Fourth Quarter and Full-Year 2012 Results

TOTAL

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

4Q12

Change
vs 4Q11

2012

Change
vs 2011

Adjusted net income¹

- in billion euros (Bâ‚¬)

3.1

+13%

12.4

+8%

- in billion dollars (B$)

4.0

+9%

15.9

- in euros per share

1.36

+13%

5.45

+8%

- in dollars per share

1.76

+8%

7.01

-1%

Net income(2) of 10.7 Bâ‚¬ in 2012

Net-debt-to-equity ratio of 21.4% at December 31, 2012

Upstream production of 2,300 kboe/d for full-year 2012

Dividend in 4Q12 of 0.59 â‚¬/share payable in June 2013(3)

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

â€œIn 2012, Total again delivered solid performance with net income of 12.4 billion euros and reinforced its strong financial position. The environment remained favorable in the Upstream, with Brent prices above 110 $/b and, in the Downstream, refining margins benefited from a temporary rebound at mid-year.

With safety as the priority, the Group continues to progress towards its three main objectives. To successfully start-up projects, on time and in budget, for the Groupâ€™s profitable growth over the coming years. To rely on a recently expanded exploration portfolio for more significant discoveries. And, finally, to continue the restructuring of downstream activities for improved profitability and resilience in an evolving market.

The Group has embarked on an important program of investments and asset sales to deliver value-creating growth, all while preserving a strong balance sheet, providing shareholder returns, and keeping its environmental and social commitments. It is thus with discipline, determination and optimism that the Group prepares for its future.â€

The Board of Directors of Total, led by Chairman and CEO Christophe de Margerie, met on February 12, 2013, and decided to propose at the Annual Shareholders Meeting on May 17, 2013, a dividend of 2.34 â‚¬/share for 2012, an increase of approximately 3% compared to the previous year.

Key figures⁴

4Q12

3Q12

4Q11

4Q12
vs
4Q11

in millions of euros
except earnings per share and number of shares

2012

2011

2012
vs
2011

49,868

49,890

47,492

+5%

Sales

200,061

184,693

+8%

5,874

6,540

6,263

-6%

Adjusted operating income from business segments

24,986

24,409

+2%

3,358

3,698

3,049

+10%

Adjusted net operating income from business segments

13,437

12,263

+10%

2,679

2,891

2,852

-6%

- Upstream

11,186

10,602

+6%

406

564

x12

- Refining & Chemicals

1,414

848

+67%

273

243

162

+69%

- Marketing & Services

837

813

+3%

3,081

3,348

2,725

+13%

Adjusted net income

12,361

11,424

+8%

1.36

1.48

1.20

+13%

Adjusted fully-diluted earnings per share (euros)

5.45

5.06

+8%

2,270

2,268

2,264

Fully-diluted weighted-average shares (millions)

2,267

2,257

2,381

3,066

2,290

+4%

Net income (Group share)

10,694

12,276

-13%

6,623

5,416

7,367

-10%

Investments⁵

22,943

24,541

-7%

1,566

1,635

1,495

+5%

Divestments

5,871

8,578

-32%

5,057

3,781

5,872

-14%

Net investments

17,072

15,963

+7%

5,865

5,163

2,794

Cash flow from operations

22,462

19,536

+15%

5,691

6,058

5,865

-3%

Adjusted cash flow from operations

21,612

20,060

+8%

4Q12

3Q12

4Q11

4Q12
vs
4Q11

in millions of dollars⁶ except earnings per share and number of shares

2012

2011

2012
vs
2011

64,664

62,375

64,029

+1%

Sales

257,038

257,093

7,617

8,177

8,444

-10%

Adjusted operating income from business segments

32,102

33,977

-6%

4,354

4,623

4,111

+6%

Adjusted net operating income from business segments

17,264

17,070

+1%

3,474

3,614

3,845

-10%

= Upstream

14,372

14,758

-3%

526

705

x11

= Refining & Chemicals

1,817

1,180

+54%

354

304

218

+62%

= Marketing & Services

1,075

1,132

-5%

3,995

4,186

3,674

+9%

Adjusted net income

15,881

15,902

1.76

1.85

1.62

+8%

Adjusted fully-diluted earnings per share (euros)

7.01

7.05

-1%

2,270

2,268

2,264

Fully-diluted weighted-average shares (millions)

2,267

2,257

3,087

3,833

3,087

Net income (Group share)

13,740

17,088

-20%

8,588

6,771

9,932

-14%

Investments⁵

29,477

34,161

-14%

2,031

2,044

2,016

+1%

Divestments

7,543

11,941

-37%

6,557

4,727

7,917

-17%

Net investments

21,934

22,220

-1%

7,605

6,455

3,767

Cash flow from operations

28,859

27,194

+6%

7,380

7,574

7,907

-7%

Adjusted cash flow from operations

27,767

27,924

-1%

Highlights since the beginning of the fourth quarter 2012⁷
- Start-up of production on Atla in the Norwegian North Sea and South Mahakam in Indonesia
- Significant discoveries on the North Platte prospect in the Gulf of Mexico and on Garantiana in the Norwegian North Sea
- Expanded exploration acreage by acquiring blocks in Papua New Guinea, Indonesia, Kazakhstan, Tajikistan, and Republic of Cyprus.
- Signed heads of agreement for 25-year extension of partnership on the Al Khalij field in Qatar
- Announced sale of the Groupâ€™s interest in the offshore OML 138 block in Nigeria which includes the Usan field
- Received a firm offer and entered into exclusive negotiations with a consortium of buyers for the sale of TIGF, a natural gas transport and storage affiliate in France
- Received a firm offer and entered into exclusive negotiations for the sale by Total of its affiliate GPN SA and related interests in the Belgian company Rosier SA, both of which are in the fertilizers business
- Exchanged assets in the Norwegian North Sea to increase the Groupâ€™s participation rights in the Oseberg and Dagny fields to 14.7% and 39.54%, respectively
- Significant commercial achievement of SunPower with its sale of the Antelope Valley projects (AVSP) in the US, the largest photovoltaic development in the world

Fourth quarter 2012 results

> Operating income from business segments

In the fourth quarter 2012, the Brent price averaged 110.1 $/b, an increase of 1% compared to the fourth quarter 2011 and the third quarter 2012. The European refining margin indicator (ERMI) averaged 33.9 $/t for the fourth quarter 2012, compared to 15.1 $/t for the fourth quarter 2011 and 51.0 $/t for the third quarter 2012.

The euro-dollar exchange rate averaged 1.30 $/â‚¬ in the fourth quarter 2012, compared to 1.35 $/â‚¬ in the fourth quarter 2011 and 1.25 $/â‚¬ in the third quarter 2012.

In this environment, the adjusted operating income⁸ from business segments was 5,874Â Mâ‚¬, a decrease of 6% compared to the fourth quarter 2011. Expressed in dollars, there was a decrease of 10%. This decrease is essentially due to the decrease in Upstream results compared to the fourth quarter 2011, which was only partially offset by improved results from Refining & Chemicals and Marketing & Services.

The effective tax rate⁹ for the business segments was 51.5% in the fourth quarter 2012 compared to 59.0% in the fourth quarter 2011, essentially due to a decrease in the effective tax rate for the Upstream and the increased contribution of downstream activities to the pre-tax results of the Group.

Adjusted net operating income from the business segments was 3,358 Mâ‚¬ compared toÂ 3,049Â Mâ‚¬ in the fourth quarter 2011, an increase of 10%. Expressed in dollars, the adjusted net operating income from the business segments increased to 4.4 B$, an increase of 6% compared to the fourth quarter 2011, thanks to a stronger net contribution from Refining & Chemicals and, to a lesser degree, Marketing & Services.

Although the adjusted operating income from business segments decreased, the adjusted net operating income from business segments increased compared to the fourth quarter 2011, mainly due to a lower effective tax rate for the business segments.

> Net income (Group share)

Adjusted net income was 3,081 Mâ‚¬ in the fourth quarter 2012 compared to 2,725 Mâ‚¬ in the fourth quarter 2011, an increase of 13%. Expressed in dollars, adjusted net income increased by 9%.

Adjusted net income excludes the after-tax inventory effect, the effect of changes in fair value, and special items¹⁰:

The after-tax inventory effect had a negative impact on net income of 312 Mâ‚¬ in the fourth quarter 2012 compared to a positive impact of 49 Mâ‚¬ in the fourth quarter 2011.
Changes in fair value had a positive impact on net income of 10 Mâ‚¬ in the fourth quarterÂ 2012 compared with a positive impact of 20 Mâ‚¬ in the fourth quarter 2011.
Special items¹¹ had a negative impact on net income of 398 Mâ‚¬ in the fourth quarter 2012, comprised essentially of an impairment of chemicals assets in Europe, a reserve for the restoration of the Lacq site in France where activities will be shut-down, and a provision for abandonment costs relating to Elgin in the UK. These special items were partially offset by gains on the sale of Upstream assets in Colombia. In the fourth quarter 2011, special items had a negative impact of 504 Mâ‚¬.

Net income (Group share) was 2,381 Mâ‚¬ compared to 2,290 Mâ‚¬ in the fourth quarter 2011.

The effective tax rate for the Group was 52.2% in the fourth quarter 2012, compared to 60.8% in the fourth quarter 2011, an evolution in line with the effective tax rate of the business segments described below.

Adjusted fully-diluted earnings per share, based on 2,270.2 million fully-diluted weighted-average shares, increased by 13% to â‚¬1.36, compared to â‚¬1.20 in the fourth quarter 2011.

Expressed in dollars, adjusted fully-diluted earnings per share increased by 8% to $1.76.

> Investments â€“ Divestments¹²

Investments, excluding acquisitions and including changes in non-current loans, wereÂ 5.4Â Bâ‚¬ (7.0 B$) in the fourth quarter 2012 compared to 5.2 Bâ‚¬ (7.0 B$) in the fourth quarter 2011.

