3R Petroleum Óleo e Gás S A : Press Release 4Q23 & 2023

EARNINGS RELEASE | 4Q23 & 2023

Rio de Janeiro, March 6, 2024 - 3R Petroleum Óleo e Gás S.A. ("3R" or "Company") (B3: RRRP3) presents the results for the fourth quarter and fiscal year 2023 ("4Q23" or "2023"). The financial and operational information described below, except where otherwise indicated, is presented on a consolidated basis and in Reais (R$), in accordance with accounting practices adopted in Brazil (CPC) and international financial reporting standards (IFRS).

Main Indicators

	4Q23	4Q22	∆ YoY	3Q23	∆ YoY	2023	2022	∆ YoY
Net Revenue (R$ million)	1,849.5	445.1	315.5%	2,360.3	-21.6%	5,620.0	1,722.4	226.3%
		518.4 %		-15.9%			165.0%
Adjusted EBITDA (R$ million)	696.6	112.6	828.6	1,880.3	709.6
		12.4 p.p.		2.6 p.p.			-7.7 p.p.
Adjusted EBITDA Margin	37.7%	25.3%	35.1%	33.5%	41.2%
		198.5%		7.4%			175.0%
Total Production¹ (boe/day)	45,902	15,375	42,736	34,426	12,517
		316.7%		6.7%			211.7%
Average oil daily production (bbl/day)	36,085	8,660	33,813	25,823	8,285
		46.2%		10.0%			103.3%
Average gas daily production (boe/day)	9,817	6,715	8,923	8,603	4,232
		-3.3%		-6.8%			-18.1%
Average oil sale price (US$/bbl)	75.2	77.8	80.7	74.6	91.1
		7.7%		11.9%			2.3%
Average gas sale price (US$/MMbtu)	8.7	8.1	7.8	8.0	7.8
		-12.0%		-2.9%			27.4%
Lifting Cost (US$/boe)	18.0	20.5	18.5	19.8	15.6

¹ 3R working interest (Considers participation of 85% from 3R Offshore)

4Q23 & 2023 HIGHLIGHTS

Solid investment thesis supported by evolution on all work fronts

• Consolidation of the portfolio in 2023, conclusion of the acquisition of Potiguar Cluster adds production, reserves and a new operating and business segment, the mid & downstream
• Liability management, optimization of the capital structure by lengthening the debt amortization profile and contracting more competitive coupon rate instruments
• 3R closes 2023 with average production of 47.0 thousand boe/d in December 2023. Organic1 performance recorded 42.8% growth in the year
• Corporate reorganization of subsidiaries, focus on organizational simplification and greater operational and financial efficiency
• SUDENE tax benefit for natural gas production at the Rio Ventura Cluster concludes the eligibility of onshore and shallow water assets2 for tax reduction

Financial results driven by better efficiency and greater operational scale

• Consolidated net revenue of R$5.6 billion in the year, +3.3x YoY, of which R$1.8 billion in 4Q23, +4.2x YoY
• Consolidated Adjusted EBITDA totaled R$1.9 billion in 2023, up 2.6x YoY and consolidated Adjusted EBITDA margin of 33.5%

1. Compares the production of the assets operated by the Company for 12 months in 2023, considering the average of 4Q23 versus the average of 1Q23
2. Except for Pescada cluster, which operation is performed by Petrobras

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EARNINGS RELEASE | 4Q23 & 2023

• Quarterly Adjusted EBITDA margin grew by 2.6 p.p., 37.7% in 4Q23 versus 35.1% in the previous quarter
• Upstream segment recorded an Adjusted EBITDA margin of 50.1% in 4Q23, while the mid & downstream segment reached 3.7%, without considering the corporate segment and intercompany eliminations
• Diversification of the oil, gas and derivatives client base has brought alternatives for better monetization of production and minimizes risks
• Lifting cost in 4Q23 reached US$ 18.0/boe, down 12.0% YoY and 2.9% QoQ. Increased production from the portfolio and greater resilience of operating systems contributed to the dilution of fixed costs
• Onshore portfolio recorded lifting cost of US$ 16.7/boe in 4Q23, while offshore recorded US$ 21.8/boe
• Capex acceleration supported production growth and contributed to prepare the Company for the 2024 investment campaign, R$815.0 million invested in 4Q23, +5.4x YoY and +95.7% QoQ and R$1,610.2 million in the year, +4.5x YoY
• Acceleration in operational cash generation, R$618.2 million in 4Q23, +38.9% QoQ

