3R Petroleum Óleo e Gás S A : Release de Resultados 4T22 & 2022 - Versão inglês

EARNINGS RELEASE

4Q22 & 2022

ri.3rpetroleum.com.br

EARNINGS RELEASE | 4Q22 & 2022

Results | 4Q22 & 2022

Rio de Janeiro, Wednesday, March 8th, 2023 - 3R Petroleum Óleo e Gás S.A. ("3R" or "Company") (B3: RRRP3) hereby presents its results for the fourth quarter ("4Q22") and year of 2022. Except as indicated otherwise, the financial and operational information herein described is presented on a consolidated basis, in Brazilian Reais (R$), and in accordance with International Financial Reporting Standards (IFRS).

Main Indicators

(In thousands of R$, except as indicated otherwise)	4Q22	4Q21	∆ Y/Y	3Q22	∆ Q/Q	2022	∆ Y/Y
Net Revenues	445,130	250,016	78.0%	502,374	-11.4%	1,722,422	136.7%
		36.3%		-41.5%		99.3%
Adjusted EBITDA	112,639	82,628	192,640	709,600
		-7.7 p.p.		-13.0 p.p.		-7.7 p.p.
Adjusted EBITDA Margin	25.3%	33.0%	38.3%	41.2%
		107.6%		3.2%		100.2%
Total Production¹ (boe/day)	15,375	7,405	14,895	12,514
		36.8%		-3.0%		55.7%
Average daily oil production (bbl/day)	8,660	6,328	8,924	8,285
		523.8%		12.5%		354.4%
Average daily gas production (boe/day)	6,715	1,077	5,972	4,229
		6.9%		-14.1%		39.7%
Average Oil Sale Price (US$/bbl)	77.8	72.7	90.5	91.1
		228.1%		-7.1%		187.9%
Average Gas Sale Price (US$/MMbtu)	8.1	2.5	8.7	7.8
		84.0%		23.8%		73.3%
Lifting Cost (US$/boe)	17.7	9.6	14.3	14.1
¹ 3R Interest

HIGHLIGHTS AND POST REPORTING DATE EVENTS

Business Plan: Organic Development, Minimization of Risks and Sustainability

• Operational safety: intensification of activities for integrity and maintenance of installations
• Consolidation of portfolio: 7 of 9 assets integrated and remaining transitions near conclusion
• Incorporation of Papa Terra Cluster: Company's second offshore operation
• Sustainability report: first edition already in preparation phase
• Organizational simplification: optimization of corporate structure and integration of activities

Operational Evolution in a Robust and Diversified Portfolio

• Pro forma portfolio1 posted 45.2k boe/d in Dec/22, with 43.8% incorporated into portfolio
• Average production of 15.4k boe/d in 4Q22, +107.6% Y/Y
• Consistent operational execution in Bahia, +469.1% Y/Y and +3.6% Q/Q boe/d
• Start of onshore drilling campaign in March 2023, in Rio Grande do Norte (RN)
• Detailing asset's development plans and maintenance of production capacity after expansion of production systems

1 Includes 3R's working interest in assets that are already in the operational transition phase (65% of Pescada Cluster and 100% of Potiguar Cluster).

1

EARNINGS RELEASE | 4Q22 & 2022

• Operational interventions at the Macau Cluster, recovering the integrity of the drainage system and adjusting the separation plants
• Addition of reserves and production based on increased working interest in subsidiary 3R Offshore
• Updating of reserve certifications already underway, with new reports to be disclosed by 2Q23

Consistent Financial Results and Balanced Capital Structure

• Funding for Potiguar Cluster concluded, even in a challenging scenario in the credit market
• Record Net Revenues in 2022, R$ 1,722.4 million, growth of 136.7% Y/Y
• Significant improvement in gas monetization, +187.9% Y/Y
• Adjusted EBITDA worked out to R$ 709.6 million in the year, rise of 99.3% Y/Y
• Adjusted EBITDA Margin of 41.2% in 2022, even considering the transition expenses and the time of portfolio consolidation
• Net Income of R$ 127.7 million, 8 times higher over previous year
• Capex of US$ 69.4 million in 2022, mainly allocated to workover activities, wells reactivations and facilities
• Lifting Cost of US$ 14.1/boe for the year, competitive level since 3R began operations
• Cash Generation from Papa Terra Cluster2: offset of US$ 9.6 million upon closing and balance of US$ 9.6 million to be deducted from contingent installments

Portuguese Conference Call	English Conference Call
March 9, 2023	March 9, 2023
14:00 (BRT)	12:00 p.m. (US EST)
Connection Phone Numbers :	Connection Phone Numbers (USA):
[phone]	[phone]
[phone]	[phone]
[phone]	[phone]
[phone]	[phone]
0800 282 5751	[phone]
0800 878 3108	[phone]
Webinar ID: 894 2739 9758	Webinar ID: 894 2739 9758
Password: 638478	Password: 638478
Registration: click here	Registration: click here

2 Cash generation related to the operational transition period of Papa Terra Cluster (July 2021 to December 2022) belongs to 3R Offshore

2

EARNINGS RELEASE | 4Q22 & 2022

Message from Management

During 2022, 3R posted important strategic, financial and operational milestones. The progress made by the Company will be fundamental for supporting its investment thesis in the coming years and, consequently, promote the creation of value through the recovery of reserves that would not be produced by the previous operator. In addition to generating value for its shareholders, this movement aims to reflect positively on the dynamics of the local economies where the operations are located by creating jobs and strengthening industry and commerce. It is also worth remembering that such investment plans also provide increased revenue for the union, states, municipalities and landowners through the payment of royalties, taxes and fees linked to our businesses. The solid result registered in 2022 is intrinsically related to the intense dedication of the 3R team, which works guided by the pillars of sustainability, operational safety and continuous improvement of the Company's results.