Acquisitions were 578 Mâ‚¬ (749 M$) in the fourth quarter 2012, comprised essentially of the acquisition of exploration licenses in Iraq, Bulgaria, Kazakhstan and Yemen, the acquisition of Upstream assets in Norway, and a carry agreement in the Utica shale gas and condensates field in the US.

Asset sales in the fourth quarter 2012 were 881 Mâ‚¬ (1,142 M$), including mainly the sale of the Upstream affiliate in Colombia, Upstream assets in the UK, Nigeria and Norway, and the Groupâ€™s interest in the French company Geostock.

Net investments¹³ were 5.1 Bâ‚¬ (6.6 B$) in the fourth quarter 2012 compared toÂ 5.9 Bâ‚¬ (7.9 B$) in the fourth quarter 2011.

> Cash flow

Cash flow from operations was 5,865 Mâ‚¬ in the fourth quarter 2012 compared to 2,794Â Mâ‚¬ in the fourth quarter 2011. This increase of more than 100% is explained essentially by lower working capital requirements, noting that the fourth quarter 2011 was impacted by a significant increase in working capital requirements at year-end.

Adjusted cash flow from operations¹⁴ was 5,691 Mâ‚¬, a decrease of 3% compared to the fourth quarter 2011. Expressed in dollars, adjusted cash flow from operations was 7.4Â B$, a decrease of 7%.

The Groupâ€™s net cash flow¹⁵ was positive 808 Mâ‚¬ compared to negative 3,087 Mâ‚¬ in the fourth quarter 2011, due to a significant increase in cash flow from operations and lower net investments compared to those in the fourth quarter 2011. Expressed in dollars, the Groupâ€™s net cash flow was 1.0 B$ in the fourth quarter 2012.

Results for the full-year 2012

> Operating income

On average, the oil market environment was stable compared to the previous year. For 2012, the average Brent price remained around 111.7 $/b and the average realized price of gas for the Group increased by 3% to 6.74 $/Mbtu, compared to 6.53 $/Mbtu in 2011. In the Downstream, the ERMI increased to 36.0 $/t on average for 2012, compared to 17.4 $/t in 2011.

The euro-dollar exchange rate averaged 1.28 $/â‚¬ in 2012 compared to 1.39 $/â‚¬ in 2011.

In this environment, the adjusted operating income from the business segments wasÂ 24,986Â Mâ‚¬, an increase of 2% compared to 2011¹⁶. Expressed in dollars, the adjusted operating income for the business segments was 32.1 B$, a decrease of 6% compared to 2011, essentially due to lower Upstream results which were partially offset by improved results from Refining & Chemicals and Marketing & Services.

The effective tax rate for the business segments was 55.2% inÂ 2012 compared to 57.9% in 2011, essentially due to a decrease in the effective tax rate for Upstream and the increased contribution of downstream activities to the Group results.

Adjusted net operating income from the business segments was 13,437 Mâ‚¬ compared toÂ 12,263Â Mâ‚¬ in 2011, an increase of 10%.

Expressed in dollars, adjusted net operating income from the business segments increased by 1%. The fact that adjusted net operating income from the business segments increased in 2012 while the adjusted operating income from the business segments decreased compared to 2011 is explained mainly by the decrease in the effective tax rates in the two periods and an increase in the contribution of equity affiliates to adjusted results.

> Net income (Group share)

Adjusted net income was 12,361 Mâ‚¬ in 2012, an increase of 8% compared to 11,424 Mâ‚¬ in 2011. Expressed in dollars, adjusted net income of 15.9 B$ was stable compared to 2011.

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

The after-tax inventory effect had a negative impact on net income of 157 Mâ‚¬ in 2012 and a positive impact of 834Â Mâ‚¬ in 2011.
Changes in fair value had a negative impact on net income of 7 Mâ‚¬ in 2012 and a positive impact of 32 Mâ‚¬ in 2011.
Special items¹⁸ had a negative impact on net income of 1,503 Mâ‚¬ in 2012, comprised essentially of an impairment of assets in the Barnett in the US, provisions for abandonment costs relating to Elgin in the UK, a one-off tax of 4% on petroleum stocks in France, an impairment of chemicals assets in Europe, and a provision relating to a settlement agreement in progress with the SEC and DoJ in the US. These special items were partially offset by gains on asset sales. In 2011, special items had a negative impact of 14 Mâ‚¬.

Net income (Group share) was 10,694 Mâ‚¬ compared to 12,276 Mâ‚¬.

The effective tax rate for the Group was 56.2% in 2012 compared to 58.4% in 2011.

On December 31, 2012, there were 2,270.4 million fully-diluted shares compared to 2,263.8 million on December 31, 2011.

In 2012, adjusted fully-diluted earnings per share, based on 2,266.6 million fully-diluted weighted-average shares, was â‚¬5.45, an increase of 8% compared to â‚¬5.06 in 2011.

Expressed in dollars, adjusted fully-diluted earnings per share was $7.01 compared toÂ $7.05 in 2011, a decrease of 1%.

> Investments â€“ divestments¹⁹

Investments, excluding acquisitions and including changes in non-current loans, wereÂ 18.5Â Bâ‚¬ (23.8 B$) in 2012 compared to 14.8Â Bâ‚¬ (20.6 B$) in 2011, due to an increase in investments relating to new Upstream projects under development.

Acquisitions were 3.1 Bâ‚¬ (4.0 B$) in 2012, comprised essentially of the acquisition of interests in exploration and production licenses in Uganda, an additionalÂ 1.3% stake in Novatek²⁰, various exploration licenses, the minority interest in Fina Antwerp Olefins and the carry agreement in the Utica shale gas and condensates field in the US.

For 2012, asset sales were 4.6 Bâ‚¬ (5.9 B$), comprised essentially of sales of the remainder of the Groupâ€™s shares of Sanofi, a stake in the Gassled pipeline in Norway, Upstream assets in Nigeria, the UK, Colombia and France, as well as interests in Pec-Rhin and Geostock in France and in Composites One in the US.

Net investments were 17.1 Bâ‚¬ (21.9 B$) in 2012, compared toÂ 16.0 Bâ‚¬ (22.2Â B$) in 2011, an increase of 7%. Expressed in dollars, net investments in 2012 decreased 1%, mainly due to a significant decrease in acquisitions compared to 2011.

> Cash flow

Cash flow from operations was 22,462 Mâ‚¬ (28.9 B$) in 2012, an increase of 15% compared to 2011, essentially due to the change in working capital requirements between the two periods.

Adjusted cash flow from operations²¹ was 21,612 Mâ‚¬, an increase of 8%. Expressed in dollars, adjusted cash flow from operationswas 27.8 B$, a decrease of 1% compared to 2011.

The Groupâ€™s net cash flow²² was 5,390 Mâ‚¬ compared to 3,573 Mâ‚¬ in 2011. Expressed in dollars, the Groupâ€™s net cash flowwas 6.9 B$ in 2012.

The net-debt-to-equity ratio was 21.4% on December 31, 2012, compared to 23.0% on December 31, 2011.²³

Analysis of business segment results

Upstream

> Environment â€“ liquids and gas price realizations*

4Q12

3Q12

4Q11

4Q12
vs
4Q11

2012

2011

2012
vs
2011

110.1

109.5

109.3

+1%

Brent ($/b)

111.7

111.3

106.4

107.6

104.3

+2%

Average liquids price ($/b)

107.7

105.0

+3%

6.94

6.00

6.79

+2%

Average gas price ($/Mbtu)

6.74

6.53

+3%

77.0

75.8

75.9

+1%

Average hydrocarbons price ($/boe)

77.3

74.9

+3%

* consolidated subsidiaries, excluding fixed margins. Effective first quarter 2012, over/under-lifting valued at market prices.

> Production

4Q12

3Q12

4Q11

4Q12
vs
4Q11

Hydrocarbon production

2012

2011

2012
vs
2011

2,293

2,272

2,384

-4%

Combined production (kboe/d)

2,300

2,346

-2%

1,206

1,225

1,237

-3%

- Liquids (kb/d)

1,220

1,226

5,897

5,680

6,201

-5%

- Gas (Mcf/d)

5,880

6,098

-4%

Hydrocarbon production was 2,293 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2012, a decrease of 4% compared to the fourth quarter 2011, essentially as a result of:

+4.5% for start-ups and ramp-ups from new projects,
-3.5% for normal decline and turnarounds,
-3% for the incident at Elgin in the UK North Sea and flooding in Nigeria, and
-2% for disruptions related to security conditions in Yemen and the production shut-down in Syria, net of the positive effect of the return of production in Libya.

In 2012, hydrocarbon production was 2,300 kboe/d, a decrease of 2% compared to 2011, essentially as a result of:

+4.5% for start-ups and ramp-ups from new projects,
-4% for normal decline,
+1.5% for changes in the portfolio, comprised essentially of an increased share of Novatek production and the impact of the sale of CEPSA and assets in the UK, France, Nigeria, and Cameroon,
-2% for incidents at Elgin in the UK North Sea and Ibewa in Nigeria,
-1.5% for disruptions related to security conditions in Yemen and the production shut-down in Syria, net of the positive effect of the return of production in Libya, and
-0.5% for price effect²⁴.

> Reserves

Reserves at December 31	Â	2012	Â	2011	Â	%
Hydrocarbon reserves (Mboe)	Â	11,368	Â	11,423	Â	-
= Liquids (Mb)	Â	5,686	Â	5,784	Â	-2%
= Gas (Bcf)	Â	30,877	Â	30,717	Â	+1%

Proved reserves based on SEC rules (based on Brent at 111.13Â $/b) were 11,368 Mboe at December 31, 2012. Based on the 2012 average rate of production, the reserve life is more than 13 years.

The 2012 proved reserve replacement rate²⁵, based on SEC rules, was 93%.

The 2012 organic proved reserve replacement rate²⁶ was 100% in a constant price environment.

