3rd Quarter Results

3rd Quarter Results

TOTAL

Third Quarter and First Nine Months 2011

Total (Paris:FP) (LSE:TTA) (NYSE:TOT):

           
3Q11 Change 9M11 Change vs
        vs 3Q10           9M10
 

Adjusted net income1

 

- in billion euros (B€)

2.8 +13% 8.7 +13%

- in billion dollars (B$)

4.0 +24% 12.2 +20%
 

- in euros per share

1.24 +12% 3.86 +12%

- in dollars per share

1.75 +23% 5.43 +20%
 
 
Net income (Group share) (B€) 3.3 +17% 10.0 +17%
                     
 
Net-debt-to-equity ratio of 15.2% at September 30, 2011

Hydrocarbon production of 2,319 kboe/d in the third quarter 2011

Interim dividend for 3Q11 of 0.57 € per share payable in March 20122

 

Commenting on the results, Chairman and CEO Christophe de Margerie said :

«Total reported adjusted net income of 2.8 billion euros for the third quarter, stable compared to the second quarter, despite a slightly weaker environment. The Group benefited from improved operational performance in refining and confirmed the solid profitability of its operations, mainly driven by the Upstream.

The successful start-up of Pazflor in Angola, one of the largest deep-offshore oil facilities ever built, shows once again Total’s expertise in operating technologically complex major projects. Pazflor is the first of many major start-ups that will ensure our growth over the coming years.

Also during the third quarter, our new, bolder exploration strategy paid off with three major discoveries in Azerbaijan, French Guyana and Norway. Over the coming quarters, we will continue to pursue this strategy with an active and promising exploration program.

Finally, the Group demonstrated its new dynamic by recently announcing an ambitious reorganization project for the Downstream-Chemicals3. This new organization is centered around two main competencies, one industrial and the other commercial, and will make our existing operations more competitive as well as improve the outlook for profitable growth. »

  • Key figures 4

 

 

 

 

 

  3Q11   in millions of euros  

 

 

 

  9M11

3Q11

2Q11

3Q10

vs

except earnings per share and number of shares

9M11

9M10

vs
            3Q10               9M10
46,163   45,009   40,180   15%   Sales   137,201   119,112   15%
5,881   5,896   4,728   24%   Adjusted operating income from business segments   18,146   14,695   23%
2,950   2,901   2,643   12%   Adjusted net operating income from business segments   9,214   7,886   17%
2,323 2,457 2,123 9%

- Upstream

7,629 6,297 21%
388 197 264 47%

- Downstream

861 902 -5%
239   247   256   -7%  

- Chemicals

  724   687   5%
2,801   2,794   2,475   13%   Adjusted net income   8,699   7,732   13%
1.24   1.24   1.1   12%   Adjusted fully-diluted earnings per share (euros)   3.86   3.45   12%

2,261.0

 

2,255.5

 

2,244.9

  1%   Fully-diluted weighted-average shares (millions)  

2,254.9

 

2,243.3

  1%
                             
3,314   2,726   2,827   17%   Net income (Group share)   9,986   8,541   17%
                             
3,921   7,570   4,092   -4%  

Investments5

  17,174   11,247   53%
5,082   1,338   1,074  

x5

  Divestments   7,083   2,972  

x2

-1,161   6,232   3,018   na   Net investments   10,091   8,275   22%
5,964   5,064   4,904   22%   Cash flow from operations   16,742   15,106   11%
4,575   4,675   4,359   5%   Adjusted cash flow from operations   14,195   13,348   6%
 
                             
3Q11 2Q11 3Q10 3Q11

in millions of dollars6

9M11 9M10 9M11
vs

except earnings per share and number of shares

vs
            3Q10               9M10
65,214   64,772   51,872   26%   Sales   192,973   156,573   23%
8,308   8,485   6,104   36%   Adjusted operating income from business segments   25,522   19,317   32%
4,167   4,175   3,412   22%   Adjusted net operating income from business segments   12,959   10,366   25%
3,282 3,536 2,741 20%

- Upstream

10,730 8,277 30%
548 284 341 61%

- Downstream

1,211 1,186 2%
338   355   330   2%  

- Chemicals

  1,018   903   13%
3,957   4,021   3,195   24%   Adjusted net income   12,235   10,164   20%
1.75   1.78   1.42   23%   Adjusted fully-diluted earnings per share (euros)   5.43   4.53   20%

2,261.0

 

2,255.5

 

2,244.9

  1%   Fully-diluted weighted-average shares (millions)  

2,254.9

 

2,243.3

  1%
                             
4,682   3,923   3,650   28%   Net income (Group share)   14,045   11,227   25%
                             
5,539   10,894   5,283   5%  

Investments5

  24,155   14,784   63%
7,179   1,926   1,387  

x5

  Divestments   9,962   3,907  

x3

-1,640   8,968   3,896   na   Net investments   14,193   10,877   30%
8,425   7,288   6,331   33%   Cash flow from operations   23,548   19,857   19%

6,463

 

6,728

 

5,627

 

+15%

 

Adjusted cash flow from operations

 

19,965

 

17,546

 

+14%

  • Highlights since the beginning of the third quarter 2011
  • Started production at the Pazflor field on deep-offshore Block 17 in Angola
  • Giant gas discovery in the Caspian Sea on the Absheron permit in Azerbaijan
  • Giant oil discovery on the deep-offshore Guyane Maritime permit in French Guyana
  • Two discoveries in Norway, one on the Norvarg permit in the Barents Sea and one on Alve North in the Norwegian Sea
  • Acquired a 40% interest in five exploration offshore permits in the Lamu Basin in Kenya and an interest in three deep-offshore blocks in the Macassar Strait in Indonesia
  • Acquired a 25% interest in the Gorgoglione concession and two exploration licenses situated in the same zone, increasing Total’s share to 75% of the Tempa Rossa field in Italy
  • Signed the agreement with Novatek for Total to join the Yamal LNG project in Russia with a 20% interest
  • Finalized the sale of 48.83% interest in the Spanish company, CEPSA, for 3.7 billion euros
  • Project for the reorganization of Downstream and Chemicals7 that creates two new dynamic and more competitive segments : Refining & Chemicals and Supply & Marketing
  • Third quarter 2011 results

> Operating income

In the third quarter 2011, the Brent price averaged 113.4 $/b, an increase of 47% compared to the third quarter 2010 but a decrease of 3% compared to the second quarter 2011. The European refining margin indicator (ERMI) averaged 13.4 $/t, a decrease of 18% compared to the third quarter 2010 and the second quarter 2011.

The euro-dollar exchange rate averaged 1.41 $/€ in the third quarter 2011, 1.29 $/€ in the third quarter 2010 and 1.44 $/€ in the second quarter 2011.

In this environment, the adjusted operating income8 from the business segments was 5,881 M€, an increase of 24% compared to the third quarter 2010. Expressed in dollars, the increase was 36%.

The effective tax rate9 for the business segments was 59.0% in the third quarter 2011 compared to 56.1% in the third quarter 2010.

Adjusted net operating income from the business segments was 2,950 M€ compared to 2,643 M€ in the third quarter 2010, an increase of 12%.
Expressed in dollars, adjusted net operating income from the business segments was 4.2 billion dollars (B$), an increase of 22% compared to the third quarter 2010.
The lower relative increase in adjusted net operating income from the business segments compared to the increase in adjusted operating income from the business segments is mainly due to the increase in the effective tax rate for the business segments.

> Net income (Group share)

Adjusted net income was 2,801 M€ compared to 2,475 M€ in the third quarter 2010, an increase of 13%. Expressed in dollars, adjusted net income increased by 24%.

Adjusted net income excludes the after-tax inventory effect, special items and from January 1, 2011, the effect of changes in fair value10 :

  • The after-tax inventory effect had a negative impact on net income of 87 M€ in the third quarter 2011 and 48 M€ in the third quarter 2010.
  • Changes in fair value had a negative impact on net income of 10 M€ in the third quarter 2011.
  • Special items11 had a positive impact on net income of 610 M€ in the third quarter 2011, comprised essentially of gains on the sales of the Group’s interests in CEPSA and the Ocensa pipeline in Colombia, partially offset by asset impairments. In the third quarter 2010, special items had a positive impact on net income of 400 M€.

Net income (Group share) was 3,314 M€ compared to 2,827 M€ in the third quarter 2010.

The effective tax rate for the Group was 57.9% in the third quarter 2011.

Adjusted fully-diluted earnings per share, based on 2,261.0 million fully-diluted weighted-average shares, was €1.24 compared to €1.10 in the third quarter 2010, an increase of 12%.

