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Saturday, May 15, 2021

Major Run on MMEX (MMEX Resources Corporation) Hydrogen, Solar, Crude at Pecos

MMEX Resources Corporation (MMEX) is making an explosive move up the charts in recent days after the Company announced it intends to develop solar energy to power multiple planned projects producing hydrogen and ultra-low sulfur fuels combined with carbon dioxide (CO2) capture in Texas. MMEX has entered preliminary understandings with third parties to develop potentially two separate technologies – one utilizing natural gas and the other using the Permian light crudes and condensates. The company is negotiating with a European co-developer partner to develop and finance a hydrogen and gas to liquids project at the MMEX Pecos County, Texas site. 

This is big news for MMEX as the demand for hydrogen increases worldwide, renewable hydrogen companies are finally coming into the favor of investors with the adoption of hydrogen fuel technologies within an increased number of major industries and spanning many applications especially the massive electric vehicle market. An article in Barron’s by Steve Goldstein states that Goldman Sachs is bullish on   investment in Green Hydrogen. Goldman, according to the article, said that it is a “once in a lifetime” opportunity and that the addressable market could be worth $11.7 trillion by 2050. 

MMEX Resources Corporation (MMEX) is a development stage company formed to engage in the exploration, extraction, refining and distribution of oil, gas, petroleum products and electric power. MMEX focuses on the acquisition, development and financing of oil, gas, refining and electric power projects in Texas, Peru, and other countries in Latin America.  

For years MMEX has been developing new oil refinery in Pecos County in the West Texas Permian Basin, US, the first new oil refinery to be built in the Country for more than 40 years. The 476-acre site, situated 20mi (32.1km) north-east of Fort Stockton, Texas is strategically located in close proximity to oil production in West Texas, with storage capability as well as the Texas Pacífico Railroad (TXPF) and multiple options exist to transport products. 

MMEX formed MMEX Solar Resources and announced in July 2018 its solar power generation and transmission capability. We are generating and transmitting solar power to the Pecos Refining & Transport, LLC 10,000 barrel-per-day (BPD) crude distillation unit. MMEX new mandate is “Midstream Refining Powered by Solar”. MMEX joins the growing number of super- major oil, gas and refining companies in using renewable energy within refinery and oil and gas production footprints. 

Microcapdaily first covered MMEX back on September 1, 2017 stating at the time: “Currently trading at a $24 million market valuation MMEX has minimal assets, no revenues to date and significant rising debt. But MMEX is an exciting story developing in small caps; the Company is making progress in their planned 10,000 barrel-per-day (BPD) crude distillation unit near Fort Stockton, Texas as an initial unit for the $450M 50,000 BPD Pecos County refinery project announced by MMEX earlier this year. Now that MMEX has secured permit approval the company can begin construction imminently.  

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MMEX

On February 8 MMEX announced it intends to develop solar energy to power multiple planned projects producing hydrogen and ultra-low sulfur fuels combined with carbon dioxide (CO2) capture in Texas. MMEX has entered preliminary understandings with third parties to develop potentially two separate technologies – one utilizing natural gas and the other using the Permian light crudes and condensates. The company is negotiating with a European co-developer partner to develop and finance a hydrogen and gas to liquids project at the MMEX Pecos County, Texas site to produce hydrogen, ultra-low sulfur diesel and gasoline with carbon capture and storage employing steam methane reformer technology with the abundant natural gas supplies in the immediate area as the feedstock. The Company notes that construction time to each individual project is estimated to be 15 to 18 months before reaching commercial operation.  

Jack W. Hanks, President and CEO of MMEX Resources Corp., said, “We are announcing today a modified business plan moving MMEX to clean energy use and production. The company plans to contribute to the clean energy solution by providing solar power to produce hydrogen with carbon capture, and for the transition to the hydrogen economy by producing hydrogen along with ultra-low sulfur transportation fuels in the interim. We are planning multiple solar generation projects in our West Texas environs serving multiple locations in Texas. As previously announced, we formed MMEX Solar Resources, LLC in 2018 to develop a solar power project to supply potentially solar power renewable energy to our planned refinery projects. We are now modifying our planned refinery projects to produce potentially hydrogen, ultra-low s sulfur fuel products combined with CO2 capture. In addition, we have entered preliminary discussions to lease or purchase additional acreage allowing us to develop additional megawatts of solar power for distribution in Texas. Preliminary discussions are underway also to acquire potentially additional hydrogen projects plant site locations in East Texas, Houston ship channel area and the Corpus Christi-Rockport area. If successful, these multiple solar and processing projects would greatly enhance the MMEX footprint as a first mover in an integrated clean energy space.” 

Additionally, MMEX is in discussions regarding a second parallel plant in Pecos County with a separate technology provider, Polaris Engineering with its proprietary “UltraFuels 2 process,” to utilize the light crude oil and condensates from the Permian Basin to produce finished products of ultra-low sulfur diesel, renewable diesel and gasoline. Gerry Obluda, Principal of Polaris Engineering added, “We are very excited to join with MMEX in this Clean Energy initiative; we at Polaris Engineering with our refining, processing experience and proprietary UltraFuels 2 technology, believe we can provide a significant contribution to producing cleaner transportation fuels.” 

CEO Hanks also addressed the MMEX commitment to ESG, “While the Solar, hydrogen components and clean fuels firmly plant the Environmental “E” in our ESG program, we also are pleased to announce our Social and Governance programs to be employed. Each special purpose project company will have the local/regional economic development corporation with a financial interest along with the typical local tax abatement funds to be reinvested in local economic development. In addition, each special project company will be governed with diverse independent board representation from the community.” 

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MMEX is making an explosive move up the charts in recent days after the Company announced it intends to develop solar energy to power multiple planned projects producing hydrogen and ultra-low sulfur fuels combined with carbon dioxide (CO2) capture in Texas. For years MMEX has been developing new oil refinery in Pecos County in the West Texas Permian Basin, US, the first new oil refinery to be built in the Country for more than 40 years. The 476-acre site, situated 20mi (32.1km) north-east of Fort Stockton, Texas is strategically located in close proximity to oil production in West Texas, with storage capability as well as the Texas Pacífico Railroad (TXPF) and multiple options exist to transport products.  MMEX formed MMEX Solar Resources and announced in July 2018 its solar power generation and transmission capability. We are generating and transmitting solar power to the Pecos Refining & Transport, LLC 10,000 barrel-per-day (BPD) crude distillation unit. The demand for hydrogen is increasing worldwide, renewable hydrogen companies are finally coming into the favor of investors with the adoption of hydrogen fuel technologies within an increased number of major industries and spanning many applications especially the massive electric vehicle market. An article in Barron’s by Steve Goldstein states that Goldman Sachs is bullish on   investment in Green Hydrogen. Goldman, according to the article, said that it is a “once in a lifetime” opportunity and that the addressable market could be worth $11.7 trillion by 2050. We will be updating on MMEX when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MMEX.

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Disclosure: we hold no position in MMEX either long or short and we have not been compensated for this article.

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