<SEC-DOCUMENT>0001292814-23-002447.txt : 20230530
<SEC-HEADER>0001292814-23-002447.hdr.sgml : 20230530
<ACCEPTANCE-DATETIME>20230530060425
ACCESSION NUMBER:		0001292814-23-002447
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230530
DATE AS OF CHANGE:		20230530

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PETROBRAS - PETROLEO BRASILEIRO SA
		CENTRAL INDEX KEY:			0001119639
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15106
		FILM NUMBER:		23971269

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA REPUBLICA DO CHILE 65
		CITY:			RIO DE JANERIO RJ BR
		STATE:			D5
		ZIP:			20035-900
		BUSINESS PHONE:		55-21-534-4477

	MAIL ADDRESS:	
		STREET 1:		AVENIDA REPUBLICA DO CHILE 65
		CITY:			RIO DE JANERIO RJ BR
		STATE:			D5
		ZIP:			20035-900

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRAZILIAN PETROLEUM CORP
		DATE OF NAME CHANGE:	20000717
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>pbrrmf1q23usd_6k1.htm
<DESCRIPTION>6-K
<TEXT>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-indent: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>FORM
6-K</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Report
of Foreign Private Issuer<BR>
Pursuant to Rule 13a-16 or 15d-16 of the</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Securities
Exchange Act of 1934</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>For
the month of May, 2023</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Commission
File Number 1-15106</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>PETR&Oacute;LEO
BRASILEIRO S.A. &ndash; PETROBRAS</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Exact
name of registrant as specified in its charter)</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 14pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Brazilian
Petroleum Corporation &ndash; PETROBRAS</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Translation
of Registrant's name into English)</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 14pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Avenida
Henrique Valadares, 28 &ndash; 19th floor&nbsp;<BR>
20231-030 &ndash; Rio de Janeiro, RJ<BR>
Federative Republic of Brazil</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Address
of principal executive office)</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Indicate
by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form
20-F ___X___ Form 40-F _______</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Indicate
by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</FONT></P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Yes
_______ No___X____</FONT></P>

<P STYLE="font: 11pt/11.75pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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    <TD><P STYLE="font: 36pt Arial, Helvetica, Sans-Serif; margin: 0; color: #006298"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Financial
    Information</B></FONT></P>
    <P STYLE="font: 36pt Arial, Helvetica, Sans-Serif; margin: 0; color: #006298"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Jan-Mar/2023</B></FONT></P>
    <P STYLE="font: 28pt Arial,sans-serif; margin: 0; color: #FDC82F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&mdash;</B></FONT></P>
    <P STYLE="font: 22pt Arial,sans-serif; margin: 0; color: #675C53"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P></TD></TR>
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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt; color: #767171"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt; color: #767171"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B3:
PETR3 (ON) | PETR4 (PN)</B></FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt; color: #767171"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NYSE:
PBR (ON) | PBRA (PN)</B></FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt; color: #767171"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt; color: #767171"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>www.petrobras.com.br/ir</B></FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt; color: #767171"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>petroinvest@petrobras.com.br</B></FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt; color: #767171"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>+
55 21 3224-1510</B></FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt; color: #767171"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt; color: #767171"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt; text-align: justify; color: #767171"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt; text-align: justify; color: #767171"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt; text-align: justify; color: #767171"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Disclaimer</B></FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt; text-align: justify; color: #767171"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 8pt Arial,sans-serif; margin-right: 0; margin-left: 0; color: #767171"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
presentation contains some financial indicators that are not recognized by GAAP or the IFRS. The indicators presented herein do not have
standardized meanings and may not be comparable to indicators with a similar description used by others. We provide these indicators
because we use them as measures of company performance and liquidity; they should not be considered in isolation or as a substitute for
other financial metrics that have been disclosed in accordance with IFRS. See definitions of EBITDA, Adjusted EBITDA, LTM Adjusted EBITDA,
Adjusted Cash and Cash Equivalents, Net Debt, Gross Debt, Free Cash Flow, and Leverage in the Glossary and their reconciliations in the
sections Liquidity and Capital Resources, Reconciliation of LTM Adjusted EBITDA, Gross Debt/LTM Adjusted EBITDA and Net Debt/LTM Adjusted
EBITDA metrics and Consolidated Debt.</FONT></P>


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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TABLE
OF CONTENTS</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 90%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CONSOLIDATED
    RESULTS </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Key
    Financial Information</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales
    Revenues </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cost
    of Sales</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Income
    (Expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
    finance (expense) income </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Income
    tax expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
    Income attributable to shareholders of Petrobras</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CAPITAL
    EXPENDITURES (CAPEX)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">LIQUIDITY
    AND CAPITAL RESOURCES</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CONSOLIDATED
    DEBT</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
    <P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">RECONCILIATION
    OF EBITDA, LTM ADJUSTED EBITDA, GROSS DEBT/ LTM ADJUSTED EBITDA AND NET DEBT/LTM ADJUSTED EBITDA METRICS</FONT></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-left: 17.55pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">EBITDA,
    Adjusted EBITDA and Net cash provided by operating activities &ndash; OCF</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 17.55pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-left: 17.55pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">LTM
    EBITDA, LTM Adjusted EBITDA, LTM Net cash provided by operating activities &ndash; OCF</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 17.55pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-left: 17.55pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Gross
    Debt/LTM Adjusted EBITDA and Net Debt/LTM Adjusted EBITDA Metrics</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 17.55pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">RESULTS
    BY OPERATING BUSINESS SEGMENTS</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exploration
    and Production (E&amp;P)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Refining,
    Transportation and Marketing</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Gas
    and Power</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">GLOSSARY</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">16</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Arial; margin: 6pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CONSOLIDATED
RESULTS</FONT></P>

<P STYLE="font: 10pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The main
functional currency of the Petrobras Group is the Brazilian real, which is the functional currency of the parent company and its Brazilian
subsidiaries. As the presentation currency of the Petrobras Group is the U.S. dollar, the results of operations in Brazilian reais are
translated into U.S. dollars using the average exchange rates prevailing during the period (average exchange rate of R$/US$ 5.19 in Jan-Mar/2023
compared to R$/US$ 5.23 in Jan-Mar/2022).</FONT></P>

