Petrobras : Sustainability Report 2023

SUSTAINABILITY

Report

2023

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INTRODUCTION | ACTING WITH INTEGRITY | REDUCING THE CARBON FOOTPRINT | PROTECTING THE ENVIRONMENT | CARING FOR PEOPLE

CONTENTS

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INTRODUCTION			ACTING WITH INTEGRITY	54
Message from the CEO	3	Corporate governance	55
About the report	6	Business integrity	68
About us	8	Engagement in public policies, advocacy, and
Materiality	11	financial support	87
Stakeholder engagement	19
Risk management model	25	REDUCING THE CARBON FOOTPRINT	92
Economic impacts	30
Climate resilience, GHG emissions and
Sustainability strategy	43	other gases	93

PETROBRAS | SUSTAINABILITY REPORT 2023

PROTECTING THE ENVIRONMENT	113
Biodiversity	114
Water and effluents	131
Waste management and decommissioning	140
Accident prevention and management	152

CARING FOR PEOPLE	161
Local and traditional communities	162
Labor practices and equal opportunities	181
Safety, health, and well-being	198

Auditors´ limited assurance report	210
GRI content index	214
SASB content index	234
Staff	238

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INTRODUCTION | ACTING WITH INTEGRITY | REDUCING THE CARBON FOOTPRINT | PROTECTING THE ENVIRONMENT | CARING FOR PEOPLE

MESSAGE FROM THE CEO

[2-22]

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MAGDA CHAMBRIARD

Petrobras CEO

PETROBRAS | SUSTAINABILITY REPORT 2023

It is with great pleasure that I share the results and achievements attained by Petrobras throughout 2023. It was a year of hard work and dedication, of overcoming challenges, achieving goals and records. The 2023 Sustainability Report shows our commitment to the company's transparency and responsible practices, providing detailed information about our environmental, social, and governance (ESG) practices, as well as the company's progress in relation to our strategy.

In 2023, we approved our 2024-2028+ Strategic Plan (SP 2024-28+), a historic plan aimed at preparing and strengthening the company for the future. Over the next five years we plan an investment of USD 102 billion, 31% higher compared to the previous cycle. The SP 2024-28+ reaffirmed our position on ESG issues, integrating its elements into a single vision, with a focus on four key ideas: (i) reducing carbon footprint; (ii) protecting the environment; (iii) caring for people; and (iv) acting with integrity.

We have taken important steps towards a just energy transition, taking on a leadership role in the development of low-carbon energy sources in Brazil and increasingly more sustainable products. As examples, we can mention the maritime fuel with reduced sulfur content, the new CAP Pro asphalt, which consumes less energy, reduces emissions, and has greater durability; and the new Podium gasoline, the first carbon-neutral gasoline in the Brazilian market. Furthermore, we are committed to act in an integrated way with the just and participatory energy transition agenda, particularly in reducing social inequalities, including energy poverty, in alignment with the principles of climate justice and sustainable development, while considering the rights of workers and communities.

Throughout 2023, we achieved significant results in several areas. We reduced our greenhouse gas emissions by 41% (considering 2015 as a baseline year) and injected 13 million tCO2, the largest amount injected in a single year. We also reduced our natural

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INTRODUCTION | ACTING WITH INTEGRITY | REDUCING THE CARBON FOOTPRINT | PROTECTING THE ENVIRONMENT | CARING FOR PEOPLE

gas consumption and achieved the highest total utilization rate of our refining units. These results reflect our commitment to operational efficiency and to the reduction of environmental impacts.

We invested in social and environmental projects, aiming to contribute to the sustainable development of the communities where we operate. We launched the largest public selection process in the history of the Petrobras Socioenvironmental Program, which will allocate over BRL 430 million to projects in education, sustainable economic development, ocean conservation, and forests over the next three years.