Expressed in dollars, adjusted fully-diluted earnings per share increased by 23% to $1.75.

> Investments – divestments12

Investments, excluding acquisitions and including the change in non-current loans, were 3.3 B€ (4.7 B$) in the third quarter 2011 compared to 3.0 B€ (3.8 B$) in the third quarter 2010.

Acquisitions were 445 M€ in the third quarter 2011, including essentially the acquisition of an additional 25% interest in the Tempa Rossa project in Italy and 40% interest in exploration blocks in Kenya.

Asset sales in the third quarter 2011 were 4,955 M€, comprised essentially of the sale of the Group’s 48.83% interest in CEPSA, part of the Specialty Chemicals resins activities, a 10% interest in the Ocensa pipeline in Colombia and the sale of Sanofi shares.

Net investments13 were a negative 1.2 B€ (1.6 B$) in the third quarter 2011 compared to a positive 3.0 B€ (3.9 B$) in the third quarter 2010.

> Cash flow

Cash flow from operations was 5,964 M€ in the third quarter 2011 compared to 4,904 M€ in the third quarter 2010, an increase of 22% due mainly to the increase in results and the favorable change in working capital.

Adjusted cash flow from operations14 was 4,575 M€, an increase of 5% compared to the third quarter 2010. Expressed in dollars, adjusted cash flow from operations was 6.5 B$, an increase of 15%.

The Group’s net cash flow15 was 7,125 M€ compared to 1,886 M€ in the third quarter 2010. Expressed in dollars, the Group’s net cash flow was 10.1 B$ in the third quarter 2011.

  • Results for the first nine months of 2011

> Operating income

Compared to the first nine months of 2010, the oil market environment for the first nine months of 2011 was marked by a 45% increase in the average Brent price to 111.9 $/b and the average price of gas increased by 29% to 6.44 $/Mbtu. The European refining margin indicator (ERMI) decreased by 30% to 18.1 $/t.
The average euro-dollar exchange rate was 1.41 $/€ compared to 1.31 $/€ in the first nine months of 2010.

In this environment, the adjusted operating income from the business segments in the first nine months of 2011 was 18,146 M€, an increase of 23% compared to the same period last year16.
Expressed in dollars, adjusted operating income from the business segments was 25.5 B$, an increase of 32% compared to the first nine months of 2010, essentially due to the positive effect of higher hydrocarbon prices on the performance of the Upstream.

The effective tax rate for the business segments was 57.5% for the first nine months of 2011 compared to 55.6% for the same period last year.

Adjusted net operating income from the business segments was 9,214 M€ compared to 7,886 M€ in the first nine months of 2010, an increase of 17%.

Expressed in dollars, adjusted net operating income from the business segments increased by 25%. The lower relative increase in adjusted net operating income from the business segments compared to the increase in adjusted operating income from the business segments is mainly due to the increase in the effective tax rate for the business segments.

> Net income (Group share)

Adjusted net income increased by 13% to 8,699 M€ from 7,732 M€ in the first nine months of 2010.

Adjusted net income excludes the after-tax inventory effect, special items and from January 1, 2011, the effect of changes in fair value17 :

  • The after-tax inventory effect had a positive impact on net income of 785 M€ compared to 465 M€ in the first nine months of 2010.
  • Changes in fair value had a positive impact on net income of 12 M€ in the first nine months of 2011.
  • Special items18 had a positive impact on net income of 490 M€ compared to 425 M€ in the first nine months of 2010.

In the first nine months of 2010, the Group’s share of adjustment items related to Sanofi had a negative impact on net income of 81 M€.

Net income (Group share) was 9,986 M€ compared to 8,541 M€ in the first nine months of 2010.

The effective tax rate for the Group was 57.6% in the first nine months of 2011.

As of September 30, 2011, there were 2,263.4 million fully-diluted shares compared to 2,246.9 on September 30, 2010.

Adjusted fully-diluted earnings per share, based on 2,254.9 million fully-diluted weighted-average shares, was €3.86 in the first nine months of 2011 compared to €3.45 euros in the first nine months of 2010, an increase of 12%.

Expressed in dollars, adjusted fully-diluted earnings per share was $5.43 compared to $4.53 in the first nine months of 2010, an increase of 20%.

> Investments – divestments19

Investments, excluding acquisitions and including changes in non-current loans, were 9.6 B€ (13.5 B$) in the first nine months of 2011 compared to 8.4 B€ (11.1 B$) in the first nine months of 2010.

Acquisitions were 7.0 B€ (9.8 B$) in the first nine months of 2011 comprised essentially of the acquisition of interests in Fort Hills and Voyageur in Canada, 12% of Novatek, an additional 25% interest in Tempa Rossa in Italy and 60% of SunPower.

Asset sales in the first nine months of 2011 were 6.5 B€ (9.1 B$), essentially comprised of sales of the Group’s interests in CEPSA and its E&P Cameroon subsidiary, sales of Sanofi shares, interests in the Joslyn project in Canada, in the Ocensa pipeline in Colombia and part of the Specialty Chemicals resins activities.

Net investments were 10.1 B€, an increase of 22% compared to 8.3 B€ in the first nine months of 2010. Expressed in dollars, net investments at the end of September 2011 were 14.2 B$, an increase of 30%.

> Cash flow

Cash flow from operations was 16,742 M€, an increase of 11% compared to the first nine months of 2010, essentially due to the increase in net income and more favorable changes in working capital than in 2010.

Adjusted cash flow from operations20 was 14,195 M€ in the first nine months of 2011, an increase of 6% compared to the same period last year. Expressed in dollars, adjusted cash flow from operations was 20.0 B$, an increase of 14%.

The Group’s net cash flow21 was 6,651 M€ compared to 6,831 M€ in the first nine months of 2010. Expressed in dollars, the Group’s net cash flow was 9.4 B$ in the first nine months of 2011.

The net-debt-to-equity ratio was 15.2% on September 30, 2011, compared to 24.3% on June 30, 2011, and 18.2% on September 30, 201022.

  • Analysis of business segment results

Upstream

> Environment – liquids and gas price realizations*

      3Q11         9M11
3Q11 2Q11 3Q10 vs 9M11 9M10 vs
            3Q10               9M10
113.4   117.0   76.9   +47%   Brent ($/b)   111.9   77.1   +45%
106.8   110.6   72.8   +47%   Average liquids price ($/b)   105.3   74.0   +42%
6.56   6.60   5.13   +28%   Average gas price ($/Mbtu)   6.44   5.00   +29%
75.3   76.9   54.9   +37%   Average hydrocarbons price ($/boe)   74.5   55.1   +35%

* consolidated subsidiaries, excluding fixed margin and buy-back contracts.

> Production

      3Q11         9M11
3Q11 2Q11 3Q10 vs Hydrocarbon production 9M11 9M10 vs
            3Q10               9M10
2,319   2,311   2,340   -1%   Combined production (kboe/d)   2,333   2,375   -2%
1,176 1,197 1,325 -11% = Liquids (kb/d) 1,222 1,341 -9%
6,228   6,077   5,529   +13%   = Gas (Mcf/d)   6,063   5,635   +8%

Hydrocarbon production was 2,319 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2011, a decrease of 0.9% compared to the same quarter last year, essentially as a result of :

  • -1.5% for normal decline, net of production ramp-ups on new projects and lower turnarounds,
  • +4% for changes in the portfolio, integrating the net share of Novatek production and impact of the sale of interests in CEPSA,
  • +1% for the end of OPEC reductions,
  • -2.5% for security conditions in Libya,
  • -2% for the price effect23.

In the first nine months of 2011, hydrocarbon production was 2,333 kboe/d, a decrease of 1.8% compared to the same period last year, essentially as a result of :

  • -1.5% for normal decline, net of production ramp-ups on new projects,
  • +2.5% for changes in the portfolio, integrating the net share of Novatek production and impact of the sale of interests in CEPSA,
  • +1% for the end of OPEC reductions,
  • -2% for security conditions in Libya,
  • -2% for the price effect23.

> Results

3Q11   2Q11   3Q10   3Q11   in millions of euros   9M11   9M10   9M11
vs vs
            3Q10               9M10
5,208   5,390   4,190   24%   Adjusted operating income*   16,419   12,958   27%
2,323   2,457   2,123   9%   Adjusted net operating income*   7,629   6,297   21%
433   366   335   29%  

- includes income from equity affiliates

  1,173   941   25%
                             
3,289   6,868   3,400   -3%   Investments   15,389   9,266   66%
953   921   1,035   -8%   Divestments   2,209   1,296   70%
3,158   5,605   2,831   12%   Cash flow from operating activities   13,406   11,665   15%
3,855   4,010   3,498   10%   Adjusted cash flow   12,136   10,517   15%

* detail of adjustment items shown in the business segment information annex to financial statements.

