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What Caused MMEX Stock to Drop 7%?

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In the most recent trading session, MMEX Resources Corp (OTCPk: MMEX) stock fell 7.14% to $0.0013, recording a steep fall. The quarterly performance of MMEX stock was -23.53% compared to -7.14% over the last week. In spite of advancing with clean fuels, MMEX stock plunged.

How did things develop?

MMEX Resources is an oil, gas, gas products, and electric power exploration, production, refining, and distribution company. As part of its business, MMEX acquires, develops, and finances oil, gas, and refining projects in Texas and South America.

MMEX Resources announced on Tuesday that it has signed agreements to advance the company’s hydrogen and clean fuels projects featuring carbon capture along with expansion of its Pecos County facility.

Jack W. Hanks, President and CEO of MMEX commented:

  • Pecos County, Texas is becoming a location for MMEX to boost solar power projects.
  • These MMEX projects include possible hydrogen and ultra-low sulfur fuel production with carbon capture.
  • A contract for the purchase of 324 acres adjacent to the existing 126-acre site was signed by MMEX.
  • MMEX will have the option of integrating all four processes: production of hydrogen, clean transportation fuels, and carbon capture.

MMEX moving forward:

As part of its engineering study, MMEX is combining Polaris Engineering’s proprietary UltraFuel 2 Plus process with its own. In order to produce IMO 2020 compliant marine fuel oil, MMEX will be able to utilize diesel, gasoline, and ultra-low sulfur gasoline from the Permian Basin, along with carbon capture from all major sources of CO2. As a first step to securing potential financing, the MMEX needs to complete its detailed engineering study.

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