Greater operational efficiency supported by the revitalization of facilities

• Average production of 45.9 thousand boe/d in 4Q23, +3.0x YoY and +7.4% QoQ, and 34.4 thousand boe/d for the year, +2.8x YoY
• Upstream portfolio anchored in oil production, with a 79% share of production in 4Q23 and 75% of production for the year
• Activities with drilling rigs and the revitalization and expansion of operational facilities supported the increase in production, more than 800 interventions in wells during the year, 291 of which in the 4Q23
• Onshore drilling campaign totaled 38 wells drilled in 2023, of which 12 were drilled in 4Q23, with results in line with the Company's planning
• Start of interventions on offshore wells, completion of two workovers at the Papa Terra Cluster. Complex activities, carried out according to budget and intervention time planning
• Verticalization of activities in the Potiguar Basin by 2023, full integration between the upstream and mid & downstream segments, capturing synergies and recording operational and commercial efficiency
• Extensive integrity and maintenance project in mid & downstream facilities, recovery of the nominal installed capacity of operating systems and greater reliability in equipment

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EARNINGS RELEASE | 4Q23 & 2023

Evolution of the ESG Agenda in all dimensions

• Release of the First Sustainability Report, following GRI - Global Reporting Initiative standards
• Participation in Reflorescer, a forest restoration project in Permanent Preservation Areas (PPAs) and Legal Reserves
• Launch of 3R Capacita, a technical and professional training program for the oil and gas industry, aimed at communities in Rio Grande do Norte
• Development of INT3RAGIR, a community relations program with socio-environmental actions in regions adjacent to the Company's areas of operation
• Pro-EthicsCompany 2022-2023: 3R joins the select group of companies awarded by the Brazilian Office of the Comptroller General (CGU), with robust controls to prevent acts of corruption and fraud

Portuguese Conference	English Conference
March 07, 2024	March 07, 2024
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EARNINGS RELEASE | 4Q23 & 2023

Message from the Management

Throughout 2023, the strategic pillars of our investment thesis solidified, highlighting the countless opportunities inherent to our portfolio. In one hand, the relevance of onshore assets, which allows us to have greater predictability of production and revenues, low operational complexity and flexibility to adjust investment projects according to the future oil curve in the short and medium term. While in the other hand, the Company's offshore projects provide us with scale and enormous potential for increasing production in the coming years. Due to the low fraction recovered from the Papa Terra field, in the long term, this project could also play an important role in replenishing reserves, guaranteeing longevity for the Company. This combination of assets, together with optimized logistics, independence from third parties and its own infrastructure across the entire portfolio, transformed 3R into a unique company: the largest and most integrated onshore oil and gas producer in Brazil and one of the largest independent companies in the sector in Latin America.

In this context, we are preparing the Company to increasingly assume a leading role in revitalization projects in mature fields and production growth in the country, integrating a select group of companies that will support the gain in competitiveness of the oil and gas national industry and, consequently, encourage the improve of benefits that will extend throughout Brazilian society, generating revenue for the Union, states, municipalities and landowners, through the payment of royalties, taxes and fees linked to our businesses. It is worth emphasizing that our presence in the national territory generates opportunities to positively impact the economic and social dynamics of several municipalities where we operate, with relevant generation of employment and income, boosting the development of industry, suppliers and local commerce, especially in areas that historically have a low human development index.