Adjusted net operating income from the Upstream segment was 2,323 M€ in the third quarter 2011 compared to 2,123 M€ in the third quarter 2010, an increase of 9%.

Expressed in dollars, the increase is 20% and reflects mainly the impact of higher hydrocarbon prices.

The effective tax rate for the Upstream segment was 63.9% compared to 59.5% in the third quarter 2010, essentially due to higher hydrocarbon prices, mix effects and an increase in UK petroleum taxes.

Adjusted net operating income from the Upstream segment in the first nine months of 2011 was 7,629 M€ compared to 6,297 M€ for the same period last year, an increase of 21%. Expressed in dollars, adjusted net operating income from the Upstream segment was 10.7 B$, an increase of 30% compared to the first nine months of 2010, essentially due to the impact of higher hydrocarbon prices.

The return on average capital employed (ROACE24) for the Upstream segment was 21%, for the twelve months ended September 30, 2011, stable compared to the twelve months ended June 30, 2011, and to the full year 2010.

The annualized third quarter 2011 ROACE for the Upstream segment was 19%.

Downstream

> Refinery throughput and utilization rates*

      3Q11         9M11
3Q11 2Q11 3Q10 vs 9M11 9M10 vs
            3Q10               9M10
1,922   1,855   2,068   -7%   Total refinery throughput (kb/d)   1,930   2,067   -7%
752 692 773 -3%
  • France

 

731 746 -2%
904 877 1,038 -13%
  • Rest of Europe

 

941 1,066 -12%
266   286   257   +4%  
  • Rest of world

 

  258   255   +1%
Utilization rates**
77% 75% 74%
  • Based on crude only

 

77% 75%
81%   79%   80%      
  • Based on crude and other feedstock

 

  82%   80%    

* includes share of CEPSA through July 31, 2011, and, starting October 2010, of TotalErg.
** based on distillation capacity at the beginning of the year.

In the third quarter 2011, refinery throughput decreased by 7% compared to the third quarter 2010 and increased by 4% compared to the second quarter 2011. The decrease compared to the third quarter 2010 was mainly due to the sale of interests in CEPSA and to the higher level of turnarounds (Antwerp, Port Arthur) than in the previous year.

In the first nine months of 2011, refinery throughput decreased by 7% compared to the same period last year, reflecting essentially a higher level of turnarounds in 2011 and work on the Lindsey refinery.

> Results

3Q11   2Q11   3Q10   3Q11   in millions of euros   9M11   9M10   9M11
vs

(except the ERMI)

vs
            3Q10               9M10
13.4 16.3 16.4 -18% European refining margin 18.1 25.7 -30%
                indicator - ERMI ($/t)            
                             
482   228   237  

x2

  Adjusted operating income*   996   977   2%
388 197 264 47% Adjusted net operating income* 861 902 -5%
-2   23   60   na  

- includes income from equity affiliates

  45   118   -62%
                             
440   462   568   -23%   Investments   1,166   1,586   -26%
2,691   28   28  

x96

  Divestments   2,742   66  

x42

1,775   7   900   97%   Cash flow from operating activities   2,940   2,396   23%
553   398   555   -   Adjusted cash flow   1,311   1,652   -21%

* detail of adjustment items shown in the business segment information annex to financial statements.

The European refining margin indicator (ERMI) averaged 13.4 $/t in the third quarter 2011, a decrease of 18% compared to the third quarter 2010. In the first nine months of 2011, the ERMI averaged 18.1 $/t, a decrease of 30% compared to the same period in 2010.

Adjusted net operating income from the Downstream segment was 388 M€ in the third quarter 2011, an increase of 47% compared to the third quarter 2010.
Expressed in dollars, adjusted net operating income from the Downstream segment was 548 M$, an increase of 61%, despite an environment that remained difficult, due in particular to improved operational performance in refining in the third quarter 2011, as well as more favorable conditions for supply optimization.

In the first nine months of 2011, adjusted net operating income from the Downstream segment was 861 M€, a decrease of 5% compared to the same period last year.

Expressed in dollars, adjusted net operating income from the Downstream segment was 1.2 B$ in the first nine months of 2011, an increase of 2% compared to the first nine months of 2010.

The ROACE25 for the Downstream segment was 8% for the twelve months ended September 30, 2011, compared to 6% for the twelve months ended June 30, 2011, and 8% for the full year 2010.

The annualized third quarter 2011 ROACE for the Downstream segment was 11%.

Chemicals

3Q11   2Q11   3Q10   3Q11    

9M11

 

9M10

  9M11
vs vs
3Q10 in millions of euros

 

 

9M10
4,669 5,291 4,460 5% Sales 15,065 13,272 14%
3,096 3,400 2,748 13%

- Base chemicals

9,815 8,074 22%
1,572   1,891   1,710   -8%  

- Specialties

  5,249   5,185   1%
 
                             
191   278   301   -37%   Adjusted operating income*   731   760   -4%
239 247 256 -7% Adjusted net operating income* 724 687 5%
137 132 133 3%

- Base chemicals

388 326 19%
109   118   125   -13%  

- Specialties

  348   366   -5%
                             
168   209   111   51%   Investments   548   349   57%
1,094   12   -10   na   Divestments   1,120   324   x3
359   138   215   67%   Cash flow from operating activities   353   602   -41%
177   336   322   -45%   Adjusted cash flow   802   968   -17%

* detail of adjustment items shown in the business segment information annex to financial statements.

In the third quarter 2011, the environment remained globally favorable for specialty chemicals but deteriorated for petrochemicals due to softer demand.

Sales for the Chemicals segment were 4.7 B€ in the third quarter 2011.

The adjusted net operating income for the Chemicals segment was 239 M€ in the third quarter 2011, a decrease of 7% compared to the third quarter 2010. The impact of lower petrochemical margins in Europe and the US was offset mainly by stronger results from Qatar and South Korea. The slight decrease in specialty chemical results was mainly due to the sale of part of the resins activities at the beginning of the quarter.

In the first nine months of 2011, adjusted net operating income for the Chemicals segment was 724 M€ compared to 687 M€ for the same period last year, an increase of 5%.

The ROACE26 for the Chemicals segment was 12% for the twelve months ended September 30, 2011, stable compared to the twelve months ended June 30, 2011, and to the full year 2010.

The annualized third quarter 2011 ROACE for the Chemicals segment was 13%.

  • Summary and outlook

The ROACE for the Group for the twelve months ended September 30, 2011, was 17% compared to 16% for the twelve months ended June 30, 2011, and 16% for the full year 2010.
The annualized third quarter 2011 ROACE for the Group was 16%.

Return on equity for the twelve months ended September 30, 2011, was 19%.

Investments excluding acquisitions27 were 13.5 B$ in the first nine months of 2011, in line with the budget.

The net-debt-to-equity ratio as of September 30, 2011, was 15.2% compared to 24.3% at the end of the second quarter 2011. Supported by its strong results, the Group’s net-debt-to-equity ratio is expected to be in the lower end of its 20-30% range at year-end 2011.

Pursuant to the October 27, 2011, decision by the Board of Directors, Total will pay the third quarter interim dividend of €0.57 per share on March 22, 201228.

In the fourth quarter 2011, the production ramp-up from the Pazflor field in Angola and the progressive recovery of production in Libya are expected to be partially offset by turnarounds at Snovhit and Yemen LNG.

Pending partner approvals, Total expects to launch in the coming months a series of major new projects, including Ofon 2 and Egina in Nigeria, Ichthys in Australia, and Tempa Rossa in Italy. Launching the Shtokman project in Russia remains contingent on an improvement in the fiscal regime and the agreement of the partners.

Total is in the notification / consultation process with labor representatives for the project to reorganize the Downstream and Chemicals segments that should allow the company to put in place a dynamic and more competitive organization at the start of 2012.

The Group begins the fourth quarter confident in an environment where conditions remain favorable for the Upstream and refining margins are slightly improved.

â–  â–  â– 

To listen to CFO Patrick de La Chevardière’s conference call with financial analysts today at 15:00 (Paris time) please log on to www.total.com or call +44 (0)207 162 0177 in Europe or +1 334 323 6203 in the U.S. For a replay available until November 14, please consult the website or call +44 207 031 4064 in Europe or 1 954 334 0342 in the US (code : 905154).