<P STYLE="font: 9pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Key Financial
Information</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #006299">
    <TD STYLE="white-space: nowrap; width: 65%; border-bottom: #006298 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>US$&nbsp;million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #006298 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #006298 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2022
    </B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #006298 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 9pt Arial,sans-serif; margin: 0; text-align: center; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Change
    </B></FONT></P>
    <P STYLE="font: 9pt Arial,sans-serif; margin: 0; text-align: center; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(%)</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sales
    revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26,771</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">27,189</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.5)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cost
    of Sales</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12,658)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12,779)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.9)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gross
    profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,113</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,410</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    (expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,560)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,142)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19.5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Consolidated
    net income attributable to the shareholders of Petrobras</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,341</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,605</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(14.7)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    cash provided by operating activities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,347</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,308</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.4</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adjusted
    EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,956</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,961</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6.7)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average
    Brent crude (US$/bbl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">81.27</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">101.40</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(19.9)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average
    Domestic basic oil products price (US$/bbl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">109.53</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">104.62</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.7</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #006299">
    <TD STYLE="white-space: nowrap; width: 67%; border-bottom: #006298 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>US$&nbsp;million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #006298 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>03.31.2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #006298 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>12.31.2022</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #006298 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 9pt Arial,sans-serif; margin: 0; text-align: center; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Change
    </B></FONT></P>
    <P STYLE="font: 9pt Arial,sans-serif; margin: 0; text-align: center; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(%)</B></FONT></P></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gross
    Debt</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">53,349</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">53,799</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">(0.8)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    Debt</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">37,588</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">41,516</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">(9.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gross
    Debt/LTM Adjusted EBITDA ratio</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">0.82</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">0.81</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">1.2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    Debt/LTM Adjusted EBITDA ratio</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">0.58</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">0.63</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">(7.9)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Sales
Revenues</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #006299 1pt solid; border-left: white 1pt solid; background-color: #006299; padding-right: 3pt; padding-left: 3pt; width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>US$
    million</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #006298; padding-right: 3pt; padding-left: 3pt; text-align: center; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2023</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #006298; padding-right: 3pt; padding-left: 3pt; text-align: center; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2022</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #006299; padding-right: 3pt; padding-left: 3pt; width: 8%"><P STYLE="font: 9pt Arial,sans-serif; margin: 0; text-align: center; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Change
    </B></FONT></P>
    <P STYLE="font: 9pt Arial,sans-serif; margin: 0; text-align: center; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(%)</B></FONT></P></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #DADADA; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Diesel</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DADADA; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,305</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DADADA; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,483</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #006298 1pt solid; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.0
    </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gasoline</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,694</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,725</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.8)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Liquefied
    petroleum gas (LPG)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">929</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,186</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(21.7)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Jet
    fuel</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,406</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">991</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">41.9
    </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Naphtha</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">478</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">611</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(21.8)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fuel
    oil (including bunker fuel)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">286</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">366</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(21.9)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    oil products</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,084</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,274</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(14.9)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #006299 1pt solid; border-bottom: #006299 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Subtotal
    Oil Products</B></FONT></TD>
    <TD STYLE="border-top: #006299 1pt solid; border-bottom: #006299 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>16,182</B></FONT></TD>
    <TD STYLE="border-top: #006299 1pt solid; border-bottom: #006299 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>15,636</B></FONT></TD>
    <TD STYLE="border-top: #006298 1pt solid; border-bottom: #006298 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3.5
    </B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Natural
    gas</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,526</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,723</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11.4)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Crude
    oil</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,350</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,761</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(23.3)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Renewables
    and nitrogen products</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">66</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(68.2)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Revenues
    from non-exercised rights</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">220</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">104</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">111.5
    </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Electricity</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">110</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">293</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(62.5)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Services,
    agency and others</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">244</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">238</FONT></TD>
    <TD STYLE="border-bottom: #006298 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.5
    </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #006299 1pt solid; border-bottom: #006299 1pt solid; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    domestic market</B></FONT></TD>
    <TD STYLE="border-top: #006299 1pt solid; border-bottom: #006299 1pt solid; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>19,653</B></FONT></TD>
    <TD STYLE="border-top: #006299 1pt solid; border-bottom: #006299 1pt solid; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>19,821</B></FONT></TD>
    <TD STYLE="border-bottom: #006298 1pt solid; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(0.8)</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exports
    </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,741</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,735</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.1
    </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;Crude
    oil</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,547</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,812</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15.3
    </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;Fuel
    oil (including bunker fuel)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,034</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,885</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(45.1)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;Other
    oil products and other products</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">160</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">38</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">321.1
    </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sales
    abroad *</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">377</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">633</FONT></TD>
    <TD STYLE="border-bottom: #006298 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(40.4)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #006299 1pt solid; border-bottom: #006299 1pt solid; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    foreign market</B></FONT></TD>
    <TD STYLE="border-top: #006299 1pt solid; border-bottom: #006299 1pt solid; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7,118</B></FONT></TD>
    <TD STYLE="border-top: #006299 1pt solid; border-bottom: #006299 1pt solid; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7,368</B></FONT></TD>
    <TD STYLE="border-bottom: #006298 1pt solid; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3.4)</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #006299 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #006299 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><B>26,771</B></FONT></TD>
    <TD STYLE="border-bottom: #006299 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><B>27,189</B></FONT></TD>
    <TD STYLE="border-bottom: #006298 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1.5)</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt"><P STYLE="font: 7pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">*
                                            <FONT STYLE="color: windowtext">Sales revenues from operations outside of Brazil, including
                                            trading and excluding exports.</FONT></FONT></P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

</TD>
    </TR>
  </TABLE>
<P STYLE="font: 11pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 8pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales
revenues were US$ 26,771 million for the period Jan-Mar/2023, a 1.5% decrease (US$ 418 million) when compared to US$ 27,189 million for
the period Jan-Mar/2022, mainly due to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
                                            US$ 851 million decrease in exported fuel oil revenues, of which US$ 455 million relates
                                            to a decrease in sales volumes, and US$ 396 million related to a decrease in average prices;
                                            </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
                                            US$ 411 million decrease in domestic market crude oil revenues, of which US$ 375 million
                                            relates to a decrease in average Brent prices and US$ 36 million related to a decrease in
                                            sales volumes; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">partially
                                            offset by a US$&nbsp;822 million increase in domestic market diesel sales revenues, of which
                                            US$ 832 million relates to an increase in average diesel sale price and US$ 10 million relates
                                            to a decrease in sales volumes.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Cost
of Sales</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #006299">
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #006299 1pt solid; border-left: white 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>US$&nbsp;million</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #006299 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2023</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #006299 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2022</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3pt; padding-left: 3pt"><P STYLE="font: 9pt Arial,sans-serif; margin: 0; text-align: center; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Change
    </B></FONT></P>
    <P STYLE="font: 9pt Arial,sans-serif; margin: 0; text-align: center; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(%)</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 67%; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Raw
    material, products for resale, materials and third-party services *</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(7,095)</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(5,761)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">23.2</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depreciation,
    depletion and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(2,396)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(2,562)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(6.5)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Production
    taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(2,783)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(4,064)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(31.5)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Employee
    compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(384)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(392)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(2.0)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #006299 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #006299 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53"><B>(12,658)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #006299 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53"><B>(12,779)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #006299 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53"><B>(0.9)</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 7pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">* It includes
short-term leases and inventory turnover.</FONT></P>