Furthermore, in 2023, through our activities, we distributed approximately BRL 378.7 billion to federal, state, and municipal governments through the payment of taxes, royalties, and special participations, financial institutions, supply chain, shareholders, and employees. Also, amounts around BRL 159 million were employed in voluntary social and environmental projects, BRL 566 million in social and environmental programs related to licensing conditions, BRL 89 million in cultural and sports projects, in addition

PETROBRAS | SUSTAINABILITY REPORT 2023

to donations totaling BRL 2 million, which largely supported families affected by heavy rains in São Paulo during the year.

It is worth adding that, as of 2024, due to the public calamity caused by heavy rains and floodings in Rio Grande do Sul in early May, we donated nearly BRL 10 million to assist victims. The Rio Grande do Sul state is a region where we operate, and the ongoing critical situation motivates us to dedicate efforts to activate the emergency and crisis to support the population. We express our solidarity with our local workforce and the community through actions such as providing accommodation for around 600 people in our employee association, donating fuel, and providing a helicopter for transporting supplies and boats for rescuing victims. As we conclude this report, we cannot yet determine the future or the actions that will still be necessary, but we are sure of our commitment with the reconstruction of the entire region.

In line with our full attention to people, we have approved the Diversity, Equity, and Inclusion Policy

and have created a dedicated management area for this theme. Thus, we commit to affirmative actions for underrepresented groups, as well as establishing goals and indicators for our diversity agenda, not only within Petrobras but also for suppliers and partners. The inclusion of the Diversity Clause in the terms of technological cooperation is an example of an initiative aimed at ensuring the participation of different groups. We have also set up the Petrobras Program Against Sexual Violence and the Support Channel to combat harassment and sexual violence and provide support to our employees.

Employees are one of our most important intangible assets. The ability to attract qualified and talented employees, as well as retain and nurture internal talent, is crucial to our success and sustainability. In 2023, over two thousand employees were hired through public selection processes, with 20% of the positions being reserved for Black people and 8% for people with disabilities. Additionally, the expansion of reserved positions for people with disabilities

to 20% for the next technical level public selection process was approved.

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INTRODUCTION | ACTING WITH INTEGRITY | REDUCING THE CARBON FOOTPRINT | PROTECTING THE ENVIRONMENT | CARING FOR PEOPLE

We have made significant progress in our pursuit of safety excellence. In 2023, we halved the number of severe and fatal incidents compared to the previous year. Since the launch of the first Commitment to Life Program in 2016, we have seen a significant reduction in the Total Recordable Injury Rate (TRIR), from 2.15 to 0.80, still above the company's alert limit of 0.7 set for the year. Additionally, despite our zero fatality ambition, in 2023 we recorded two fatalities. These losses are regrettable and indicate that we need to persist and continue improving our practices in order to achieve absolute safety excellence.

We reinforce our commitments to environmental protection, with the reduction of water withdrawal and solid waste generation. Over the last three years, we have reduced freshwater withdrawal, which can be from rivers, aquifers, water utilities or other sources, of our operations by more than 20%. We went from approximately 150 million of cubic meters withdrawn in 2021 to about 115 million cubic meters in 2023, thus contributing to the maintenance of this relevant resource for society. Thereto, in addition of our portfolio management, actions for the reuse

PETROBRAS | SUSTAINABILITY REPORT 2023

and reduction of water losses were implemented. The generation of hazardous solid waste in 2023 was 27.6% below the set internal limit of 110 thousand tons for the year, and the generation of non-hazardous solid waste was 10.2% below the internally set limit of 160.2 thousand tons. In 2023, we achieved a milestone of 91% reuse and recycling of the disposed waste. Furthermore, we reached 55% of our commitment to have 100% of our facilities with a Biodiversity Action Plan by 2025.

Our previous 2022 Sustainability Report was recognized as one of the top ten reports of the year by the Reporting Matters methodology, evaluated in Brazil by the Brazilian Business Council for Sustainable Development (CEBDS). This recognition was due, among other factors, to the strong alignment between governance and business strategy for the promotion of sustainable development, as well as the thorough and in-depth presentation of the company'simpacts, balanced between positive aspects and challenges. This motivates us to keep our commitment to transparency, excellence, and continuous improvement.