The takeover of the Potiguar Cluster changed the scale and strategic potential of our thesis and was the main milestone reached in 2023. With the incorporation of the asset, 3R surpassed the 500 million barrels of 2P reserve, achieved record daily production in December, with more than 47 thousand barrels of oil equivalent, and established itself as the largest producer in the Potiguar Basin. Today, in addition to the oil and gas concessions, we also control the main flow, treatment, storage and refining infrastructure in the region, allowing an efficient and vertical operation, which serves not only our assets, but also other independent producers located in the same basin. Having its own storage, with capacity for more than 20 days of production, assets with logistics based on pipeline modalities and a private terminal to export and cabotage using medium and large capacity ships are strategic differences that are difficult to observe in any other onshore portfolio of E&P companies around of the world.

At the operational level, 3R achieved positive results in all four sedimentary basins throughout 2023, presenting organic growth of ~43% in assets operated since the beginning of the year, which highlights our operational execution capacity and the continuous improvement of controls internal and planning revitalization and investment projects. This result positions 3R among the independent companies with the best operational performance in 2023, with emphasis on Macau, where we delivered an increase in oil production of almost 80% throughout the year; and the assets in Bahia, where 4Q23 represented the ninth consecutive quarter with production increase. The Papa Terra project also deserves to be highlighted: even after taking over the asset with several restrictions on the processing and storage systems of the production units, after almost 10 months of unscheduled downtime, due to maintenance problems, by the former operator throughout 2022, 3R spared no efforts to recover the minimum integrity of the main systems and showed consistent evolution in 2023, reaching more than 90% operational efficiency in 4Q23 and around 63% growth in production if we compare 4Q23 with 1Q23.

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EARNINGS RELEASE | 4Q23 & 2023

The strong operational performance, combined with a commercial strategy that evolved in every quarter of 2023, supported record net revenue of more than R$ 5.6 billion in the year or 3.3 times higher than the level presented in 2022. Revenue net revenue recorded in 2023 exceeded the sum of net revenues from the years 2020, 2021 and 2022 by more than R$ 2 billion. In line with the increase in revenues, we reached a record adjusted EBITDA of R$ 1.9 billion in the year, a value higher than the sum of adjusted EBITDA recorded in the last three years by more than R$ 700 million.

As a subsequent event in January 2024, 3R reopened the international debt market for first issuers in Latin America, which had been closed since the beginning of 2022, and concluded the first issuance of notes, in the amount of US$500 MM. Together with the issuance of two other issues of local debentures between November 2023 and February 2024, these instruments optimize our capital structure, provide greater flexibility in covenants and increase the average term of obligations, with a more efficient cost - in line with the profile of the Company's current risk. And not least, they reinforce the cash position to support our Capex plan, even considering more conservative Brent scenarios.

The evolution in all aspects of the business observed in 2023 is intrinsically related to the intense dedication of 3R employees, who do not deny their efforts to create one of the largest independent oil and gas production companies in Brazil.

We are a relatively new company, but modern and capable of adapting quickly to the challenges presented to us. We took advantage of Petrobras' divestment process like no other company. We reopened the capital market after almost 10 years without new companies listed in the oil and gas sector. Throughout the first half of 2023, we were faced with one of the Company's biggest challenges since its creation: a sequence of letters from the Ministry of Mines and Energy asking Petrobras to reevaluate the divestment processes. Even in this context, we managed to overcome all precedent conditions to complete the acquisition of Potiguar Cluster with a few months delay in relation to the original forecast. Finally, in 2024, we reopen the bond issuance market to new issuers in Latin America, as we have already mentioned. At 3R, we are driven by the feeling of ownership, and we are very proud to have built a Company with relevance in the sector and which presents robust results in a very short space of time. This is just the beginning of a long journey and, fortunately, we are still far from unlocking the full potential value of our portfolio. We are Energy to Redevelop, Rethink and Revitalize, in a safe, sustainable and, above all, independent way. WE ARE 3R!

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EARNINGS RELEASE | 4Q23 & 2023

ESG - Environmental, Social and Corporate Governance

The Company's strategic plan aligns the attention on operational and financial aspects with the development of ESG guidelines (Environmental, Social and Corporate Governance). In 2023, the Company reassessed its materiality grid in order to define the relevant topics that will serve as the basis for the evolution of the ESG Agenda.

