Brazilian natural gas and power utility Eneva S.A. (BOVESPA:ENEV3) and local oil and gas explorer Petroreconcavo S.A. (BOVESPA:RECV3) on April 24, 2024 refuted media speculation that the companies are exploring a merger of the two businesses. Eneva noted in a securities filing that it ?is not engaged in any discussion, has not signed any document, nor it is party to any agreement with Petroreconcavo.? The company added that it remains focused on implementing its business plan and capex programme, while also analysing new business opportunities that may strengthen its position in its sector.

Petroreconcavo separately issued a similar statement, saying no merger discussions are underway. The statements followed a report by Valor Economico which cited unnamed sources as saying that the Eneva and Petroreconcavo were in talks about a potential merger.