The September 30, 2011 notes to the consolidated financial statements are available on the Total web site (www.total.com).This document may contain forward-looking statements, including within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL.
Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company’s financial results is provided in documents filed by the Group with the French Autorité des Marchés Financiers and the U.S. Securities and Exchange Commission (“SEC”).

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL.
Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods.
Adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Downstream and Chemicals segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
As from January 1, 2011, the effect of changes in fair value presented as an adjustment item reflects for some transactions differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.
Furthermore, TOTAL, in its trading activities, enters into storage contracts, which future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.
(iv) Until June 30, 2010, TOTAL’s equity share of adjustment items reconciling “Business net income” to Net income attributable to equity holders of Sanofi
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value as from January 1st, 2011 and excluding TOTAL’s equity share of adjustment items related to Sanofi until June 30, 2010.

Dollar amounts presented herein represent euro amounts converted at the average euro-dollar exchange rate for the applicable period and are not the result of financial statements prepared in dollars.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this presentation, such as resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, Place Jean Millier – La Défense 6 – 92078 Paris – La Défense Cedex, France, or at our Web site: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s Web site: www.sec.gov.

Third quarter and first nine months 2011
operating information by segment

 

  • Upstream
             
3Q11   2Q11   3Q10   3Q11 vs 3Q10   Combined liquids and gas production by region (kboe/d)   9M11   9M10   9M11 vs 9M10
474 475 521 -9% Europe 510 581 -12%
623 628 765 -19% Africa 647 754 -14%
581 571 534 9% Middle East 578 522 11%
68 66 65 5% North America 67 65 3%
194 190 179 8% South America 190 178 7%
232 241 253 -8% Asia-Pacific 238 251 -5%
147   140   23   x6   CIS   103   24   x4
2,319   2,311   2,340   -1%   Total production   2,333   2,375   -2%
600   605   455   32%   Includes equity and non-consolidated affiliates   569   435   31%
 
 
 
                             
3Q11   2Q11   3Q10   3Q11 vs 3Q10   Liquids production by region (kb/d)   9M11   9M10   9M11 vs 9M10
234 240 251 -7% Europe 246 270 -9%
481 484 617 -22% Africa 505 616 -18%
316 321 313 1% Middle East 321 308 4%
28 26 29 -3% North America 29 30 -3%
67 73 72 -7% South America 74 73 1%
26 28 30 -13% Asia-Pacific 27 31 -13%
24   25   13   85%   CIS   20   13   54%
1,176   1,197   1,325   -11%   Total production   1,222   1,341   -9%
312   331   304   3%   Includes equity and non-consolidated affiliates   323   295   9%
 
 
 
 
                             
3Q11   2Q11   3Q10   3Q11 vs 3Q10   Gas production by region (Mcf/d)   9M11   9M10   9M11 vs 9M10
1,299 1,284 1,464 -11% Europe 1,441 1,696 -15%
720 734 758 -5% Africa 724 703 3%
1,430 1,355 1,207 18% Middle East 1,392 1,164 20%
228 226 203 12% North America 219 194 13%
707 650 593 19% South America 643 581 11%
1,173 1,209 1,249 -6% Asia-Pacific 1,194 1,239 -4%
671   619   55   x12   CIS   450   58   x8
6,228   6,077   5,529   13%   Total production   6,063   5,635   8%
1,560   1,478   820   90%   Includes equity and non-consolidated affiliates   1,331   756   76%
 
 
                             
3Q11   2Q11   3Q10   3Q11 vs 3Q10   Liquefied natural gas   9M11   9M10   9M11 vs 9M10
3.36   3.34   3.35   -   LNG sales* (Mt)   10.08   9.2   10%

* sales, Group share, excluding trading ; 2010 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2010 SEC coefficient.

  • Downstream
      3Q11         9M11
3Q11 2Q11 3Q10 vs Refined products sales by region (kb/d)* 9M11 9M10 vs
            3Q10               9M10
1,888 1,855 1,920 -2% Europe 1,903 1,917 -1%
307 310 286 +7% Africa 304 290 +5%
101 104 102 -1% Americas 102 121 -16%
174   169   161   +8%   Rest of world   170   157   +8%
2,470   2,438   2,469   -   Total consolidated sales   2,479   2,485   -
1,270   1,341   1,300   -2%   Trading   1,266   1,272   -
                             
3,740   3,779   3,769   -1%   Total refined product sales   3,745   3,757   -

* includes trading, share of CEPSA through July 31, 2011, and, starting October 1, 2010, of TotalErg.

Adjustment items

  • Adjustments to operating income from business segments
3Q11   2Q11   3Q10   in millions of euros   9M11   9M10
(326)   (63)   (15)   Special items affecting operating income from the business segments   (389)   (89)
-   -   -  
  • Restructuring charges
  -   -
(245) - (15)
  • Impairments
(245) (23)
(81)   (63)   -  
  • Other
  (144)   (66)
(112)   (87)   (104)   Pre-tax inventory effect : FIFO vs. replacement cost   1,157   596
(14)   (55)   -   Effect of change in fair value   15   -
                     
(452)   (205)   (119)   Total adjustments affecting operating income from the business segments   783   507
  • Adjustments to net income (Group share)
3Q11   2Q11   3Q10   in millions of euros   9M11   9M10
610   47   400   Special items affecting net income (Group share)   490   425
1,054   205   502  

- Gain on asset sales

  1,270   694
(56) - (1)

- Restructuring charges

(56) (11)
(251) (47) (101)

- Impairments

(298) (166)
(137)   (111)   -  

- Other

  (426)   (92)
(87)   (74)   (48)   After-tax inventory effect : FIFO vs. replacement cost   785   465
(10)   (41)   -   Effect of changes in fair value   12   -
-   -   -   Equity share of adjustment items related to Sanofi*   -   (81)
                     
513   (68)   352   Total adjustments to net income   1,287   809

* effective July 1, 2010, Sanofi is no longer treated as an equity affiliate

     

Effective tax rates

   
 
3Q11   2Q11   3Q10   Effective tax rate*   9M11   9M10
63.9% 61.6% 59.5% Upstream 60.9% 59.2%
57.9%   59.4%   56.3%   Group   57.6%   55.4%

* tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates, dividends received from investments, and impairments of acquisition goodwill + tax on adjusted net operating income).

       

Investments – Divestments

     
 
3Q11 9M11
3Q11 2Q11 3Q10 vs in millions of euros 9M11 9M10 vs
            3Q10               9M10
3,349 3,467 2,982 +12% Investments excluding acquisitions* 9,603 8,440 +14%
287 242 160 +79%

- Capitalized exploration

746 580 +29%
93   210   151   -38%  

- Change in non-current loans**

  95   396   -76%
445   4,008   1,023   -57%   Acquisitions   6,982   2,545   x3
3,794   7,475   4,005   -5%   Investments including acquisitions*   16,585   10,985   +51%
4,955   1,243   987   x5   Asset sales   6,494   2,710   x2
(1,161)   6,232   3,018   na   Net investments   10,091   8,275   +22%
      3Q11         9M11
3Q11 2Q11 3Q10 vs Expressed in millions of dollars*** 9M11 9M10 vs
            3Q10               9M10
4,731 4,989 3,850 +23% Investments excluding acquisitions* 13,507 11,094 +22%
405 348 207 +96%

- Capitalized exploration

1,049 762 +38%
131   302   195   -33%  

- Change in non-current loans**

  134   521   -74%
629   5,768   1,321   -52%   Acquisitions   9,820   3,345   x3
5,360   10,757   5,170   +4%   Investments including acquisitions*   23,327   14,440   +62%
7,000   1,789   1,274   x5   Asset sales   9,134   3,562   x3
(1,640)   8,968   3,896   na   Net investments   14,193   10,877   +30%

* includes changes in non-current loans.
** includes net investments in equity affiliates and non-consolidated companies + net financing for employees related stock purchase plans.
*** dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.

Net-debt-to-equity ratio

     
in millions of euros   9/30/2011   6/30/2011   9/30/2010
Current borrowings 10,406 12,289 10,201
Net current financial assets (923) (2,737) (1,351)
Non-current financial debt 22,415 20,410 21,566
Hedging instruments of non-current debt (2,012) (1,756) (1,760)
Cash and cash equivalents   (19,942)   (13,387)   (18,247)
Net debt   9,944   14,819   10,409
             
Shareholders’ equity 65,290 61,371 57,583
Estimated dividend payable (1,254) (1,248) (1,273)
Minority interests   1,467   934   838
Equity   65,503   61,057   57,148
             
Net-debt-to-equity ratio   15.2%   24.3%   18.2%

2011 Sensitivities*

      Impact on adjusted   Impact on adjusted
Scenario Change operating net operating
            income(e)   income(e)
Dollar   1.30 $/€   +0.1 $ per €   -1.6 B€   -0.8 B€
Brent   80 $/b   +1 $/b   +0.27 B€ / 0.35 B$   +0.13 B€ / 0.17 B$
European refining margins ERMI   30 $/t   +1 $/t   +0.07 B€ / 0.09 B$   +0.05 B€ / 0.07 B$

* sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. The impact of the €-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 80% and 75% respectively, and the remaining impact of the €-$ sensitivity is essentially in the Downstream segment.

