3R Petroleum Óleo e Gás S A : 1Q21 Results Presentation

Results Presentation

May 12, 2021 1Q21

Disclaimer

This presentation may contain forward-looking statements about future events that are not based on historical facts and are not assurances of future results. Such forward looking statements merely reflect the Company's current views and estimates of future economic circumstances, industry conditions, company performance and financial results. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", along with similar or analogous expressions, are used to identify such forward-looking statements.

Readers are cautioned that these statements are only projections and may differ materially from actual future results or events. Readers are referred to the documents filed by the Company at CVM, specifically the Company's most recent Reference Form, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including, among other things, risks relating to general economic and business conditions, including crude oil, exchange rates, uncertainties inherent in making estimates of our oil and gas reserves, international and Brazilian political, economic and social developments, receipt of governmental approvals and licenses and our ability of manage business. The Company undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.

All forward-looking statements are expressly qualified in its entirety by this cautionary statement and were made at this presentation date.

In addition, this presentation also contains certain financial measures that are not recognized under Brazilian GAAP or IFRS. These measures do not have standardized meanings and may not be comparable to similarly-titled measures provided by other companies. The Company proves these measures because uses them as a measure of company performance; however, it should not be considered in isolation or as a substitute for other financial measures that have been disclosed in accordance with Brazilian GAAP or IFRS.

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1Q21 Highlights

Strategy

• Follow-On:primary offer of R$ 823 million, more than 3X oversubscribed and with relevant overseas demand. Resources will be used to strengthen the capital structure and enable the completion of acquisitions already made and the signing of any new asset
• 3R Offshore: creation of a subsidiary focused on seeking opportunities to acquire offshore assets, aligned with the strategic pillars of the business plan: assets in production, without exploratory exposure and with a high capacity to increase production and reserves
• Peroá Cluster: attractive multiple acquisition, making 3R a relevant player in the country's gas production chain. The acquisition adds 16.7 million boe of 2P reserve to the Company's portfolio
• Leadership: forming a team of highly qualified executives with recognized experience in the Latin American oil and gas industry

Operation

• Macau Cluster with strong quarterly result

Oil Production in Macau

4.6

(thousand bblpd)

3.7

3.6

3.9

3.9

Jan - 20

Jun - 20 3R

3Q20

4Q20

1Q21

May - 20

take over

Financial Performance

• Revenue in 1Q21 55.8% higher when compared to 4Q20

Net Revenue		+55.8%
(R$ MM)
	132.8
+4.4%
81.7			85.2
	3Q20			4Q20			1Q21

• Adjusted EBITDA 57% higher when compared to 4Q20 and margin of 59.7%

Adjusted EBITDA

(R$ MM)	+1.2%	+57.0%
	79.3

49.950.5

	3Q20		4Q20		1Q21		3

3R Petroleum | Efficient portfolio management and prepared to grow

Total production of the 6 assets to be operated by 3R reached a daily average of ~19.2kboe(¹) in 1Q21 with ~17.0kboe(2) regarding 3R portion

3R is prepared to actively participate in Petrobras' divestment process

Strategy focused on mature fields revitalization with low recovery factor and no exploratory risks

Experienced management in mature fields revitalization, supported by strong corporate governance and reinforced by prominent executives in the industry

Path to growth supported by acquisitions with a low entry multiples(amount paid per reserve)

Redevelop, Revitalize and

Rethink Oil and Gas Fields

Potiguar

Basin

B

C A

E D	Recôncavo
Basin

F Espírito

Santo Basin

Operation focused on Upstream and built to

form asset complexes and synergy

Potiguar Complex

Macau Cluster

Pescada Cluster

Fazenda Belém Cluster

Recôncavo Complex

Rio Ventura Cluster

Recôncavo Cluster

3R Offshore

Peroá Cluster

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Source: Company and ANP | (1) Considering total production operated in Macau, Pescada Arabaiana, Fazenda Belém, Rio Ventura, Recôncavo and Peroá Clusters | (2) Considering 70% of Peroá Cluster

A New Growth Avenue | Creation of 3R Offshore

					Professional Experience
100%					Mr. Diniz worked in Petrobras
				during 38 years with several high-
	70%	30%	38		level management positions:
Macau			years of	✓ General Manager of Deployment
				experience
		3R		and Subsea Operations
Pescada	OFFSHORE			✓ Executive Manager of Logistics,
			Maurício Diniz
				Maintenance and Operations
Fazenda				Chief Offshore	Support
100%
Belém			Operating Officer	✓ Production Asset Manager
Rio	Peroá	Other potential			✓ Health, Safety and Environmental
offshore assets
Ventura					Executive Manager

Recôncavo	Education

Expanding portfolio with low entry multiple

Increasing 3R's reserve replacement capacity

High standard of corporate governance

Same governance standards as 3R. The Company controls all aspects and strategic decisions

3R OFFSHORE

Operator A

3R Offshore is authorized to operate concessions on land and at sea.

Independent Offshore Operational Management

Leaders in offshore disciplines, including logistics and subsea systems, with extensive industry experience

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