Petrobras : Financial Perfomance 4Q22 (R$)

Petrobras financial performance in 4Q22

Rio de Janeiro, March 01, 2023

Message from the CFO

Dear shareholders and investors,

With a strong sense of accomplishment, we are very proud to share 2022 results. They are the synthesis of a long trajectory of huge challenges which were overcome, efficient management, consistent strategic choices which were vindicated and the focus on value generation, all of which are today reflected in excellent economic and financial results and a solid balance sheet.

We have reached superlative records: recurring net income and EBITDA of, respectively, US$ 34 billion and US$ 67 billion, which, notwithstanding the positive external backdrop, represent the result of several relevant management decisions taken over the past years, as oil prices had previously been at levels similar to those of 2022, without equivalent results. And we have generated those results while investing in 2022 US$ 10 billion in our businesses and delivering an oil and gas production of 2.7 million boed, 3% above the center of the target and with 73% of pre-salt oil in the mix, demonstrating how serious and effective is the execution of our robust and resilient strategic planning. We continue to break production records. FPSO Carioca, in Sépia field, reached in November the average monthly production of 174 kbpd and the ATP-6 well in Atapu reached in the same period 56.5 kbpd. In 2022 reserves incorporation was the highest ever (2.0 billion boe), for the second year in a row, reflecting the excellent performance of our assets. The reserves to production metric (R/P) went up to 12.2 years.

We started up 2 new production platforms, in the Mero and Itapu fields, the latter brought forward relative to the initial schedule. We shall have 17 additional ones coming online over the next 5 years.

We delivered world-class results in refining and trading and logistics. We continue with our plans to modernize our refining facilities, with works in the Sulfur Recovery Unit at REGAP, procurement of the new HDT for REPLAN and the system for reduction of emissions into the atmosphere (blowdown closure at RPBC). We have kept the utilization factor in our refineries at high and efficient levels, despite relevant maintenance stoppages, and we also increased energy efficiency and reduced emissions.

The year 2022 was challenging with global supply limitations caused by the conflict in Ukraine. Our global market coverage and development of new customers were instrumental for the shift in our exports flow aimed at generating value and seizing new arbitrage opportunities. We have been able to diversify the destinations of our exports and practice competitive prices, while reducing volatility to our customers.

In regard to innovation and technological development, it is worth noting that for the second year in a row we have reached the record of 1,100 active patents filed only in 2022. For the fourth consecutive year we were in the top position in high performance and ecoefficient computers in Latin America, with the Pegasus supercomputer, which happens to be the 5th most powerful on the global oil industry. Processing more data enables us to generate ever-sharper images

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for the areas mapped for oil and gas exploration and production, besides reducing processing time. This contributes to production optimization, increase in recovery factor of the existing reserves and the maximization of the efficiency of our exploratory projects.

These results and the countless other efforts and processes, it is always worth remembering, were carried out with the utmost respect for the highest governance and compliance standards. Consistent with the continuous improvement of our governance and transparency, in 2022 we approved our Tax Policy and improved the governance of our Pricing Policy with the approval by our Board of Directors of the guideline for prices in the domestic market. Our Governance efforts have been rewarded and for the 6th consecutive year we have received the Level 1 Governance Certification from the Secretariat of Coordination and Governance of State-Owned Companies (SEST). We also stand in the top position in the ranking for active transparency of the General Federal Inspector's Office (Controladoria Geral da União).

We have accomplished all this always prioritizing the safety of our employees - captured in the total recordable injuries metric of 0.68 per million men-hour - and respecting the environment and society. We have today the largest program for offshore CO2 capture worldwide. In 2022 we injected 10.6 million tCO2, the most we injected in a single year. In light of the cumulative results our reinjection commitment was revised up to 80 million tCO2 by 2025 in CCUS (carbon capture usage and storage) projects. CO2 reinjection will continue to have a relevant role in the reduction of the intensity of GHG emissions on oil and gas production. Besides, as can be witnessed in the evolution of our strategic plans, we are seeking to expand even further our environmental initiatives, developing capabilities also for the offshore wind, hydrogen and biorefining businesses. For the second year in a row, Petrobras has joined the Dow Jones Sustainability Index World and we have reached the maximum score in the Environmental Report, Water-related Risks and Social Report criteria. The company also stood out in terms of Operating Eco-efficiency, Labor Practices and Human Rights. It is also noteworthy that we are implementing a green recycling policy for platforms to be decommissioned, in line with the market's best ESG practices.