Return on average capital employed

  • Twelve months ended September 30, 2011
in millions of euros   Upstream   Downstream   Chemicals   Segments       Group
Adjusted net operating income   9,929   1,127   894   11,950       11,828
Capital employed at 9/30/2010* 41,629 15,379 7,232 64,240 68,242
Capital employed at 9/30/2011*   51,851   12,691   7,194   71,736       72,764
ROACE   21.2%   8.0%   12.4%   17.6%       16.8%

* at replacement cost (excluding after-tax inventory effect).

  • Twelve months ended June 30, 2011
in millions of euros   Upstream   Downstream   Chemicals   Segments       Group
Adjusted net operating income   9,729   1,003   911   11,643       11,450
Capital employed at 6/30/2010* 43,908 16,010 7,286 67,204 72,042
Capital employed at 6/30/2011*   46,671   14,921   7,938   69,530       72,843
ROACE   21.5%   6.5%   12.0%   17.0%       15.8%

* at replacement cost (excluding after-tax inventory effect).

  • Twelve months ended September 30, 2010
in millions of euros   Upstream   Downstream   Chemicals   Segments       Group
Adjusted net operating income   8,245   953   759   9,957       10,272
Capital employed at 9/30/2009* 35,514 13,513 6,845 55,872 61,030
Capital employed at 9/30/2010*   41,629   15,379   7,232   64,240       68,242
ROACE   21.4%   6.6%   10.8%   16.6%       15.9%

* at replacement cost (excluding after-tax inventory effect).

Total financial statements

Third quarter 2011 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME      
TOTAL
(unaudited)
 
(M€) (a) 3rd quarter

2011

2nd quarter

2011

3rd quarter

2010

Sales 46,163 45,009 40,180
Excise taxes (4,638) (4,544) (4,952)
Revenues from sales 41,525 40,465 35,228
Purchases, net of inventory variation (29,018) (28,386) (23,918)
Other operating expenses (5,061) (4,804) (4,841)
Exploration costs (242) (179) (160)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,873) (1,531) (1,805)
Other income 1,334 246 540
Other expense (212) (138) (61)
Financial interest on debt (262) (159) (126)
Financial income from marketable securities & cash equivalents 114 55 40
Cost of net debt (148) (104) (86)
Other financial income 108 335 111
Other financial expense (115) (104) (103)
Equity in net income (loss) of affiliates 497 444 401
Income taxes (3,448) (3,432) (2,426)
Consolidated net income 3,347 2,812 2,880
Group share 3,314 2,726 2,827
Minority interests 33 86 53
Earnings per share (€) 1.47 1.21 1.27
Fully-diluted earnings per share (€) 1.47 1.21 1.26
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME      
TOTAL
(unaudited)
 
(M€) 3rd quarter

2011

2nd quarter

2011

3rd quarter

2010

Consolidated net income 3,347 2,812 2,880
Other comprehensive income
Currency translation adjustment 2,309 (666) (3,527)
Available for sale financial assets (389) 315 4
Cash flow hedge (54) (11) (38)
Share of other comprehensive income of associates, net amount (131) (16) (200)
Other (2) (4) (9)
 
Tax effect 82 (35) 13
Total other comprehensive income (net amount) 1,815 (417) (3,757)
       
Comprehensive income 5,162 2,395 (877)
- Group share 5,077 2,326 (865)
- Minority interests 85 69 (12)
CONSOLIDATED STATEMENT OF INCOME    
TOTAL
(unaudited)
 
(M€) (a) 9 months

2011

9 months

2010

Sales 137,201 119,112
Excise taxes (13,609) (14,396)
Revenues from sales 123,592 104,716
Purchases, net of inventory variation (84,659) (69,548)
Other operating expenses (14,567) (14,386)
Exploration costs (680) (667)
Depreciation, depletion and amortization of tangible assets and mineral interests (5,090) (5,261)
Other income 1,665 814
Other expense (409) (387)
Financial interest on debt (557) (339)
Financial income from marketable securities & cash equivalents 216 88
Cost of net debt (341) (251)
Other financial income 518 324
Other financial expense (327) (293)
Equity in net income (loss) of affiliates 1,447 1,438
Income taxes (10,952) (7,773)
Consolidated net income 10,197 8,726
Group share 9,986 8,541
Minority interests 211 185
Earnings per share (€) 4.45 3.82
Fully-diluted earnings per share (€) 4.43 3.81
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME    
TOTAL
(unaudited)
 
(M€) 9 months

2011

9 months

2010

Consolidated net income 10,197 8,726
Other comprehensive income
Currency translation adjustment (335) 1,469
Available for sale financial assets 41 (48)
Cash flow hedge (89) (89)
Share of other comprehensive income of associates, net amount (234) 275
Other (4) (6)
 
Tax effect 53 31
Total other comprehensive income (net amount) (568) 1,632
     
Comprehensive income 9,629 10,358
- Group share 9,433 10,179
- Minority interests 196 179
CONSOLIDATED BALANCE SHEET        
TOTAL
 
 
(M€) September 30, 2011

(unaudited)

June 30, 2011

(unaudited)

December 31, 2010 September 30, 2010

(unaudited)

ASSETS
Non-current assets
Intangible assets, net 10,280 8,961 8,917 9,214
Property, plant and equipment, net 59,729 55,323 54,964 54,341
Equity affiliates : investments and loans 11,455 11,054 11,516 11,322
Other investments 3,767 5,287 4,590 4,825
Hedging instruments of non-current financial debt 2,012 1,756 1,870 1,760
Other non-current assets 4,248 3,727 3,655 3,210
Total non-current assets 91,491 86,108 85,512 84,672
Current assets
Inventories, net 16,024 15,950 15,600 14,171
Accounts receivable, net 18,786 18,267 18,159 17,435
Other current assets 7,938 8,474 7,483 8,332
Current financial assets 1,172 3,122 1,205 1,686
Cash and cash equivalents 19,942 13,387 14,489 18,247
Total current assets 63,862 59,200 56,936 59,871
Assets classified as held for sale 1,630 5,211 1,270 -
Total assets 156,983 150,519 143,718 144,543
 
LIABILITIES & SHAREHOLDERS' EQUITY
 
Shareholders' equity
Common shares 5,909 5,903 5,874 5,872
Paid-in surplus and retained earnings 65,862 64,148 60,538 58,569
Currency translation adjustment (3,091) (5,177) (2,495) (3,286)
Treasury shares (3,390) (3,503) (3,503) (3,572)
Total shareholders' equity - Group Share 65,290 61,371 60,414 57,583
Minority interests 1,467 934 857 838
Total shareholders' equity 66,757 62,305 61,271 58,421
Non-current liabilities
Deferred income taxes 10,601 9,619 9,947 9,757
Employee benefits 2,180 2,111 2,171 2,125
Provisions and other non-current liabilities 8,920 8,419 9,098 8,693
Total non-current liabilities 21,701 20,149 21,216 20,575
Non-current financial debt 22,415 20,410 20,783 21,566
Current liabilities
Accounts payable 18,753 18,395 18,450 16,191
Other creditors and accrued liabilities 16,361 16,191 11,989 17,254
Current borrowings 10,406 12,289 9,653 10,201
Other current financial liabilities 249 385 159 335
Total current liabilities 45,769 47,260 40,251 43,981
Liabilities directly associated with the assets classified as held for sale 341 395 197 -
Total liabilities and shareholders' equity 156,983 150,519 143,718 144,543
CONSOLIDATED STATEMENT OF CASH FLOW      
TOTAL
(unaudited)
 
