Petroreconcavo S A : Dados Econômico-Financeiros

(Convenience Translation into

English from the Original Previously Issued in Portuguese)

PetroRecôncavo S.A.

Report on Review of Interim Financial

Information for the Three‐month Period

Ended March 31, 2022

Deloitte Touche Tohmatsu Auditores Independentes Ltda.

Deloitte Touche Tohmatsu Av. Tancredo Neves, 620 ‐

30º andar ‐ Edifício Mundo Plaza 41820‐020 ‐ Salvador ‐ BA Brasil

Tel.: + 55 (71) 2103‐9400

Fax: + 55 (71) 2103‐9440

www.deloitte.com.br

(Convenience Translation into English from the Original Previously Issued in Portuguese)

REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION

To the Shareholders and Management of

PetroRecôncavo S.A.

Introduction

We have reviewed the accompanying individual and consolidated interim financial information of PetroRecôncavo S.A. ("Company"), included in the Interim Financial Information Form ‐ ITR, for the quarter ended March 31, 2022, which comprises the balance sheet as at March 31, 2022 and the related statements of profit and loss, of comprehensive income, of changes in equity and of cash flows for the three‐month period then ended, including the explanatory notes.

Management is responsible for the preparation of the individual and consolidated interim financial information in accordance with technical pronouncement CPC 21 (R1) and international standard IAS 34 ‐ Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as for the presentation of such information in accordance with the standards issued by the Brazilian Securities and Exchange Commission (CVM), applicable to the preparation of Interim Financial Information (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 of interim financial information (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 the standards on auditing 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 referred to above was not prepared, in all material respects, in accordance with technical pronouncement CPC 21 (R1) and international standard IAS 34, applicable to the preparation of ITR, and presented in accordance with the standards issued by the CVM.

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© 2022. For information, contact Deloitte Touche Tohmatsu Limited.

Emphasis of matter

Without modifying our conclusion, we draw attention to note 20.3 to the individual and consolidated interim financial information, which states that the Company's and its subsidiaries' petroleum sales revenue derives from one single customer, Petróleo Brasileiro S.A. ‐ Petrobras. Consequently, any interpretation or analysis of this individual and consolidated interim financial information must take these circumstances into consideration.

Other matters

Statement of value added

The interim financial information referred to above includes the individual and consolidated statements of value added ("DVA") for the three‐month period ended March 31, 2022, prepared under the responsibility of the Company's Management and presented as supplemental information for international standard IAS 34 purposes. These statements were subject to the review procedures performed together with the review of the ITR to reach a conclusion on whether they are reconciled with the interim financial information and the accounting records, as applicable, and if their form and content are consistent with the criteria set forth in technical pronouncement CPC 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, in accordance with such standard and consistently with the individual and consolidated interim financial information taken as a whole.

The accompanying individual and consolidated interim financial information has been translated into English for the convenience of readers outside Brazil.

Salvador, May 5, 2022

DELOITTE TOUCHE TOHMATSU	Jônatas José Medeiros de Barcelos
Auditores Independentes Ltda.	Engagement Partner

2022SA014754
© 2022. For information, contact Deloitte Touche Tohmatsu Limited.	2

BALANCE SHEET AS AT MARCH 31, 2022 (In thousands of Brazilian reais - R$)

