MMEX is a development-stage company focused on building clean fuels infrastructure in Pecos County, Texas. MMEX has no operating revenue, no employees, and no completed projects. MMEX is currently planning and engineering two facilities: the Pecos UltraClean Refining project and the Trans Permian Energy project. The Pecos UltraClean Refining project is a proposed modular refinery with a capacity of up to 60,000 barrels per day for ultra-low sulfur diesel production. MMEX argues that the modular approach will shorten construction timelines and simplify permitting. The Trans Permian Energy project is a proposed facility to convert Permian Basin natural gas into hydrogen for power generation. This project includes a carbon capture component, and MMEX plans to sell the resulting power to data centers or the ERCOT power grid. MMEX lacks a traditional workforce, instead utilizing consulting arrangements with its management team and external contractors. The MMEX business model depends entirely on securing external capital for project construction and startup, which MMEX has not yet obtained. Although preliminary engineering for the refinery is complete, MMEX has not broken ground or secured binding agreements for fuel supply or technology.