(M€) 3rd quarter

2011

2nd quarter

2011

3rd quarter

2010

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 3,347 2,812 2,880
Depreciation, depletion and amortization 2,062 1,641 1,912
Non-current liabilities, valuation allowances and deferred taxes 312 283 34
Impact of coverage of pension benefit plans - - -
(Gains) losses on sales of assets (1,282) (229) (445)
Undistributed affiliates' equity earnings (34) 59 (154)
(Increase) decrease in working capital 1,501 476 649
Other changes, net 58 22 28
Cash flow from operating activities 5,964 5,064 4,904
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (3,802) (3,215) (2,913)
Acquisitions of subsidiaries, net of cash acquired 170 (979) (856)
Investments in equity affiliates and other securities (69) (3,071) (85)
Increase in non-current loans (220) (305) (238)
Total expenditures (3,921) (7,570) (4,092)
Proceeds from disposal of intangible assets and property, plant and equipment 213 620 873
Proceeds from disposal of subsidiaries, net of cash sold 399 171 (11)
Proceeds from disposal of non-current investments 4,343 452 125
Repayment of non-current loans 127 95 87
Total divestments 5,082 1,338 1,074
Cash flow used in investing activities 1,161 (6,232) (3,018)
 
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 77 354 3
- Treasury shares - - -
- Minority shareholders - - -
Dividends paid:
- Parent company shareholders (1,283) (2,572) -
- Minority shareholders (35) (61) (8)
Other transactions with minority shareholders - 59 -
Net issuance (repayment) of non-current debt 1,034 678 1,690
Increase (decrease) in current borrowings (2,541) (200) 383
Increase (decrease) in current financial assets and liabilities 1,999 (1,123) (341)
Cash flow used in financing activities (749) (2,865) 1,727
Net increase (decrease) in cash and cash equivalents 6,376 (4,033) 3,613
Effect of exchange rates 179 93 (198)
Cash and cash equivalents at the beginning of the period 13,387 17,327 14,832
Cash and cash equivalents at the end of the period 19,942 13,387 18,247
CONSOLIDATED STATEMENT OF CASH FLOW    
TOTAL
(unaudited)
 
(M€) 9 months

2011

9 months

2010

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 10,197 8,726
Depreciation, depletion and amortization 5,591 5,779
Non-current liabilities, valuation allowances and deferred taxes 1,160 328
Impact of coverage of pension benefit plans - -
(Gains) losses on sales of assets (1,517) (617)
Undistributed affiliates' equity earnings (157) (337)
(Increase) decrease in working capital 1,390 1,162
Other changes, net 78 65
Cash flow from operating activities 16,742 15,106
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (12,391) (9,335)
Acquisitions of subsidiaries, net of cash acquired (809) (856)
Investments in equity affiliates and other securities (3,290) (398)
Increase in non-current loans (684) (658)
Total expenditures (17,174) (11,247)
Proceeds from disposal of intangible assets and property, plant and equipment 839 996
Proceeds from disposal of subsidiaries, net of cash sold 570 310
Proceeds from disposal of non-current investments 5,085 1,404
Repayment of non-current loans 589 262
Total divestments 7,083 2,972
Cash flow used in investing activities (10,091) (8,275)
 
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 481 14
- Treasury shares - 49
- Minority shareholders - -
Dividends paid:
- Parent company shareholders (3,855) (2,548)
- Minority shareholders (97) (90)
Other transactions with minority shareholders 59 (450)
Net issuance (repayment) of non-current debt 3,940 3,732
Increase (decrease) in current borrowings (2,253) 759
Increase (decrease) in current financial assets and liabilities 365 (1,291)
Cash flow used in financing activities (1,360) 175
Net increase (decrease) in cash and cash equivalents 5,291 7,006
Effect of exchange rates 162 (421)
Cash and cash equivalents at the beginning of the period 14,489 11,662
Cash and cash equivalents at the end of the period 19,942 18,247
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY          
TOTAL        
(unaudited)                  
Common shares issued Paid-in surplus and retained earnings Currency translation adjustment Treasury shares Shareholders' equity Group Share Minority interests Total shareholders' equity
(M€) Number Amount     Number Amount      
As of January 1, 2010 2,348,422,884 5,871 55,372 (5,069) (115,407,190) (3,622) 52,552 987 53,539
Net income of the first nine months - - 8,541 - - - 8,541 185 8,726
Other comprehensive Income - - (155) 1,793 - - 1,638 (6) 1,632
Comprehensive Income - - 8,386 1,793 - - 10,179 179 10,358
Dividend - - (5,096) - - - (5,096) (90) (5,186)
Issuance of common shares 408,017 1 13 - - - 14 - 14
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - (1) - 1,270,478 50 49 - 49
Share-based payments - - 97 - - - 97 - 97
Share cancellation - - - - - - - - -
Other operations with minority interests - - (202) (10) - - (212) (238) (450)
Other items - - - - - - - - -
As of September 30, 2010 2,348,830,901 5,872 58,569 (3,286) (114,136,712) (3,572) 57,583 838 58,421
Net income of the fourth quarter - - 2,030 - - - 2,030 51 2,081
Other comprehensive Income - - (61) 788 - - 727 15 742
Comprehensive Income - - 1,969 788 - - 2,757 66 2,823
Dividend - - (2) - - - (2) (62) (64)
Issuance of common shares 810,030 2 25 - - - 27 - 27
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - (69) - 1,649,033 69 - - -
Share-based payments - - 43 - - - 43 - 43
Share cancellation - - - - - - - - -
Other operations with minority interests - - 3 3 - - 6 15 21
Other items - - - - - - - - -
As of December 31, 2010 2,349,640,931 5,874 60,538 (2,495) (112,487,679) (3,503) 60,414 857 61,271
Net income of the first nine months - - 9,986 - - - 9,986 211 10,197
Other comprehensive Income - - 45 (598) - - (553) (15) (568)
Comprehensive Income - - 10,031 (598) - - 9,433 196 9,629
Dividend - - (5,173) - - - (5,173) (97) (5,270)
Issuance of common shares 14,112,010 35 446 - - - 481 - 481
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - (113) - 2,931,034 113 - - -
Share-based payments - - 124 - - - 124 - 124
Share cancellation - - - - - - - - -
Other operations with minority interests - - - 2 - - 2 57 59
Other items - - 9 - - - 9 454 463
As of September 30, 2011 2,363,752,941 5,909 65,862 (3,091) (109,556,645) (3,390) 65,290 1,467 66,757
 
(1) Treasury shares related to the stock option purchase plans and restricted stock grants
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
             
3rd quarter 2011

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 5,272 36,220 4,669 2 - 46,163
Intersegment sales 6,571 1,582 243 45 (8,441) -
Excise taxes - (4,638) - - - (4,638)
Revenues from sales 11,843 33,164 4,912 47 (8,441) 41,525
Operating expenses (5,443) (32,559) (4,624) (136) 8,441 (34,321)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,281) (464) (119) (9) - (1,873)
Operating income 5,119 141 169 (98) - 5,331
Equity in net income (loss) of affiliates and other items 922 347 319 24 - 1,612
Tax on net operating income (3,401) (58) (45) 41 - (3,463)
Net operating income 2,640 430 443 (33) - 3,480
Net cost of net debt (133)
Minority interests           (33)
Net income 3,314
             
3rd quarter 2011 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales (14) - - - (14)
Intersegment sales
Excise taxes            
Revenues from sales (14) - - - (14)
Operating expenses - (173) (19) - (192)
Depreciation, depletion and amortization of tangible assets and mineral interests (75) (168) (3) -   (246)
Operating income (b) (89) (341) (22) - (452)
Equity in net income (loss) of affiliates and other items 530 339 243 15 1,127
Tax on net operating income (124) 44 (17) (71)   (168)
Net operating income (b) 317 42 204 (56) 507
Net cost of net debt -
Minority interests           6
Net income 513
 

(a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.

 

(b) Of which inventory valuation effect

On operating income - (100) (12) -
On net operating income - (83) (7) -
             
3rd quarter 2011 (adjusted)

(M€) (a)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 5,286 36,220 4,669 2 - 46,177
Intersegment sales 6,571 1,582 243 45 (8,441) -
Excise taxes - (4,638) - - - (4,638)
Revenues from sales 11,857 33,164 4,912 47 (8,441) 41,539
Operating expenses (5,443) (32,386) (4,605) (136) 8,441 (34,129)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,206) (296) (116) (9) - (1,627)
Adjusted operating income 5,208 482 191 (98) - 5,783
Equity in net income (loss) of affiliates and other items 392 8 76 9 - 485
Tax on net operating income (3,277) (102) (28) 112 - (3,295)
Adjusted net operating income 2,323 388 239 23 - 2,973
Net cost of net debt (133)
Minority interests           (39)
Ajusted net income           2,801
Adjusted fully-diluted earnings per share (€)           1.24
(a) Except for per share amounts.
             
