Total: Second Quarter and First Half 2012 Results

Total

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

Â	Â	2Q12	Â	Change vs 2Q11	Â	Â	Â	1H12	Â	Change vs 1H11
	Â		Â		Â	Â	Â		Â
Adjusted net income¹
											Â
in billion euros (Bâ‚¬)		2.9		+2%				5.9		+1%
in billion dollars (B$)		3.7		-9%				7.7		-7%
											Â
in euros per share		1.26		+2%				2.62		-
in dollars per share		1.62		-9%				3.40		-7%
											Â
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
											Â
Net Income (Group share) of 1.6 Bâ‚¬² in 2Q 2012 and 5.2 Bâ‚¬ in 1H12 Net-debt-to-equity ratio of 21.5% at June 30, 2012
Hydrocarbon production of 2,261 kboe/d in 2Q 2012 Interim dividend for 2Q12 increased by 3.5% to 0.59 â‚¬ per share payable in December 2012³

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

Â«Â Despite a decline in crude prices, the Group reported adjusted net income of 2.9 billion euros in the second quarter, a modest increase compared to the same quarter last year. In contrast, Refining & Chemicals enjoyed an improved environment and was able to capitalize on higher refining margins in Europe.

In Upstream, the Group was impacted by incidents in the UK North Sea, Nigeria, and Yemen. Total responded to these events responsibly and transparently, demonstrating the priority it places on safety and the environment. The second quarter was also marked by successes. The Group started-up production on Islay, Bongkot South, and Halfaya. New offshore exploration licenses acquired in Uruguay, Kenya, and most recently Bulgaria add to Totalâ€™s portfolio of high-potential acreage. Finally, by increasing its share of the Ichthys project in Australia, Total strengthened its already prominent role in fast-growing Asian markets and solidified its position among the worldwide leaders in LNG.

Amid a challenging economic environment, it is with confidence that Total faces the second half of 2012, supported by the strength of its balance sheet and the dedication of its teams which allow the Group to develop and execute high-value projects in each segment.Â Â»

Key figures⁴

2Q12

1Q12

2Q11

2Q12
vs
2Q11

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

1H12

1H11

1H12
vs
1H11

49,135

51,168

45,009

+9%

Sales

100,303

91,038

+10%

5,793

6,779

5,896

-2%

Adjusted operating income from business segments

12,572

12,265

+3%

3,124

3,257

2,901

+8%

Adjusted net operating income from business segments

6,381

6,264

+2%

2,500

2,939

2,457

+2%

= Upstream

5,439

5,306

+3%

383

180

x2.1

= Refining & Chemicals

444

446

241

257

264

-9%

= Supply & Marketing

498

512

-3%

2,858

3,074

2,794

+2%

Adjusted net income

5,932

5,898

+1%

1.26

1.36

1.24

+2%

Adjusted fully-diluted earnings per share (euros)

2.62

2.62

2,264

2,265

2,256

Fully-diluted weighted-average shares (millions)

2,264

2,252

+1%

1,585

3,662

2,726

-42%

Net income (Group share)

5,247

6,672

-21%

4,964

5,940

7,570

-34%

Investments¹

10,904

13,253

-18%

980

1,690

1,338

-27%

Divestments

2,670

2,001

+33%

3,984

4,250

6,232

-36%

Net investments

8,234

11,252

-27%

6,167

5,267

5,064

+22%

Cash flow from operations

11,434

10,778

+6%

4,768

5,095

4,675

+2%

Adjusted cash flow from operations

9,863

9,620

+3%

2Q12

1Q12

2Q11

2Q12
vs
2Q11

in millions of dollars²
except earnings per share and number of shares

1H12

1H11

1H12
vs
1H11

62,962

67,071

64,772

-3%

Sales

130,043

127,745

+2%

7,423

8,886

8,485

-13%

Adjusted operating income from business segments

16,300

17,210

-5%

4,003

4,269

4,175

-4%

Adjusted net operating income from business segments

8,273

8,790

-6%

3,204

3,852

3,536

-9%

= Upstream

7,052

7,445

-5%

491

259

+89%

= Refining & Chemicals

576

626

-8%

309

337

380

-19%

= Supply & Marketing

646

718

-10%

3,662

4,029

4,021

-9%

Adjusted net income

7,691

8,276

-7%

1.62

1.78

-9%

Adjusted fully-diluted earnings per share (dollars)

3.40

3.67

-7%

2,264

2,265

2,256

Fully-diluted weighted-average shares (millions)

2,264

2,252

+1%

2,031

4,800

3,923

-48%

Net income (Group share)

6,803

9,362

-27%

6,361

7,786

10,894

-42%

Investments⁵

14,137

18,597

-24%

1,256

2,215

1,926

-35%

Divestments

3,462

2,808

+23%

5,105

5,571

8,968

-43%

Net investments

10,675

15,789

-32%

7,902

6,904

7,288

+8%

Cash flow from operations

14,824

15,124

-2%

6,110

6,679

6,728

-9%

Adjusted cash flow from operations

12,787

13,499

-5%

Highlights since the beginning of the second quarter 2012
- Start-up of Bongkot South in Thailand, Islay in the UK and Halfaya in Iraq
- New gas and condensate discovery on the King Lear prospect in the Norwegian North Sea
- Launched new development phase of the Yucal Placer gas field in Venezuela and the development of Tempa Rossa in Italy
- Successful well intervention to stop the gas leak on the Elgin platform in the UK North Sea
- Increased stake from 24% to 30% in the Ichthys LNG project in Australia
- Acquired exploration licenses in Uruguay, Kenya and Bulgaria
- Total became operator of the Xerelete block in Brazil
- Issued notice of commerciality for the Absheron gas discovery in Azerbaijan

Results for the second quarter 2012

> Operating income from business segments

In the second quarter 2012, the Brent price averaged 108.3 $/b, a decrease of 7% compared to the second quarter 2011 and 9% compared to the first quarter 2012. The European refining margin indicator (ERMI) averaged 38.2 $/t, more than double compared to the second quarter 2011 and an increase of 83% compared to the first quarter 2012. In the second quarter 2012, the environment for petrochemicals improved in Europe and the environment for specialty chemicals remained satisfactory.

The euro-dollar exchange rate averaged 1.28 $/â‚¬ in the second quarter 2012, 1.44 $/â‚¬ in the second quarter 2011 and 1.31 $/â‚¬ in the first quarter 2012. Expressed in euros, the Brent price averaged 84.5 â‚¬/b, an increase of 4% compared to the second quarter 2011.

In this environment, the adjusted operating income⁷ from the business segments was

5,793Â Mâ‚¬, a decrease of 2% compared to the second quarter 2011. Expressed in dollars, the decrease was 13%.