<P STYLE="font: 5pt/115% Arial,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cost
of sales was US$ 12,658 million for the period Jan-Mar/2023, a 0.9% decrease (US$ 121 million) when compared to US$ 12,779 million for
the period Jan-Mar/2022, mainly due to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">lower
                                            production taxes due to lower Brent prices;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">partially
                                            offset by higher imported volumes of crude oil and oil products.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Income
(Expenses) </B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #006299">
    <TD STYLE="width: 65%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #006299 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>US$&nbsp;million</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #006299 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2023</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #006299 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2022</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #006299 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 9pt Arial,sans-serif; margin: 0; text-align: center; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Change
    </B></FONT></P>
    <P STYLE="font: 9pt Arial,sans-serif; margin: 0; text-align: center; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(%)</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Selling
    expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(1,221)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(1,178)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">General
    and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(357)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(299)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19.4</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exploration
    costs</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(157)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(79)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">98.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Research
    and development expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(154)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(206)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(25.2)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(200)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(59)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">239.0</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment
    of assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    income and expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(468)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53">(322)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45.3</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #006299 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #006299 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53"><B>(2,560)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #006299 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #675C53"><B>(2,142)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006299 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>19.5</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 4pt/115% Arial,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Selling
expenses were US$ 1,221 million for the period Jan-Mar/2023, a 3.7% increase (US$ 43 million) compared to US$ 1,178 million for the period
Jan-Mar/2022, mainly due to inflationary effects over these expenses, partially compensated by the decrease in sales volumes mentioned
in section &ldquo;Sales Revenues&rdquo; above.</FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">General
and administrative expenses were US$ 357 million for the period Jan-Mar/2023, a 19.4% increase (US$&nbsp;58 million) compared to US$
299 million for the period Jan-Mar/2022, mainly due to higher expenses with licenses related to cybersecurity and inflation.</FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exploration
costs were US$ 157 million for the period Jan-Mar/2023, a 98.7% increase (US$&nbsp;78 million) compared to US$ 79 million for the period
Jan-Mar/2022, mainly due to higher geological and geophysical expenses in the Brazilian Equatorial Margin region.</FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other
taxes were US$ 200 million for the period Jan-Mar/2023, a 239.0% increase (US$&nbsp;141 million) compared to US$&nbsp;59&nbsp;million
for the period Jan-Mar/2022, mainly due to a 9.2% extraordinary taxation over exports of crude oil, pursuant to Provisional Measure No.
1,163/2023. This extraordinary taxation is temporary and only applicable for the period March to June 2023.</FONT></P>
<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 10pt; text-align: justify"></P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net finance
(expense) income </B></FONT></P>

<P STYLE="font: 11pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 67%; border-top: white 1pt solid; border-right: white 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #006299; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>US$
    million</B></FONT></TD>
    <TD STYLE="width: 12%; border-right: white 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #006298; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2023</B></FONT></TD>
    <TD STYLE="width: 12%; border-right: white 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #006298; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2022</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; background-color: #006299; padding-right: 3pt; padding-left: 3pt"><P STYLE="font: 9pt Arial,sans-serif; margin: 0; text-align: center; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Change
    </B></FONT></P>
    <P STYLE="font: 9pt Arial,sans-serif; margin: 0; text-align: center; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(%)</B></FONT></P></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-top: #006298 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Finance
    income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #006298 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>465</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #006298 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>262</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #006298 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>77.5
    </B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    from investments and marketable securities (Government Bonds) </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">333</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">163</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">104.3
    </FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    finance income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">132</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">99</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33.3
    </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Finance
    expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(844)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(757)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>11.5
    </B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest
    on finance debt</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(541)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(530)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.1
    </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unwinding
    of discount on lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(358)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(290)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23.4
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capitalized
    borrowing costs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">271</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">238</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.9
    </FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unwinding
    of discount on the provision for decommissioning costs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(212)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(130)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">63.1
    </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    finance expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(45)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(91.1)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Foreign
    exchange gains (losses) and indexation charges</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(243)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,091</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign
    exchange gains (losses), net </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">797</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,421</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(67.1)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reclassification
    of hedge accounting to the Statement of Income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,154)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,380)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(16.4)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Monetary
    restatement of dividends payable </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(32)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Recoverable
    taxes inflation indexation income </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">64</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">204.8
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    foreign exchange gains&nbsp;&nbsp;and indexation charges, net</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">82</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">182.8
    </FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #006298 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006298 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(622)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006298 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>596</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006298 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net finance
income (expense) was an expense of US$ 622 million for the period Jan-Mar/2023, a decrease of US$ 1,218 million compared to an income
of US$ 596 million for the period Jan-Mar/2022, mainly due to:</FONT></P>

<P STYLE="font: 10pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">foreign
                                            exchange gain of US$ 797 million in Jan-Mar/2023, as compared to US$ 2,421 million gain in
                                            Jan-Mar/2022 reflecting a 3% appreciation of the real/US$ exchange rate in Jan-Mar/2023 (03/31/2023:
                                            R$ 5.08/US$, 12/31/2022 R$ 5.22/US$) compared to a 15% appreciation in Jan-Mar/2022 (03/31/2022:
                                            R$ 4.74/US$, 12/31/2021: R$ 5.58/US$), which applied to a higher average net liability exposure
                                            to the US$ during Jan-Mar/2023 than in Jan-Mar/2022;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">partially
                                            offset by higher income from investments and marketable securities (Government Bonds) of
                                            US$ 333 million in Jan-Mar/2023, as compared to US$ 163 million in Jan-Mar/2022, due to higher
                                            average cash balances and interest rates.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Income
tax expenses</B></FONT></P>

<P STYLE="font: 10pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Income tax
was an expense of US$ 3,596 million in Jan-Mar/2023, compared to an expense of US$ 4,566 million in Jan-Mar/2022. The decrease was mainly
due to lower net income before income taxes (US$ 10,966 million of income in Jan-Mar/2023 compared to a US$ 13,214 million income in
Jan-Mar/2022), resulting in nominal income taxes computed based on Brazilian statutory corporate tax rates (34%) of US$ 3,729 million
in Jan-Mar/2023 compared to a US$ 4,492 million in Jan-Mar/2022.</FONT></P>

<P STYLE="font: 11pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net Income
attributable to shareholders of Petrobras </B></FONT></P>

<P STYLE="font: 10pt Arial; margin: 6pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
income attributable to shareholders of Petrobras was US$ 7,341 million for the period Jan-Mar/2023, a US$&nbsp;1,264 million decrease
compared to a net income of US$ 8,605 million for the period Jan-Mar/2022, as explained above, mainly due to lower Brent prices reflected
in our Gross profit (US$ 14,113 million of income in Jan-Mar/2023 compared to a US$ 14,410 million income in Jan-Mar/2022) and higher
expenses (US$ 2,560 million of expenses in Jan-Mar/2023 compared to a US$ 2,142 million expenses in Jan-Mar/2022).</FONT></P>

