Integrated Rail & Resources is a pre-revenue, pre-operations energy infrastructure and refining company. Its core asset is an idle refinery at Asphalt Ridge in the Uinta Basin of northeastern Utah, which the company is refurbishing to process crude oil into refined products including diesel, jet fuel, maritime fuel, specialty lubricants, and LPGs. The facility has been dormant since 2010 but has received over $60M in historical investment, and prior commissioning work demonstrated commercial-scale processing is feasible. The company does not expect to begin refining until the second half of 2027, with detailed engineering expected to complete in April 2026. The business model is structured as a toll-refining arrangement: under a long-term agreement with Shell Trading US Company, Shell acts as the exclusive feedstock supplier and exclusive buyer of all refined output for an initial seven-year term. Shell bears commodity price risk on both ends, while Integrated Rail & Resources provides the infrastructure and processing. This structure insulates the company from crack spread risk that conventional independent refiners face. Revenue will be driven by throughput volume, with the facility initially targeting 16,500 barrels per day. The company is pre-revenue and capital-constrained, with a working capital deficit and ongoing reliance on debt and equity raises to fund construction completion. Longer term, the company intends to expand its customer base beyond Shell to include other refiners, marketers, and specialty product buyers.