Global markets had to live with challenging macroeconomic aspects and disruptive geopolitical events throughout the year 2022, a trend that began as this decade got underway in 2020 with the Covid-19 pandemic. Climbing interest rates and continuing inflation in both developed and emerging markets combined with the sweeping effects of the war in Eastern Europe and strongly affected the dynamics in several industries all over the world, with a major role being played by the energy sector, chiefly oil and gas (O&G).

The O&G industry grew mightily this past year, chiefly backed by benchmark petroleum prices that reached higher than US$ 130 per barrel, though the annual average in 2022 was US$ 99, still a highly attractive level for stimulating industry projects. The huge fluctuations were mainly caused by jolts in the global energy supply chain that made the supply of the commodity fail to keep up with the growth in the global demand for oil and gas.

In such a context, Brazil established itself as one of the world's principal destinations for the allocation of resources and exposure to the oil and gas industry in 2022. The opening of the local O&G industry, driven by the program for divestiture of non-core assets of the major producing companies present in the country made it possible for development of a new sector of local independent operators. In the past decade, the oil and natural gas industry in Brazil advanced in a robust manner, with a significant increase in its consolidated production, to the point where it now accounts for more than 15% of the nation's industrial GDP. In the coming years, companies like 3R will assume an increasingly important role in allocating resources in projects to revitalize mature fields and increase production in the country and, consequently, in generating benefits that extend throughout Brazilian society, with the solidification of a chain of local suppliers that serves this niche in the oil and gas sector, which is so relevant in oil-producing municipalities far from the country's major capitals.

3R is proud to be a part of the select group that is going to support the competitive gains of the nation's O&G industry and to generate with its operations a powerful economic and social impact on the regions where it is active. This impact chiefly involves the important creation of jobs and income in areas with a low human development index, mainly in the States of Bahia (BA), Ceará (CE), Espírito Santo (ES) and Rio Grande do Norte (RN).

The Company achieved a milestone by concluding acquisitions of four assets during the year 2022: (i) the Recôncavo Cluster in May; (ii) the Fazenda Belém and Peroá Clusters in August; and (iii) the Papa Terra Cluster at the end of December. Such accomplishments prove the success of 3R's strategy of identifying opportunities and building up a diversified portfolio. The growth of our operated portfolio backed up the Company's operational and financial results in 2022. 3R posted the record mark of over R$ 1.7 billion in Net Revenues for the year, a financial volume that is 8.4 and 2.4 times that achieved in the years 2020 and 2021, respectively, which demonstrates the magnitude of 3R's growth in just 24 months. It is worth pointing out that the results

3

EARNINGS RELEASE | 4Q22 & 2022

achieved in 4Q22 still reflect roughly 44% of the portfolio contracted by the Company, proving that the growth dynamic should likewise be noted in 2023, a year that will be driven not just by the expansion of the production of the seven assets of portfolio already operated, but also by the incorporation into our results of the operations of the principal assets acquired by the Company: Potiguar and Papa Terra.

The 2022 results are due to operations that in December achieved a daily average production of more than 25 thousand barrels of oil equivalent (boe) and delivered an EBITDA margin of nearly 42% all told for 2022, even considering the expenses linked to the assets integration process, with the heavy-duty operational mobilization carried out for the commencement of operations at the Papa Terra and preparation activities to the take over of Potiguar Cluster.

The year 2022 was further marked by the signing of the financial instruments needed to guarantee the conclusion of the acquisition of the Potiguar Cluster, that added to the resources of three equity movements in the Brazilian capital market. The striving for optimization of its capital structure will be an ongoing affair, in view of the growth projected for the next 24 months and the consequent upswing in its capacity for production and generation of cash.

After an important trajectory of strategic acquisitions, 2023 marks for 3R the commencement of a new cycle for consolidation of the Company's portfolio and execution of its strategic plan, with focus on results, productivity, reduction of costs and performance of operations in a safe and sustainable manner. Finally, the year 2022 strengthened the Company's operational and strategic learning curve, such that as it enters 2023 it is better prepared to the challenges inherent in its portfolio. 3R reiterates its conviction that its proposition represents one that is competitive and features a mighty strategic differential in Brazil's O&G industry. The year 2023 begins with the certainty that the Company is capable and structured to consolidate its portfolio and that subsequent years will be transformational for 3R and for the independent national oil and gas industry.

4