MMEX Resources Corp (MMEX)

[BigOtto]

Sorry, Stervc, got a glitch here.
You used the $40 crude as a revenue basis. This would be their feedstock price, an expense.
Revenue would be based on the crack spread, which currently for Gulf Coast 3-2-1 is about $11/bbl
Also, GC spread is based on Cushing crude (heavy), this refinery will have a different mix, with lots of gas condensates mixed with WTI.
Lots to consider, on stream factor, ops/maint expense, transportation, ongoing capital, debt service, etc.

With a tightly run project and an efficient, modern refinery, there is a good case for positive net returns of maybe $5/bbl IMO maybe better with a Latin American market. Still nothing to sneeze at.