Petrobras : Earnings Release in US$ 3Q

Performance Report

3Q24

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Table of Contents

Highlights - 3Q24	4
Main items	5
Consolidated results	6
Non-recurring items	7
Capex	9
Liquidity and capital resources	12
Debt indicators	14
Results by business segment	15
Exploration and Production	15
Refining, Transportation and Marketing	17
Gas and Low Carbon Energies	18
Reconciliation of Adjusted EBITDA	19
Exhibits	20
Financial statements	20
Financial information by business segment	29
Glossary	40

PETROBRAS | Performance Report | 3Q24

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DISCLAIMER

This report may contain forward-looking statements about future events. Such forecasts reflect only the expectations of the company's management about future economic conditions, as well as the company's industry, performance and financial results, among others. The terms "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should", as well as other similar terms, are intended to identify such forecasts, which, of course, involve risks and uncertainties foreseen or not foreseen by the company and, consequently, are not guarantees of the company's future results. Therefore, future results of the company's operations may differ from current expectations, and the reader should not rely solely on the information contained herein. The Company undertakes no obligation to update the presentations and forecasts in the light of new information or future developments. The figures reported for 3Q24 onwards are estimates or targets. Additionally, this presentation contains some financial indicators that are not recognized under BR GAAP or IFRS. These indicators do not have standardized meanings and may not be comparable to indicators with a similar description used by other companies. We provide these indicators because we use them as measures of the company's 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 Debt in the Glossary and respective reconciliations in the Liquidity and Capital Resources, Reconciliation of Adjusted EBITDA and Net Debt sections. Consolidated interim financial information prepared in accordance with International Accounting Standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) and reviewed by the independent auditors.

PETROBRAS | Performance Report | 3Q24

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Highlights - 3Q24

Highlights - 3Q24

• Considers only non-recurring items that impact EBITDA
• Net Income excluding non-recurring items and without the Exchange rate effect of Real vs Dollar

In this third quarter of 2024, we achieved consistent financial results amid a context of declining Brent prices, which we were able to offset with higher sales volumes of oil products. We maintained strong cash generation of US$ 11.3 billion, up 24% from the previous quarter, sustained by the quality and performance of our assets. In 3Q24, we had no significant impact from non-recurring items, unlike in 2Q24. As a result, we recorded a net profit of US$ 5.9 billion and recurring EBITDA of US$ 11.6 billion.

We are also pleased to announce that we made investments of US$ 4.5 billion in this third quarter, around 30% more than last quarter. In the first nine months of the year, Petrobras investments amounted to US$ 10.9 billion. This demonstrates our commitment to delivering our projects and executing our Strategic Plan with diligence.

Evidence of this commitment is reflected in the early start-up of Maria Quitéria FPSO. Exactly 15 days later, FPSO Marechal Duque de Caxias started operating on October 30. Also in October, FPSO Almirante Tamandaré arrived in Brazil. This effort to execute and even anticipating deadlines deadlines will translate into accelerated revenue generation as these assets reach full capacity and in the increased supply of energy to the country. We are committed to Petrobras' growth and to creating value for shareholders and Brazilian society." Fernando Melgarejo, Chief Financial and

Investor Relations Officer

PETROBRAS | Performance Report | 3Q24

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Highlights - 3Q24

Main highlights:

• Strong operating cash generation of US$ 11.3 billion, among the six best quarters, and Free Cash Flow of US$ 6.9 billion
• Consistent results: Recurring EBITDA of US$ 11.6 billion and Recurring Net income of US$ 5.9 billion
• Financial debt reached US$ 25.8 billion, the lowest level since 2008. Gross debt is under control at US$ 59.1 billion, within the range established in our Strategic Plan
• Capex totaled US$ 10.9 billion in 9M24, an increase of 19.5% compared to 9M23

Contributions

• Return to society with payment of R$ 64.4 billion in taxes
• Approval of dividends and interest on equity of R$ 17.1 billion, to be paid in two installments (February and March).

