3R Petroleum Óleo e Gás S A : Results Presentations 2Q22

RESULTS PRESENTATION

2Q22 | August 10, 2022

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.

2

2Q22 & subsequent events highlights | Evolution in all fronts

Strategy

Capital Structure: Term Loan of US$500 MM

• De-Riskingthe thesis;
• Relevant part of the funding of Potiguar Cluster;
• Other debt structures in advanced stages.

Additions to the portfolio

Operations in two more producing states: Ceará with Fazenda Belém Cluster and Espirito Santo with Peroá Cluster, the first offshore operation.

Gas Contracts for the Recôncavo Complex:

Net Price for the gas production in Rio Ventura and Recôncavo Clusters: US$ 6.4 MMBTU in 2Q22.

Reserves Reports Updated in 2Q22:

• 515 MM boe of reserves 2P: 373 MM boe are 1P and 180 MM are classified as PDP¹.
• 11% of the total 2P reserves are natural gas;
• Reserve Replacement capacity: +18% and +14.8% of 1P and 2P reserve increment, respectively .

Changes in the board of directors:

The new members appointed confirm the new cycle in the company.

Operation Evolution

Macau + Rio Ventura + Recôncavo² + Areia Branca + 35% Pescada

Oil Production

(bbl/d)

+75%

YoY

8,402

7,686

+9.3% QoQ

4.808

2Q21

1Q22

2Q22

Total Production - Oil + Gas

(boe/d)

+2.2X YoY

12,241

9,181 +34%

QoQ

5,635

2Q21

1Q22

2Q22

Financial Performance

Net Revenues

(R$ MM)

+2.6X YoY

375400

+6.5% QoQ

153

2Q211Q222Q22

Adjusted EBITDA

(R$ MM)

+2.3X YoY

	199	206
89		+3.7%
		QoQ
2Q21	1Q22	2Q22

Note: 1. PDP: Proven Developed under Production; 2. Recôncavo Production figures are adjusted for the quarter. 3R took over the operation of the Asset in May 11th.

Source: ANP and Company

3

Portfolio Construction | From strong M&A trajectory to Results

3R Operation

Assets in Transition

Macau &

Rio

Areia

Fazenda

Recôncavo

Peroá

Pescada

Papa-Terra

Potiguar

Sanhaçu

Ventura

Branca

Belém

(70% WI)

(43.75% WI)

Purchase	Aug-19	Aug-20	Aug-21	Dec-20	Aug-20		Jan-21	Jul-20	Jul-21	Jan-22
Value
US$ 197¹	US$ 94	US$ 72.3	US$ 250	US$ 35		US$ 37.5	US$ 1.5	US$ 73.9	US$ 1,385
(US$ MM)
Closing	May-20 /Dec-21	Jul-21	Nov-21	May-22	Aug-22		Aug-22	2H-22	2H-22	1H23
							3R Offshore Assets		Cash Generation
									belongs to 3R²

Brent Prices versus Assets Signing Dates - 3R was ready at the right moment

$120

$90

	3R had good timing and was able to			Areia Branca	Potiguar
Macau	build its portfolio at low brent levels.	Rio Ventura &	Peroá	Papa-Terra
		Faz. Belém
		Pescada	Recôncavo

$60

$30

$0

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

4

Source: Petrobras and Company | Note: 1. Considering the value paid for Macau (US$ 191 MM) and paid for Sanhaçu (US$ 6 MM); 2. The cash generation from Pescada, Papa-Terra and Potiguar operations belong to 3R since April/2019, July/2021 and July/2022, respectively.

2Q22 Total Production | Portfolio with resilient growth trajectory

Total Oil Production per Asset																8,402
(Quarterly bbl/d | 3R work interest)
																							7,686
																									95
																														473
																								78
																		6,485		452				1,195²
																								943
															5,688			93
																		468
																									1,334
																91
							4,566	4,808			843
								715
													80
3,718	3,877			82										6,213
		86			84																		5,306
							4,484	4,728	4,882	5,080
3,632	3,794
	3Q20	4Q20		1Q21		2Q21		3Q21	4Q21	1Q22				2Q22
								Macau (100%)		Rio Ventura (100%)		Recôncavo (100%)		Areia Branca (100%)		Pescada (35%)

Average daily production per

asset in 2Q22 (% bbl/d)

16%

14%

63%

6%

1%

Total Production Oil & Gas							Average daily production
(Quarterly boe/d | 3R work interest)
		2Q22	production	still reflects		Oil & Gas in 2Q22 (% boe/d)
								12,246²
								approximately 32%¹ of 3R's signed
								portfolio;
			Oil (boe/d)		Gas (boe/d)					9,164	3,845
							7,561	1,478
								6,659
							5,635				31%
4,933	4,804	5,458		1,077
	971
						892	827
1,215	927						69%
					8,402
										7,686
									6,485
								5,688
						4,566	4,808
3,718	3,877
	3Q20		4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	12Q22
Source: ANP and Company Note:(1) Considering the average daily production of 3R portfolio between July 2021 and June 2022. (2) Production at the Recôncavo Cluster started on May 11 and was adjusted for 51 days of production in the quarter.	5
Approximately 60% of the gas produced in the Recôncavo Cluster is re-injected in the reservoir.