The effective tax rate⁸ for the business segments was 55.1% in the second quarter 2012 compared to 59.3% in the second quarter 2011, essentially due to a decrease in the effective tax rate for the Upstream and the increased contribution of the downstream activities to the Group results.

Adjusted net operating income from the business segments was 3,124 Mâ‚¬ compared to 2,901Â Mâ‚¬ in the second quarter 2011, an increase of 8%.

Expressed in dollars, adjusted net operating income from the business segments was 4.0Â billion dollars (B$), a decrease of 4% compared to the second quarter 2011. This decrease essentially resulted from the decrease in Upstream results, partially offset by the improved performance of Refining & Chemicals.

> Net income (Group share)

Adjusted net income was 2,858 Mâ‚¬ in the second quarter 2012 compared to 2,794 Mâ‚¬ in the second quarter 2011, an increase of 2%. Expressed in dollars, adjusted net income decreased by 9%.

Adjusted net income excludes the after-tax inventory effect, special items and the effect of changes in fair value⁹:

The after-tax inventory effect had a negative impact on net income of 959 Mâ‚¬ in the second quarter 2012 and a negative impact of 74 Mâ‚¬ in the second quarter 2011.
Changes in fair value had a positive impact on net income of 9 Mâ‚¬ in the second quarter 2012 compared with a negative impact of 41 Mâ‚¬ in the second quarter 2011.
Special items had a negative impact on net income of 323 Mâ‚¬ in the second quarter 2012. As previously indicated in its Registration Document, Total has been cooperating with the United States Securities and Exchange Commission (SEC) and the United States Department of Justice (DOJ) in connection with an investigation concerning gas contracts awarded in Iran in the 1990s. Total, the SEC and the DOJ have conducted discussions to resolve issues arising from the investigation. In light of recent progress in these discussions, Total has provisioned 316 Mâ‚¬ in its accounts in the second quarter of 2012. Special items had a positive impact on net income of 47 Mâ‚¬ in the second quarter 2011.

Net income (Group share) was 1,585 Mâ‚¬ compared to 2,726 Mâ‚¬ in the second quarter 2011.

The effective tax rate for the Group was 56.1% in the second quarter 2012.

Adjusted fully-diluted earnings per share, based on 2,264 million fully-diluted weighted-average shares, increased by 2% to â‚¬1.26 compared to â‚¬1.24 in the second quarter 2011.

Expressed in dollars, adjusted fully-diluted earnings per share decreased by 9% to $1.62.

> Investments â€“ divestments¹⁰

Investments, excluding acquisitions and including changes in non-current loans, were 4.4Â Bâ‚¬ (5.6 B$) in the second quarter 2012 compared to 3.5 Bâ‚¬ (5.0 B$) in the second quarter 2011.

Acquisitions were 437 Mâ‚¬ in the second quarter 2012, comprised essentially of the acquisition of an additional 1% of Novatek and the carry in the Utica shale gas and condensates project in the US.

Asset sales in the second quarter 2012 were 834 Mâ‚¬, including mainly the sale of Sanofi shares.

Net investments¹¹ were 4.0 Bâ‚¬ (5.1 B$) in the second quarter 2012 compared to 6.2 Bâ‚¬ (9.0 B$) in the second quarter 2011.

> Cash flow

Cash flow from operations was 6,167 Mâ‚¬ in the second quarter 2012 compared to 5,064Â Mâ‚¬ the second quarter 2011, essentially resulting from a change in working capital requirements.

Adjusted cash flow from operations¹² was 4,768 Mâ‚¬, an increase of 2% compared to the second quarter 2011. Expressed in dollars, adjusted cash flow from operations was 6.1Â B$, a decrease of 9%.

The Groupâ€™s net cash flow¹³ was a positive 2,183 Mâ‚¬ compared to a negative 1,168 Mâ‚¬ in the second quarter 2011. Expressed in dollars, the Groupâ€™s net cash flow was a positive 2.8 B$ in the second quarter 2012 compared to a negative 1.7 B$ in the second quarter 2011, reflecting essentially a reduced level of acquisitions.

First half 2012 results

> Operating income from business segments

Compared to the first half 2011, the average Brent price increased by 2% to 113.6Â $/b. The European refining margin indicator (ERMI) averaged 29.5 $/t compared to 20.4 $/t in the first half 2011.

The euro-dollar exchange rate averaged 1.30 $/â‚¬ compared to 1.40 $/â‚¬ in the first half 2011. Expressed in euros, the Brent price averaged 87.6 â‚¬/b, an increase of 11% compared to the first half 2011.

In this environment, the adjusted operating income from the business segments was 12,572Â Mâ‚¬, an increase of 3% compared to the first half 2011¹⁴.

The effective tax rate for the business segments was 57.8% in the first half 2012 compared to 56.9% in the first half 2011.

Adjusted net operating income from the business segments was 6,381 Mâ‚¬ compared to 6,264Â Mâ‚¬ in the first half 2011, an increase of 2%.

Expressed in dollars, adjusted net operating income from the business segments decreased by 6%. This decrease essentially resulted from the decrease in Upstream results driven by a less favorable production mix.

> Net income (Group share)

Adjusted net income was 5,932 Mâ‚¬ in the first half 2012, an increase of 1% compared to 5,898 Mâ‚¬ in the first half 2011. Expressed in dollars, adjusted net income decreased by 7%.

Adjusted net income excludes the after-tax inventory effect, special items and the effect of changes in fair value¹⁵:

The after-tax inventory effect had a negative impact on net income of 369 Mâ‚¬ in the first half 2012 and a positive impact of 872Â Mâ‚¬ in the first half 2011.
Changes in fair value had a negative impact on net income of 11 Mâ‚¬ in the first half 2012 and a positive impact of 22 Mâ‚¬ in the first half 2011.
Special items had a negative impact on net income of 305 Mâ‚¬ in the first half 2012 and a negative impact on net income of 120 Mâ‚¬ in the first half 2011.

Net income (Group share) was 5,247 Mâ‚¬ compared to 6,672 Mâ‚¬ in the first half 2011.

On June 30, 2012, there were 2,264 million fully-diluted shares compared to 2,258 on June 30, 2011.

Adjusted fully-diluted earnings per share, based on 2,264 million fully-diluted weighted-average shares, was â‚¬2.62, stable compared to the first half 2011.

Expressed in dollars, adjusted fully-diluted earnings per share was $3.40 compared to $3.67 in the first half 2011, a decrease of 7%.

> Investments â€“ divestments¹⁶

Investments, excluding acquisitions and including changes in non-current loans, were 8.3Â Bâ‚¬ (10.7 B$) in the first half 2012 compared to 6.3Â Bâ‚¬ (8.8 B$) in the first half 2011.