<P STYLE="font: 9pt Arial; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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<P STYLE="font: bold 12pt Arial; margin: 6pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CAPITAL
EXPENDITURES (CAPEX)</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 57%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #006299; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>CAPEX
    (US$&nbsp;million)</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: white 1pt solid; background-color: #006298; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2023</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: white 1pt solid; background-color: #006298; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2022</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #006299; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Change
    (%)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: #DBDBDB; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exploration
    and Production </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: #DBDBDB; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,040</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: #DBDBDB; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,374</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #DADADA; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48.5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Refining,
    Transportation and Marketing</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">342</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">252</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: #DBDBDB; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gas
    and Power</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: #DBDBDB; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: #DBDBDB; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">94</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #DADADA; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(64.9)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corporate
    and Other businesses</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">67</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48</FONT></TD>
    <TD STYLE="border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">39.6</FONT></TD></TR>
  <TR STYLE="background-color: #DADADA">
    <TD STYLE="vertical-align: bottom; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,482</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,768</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>40.4</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
invested a total of US$&nbsp;2,482 million in Jan-Mar/2023, of which 82.2% was in the E&amp;P segment, a 40.4% increase when compared
to our Capital Expenditures of US$&nbsp;1,768 million in Jan-Mar/2022. In line with our Strategic Plan, our Capital Expenditures were
primarily directed toward investment projects in which Management believes are most profitable, relating to oil and gas production.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
Jan-Mar/2023, investments in the E&amp;P segment totaled US$&nbsp;2,040 million, a 48.5% increase when compared to US$ 1,374 million
in Jan-Mar/2022, due to the development of large projects that will sustain the production curve in the coming years, in particular the
construction and integration of new production units </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(platforms and its
associated assets)<FONT STYLE="font-size: 10pt">, in addition to expanding investments in the revitalization of the Marlim field. Investments
in Jan-Mar/2023 were mainly concentrated on: (i) the development of production in the Santos Basin pre-salt (US$ 1,083 million); (ii)
deepwater production development (US$ 352 million); and (iii) exploratory investments (US$ 145 million).</FONT></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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<P STYLE="font: bold 11pt Arial; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial; margin: 0 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">LIQUIDITY AND CAPITAL
RESOURCES</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 76%; border-left: white 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: white 1pt solid; background-color: #006299; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>US$&nbsp;million</B></FONT></TD>
    <TD STYLE="width: 12%; border-right: white 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #006298; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2023</B></FONT></TD>
    <TD STYLE="width: 12%; border-right: white 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #006298; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; border-top: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Adjusted
    Cash and Cash Equivalents at the beginning of the period</B></FONT></TD>
    <TD STYLE="border-top: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12,283</B></FONT></TD>
    <TD STYLE="border-top: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>11,117</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Government
    bonds, bank deposit certificates and time deposits with maturities of more than three months at the beginning of the period </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,287)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(650)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash
    and cash equivalents in companies classified as held for sale at the beginning of the period</FONT></TD>
    <TD STYLE="border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: #006298 1.5pt outset; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Cash
    and cash equivalents at the beginning of the period</B></FONT></TD>
    <TD STYLE="border-bottom: #006298 1.5pt outset; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7,996</B></FONT></TD>
    <TD STYLE="border-bottom: #006298 1.5pt outset; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>10,480</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    cash provided by operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>10,347</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>10,308</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Acquisition
    of PP&amp;E and intangibles assets</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,423)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,376)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments
    in investees</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(9)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Proceeds
    from disposal of assets &ndash; (Divestments)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,855</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,753</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial
    compensation from co-participation agreement</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">391</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">61</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividends
    received</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">52</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Divestment
    (Investment) in marketable securities</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(930)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(469)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    cash provided by (used in) investing activities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,104)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(988)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(=)
    Net cash provided by operating and investing activities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9,243</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9,320</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 30pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Proceeds
    from finance debt</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">51</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">150</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 30pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Repayments
    of finance debt</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,320)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,058)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    change in finance debt</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,269)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,908)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Repayment
    of lease liability</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,389)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,321)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividends
    paid to shareholders of Petrobras </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,192)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividends
    paid to non-controlling interest</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(48)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments
    by non-controlling interest</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(75)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">84</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    cash used in financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(6,973)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,150)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Effect
    of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">582</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #006298 1.5pt outset; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Cash
    and cash equivalents at the end of the period</B></FONT></TD>
    <TD STYLE="border-top: #006298 1pt solid; border-bottom: #006298 1.5pt outset; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>10,290</B></FONT></TD>
    <TD STYLE="border-top: #006298 1pt solid; border-bottom: #006298 1.5pt outset; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>17,232</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Government
    bonds, bank deposit certificates and time deposits with maturities of more than three months at the end of the period &nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,471</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,259</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; border-bottom: #006298 1.5pt outset; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash
    and cash equivalents in companies classified as held for sale at the end of the period</FONT></TD>
    <TD STYLE="border-bottom: #006298 1.5pt outset; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: #006298 1.5pt outset; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(9)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #006298 1.5pt outset; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Adjusted
    Cash and Cash Equivalents at the end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: #006298 1.5pt outset; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>15,761</B></FONT></TD>
    <TD STYLE="border-bottom: #006298 1.5pt outset; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>18,482</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Reconciliation
    of Free Cash Flow</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    cash provided by operating activities</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,347</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,308</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Acquisition
    of PP&amp;E and intangibles assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,423)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,376)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #006298 1.5pt outset; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Free
    Cash Flow *</B></FONT></TD>
    <TD STYLE="border-bottom: #006298 1.5pt outset; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7,924</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: #006298 1.5pt outset; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7,932</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">* Free cash
flow (FCF) is in accordance with the Shareholder Remuneration Policy, which is the result of the equation: FCF = net cash provided by
operating activities less acquisitions of PP&amp;E and intangible assets.</FONT></P>

<P STYLE="font: 7pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
of March 31, 2023, the balance of Cash and cash equivalents was US$&nbsp;10,290 million and Adjusted Cash and Cash Equivalents totaled
US$&nbsp;15,761 million.</FONT></P>

<P STYLE="font: 10pt Arial; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
three-month period ended March 31, 2023 had net cash provided by operating activities of US$ 10,347 million and positive free cash flow
of US$ 7,924 million. This level of cash generation, together with proceeds from disposal of assets (divestments) of US$&nbsp;1,855 million,
financial compensation from co-participation agreements of US$ 391 million and proceeds from finance debt of US$&nbsp;51 million, were
allocated to: (a) debt prepayments and to amortizations of principal and interest due in the period of US$&nbsp;1,320 million; (b) repayment
of lease liability of US$&nbsp;1,389 million; (c) dividends paid to shareholders of Petrobras of US$ 4,192 million; (d) acquisition of
PP&amp;E and intangibles assets of US$&nbsp;2,423 million; and (e) investment in marketable securities of US$ 930 million.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
the three-month period ended March 31, 2023, the Company repaid several finance debts, in the amount of US$&nbsp;1,320 million.</FONT></P>