Among the 11 topics defined as priorities, maintained from the previous grid, which are connected to the 17 Sustainable Development Goals (SDGs), the main ones are: operational safety, development of employees and local communities, biodiversity, health, safety and well-being, water and waste management, and compliance.

In its commitment to transparency with all stakeholders, the company presents below the key initiatives, projects and actions, in the respective spheres, during the 4th quarter and the year 2023:

Environmental

1. Partnership with UFERSA (Federal Rural University of the Semi-Arid): research project for the alternative use of water produced at the Fazenda Belém Cluster, with objectives aimed at environmental and operational issues. The water from the production process, which is currently treated and reinjected into the asset's reservoirs, has the potential to be reused
   in plantations, which may be considered in 3R's Annual Greenhouse Gas (GHG) Inventory. The project aims to use the water to irrigate oilseed crops (sunflower and safflower), biomass (elephant grass and sorghum), cotton and plants native to the region.

Reflorescer Project: Along with the Association of Agricultural Engineers of Rio Grande do Norte (ANEA/RN), 3R is coordinating the project with the aim of implementing socio-environmental actions, focused on restoring the forests of 60 hectares of Permanent

Preservation Areas (APP) and Legal Reserves in a rural settlement in the state of Rio Grande do Norte. Recently, 1,800 seedlings were distributed to 160 farming families, in order to strengthen family agriculture and contribute to the community's food security.

1. 3R Launches Caminhos do Mar Project: In collaboration with the FIA consultancy, the project aims to produce an audiovisual diagnosis on the impacts of the traffic of support vessels for the oil and gas supply chain operations in the influence area of the Ports of Vitória (ES) and Açu (RJ). The project's target audience is diverse, encompassing multiple users of the maritime zone who may be potentially affected by the traffic of support vessels in the oil and gas industry in the influence regions of these two ports.

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EARNINGS RELEASE | 4Q23 & 2023

Social

1. 3R Capacita: Launched in November 2023, in partnership with SENAI RN and IFRN Macau/FUNCERN, the program offers 15 free technical and professional training courses in Rio Grande do Norte, aiming to capacitate individuals to work in the oil and gas industry. Over 380 course vacancies have been made available, highlighting the Company's commitment to providing opportunities to society and building enduring, structural programs that can foster socio-economic transformation in the various regions where it operates.

o INT3RAGIR Program (Community Relationship Program): Em 2023, more than 400 actions of the Program were carried out in Bahia, impacting over 2,700 individuals directly. The main initiatives included strengthening communication channels (Contact 3R), socio-educational activities in Safety, Environment, and Health (SMS), awareness campaigns regarding the integrity of facilities and equipment, as well as initiatives from the Environmental Education Program (PEA). The focus was on training,

strengthening community associations, resource mobilization, income generation, and support for socio-environmental initiatives. In December, an evaluation event for the program took place, bringing together over 50 community leaders to present the results of the Social Communication Plan and the Environmental Education Project implemented in the communities surrounding the Recôncavo and Rio Ventura Clusters in 2023. Access the program's video on INT3RAGIR

o Pink October, Blue November and Red December actions: In the fourth quarter, the Company continued its actions to raise awareness about the importance of health care and disease prevention. Several events were held with the Company's own and third-party employees, as well as with the communities adjacent to the operational areas. In parallel with lectures, 3R, in collaboration with health units, made equipment available for tests, vaccinations and medical

consultations. In addition, during the quarter, 3R promoted activities to encourage employees and communities to adopt a healthier and more active lifestyle, which is one of the most effective ways of preventing diseases.

1. Children's Day: The action covered 23 communities in 7 municipalities around 3R's facilities in the states of Rio Grande do Norte, Ceará and Bahia. The Company carried out various actions at its

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EARNINGS RELEASE | 4Q23 & 2023

assets, where children were welcomed by employees, who showed them the work routine, talked about safety and promoted educational activities and presentations. The Company distributed snacks, kits, educational toys and other items made from recycled material.