Acquisitions were 2.3 Bâ‚¬ (2.9 B$) in the first half 2012, comprised essentially of the acquisition of exploration and production interests in Uganda, an additional 1.1% stake in Novatek, an exploration license in Angola, the minority interest in Fina Antwerp Olefins and the carry in the Utica shale gas and condensates project in the US.

Asset sales in the first half 2012 were 2.3 Bâ‚¬ (3.0 B$), comprised essentially of sales of Sanofi shares, a stake in the Gassled pipeline in Norway, Upstream assets in France, and stakes in Composites One in the US and Pec-Rhin in France.

Net investments were 8.2 Bâ‚¬ (10.7 B$) in the first half 2012, compared to 11.3 Bâ‚¬ (15.8Â B$) in the first half 2011.

> Cash flow

Cash flow from operations was 11,434 Mâ‚¬ in the first half 2012, an increase of 6% compared to the first half 2011, essentially resulting from a change in working capital requirements.

Adjusted cash flow from operations¹⁷ was 9,863 Mâ‚¬, an increase of 3%. Expressed in dollars, adjusted cash flow from operationswas 12.8 B$, a decrease of 5%.

The Groupâ€™s net cash flow¹⁸ was a positive 3,200 Mâ‚¬ compared to a negative 474 Mâ‚¬ in the first half 2011. Expressed in dollars, the Groupâ€™s net cash flowwas a positive 4.1 B$ in the first half 2012.

The net-debt-to-equity ratio was 21.5% on June 30, 2012, compared to 24.3% on June 30, 2011¹⁹, in line with the Groupâ€™s target range.

Analysis of business segment results

Upstream

> Environment â€“ liquids and gas price realizations*

2Q12

1Q12

2Q11

2Q12
vs
2Q11

1H12

1H11

1H12
vs
1H11

108.3

118.6

117.0

-7%

Brent ($/b)

113.6

111.1

+2%

101.6

115.2

110.6

-8%

Average liquids price ($/b)

108.3

104.6

+4%

7.10

7.16

6.60

+8%

Average gas price ($/Mbtu)

7.10

6.39

+11%

76.0

82.1

76.9

-1%

Average hydrocarbons price ($/boe)

79.0

74.1

+7%

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

> Production

2Q12

1Q12

2Q11

2Q12
vs
2Q11

Hydrocarbon production

1H12

1H11

1H12
vs
1H11

2,261

2,372

2,311

-2%

Combined production (kboe/d)

2,317

2,341

-1%

1,218

1,229

1,197

+2%

= Liquids (kb/d)

1,224

1,245

-2%

5,722

6,226

6,077

-6%

= Gas (Mcf/d)

5,974

5,979

Hydrocarbon production was 2,261 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2012, a decrease of 2% compared to the second quarter 2011, essentially as a result of:

+4.5% for growth from new projects,
-1% for normal decline, partially offset by lower scheduled maintenance,
-3.5% for incidents in the UK North Sea and Nigeria,
-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,
changes in the portfolio, essentially an increase in the stake in Novatek and the sale of CEPSA, had no impact on the quarter.

In the first half 2012, hydrocarbon production was 2,317 kboe/d, a decrease of 1% compared to the first half 2011, essentially as a result of:

+3.5% for growth from new projects,
+2.5% for changes in the portfolio, comprised of integrating the share of Novatek production partially offset by the impact of the sale of CEPSA and the exploration-production subsidiary in Cameroon,
-3% for normal decline, partially offset by lower scheduled maintenance,
-2% for incidents in the UK North Sea and Nigeria,
-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.

Results

2Q12

1Q12

2Q11

2Q12
vs
2Q11

In millions of euros

1H12

1H11

1H12
vs
1H11

4,998

6,457

5,390

-7%

Adjusted operating income*

11,455

11,211

+2%

2,500

2,939

2,457

+2%

Adjusted net operating income*

5,439

5,306

+3%

414

484

366

+13%

includes income from equity affiliates

898

740

+21%

4,278

5,368

6,868

-38%

Investments

9,646

12,100

-20%

234

759

921

-75%

Divestments

993

1,256

-21%

5,259

5,624

4,782^**

+10%

Cash flow from operating activities

10,883

9,425^**

+15%

3,995

4,668

4,010

Adjusted cash flow

8,663

8,281

+5%

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

**reclassification of 823 Mâ‚¬ between Upstream and Holding segments relating to intra-Group operations having no impact on cash flow from operating activities.

Adjusted net operating income from the Upstream segment was 2,500 Mâ‚¬ in the second quarter 2012 compared to 2,457 Mâ‚¬ in the second quarter 2011, an increase of 2%. Expressed in dollars, the decrease of 9% is explained principally by the decrease in certain downstream gas activities and a less favorable production mix. In particular, the Group estimates that the loss of production relating to Elgin represents a negative impact of 130 M$ on the net operating income of the Upstream segment in the second quarter 2012.

The effective tax rate for the Upstream segment was 58.4% compared to 61.6% in the second quarter 2011, essentially due to income contribution mix. The effective tax rate for the Upstream segment was 62.1% in the first quarter 2012.

Adjusted net operating income from the Upstream segment in the first half 2012 was 5,439 Mâ‚¬ compared to 5,306Â Mâ‚¬ in the first half 2011, an increase of 3%. Expressed in dollars, adjusted net operating income from the Upstream segment was 7,052 M$, a decrease of 5% compared to the first half 2011, explained principally by the decrease in certain downstream gas activities and a less favorable production mix.

The return on average capital employed (ROACE²⁰) for the Upstream segment was 20% for the twelve months ended June 30, 2012, stable compared to the ROACE calculated for the twelve months ended March 31, 2012, and for the full year 2011.

The annualized second quarter 2012 ROACE for the Upstream segment was 17%.

Refining & Chemicals

> Refinery throughput and utilization rates*

2Q12

1Q12

2Q11

2Q12
vs
2Q11

1H12

1H11

1H12
vs
1H11

1,878

1,830

1,855

+1%

Total refinery throughput (kb/d)

1,855

1,934

-4%

752

692

+9%

= France

722

719

876

879

877

= Rest of Europe

878

962

-9%

250

259

286

-13%

= Rest of world

255

253

+1%

Utilization rates**

86%

82%

75%

= Based on crude only

84%

77%

90%

88%

79%

= Based on crude and other feedstock

89%

82%

* 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 Supply & Marketing segment.

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

In the second quarter 2012, refinery throughput increased by 1% compared to the second quarter 2011 and by 3% compared to the first quarter 2012. In the second quarter 2012, throughput was impacted mainly by scheduled turnarounds at the Provence and Feyzin refineries, and a streamcracker at the Antwerp platform.