I invite all of you to explore said report as it reflects our responsible operation and our efforts to integrate the Ten Principles of the United Nations Global Compact into our business strategy, culture, and daily operations, contributing to the Sustainable Development Goals.

Lastly, I would like to express my sincere gratitude to all employees, suppliers, partners, and shareholders who have contributed to the success achieved in 2023. Petrobras is made up of committed and talented people who dedicate themselves daily to overcoming challenges and building an increasingly sustainable and resilient company. Let us continue together, with determination and commitment, in pursuit of a better future for Petrobras and the world.

MAGDA CHAMBRIARD

Petrobras CEO

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ABOUT THE REPORT

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The 2023 Sustainability Report meets the requirements of Law 13,303/16 and covers the period from January 01, 2023, to December 31, 2023 with the addition of relevant data regarding the history or facts that occurred in the initial months of 2024. When this occurs, the period is set forth in the report. Petrobras' Sustainability Report is published annually, after the Financial Statements and other specific documents (such as the Human Rights and Corporate Citizenship Supplement and the Climate Supplement) referenced in this report.

We use the Global Reporting Initiative (GRI Standards 2021) as guidelines for sustainability reporting, and we respond to indicators contained in standards from the Sustainability Accounting Standards Board (SASB), aimed at the oil and gas industry that are suitable for our organization (Exploration & Production, Midstream and Refining

• Marketing). As a complementary reporting methodology, we use the International Petroleum Industry Environmental Conservation Association

PETROBRAS | SUSTAINABILITY REPORT 2023

(Ipieca) Sustainability Reporting Guide. The GRI and SASB Content Index can be found at the end of this report.

The scope of information includes our activities in Brazil and abroad, including data regarding subsidiaries listed in the Financial Statements, when relevant to the parent company (consolidated).

In some cases, the data considers only the parent company or the parent company and some subsidiaries that bring materiality to the indicator. In this case, the information under consideration is stated next to the indicator.

Our report is divided into initial chapters, which include the strategic breakdown for ESG (Environmental, Social and Governance) themes, based on risks and opportunities identified in the short-, medium- and long-term view, engagement with our stakeholders, as the demands of these groups are considered in our management and in our

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INTRODUCTION | ACTING WITH INTEGRITY | REDUCING THE CARBON FOOTPRINT | PROTECTING THE ENVIRONMENT | CARING FOR PEOPLE

reporting, and the economic impacts on the business, market, and value chain. Hereinbelow we present our materialtopics, their indicators, initiatives, and management practices, distributed in accordance with our ESG positioning published in the 2024-2028+ Strategic Plan, which are:

REDUCING

THE CARBON

FOOTPRINT

PROTECTING THE

ENVIRONMENT

CARING FOR

PEOPLE

ACTING WITH

INTEGRITY

In addition to the chapters described above, this year we published an ESG Datasheet that brings together quantitative data, including the indicator performance.

Check out theESG Datasheet, attached to the Sustainability Report, with the quantitative contents of the GRI and SASB indicators.

Emission data disclosed on the Sustainability Report 2022 had minor adjustments due to the revision of the inventory after certification by a third-party concluded in June 2023. Safety and occupational health indicators, to know: Occupational Disease Incidence Rate, Percentage of time lost due to illness or accident and Average Lost work Days Cases (Average LWDC), that were disclosed covering the parent company, Libra, Petrobras Bolivia, Petrobras International Braspetro (Colombia office) and Transpetro, actually refer to Petrobras parent company only.

As the Board of Directors is responsible for deciding on issues set forth in the law, in the company's Bylaws or in rules approved by the Board itself, not covering the Sustainability Report, such approval was carried out by our Executive Board. The Executive Board is the highest governance body with the responsibility of managing the company's businesses according

to the mission, goals, strategies, and guidelines set forth by the Board of Directors. The report was also validated by the advisory committee to the board of directors, the Health, Safety and Environment Committee (CSMS).

