3R Petroleum Oleo E Gas SA Ordinary Shares

What it is

Brava was created in 2024 from the merger of 3R Petroleum Óleo e Gás S.A. and Enauta Participações S.A., two independent Brazilian oil and gas companies that had each built their portfolios largely by buying mature fields from the state giant Petrobras.

The company holds assets both on land and at sea across Rio de Janeiro, Espírito Santo, Bahia, Rio Grande do Norte and Ceará, making it Brazil’s most geographically diversified independent oil and gas operator. It pumps oil and gas, treats and processes them, and sells the products — a chain that runs from wellhead to market.

Who owns it

Brava has no single controlling shareholder; it is structured as a true corporation, one of very few on Brazil’s stock market. Banco Bradesco is its largest single holder at around 12%, with the next two largest at roughly 7.6% and 7.0% respectively.

A group of financial investors — Jive, Yellowstone and Bloco Somah Printemps Quantum — together hold approximately 26% of the shares, and it is this block that Colombia’s Ecopetrol has agreed to buy (see “What it is doing now”). Institutions in aggregate own roughly 69% of the company, per EODHD data, with insiders holding about 7%.

Who runs it

Richard Kehrer Kovacs served as Chairman of the Board from August 2025 to January 2026, before becoming CEO of Brava. He holds a degree in Economics from PUC-SP and brings extensive experience in the financial and energy sectors.

Luiz Carvalho was elected Chief Financial Officer by the Board of Directors in November 2025, taking office on November 24. Carvalho has a production engineering degree from UERJ and executive education from Harvard and Wharton, with over two decades in energy finance, including heading Latin America oil and gas research at BTG Pactual, UBS and HSBC.

Ricardo de Queiroz Galvão — also CEO of the Queiroz Galvão Group — serves as an independent board director.

The money, in plain words

Revenue has more than doubled in two years — from R$5.62bn (~US$1.09bn) in FY2023 to R$11.62bn (~US$2.25bn) in FY2025, a rise of 107% (our calculation) — driven by the merger adding Enauta’s offshore production to 3R’s onshore base. Average daily output in 2025 ran at roughly 81,000 barrels of oil equivalent, a scale that a standalone 3R or Enauta could not have reached alone.

The company carries heavy debt: total borrowings of R$20.69bn (~US$4.00bn) against cash of just R$929m (~US$180m) leaves a net debt of R$19.76bn (~US$3.82bn) (our calculation). For every real that shareholders own in the business, it earns about two cents a year — a return on equity of 2.06%, thin by any measure and weighed down by the cost of financing those acquisitions.

The price-to-earnings ratio of 36.6× tells you the market is pricing in a significant improvement ahead, not the numbers on today’s page.

What it is doing now

Colombia’s state oil company Ecopetrol signed a share purchase agreement in April 2026 to buy approximately 26% of Brava — around 120.8 million shares — from the Jive, Yellowstone and Bloco Somah Printemps Quantum investor group. Ecopetrol has stated it aims to eventually acquire a majority stake in Brava.

At year-end 2025, Brava reported total proven reserves of 459 million barrels of oil equivalent, with average daily production of roughly 81,000 barrels — making it, by public filings, the second-largest independent oil and gas company by reserves and production on the Brazilian stock market. A new drilling campaign covering four wells at the Atlanta and Papa-Terra offshore fields is under way in 2026.

What to watch

• Ecopetrol deal closing. Regulatory approval from Brazil’s competition authority CADE is required; Ecopetrol has also signalled a voluntary tender offer for the remaining shares at R$23 (US$4)per share.
• Debt reduction. With net debt more than twice equity, how fast Brava converts oil revenue into debt repayment will determine whether the return on equity recovers to a level that justifies the current earnings multiple.
• Offshore ramp-up. The Atlanta deepwater field in the Santos Basin — which won the sector’s top global award at OTC 2026 — is still in early production growth; execution risk on the new drilling campaign is real.
• New leadership bedding in. Both the CEO and CFO positions changed in late 2025 and early 2026; strategic continuity through the Ecopetrol transition matters.

This is news, not investment advice.