At year-end 2012, Total had a solid and diversified portfolio of proved and probable reserves²⁷ representing more than 20 years of reserve life based on the 2012 average production rate, and resources²⁸ representing more than 45 years of production.

> Results

Effective July 1, 2012, the Upstream segment no longer includes the activities of New Energies, which are now reported with Marketing & Services (previously Supply & Marketing). As a result, certain information has been restated according to the new organization.

4Q12

3Q12

4Q11

4Q12
vs
4Q11

in millions of euros

2012

2011

2012
vs
2011

5,035

5,537

6,104

-18%

Adjusted operating income*

22,108

22,609

-2%

2,679

2,891

2,852

-6%

Adjusted net operating income*

11,186

10,602

+6%

350

578

488

-28%

- includes adjusted income from

equity affiliates

1,856

1,704

+9%

5,518

4,567

6,134

-10%

Investments

19,618

20,662

-5%

1,415

401

399

Divestments

2,798

2,591

+8%

4,429

3,457

3,547

+25%

Cash flow from operations

18,950

17,044

+11%

4,494

5,105

5,451

-18%

Adjusted cash flow from operations

18,306

17,661

+4%

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

Adjusted net operating income from the Upstream segment was 2,679 Mâ‚¬ in the fourth quarter 2012 compared to 2,852 Mâ‚¬ in the fourth quarter 2011, a decrease of 6%.

Expressed in dollars, the decrease of 10% is explained principally by a decrease in production between the two periods, higher exploration expenses in the fourth quarter 2012, and the positive impact in the fourth quarter 2011 of valuing overlifting/underlifting positions at market prices.

The effective tax rate for the Upstream segment in the fourth quarter 2012 was 54.8% compared to 59.9% in the fourth quarter 2011. This decrease was due to portfolio mix effect and certain cyclical elements in the fourth quarter 2012, including year-end tax adjustments relating to the exchange of assets in Norway and the reversal of a non-deductible loss.

Adjusted net operating income from the Upstream segment in 2012 was 11,186 Mâ‚¬ compared to 10,602Â Mâ‚¬ in 2011, an increase of 6%. Expressed in dollars, adjusted net operating income from the Upstream segment was 14.4 B$, a decrease of 3% compared to 2011 explained mainly by the decrease in hydrocarbon production, since the increase technical costs (as discussed below) was largely offset by the decrease in the effective tax rate for the Upstream. The effective tax rate for the Upstream was 58.3% in 2012 compared to 60.4% in 2011.

Technical costs for consolidated subsidiaries, in accordance with ASC 932²⁹, were 22.8Â $/boe in 2012, compared to 18.9 $/boe in 2011, mainly due to increased depreciation of tangible assets relating to start-ups such as Pazflor, Halfaya, and Usan, as well as increased exploration expenses.

The return on average capital employed (ROACE³⁰) for the Upstream segment was 18% in 2012 compared to 21% in 2011.

Refining & Chemicals

> Refinery throughput and utilization rates*

4Q12

3Q12

4Q11

4Q12
vs
4Q11

2012

2011

2012
vs
2011

1,648

1,790

1,674

-2%

Total refinery throughput (kb/d)

1,786

1,863

-4%

532

653

742

-28%

- France

657

732

-10%

847

864

714

+19%

- Rest of Europe

866

885

-2%

269

273

218

+23%

- Rest of world

263

246

+7%

Utilization rates**

76%

82%

77%

- Based on crude only

82%

78%

79%

86%

79%

- Based on crude and other feedstock

86%

83%

* includes share of CEPSA, through July 31, 2011, and of TotalErg. Results for refineries in South Africa, French Antilles and Italy are reported in the Marketing & Supply segment.

** based on distillation capacity at the beginning of the year

In the fourth quarter 2012, refinery throughput decreased by 2% compared to the fourth quarter 2011. This decrease is essentially due to the temporary shut-down of the Normandy refinery in connection with the upgrading project during the entire quarter and the closure of the Rome refinery at the end of the third quarter 2012, the effects of which were largely offset by higher throughput, compared to the fourth quarter 2011, at the Groupâ€™s other European refineries and at the Port Arthur refinery in the US.

In 2012, refinery throughput decreased by 4% compared to 2011, reflecting essentially the portfolio effect relating to the sale of the Groupâ€™s interest in CEPSA at the end of July 2011 and the closure of the Rome refinery at the end of the third quarter 2012. Excluding these portfolio effects, throughput increased by 4% due to increased availability of the Groupâ€™s refineries.

As in 2011, 2012 was marked by higher levels of planned maintenance at European refineries, in particular the temporary shut-down of the Normandy refinery during the upgrading project at the end of 2012, as well as scheduled maintenance at the Provence and Feyzin refineries.

> Results

4Q12

3Q12

4Q11

4Q12
vs
4Q11

in millions of euros
(except the ERMI)

2012

2011

2012
vs
2011

33.9

51.0

15.1

x2.2

European refining margin

indicator - ERMI ($/t)

36.0

17.4

x2.1

449

646

(126)

n/a

Adjusted operating income*

1,513

613

x2.5

406

564

x12

Adjusted net operating income*

1,414

848

+67%

102

+25%

- contribution of Specialty Chemicals**

384

423

-9%

573

441

624

-8%

Investments

1,944

1,910

+2%

101

+74%

Divestments

304

2,509

-88%

502

1,036

(649)

n/a

Cash flow from operations

2,127

2,146

-1%

672

771

114

x5.9

Adjusted cash flow from operations

2,170

1,318

+65%

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

** Hutchinson, Bostik, Atotech; including coatings and photocure resins until they were sold in July 2011

The ERMI averaged 33.9 $/t in the fourth quarter 2012, nearly double the average of 15.1 $/t during the fourth quarter 2011. For 2012, the ERMI was 36.0 $/t, more than double the average during 2011. This sharp increase in 2012 was mainly due to high levels of planned maintenance in the refining sector, particularly in Europe during the 2012 summer.

Adjusted net operating income from the Refining & Chemicals segment was 406 Mâ‚¬ in the fourth quarter 2012, compared to 35 Mâ‚¬ in the fourth quarter 2011. Expressed in dollars, the adjusted net operating income for the segment was 526 M$ compared to 47 M$ in the fourth quarter 2011. This significant increase is essentially due to improvements in the refining environment between the two periods.

Adjusted net operating income from the Refining & Chemicals segment in 2012 was 1,414Â Mâ‚¬, an increase of 67% compared to 848 M$ in 2011. Expressed in dollars, adjusted net operating income was 1.8 B$, an increase of 54% compared to 2011. This increase is mainly due to the positive effect of improved refining margins in Europe, noting that throughput at the Groupâ€™s refineries decreased on a global basis by 4% between the two periods, and the petrochemical environment weakened, particularly in Europe and in polymers. The decrease in adjusted net operating income for the Specialty Chemicals is attributable entirely to the sale of the resins business in mid-2011. Excluding this portfolio effect, the adjusted net operating income for the Specialty Chemicals would have increased slightly.

The ROACE for the Refining & Chemicals segment was 9% for 2012, compared to 5% for 2011.

Marketing & Services

> Refined product sales

4Q12

3Q12

4Q11

4Q12
vs
4Q11

Sales in kb/d*

2012

2011

2012vs 2011

1,123

1,143

1,280

-12%

Europe

1,160

1,455

-20%

583

563

534

+9%

Rest of world

550

532

+3%

1,706

1,706

1,814

-6%

Total Marketing & Supply sales

1,710

1,987

-14%

* excludes trading and bulk sales, includes share of CEPSA, through July 31, 2011, and of TotalErg

In the fourth quarter 2012, sales of Marketing & Services decreased by 6% compared to the fourth quarter 2011, essentially due to the sale of marketing activities in the UK.

For 2012, the decrease in sales of 14% compared to 2011 was almost entirely attributable to the sale of the Groupâ€™s interest in CEPSA and the sale of marketing activities in the UK. Excluding these portfolio effects, sales would have decreased by 1% on an annual basis with a notable decrease in Europe (3%) partially offset by increased sales in Asia and the Middle East.

> Results

Effective July 1, 2012, Marketing & Services (previously Supply & Marketing) includes the activities of New Energies. As a result, certain information has been restated according to the new organization.

4Q12

3Q12

4Q11

4Q12
vs
4Q11

in millions of euros

2012

2011

2012
vs
2011

21,669

21,574

21,958

-1%

Sales

86,614

85,325

+2%

390

357

285

+37%

Adjusted net operating income*

1,365

1,187

+15%

273

243

162

+69%

Adjusted net operating income*

837

813

+3%

(6)

(76)

n/a

contribution of New Energies

(169)

(197)

n/a

508

383

545

-7%

Investments

1,301

1,834

-29%

527

-91%

Divestments

152

1,955

-92%

1,024

692

134

Cash flow from operations

1,132

541

353

202

269

+31%

Adjusted cash flow from operations

1,192

1,103

+8%

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

Marketing & Services sales were 21.7 Bâ‚¬ for the fourth quarter 2012, basically stable compared to the fourth quarterÂ 2011.

Adjusted net operating income from the Marketing & Services segment was 273 Mâ‚¬ in the fourth quarter 2012, compared to 162 Mâ‚¬ in the fourth quarter 2011. This increase reflects the improvement in the results of New Energies, largely due to the sale by SunPower of a photovoltaic project in the US, as the results relating to marketing activities were stable between the two periods.

For 2012, Marketing & Services sales were 86.6 Bâ‚¬, an increase of 2% compared 2011.

Adjusted net operating income from the Marketing & Services segment was 837 Mâ‚¬ in 2012, an increase of 3% compared to 813 Mâ‚¬ in 2011. This increase is explained principally by the improved performance of New Energies. Marketing activities continued to provide stable results despite sales volumes generally decreasing, due in particular to improved results from activities in the Asia-Pacific and Eastern European regions.