3rd quarter 2011

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 3,289 440 168 24 3,921
Total divestments 953 2,691 1,094 344 5,082
Cash flow from operating activities 3,158 1,775 359 672   5,964
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
             
2nd quarter 2011

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 5,166 34,551 5,291 1 - 45,009
Intersegment sales 6,341 1,535 345 43 (8,264) -
Excise taxes - (4,544) - - - (4,544)
Revenues from sales 11,507 31,542 5,636 44 (8,264) 40,465
Operating expenses (5,072) (31,149) (5,251) (161) 8,264 (33,369)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,100) (300) (122) (9) - (1,531)
Operating income 5,335 93 263 (126) - 5,565
Equity in net income (loss) of affiliates and other items 473 37 18 255 - 783
Tax on net operating income (3,275) (20) (117) (53) - (3,465)
Net operating income 2,533 110 164 76 - 2,883
Net cost of net debt (71)
Minority interests           (86)
Net income 2,726
             
2nd quarter 2011 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales (55) - - - (55)
Intersegment sales
Excise taxes            
Revenues from sales (55) - - - (55)
Operating expenses - (135) (15) - (150)
Depreciation, depletion and amortization of tangible assets and mineral interests - - - -   -
Operating income (b) (55) (135) (15) - (205)
Equity in net income (loss) of affiliates and other items 121 (2) (37) 43 125
Tax on net operating income 10 50 (31) (2)   27
Net operating income (b) 76 (87) (83) 41 (53)
Net cost of net debt -
Minority interests           (15)
Net income (68)
 

(a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.

 

(b) Of which inventory valuation effect

On operating income - (72) (15) -
On net operating income - (42) (17) -
             
2nd quarter 2011 (adjusted)

(M€) (a)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 5,221 34,551 5,291 1 - 45,064
Intersegment sales 6,341 1,535 345 43 (8,264) -
Excise taxes - (4,544) - - - (4,544)
Revenues from sales 11,562 31,542 5,636 44 (8,264) 40,520
Operating expenses (5,072) (31,014) (5,236) (161) 8,264 (33,219)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,100) (300) (122) (9) - (1,531)
Adjusted operating income 5,390 228 278 (126) - 5,770
Equity in net income (loss) of affiliates and other items 352 39 55 212 - 658
Tax on net operating income (3,285) (70) (86) (51) - (3,492)
Adjusted net operating income 2,457 197 247 35 - 2,936
Net cost of net debt (71)
Minority interests           (71)
Ajusted net income           2,794
Adjusted fully-diluted earnings per share (€)           1.24
(a) Except for per share amounts.
             
2nd quarter 2011

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 6,868 462 209 31 - 7,570
Total divestments 921 28 12 377 - 1,338
Cash flow from operating activities 5,605 7 138 (686) - 5,064
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
             
3rd quarter 2010

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 4,410 31,307 4,460 3 - 40,180
Intersegment sales 5,660 1,149 243 44 (7,096) -
Excise taxes - (4,952) - - - (4,952)
Revenues from sales 10,070 27,504 4,703 47 (7,096) 35,228
Operating expenses (4,562) (27,002) (4,308) (143) 7,096 (28,919)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,333) (336) (127) (9) - (1,805)
Operating income 4,175 166 268 (105) - 4,504
Equity in net income (loss) of affiliates and other items 595 101 43 149 - 888
Tax on net operating income (2,386) (27) (82) 44 - (2,451)
Net operating income 2,384 240 229 88 - 2,941
Net cost of net debt (61)
Minority interests           (53)
Net income 2,827
             
3rd quarter 2010 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales
Intersegment sales
Excise taxes            
Revenues from sales
Operating expenses - (71) (33) - (104)
Depreciation, depletion and amortization of tangible assets and mineral interests (15) - - -   (15)
Operating income (b) (15) (71) (33) - (119)
Equity in net income (loss) of affiliates and other items 85 25 (6) 139 243
Tax on net operating income 191 22 12 (3)   222
Net operating income (b) 261 (24) (27) 136 346
Net cost of net debt -
Minority interests           6
Net income 352
 
(a) Adjustments include special items and inventory valuation effect.

 

(b) Of which inventory valuation effect

On operating income - (71) (33) -
On net operating income - (24) (30) -
             
3rd quarter 2010 (adjusted)

(M€) (a)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 4,410 31,307 4,460 3 - 40,180
Intersegment sales 5,660 1,149 243 44 (7,096) -
Excise taxes - (4,952) - - - (4,952)
Revenues from sales 10,070 27,504 4,703 47 (7,096) 35,228
Operating expenses (4,562) (26,931) (4,275) (143) 7,096 (28,815)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,318) (336) (127) (9) - (1,790)
Adjusted operating income 4,190 237 301 (105) - 4,623
Equity in net income (loss) of affiliates and other items 510 76 49 10 - 645
Tax on net operating income (2,577) (49) (94) 47 - (2,673)
Adjusted net operating income 2,123 264 256 (48) - 2,595
Net cost of net debt (61)
Minority interests           (59)
Ajusted net income           2,475
Adjusted fully-diluted earnings per share (€)           1.10
(a) Except for per share amounts.
             
3rd quarter 2010

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 3,400 568 111 13 4,092
Total divestments 1,035 28 (10) 21 1,074
Cash flow from operating activities 2,831 900 215 958   4,904
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
             
9 months 2011

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 16,582 105,540 15,065 14 - 137,201
Intersegment sales 19,851 4,699 885 129 (25,564) -
Excise taxes - (13,609) - - - (13,609)
Revenues from sales 36,433 96,630 15,950 143 (25,564) 123,592
Operating expenses (16,453) (93,801) (14,766) (450) 25,564 (99,906)
Depreciation, depletion and amortization of tangible assets and mineral interests (3,621) (1,083) (360) (26) - (5,090)
Operating income 16,359 1,746 824 (333) - 18,596
Equity in net income (loss) of affiliates and other items 1,738 443 419 294 - 2,894
Tax on net operating income (10,203) (529) (286) (12) - (11,030)
Net operating income 7,894 1,660 957 (51) - 10,460
Net cost of net debt (263)
Minority interests           (211)
Net income 9,986
             
9 months 2011 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 15 - - - 15
Intersegment sales
Excise taxes            
Revenues from sales 15 - - - 15
Operating expenses - 918 96 - 1,014
Depreciation, depletion and amortization of tangible assets and mineral interests (75) (168) (3) -   (246)
Operating income (b) (60) 750 93 - 783
Equity in net income (loss) of affiliates and other items 651 351 231 69 1,302
Tax on net operating income (326) (302) (91) (73)   (792)
Net operating income (b) 265 799 233 (4) 1,293
Net cost of net debt -
Minority interests           (6)
Net income 1,287
 
(a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.

 

(b) Of which inventory valuation effect

On operating income - 1,054 103 -
On net operating income - 719 88 -
             
9 months 2011 (adjusted)

(M€) (a)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 16,567 105,540 15,065 14 - 137,186
Intersegment sales 19,851 4,699 885 129 (25,564) -
Excise taxes - (13,609) - - - (13,609)
Revenues from sales 36,418 96,630 15,950 143 (25,564) 123,577
Operating expenses (16,453) (94,719) (14,862) (450) 25,564 (100,920)
Depreciation, depletion and amortization of tangible assets and mineral interests (3,546) (915) (357) (26) - (4,844)
Adjusted operating income 16,419 996 731 (333) - 17,813
Equity in net income (loss) of affiliates and other items 1,087 92 188 225 - 1,592
Tax on net operating income (9,877) (227) (195) 61 - (10,238)
Adjusted net operating income 7,629 861 724 (47) - 9,167
Net cost of net debt (263)
Minority interests           (205)
Ajusted net income           8,699
Adjusted fully-diluted earnings per share (€)           3.86
(a) Except for per share amounts.
             
9 months 2011

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 15,389 1,166 548 71 17,174
Total divestments 2,209 2,742 1,120 1,012 7,083
Cash flow from operating activities 13,406 2,940 353 43   16,742
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
             
9 months 2010

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 13,525 92,305 13,272 10 - 119,112
Intersegment sales 16,679 3,624 750 131 (21,184) -
Excise taxes - (14,396) - - - (14,396)
Revenues from sales 30,204 81,533 14,022 141 (21,184) 104,716
Operating expenses (13,380) (79,083) (12,861) (461) 21,184 (84,601)
Depreciation, depletion and amortization of tangible assets and mineral interests (3,881) (959) (393) (28) - (5,261)
Operating income 12,943 1,491 768 (348) - 14,854
Equity in net income (loss) of affiliates and other items 893 256 166 581 - 1,896
Tax on net operating income (7,381) (441) (220) 186 - (7,856)
Net operating income 6,455 1,306 714 419 - 8,894
Net cost of net debt (168)
Minority interests           (185)
Net income 8,541
             
9 months 2010 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales
Intersegment sales
Excise taxes            
Revenues from sales
Operating expenses - 514 16 - 530
Depreciation, depletion and amortization of tangible assets and mineral interests (15) - (8) -   (23)
Operating income (b) (15) 514 8 - 507
Equity in net income (loss) of affiliates and other items (c) (61) 66 16 223 244
Tax on net operating income 234 (176) 3 (5)   56
Net operating income (b) 158 404 27 218 807
Net cost of net debt -
Minority interests           2
Net income 809
 
(a) Adjustments include special items, inventory valuation effect and, until June 30,2010, equity share of adjustments related to Sanofi.