KPMG was responsible for the limited assurance service of the information within the Sustainability Report 2023, as can be seen in the chapter Auditors' limited assurance report.

DISCLAIMER

This document may contain forecasts that are only a reflection of management expectations. The terms "anticipates", "believes", "expects", "forecasts", "intends", "plans", "projects", "targets", "shall", as well as other similar terms, seek to identify such forecasts, which obviously involves risks or uncertainties that we may or may not predict, and therefore are not guarantees of future results. Therefore, the future results of our operations may differ from current expectations, and the reader should not rely solely on the information contained herein. We undertake

no obligation to update such forward-looking statements in light of new information or future developments in this document.

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ABOUT US

[2-1][2-6] [11.7.4]

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We are a Brazilian mixed capital company, one of the largest oil and gas producers in the world, operating mainly in the areas of exploration and production, refining, electricity generation and trading. We are also committed to being the best diversified and integrated value-generating energy company, building a sustainable world, reconciling the focus on oil and gas with diversification into low carbon businesses (including petrochemical products and fertilizers), sustainability, safety, respect for the environment and full attention to people. We are experts in exploration and production as a result of decades of development in Brazilian basins, especially in deep and ultra-deep waters, which has made us a global leader in this segment.

Our business goes beyond the scope of oil and gas production. It is a long production chain in which we transport oil and gas to our refineries and natural gas treatment units, which are equipped and constantly evolving to provide high quality products. Our oil and gas production stands out worldwide due to its low

PETROBRAS | SUSTAINABILITY REPORT 2023

cost, low emissions and low carbon footprint, a position resulting from the use of cutting-edge technologies. We hereby inform that there have been no significant changes to our business model in the last year.

Our main products sold in Brazil and around the world are oil, diesel, gasoline, natural gas, eletric energy, aviation fuel, LPG, naphtha, asphalt, marine fuels, and fuel oil.

Information about our activities can be found in the"Our business" section of Form 20F.

Information about our controlling shareholders can be found in item 6.5 of theReference Form.

RESERVES

We have a large base of proved reserves and operate and produce most of Brazil's oil and gas. The most significant part of our proved reserves is located in the adjacent offshore Campos and Santos Basins in southeast Brazil. Their proximity allows us to optimize our infrastructure and our costs of exploration, development and production. The Campos and Santos Basins are expected to remain an important source of proved reserves and oil and gas production.

SHAREHOLDERS

We are controlled by the Federal Government, which, on December 31, 2023, directly held 50.26% of our common shares and 28.67% of our total share capital. The Federal Government also held an indirect interest of 18.48% of our preferred shares; and 7.94% of our total share capital, through the following shareholders: Brazilian National Economic and Social Development Bank (BNDES) and BNDES Participações S.A. (BNDESPAR). We do not currently have a shareholder agreement.

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OPERATIONS IN BRAZIL

We operate the majority of the refining capacity in Brazil. Our refining capacity is distributed across the Southeast, South and Northeast regions of Brazil, reaching the largest market share in these and other regions of the country through direct deliveries, pipelines and also via cabotage. We mostly meet our demand for oil products by domestic refining of crude oil, as defined in a periodic integrated operational planning process which constantly seeks to f maximize value for the company. We are also involved in the production of petrochemicals and biofuels through interests in companies.

We are responsible for the largest natural gas-powered thermoelectric operation in Brazil. Our plants play an important role in the supply and monetization of our own gas and in the secure operation of the electrical system with the higher share of renewable sources. Portfolio management of the generating complex is under permanent evaluation. In relation to natural gas, we operate in the areas of production, supply, processing, transportation, import of natural gas and import of Liquefied Natural Gas (LNG), regasification of LNG, supply of gas for internal consumption and markets sales.

PETROBRAS | SUSTAINABILITY REPORT 2023

Natural gas can be fuel or raw material for different uses, such as transport, the transformation industry, heating or cooking in homes and commercial establishments, and the production of fertilizers, as well as for electricity generation in thermal plants.