The utilization rate based on crude and other feedstock was 90% in the second quarter 2012 compared to 88% in the first quarter 2012 and 79% in the second quarter 2011.

In the first half 2012, despite improved utilization rates, refinery throughput decreased by 4% compared to the first half 2011, reflecting essentially scheduled turnarounds in the first half 2012 and the portfolio effect relating to the sale of the Groupâ€™s interest in CEPSA at the end of July 2011.

> Results

2Q12

1Q12

2Q11

2Q12
vs
2Q11

in millions of euros
(except the ERMI)

1H12

1H11

1H12 vs 1H11

38.2

20.9

16.3

X2.3

European refining margin

indicator - ERMI ($/t)

29.5

20.4

+45%

465

(47)

145

X3.2

Adjusted operating income*

418

434

-4%

383

180

X2.1

Adjusted net operating income*

444

446

100

+2%

contribution of specialty chemicals**

191

203

-6%

501

429

519

-3%

Investments

930

863

+8%

141

-46%

Divestments

148

X5.1

625

(36)

180

X3.5

Cash flow from operating activities

589

1,238

-52%

599

128

336

+78%

Adjusted cash flow

727

779

-7%

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

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

The European refining margin indicator (ERMI) averaged 38.2 $/t in the second quarter 2012, more than double the average of the second quarter 2011. Petrochemical margins also recovered in the second quarter as a result of the decline in crude prices and reduced supply due to the number of scheduled turnarounds.

Adjusted net operating income from the Refining & Chemicals segment was 383 Mâ‚¬ in the second quarter 2012, compared to 180 Mâ‚¬ in the second quarter 2011. This increase is explained essentially by a more favorable environment and the improvement in utilization rates.

Adjusted net operating income from the Refining & Chemicals segment in the first half 2012 was 444Â Mâ‚¬, stable compared to the first half 2011. Expressed in dollars, adjusted net operating income was 576 M$, a decrease of 8% compared to the first half 2011. Although refining margins in Europe improved in the second quarter 2012, the results were also impacted by the sale of the Groupâ€™s interest in CEPSA at the end of July 2011 and a very difficult environment for petrochemicals in Europe in the first quarter 2012.

The ROACE²¹ for the Refining & Chemicals segment was 5% for the twelve months ended June 30, 2012, compared to 4% for the twelve months ended March 31, 2012, and 5% for the full year 2011.

The annualized second quarter 2012 ROACE for the Refining & Chemicals segment was 9%.

Supply & Marketing

> Refined product sales

2Q12

1Q12

2Q11

2Q12
vs
2Q11

Sales in kb/d*

1H12

1H11

1H12 vs 1H11

1,166

1,211

1,491

-22%

Europe

1,189

1,561

-24%

524

529

534

-2%

Rest of world

526

525

1,690

1,740

2,025

-17%

Total Supply & Marketing sales

1,715

2,085

-18%

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

In the second quarter 2012, sales decreased by 17% compared to the second quarter 2011. This decrease is due to the sale of marketing activities in the UK, the sale of the Groupâ€™s interest in CEPSA in 2011, and the negative effect of mild weather conditions on European sales.

> Results

2Q12

1Q12

2Q11

2Q12
vs
2Q11

In millions of euros

1H12

1H11

1H12
vs
1H11

21,020

21,411

20,753

+1%

Sales

42,431

41,242

+3%

330

369

361

-9%

Adjusted operating income*

699

620

+13%

241

257

264

-9%

Adjusted net operating income*

498

512

-3%

161

136

152

+6%

Investments

297

243

+22%

-26%

Divestments

+13%

(101)

(302)

(35)

n/a

Cash flow from operating activities

(403)

(79)

n/a

366

315

399

-8%

Adjusted cash flow

681

605

+13%

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

Supply & Marketing sales were 21.0 Bâ‚¬, an increase of 1% compared to the second quarter 2011.

Adjusted net operating income from the Supply & Marketing segment was 241 Mâ‚¬ in the second quarter 2012, a decrease of 9% compared to the second quarter 2011, essentially due to the sale of marketing activities in the UK.

Adjusted net operating income from the Supply & Marketing segment was 498 Mâ‚¬ in the first half 2012, a decrease of 3% compared to the first half 2011. Expressed in dollars, the adjusted net operating income was 646 M$, a decrease of 10% compared to the first half 2011.

The ROACE²² for the Supply & Marketing segment was 16% for the twelve months ended June 30, 2012, compared to 17% for the twelve months ended March 31, 2012, and 18% for the full-year 2011.

The annualized second quarter 2012 ROACE for the Supply & Marketing segment was 15%.

TOTAL S.A. parent company accounts

Net income for TOTAL S.A., the parent company, was 3,116 Mâ‚¬ in the first half 2012, compared to 3,157 Mâ‚¬ in the first half 2011.

Summary and outlook

The ROACE²³ for the Group for the twelve months ended June 30, 2012, was 15% compared to 16% for the twelve months ended March 31, 2012, and for the full year 2011.

Return on equity for the twelve months ended June 30, 2012, was 17.5%.

In the Upstream segment, exploration activities for the second half 2012 will be focused on assessing recent discoveries and preparing for new exploration wells in several promising plays, notably in the Gulf of Mexico, Ivory Coast, or the Norwegian North Sea. The upcoming start-ups in Angola, China, and Kazakhstan will add to the projects already in production.

After successfully addressing the incident on the Elgin platform, the Group entered a phase of evaluation and assessment which precedes resumption of production, and its status will be followed closely. Safety and protection of the environment remain priorities during this process.

Since the beginning of the third quarter, refining margins in Europe have been favorable. Refinery throughput during the second half 2012 will be impacted by the scheduled turnaround of the Normandy refinery starting in early September.

The Group will continue to optimize its portfolio across all business segments and to strengthen its competitiveness.

To listen to CFO Patrick de la ChevardiÃ¨reâ€™s conference call with financial analysts today at 15:00 (Paris time) please log on to www.total.com or call +44Â (0)203 367 9459 in Europe or +1Â 866Â 907 5924 in the U.S. 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: 277 551).

This document does not constitute the Financial Report for the first half which will be separately published, in accordance with article L.451-1-2 III of the French Code monÃ©taire et financier, and is available on our web site www.total.com or upon request at the companyâ€™s headquarters.

The June 30, 2012 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 companyâ€™s financial results is provided in documents filed by the Group with the French AutoritÃ© des MarchÃ©s Financiers and the U.S. 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.