Main items

Table 1 - Main items

														Variation (%)
	US$ million			3Q24		2Q24		3Q23		9M24		9M23		3Q24 X		3Q24 X		9M24 X
								2Q24		3Q23		9M23
	Sales revenues			23,366	23,467	25,552		70,601	75,302		(0.4)		(8.6)		(6.2)
	Gross profit			12,005	11,727	13,570		35,989	39,320		2.4		(11.5)		(8.5)
	Operating expenses			(3,605)	(5,022)	(3,590)		(11,900)	(9,309)		(28.2)		0.4		27.8
	Consolidated net income (loss)
	attributable to the shareholders of			5,870	(344)	5,456		10,308	18,625		−		7.6		(44.7)
	Petrobras
	Recurring consolidated net income
	(loss) attributable to the shareholders			5,937	3,060	5,577		13,813	18,927		94.0		6.5		(27.0)
	of Petrobras (*)
	Net cash provided by operating			11,307	9,087	11,554		29,780	31,543		24.4		(2.1)		(5.6)
	activities
	Free cash flow			6,857	6,148	8,364		19,552	23,001		11.5		(18.0)		(15.0)
	Adjusted EBITDA			11,480	9,627	13,551		33,234	38,944		19.2		(15.3)		(14.7)
	Recurring adjusted EBITDA (*)			11,614	11,967	13,691		36,006	40,168		(2.9)		(15.2)		(10.4)
	Gross debt (US$ million)			59,132	59,630	60,997		59,132	60,997		(0.8)		(3.1)		(3.1)
	Net debt (US$ million)			44,251	46,160	43,725		44,251	43,725		(4.1)		1.2		1.2
	Net debt/LTM Adjusted EBITDA ratio			0.95	0.95	0.83		0.95	0.83		−		14.5		14.5
	Average commercial selling rate for U.S.			5.55	5.22	4.88		5.24	5.01		6.3		13.7		4.6
	dollar
	Brent crude (US$/bbl)			80.18	84.94	86.76		82.79	82.14		(5.6)		(7.6)		0.8
	Price of basic oil products - Domestic			88.10	91.34	95.04		91.76	99.97		(3.5)		(7.3)		(8.2)
	Market (US$/bbl)
	TRI (total recordable injuries per million			-	-	-		0.70	0.80		-		-		(12.5)
	men-hour frequency rate)
	ROCE (Return on Capital Employed)			9.2%	9.8%	11.5%		9.2%	11.5%		-0.6 p.p.		-2.3 p.p.		-2.3 p.p.

(*) See reconciliation of Recurring net income and Adjusted EBITDA in the non-recurring Items section.

PETROBRAS | Performance Report | 3Q24

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Consolidated Results

Consolidated results

In 3Q24, we posted solid results, despite a challenging external scenario. Recurring Adjusted EBITDA reached US$ 11.6 billion and recurring net income was US$ 5.9 billion.

Recurring Adjusted EBITDA for 3Q24 was 3% lower than the previous quarter, reflecting a 6% decline in Brent prices and a lower margin on oil products, especially diesel, due to a 16% international crack spread decrease. These impacts were partially offset by a higher volume of oil produced in the oil products mix and the increase in sales.

In addition, there was an increase in domestic oil sales, due to increased deliveries to Acelen, and higher revenues from electricity.

Operating expenses totaled US$ 3.6 billion, a 28% decrease compared to 2Q24, mainly reflecting the absence of special items recorded in the previous quarter, especially costs related to the tax transaction.

The financial result for 3Q24 was a negative US$ 281 million, an improvement from the negative $6.9 billion recorded in 2Q24. This result was mainly impacted by the appreciation of BRL against dollar. BRL appreciated by 2% in 3Q24 (final exchange rate of R$5.45/US$), compared to a 11.2% depreciation in 2Q24 (final exchange rate of R$5.56/US$). Additionally, financial expenses were lower due to the impact of tax transaction adherence recorded in the previous quarter.

Net income reached US$ 5.9 billion due to improved financial results and lower operating expenses.

In 3Q24, there was no significant impact from non-recurring items. Disregarding these items, net profit and Recurring EBITDA would have remained at the same level.