<P STYLE="font: 10pt Arial; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: bold 11pt Arial; margin: 0 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CONSOLIDATED DEBT</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #006299">
    <TD STYLE="width: 74%; border: white 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Debt
    (US$&nbsp;million)</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>03.31.2023</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>12.31.2022</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Change
    (%)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 10pt; text-indent: 0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capital
    Markets</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,011</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,957</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.3</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 10pt; text-indent: 0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Banking
    Market</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,741</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,672</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 10pt; text-indent: 0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Development
    banks</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">720</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">723</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.4)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 10pt; text-indent: 0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Export
    Credit Agencies</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,201</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,443</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(9.9)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 10pt; text-indent: 0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Others</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">163</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">159</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.5</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Finance
    debt</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>29,836</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>29,954</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.4)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Lease
    liabilities</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>23,513</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>23,845</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.4)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; background-color: lightgrey"><B>Gross
    Debt</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>53,349</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>53,799</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.8)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adjusted
    Cash and Cash Equivalents</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,761</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,283</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28.3</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    Debt</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>37,588</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>41,516</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(9.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Leverage:
    Net Debt/(Net Debt + Shareholders' Equity) </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">32%</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37%</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13.5)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average
    interest rate (% p.a.)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.5</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Weighted
    average maturity of outstanding debt (years)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12.02</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12.07</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.4)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
of March 31, 2023, the Company&rsquo;s maintained its liability management strategy to improve the debt profile and to adapt to the maturity
terms of the Company&rsquo;s long-term investments.</FONT></P>

<P STYLE="font: 10pt Arial; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
cash flow generation and continuous liability management allowed a reduction in our indebtedness. Gross Debt decreased 0.8% (US$&nbsp;450
million) to US$&nbsp;53,349 million on March 31, 2023 from US$&nbsp;53,799 million on December 31, 2022. Gross Debt was maintained in
the range between US$ 50,000 million and US$ 65,000 million target defined in the 2023-2027 Strategic Plan, mainly due to debt prepayments
and amortizations.</FONT></P>

<P STYLE="font: 10pt Arial; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
Debt was reduced by 9.5% (US$ 3,928 million), reaching US$ 37,588 million on March 31, 2023, compared to US$ 41,516 million on December
31, 2022.</FONT></P>

<P STYLE="font: 10pt Arial; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Arial,sans-serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">RECONCILIATION
OF EBITDA, LTM ADJUSTED EBITDA, GROSS DEBT/LTM ADJUSTED EBITDA AND NET DEBT/LTM ADJUSTED EBITDA METRICS</FONT></P>

<P STYLE="font: 9pt Arial; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">LTM
Adjusted EBITDA reflects the sum of the last twelve months of Adjusted EBITDA, which is computed by using the EBITDA (net income before
net finance (expense) income, income taxes, depreciation, depletion and amortization) adjusted by items not considered part of the Company&rsquo;s
primary business, which include results in equity-accounted investments, results on disposal and write-offs of assets and on remeasurement
of investment retained with loss of control, impairment and results from co-participation agreements in bid areas.&#9;</FONT></P>

<P STYLE="font: 10pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">LTM Adjusted
EBITDA represents an alternative to the company's operating cash generation. This measure is used to calculate the metrics Gross Debt/LTM
Adjusted EBITDA and Net Debt/LTM Adjusted EBITDA, to support management&rsquo;s assessment of liquidity and leverage.</FONT></P>

<P STYLE="font: 10pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt; text-indent: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EBITDA,
Adjusted EBITDA and Net cash provided by operating activities &ndash; OCF </B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 64%; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: white 1pt solid; background-color: #006298; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>US$
    million</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: white 1pt solid; background-color: #006298; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2023</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: white 1pt solid; background-color: #006298; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2022</B></FONT></TD>
    <TD STYLE="width: 11%; border-right: white 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #006299; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Change
    (%)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: #DADADA; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    income </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #DBDBDB; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,370</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #DBDBDB; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,648</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(14.8)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    finance (expense) income </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">622</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(596)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #DADADA; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    taxes</FONT></TD>