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 second quarter and first half 2012

Upstream

2Q12

1Q12

2Q11

2Q12 vs 2Q11

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

1H12

1H11

1H12 vs 1H11

429

499

475

-10%

Europe

464

528

-12%

706

709

628

+12%

Africa

707

659

+7%

477

511

571

-16%

Middle East

494

576

-14%

+5%

North America

+3%

187

182

190

-2%

South America

185

188

-2%

213

214

241

-12%

Asia-Pacific

213

241

-12%

180

189

140

+29%

CIS

185

X2,3

2,261

2,372

2,311

-2%

Total production

2,317

2,341

-1%

578

628

605

-4%

Includes equity affiliates and

non-consolidated affiliates

603

552

+9%

2Q12	Â	1Q12	Â	2Q11	Â	2Q12 vs 2Q11	Â	Liquids production by region (kb/d)	Â	1H12	Â	1H11	Â	1H12 vs 1H11
199	Â	226	Â	240	Â	-17%	Â	Europe	Â	212	Â	251	Â	-16%
573		566		484		+18%		Africa		570		517		+10%
310		300		321		-3%		Middle East		305		323		-6%
25		24		26		-4%		North America		25		29		-14%
60		63		73		-18%		South America		61		78		-22%
25		24		28		-11%		Asia-Pacific		25		28		-11%
26	Â	26	Â	25	Â	+4%	Â	CIS	Â	26	Â	19	Â	+37%
1,218	Â	1,229	Â	1,197	Â	+2%	Â	Total production	Â	1,224	Â	1,245	Â	-2%
311	Â	299	Â	331	Â	-6%	Â	Includes equity affiliates and non-consolidated affiliates	Â	305	Â	328	Â	-7%

2Q12

1Q12

2Q11

2Q12 vs 2Q11

Gas production by region (Mcf/d)

1H12

1H11

1H12 vs 1H11

1,264

1,492

1,284

-2%

Europe

1,378

1,512

-9%

674

730

734

-8%

Africa

702

726

-3%

916

1,143

1,355

-32%

Middle East

1,029

1,372

-25%

253

247

226

+12%

North America

249

215

+16%

759

663

650

+17%

South America

711

611

+16%

1,019

1,073

1,209

-16%

Asia-Pacific

1,046

1,206

-13%

837

878

619

+35%

CIS

859

337

X2,5

5,722

6,226

6,077

-6%

Total production

5,974

5,979

1,445

1,773

1,478

-2%

Includes equity affiliates and

non-consolidated affiliates

1,609

1,214

+33%

2Q12

1Q12

2Q11

2Q12 vs 2Q11

Liquefied natural gas

1H12

1H11

1H12 vs 1H11

2.35

3.24

3.33

-29%

LNG sales* (Mt)

5.58

6.69

-17%

* Sales, Group share, excluding trading; 2011 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2011 SEC coefficient

Downstream (Refining & Chemicals and Supply & Marketing)

2Q12	1Q12	2Q11	2Q12vs 2Q11	Refined product sales by region (kb/d)*	1H12	1H11	1H12vs 1H11
2,060	2,066	2,292	-10%	Europe	2,064	2,387	-14%
401	392	397	+1%	Africa	397	383	+4%
509	441	603	-16%	Americas	475	521	-9%
508	568	487	+4%	Rest of world	538	484	+11%
3,478	3,467	3,779	-8%	Total consolidated sales	3,473	3,774	-8%
542	501	413	+31%	Includes bulk sales	522	425	+23%
1,246	1,226	1,343	-7%	Includes trading	1,236	1,264	-2%

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

Adjustment items

Adjustments to operating income

2Q12	Â	1Q12	Â	2Q11	Â	In millions of euros	Â	1H12	Â	1H11
(89)	Â	(65)	Â	(63)	Â	Special items affecting operating income	Â	(154)	Â	(63)
(48)	Â	-	Â	-	Â	= Restructuring charges	Â	(48)	Â	-
-		-		-		= Impairments		-		-
(41)	Â	(65)	Â	(63)	Â	= Other	Â	(106)	Â	(63)
(1,384)	Â	846	Â	(87)	Â	Pre-tax inventory effect : FIFO vs. replacement cost	Â	(538)	Â	1 269
11	Â	(25)	Â	(55)	Â	Effect of changes in fair value	Â	(14)	Â	29
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(1,462)	Â	756	Â	(205)	Â	Total adjustments affecting operating income	Â	(706)	Â	1 235

Adjustments to net income (Group share)

2Q12	Â	1Q12	Â	2Q11	Â	In millions of euros	Â	1H12	Â	1H11
(323)	Â	18	Â	47	Â	Special items affecting operating income (Group share)	Â	(305)	Â	(120)
73	Â	80	Â	205	Â	= Gain on asset sales	Â	153	Â	216
(40)	Â	-	Â	-	Â	= Restructuring charges	Â	(40)	Â	-
(18)		(20)		(47)		= Impairments		(38)		(47)
(338)	Â	(42)	Â	(111)	Â	= Other	Â	(380)	Â	(289)
(959)	Â	590	Â	(74)	Â	After-tax inventory effect : FIFO vs. replacement cost	Â	(369)	Â	872
9	Â	(20)	Â	(41)	Â	Effect of changes in fair value	Â	(11)	Â	22
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(1,273)	Â	588	Â	(68)	Â	Total adjustments affecting net income	Â	(685)	Â	774

Effective tax rates

2Q12	Â	1Q12	Â	2Q11	Â	Effective tax rate*	Â	1H12	Â	1H11
58.4%	Â	62.1%	Â	61.6%	Â	Upstream	Â	60.5%	Â	59.5%
56.1%	Â	60.6%	Â	59.4%	Â	Group	Â	58.6%	Â	57.5%

