By Brazil Stock Guide – Eneva (ENEV3) reported that its natural gas reserve replacement exceeded production in the Parnaíba Basin between 2024 and 2025, according to an independent reserves audit prepared by Gaffney, Cline & Associates.
The report shows that the company added 3.519 billion cubic meters (Bcm) of natural gas reserves, while cumulative production over the same period totaled 3.161 Bcm. As a result, Eneva’s reserve replacement ratio reached 111%, meaning the company added more gas to its reserve base than it produced during the period.
In the oil and gas industry, this metric is closely watched by investors because it measures the sustainability of production. Ratios above 100% indicate that a company is maintaining or expanding its resource base, helping offset the natural decline of producing fields.
Certified reserves
Following the update, Eneva’s 2P reserves (proved plus probable) in the Parnaíba Basin totaled 37.932 Bcm of natural gas as of the end of 2025, along with 1.57 million barrels of condensate. The report also showed proved reserves (1P) of 30.992 Bcm, while 3P reserves (proved, probable and possible) reached 40.665 Bcm.
Based on the company’s recent production levels, the current reserve base implies an estimated reserve life of roughly a decade for the basin.
Strategic gas hub
The certified reserves include several producing fields in the Parnaíba Basin in northeastern Brazil, such as Gavião Real, Gavião Azul, Gavião Branco, Gavião Caboclo, Gavião Preto and Gavião Vermelho, as well as the development area of Gaviãozinho.
The basin is the cornerstone of Eneva’s business model, which integrates natural gas production with nearby thermal power generation. Maintaining the reserve base in the region is therefore critical to ensuring long-term fuel supply for its power plants and sustaining the company’s integrated energy strategy.
Results
Eneva also reported strong financial performance for the fourth quarter and full year of 2025. Consolidated EBITDA reached R$ 1.487,7 million in the fourth quarter, more than doubling from the same period a year earlier, while full-year EBITDA totaled R$ 6.506,8 million, reflecting the ramp-up of new assets and expansion across its gas and power portfolio.
Net income attributable to Eneva reached R$ 57,0 million in the fourth quarter, compared with a loss of R$ 1.066,5 million a year earlier. For the full year, net income totaled R$ 1.157,6 million, a sharp increase from R$ 42,0 million in 2024.
Revenue also expanded significantly, with net operating revenue reaching R$ 6.050,5 million in the quarter and R$ 18.416,1 million in 2025, driven by higher dispatch of thermal power plants, the contribution of recently acquired generation assets and the growth of the company’s gas commercialization activities.
The results underscore Eneva’s strategy of integrating gas production, LNG logistics and thermal power generation, with new projects and contracts strengthening earnings and expanding its role in Brazil’s energy system.
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