3R Petroleum 2022 Earnings Release

3R Petroleum Óleo e Gas S.A. (“3R” or “Company”) (B3: RRRP3) hereby presents its results for the fourth quarter (“4Q22”) and year of 2022. Except as indicated otherwise, the financial and operational information herein described is presented on a consolidated basis, in Brazilian Reais (R$), and in accordance with International Financial Reporting Standards (IFRS).



Business Plan: Organic Development, Minimization of Risks and Sustainability

• Operational safety: intensification of activities for integrity and maintenance of installations
• Consolidation of portfolio:
7 of 9 assets integrated and remaining transitions near conclusion
• Incorporation of Papa Terra Cluster:
Company’s second offshore operation
• Sustainability report:
first edition already in preparation phase
• Organizational simplification:
optimization of corporate structure and integration of activities

Operational Evolution in a Robust and Diversified Portfolio

Pro forma portfolio1 posted 45.2k boe/d in Dec/22, with 43.8% incorporated into portfolio
Average production of 15.4k boe/d in 4Q22, +107.6% Y/Y
Consistent operational execution in Bahia, +469.1% Y/Y and +3.6% Q/Q boe/d
Start of onshore drilling campaign in March 2023, in Rio Grande do Norte (RN)
Detailing asset’s development plans and maintenance of production capacity after expansion of production systems
Operational interventions at the Macau Cluster, recovering the integrity of the drainage system and adjusting the separation plants
Addition of reserves and production based on increased working interest in subsidiary 3R Offshore
Updating of reserve certifications already underway, with new reports to be disclosed by 2Q23

 Consistent Financial Results and Balanced Capital Structure

Funding for Potiguar Cluster concluded, even in a challenging scenario in the credit market
• Record Net Revenues in 2022, R$ 1,722.4 million
, growth of 136.7% Y/Y
• Significant improvement in gas monetization
, +187.9% Y/Y
• Adjusted EBITDA worked out to R$ 709.6 million in the year,
rise of 99.3% Y/Y
• Adjusted EBITDA Margin of 41.2% in 2022
, even considering the transition expenses and the time of portfolio consolidation
• Net Income of R$ 127.7 million
, 8 times higher over previous year
• Capex of US$ 69.4 million in 2022
, mainly allocated to workover activities, wells reactivations and facilities
• Lifting Cost of US$ 14.1/boe for the year
, competitive level since 3R began operations
• Cash Generation from Papa Terra Cluster2
: offset of US$ 9.6 million upon closing and balance of US$ 9.6 million to be deducted from contingent installments

1 Includes 3R’s working interest in assets that are already in the operational transition phase (65% of Pescada Cluster and 100% of Potiguar Cluster)
2 Cash generation related to the operational transition period of Papa Terra Cluster (July 2021 to December 2022) belongs to 3R Offshore

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