* 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

2Q12

1Q12

2Q11

2Q12 vs 2Q11

In millions of euros

1H12

1H11

1H12 vs 1H11

4,381

3,873

3,467

+26%

Investments excluding acquisitions*

8,254

6,254

+32%

319

350

242

+32%

Capitalized exploration

669

459

+46%

231

159

210

+10%

Change in non-recurrent loans**

390

n/a

437

1,832

4,008

-89%

Acquisitions

2,270

6,537

-65%

4,818

5,705

7,475

-36%

Investments including acquisitions*

10,523

12,791

-18%

834

1,455

1,243

-33%

Asset sales

2,289

1,539

+49%

3,984

4,250

6,232

-36%

Net investments**

8,234

11,252

-27%

2Q12

1Q12

2Q11

2Q12 vs 2Q11

In millions of dollars***

1H12

1H11

1H12 vs 1H11

5,614

5,077

4,989

+13%

Investments excluding acquisitions*

10,701

8 776

+22%

409

459

348

+17%

Capitalized exploration

867

644

+35%

296

208

302

-2%

Change in non-recurrent loans**

506

n/a

560

2,401

5,768

-90%

Acquisitions

2,943

9,173

-68%

6,174

7,478

10,757

-43%

Investments including acquisitions*

13,643

17,948

-24%

1,069

1,907

1,789

-40%

Asset sales

2,968

2,160

+37%

5,105

5,571

8,968

-43%

Net investments**

10,675

15,789

-32%

* 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	Â	6/30/2012	Â	3/31/2012	Â	6/30/2011
Current borrowings	Â	10,642	Â	9,574	Â	12,289
Net current financial assets		(1,552)		(1,322)		(2,737)
Non-current financial debt		23,260		22,428		20,410
Hedging instruments of non-current debt		(1,886)		(1,882)		(1,756)
Cash and cash equivalents	Â	(14,998)	Â	(13,330)	Â	(13,387)
Net debt	Â	15,466	Â	15,468	Â	14,819
Â	Â	Â	Â	Â	Â	Â
Shareholdersâ€™ equity		72,103		70,945		61,371
Estimated dividend payable		(1,299)		(2,573)		(1,248)
Non-controlling interests	Â	1,256	Â	1,275	Â	934
Equity	Â	72,060	Â	69,647	Â	61,057
Â	Â	Â	Â	Â	Â	Â
Net-debt-to-equity ratio	Â	21.5%	Â	22.2%	Â	24.3%

2012 Sensitivities*

Â	Â	Scenario	Â	Change	Â	Impact on adjusted operating income(e)	Â	Impact on adjusted net operating income(e)
Dollar	Â	1.40 $/â‚¬	Â	+0.1 $ per â‚¬	Â	-1.8 Bâ‚¬	Â	-0.95 Bâ‚¬
Brent	Â	100 $/b	Â	+1 $/b	Â	+0.25 Bâ‚¬ / 0.35 B$	Â	+0.11 Bâ‚¬ / 0.15 B$
European refining margins (ERMI)	Â	25 $/t	Â	+1 $/t	Â	+0.06 Bâ‚¬ / 0.08 B$	Â	+0.04 Bâ‚¬ / 0.05 B$

* Sensitivities are revised once per year upon publication of the previous yearâ€™s fourth quarter results. The impact of the â‚¬-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 80% and 75% respectively.

Return on average capital employed

Twelve months ended June 30, 2012

in millions of euros	Â	Upstream	Â	Refining & Chemicals	Â	Supply & Marketing	Â	Â	Â	Group
Adjusted net operating income	Â	10,538	Â	846	Â	996				12,073
Capital employed at 6/30/2011*		46,671		16,672		6,187				72,843
Capital employed at 6/30/2012*	Â	60,879	Â	16,558	Â	6,579				85,167
ROACE	Â	19.6%	Â	5.1%	Â	15.6%				15.3%

Twelve months ended March 31, 2012

in millions of euros	Â	Upstream	Â	Refining & Chemicals	Â	Supply & Marketing	Â	Â	Â	Group
Adjusted net operating income	Â	10,495	Â	643	Â	1,019				11,975
Capital employed at 3/31/2011*		44,528		16,369		5,839				70,579
Capital employed at 3/31/2012*	Â	59,383	Â	16,222	Â	6,031				83,093
ROACE	Â	20.2%	Â	3.9%	Â	17.2%				15.6%

Full-year 2011

in millions of euros	Â	Upstream	Â	Refining & Chemicals	Â	Supply & Marketing	Â	Â	Â	Group
Adjusted net operating income	Â	10,405	Â	848	Â	1,010				12,045
Capital employed at 12/31/2010*		43,972		17,265		5,608				70,866
Capital employed at 12/31/2011*	Â	58,939	Â	15,883	Â	5,391				81,066
ROACE	Â	20.2%	Â	5.1%	Â	18.4%				15.9%

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

¹ Adjusted results defined on page 2 - dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the period: 1.2814 $/â‚¬ for the second quarter 2012, 1.4391 $/â‚¬ for the second quarter 2011, 1.3108 $/â‚¬ for the first quarter 2012, 1.2965 $/â‚¬ for the first half 2012 and 1.4032 $/â‚¬ for the first half 2011.

² Includes negative impact of after-tax inventory effect of 959 Mâ‚¬ in the second quarter 2012. Details of adjustments on pages 4 and 17.

³ The ex-dividend date for the interim dividend will be December 17, 2012 and the payment date will be December 20, 2012.

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 17 and the inventory valuation effect is explained on page 14.

⁵ Including acquisitions.

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

⁷ Special items affecting operating income from the business segments had a negative impact of 66 Mâ‚¬ in the second quarter 2012 and a negative impact of 63 Mâ‚¬ in the second quarter 2011.

⁸ Defined as: (tax on adjusted net operating income) / (adjusted net operating income â€“ income from equity affiliates, dividends received from investments and impairments of acquisition goodwill + tax on adjusted net operating income).

⁹ Adjustment items explained on page 14.

¹⁰ Detail shown on page 18.

¹¹ Net investments = investments including acquisitions and changes in non-current loans â€“ asset sales.

¹² Cash flow from operations at replacement cost before changes in working capital.

¹³ Net cash flow = cash flow from operations - net investments.

¹⁴ Special items affecting operating income from the business segments had a negative impact of 66 Mâ‚¬ in the first half 2012 and a negative impact of 63 Mâ‚¬ in the first half 2011.

¹⁵ Adjustment items explained on page 14.

¹⁶ Detail shown on page 18.

¹⁷ Cash flow from operations at replacement cost before changes in working capital.

¹⁸ Net cash flow = cash flow from operations - net investments.

¹⁹ Detail shown on page 19.

²⁰ Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.

²¹ Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.

²² Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.

²³ Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.