PETROBRAS | Performance Report | 3Q24

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Non-recurring Items

Non-recurring items

Table 2 - Non-recurring items

																Variation (%)
	US$ million		3Q24			2Q24		3Q23			9M24		9M23			3Q24 X		3Q24 X		9M24 X
										2Q24		3Q23		9M23
	Net income (loss)		5,891			(325)		5,484			10,371		18,713			−		7.4		(44.6)
	Non-recurring items		(100)			(4,271)		(187)			(4,433)		(460)			(97.7)		(46.5)		863.7
	Non-recurring items that do not		34			(1,931)		(47)			(1,661)		764			−		−		−
	affect Adjusted EBITDA
	Impairment of assets and		(3)			39		(71)			61		(474)			−		(95.8)		−
	investments
	Gains and losses on		(97)			124		(37)			190		1,150			−		162.2		(83.5)
	disposal/write-offs of assets
	Results from co-participation		−			55		19		103		46			−		−		123.9
	agreements in bid areas
	Effect of the tax transaction on		110			(2,149)		−	(2,039)		−	−		−		−
	net finance income (expense)
	Discount and premium on		24			−	42			24		42			−		(42.9)		(42.9)
	repurchase of debt securities
	Other non-recurring items		(134)			(2,340)		(140)			(2,772)		(1,224)			(94.3)		(4.3)		126.5
	Voluntary Separation Plan		11			(1)	1			8		6		−		1000.0		33.3
	Collective bargaining agreement		−			(6)	−	(9)		(6)		−		−		50.0
	Amounts recovered from Lava		31			2	6			38		99			1450.0		416.7		(61.6)
	Jato investigation
	Gains/(losses) on
	decommissioning of		−			−	(2)		(7)		(13)			−		−		(46.2)
	returned/abandoned areas
	Gains/(losses) related to legal		(287)			(240)		(140)			(808)		(670)			19.6		105.0		20.6
	proceedings
	Effect of the tax transaction on		105			(790)		−	(685)		−	−		−		−
	other taxes
	Equalization of expenses -
	Production Individualization		(5)			(14)		(15)			(29)		(38)			(64.3)		(66.7)		(23.7)
	Agreements
	Gains/(losses) arising from
	actuarial review of health care		−			(1,291)		−	(1,291)		−	−		−		−
	plan
	Gains/(losses) with the transfer of		11			−	−	11		−	−		−		−
	rights on concession agreements
	Compensation for the termination		−			−	−	−		(317)			−		−		−
	of a vessel charter agreement
	Export tax on crude oil		−			−	10			−		(285)			−		−		−
	Net effect of non-recurring items on		33			869		67			931		159			(96.2)		(50.7)		485.5
	IR/CSLL
	Recurring net income		5,958			3,077		5,604			13,873		19,014			93.6		6.3		(27.0)
	Shareholders of Petrobras (*)		5,937			3,060		5,577			13,813		18,927			94.0		6.5		(27.0)
	Non-controlling interests		21			17		27		60		87			23.5		(22.2)		(31.0)
	Adjusted EBITDA		11,480			9,627		13,551			33,234		38,944			19.2		(15.3)		(14.7)
	Non-recurring items		(134)			(2,340)		(140)			(2,772)		(1,224)			(94.3)		(4.3)		126.5
	Recurring Adjusted EBITDA		11,614			11,967		13,691			36,006		40,168			(2.9)		(15.2)		(10.4)

1. Recurring net income excluding foreign exchange variation of Brazilian Reais x Dollar in the following periods: 3Q24: +US$ 5,474 million; 2Q24: +US$ 5,394 million; 3Q23: +US$ 6,246 million; 9M24: +US$ 16,286 million; 9M23: +US$ 17,993 million.

PETROBRAS | Performance Report | 3Q24

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Non-recurring Items

In management's view, the non-recurring items presented above, although related to the Company's business, were highlighted as complementary information for a better understanding and evaluation of the result. Such items do not necessarily occur in all periods and shall be disclosed when relevant.