    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #DBDBDB; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,596</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #DBDBDB; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,566</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(21.2)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depreciation,
    depletion and amortization</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,924</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,170</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7.8)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #006298 1pt solid; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DADADA; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>EBITDA</B></FONT></TD>
    <TD STYLE="border-top: #006298 1pt solid; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DBDBDB; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>14,512</B></FONT></TD>
    <TD STYLE="border-top: #006298 1pt solid; border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DBDBDB; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>15,788</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(8.1)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Results
    in equity-accounted investments</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(35)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(350)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(90.0)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: #DBDBDB; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment
    of assets (reversals)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #DBDBDB; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #DBDBDB; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Results
    on disposal/write-offs of assets and on remeasurement of investment retained with loss of control </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(496)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(476)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.2
    </FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Results
    from co-participation agreements in bid areas</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(28)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Adjusted
    EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><P STYLE="font: 9pt Arial,sans-serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>13,956</B></FONT></P>
    <P STYLE="font: 9pt Arial,sans-serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><P STYLE="font: 9pt Arial,sans-serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>14,961</B></FONT></P>
    <P STYLE="font: 9pt Arial,sans-serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><P STYLE="font: 9pt Arial,sans-serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(6.7)</B></FONT></P>
    <P STYLE="font: 9pt Arial,sans-serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Allowance
    for credit loss on trade and other receivables</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14.3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade
    and other receivables</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">412</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">641</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(35.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Inventories</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">989</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,917)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade
    payables</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(478)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(138)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">246.4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Taxes
    payable</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,497)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,345)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">234.3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Others</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(59)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,915)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(96.9)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    cash provided by operating activities &ndash; OCF</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>10,347</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>10,308</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>0.4</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 6pt; text-indent: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>LTM
EBITDA, LTM Adjusted EBITDA, LTM Net cash provided by operating activities &ndash; OCF </B></FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt; text-indent: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="background-color: #006298; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: white"><B><SUP>US$
    million</SUP></B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Last
    twelve months (LTM) at</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #DBDBDB">
    <TD STYLE="width: 48%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">03.31.2023</FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1.5pt outset; vertical-align: bottom; width: 10%; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.31.2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Apr-Jun/2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Jul-Sep/2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Oct-Dec/2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Jan-Mar/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net income</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35,477</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36,755</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,041</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,790</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,276</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,370</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DBDBDB; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    finance (expense) income </FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,058</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,840</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,198</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,524</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(286)</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">622</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income
    taxes</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,800</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,770</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,309</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,888</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,007</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,596</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DBDBDB; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation,
    depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,972</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,218</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,460</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,267</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,321</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,924</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">69,307</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">70,583</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,008</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,469</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,318</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,512</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DBDBDB; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Results
    in equity-accounted investments</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">64</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(251)</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(32)</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">122</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(35)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Impairment
    of assets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,319</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,315</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">168</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">255</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">893</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Results
    on disposal/write-offs of assets and on remeasurement of investment retained with loss of control </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,164)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,144)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(370)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(292)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(496)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Results
    from co-participation agreements in bid areas</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,314)</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,286)</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,872)</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,424)</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(28)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted
    EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>65,212</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>66,217</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>19,943</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>17,410</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13,903</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13,956</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Allowance
    for credit loss on trade and other receivables</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">68</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">65</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Trade and
    other receivables</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">126</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">355</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(584)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">672</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(374)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">412</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,689</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,217)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(117)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(561)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,378</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">989</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(699)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(359)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(200)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(478)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Taxes payable</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(17,109)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(13,957)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,738)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,113)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,761)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,497)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">468</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,387)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(23)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(147)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">697</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(59)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    cash provided by operating activities&nbsp;&nbsp;-OCF</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>49,755</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>49,717</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>14,496</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12,064</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12,848</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10,347</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt; text-indent: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 6pt; text-indent: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 6pt; text-indent: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Gross
Debt/LTM Adjusted EBITDA and Net Debt/LTM Adjusted EBITDA Metrics</B></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
Gross Debt/LTM Adjusted EBITDA ratio and Net debt/LTM Adjusted EBITDA metrics are important metrics that support our management in assessing
the liquidity and leverage of Petrobras Group. These ratios are important measures for management to assess the Company&rsquo;s ability
to pay off its debt, mainly because Gross Debt is a Top Metric of our Strategic Plan 2023-2027.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
following table presents the reconciliation for those metrics to the most directly comparable measure derived from IFRS captions, which
is in this case the Gross Debt Net of Cash and Cash Equivalents/Net Cash provided by operating activities ratio:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: white"><B><SUP>US$
    million</SUP></B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 78%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">03.31.2023</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12.31.2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash and
    cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,290</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,996</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Government
    bonds, bank deposit certificates and time deposits (maturity of more than three months)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,471</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,287</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Adjusted
    Cash and Cash equivalents</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>15,761</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12,283</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Finance
    debt</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29,836</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29,954</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lease liability</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,513</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,845</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Current
    and non-current debt - Gross Debt</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>53,349</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>53,799</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    debt</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>37,588</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>41,516</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    cash provided by operating activities&nbsp;&nbsp;- LTM OCF</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>49,755</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>49,717</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Allowance
    for credit loss on trade and other receivables</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(68)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(65)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade and
    other receivables</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(126)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(355)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Inventories</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,689)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,217</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade payables</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">699</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">359</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Taxes payable</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,109</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,957</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Others</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(468)</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,387</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>LTM
    Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>65,212</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>66,217</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Gross
    Debt net of cash and cash equivalents/LTM OCF ratio</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>0.87</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>0.92</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Gross
    Debt/LTM Adjusted EBITDA ratio</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>0.82</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>0.81</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    Debt/LTM Adjusted EBITDA ratio</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>0.58</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>0.63</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 12pt Arial; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>RESULTS
BY OPERATING BUSINESS SEGMENTS</B></FONT></P>

<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exploration
and Production (E&amp;P)</B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Financial information</B></FONT></P>

<P STYLE="font: 6pt Arial,sans-serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #006299">
    <TD STYLE="width: 67%; border-left: white 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; border-bottom: #006298 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>US$&nbsp;million</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #006298 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2023</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #006298 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2022</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #006298 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Change
    (%)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sales
    revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,730</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,684</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(20.1)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gross
    profit</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,351</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,008</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(22.1)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    (Expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(123)</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(35)</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">251.4
    </FONT></TD></TR>
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Operating
    income </FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,228</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,973</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(22.9)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    income attributable to the shareholders of Petrobras</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,108</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,954</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(23.2)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Average
    Brent crude (US$/bbl)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>81.27</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>101.40</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(19.9)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Production
    taxes &ndash; Brazil</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,784</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,068</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(31.6)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;Royalties</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,610</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,142</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(24.8)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;Special
    Participation</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,162</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,914</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(39.3)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;Retention
    of areas</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006298 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/115% Arial,sans-serif; margin: 0 0 10pt; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: yellow"><B><SUP>[1]</SUP></B></FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
the period Jan-Mar/2023, gross profit for the E&amp;P segment was US$9,351 million, a decrease of 22.1% in relation to the period Jan-Mar/2022,
due to lower sales revenues, which reflect mainly lower Brent prices.</FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
operating income of US$ 9,228 million in the period Jan-Mar/2023 was mainly due to the decrease in Brent prices, and the higher geological
and geophysical expenses in Brazilian Equatorial Margin region.</FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
the period Jan-Mar/2023, the decrease in production taxes was caused primarily by the reduction in Brent prices, in relation to the Jan-Mar/2022
period.</FONT></P>

<P STYLE="font: 6pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Operational information
</B></FONT></P>

<P STYLE="font: 6pt Arial,sans-serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #006299">
    <TD STYLE="width: 55%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Production
    in thousand barrels of oil equivalent per day (mboed)</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2023</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2022</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Change
    (%)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Crude
    oil, NGL and natural gas &ndash; Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,640</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,757</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4.2)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Crude
    oil and NGL (mbbl/d)</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,141</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,231</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4.0)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Natural
    gas (mboed)</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">499</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">526</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5.1)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Crude
    oil, NGL and natural gas &ndash; Abroad</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">36</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">39</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7.7)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; border-bottom: #006299 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    (mboed)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #006299 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,676</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #006299 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,796</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #006298 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(4.3)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/107% Arial,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Production
of crude oil, NGL and natural gas was 2,676 mboed in the period Jan-Mar/2023, representing a 4.3% reduction compared to Jan-Mar/2022,
due to the co-participation agreements in B&uacute;zios, Atapu and Sepia and the natural decline of fields and divestments. This being
partially offset by the ramp up of FPSO Carioca (S&eacute;pia field), P-68 (Berbig&atilde;o and Sururu fields), start of production in
the FPSO Guanabara (Mero field) and P-71 (Itapu fields), in addition to the start of production from new wells in the Campos Basin.</FONT></P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>




