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Brava Energia Reports R$1 Billion Loss While Production Soars
(MENAFN- The Rio Times) Brazilian oil company Brava Energia (BRAV3) reported a consolidated net loss of R$1.028 billion ($180.4 million) in Q4 2024, Reuters reports. This marks a significant reversal from the R$474.7 million profit recorded during the same period in 2023.
The company attributes this loss primarily to non-cash accounting effects from currency devaluation. Net revenue fell to R$1.95 billion ($342.1 million), representing a 14.3% decrease compared to Q4 2023.
Adjusted EBITDA also declined by 41% to R$505 million ($88.6 million) year-over-year. Despite these financial headwinds, Brava Energia demonstrates robust operational growth.
Production reached a record 73,900 barrels of oil equivalent per day (boe/d) in February 2025, marking an 88% increase from Q4 2024 levels. CEO Décio Oddone expressed confidence about 2025 performance, projecting production to exceed 80,000 boe/d in coming months.
"The company, going forward, is very different from the company we reported last year," Oddone told Reuters. The Atlanta field commenced production on December 31 through the FPSO Atlanta vessel.
Two wells currently produce approximately 25,600 boe/d, with four additional wells scheduled for connection by Q2 2025. The vessel can process up to 50,000 barrels daily.
Brava Oil Resumes Operations and Expands Portfolio
Papa-Terra field resumed operations in December 2024 after a brief suspension, now producing around 15,300 boe/d. Brava also completed its acquisition of a 23% stake in Parque das Conchas from QatarEnergy Brasil, adding approximately 6,200 boe/d to its portfolio.
The company advances its divestment strategy for non-core assets. Recent developments include a December 2024 exclusivity agreement with Azevedo e Travassos and Petro-Victory Energy for 11 oil concessions in Rio Grande do Norte, plus a $65 million deal with PetroReconcavo for gas infrastructure.
Brava also secured a major supply contract with Trafigura for six million barrels from the Atlanta field. BTG Pactual analysts value Brava's onshore assets at up to $1.9 billion, with the company's current market capitalization standing at R$11.64 billion ($2.04 billion).
The company attributes this loss primarily to non-cash accounting effects from currency devaluation. Net revenue fell to R$1.95 billion ($342.1 million), representing a 14.3% decrease compared to Q4 2023.
Adjusted EBITDA also declined by 41% to R$505 million ($88.6 million) year-over-year. Despite these financial headwinds, Brava Energia demonstrates robust operational growth.
Production reached a record 73,900 barrels of oil equivalent per day (boe/d) in February 2025, marking an 88% increase from Q4 2024 levels. CEO Décio Oddone expressed confidence about 2025 performance, projecting production to exceed 80,000 boe/d in coming months.
"The company, going forward, is very different from the company we reported last year," Oddone told Reuters. The Atlanta field commenced production on December 31 through the FPSO Atlanta vessel.
Two wells currently produce approximately 25,600 boe/d, with four additional wells scheduled for connection by Q2 2025. The vessel can process up to 50,000 barrels daily.
Brava Oil Resumes Operations and Expands Portfolio
Papa-Terra field resumed operations in December 2024 after a brief suspension, now producing around 15,300 boe/d. Brava also completed its acquisition of a 23% stake in Parque das Conchas from QatarEnergy Brasil, adding approximately 6,200 boe/d to its portfolio.
The company advances its divestment strategy for non-core assets. Recent developments include a December 2024 exclusivity agreement with Azevedo e Travassos and Petro-Victory Energy for 11 oil concessions in Rio Grande do Norte, plus a $65 million deal with PetroReconcavo for gas infrastructure.
Brava also secured a major supply contract with Trafigura for six million barrels from the Atlanta field. BTG Pactual analysts value Brava's onshore assets at up to $1.9 billion, with the company's current market capitalization standing at R$11.64 billion ($2.04 billion).
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