Petro Rio S A : Demonstrações Financeiras em Padrões Internacionais - Demonstrações Financeiras em BR GAAP (versão em inglês)

Petro Rio S.A.

Individual and consolidated financial statements for the year ended December 31, 2022 and Independent auditor's report

Management Report	3
Independent auditors' report on the individual and consolidated financial statements	17
Balance sheet	24
Balance sheet	25
Statements of income	26
Statements of comprehensive income	27
Statements of changes in shareholders' equity	28
Statements of cash flows	29
Statements of added value	30
1.	Operations	31
2.	Basis of preparation and presentation of financial statements	35
3.	Cash and cash equivalents	48
4.	Securities	48
5.	Accounts receivable	49
6.	Inventory of consumables	49
7.	Recoverable taxes	49
8.	Advances to suppliers	50
9.	Non-current assets classified as held for sale (Consolidated)	50
10.	Investments	52
11.	Property, plant and equipment (Consolidated)	55
12.	Intangible assets (Consolidated)	56
13.	Suppliers	60
14.	Labor obligations	60
15.	Taxes and social contributions payable	60
16.	Other accounts payable - Acquisition of Wahoo	60
17.	Loans and financing	61
18.	Local debentures (includes conversion swaps)	63
19.	Leases CPC 06 (R2) / IFRS 16	64
20.	Current and deferred income tax and social contribution	66
21.	Provision for abandonment (ARO)	67
22.	Advances to/from partners in oil and gas operations	68
23.	Impairment	68
24.	Shareholders' equity	68
25.	Related party transactions (Parent company)	71
26.	Net revenue	72
27.	Costs of products sold and services rendered	72
28.	Other revenues and expenses	73
29.	Financial income (loss)	73
30.	Income tax and social contribution	74
31.	Segment reporting (Consolidated)	74
32.	Objectives and policies for financial risk management	75
33.	Insurance (Not audited by independent auditors)	79
34.	Contingencies	80
35.	Subsequent events	81
35.1.	Completion of the merger of Dommo's shares	81
35.2.	Acquisition of equity interest in Albacora Leste field	81
35.3.	Capital increase	81

2

Management Report

"2022 was a year marked by important operating and financial achievements. We would like to thank our employees for their dedication, who in yet another year have shown excellence in achieving success in the ambitious projects carried out in 2022.

Last year was also characterized by a global restructuring in the oil market, from a logistical and geopolitical perspective. We experienced great volatility in oil prices, which with a 68% range between the minimum and maximum points of the year, as well as a significant shift in the discounts offered in oil sales. In the global economic scenario, we witnessed a global increase in inflation, which led to higher interest rates, impacting the stock market and capital raising strategies.

We have maintained the highest safety standards both in our operations and in new projects, thus protecting the environment and our employees' health. We celebrated more than 4,300 days without lost-time accidents at our assets at the end of the year and managed to reduce our CO2 emissions by 15%.

As we have stated in the past, our culture, alongside our employees, allows us to go farther. Therefore, in 2022, we also started a major effort to raise internal awareness of our culture so that the full Company can reflect it more assertively. We consider it essential that the stories and lessons learned from the past be transmitted to the new generations of employees, as the knowledge acquired over the years has defined who PRIO is today. Within our PRIO Culture, we established our fundamental energies, which are People, Results, Non-conformity and Boldness, in addition to the virtues that govern our work. Currently, the majority of our employees are shareholders through the stock options plan, which demonstrates their adherence to the PRIO culture.

We continue implementing our strategy of acquiring and revitalizing mature fields, with a relentless search for greater operational efficiency and lower production costs. Therefore, coupling our strategy to the oil prices achieved throughout the year, we have reached record results in production, sales, revenue, EBITDA and income, while at the same time reducing lifting cost to US$ 8.6 per barrel, reaching the lowest level in the Company's history. With the volatility in the Brent price experienced this year, ranging from US$ 128/bbl at the peak to US$ 76/bbl at the lowest point, we reaffirm our principle that a low lifting cost is the best hedging strategy.

The first phase of the Frade Revitalization Plan, which brought very positive results, represented another operational milestone for PRIO, with the first deep water drilling the Company has undertaken. The first well, ODP4, started producing in July with a production of 15,000 barrels per day, and was implemented at a cost and timeframe below our initial estimates. Then, we drilled another production well that started production with 3.5 thousand barrels per day and two other water injection wells, also with cost and execution time below the original estimates.

With the success of the first phase and already in possession of the necessary equipment, we started the second phase with two further producing wells and an injection well, to be delivered in the first quarter of 2023. After the completion of the second phase and with the data collected during the drillings, we are studying a third phase in the field.