		Company	Consolidated			Company	Consolidated
ASSETS	Notes	03/31/2022	12/31/2021	03/31/2022	12/31/2021	LIABILITIES AND NET EQUITY	Notes	03/31/2022	12/31/2021	03/31/2022	12/31/2021
CURRENT ASSETS						CURRENT LIABILITIES
Cash and cash equivalents	3	103.981	172.288	156.467	217.159	Suppliers	7	64.560	58.200	153.583	98.708
Short-term investments	3	434.125	531.863	514.353	585.655	Payroll and related charges		28.647	22.526	41.875	30.563
Trade receivables	4	65.198	34.398	452.538	169.847	Recoverable taxes		18.113	5.671	124.939	66.995
Inventories		6.477	5.709	8.992	6.552	Loans and financing	8	1.210	1.211	251.762	281.762
Dividends receivable	15	4.015	4.015	-	-	Lease amounts payable		5.746	7.063	11.364	10.486
Recoverable taxes		25.527	20.221	34.823	41.825	Derivative financial instruments	13	-	-	405.828	231.125
Other assets		39.224	12.906	14.597	11.769	Dividends payable	14	40.566	40.566	40.566	40.566
Total current assets		678.547	781.400	1.181.770	1.032.807	Amounts payable for acquisitions	10	23.865	27.903	389.697	453.318
						Provision for well abandonment	12	-	-	419	419
NONCURRENT ASSETS						Other payables		2.069	2.220	30.912	30.588
Short-term investments	3	-	-	74.829	69.989	Total current liabilities		184.776	165.360	1.450.945	1.244.530
Recoverable taxes		479	479	13.374	13.374
Judicial deposits		2.839	2.445	2.839	2.445	NONCURRENT LIABILITIES
Other assets		964	394	5.848	483	Loans and financing	8	-	300	327.079	459.529
Deferred taxes	9	26.567	20.692	290.662	222.941	Lease amounts payable		2.538	1.929	3.266	2.421
Investments	5	1.056.380	740.117	-	-	Derivative financial instruments	13	-	-	347.494	233.559
PP&E and intangible assets	6	538.814	523.790	3.464.455	3.360.865	Deferred taxes	9	-	-	52.992	5.672
Lease right-of-use assets		8.408	9.448	14.031	12.489	Amounts payable for acquisitions	10	-	-	690.018	809.731
Total noncurrent assets		1.634.451	1.297.365	3.866.038	3.682.586	Provision for tax, civil and labor contingency risks	11	3.243	3.443	3.243	3.443
						Provision for well abandonment	12	37.063	35.920	87.393	84.695
						Total noncurrent liabilities		42.844	41.592	1.511.485	1.599.050
						NET EQUITY
						Share capital	14	1.814.125	1.813.936	1.814.125	1.813.936
						Treasury shares		(2.266)	(2.292)	(2.266)	(2.292)
						Capital reserve		37.185	35.176	37.185	35.176
						Profit reserve		297.202	297.202	297.202	297.202
						Retained earnings		401.843	-	401.843	-
						Equity valuation adjustment		(497.192)	(306.690)	(497.192)	(306.690)
						Capital transaction		34.481	34.481	34.481	34.481
						Total net equity		2.085.378	1.871.813	2.085.378	1.871.813
TOTAL ASSETS		2.312.998	2.078.765	5.047.808	4.715.393	TOTAL LIABILITIES AND NET EQUITY		2.312.998	2.078.765	5.047.808	4.715.393

The accompanying notes are an integral part of the interim financial statements.

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STATEMENT OF PROFIT AND LOSS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2022
(In thousands of Brazilian reais - R$,	except earnings per share)
	Notes	Company		Consolidated
		03/31/2022	03/31/2021	03/31/2022	03/31/2021
NET REVENUE	17	154.457		73.764	703.476	245.788
COST OF SALES AND SERVICES	18	(98.321)		(53.589)	(333.865)	(153.098)
GROSS PROFIT		56.136		20.175	369.611	92.690
INCOME (EXPENSES)
General and administrative	18	(7.320)		(9.566)	(21.788)	(11.283)
Other income (expenses), net	18	8.449		690	(3.016)	(10.827)
Equity in subsidiaries	5	409.830		(26.691)	-	-
Total
	410.959		(35.567)	(24.804)	(22.110)
OPERATING INCOME (LOSS)		467.095		(15.392)	344.807	70.580
FINANCIAL INCOME
Financial income	19	7.809		5.965	298.194	15.575
Financial expenses	19	(75.918)		(4.643)	(112.339)	(110.360)
Total
	(68.109)		1.322	185.855	(94.785)
INCOME (LOSS) BEFORE TAXES		398.986		(14.070)	530.662	(24.205)
INCOME TAX AND SOCIAL CONTRIBUTION
Current		(12.161)		(4.323)	(88.112)	(4.459)
Deferred		5.875		3.275	(77.737)	13.478
Reduction - tax incentive		9.138		2.228	37.025	2.296
Total	9
2.852		1.180	(128.824)	11.315
NET INCOME (LOSS) IN THE PERIOD		401.838		(12.890)	401.838	(12.890)
net earnings (loss) per share - R$	14	1,6177		(0,0768)
Diluted earnings (loss) per share - R$	14	1,6100		(0,0763)

The accompanying notes are an integral part of the interim financial statements.

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