Brava Energia S.A. is an oil and gas company with common shares traded on B3 under the ticker BRAV3. The company is headquartered in the city of Rio de Janeiro and was created through the merger of Enauta into 3R Petroleum, combining two significant track records in oil and natural gas exploration and production in Brazil. The formation of Brava Energia made it possible to consolidate a portfolio of producing assets with significant scale both onshore and offshore, in addition to industrial and logistics infrastructure dedicated to flow, processing and refining. The company was conceived with the stated goal of positioning itself as one of the main independent integrated oil and gas companies in Latin America, operating in different links of the chain.

Brava Energia’s origin is directly linked to the trajectory of 3R Petroleum Óleo e Gás S.A., founded in 2010 and initially focused on revitalizing mature oil and gas fields. 3R structured its expansion mainly through the acquisition of assets divested by Petrobras, participation in ANP (Agência Nacional do Petróleo, Gás Natural e Biocombustíveis) bidding rounds for blocks, and M&A deals with other companies in the sector. Among the key milestones are the acquisitions of onshore and offshore production clusters such as Macau, Fazenda Belém, Rio Ventura, Recôncavo, Peroá, Papa Terra and Potiguar, as well as the purchase of Duna Energia, which brought new onshore fields in the Potiguar Basin. In 2020, the company carried out its IPO, joined B3’s Novo Mercado segment and intensified the process of asset consolidation, which later converged into Brava Energia’s current structure after the combination with Enauta.

Enauta, in turn, traces its formation to the Queiroz Galvão Group, which began oil E&P activities in the 2000s through stakes in blocks granted in ANP’s so-called “Round Zero,” such as block BCAM-40, where the Manati Field is located. In 2010, Constellation (then Queiroz Galvão Óleo e Gás) contributed E&P assets to the former Queiroz Galvão Exploração e Produção, which would later become Enauta Energia and consolidate its presence in offshore fields such as Manati and, subsequently, Atlanta. The merger of Enauta into 3R Petroleum brought together these assets and offshore exploration experience, adding reserves, production and offshore technical expertise to the portfolio that began to be operated under the Brava Energia name.

Brava Energia’s business model is structured in an integrated way, combining upstream, midstream and downstream activities within the oil and natural gas value chain. In upstream, the company operates in exploration, development, production and marketing of oil and natural gas in onshore and offshore fields. In midstream, it operates infrastructure for flow, treatment, compression, processing and storage of production, as well as associated services provided to third parties. In downstream, the company has refining capacity and markets oil and gas derivatives, including operating the Clara Camarão Refinery within the Guamaré Industrial Asset. Operating revenues come mainly from sales of oil and natural gas, as well as services such as oil and gas treatment, gas compression, tanking and access to the marine terminal.

Brava Energia’s portfolio consists of twelve producing assets, distributed across six sedimentary basins and five Brazilian states: Bahia, Ceará, Espírito Santo, Rio de Janeiro and Rio Grande do Norte. The company holds onshore and offshore concessions that total 51 oil and gas concessions, as well as stakes in several exploratory blocks in basins such as Potiguar, Barreirinhas, Foz do Amazonas, Pará-Maranhão, Sergipe-Alagoas and Paraná. The geographic organization of the portfolio includes the Potiguar Complex, formed by the Macau, Areia Branca, Fazenda Belém, Pescada and Potiguar clusters; the Recôncavo Complex, with the Rio Ventura and Recôncavo clusters; and a set of offshore assets that includes Peroá, Papa Terra, Parque das Conchas, Atlanta and Manati. Integration among these clusters allows the company to capture operational synergies, optimize infrastructure use and reduce average production costs.

In midstream and downstream, Brava Energia operates the Guamaré Industrial Asset (ATI), located in Rio Grande do Norte, which includes the Clara Camarão Refinery, the Guamaré Marine Terminal and Natural Gas Processing Units (UPGNs) connected to the transportation grids of Brazil’s Northeast and Southeast regions. This infrastructure enables processing and separation of oil and gas streams, storage in tanks and movement via pipelines and ships, making it possible to serve both the domestic market and exports. Integration between the production segment and the industrial asset strengthens the company’s competitiveness by offering flexibility for the flow of different types of oil, scale gains in derivative processing and diversification of commercialization channels.

From an economic standpoint, the upstream segment has historically been Brava Energia’s main revenue generator. In 2024, approximately 72% of consolidated net revenue came from exploration and production operations, while the mid & downstream segment accounted for about 61% of revenue before intersegment eliminations, underscoring the growing relevance of vertical integration after completion of the Potiguar Cluster acquisition in 2023. The client base is concentrated in large energy companies: in 2024, around 45% of net revenue came from contracts with Raízen Trading S.A., linked to the mid & downstream segment, and 12% from sales to Petrobras, concentrated in upstream, with the remainder spread among other buyers of oil, gas and derivatives.

Brava Energia operates within Brazil’s specific oil and gas regulatory framework, whose cornerstone is the Petroleum Law (Law No. 9,478/1997) and oversight by the ANP. The company operates its fields and blocks under concession contracts that establish investment obligations, exploration and production deadlines, payment of royalties, government takes and any special participations, as well as compliance with technical, economic and environmental requirements. In certain assets, such as the Macau and Areia Branca clusters, the company obtained tax incentives granted by the Superintendência de Desenvolvimento do Nordeste (SUDENE), which reduce the income tax burden on oil and gas production activities for a set period, enhancing the economic attractiveness of these projects. The concessions have terms that may extend until 2052, with the possibility of extension upon submission of development plans to the ANP.

From an organizational and ESG standpoint, Brava Energia states that it adopts a governance structure aligned with the requirements of B3’s Novo Mercado, with sustainability issues overseen by Management, Executive Board, Board of Directors and Sustainability Committee. The company reports focusing on operational safety, cost management efficiency, environmental responsibility and contribution to the socioeconomic development of the regions where it operates. Its base of approximately 1.1 thousand employees is presented as an important asset for executing its strategy of revitalizing mature fields, redeveloping production and capturing synergies between onshore and offshore assets, especially in the integrated complexes of Brazil’s Northeast.

At the sector level, Brava Energia positions itself as an independent integrated oil and gas company, but with economic predominance in the exploration and production link. The BRAV3 ticker on B3 reflects this profile of an energy company focused on E&P with associated refining and logistics infrastructure, exposed to the dynamics of international oil and gas prices, operating costs in mature fields and regulatory conditions defined by the federal government and the ANP. The combination of a portfolio of onshore and offshore fields, in-house processing capacity in Guamaré and contracts with major buyers such as Petrobras and Raízen defines the company’s role in the Brazilian oil and natural gas market.

Latest dividends paid by BRAV3 — Dividends and Interest on Equity (JCP)
Type	Ex-Date	Value per Share
Dividendo	20/04/2026	R$ 0.12
Dividendo	30/04/2024	R$ 0.39

BRAV3 Dividend History

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