Demonstrações Financeiras Intermediárias

Quarterly information - ITR

Petro Rio S.A.

September 30, 2021

Independent Auditors' Report on the Review of the Quarterly Information

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Contents
Independent auditor's review report on quarterly information..................................................	3
Balance sheet.................................................................................................................................................................	5
Balance sheet.................................................................................................................................................................	6
Statements of income...............................................................................................................................................	7
Statements of income..............................................................................................................................................	8
Statements of comprehensive income .......................................................................................................	9
Statements of comprehensive income .....................................................................................................	10
Statements of changes in shareholders' equity.....................................................................................	11
Statements of cash flows......................................................................................................................................	12
Statements of added value .................................................................................................................................	13
1.	Operations.........................................................................................................................................................	14
2.	Basis of preparation and presentation of financial statements..................................	18
3.	Cash and cash equivalents....................................................................................................................	21
4.	Securities...........................................................................................................................................................	22
5.	Restricted cash .............................................................................................................................................	22
6.	Accounts receivable..................................................................................................................................	23
7.	Recoverable taxes.......................................................................................................................................	24
8.	Advances to suppliers..............................................................................................................................	24
9.	Non-current assets classified as held for sale (Consolidated)......................................	25
10.	Investments.....................................................................................................................................................	27
11.	Property, plant and equipment (Consolidated) ...................................................................	30
12.	Intangible assets (Consolidated) ......................................................................................................	32
13.	Suppliers...........................................................................................................................................................	36
14.	Taxes and social contributions payable .....................................................................................	36
15.	Other accounts payable - Acquisition of Wahoo.................................................................	36
16.	Loans and financing..................................................................................................................................	37
17.	Leases CPC 06 (R2) / IFRS 16 ...............................................................................................................	40
18.	Deferred income tax and social contribution..........................................................................	41
19.	Provision for abandonment (ARO)..................................................................................................	42
20.	Advances to/from partners in oil and gas operations .......................................................	44
21.	Impairment.....................................................................................................................................................	44
22.	Shareholders' equity .................................................................................................................................	45
23.	Related party transactions ...................................................................................................................	47
24.	Net revenue....................................................................................................................................................	48
25.	Costs of products sold and services rendered .......................................................................	49
26.	Other operating revenues (expenses), net................................................................................	50
27.	Financial income (loss) ...........................................................................................................................	50
28.	Income tax and social contribution................................................................................................	51
29.	Segment reporting (Consolidated)..................................................................................................	51
30.	Objectives and policies for financial risk management...................................................	52
31.	Insurance (Not reviewed by the independent auditors) ................................................	56
32.	Contingencies................................................................................................................................................	57
33.	Subsequent events ...................................................................................................................................	58
33.1	TBMT-10H well start of production................................................................................................	58

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Independent auditor's review report on quarterly information

The Shareholders, Board of Directors and Officers

Petro Rio S.A.

Rio de Janeiro - RJ

Introduction

We have reviewed the accompanying individual and consolidated interim financial information, contained in the Quarterly Information Form (ITR) of Petro Rio S.A. for the quarter ended September 30, 2021, comprising the statement of financial position as of September 30, 2021 and the related statements of profit or loss and of comprehensive income for the three- and nine-month periods then ended, and the statements of changes in equity and of cash flows for the nine month period then ended, including the explanatory notes.

Management is responsible for preparation of the individual and consolidated interim financial information in accordance with Accounting Pronouncement NBC TG 21 - Interim Financial Reporting, and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as for the fair presentation of this information in conformity with the rules issued by the Brazilian Securities and Exchange Commission (CVM) applicable to the preparation of the Quarterly Information Form (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and international standards on review engagements (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with auditing standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the individual and consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the quarterly information referred to above are not prepared, in all material respects, in accordance with NBC TG 21 and IAS 34 applicable to the preparation of Quarterly Information Form (ITR), and presented consistently with the rules issued by the Brazilian Securities and Exchange Commission (CVM).

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Other matters

Statements of value added

The abovementioned quarterly information includes the individual and consolidated statement of value added (SVA) for the nine months period ended September 30, 2021, prepared under Company's Management responsibility and presented as supplementary information by IAS 34. These statements have been subject to review procedures performed together with the review of the quarterly information with the objective to conclude whether they are reconciled to the interim financial information and the accounting records, as applicable, and if its format and content are in accordance with the criteria set forth by NBC TG 09 - Statement of Value Added. Based on our review, nothing has come to our attention that causes us to believe that they were not prepared, in all material respects, consistently with the overall individual and consolidated interim financial information.

Rio de Janeiro, October 29, 2021.

ERNST & YOUNG

Auditores Independentes S.S.

CRC-2SP015199/O-6

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Notes to the quarterly information

September 30, 2021

(In thousands of reais, unless otherwise indicated)

Balance sheet

September 30, 2021 and December 31, 2020 (In thousands of reais - R$)

			Parent company		Consolidated
	Note	09/30/2021	12/31/2020	09/30/2021	12/31/2020
Assets
Current assets
Cash and cash equivalents	3		19,868	27,480	1,948,979	809,273
Securities	4		3,541	-	2,577,231	22,793
Restricted cash	5		-	-	-	49,996
Accounts receivable	6		-	-	291,783	386,165
Oil inventories	25		-	-	359,396	186,160
Inventory of consumables			-	-	25,283	8,506
Financial instruments	30		-	-	50	14,926
Recoverable taxes	7		2,287	2,648	76,977	124,321
Advances to suppliers	8		16	16	72,989	58,245
Advances to partners	20		-	-	28,477	86,997
Prepaid expenses			114	340	9,352	25,594
Other receivables			-	-		480	-
			25,826	30,484	5,390,997	1,772,976
Non-current assets classified as held for	9		-	-	72,665	68,439
sale
			25,826	30,484	5,463,662	1,841,415
Non-current assets
Advances to suppliers	8		-	-	12,596	12,596
Deposits and pledges			4,392	5,347	15,224	20,317
Recoverable taxes	7		-	-	8,891	32,848
Deferred taxes	18		16,817	14,181	202,259	199,942
Related parties	23		40,179	8,627	-	-
Right-of-use (Lease CPC 06.R2 IFRS 16)	17		-	-	439,419	369,836
Investments	10		5,836,047	3,642,162	-	-
Property, plant and equipment	11		1,120	1,486	3,514,952	3,359,013
Intangible assets	12		-	-		1,788,163	956,866
			5,898,555	3,671,803		5,981,504	4,951,418
Total assets			5,924,381	3,702,287	11,445,166	6,792,833

See the accompanying notes to the financial statements.

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