PETROBRAS | Performance Report | 3Q24

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																				Capex
Capex
Table 3 - Capex
																Variation (%)
	US$ million			3Q24		2Q24		3Q23		9M24			9M23			3Q24 X		3Q24 X		9M24 X
										2Q24		3Q23		9M23
	Exploration & Production			3,773	2,767		2,892		9,013		7,531		36.4		30.5		19.7
	Refining, Transportation and Marketing			452	447		322		1,262		1,029		1.1		40.4		22.6
	Gas & Low Carbon Energies			97	93		67		297		143		3.8		43.8		108.0
	Others			111	86		111		298		271		29.7		0.0		9.8
	Subtotal			4,433	3,393		3,392		10,869		8,974		30.7		30.7		21.1
	Signature bonus			21		−	−	21		141			−		−		(85.2)
	Total			4,454	3,393		3,392		10,890		9,115		31.3		31.3		19.5

In 3Q24, Capex totaled US$ 4.5 billion, 31.3% higher than in 2Q24. In the first nine months of the year, Capex totaled US$ 10.9 billion, an increase of 19.5% compared to 9M23.

In the Exploration and Production segment, Capex amounted to US$ 3.8 billion, 36.4% higher than in 2Q24, and were mainly concentrated on: (i) developing production in the Santos Basin pre-salt area (US$ 2.2 billion); (ii) developing production in the Campos Basin pre/ post-salt areas (US$ 0.8 billion); (iii) exploratory investments (US$ 0.2 billion). The increase compared to the previous quarter does not change the 2024 investment projection revised in 2Q24 and is largely due to the concentration of planned milestone payments, including those related to the arrival of equipment for the new production units in Búzios, and the realization of Capex related to the beginning of construction work on units P-84, in Atapu, and P-85, in Sépia.

In the Refining, Transportation and Marketing segment, Capex totaled US$ 0.5 billion, in line with 2Q24, with emphasis on spending on scheduled refinery stoppages and progress of REPLAN's medium hydrotreating (HDT) project

In the Gas and Low-Carbon Energy segment, Capex totaled US$ 0.1 billion, in line with 2Q24, with investments in the Rota-3 natural gas processing unit standing out.

In addition, there was a payment of US$ 21 million relating to signature bonuses for 26 blocks (Shell partnership) in the Pelotas Basin.

The following table presents the main information about the new oil and gas production systems, already contracted.

PETROBRAS | Performance Report | 3Q24

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Capex

Table 4 - Main projects

FPSO

Petrobras

Petrobras

Actual

Total

Petrobras

Unit

Start-up

capacity

Status

Investment

Investment

Stake

(bbl/day)

(US$ bn)

(US$ bn) (1)

Project in execution

Mero 2

phase with

production system in

FPSO Sepetiba

2023

180,000

0.8

1.1

38.6%

operation.

(Chartered unit)

13 wells drilled and

13 completed.

Integrado Parque

Project in execution

phase with

das Baleias (IPB)

production system in

FPSO Maria

2024

100,000

0.9

1.9

100%

operation.

Quitéria

3 wells drilled and 3

(Chartered unit)

completed. (2)

Project in execution

Mero 3

phase with

FPSO Marechal

2024

180,000

0.4

0.9

38.6%

production system in

Duque de Caxias

operation.

(Chartered unit)

12 wells drilled and

11 completed.

Project in execution

Búzios 7

phase with

FPSO Almirante

2025

225,000

1.0

2.1

88.99%

production system

Tamandaré

at location.

(Chartered unit)

14 wells drilled and 8

completed.

Project in execution

Búzios 6

phase with

production system

P-78

2025

180,000

1.9

4.8

88.99%

under construction.

(Owned unit)

7 wells drilled and 4

completed.

Project in execution

Mero 4

phase with

FPSO Alexandre de

2025

180,000

0.2

1.3

38.6%

production system

Gusmão

under construction.

(Chartered unit)

7 wells drilled and 5

completed.

Project in execution

Búzios 8

phase with

production system

P-79

2026

180,000

1.7

5.1

88.99%

under construction.

(Owned unit)

9 wells drilled and 4

completed.

Project in execution

Búzios 9

phase with

production system

P-80

2026

225,000

1.0

5.4

88.99%

under construction.

(Owned unit)	3 wells drilled and 2
	completed.

PETROBRAS | Performance Report | 3Q24

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