In 2023, we reached another annual record in gas utilization, reaching 97.6% utilization in relation to the gas produced. Furthermore, it is worth mentioning that in december 2023 we reached the monthly record, with 98.2%.

Our largest gas clients are natural gas distribution companies, responsible for supplying the market made up of users in the industrial, commercial, residential and vehicle segments, as well as customers in the thermoelectric segment. We also cater to customers who act as free consumers, consisting in most cases of large industrial plants, as well as refineries and thermoelectric plants.

To serve the consumer market, we process natural gas from our onshore and offshore production (mainly from fields in the Campos, Espírito Santo, and Santos Basins), import natural gas from Bolivia and LNG through regasification terminals.

Natural gas is transported through pipelines that connect the main sources of supply (domestic production and imports) to consumers.

Brazil has an integrated transport pipeline network that extends over almost the entire Brazilian coast, from Ceará to Rio Grande do Sul, in addition to reaching more inland regions of the country in Minas Gerais, São Paulo and Mato Grosso do Sul. Brazil also has an isolated system in the Northern Region that moves natural gas production from Urucu to Manaus. The transport pipeline network is operated by different transport companies, and we maintain a shareholding in TBG and TSB.

We participate in the Brazilian electricity market mainly through our investments in gas-thermoelectric plants, renewable energy and interests in fuel oil, diesel oil and natural gas plants.

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INTERNATIONAL OPERATIONS

As of 12/31/2023, we had activities in seven countries, in addition to Brazil: Argentina, Bolivia, Colombia, United States, Netherlands and Singapore. In Latin America, these activities mainly involve hydrocarbon exploration and production operations, mainly natural gas. In Colombia, we are also present in the liquid fuel retail segment. In North America, we produce oil and gas through a minority stake in a joint venture.

The year 2023 marked the resumption of our operations on the African continent, as part of the reserve replacementn strategy, with the acquisition of a stake in three exploration blocks operated by Shell, in São Tomé and Príncipe, announced to the market at the end of december.

We have subsidiaries companies in the Netherlands (Rotterdam), USA (Houston) and Singapore that carry out our logistical and financial trade activities abroad. These subsidiaries are responsible for market intelligence and trading of oil, oil products, and natural gas, in addition to storage (tankage) and chartering operations.

PETROBRAS | SUSTAINABILITY REPORT 2023

PORTFOLIO MANAGEMENT

The management of our portfolio comprises the continuous and integrated analysis of our assets, aiming to generate value and competitiveness, in line with corporate strategies for the business segments. The purpose of an active portfolio management is to ensure good market opportunities, in accordance with our strategic goals, generating value for shareholders, employees, communities, customers, suppliers, society and partners.

In 2023, a strategic redirection occurred that resulted in a focus on increasing oil and gas production, while at the same time identifying value in integration with the downstream process to generate value for our business. Furthermore, we aim to create value with a just energetic transition by identifying profitable low-carbon businesses and prioritizing partnerships. Another important pillar is fiscal responsibility with indebtness control , investments and business decisions respecting the ideal capital structure and solid project governance.

This new direction led portfolio management to consider acquisition and partnership opportunities to a greater extent. These opportunities must be aligned with the drivers of the 2024-2028+ Strategic Plan, mainly with regard to making profitable investments,

maintaining the company's long-term sustainability and capital discipline.

Information about our strategic drivers can be found in the2024-2028+Strategic Plan.

During the year 2023, and up until the publication of the report, we signed three transactions and completed four transactions. We signed a sales contract for the Urugá-Tambaú Cluster, located in deep waters in the Campos Basin, in the state of Rio de Janeiro, with a value to be received of US$ 35 million. We signed a sales contract for our stake (18.8%) in UEG Araucária (UEGA) for a value of US$ 13.5 million. We signed a sales contract for the Cherne and Bagre dormant fields, located in shallow waters in the Campos Basin, for a value of US$ 10 million. And we completed four transactions: Albacora Leste, Polo Norte Capixaba, Polo Potiguar (including the Guamaré industrial cluster), and Polo Golfinho e Camarupim.

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