Regarding new acquisitions, we completed the acquisition of Albacora Leste in the first quarter of 2023, adding close to 30,000 barrels of oil per day in production and over 240

3

million barrels of proven reserves. PRIO took over the asset's operation after a thorough transition program, which ensured the handover of knowledge and information. During 2022, more than 100 PRIO employees have boarded the platform, learning the unit's operational and safety routines. Today, PRIO is ready to implement its management model, culture, and high safety standards, with the technical and operational capacity to take over the field, respecting regulations and best industry practices.

Overall, the Company increased its production (considering its interest in Albacora Leste) by more than 2 times between the first months of 2022 and the beginning of 2023, as a result of the hard work and persistence of our employees, who always strive to achieve these milestones within the highest safety standards.

Also in 2022, we incorporated Dommo, which held economic rights over 5% of the revenue from the Polvo and Tubarão Martelo fields, acquired the remaining 40% of the Itaipu field and acquired Hunter Queen, a sixth-generationsemi-submersible drilling rig, which will bring us flexibility and even greater cost control in future drilling campaigns. During the year, we also negotiated the sale of the non-operating 10% interest in the Manati natural gas field, which generated a return of more than 3.4 times the invested capital when we acquired this interest in 2017. Currently, our main focus is on the management of our operated assets, which are the core of our business.

To finance all these initiatives, in addition to the Company's strong cash generation, we issued approximately US$ 400 million in local debentures, in better conditions than those found in the international market at the time. We swapped this debt, issued in Brazilian Reais, to dollars, eliminating FX risk and bringing this new financing in line with our revenues, costs and other debts, all of which are dollarized. Thus, we lengthened PRIO's debt profile at competitive costs, a goal that continues for 2023.

With respect to the society and the environment, we started a measuring and certifying our CO2 emissions, which went from 31.4 kgCO2/bbl in 2021 to 26.8 kgCO2/bbl in 2022, a decrease of approximately 15%. We will also publish our first Sustainability Report soon, presenting even more information on emissions, water use, waste treatment and presenting our projects focused on the environment and biodiversity.

Our essence is marked by the tireless search for efficiency and safety, reflected in our business model, which seeks to extend the useful life of mature fields. We transformed fields that would be abandoned and no longer contributing to society into fields that, through our investments, can produce for much longer, generating more jobs, taxes, and economic development. In 2022 alone, we invested about $250 million in our fields, divided between the Frade Revitalization Plan, the start of Wahoo CAPEX, workovers in the Polvo and Tubarão Martelo cluster and refurbishments of our rigs.

As important as looking inside the Company, is looking out and giving back to society. Our initiatives in 2022 continued to focus on social, cultural and environmental contributions, with ever-increasing and broader scopes. The Reação Institute and Todos na Luta Institute, with our support, developed the Reação Offshore program, training 240 people to work in the offshore industry. We also established and maintained partnerships with the Brazilian Symphonic Orchestra, which supports music education centers in the city of Rio de Janeiro, with free symphonic musical instrument classes; the Favela Brass, a free, quality music education program for children and young people from public schools in Rio de Janeiro and created the Paralympic Team PRIO, a sponsorship project to set up a Paralympic team with outstanding practitioners of different sports. We also continue to support other projects, whose information can be seen through the QR Codes at the end of this document.

4

We also continue fostering programs aimed at engaging our employees in topics related to the environment and social responsibility, such as the Donation Matching, a program that promotes voluntary actions and donations among employees and has reached more than 6 thousand people, the planting of PRIO's Corporate Forest in partnership with the Saving the Amazon NGO, the Hortas no Mar project, initiative aimed at raising the team's awareness about the importance of reconnecting with nature and the implementation of a volunteer program focused on entrepreneurship and financial education, in addition to the usual activities offered within the scope of the health and well-being program, which continue at full speed.

We thank our employees, investors, regulators, and society for supporting us on our path so far, but we know there is still a lot of work ahead. With a robust portfolio of projects in our hands, we must maintain operational and financial discipline to turn our dreams into reality. To add even more value in 2023, we intend to continue challenging conventions and trying new approaches, while maintaining our focus. With this mindset and the support of everyone involved, we are confident that 2023 will be promising and full of possibilities."

OPERATING PERFORMANCE

The main operating highlights for the year include: (i) production, which reached an average of 40.4 kbpd throughout the year and 47.6 kbpd during the fourth quarter, 47.4% and 28% higher compared to the previous year, respectively; and (ii) the lifting cost, which once again reached the lowest level ever recorded, showing a decrease of 18% over the prior year.

In the quarter, PRIO sold 2.3 million barrels, two in Frade Field and two in the Polvo and TBMT cluster, which resulted in sales of 12.3 million barrels in the year, with an average gross sales price of US$ 100.12, 35% above that recorded in 2021, mainly due to the rise in Brent prices and reduced marketing costs in the first semester of the year.

The volume produced in the Frade Field increased 115% over 4Q21 and 48% compared to the previous year. The increase is mainly explained by the start of production at the

5