The ROACE for the Marketing & Services segment was 12% for 2012, compared to 13% for 2011.

TOTAL S.A., parent company accounts

Net income for TOTAL S.A., the parent company, was 6,520 Mâ‚¬ in 2012, compared to 9,766 Mâ‚¬ in 2011.

Proposed dividend

After closing the 2012 accounts, the Board of Directors decided to propose at the May 17, 2013, Annual Shareholders Meeting a dividend of 2.34 euros per share for 2012, an increase of approximately 3% compared to the previous year.

Based on 2012 adjusted net income, the payout ratio would be 43%.

Taking into account the three 2012 interim dividends, the remaining 0.59 euros per share would be paid on June 27, 2013.³¹

Summary and outlook

The ROACE for the Group for 2012 was 16%, stable compared to 2011. Return on equity for 2012 was 18%, also stable compared to 2011.

To create profitable and sustainable growth, Total invests in value-creating projects and optimizes its portfolio, in particular by divesting non-core assets and subsidiaries with limited growth potential or those in which the Group has a low working interest.

The net investment budget of Total for 2013 is 22 B$, stable compared to 2011 and 2012. In executing its 2012-14 asset sale program of 15-20 B$, the Group sold 6 B$ of assets in 2012 and anticipates reaching the low-end of its target range by the end of 2013 with the closing of the Usan sale and other divestments already in progress. The organic investment budget for 2013 is 28 B$, more than 80% of which will be dedicated to Upstream, principally for highly competitive and profitable projects scheduled to start-up before 2017.

In the Upstream, Total confirms its production growth targets for 2015, 3% per year on average over the period 2011-2015, and for 2017, a potential of 3 Mboe/d, all based on improved visibility. Total is focused on delivering its projects on time and in budget. In 2013, production growth should be fueled by 2012 start-ups as well as anticipated 2013 start-ups, including Anguille in Gabon, Angola LNG, Kashagan in Kazakhstan, and the extension of OML 58 in Nigeria. In addition, the Group continues to work in cooperation with the UK authorities towards a safe and progressive restart of Elgin-Franklin during the first quarter 2013. Visibility on the Groupâ€™s production growth targets will be further enhanced this year by the launch of additional major projects, notably in West Africa.

The exploration budget has been increased to 2.8 B$ for 2013, and the high-potential exploration program for 2013 reflects the new dynamic of the Group, with prospects to be drilled in Ivory Coast, Gabon, Kenya, and Brazil.

In Refining & Chemicals, the restructuring in progress should yield productivity gains and provide synergies in 2013, and in turn contribute to increased profitability, in line with the objective of a segment ROACE of 13% in 2015. The year 2013 also should be highlighted by the start-up of Jubail in Saudi Arabia. This fully-integrated refinery will have a 400 kb/d capacity for heavy crude and will provide refined products to growth markets like the Middle East and Asia.

Marketing & Services seeks to continue to strengthen its worldwide positions and to capitalize on its ability to respond to its customersâ€™ needs. New Energies will pursue its productivity, development, and innovation programs to increase its contribution.

The Group confirms its commitment in favor of a competitive policy for returns to shareholders, in keeping with its objective of sustainable growth.

To listen to a presentation by CEO Christophe de Margerie to financial analysts today in London at 14:00 (London time) please log on to www.total.com or call +44Â (0)203 367 9462 in Europe or +1Â 866Â 907 5924 in the US. For a replay, please consult the website or call +44(0)203Â 367 9460 in Europe or +1Â 877Â 642 3018 in the US (code: 279 921).

¹ Definition of adjusted results on page 2 â€“ dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the period : 1.2967 $/â‚¬ for the 4^th quarter 2012, 1.3482 $/â‚¬ for the 4^th quarter 2011, 1.2502 $/â‚¬ for the 3^rd quarter 2012, 1.2848 $/â‚¬ for the full-year 2012, and 1.3920 $/â‚¬ for the full-year 2011.

² Group share. Net income (Group share) was 2,381 Mâ‚¬ for the 4^th quarter 2012.

³ Pending approval at the May 17, 2013 Annual Shareholders Meeting, ex-dividend date for the dividend will be June 24, 2013.

⁴ Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. 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 20 and the inventory valuation effect is explained on page 17.

⁵ including acquisitions

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

⁷ Certain transactions included in the highlights remain subject to approval of authorities or satisfaction of conditions precedent under contractual terms.

⁸ Special items affecting operating income from the business segments had a negative impact of 826 Mâ‚¬ in the 4^th quarter 2012 and a negative impact of 484 Mâ‚¬ in the 4^th quarter 2011.

⁹ Defined as: (tax on adjusted net operating income) / (adjusted net operating income â€“ income from equity affiliates - dividends received from investments + tax on adjusted net operating income).

¹⁰ Adjustment items explained on page 17.

¹¹ Detail shown on page 20.

¹² Detail shown on page 21.

¹³ Net investments = investments including acquisitions and changes in non-current loans â€“ 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 2,342 Mâ‚¬ in 2012 and a negative impact of 873 Mâ‚¬ in 2011.

¹⁷ Adjustment items explained on page 17.

¹⁸ Detail shown on page 20.

¹⁹ Detail shown on page 21.

²⁰ The Groupâ€™s interest in Novatek was 15.3% at December 31, 2012.

²¹ Cash flow from operations at replacement cost before changes in working capital.

²² Net cash flow = cash flow from operations - net investments.

²³ Detail shown on page 22.

²⁴ Impact of changing hydrocarbon prices on entitlement volumes.

²⁵ Change in reserves excluding production i.e. (revisions + discoveries, extensions + acquisitions â€“ divestments) / production for the period.

²⁶ The reserve replacement rate in an environment with a constant 110.96 $/b oil price, excluding acquisitions and divestments.

²⁷ Limited to proved and probable reserves covered by E&P contracts on fields that have been drilled and for which technical studies have demonstrated economic development in a 100 $/b Brent environment, including projects developed by mining.

²⁸ Proved and probable reserves plus contingent resources (potential average recoverable reserves from known accumulations - Society of Petroleum Engineers - 03/07).

²⁹ FASB Accounting Standards Codification Topic 932, Extractive industries â€“ Oil and Gas

³⁰ Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 23.

³¹ the ex-dividend date for the remainder of the 2012 dividend would be June 24, 2013 ; for the ADR (NYSE:TOT) the ex-dividend date would be June 19, 2013

This press release presents the 2012 results from the consolidated financial statements of TOTAL S.A. as of December 31, 2012. The audit procedures by the Statutory Auditors are underway. This documentÂ does not constitute the AnnualÂ Financial Report (Rapport Financier Annuel) within the meaning of article L. 451-1-2 of the French monetary and financial Code (Code monÃ©taire et financier).

This document may contain forward-looking information on the Group (including objectives and trends), as well as forward-looking statements 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. These data do not represent forecasts within the meaning of European Regulation No. 809/2004.

Such forward-looking information and statements included in this document are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a significant difference between actual results and those anticipated, 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. Certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.

Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise Further information on factors, risks and uncertainties that could affect the companyâ€™s financial results or the Groupâ€™s activities is provided in the most recent Registration Document filed by the Group with the French AutoritÃ© des MarchÃ©s Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (â€œSECâ€).

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. These 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 segmentsâ€™ performance and facilitate the comparability of the segmentsâ€™ 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 TOTALâ€™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 Groupâ€™s internal economic performance. IFRS precludes recognition of this fair value effect.
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.

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 â€“ 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 SECâ€™s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our FormÂ 20-F, File NÂ°Â 1-10888, available from us at 2,Â place Jean Millier â€“ La DÃ©fenseÂ 6 â€“ 92078 Paris â€“ La DÃ©fense Cedex, France, or at our WebÂ site: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SECâ€™s WebÂ site: www.sec.gov.

Operating information by segment for the fourth quarter and full-year 2012

Upstream

4Q12

3Q12

4Q11

4Q12
vs
4Q11

Combined liquids and gas production by region (kboe/d)

2012

2011

2012
vs
2011

421

361

518

-19%

Europe

427

512

-17%

701

737

693

+1%

Africa

713

659

+8%

482

501

546

-12%

Middle East

493

570

-14%

North America

+3%

175

182

-4%

South America

182

188

-3%

227

230

212

+7%

Asia-Pacific

221

231

-4%

220

190

166

+33%

CIS

195

119

+64%

2,293

2,272

2,384

-4%

Total production

2,300

2,346

-2%

624

615

580

+8%

Includes equity affiliates

611

571

+7%

4Q12

3Q12

4Q11

4Q12
vs
4Q11

Liquids production by region (kb/d)

2012

2011

2012
vs
2011

185

179

244

-24%

Europe

197

245

-20%

568

587

553

+3%

Africa

574

517

+11%

312

323

304

+3%

Middle East

311

317

-2%

+18%

North America

-7%

-8%

South America

-17%

+12%

Asia-Pacific

+11%

CIS

+23%

1,206

1,225

1,237

-3%

Total production

1,220

1,226

307

316

295

+4%

Includes equity affiliates

308

316

-3%

4Q12

3Q12

4Q11

4Q12
vs
4Q11

Gas production by region (Mcf/d)

2012

2011

2012
vs
2011

1,270

1,011

1,491

-15%

Europe

1,259

1,453

-13%

654

763

688

-5%

Africa

705

715

-1%

930

971

1,307

-29%

Middle East

990

1,370

-28%

228

260

246

-7%

North America

246

227

+8%

657

650

664

-1%

South America

682

648

+5%

1,127

1,135

1,056

+7%

Asia-Pacific

1,089

1,160

-6%

1,031

890

749

+38%

CIS

909

525

+73%

5,897

5,680

6,201

-5%

Total production

5,880

6,098

-4%

1,712

1,618

1,537

+11%

Includes equity affiliates

1,637

1,383

+18%

4Q12

3Q12

4Q11

4Q12
vs
4Q11

Liquefied natural gas

2012

2011

2012
vs
2011

2.73

2.92

3.15

-13%

LNG sales* (Mt)