1. Solidarity Christmas: The social responsibility initiative distributed kits to children and families in communities close to the Company's facilities in the states of Rio Grande do Norte, Ceará and Bahia. In addition to the deliveries, socio-educational actions were carried out, reinforcing 3R's commitment to safety and publicizing its communication channel (Fale com a 3R).

Corporate Governance

1. Pro-EthicsCompany 2022-2023: The Company joined the select list of 84 companies awarded in this edition, from a group of 299 institutions that applied. The award, organized by the Office of the Comptroller General (CGU), reinforces 3R's commitment to the integrity agenda and its voluntary actions designed to prevent, detect and remedy acts of corruption and fraud. In addition, the recognition strengthens and proves a more transparent and honest business environment, with greater credibility in relations between the public and private sectors.

1. 3R is awarded at the Bonds, Loans & ESG Capital Markets Latin America & Caribbean AWARDS: which highlights the companies with the most innovative deals in the financial market. 3R won first place in the "Acquisition Finance Deal of the Year" category for its financing transaction for the purchase of the Potiguar Cluster.

1. Company Sustainability Report: published in October 2023, the report follows the standards of the Global Reporting Initiative (GRI) and describes the evolution of activities and presents the achievements and future expectations for the business, in line with the ESG agenda. This first Sustainability Report is an important mark in the Company's history, as it increases transparency about the projects, initiatives and results achieved, as well as creates the
   opportunity for self-assessment for a sustainable cycle of generating value for society as a whole.
   Click here to access the Sustainability Report.

1. Training in Corporate Integrity: conducted for the 3R team, including senior management, and with the participation of strategic third parties. The training aimed to reaffirm the commitment to the essential principles of the Company's Integrity Program, emphasizing the importance of each employee in building a culture of integrity, promoting fairness in the treatment of all, and encouraging collaborative work.

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EARNINGS RELEASE | 4Q23 & 2023

3R Portfolio

The Company's upstream portfolio consists of 9 assets, located in four sedimentary basins and five Brazilian states:

• Potiguar Complex, which combines the oil and natural gas fields located onshore and near-shore in the Potiguar Basin;
• Recôncavo Complex, which combines the onshore oil and natural gas production fields in the Recôncavo Basin;
• Offshore Complex, which combines oil and natural gas production fields in shallow and deep waters (offshore) in the Campos and Espírito Santo Basins:

Peroá Cluster, which combines natural gas and oil condensate production fields located in shallow and deep waters (offshore) in the Espírito Santo Basin;

• Papa Terra Cluster, an offshore oil production field located in the Campos Basin.

A formation of asset complexes and exposure to the production of oil and natural gas are competitive advantages of the Company's diversified portfolio. This profile allows for significant integration of assets, capturing operational synergies, as well as increasing the scale and margin of the traded products.

Additionally, it is important to highlight that the natural gas production in the portfolio, besides being a source of revenue, serves as a crucial input for: (i) steam generation used in the development of heavy oil fields (low API grade) within the portfolio, (ii) consumption in refining activities, and (iii) self- generation of electrical energy through thermoelectric modules. These modules act as backups for the traditional energy supply from the regional distributor, particularly in Rio Grande do Norte.

By the end of 2023, the Company operated eight out of the nine acquired production poles, with only the operational transition of the Pescada Cluster still under Petrobras' operation.

The figure below345 illustrates the acquisition and portfolio construction flow of 3R, indicating the dates of signature and completion of transactions. In a consolidated view, the Company invested approximately US$ 2.2 billion in asset acquisitions, supported by sequential capital injections and debt instrument contracts.

1. Considering the amount paid for Macau (US$ 191 milhões) and Sanhaçu (US$ 6 milhões)
2. Asset operated by Petrobras, WI 65% in transition phase (acquisition price US$ 1,5 milhões)
3. WI 35% consolidated on the portfolio due to the merger of Ouro Preto Energia

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