CONSOLIDATED STATEMENT OF INCOME	Â		Â		Â
TOTAL
(unaudited)
							Â
(Mâ‚¬) ^(a)	Â	2^nd quarter 2012	Â	1^st quarter 2012	Â	2^nd quarter 2011
Sales		49,135		51,168		45,009
Excise taxes		(4,559)		(4,393)		(4,544)
Revenues from sales		44,576		46,775		40,465
Purchases, net of inventory variation		(32,294)		(32,041)		(28,386)
Other operating expenses		(5,827)		(5,092)		(4,804)
Exploration costs		(269)		(356)		(179)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,028)		(1,838)		(1,531)
Other income		225		289		246
Other expense		(451)		(96)		(138)
Financial interest on debt		(170)		(187)		(159)
Financial income from marketable securities & cash equivalents		24		35		55
Cost of net debt		(146)		(152)		(104)
Other financial income		209		85		335
Other financial expense		(118)		(136)		(104)
Equity in net income (loss) of affiliates		436		541		444
Income taxes	Â	(2,701)	Â	(4,305)	Â	(3,432)
Consolidated net income	Â	1,612	Â	3,674	Â	2,812
Group share	Â	1,585	Â	3,662	Â	2,726
Non-controlling interests	Â	27	Â	12	Â	86
Earnings per share (â‚¬)	Â	0.70	Â	1.62	Â	1.21
Fully-diluted earnings per share (â‚¬)	Â	0.70	Â	1.62	Â	1.21
^(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME			Â		Â
TOTAL	Â
(unaudited)
							Â
(Mâ‚¬)	Â	2^nd quarter 2012	Â	1^st quarter 2012	Â	2^nd quarter 2011
Consolidated net income	Â	1,612	Â	3,674	Â	2,812
Other comprehensive income
Currency translation adjustment		2,360		(1,054)		(666)
Available for sale financial assets		(93)		(66)		315
Cash flow hedge		(67)		70		(11)
Share of other comprehensive income of associates, net amount		(57)		162		(16)
Other		(7)		(6)		(4)
							Â
Tax effect	Â	46	Â	(11)	Â	(35)
Total other comprehensive income (net amount)	Â	2,182	Â	(905)	Â	(417)
Â	Â	Â	Â	Â	Â	Â
Comprehensive income	Â	3,794	Â	2,769	Â	2,395
- Group share		3,718		2,783		2,326
- Non-controlling interests		76		(14)		69

CONSOLIDATED STATEMENT OF INCOME	Â		Â
TOTAL
(unaudited)
					Â
(Mâ‚¬) ^(a)	Â	1^st half 2012	Â	1^st half 2011
Sales		100,303		91,038
Excise taxes		(8,952)		(8,971)
Revenues from sales		91,351		82,067
Purchases, net of inventory variation		(64,335)		(55,641)
Other operating expenses		(10,919)		(9,506)
Exploration costs		(625)		(438)
Depreciation, depletion and amortization of tangible assets and mineral interests		(3,866)		(3,217)
Other income		514		331
Other expense		(547)		(197)
Financial interest on debt		(357)		(295)
Financial income from marketable securities & cash equivalents		59		102
Cost of net debt		(298)		(193)
Other financial income		294		410
Other financial expense		(254)		(212)
Equity in net income (loss) of affiliates		977		950
Income taxes	Â	(7,006)	Â	(7,504)
Consolidated net income	Â	5,286	Â	6,850
Group share	Â	5,247	Â	6,672
Non-controlling interests	Â	39	Â	178
Earnings per share (â‚¬)	Â	2.33	Â	2.98
Fully-diluted earnings per share (â‚¬)	Â	2.32	Â	2.96
^(a)Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME			Â
TOTAL	Â
(unaudited)
					Â
(Mâ‚¬)	Â	1^st half 2012	Â	1^st half 2011
Consolidated net income	Â	5,286	Â	6,850
Other comprehensive income
Currency translation adjustment		1,306		(2,644)
Available for sale financial assets		(159)		430
Cash flow hedge		3		(35)
Share of other comprehensive income of associates, net amount		105		(103)
Other		(13)		(2)
					Â
Tax effect	Â	35	Â	(29)
Total other comprehensive income (net amount)	Â	1,277	Â	(2,383)
Â	Â	Â	Â	Â
Comprehensive income	Â	6,563	Â	4,467
- Group share		6,501		4,356
- Non-controlling interests		62		111

CONSOLIDATED BALANCE SHEET	Â		Â		Â		Â
TOTAL
									Â
									Â
(Mâ‚¬)	Â	June 30, 2012 (unaudited)	Â	March 31, 2012 (unaudited)	Â	December 31, 2011	Â	June 30, 2011 (unaudited)
ASSETS
Non-current assets
Intangible assets, net		13,847		13,231		12,413		8,961
Property, plant and equipment, net		69,868		65,082		64,457		55,323
Equity affiliates : investments and loans		13,911		13,194		12,995		11,054
Other investments		2,222		2,958		3,674		5,287
Hedging instruments of non-current financial debt		1,886		1,882		1,976		1,756
Other non-current assets	Â	4,850	Â	4,494	Â	4,871	Â	3,727
Total non-current assets	Â	106,584	Â	100,841	Â	100,386	Â	86,108
Current assets
Inventories, net		17,111		18,886		18,122		15,950
Accounts receivable, net		19,768		22,811		20,049		18,267
Other current assets		10,435		10,346		10,767		8,474
Current financial assets		1,723		1,471		700		3,122
Cash and cash equivalents	Â	14,998	Â	13,330	Â	14,025	Â	13,387
Total current assets	Â	64,035	Â	66,844	Â	63,663	Â	59,200
Assets classified as held for sale	Â	-	Â	-	Â	-	Â	5,211
Total assets		170,619		167,685		164,049		150,519
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares		5,911		5,911		5,909		5,903
Paid-in surplus and retained earnings		69,181		70,281		66,506		64,148
Currency translation adjustment		401		(1,857)		(988)		(5,177)
Treasury shares	Â	(3,390)	Â	(3,390)	Â	(3,390)	Â	(3,503)
Total shareholders' equity - Group Share	Â	72,103	Â	70,945	Â	68,037	Â	61,371
Non-controlling interests	Â	1,256	Â	1,275	Â	1,352	Â	934
Total shareholders' equity	Â	73,359	Â	72,220	Â	69,389	Â	62,305
Non-current liabilities
Deferred income taxes		12,380		12,179		12,260		9,619
Employee benefits		2,005		2,215		2,232		2,111
Provisions and other non-current liabilities		11,264		10,579		10,909		8,419
Non-current financial debt	Â	23,260	Â	22,428	Â	22,557	Â	20,410
Total non-current liabilities	Â	48,909	Â	47,401	Â	47,958	Â	40,559
Current liabilities
Accounts payable		20,448		22,647		22,086		18,395
Other creditors and accrued liabilities		17,090		15,694		14,774		16,191
Current borrowings		10,642		9,574		9,675		12,289
Other current financial liabilities	Â	171	Â	149	Â	167	Â	385
Total current liabilities	Â	48,351	Â	48,064	Â	46,702	Â	47,260
Liabilities directly associated with the assets classified as held for sale	Â	-	Â	-	Â	-	Â	395
Total liabilities and shareholders' equity		170,619		167,685		164,049		150,519