11.42

13.19

-13%

* sales, Group share, excluding trading; 2012 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2012 SEC coefficient

Downstream (Refining & Chemicals and Marketing & Supply)

4Q12

3Q12

4Q11

4Q12

vs 4Q11

Refined product sales by region (kb/d)*

2012

2011

2012

vs 2011

1,964

1,979

2,049

-4%

Europe

2,018

2,281

-12%

413

411

378

+9%

Africa

404

387

+4%

435

535

409

+6%

Americas

480

481

531

399

486

+9%

Rest of world

501

490

+2%

3,343

3,324

3,322

+1%

Total consolidated sales

3,403

3,639

-6%

545

539

446

+22%

Includes bulk sales

532

437

+22%

1,092

1,080

1,062

+3%

Includes trading

1,161

1,215

-4%

* includes share of CEPSA, through July 31, 2011, and of TotalErg

Adjustment items

Adjustments to operating income

4Q12

3Q12

4Q11

in millions of euros

2012

2011

(826)

(1,362)

(484)

Special items affecting operating income

(2,342)

(873)

(16)

- Restructuring charges

(2)

(340)

(1,134)

(535)

- Impairments

(1,474)

(781)

(548)

(212)

- Other

(866)

(92)

(462)

766

Pre-tax inventory effect : FIFO vs. replacement cost

(234)

1,215

(8)

Effect of changes in fair value

(9)

(1,275)

(604)

(396)

Total adjustments affecting operating income

(2,585)

387

Adjustments to net income (Group share)

4Q12

3Q12

4Q11

in millions of euros

2012

2011

(398)

(800)

(504)

Special items affecting net operating income (Group share)

(1,503)

(14)

226

202

268

- Gain on asset sales

581

1,538

(4)

(33)

(66)

- Restructuring charges

(77)

(122)

(337)

(737)

(716)

- Impairments

(1,112)

(1,014)

(283)

(232)

- Other

(895)

(416)

(312)

524

After-tax inventory effect : FIFO vs. replacement cost

(157)

834

(6)

Effect of changes in fair value

(7)

(700)

(282)

(435)

Total adjustments affecting net income

(1,667)

852

Effective tax rates

4Q12

3Q12

4Q11

Effective tax rate*

2012

2011

54.8%

58.8%

59.9%

Upstream

58.3%

60.4%

52.2%

55.3%

60.8%

Group

56.2%

58.4%

* tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income)

Investments - Divestments

4Q12

3Q12

4Q11

4Q12
vs
4Q11

in millions of euros

2012

2011

2012
vs
2011

5,360

4,903

5,225

+3%

Investments excluding acquisitions*

18,516

14,828

+25%

380

303

328

+16%

Capitalized exploration

1,352

1,074

+26%

(181)

455

244

n/a

Change in non-recurrent loans**

664

339

+96%

578

294

1,858

-69%

Acquisitions

3,142

8,840

-64%

5,938

5,197

7,083

-16%

Investments including acquisitions*

21,658

23,668

-8%

881

1,416

1,211

-27%

Asset sales

4,586

7,705

-40%

5,057

3,781

5,872

-14%

Net investments**

17,072

15,963

+7%

4Q12

3Q12

4Q11

4Q12
vs
4Q11

in millions of dollars***

2012

2011

2012
vs
2011

6,950

6,130

7,044

-1%

Investments excluding acquisitions*

23,789

20,641

+15%

493

379

442

+11%

Capitalized exploration

1,737

1,495

+16%

(235)

569

329

n/a

Change in non-recurrent loans**

853

472

+81%

749

368

2,505

-70%

Acquisitions

4,037

12,305

-67%

7,700

6,498

9,549

-19%

Investments including acquisitions*

27,826

32,946

-16%

1,142

1,770

1,633

-30%

Asset sales

5,892

10,725

-45%

6,557

4,727

7,917

-17%

Net investments**

21,934

22,220

-1%

* includes changes in non-current loans

** includes net investments in equity affiliates and non-consolidatedÂ companies + net financing for employee-related stock purchase plans

*** dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the period

Net-debt-to-equity ratio

in millions of euros

12/31/2012

09/30/2012

12/31/2011

Current borrowings

11,016

10,647

9,675

Net current financial assets

(1,386)

(1,493)

(533)

Non-current financial debt

756

Hedging instruments of non-current debt

22,274

24,606

22,557

Cash and cash equivalents

(1,626)

(1,796)

(1,976)

Current borrowings

(15,469)

(16,833)

(14,025)

Net debt

15,565

15,131

15,698

Shareholdersâ€™ equity

72,912

72,789

68,037

Estimated dividend payable

(1,299)

(1,291)

(1,255)

Non-controlling interests

1,281

1,275

1,352

Equity

72,894

72,773

68,134

Net-debt-to-equity ratio

21.4%

20.8%

23.0%

2013 Sensitivities*

Scenario

Change

Impact on adjusted operating income(e)

Impact on adjusted net operating income(e)

Dollar

1.30 $/â‚¬

+0.1 $ par â‚¬

-2.2 Bâ‚¬

-0.95 Bâ‚¬

Brent

100 $/b

+1 $/b

+0.24 Bâ‚¬ / 0.31 B$

+0.11 Bâ‚¬ / 0.14 B$

European refining margins (ERMI)

30 $/t

+1 $/t

+0.08 Bâ‚¬ / 0.1 B$

+0.05 Bâ‚¬ / 0.06 B$

* Sensitivities are revised once per year upon publication of the previous yearâ€™s fourth quarter results. Sensitivities are estimates based on assumptions of the Groupâ€™s portfolio in 2013. Actual results could vary significantly from estimates based on the application of these sensitivities.

The impact of the â‚¬-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 80% and 70% respectively. The remaining impact is essentially on the Refining & Chemicals segment.

Return on average capital employed

Twelve months ended December 31, 2012

in millions of euros

Upstream

Refining & Chemicals

Marketing & Supply

Group

Adjusted net operating income

11,186

1,414

837

13,012

Capital employed at 12/31/2011*

57,331

15,883

6,999

81,066

Capital employed at 12/31/2012*

64,413

16,403

7,254

85,880

ROACE

18.4%

8.8%

11.7%

15.6%

Twelve months ended September 30, 2012

in millions of euros

Upstream

Refining & Chemicals

Marketing & Supply

Group

Adjusted net operating income

11,359

1,043

726

12,621

Capital employed at 09/30/2011*

49,791

14,692

7,253

72,764

Capital employed at 09/30/2012*

63,293

16,413

7,800

85,003

ROACE

20.1%

6.7%

9.6%

16.0%

Twelve months ended December 31, 2011

in millions of euros

Upstream

Refining & Chemicals

Marketing & Supply

Group

Adjusted net operating income

10,602

848

813

12,045

Capital employed at 12/31/2010*

43,671

17,265

5,909

70,866

Capital employed at 12/31/2011*

57,331

15,883

6,999

81,066

ROACE

21.0%

5.1%

12.6%

15.9%

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

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)

(Mâ‚¬) ^(a)

4^th quarter

2012

3^rd quarter

2012

4^th quarter

2011

Sales

49,868

49,890

47,492

Excise taxes

(4,399)

(4,411)

(4,534)

Revenues from sales

45,469

45,479

42,958

Purchases, net of inventory variation

(31,854)

(30,609)

(29,233)

Other operating expenses

(6,221)

(5,528)

(5,276)

Exploration costs

(504)

(317)

(339)

Depreciation, depletion and amortization of tangible assets and mineral interests

(2,413)

(3,246)

(2,416)

Other income

474

281

Other expense

(239)

(129)

(838)

Financial interest on debt

(160)

(154)

(156)

Financial income from marketable securities & cash equivalents

Cost of net debt

(127)

(146)

(99)

Other financial income

123

141

Other financial expense

(110)

(135)

(102)

Equity in net income (loss) of affiliates

392

641

478

Income taxes

(2,572)

(3,488)

(3,121)

Consolidated net income

2,418

3,137

2,384

Group share

2,381

3,066

2,290

Non-controlling interests

Earnings per share (â‚¬)

1.05

1.36

1.02

Fully-diluted earnings per share (â‚¬)

1.05

1.35

1.01

^(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(unaudited)

(Mâ‚¬)

4^th quarter

2012

3^rd quarter

2012

4^th quarter

2011

Consolidated net income

2,418

3,137

2,384

Other comprehensive income

Currency translation adjustment

(1,000)

(1,007)

1,833

Available for sale financial assets

(183)

296

Cash flow hedge

Share of other comprehensive income of associates, net amount

(31)

219

Other

(2)

Tax effect

(9)

(108)

Total other comprehensive income (net amount)

(1,005)

(1,036)