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<P STYLE="font: 7pt Arial,sans-serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Refining, Transportation
and Marketing</B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Financial information</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #006299">
    <TD STYLE="width: 74%; border-left: white 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; border-right: white 1pt solid; border-bottom: #006298 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>US$&nbsp;million</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #006298 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2023</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #006298 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2022</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #006298 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Change
    (%)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sales
    revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,842</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,685</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.6
    </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gross
    profit</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,974</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,138</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5.2)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    (Expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,178)</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(613)</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">92.2
    </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Operating
    income </FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,796</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,525</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(28.9)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    income attributable to the shareholders of Petrobras</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,199</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,938</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(38.1)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average
    refining cost (US$&nbsp;/ barrel) &ndash; Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.12</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.77</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19.8
    </FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average
    domestic basic oil products price (US$/bbl)</FONT></TD>
    <TD STYLE="border-bottom: #006299 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">109.53</FONT></TD>
    <TD STYLE="border-bottom: #006299 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">104.62</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006299 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.7
    </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For
the period Jan-Mar/2023, Refining, Transportation and Marketing gross profit was US$ 164 million lower than in the period Jan-Mar/2022
mainly due to the effect of depreciation of Brent prices which resulted in a decrease of gross profit margin as inventory was purchased
earlier, at higher prices, in contrast to the effect of the Brent price appreciation during the period Jan-Mar/2022.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
operating income for the period Jan-Mar/2023 reflects lower gross profit and an increase of expenses, mainly sale expenses due to higher
costs with chartering ships and expenses with compensation for the termination of a vessel charter agreement.</FONT></P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
average refining cost in the period Jan-Mar/2023 was US$ 2.12/bbl, 19.8% higher than in the period Jan-Mar/2022, mainly due to increased
personnel and services costs following inflationary effects. The lower volume of oil processed during Jan-Mar/2023 due to two significant
maintenance stoppages at REFAP and RPBC refineries also contributed to the higher average refining cost in the period.</FONT></P>

<P STYLE="font: 6pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Operational information
</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #006299">
    <TD STYLE="width: 62%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Thousand
    barrels per day (mbbl/d)</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2023</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2022</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Change
    (%)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    production volume </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,652</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,726</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4.3)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Domestic
    sales volume</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,697</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,700</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.2)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reference
    feedstock</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,851</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,897</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2.4)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Refining
    plants utilization factor (%)</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">85%</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">87%</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2.3)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Processed
    feedstock (excluding NGL)</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,527</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,606</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4.9)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Processed
    feedstock</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,573</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,653</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4.8)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; border-bottom: #006298 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Domestic
    crude oil as % of total </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #006298 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">90%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #006298 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">93%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #006298 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3.2)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Domestic
sales in the period Jan-Mar/2023 were 1,697 mbbl/d, a decrease of 0.2% compared to Jan-Mar/2022.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Naphta
had a 7.7% reduction in sales volume in Jan-Mar/2023 compared to Jan-Mar/2022 due to lower demand. Liquefied Petroleum Gas had a 2.7%
reduction in sales in Jan-Mar/2023 compared to Jan-Mar/2022 due to imports and production from third parties. Fuel Oil had 10.4% reduction
in sales in Jan-Mar/2023 compared to Jan-Mar/2022 due to imports from third parties and lower demand for thermoelectric generation.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On
the other hand, Gasoline sales increased 3.2% during Jan-Mar/2023 compared to Jan-Mar/2022 mainly due to the higher competitiveness in
price compared to hydrous ethanol. Jet Fuel sales increased 9.9% in Jan-Mar/2023 mainly due to the negative effect of COVID-19 on the
aviation market in the period Jan-Mar/2022, resulting from the restrictive travel measures associated with the pandemic.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total
production of oil products for the period Jan-Mar/2023 was 1,652 mbbl/d, 4.3% lower than Jan-Mar/2022. The lower production can be attributed
to the divestment of REMAN and to a lower utilization factor in Jan-Mar/2023.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Processed
feedstock for the period Jan-Mar/2023 was 1,573 mbbl/d, 4.8% lower than Jan-Mar/2022, reflecting the two significant maintenance stoppages
at REFAP and RPBC and the divestment of REMAN at the end of November 2022. These maintenance events also impacted the refining utilization
factor with a 2-percentage-point decrease.</FONT></P>


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<P STYLE="font: 11pt/115% Arial,sans-serif; margin: 0 0 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Gas
and Power </B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Financial information</B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #006299">
    <TD STYLE="width: 74%; border-left: white 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; border-bottom: #006298 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>US$&nbsp;million</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #006298 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2023</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #006298 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2022</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #006298 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Change
    (%)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sales
    revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,854</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,365</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(15.2)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gross
    profit</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,387</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">480</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">189.0
    </FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    (expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(779)</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(882)</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11.7)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Operating
    income (loss)</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">608</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(402)</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    income (loss) attributable to the shareholders of Petrobras</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">388</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(263)</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average
    natural gas sales price &ndash; Brazil (US$/bbl)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">73.27</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">55.85</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">31.2</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
Jan-Mar/2023, the sales revenues reduction, in relation to Jan-Mar/2022, was due to the lower volume of natural gas sold to the thermoelectric
and non-thermoelectric markets, as well as the expiration of energy contracts in auctions.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
gross profit of the Gas and Power segment was US$ 1,387 million, 189% higher than the previous year,&nbsp;mainly due to lower acquisition
costs for natural gas due to lower LNG regasification. This cost of sales reduction exceeded the sales revenues reduction, increasing
the gross profit in Jan-Mar/2023 in relation to Jan-Mar/2022.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
addition, lower selling expenses mainly due to the entry of third parties in the market contributed to the highest operating income in
Jan-Mar/2023.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Operational information
</B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #006299">
    <TD STYLE="width: 62%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2023</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Jan-Mar/2022</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Change
    (%)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sale
    of Thermal Availability at Auction (ACR)- Average MW</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,655</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,055</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(19.5)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Electricity
    generation - average MW </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">595</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,765</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(66.3)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">National
    gas delivered - million m&sup3;/day</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">32</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13.5)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Regasification
    of liquefied natural gas - million m&sup3;/day</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Import
    of natural gas from Bolivia - million m&sup3;/day</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5.0)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #006298 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Natural
    gas sales and for internal consumption - million m&sup3;/day</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #006298 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #006298 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">66</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #006298 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(24.2)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
Jan-Mar/2023, electricity generation by Petrobras decreased by 66.3% compared to Jan-Mar/2022, due to the increase in the level of hydroelectric
plants` reservoirs in the country. In this scenario, power generation was used mainly to supply Petrobras' internal steam demand, as
well as for one-off opportunities to export to Argentina. There was also a reduction in the volume of availability at auctions, due to
expiration of contracts.</FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
supply of national gas decreased by 13.5% compared to Jan-Mar/2022, due to interventions in natural gas production and processing units
during Jan-Mar/2023 and reduction in the volume purchased by Petrobras from third parties, due to expiration of some purchase contracts.</FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Between
Jan-Mar/2023 and Jan-Mar/2022, there was a reduction of 36.7% in the volume of natural gas imported (from Bolivia and LNG), due to lower
demand.</FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Natural
gas sales in Jan-Mar/2023 were 24.2% lower than Jan-Mar/2022, due to lower demand in the thermoelectric and non-thermoelectric markets,
the latter driven by lower demand in the industrial segment in the period.</FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 6pt Arial; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 6pt Arial; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Arial; width: 100%">
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  <TD STYLE="width: 49%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT><P STYLE="font: bold 11pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">GLOSSARY</FONT></P>