All those efforts were translated into huge wealth for Brazilian society. In 2022, we have paid the record amount of R$ 279 billion in taxes and government take and we have surpassed the mark of R$ 1 trillion over the last 5 years. Our strong results have also been translated into returns to our shareholders. Our Board of Directors approved dividends of R$ 2.751 per common and preferred share, relative to 4Q22 results. And we can continue to deliver even more. With the perspectives on oil and gas production growth, with higher profitability due to the pre-salt, and the capacity of our company to face the challenges imposed by the inevitable energy transition we shall be in a unique position to continue to generate long term value. It is obviously worth nothing that we cannot ignore the cyclical nature of our industry: who can forget negative oil prices during the height of the pandemic? In 2022 our return on capital employed was 16%. In 2020 it was only 3%. Therefore, we need to focus on our portfolio's resilience, ensuring long term financial sustainability.

1 For more information and details please access the material fact released today.

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All that has been constructed was only possible due to the efforts, capacity and commitment of thousands of people, who, infused with collaborative spirit and working for a common good, are capable of generating so much wealth for society.

Lastly, we are confident that Petrobras will keep moving forward to a bright future, overcoming challenges, developing technologies to the energy transition and, in the meantime, generating value to society and to our shareholders and investors.

Rodrigo Araujo Alves

Disclaimer

This report may contain forward-looking statements. Such forward-looking statements only reflect expectations of the Company's managers regarding future economic conditions, as well as the Company's performance, financial performance and results, among others. The terms "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "objective", "should", and similar terms, which evidently involve risks and uncertainties that may or may not be anticipated by the Company and therefore are not guarantees of future results of the Company's operations that may differ from current expectations. The readers should not rely exclusively on any forward-looking statement contained herein. The Company does not undertake any responsibility to update the presentations and forecasts in the light of new information or its future developments, and the figures reported for 4Q22 onwards are estimates or targets. These indicators do not have standardized meanings and may not be comparable to indicators with a similar description used by others. We provide these indicators because we use them as measures of company performance; they should not be considered in isolation or as a substitute for other financial metrics that have been disclosed in accordance with BR GAAP or IFRS. See definitions of Free Cash Flow, Adjusted EBITDA and Net Indebtedness in the Glossary and their reconciliations in the Liquidity and Capital Resources sections, Reconciliation of Adjusted EBITDA and Net Indebtedness. Consolidated accounting information audited by independent auditors in accordance with international accounting standards (IFRS).

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Main items

Table 1 - Main items*

Variation (%)

R$ million

4Q22 3Q22

4Q21 2022

	2021		4Q22 X		4Q22 X		2022 X
		3Q22		4Q21		2021

	Sales revenues		158,579		170,076			134,190		641,256			452,668			(6.8)		18.2			41.7
	Gross profit	76,637	86,836		59,047		334,100		219,637			(11.7)		29.8	52.1
	Operating expenses		(18,184)		(12,395)			(1,341)		(41,136)			(17,233)			46.7		1256.0			138.7
	Consolidated net income (loss)
	attributable to the shareholders of	43,341	46,096		31,504		188,328		106,668			(6.0)		37.6	76.6
	Petrobras
	Recurring consolidated net income (loss)
	attributable to the shareholders of		42,910		46,290			23,795		177,431			83,286			(7.3)		80.3			113.0
	Petrobras *
	Net cash provided by operating activities	67,575	63,207		51,392		255,410		203,126			6.9	31.5	25.7
	Free cash flow		48,865		52,982			41,986		205,754			168,992			(7.8)		16.4			21.8
	Adjusted EBITDA	73,091	91,421		62,945		340,482		234,576			(20.1)		16.1	45.1
	Recurring adjusted EBITDA*		75,504		92,268			62,466		345,323			234,069			(18.2)		20.9			47.5
	Gross debt (US$ million)	53,799	54,268		58,743		53,799		58,743			(0.9)		(8.4)	(8.4)
	Net debt (US$ million)		41,516		47,483			47,626		41,516			47,626			(12.6)		(12.8)			(12.8)
	Net debt/LTM Adjusted EBITDA ratio **	0.63	0.75	1.09	0.63	1.09		(16.0)		(42.2)	(42.2)
	Average commercial selling rate for U.S.		5.26		5.25			5.58		5.16			5.40			0.2		(5.7)			(4.4)
	dollar
	Brent crude (US$/bbl)	88.71	100.85		79.73	101.19		70.73		(12.0)		11.3	43.1
	Domestic basic oil by-products price		621.25		692.97			485.84		632.22			416.34			(10.3)		27.9			51.9
	(R$/bbl)
	TRI (total recordable injuries per million									0.68	0.56		-		-	21.4
	men-hour frequency rate)
	ROCE (Return on Capital Employed)		15.9%		14.8%			7.8%		15.9%			7.8%			1,1 p.p.		8,1 p.p.			8,1 p.p.

• See reconciliation of Recurring net income and Adjusted EBITDA in the Special Items section.
• *Ratio calculated in USD

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