2,247

Comprehensive income

1,413

2,101

4,631

- Group share

1,407

2,061

4,478

- Non-controlling interests

153

CONSOLIDATED STATEMENT OF INCOME	Â	Â	Â		Â	Â	Â		Â	Â
TOTAL
Â
											Â
(Mâ‚¬) ^(a)	Â	Â	Â	Year 2012	Â	Â	Â	Year 2011
Sales				200,061				184,693
Excise taxes				(17,762)				(18,143)
Revenues from sales				182,299				166,550
Purchases, net of inventory variation				(126,798)				(113,892)
Other operating expenses				(22,668)				(19,843)
Exploration costs				(1,446)				(1,019)
Depreciation, depletion and amortization of tangible assets and mineral interests				(9,525)				(7,506)
Other income				1,462				1,946
Other expense				(915)				(1,247)
Financial interest on debt				(671)				(713)
Financial income from marketable securities & cash equivalents				100				273
Cost of net debt				(571)				(440)
Other financial income				558				609
Other financial expense				(499)				(429)
Equity in net income (loss) of affiliates				2,010				1,925
Income taxes	Â	Â	Â	(13,066)	Â	Â	Â	(14,073)
Consolidated net income	Â	Â	Â	10,841	Â	Â	Â	12,581
Group share				10,694				12,276
Non-controlling interests	Â	Â	Â	147	Â	Â	Â	305
Earnings per share (â‚¬)	Â	Â	Â	4.74	Â	Â	Â	5.46
Fully-diluted earnings per share (â‚¬)	Â	Â	Â	4.72	Â	Â	Â	5.44
^(a)Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME					Â	Â	Â		Â	Â
TOTAL	Â	Â	Â
Â
											Â
(Mâ‚¬)	Â	Â	Â	Year 2012	Â	Â	Â	Year 2011
Consolidated net income	Â	Â	Â	10,841	Â	Â	Â	12,581
Other comprehensive income
Currency translation adjustment				(701)				1,498
Available for sale financial assets				(338)				337
Cash flow hedge				65				(84)
Share of other comprehensive income of associates, net amount				160				(15)
Other				(13)				(2)
											Â
Tax effect	Â	Â	Â	63	Â	Â	Â	(55)
Total other comprehensive income (net amount)	Â	Â	Â	(764)	Â	Â	Â	1,679
Â	Â	Â	Â	Â	Â	Â	Â	Â
Comprehensive income	Â	Â	Â	10,077	Â	Â	Â	14,260
- Group share				9,969				13,911
- Non-controlling interests				108				349

CONSOLIDATED BALANCE SHEET

TOTAL

(Mâ‚¬)

December 31, 2012

September 30, 2012

(unaudited)

December 31, 2011

ASSETS

Non-current assets

Intangible assets, net

12,858

12,964

12,413

Property, plant and equipment, net

69,332

70,583

64,457

Equity affiliates : investments and loans

13,759

14,413

12,995

Other investments

1,190

1,181

3,674

Hedging instruments of non-current financial debt

1,626

1,796

1,976

Deferred income taxes

1,832

1,612

1,767

Other non-current assets

3,715

3,603

3,104

Total non-current assets

104,312

106,152

100,386

Current assets

Inventories, net

17,397

17,266

18,122

Accounts receivable, net

19,206

20,331

20,049

Other current assets

10,086

11,377

10,767

Current financial assets

1,562

1,726

700

Cash and cash equivalents

15,469

16,833

14,025

Assets classified as held for sale

3,797

Total current assets

67,517

67,533

63,663

Total assets

171,829

173,685

164,049

LIABILITIES & SHAREHOLDERS' EQUITY

Shareholders' equity

Common shares

5,915

5,909

Paid-in surplus and retained earnings

71,827

70,703

66,506

Currency translation adjustment

(1,488)

(487)

(988)

Treasury shares

(3,342)

(3,390)

Total shareholders' equity - Group Share

72,912

72,789

68,037

Non-controlling interests

1,281

1,275

1,352

Total shareholders' equity

74,193

74,064

69,389

Non-current liabilities

Deferred income taxes

12,785

13,167

12,260

Employee benefits

1,973

1,987

2,232

Provisions and other non-current liabilities

11,585

11,170

10,909

Non-current financial debt

22,274

24,606

22,557

Total non-current liabilities

48,617

50,930

47,958

Current liabilities

Accounts payable

21,648

20,869

22,086

Other creditors and accrued liabilities

14,698

16,942

14,774

Current borrowings

11,016

10,647

9,675

Other current financial liabilities

176

233

167

Other current financial liabilities

1,481

Total current liabilities

49,019

48,691

46,702

Total liabilities and shareholders' equity

171,829

173,685

164,049

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(unaudited)

(Mâ‚¬)

4^th quarter

2012

3^rd quarter

2012

4^th quarter

2011

CASH FLOW FROM OPERATING ACTIVITIES

Consolidated net income

2,418

3,137

2,384

Depreciation, depletion and amortization

2,801

3,413

3,037

Non-current liabilities, valuation allowances and deferred taxes

317

803

505

Impact of coverage of pension benefit plans

(Gains) losses on sales of assets

(456)

(419)

(73)

Undistributed affiliates' equity earnings

119

(135)

(Increase) decrease in working capital

636

(1,661)

(3,129)

Other changes, net

Cash flow from operating activities

5,865

5,163

2,794

CASH FLOW USED IN INVESTING ACTIVITIES

Intangible assets and property, plant and equipment additions

(6,038)

(4,512)

(5,559)

Acquisitions of subsidiaries, net of cash acquired

(74)

(45)

Investments in equity affiliates and other securities

(89)

(156)

(1,235)

Increase in non-current loans

(504)

(674)

(528)

Total expenditures

(6,623)

(5,416)

(7,367)

Proceeds from disposal of intangible assets and property, plant and equipment

482

274

600

Proceeds from disposal of subsidiaries, net of cash sold

317

Proceeds from disposal of non-current investments

1,141

606

Repayment of non-current loans

685

219

284

Total divestments

1,566

1,635

1,495

Cash flow used in investing activities

(5,057)

(3,781)

(5,872)

CASH FLOW USED IN FINANCING ACTIVITIES

Issuance (repayment) of shares:

- Parent company shareholders

- Treasury shares

(68)

Dividends paid:

- Parent company shareholders

(1,332)

(1,282)

(1,285)

- Non-controlling interests

(4)

(2)

(75)

Other transactions with non-controlling interests

(632)

Net issuance (repayment) of non-current debt

144

2,062

129

Increase (decrease) in current borrowings

(862)

(98)

(1,617)

Increase (decrease) in current financial assets and liabilities

(31)

531

Cash flow used in financing activities

(2,031)

582

(2,949)

Net increase (decrease) in cash and cash equivalents

(1,223)

1,964

(6,027)

Effect of exchange rates

(141)

(129)

110

Cash and cash equivalents at the beginning of the period

16,833

14,998

19,942

Cash and cash equivalents at the end of the period

15,469

16,833

14,025

CONSOLIDATED STATEMENT OF CASH FLOW	Â	Â	Â		Â	Â	Â		Â	Â
TOTAL
Â
											Â
(Mâ‚¬)	Â	Â	Â	Year 2012	Â	Â	Â	Year 2011
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income				10,841				12,581
Depreciation, depletion and amortization				10,481				8,628
Non-current liabilities, valuation allowances and deferred taxes				1,385				1,665
Impact of coverage of pension benefit plans				(362)				-
(Gains) losses on sales of assets				(1,321)				(1,590)
Undistributed affiliates' equity earnings				211				(107)
(Increase) decrease in working capital				1,084				(1,739)
Other changes, net	Â	Â	Â	143	Â	Â	Â	98
Cash flow from operating activities				22,462				19,536
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions				(19,905)				(17,950)
Acquisitions of subsidiaries, net of cash acquired				(191)				(854)
Investments in equity affiliates and other securities				(898)				(4,525)
Increase in non-current loans	Â	Â	Â	(1,949)	Â	Â	Â	(1,212)
Total expenditures				(22,943)				(24,541)
Proceeds from disposal of intangible assets and property, plant and equipment				1,418				1,439
Proceeds from disposal of subsidiaries, net of cash sold				352				575
Proceeds from disposal of non-current investments				2,816				5,691
Repayment of non-current loans	Â	Â	Â	1,285	Â	Â	Â	873
Total divestments	Â	Â	Â	5,871	Â	Â	Â	8,578
Cash flow used in investing activities				(17,072)				(15,963)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders				32				481
- Treasury shares				(68)				-
Dividends paid:
- Parent company shareholders				(5,184)				(5,140)
- Non controlling interests				(104)				(172)
Other transactions with non-controlling interests				1				(573)
Net issuance (repayment) of non-current debt				5,279				4,069
Increase (decrease) in current borrowings				(2,754)				(3,870)
Increase (decrease) in current financial assets and liabilities				(947)				896
Cash flow used in financing activities	Â	Â	Â	(3,745)	Â	Â	Â	(4,309)
Net increase (decrease) in cash and cash equivalents				1,645				(736)
Effect of exchange rates				(201)				272
Cash and cash equivalents at the beginning of the period	Â	Â	Â	14,025	Â	Â	Â	14,489
Cash and cash equivalents at the end of the period	Â	Â	Â	15,469	Â	Â	Â	14,025

