fuel® configuration has expected criteria pollutant emissions on the order of 95% lower than those of a traditional refinery in the US Gulf Coast. The modular design features an 18-month project completion time-frame, and the company plans to obtain permits from the Texas Commission on Environmental Quality. A companion Blue Hydrogen project is planned to convert natural gas to hydrogen to produce power and provide the refinery with hydrogen for fuel gas, eliminating CO2 emissions.

A second major growth vector is the Trans Permian Energy, LLC Natural Gas to Power Project, which is in planning discussions with a super major oil company. The project plans to utilize a portion of the super major's significant natural gas production and transportation from the Permian Basin in gas turbines and generators in a combined cycle configuration to produce electric power. The company plans to convert natural gas into hydrogen utilizing a major international company's reformer technology, with gas turbines able to utilize initially 75% hydrogen and 25% natural gas to generate electric power. The produced electric power may be dispatched to a data center or to ERCOT Far West, or both. The project design also includes a CO2 capture and production facility with the CO2 marketed to another super major oil company.

The filing does not discuss margin trajectory, cost structure evolution, or specific efficiency or restructuring targets with exact figures.

The company has no employees as of April 30, 2026, with key management working under consulting agreements to reduce costs. The company contracts for all professional services when needed. The modular design of the Ultra Fuels® configuration allows for an 18-month project completion time-frame and more rapid implementation, with equipment fabricated in modular units and shipped to site.

The filing does not disclose specific R&D spending levels, capital expenditure plans, share repurchase authorization amounts, or dividend policy with exact figures.

Completion of the company's projects is dependent upon obtaining the necessary capital for planning, construction and start-up costs, and there is no assurance that such financing can be obtained on favorable terms. The company is subject to numerous environmental laws and regulations, and there are risks of accidental releases of crude oil or hazardous substances that could subject the company to substantial liabilities. The company's planned operations may also be subject to the Department of Homeland Security's Chemical Facility Anti-Terrorism Standards and the Transportation Security Administration's Pipeline Security Guidelines.

The company faces significant execution risks related to obtaining necessary permits from the Texas Commission on Environmental Quality for its planned facilities. The company's operations will be subject to the requirements of the Occupational Safety and Health Act and comparable state statutes, and may become subject to OSHA Process Safety Management regulations. The company has not yet implemented any cybersecurity plans or made any evaluation of potential cybersecurity threats, and cyber-incidents could negatively impact the business.

The company has not yet commenced revenue-producing activities and relies entirely on external financing to fund its planned projects, with no assurance that such financing can be obtained on favorable terms. Completion of the Pecos UltraClean Refining and Trans Permian Energy projects is dependent upon obtaining the necessary capital for planning, construction, and start-up costs. The company is subject to numerous environmental laws and regulations, and accidental releases of crude oil or hazardous substances could subject it to substantial liabilities for cleanup, restoration, personal injury, property damage, and fines. The company's planned operations may be subject to the Department of Homeland Security's Chemical Facility Anti-Terrorism Standards and OSHA Process Safety Management regulations, requiring development of Facility Security Plans and compliance programs. The company has no employees as of April 30, 2026, relying on consulting agreements for key management, creating key-person dependency risk. The company has not implemented any cybersecurity plans, and cyber-incidents could disrupt operations or compromise confidential information.

Management's message emphasizes the company's focus on the development, financing, construction, and operation of clean fuels infrastructure projects. The strategic priorities highlighted include advancing the Pecos UltraClean Refining project with Polaris Engineering, pursuing the Trans Permian Energy Natural Gas to Power Project in discussions with a super major oil company, and obtaining necessary permits from the Texas Commission on Environmental Quality.