 

(b) Of which inventory valuation effect

On operating income - 564 32 -
On net operating income - 443 20 -
(c) Of which equity share of adjustments related to Sanofi - - - (81)
             
9 months 2010 (adjusted)

(M€) (a)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 13,525 92,305 13,272 10 - 119,112
Intersegment sales 16,679 3,624 750 131 (21,184) -
Excise taxes - (14,396) - - - (14,396)
Revenues from sales 30,204 81,533 14,022 141 (21,184) 104,716
Operating expenses (13,380) (79,597) (12,877) (461) 21,184 (85,131)
Depreciation, depletion and amortization of tangible assets and mineral interests (3,866) (959) (385) (28) - (5,238)
Adjusted operating income 12,958 977 760 (348) - 14,347
Equity in net income (loss) of affiliates and other items 954 190 150 358 - 1,652
Tax on net operating income (7,615) (265) (223) 191 - (7,912)
Adjusted net operating income 6,297 902 687 201 - 8,087
Net cost of net debt (168)
Minority interests           (187)
Ajusted net income           7,732
Adjusted fully-diluted earnings per share (€)           3.45
(a) Except for per share amounts.
             
9 months 2010

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 9,266 1,586 349 46 11,247
Total divestments 1,296 66 324 1,286 2,972
Cash flow from operating activities 11,665 2,396 602 443   15,106
Reconciliation of the information by business segment with consolidated financial statements
     
TOTAL
(unaudited)
 
3rd quarter 2011

(M€)

Adjusted Adjustments (a) Consolidated statement of income
Sales 46,177 (14) 46,163
Excise taxes (4,638) - (4,638)
Revenues from sales 41,539 (14) 41,525
Purchases net of inventory variation (28,906) (112) (29,018)
Other operating expenses (4,981) (80) (5,061)
Exploration costs (242) - (242)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,627) (246) (1,873)
Other income 69 1,265 1,334
Other expense (95) (117) (212)
Financial interest on debt (262) - (262)
Financial income from marketable securities & cash equivalents 114 - 114
Cost of net debt (148) - (148)
Other financial income 108 - 108
Other financial expense (115) - (115)
Equity in net income (loss) of affiliates 518 (21) 497
Income taxes (3,280) (168) (3,448)
Consolidated net income 2,840 507 3,347
Group share 2,801 513 3,314
Minority interests 39 (6) 33
 
(a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.
 
 
3rd quarter 2010

(M€)

Adjusted Adjustments (a) Consolidated statement of income
Sales 40,180 - 40,180
Excise taxes (4,952) - (4,952)
Revenues from sales 35,228 - 35,228
Purchases net of inventory variation (23,814) (104) (23,918)
Other operating expenses (4,841) - (4,841)
Exploration costs (160) - (160)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,790) (15) (1,805)
Other income 223 317 540
Other expense (41) (20) (61)
Financial interest on debt (126) - (126)
Financial income from marketable securities & cash equivalents 40 - 40
Cost of net debt (86) - (86)
Other financial income 111 - 111
Other financial expense (103) - (103)
Equity in net income (loss) of affiliates 455 (54) 401
Income taxes (2,648) 222 (2,426)
Consolidated net income 2,534 346 2,880
Group share 2,475 352 2,827
Minority interests 59 (6) 53
 
(a) Adjustments include special items and inventory valuation effect.
Reconciliation of the information by business segment with consolidated financial statements
     
TOTAL
(unaudited)
 
9 months 2011

(M€)

Adjusted Adjustments (a) Consolidated statement of income
Sales 137,186 15 137,201
Excise taxes (13,609) - (13,609)
Revenues from sales 123,577 15 123,592
Purchases net of inventory variation (85,816) 1,157 (84,659)
Other operating expenses (14,424) (143) (14,567)
Exploration costs (680) - (680)
Depreciation, depletion and amortization of tangible assets and mineral interests (4,844) (246) (5,090)
Other income 178 1,487 1,665
Other expense (224) (185) (409)
Financial interest on debt (557) - (557)
Financial income from marketable securities & cash equivalents 216 - 216
Cost of net debt (341) - (341)
Other financial income 518 - 518
Other financial expense (327) - (327)
Equity in net income (loss) of affiliates 1,447 - 1,447
Income taxes (10,160) (792) (10,952)
Consolidated net income 8,904 1,293 10,197
Group share 8,699 1,287 9,986
Minority interests 205 6 211
 
(a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.
 
 
9 months 2010

(M€)

Adjusted Adjustments (a) Consolidated statement of income
Sales 119,112 - 119,112
Excise taxes (14,396) - (14,396)
Revenues from sales 104,716 - 104,716
Purchases net of inventory variation (70,144) 596 (69,548)
Other operating expenses (14,320) (66) (14,386)
Exploration costs (667) - (667)
Depreciation, depletion and amortization of tangible assets and mineral interests (5,238) (23) (5,261)
Other income 303 511 814
Other expense (208) (179) (387)
Financial interest on debt (339) - (339)
Financial income from marketable securities & cash equivalents 88 - 88
Cost of net debt (251) - (251)
Other financial income 324 - 324
Other financial expense (293) - (293)
Equity in net income (loss) of affiliates 1,526 (88) 1,438
Income taxes (7,829) 56 (7,773)
Consolidated net income 7,919 807 8,726
Group share 7,732 809 8,541
Minority interests 187 (2) 185
 
(a) Adjustments include special items, inventory valuation effect and, until June 30,2010, equity share of adjustments related to Sanofi.

1 Adjusted results defined on page 2 - dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period : 1.4127 $/€ for the 3rd quarter 2011, 1.2910 $/€ for the 3rd quarter 2010, 1.4391 $/€ for the 2nd quarter 2011, 1.4065 $/€ for the first 9 months of 2011 and 1.3145 $/€ for the first 9 months of 2010.

2 The ex-dividend date for the interim dividend will be March 19, 2012 and the payment date will be March 22, 2012.

3 Notification / consultation process with labor representatives in progress.

4 Adjusted results (adjusted operating income, adjusted net operating income and adjusted net income) are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value from January 1, 2011, and, through June 30, 2010, excluding Total’s equity share of adjustments related to Sanofi. Adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 17 and the inventory valuation effect are explained on page 13.

5 Including acquisitions.

6 Dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.

7 Notification / consultation process with labor representatives in progress.

8 Special items affecting operating income from the business segments had a negative impact of 326 M€ in the 3rd quarter 2011 and a negative impact of 15 M€ in the 3rd quarter 2010.

9 Defined as: (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates, dividends received from investments and impairments of acquisition goodwill + tax on adjusted net operating income).

10 Adjustment items explained on page 13.

11 Detail shown on page 16.

12 Detail shown on page 17.

13 Net investments = investments including acquisitions and changes in non-current loans – asset sales.

14 Cash flow from operations at replacement cost before changes in working capital.

15 Net cash flow = cash flow from operations - net investments.

16 Special items affecting operating income from the business segments had a negative impact of 389 M€ in the first nine months of 2011 and a negative impact of 89 M€ in the first nine months of 2010.

17 Adjustment items explained on page 13.

18 Detail shown on page 16.

19 Detail shown on page 17.

20 Cash flow from operations at replacement cost before changes in working capital.

21 Net cash flow = cash flow from operations - net investments.

22 Detail shown on page 18.

23 Impact of changing hydrocarbon prices on entitlement volumes.

24 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 19.

25 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 19.

26 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 19.

27 Includes changes in non-current loans.

28 Ex-dividend date will be March 19, 2012.

TOTAL
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Tel. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24
Bertrand DE LA NOUE
Martin DEFFONTAINES
Laurent KETTENMEYER
Matthieu GOT
Karine KACZKA
or
Robert HAMMOND (U.S.)
Tel.: (1) 713-483-5070
Fax: (1) 713-483-5629

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TotalEnergies SE (TTE)
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