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY																					Â	Â	Â		Â	Â	Â		Â	Â	Â		Â	Â	Â		Â	Â
TOTAL	Â	Â	Â		Â	Â	Â		Â	Â	Â		Â	Â	Â		Â	Â	Â
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
				Common shares issued								Paid-in surplus and retained earnings				Currency translation adjustment				Treasury shares								Shareholders' equity Group Share				Non-controlling interests				Total shareholders' equity
(Mâ‚¬)	Â	Â	Â	Number	Â	Â	Â	Amount	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Number	Â	Â	Â	Amount	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
As of January 1, 2011	Â	Â	Â	2,349,640,931	Â	Â	Â	5,874	Â	Â	Â	60,538	Â	Â	Â	(2,495)	Â	Â	Â	(112,487,679)	Â	Â	Â	(3,503)	Â	Â	Â	60,414	Â	Â	Â	857	Â	Â	Â	61,271
Net income 2011				-				-				12,276				-				-				-				12,276				305				12,581
Other comprehensive Income				-				-				231				1,404				-				-				1,635				44				1,679
Comprehensive Income				-				-				12,507				1,404				-				-				13,911				349				14,260
Dividend				-				-				(6,457)				-				-				-				(6,457)				(172)				(6,629)
Issuance of common shares				14,126,382				35				446				-				-				-				481				-				481
Purchase of treasury shares				-				-				-				-				-				-				-				-				-
Sale of treasury shares ⁽¹⁾				-				-				(113)				-				2,933,506				113				-				-				-
Share-based payments				-				-				161				-				-				-				161				-				161
Share cancellation				-				-				-				-				-				-				-				-				-
Other operations with non-controlling interests				-				-				(553)				103				-				-				(450)				(123)				(573)
Other items				-				-				(23)				-				-				-				(23)				441				418
As of December 31, 2011	Â	Â	Â	2,363,767,313	Â	Â	Â	5,909	Â	Â	Â	66,506	Â	Â	Â	(988)	Â	Â	Â	(109,554,173)	Â	Â	Â	(3,390)	Â	Â	Â	68,037	Â	Â	Â	1,352	Â	Â	Â	69,389
Net income 2012				-				-				10,694				-				-				-				10,694				147				10,841
Other comprehensive Income				-				-				(219)				(506)				-				-				(725)				(39)				(764)
Comprehensive Income				-				-				10,475				(506)				-				-				9,969				108				10,077
Dividend				-				-				(5,237)				-				-				-				(5,237)				(104)				(5,341)
Issuance of common shares				2,165,833				6				26				-				-				-				32				-				32
Purchase of treasury shares				-				-				-				-				(1,800,000)				(68)				(68)				-				(68)
Sale of treasury shares ⁽¹⁾				-				-				(116)				-				2,962,534				116				-				-				-
Share-based payments				-				-				146				-				-				-				146				-				146
Share cancellation				-				-				-				-				-				-				-				-				-
Other operations with non-controlling interests				-				-				11				6				-				-				17				(16)				1
Other items				-				-				16				-				-				-				16				(59)				(43)
As of December 31, 2012	Â	Â	Â	2,365,933,146	Â	Â	Â	5,915	Â	Â	Â	71,827	Â	Â	Â	(1,488)	Â	Â	Â	(108,391,639)	Â	Â	Â	(3,342)	Â	Â	Â	72,912	Â	Â	Â	1,281	Â	Â	Â	74,193
																																							Â
⁽¹⁾ Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4^th quarter 2012

(Mâ‚¬)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

5,988

22,169

21,669

49,868

Intersegment sales

8,081

11,013

148

(19,301)

Excise taxes

(959)

(3,440)

(4,399)

Revenues from sales

14,069

32,223

18,377

101

(19,301)

45,469

Operating expenses

(7,906)

(31,824)

(17,937)

(213)

19,301

(38,579)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,752)

(491)

(160)

(10)

(2,413)

Operating income

4,411

(92)

280

(122)

4,477

Equity in net income (loss) of affiliates and other items

692

(122)

640

Tax on net operating income

(2,512)

(84)

(2,568)

Net operating income

2,591

(12)

(104)

2,549

Net cost of net debt

(131)

Non-controlling interests

(37)

Net income

2,381

4^th quarter 2012 (adjustments) ^(a)

(Mâ‚¬)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

(571)

(337)

(102)

(1,010)

Depreciation, depletion and amortization of tangible assets and mineral interests

(66)

(204)

(8)

(278)

Operating income^(b)

(624)

(541)

(110)

(1,275)

Equity in net income (loss) of affiliates and other items

240

(29)

(123)

(13)

Tax on net operating income

296

152

(2)

480

Net operating income^(b)

(88)

(418)

(199)

(15)

(720)

Net cost of net debt

Non-controlling interests

Net income

(700)

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

^(b) Of which inventory valuation effect

On operating income

(351)

(111)

On net operating income

(236)

(74)

4^thquarter 2012 (adjusted)

(Mâ‚¬) ^(a)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

5,975

22,169

21,669

49,855

Intersegment sales

8,081

11,013

148

(19,301)

Excise taxes

(959)

(3,440)

(4,399)

Revenues from sales

14,056

32,223

18,377

101

(19,301)

45,456

Operating expenses

(7,335)

(31,487)

(17,835)

(213)

19,301

(37,569)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,686)

(287)

(152)

(10)

(2,135)

Adjusted operating income

5,035

449

390

(122)

5,752

Equity in net income (loss) of affiliates and other items

452

565

Tax on net operating income

(2,808)

(129)

(118)

(3,048)

Adjusted net operating income

2,679

406

273

(89)

3,269

Net cost of net debt

(131)

Non-controlling interests

(57)

Ajusted net income

3,081

Adjusted fully-diluted earnings per share (â‚¬)

1.36

^(a)Except for per share amounts.

4^thquarter 2012

(Mâ‚¬)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

5,518

573

508

6,623

Total divestments

1,415

101

1,566

Cash flow from operating activities

4,429

502

1,024

(90)

5,865

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

3^rd quarter 2012

(Mâ‚¬)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

5,001

23,260

21,574

49,890

Intersegment sales

7,455

11,168

154

(18,824)

Excise taxes

(956)

(3,455)

(4,411)

Revenues from sales

12,456

33,472

18,273

102

(18,824)

45,479

Operating expenses

(5,279)

(31,914)

(17,836)

(249)

18,824

(36,454)

Depreciation, depletion and amortization of tangible assets and mineral interests

(2,779)

(321)

(136)

(10)

(3,246)

Operating income

4,398

1,237

301

(157)

5,779

Equity in net income (loss) of affiliates and other items

642

302

992

Tax on net operating income

(2,961)

(348)

(81)

(119)

(3,509)

Net operating income

2,079

930

227

3,262

Net cost of net debt

(125)

Non-controlling interests

(71)

Net income

3,066

3^rd quarter 2012 (adjustments) ^(a)

(Mâ‚¬)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(8)

Intersegment sales

Excise taxes

Revenues from sales

(8)

Operating expenses

593

(42)

554

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,134)

(2)

(14)

(1,150)

Operating income^(b)

(1,139)

591

(56)

(604)

Equity in net income (loss) of affiliates and other items

293

331

Tax on net operating income

327

(230)

(90)

Net operating income^(b)

(812)

366

(16)

203

(259)

Net cost of net debt

Non-controlling interests

(23)

Net income

(282)

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

^(b)Of which inventory valuation effect

On operating income

627

139

On net operating income

444

(c) Of which equity share of adjustments related to Sanofi-Aventis

3^rdquarter 2012 (adjusted)

(Mâ‚¬) ^(a)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

5,009

23,260

21,574

49,898

Intersegment sales

7,455

11,168

154

(18,824)

Excise taxes

(956)

(3,455)

(4,411)

Revenues from sales

12,464

33,472

18,273

102

(18,824)

45,487

Operating expenses

(5,282)

(32,507)

(17,794)

(249)

18,824

(37,008)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,645)

(319)

(122)

(10)

(2,096)

Adjusted operating income

5,537

646

357

(157)

6,383

Equity in net income (loss) of affiliates and other items

642

(26)

661

Tax on net operating income

(3,288)

(118)

(88)

(29)

(3,523)

Adjusted net operating income

2,891

564

243

(177)

3,521

Net cost of net debt

(125)

Non-controlling interests

(48)

Ajusted net income

3,348

Adjusted fully-diluted earnings per share (â‚¬)

1.48

^(a) Except for per share amounts.

3^rdquarter 2012

(Mâ‚¬)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

4,567

441

383

5,416

Total divestments

401

1,138

1,635

Cash flow from operating activities

3,457

1,036

692

(22)

5,163

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4^th quarter 2011

(Mâ‚¬)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

6,132

19,405

21,958

(3)

47,492

Intersegment sales

7,450

12,079

190

(19,775)

Excise taxes

(879)

(3,655)

(4,534)

Revenues from sales

13,582

30,605

18,493

(19,775)

42,958

Operating expenses

(6,011)

(30,368)

(18,027)

(217)

19,775

(34,848)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,437)

(830)

(140)

(9)

(2,416)

Operating income

6,134

(593)

326

(173)

5,694

Equity in net income (loss) of affiliates and other items

324

(495)

(90)

Tax on net operating income

(3,333)

308

(97)

(26)

(3,148)

Net operating income

3,125

(246)

(266)

(157)

2,456

Net cost of net debt

(72)

Non-controlling interests

(94)

Net income

2,290

4^th quarter 2011 (adjustments) ^(a)

(Mâ‚¬)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

109

Depreciation, depletion and amortization of tangible assets and mineral interests

(534)

(1)

(535)

Operating income^(b)

(467)

(396)

Equity in net income (loss) of affiliates and other items

(40)

(68)

(469)

(556)

Tax on net operating income

283

254

(7)

530

Net operating income^(b)

273

(281)

(428)

(422)

Net cost of net debt

Non-controlling interests

(13)

Net income

(435)

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

^(b)Of which inventory valuation effect

On operating income

On net operating income

4^thquarter 2011 (adjusted)

(Mâ‚¬) ^(a)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

6,102

19,405

21,958

(3)

47,462

Intersegment sales

7,450

12,079

190

(19,775)

Excise taxes

(879)

(3,655)

(4,534)

Revenues from sales

13,552

30,605

18,493

(19,775)

42,928

Operating expenses

(6,011)

(30,435)

(18,069)

(217)

19,775

(34,957)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,437)

(296)

(139)

(9)

(1,881)

Adjusted operating income

6,104

(126)

285

(173)

6,090

Equity in net income (loss) of affiliates and other items

364

107

(26)

466

Tax on net operating income

(3,616)

(97)

(19)

(3,678)

Adjusted net operating income

2,852

162

(171)

2,878

Net cost of net debt

(72)

Non-controlling interests

(81)

Ajusted net income

2,725

Adjusted fully-diluted earnings per share (â‚¬)

1.20

^(a) Except for per share amounts.