<P STYLE="font: 8pt Arial; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ACL
- </B><I>Ambiente de Contrata&ccedil;&atilde;o Livre</I> (Free contracting market) in the electricity system.</FONT></P>

<P STYLE="font: 8pt Arial; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ACR
- </B><I>Ambiente de Contrata&ccedil;&atilde;o Regulada</I> (Regulated contracting market) in the electricity system.</FONT></P>

<P STYLE="font: 8pt Arial; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted
Cash and Cash equivalents - </B>Sum of cash and cash equivalents, government bonds, bank deposit certificates and time deposits with
maturities of more than 3 months from the date of acquisition, considering the expected realization of those financial investments in
the short-term. This measure is not defined under the International Financial Reporting Standards &ndash; IFRS and should not be considered
in isolation or as a substitute for cash and cash equivalents computed in accordance with IFRS. It may not be comparable to adjusted
cash and cash equivalents of other companies, however management believes that it is an appropriate supplemental measure to assess our
liquidity and supports leverage management.</FONT></P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted
EBITDA </B>Net income plus net finance (expense) income; income taxes; depreciation, depletion and amortization; results in equity-accounted
investments; impairment; results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control; and
results from co-participation agreements in bid areas. Adjusted EBITDA is not a measure defined by IFRS and it is possible that it may
not be comparable to similar measures reported by other companies. However, management believes that it is an appropriate supplemental
measure to assess our liquidity and supports leverage management.</FONT></P>

<P STYLE="font: 8pt Arial; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ANP
- </B>Brazilian National Petroleum, Natural Gas and Biofuels Agency.</FONT></P>

<P STYLE="font: 8pt/115% Arial,sans-serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Capital
Expenditures &ndash;</B> Capital expenditures based on the cost assumptions and financial methodology adopted in our Business and Management
Plan, which include acquisition of PP&amp;E, including expenses with leasing, intangibles assets, investment in investees and other items
that do not necessarily qualify as cash flows used in investing activities, primarily geological and geophysical expenses, research and
development expenses, pre-operating charges, purchase of property, plant and equipment on credit and borrowing costs directly attributable
to works in progress.</FONT></P>

<P STYLE="font: 8pt Arial; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CTA
</B>&ndash; Cumulative translation adjustment &ndash; The cumulative amount of exchange variation arising on translation of foreign operations
that is recognized in Shareholders&rsquo; Equity and will be transferred to profit or loss on the disposal of the investment.</FONT></P>

<P STYLE="font: 8pt Arial; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EBITDA
</B>- net income before net finance (expense) income, income taxes, depreciation, depletion and amortization. EBITDA is not a measure
defined by IFRS and it is possible that it may not be comparable to similar measures reported by other companies. However, management
believes that it is an appropriate supplemental measure to assess our liquidity and supports leverage management.</FONT></P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Effect
of average cost in the Cost of Sales</B> &ndash; In view of the average inventory term of 60 days, the crude oil and oil products international
prices movement, as well as foreign exchange effect over imports, production taxes and other factors that impact costs, do not entirely
influence the cost of sales in the current period, having their total effects only in the following period.</FONT></P>

</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
  <TD STYLE="width: 49%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT><P STYLE="font: 8pt Arial,sans-serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Free
                               Cash Flow -</B> Net cash provided by operating activities less acquisition of PP&amp;E and intangibles
                               assets (except for signature bonus, including the bidding for oil surplus of the Transfer of Rights Agreement,
                               paid for obtaining concessions for exploration of crude oil and natural gas). Free cash flow is not defined
                               under the IFRS and should not be considered in isolation or as a substitute for cash and cash equivalents
                               calculated in accordance with IFRS. It may not be comparable to free cash flow of other companies. However,
                               management believes that it is an appropriate supplemental measure to assess our liquidity and supports
                               leverage management.</FONT></P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Gross
Debt</B> &ndash; Sum of current and non-current finance debt and lease liability, this measure is not defined under the IFRS.</FONT></P>

<P STYLE="font: 8pt Arial; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Leverage
&ndash; </B>Ratio between the Net Debt and the sum of Net Debt and Shareholders&rsquo; Equity. Leverage is not a measure defined in the
IFRS and it is possible that it may not be comparable to similar measures reported by other companies, however management believes that
it is an appropriate supplemental measure to assess our liquidity.</FONT></P>

<P STYLE="font: 8pt Arial; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Lifting
Cost -</B> Crude oil and natural gas lifting cost indicator, which considers expenditures occurred in the period.</FONT></P>

<P STYLE="font: 8pt Arial; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>LTM
Adjusted EBITDA</B> &ndash; Adjusted EBITDA for the last twelve months.</FONT></P>

<P STYLE="font: 8pt Arial; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>OCF
- </B>Net Cash provided by (used in) operating activities (operating cash flow)</FONT></P>

<P STYLE="font: 8pt Arial; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Operating
income (loss) - </B>Net income (loss) before finance (expense) income, results in equity-accounted investments and income taxes.</FONT></P>

<P STYLE="font: 8pt Arial; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net
Debt &ndash; </B>Gross Debt less Adjusted Cash and Cash Equivalents. Net debt is not a measure defined in the IFRS and should not be
considered in isolation or as a substitute for total long-term debt calculated in accordance with IFRS. Our calculation of net debt may
not be comparable to the calculation of net debt by other companies. Management believes that net debt is an appropriate supplemental
measure that helps investors assess our liquidity and supports leverage management.</FONT></P>
<P STYLE="font: 8pt Arial; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Results
by Business Segment</B> &ndash; The information by the company's business segment is prepared based on available financial information
that is directly attributable to the segment or that can be allocated on a reasonable basis, being presented by business activities used
by the Executive Board to make resource allocation decisions and performance evaluation.When calculating segmented results, transactions
with third parties, including jointly controlled and associated companies, and transfers between business segments are considered. Transactions
between business segments are valued at internal transfer prices calculated based on methodologies that take into account market parameters,
and these transactions are eliminated, outside the business segments, for the purpose of reconciling the segmented information with the
consolidated financial statements of the company.</FONT></P>

</TD></TR>
</TABLE>

<P STYLE="font: bold 11pt Arial; margin: 0; text-align: justify"></P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0 0 3pt; text-align: justify"></P>

<P STYLE="font: 7.5pt Arial; margin: 6pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>





<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 14.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:&nbsp;May
26, 2023</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>PETR&Oacute;LEO
BRASILEIRO S.A&ndash;PETROBRAS<BR>
<BR>
</B>By: /s/&nbsp;<FONT STYLE="color: #222222; background-color: white">Sergio Caetano Leite</FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">______________________________</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #222222"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">Sergio
Caetano Leite</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Chief
Financial Officer and Investor Relations Officer</FONT></P>

<P STYLE="font: 11pt/12.65pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/107% Arial,sans-serif; margin: 0 0 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