4^thquarter 2011

(Mâ‚¬)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

6,134

624

545

7,367

Total divestments

399

527

511

1,495

Cash flow from operating activities

3,547

(649)

134

(238)

2,794

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

Year 2012

(Mâ‚¬)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

22,143

91,117

86,614

187

200,061

Intersegment sales

31,521

44,470

755

199

(76,945)

Excise taxes

(3,593)

(14,169)

(17,762)

Revenues from sales

53,664

131,994

73,200

386

(76,945)

182,299

Operating expenses

(25,914)

(129,441)

(71,525)

(977)

76,945

(150,912)

Depreciation, depletion and amortization of tangible assets and mineral interests

(7,437)

(1,445)

(607)

(36)

(9,525)

Operating income

20,313

1,108

1,068

(627)

21,862

Equity in net income (loss) of affiliates and other items

2,325

213

(198)

276

2,616

Tax on net operating income

(12,370)

(283)

(383)

(124)

(13,160)

Net operating income

10,268

1,038

487

(475)

11,318

Net cost of net debt

(477)

Non-controlling interests

(147)

Net income

10,694

Year 2012 (adjustments) ^(a)

(Mâ‚¬)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(9)

Intersegment sales

Excise taxes

Revenues from sales

(9)

Operating expenses

(586)

(199)

(229)

(88)

(1,102)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,200)

(206)

(68)

(1,474)

Operating income^(b)

(1,795)

(405)

(297)

(88)

(2,585)

Equity in net income (loss) of affiliates and other items

240

(41)

(119)

146

226

Tax on net operating income

637

(108)

665

Net operating income^(b)

(918)

(376)

(350)

(50)

(1,694)

Net cost of net debt

Non-controlling interests

Net income

(1,667)

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

^(b)Of which inventory valuation effect

On operating income

(179)

(55)

On net operating income

(116)

(39)

Year 2012 (adjusted)

(Mâ‚¬)^(a)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

22,152

91,117

86,614

187

200,070

Intersegment sales

31,521

44,470

755

199

(76,945)

Excise taxes

(3,593)

(14,169)

(17,762)

Revenues from sales

53,673

131,994

73,200

386

(76,945)

182,308

Operating expenses

(25,328)

(129,242)

(71,296)

(889)

76,945

(149,810)

Depreciation, depletion and amortization of tangible assets and mineral interests

(6,237)

(1,239)

(539)

(36)

(8,051)

Adjusted operating income

22,108

1,513

1,365

(539)

24,447

Equity in net income (loss) of affiliates and other items

2,085

254

(79)

130

2,390

Tax on net operating income

(13,007)

(353)

(449)

(16)

(13,825)

Adjusted net operating income

11,186

1,414

837

(425)

13,012

Net cost of net debt

(477)

Non-controlling interests

(174)

Ajusted net income

12,361

Adjusted fully-diluted earnings per share (â‚¬)

5.45

^(a) Except for per share amounts.

Year 2012

(Mâ‚¬)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

19,618

1,944

1,301

22,943

Total divestments

2,798

304

152

2,617

5,871

Cash flow from operating activities

18,950

2,127

1,132

253

22,462

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

Year 2011

(Mâ‚¬)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

22,211

77,146

85,325

184,693

Intersegment sales

27,301

44,277

805

185

(72,568)

Excise taxes

(2,362)

(15,781)

(18,143)

Revenues from sales

49,512

119,061

70,349

196

(72,568)

166,550

Operating expenses

(21,894)

(116,365)

(68,396)

(667)

72,568

(134,754)

Depreciation, depletion and amortization of tangible assets and mineral interests

(5,039)

(1,936)

(496)

(35)

(7,506)

Operating income

22,579

760

1,457

(506)

24,290

Equity in net income (loss) of affiliates and other items

2,198

647

(377)

336

2,804

Tax on net operating income

(13,566)

(136)

(438)

(38)

(14,178)

Net operating income

11,211

1,271

642

(208)

12,916

Net cost of net debt

(335)

Non-controlling interests

(305)

Net income

12,276

Year 2011 (adjustments) ^(a)

(Mâ‚¬)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

852

271

1,123

Depreciation, depletion and amortization of tangible assets and mineral interests

(75)

(705)

(1)

(781)

Operating income^(b)

(30)

147

270

387

Equity in net income (loss) of affiliates and other items

682

337

(363)

746

Tax on net operating income

(43)

(61)

(78)

(80)

(262)

Net operating income^(b)

609

423

(171)

871

Net cost of net debt

Non-controlling interests

(19)

Net income

852

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

^(b)Of which inventory valuation effect

On operating income

928

287

On net operating income

669

200

Year 2011 (adjusted)

(Mâ‚¬)^(a)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

22,166

77,146

85,325

184,648

Intersegment sales

27,301

44,277

805

185

(72,568)

Excise taxes

(2,362)

(15,781)

(18,143)

Revenues from sales

49,467

119,061

70,349

196

(72,568)

166,505

Operating expenses

(21,894)

(117,217)

(68,667)

(667)

72,568

(135,877)

Depreciation, depletion and amortization of tangible assets and mineral interests

(4,964)

(1,231)

(495)

(35)

(6,725)

Adjusted operating income

22,609

613

1,187

(506)

23,903

Equity in net income (loss) of affiliates and other items

1,516

310

(14)

246

2,058

Tax on net operating income

(13,523)

(75)

(360)

(13,916)

Adjusted net operating income

10,602

848

813

(218)

12,045

Net cost of net debt

(335)

Non-controlling interests

(286)

Ajusted net income

11,424

Adjusted fully-diluted earnings per share (â‚¬)

5.06

^(a) Except for per share amounts.

Year 2011

(Mâ‚¬)

Upstream

Refining Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

20,662

1,910

1,834

135

24,541

Total divestments

2,591

2,509

1,955

1,523

8,578

Cash flow from operating activities

17,044

2,146

541

(195)

19,536

Reconciliation of the information by business segment with consolidated financial statements					Â
TOTAL	Â		Â
(unaudited)
							Â
4^th quarter 2012 (Mâ‚¬)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		49,855		13		49,868
Excise taxes		(4,399)		-		(4,399)
Revenues from sales		45,456		13		45,469
Purchases net of inventory variation		(31,392)		(462)		(31,854)
Other operating expenses		(5,673)		(548)		(6,221)
Exploration costs		(504)		-		(504)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,135)		(278)		(2,413)
Other income		234		240		474
Other expense		(134)		(105)		(239)
Financial interest on debt		(160)		-		(160)
Financial income from marketable securities & cash equivalents		33		-		33
Cost of net debt		(127)		-		(127)
Other financial income		123		-		123
Other financial expense		(110)		-		(110)
Equity in net income (loss) of affiliates		452		(60)		392
Income taxes	Â	(3,052)	Â	480	Â	(2,572)
Consolidated net income		3,138		(720)		2,418
Group share		3,081		(700)		2,381
Non-controlling interests		57		(20)		37
							Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
4^th quarter 2011 (Mâ‚¬)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		47,462		30		47,492
Excise taxes		(4,534)		-		(4,534)
Revenues from sales		42,928		30		42,958
Purchases net of inventory variation		(29,291)		58		(29,233)
Other operating expenses		(5,327)		51		(5,276)
Exploration costs		(339)		-		(339)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,881)		(535)		(2,416)
Other income		252		29		281
Other expense		(312)		(526)		(838)
Financial interest on debt		(156)		-		(156)
Financial income from marketable securities & cash equivalents		57		-		57
Cost of net debt		(99)		-		(99)
Other financial income		91		-		91
Other financial expense		(102)		-		(102)
Equity in net income (loss) of affiliates		537		(59)		478
Income taxes	Â	(3,651)	Â	530	Â	(3,121)
Consolidated net income		2,806		(422)		2,384
Group share		2,725		(435)		2,290
Non-controlling interests		81		13		94
							Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Reconciliation of the information by business segment with consolidated financial statements
TOTAL	Â	Â	Â		Â		Â
									Â
									Â
Year 2012 (Mâ‚¬)	Â	Â	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales				200,070		(9)		200,061
Excise taxes				(17,762)		-		(17,762)
Revenues from sales				182,308		(9)		182,299
Purchases net of inventory variation				(126,564)		(234)		(126,798)
Other operating expenses				(21,800)		(868)		(22,668)
Exploration costs				(1,446)		-		(1,446)
Depreciation, depletion and amortization of tangible assets and mineral interests				(8,051)		(1,474)		(9,525)
Other income				681		781		1,462
Other expense				(448)		(467)		(915)
Financial interest on debt				(671)		-		(671)
Financial income from marketable securities & cash equivalents				100		-		100
Cost of net debt				(571)		-		(571)
Other financial income				558		-		558
Other financial expense				(499)		-		(499)
Equity in net income (loss) of affiliates				2,098		(88)		2,010
Income taxes	Â	Â	Â	(13,731)	Â	665	Â	(13,066)
Consolidated net income				12,535		(1,694)		10,841
Group share				12,361		(1,667)		10,694
Non-controlling interests				174		(27)		147
									Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Year 2011 (Mâ‚¬)	Â	Â	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales				184,648		45		184,693
Excise taxes				(18,143)		-		(18,143)
Revenues from sales				166,505		45		166,550
Purchases net of inventory variation				(115,107)		1,215		(113,892)
Other operating expenses				(19,751)		(92)		(19,843)
Exploration costs				(1,019)		-		(1,019)
Depreciation, depletion and amortization of tangible assets and mineral interests				(6,725)		(781)		(7,506)
Other income				430		1,516		1,946
Other expense				(536)		(711)		(1,247)
Financial interest on debt				(713)		-		(713)
Financial income from marketable securities & cash equivalents				273		-		273
Cost of net debt				(440)		-		(440)
Other financial income				609		-		609
Other financial expense				(429)		-		(429)
Equity in net income (loss) of affiliates				1,984		(59)		1,925
Income taxes	Â	Â	Â	(13,811)	Â	(262)	Â	(14,073)
Consolidated net income				11,710		871		12,581
Group share				11,424		852		12,276
Non-controlling interests				286		19		305
									Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
									Â

TOTAL
Martin DEFFONTAINES
Matthieu GOT
Karine KACZKA
Magali PAILHE
Tel. : (33) 1 47 44 58 53
Fax : (33) 1 47 44 58 24
or
Robert HAMMOND (U.S.)
Robert PERKINS (U.S.)
Tel. : (1) 713-483-5070
FaxÂ : (1) 713-483-5629
www.total.com

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