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â		Â
TOTAL
(unaudited)
							Â
(Mâ‚¬)	Â	2^nd quarter 2012	Â	1^st quarter 2012	Â	2^nd quarter 2011
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		1,612		3,674		2,812
Depreciation, depletion and amortization		2,164		2,103		1,641
Non-current liabilities, valuation allowances and deferred taxes		(99)		364		283
Impact of coverage of pension benefit plans		(362)		-		-
(Gains) losses on sales of assets		(165)		(281)		(229)
Undistributed affiliates' equity earnings		193		34		59
(Increase) decrease in working capital		2,783		(674)		476
Other changes, net	Â	41	Â	47	Â	22
Cash flow from operating activities		6,167		5,267		5,064
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(4,128)		(5,227)		(3,215)
Acquisitions of subsidiaries, net of cash acquired		(4)		(121)		(979)
Investments in equity affiliates and other securities		(455)		(198)		(3,071)
Increase in non-current loans	Â	(377)	Â	(394)	Â	(305)
Total expenditures		(4,964)		(5,940)		(7,570)
Proceeds from disposal of intangible assets and property, plant and equipment		95		567		620
Proceeds from disposal of subsidiaries, net of cash sold		-		34		171
Proceeds from disposal of non-current investments		739		854		452
Repayment of non-current loans	Â	146	Â	235	Â	95
Total divestments	Â	980	Â	1,690	Â	1,338
Cash flow used in investing activities		(3,984)		(4,250)		(6,232)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		-		31		354
- Treasury shares		-		-		-
Dividends paid:
- Parent company shareholders		(1,284)		(1,286)		(2,572)
- Non-controlling interests		(96)		(2)		(61)
Other transactions with non-controlling interests		1		-		59
Net issuance (repayment) of non-current debt		1,409		1,664		678
Increase (decrease) in current borrowings		(693)		(1,101)		(200)
Increase (decrease) in current financial assets and liabilities		(10)		(929)		(1,123)
Cash flow used in financing activities	Â	(673)	Â	(1,623)	Â	(2,865)
Net increase (decrease) in cash and cash equivalents		1,510		(606)		(4,033)
Effect of exchange rates		158		(89)		93
Cash and cash equivalents at the beginning of the period	Â	13,330	Â	14,025	Â	17,327
Cash and cash equivalents at the end of the period	Â	14,998	Â	13,330	Â	13,387

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â
TOTAL
(unaudited)
					Â
(Mâ‚¬)	Â	1^st half 2012	Â	1^st half 2011
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		5,286		6,850
Depreciation, depletion and amortization		4,267		3,529
Non-current liabilities, valuation allowances and deferred taxes		265		848
Impact of coverage of pension benefit plans		(362)		-
(Gains) losses on sales of assets		(446)		(235)
Undistributed affiliates' equity earnings		227		(123)
(Increase) decrease in working capital		2,109		(111)
Other changes, net	Â	88	Â	20
Cash flow from operating activities		11,434		10,778
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(9,355)		(8,589)
Acquisitions of subsidiaries, net of cash acquired		(125)		(979)
Investments in equity affiliates and other securities		(653)		(3,221)
Increase in non-current loans		(771)		(464)
Total expenditures		(10,904)		(13,253)
Proceeds from disposal of intangible assets and property, plant and equipment		662		626
Proceeds from disposal of subsidiaries, net of cash sold		34		171
Proceeds from disposal of non-current investments		1,593		742
Repayment of non-current loans	Â	381	Â	462
Total divestments	Â	2,670	Â	2,001
Cash flow used in investing activities		(8,234)		(11,252)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		31		404
- Treasury shares		-		-
Dividends paid:
- Parent company shareholders		(2,570)		(2,572)
- Non controlling interests		(98)		(62)
Other transactions with non-controlling interests		1		59
Net issuance (repayment) of non-current debt		3,073		2,906
Increase (decrease) in current borrowings		(1,794)		288
Increase (decrease) in current financial assets and liabilities		(939)		(1,634)
Cash flow used in financing activities	Â	(2,296)	Â	(611)
Net increase (decrease) in cash and cash equivalents		904		(1,085)
Effect of exchange rates		69		(17)
Cash and cash equivalents at the beginning of the period	Â	14,025	Â	14,489
Cash and cash equivalents at the end of the period	Â	14,998	Â	13,387

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY											Â		Â		Â		Â
TOTAL	Â		Â		Â		Â		Â
(unaudited)	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	Number	Â	Amount	Â	Â	Â	Â	Â	Number	Â	Amount	Â	Â	Â	Â	Â	Â
As of January 1, 2011	Â	2,349,640,931	Â	5,874	Â	60,538	Â	(2,495)	Â	(112,487,679)	Â	(3,503)	Â	60,414	Â	857	Â	61,271
Net income of the first half		-		-		6,672		-		-		-		6,672		178		6,850
Other comprehensive Income		-		-		368		(2,684)		-		-		(2,316)		(67)		(2,383)
Comprehensive Income		-		-		7,040		(2,684)		-		-		4,356		111		4,467
Dividend		-		-		(3,888)		-		-		-		(3,888)		(62)		(3,950)
Issuance of common shares		11,749,578		29		375		-		-		-		404		-		404
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares ⁽¹⁾		-		-		-		-		3,804		-		-		-		-
Share-based payments		-		-		83		-		-		-		83		-		83
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		-		2		-		-		2		57		59
Other items		-		-		-		-		-		-		-		(29)		(29)
As of June 30, 2011	Â	2,361,390,509	Â	5,903	Â	64,148	Â	(5,177)	Â	(112,483,875)	Â	(3,503)	Â	61,371	Â	934	Â	62,305
Net income from July 1 to December 31, 2011		-		-		5,604		-		-		-		5,604		127		5,731
Other comprehensive Income		-		-		(137)		4,088		-		-		3,951		111		4,062
Comprehensive Income		-		-		5,467		4,088		-		-		9,555		238		9,793
Dividend		-		-		(2,569)		-		-		-		(2,569)		(110)		(2,679)
Issuance of common shares		2,376,804		6		71		-		-		-		77		-		77
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares (1)		-		-		(113)		-		2,929,702		113		-		-		-
Share-based payments		-		-		78		-		-		-		78		-		78
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		(553)		101		-		-		(452)		(180)		(632)
Other items		-		-		(23)		-		-		-		(23)		470		447
As of December 31, 2011	Â	2,363,767,313	Â	5,909	Â	66,506	Â	(988)	Â	(109,554,173)	Â	(3,390)	Â	68,037	Â	1,352	Â	69,389
Net income of the first half		-		-		5,247		-		-		-		5,247		39		5,286
Other comprehensive Income		-		-		(128)		1,382		-		-		1,254		23		1,277
Comprehensive Income		-		-		5,119		1,382		-		-		6,501		62		6,563
Dividend		-		-		(2,570)		-		-		-		(2,570)		(98)		(2,668)
Issuance of common shares		779,653		2		29		-		-		-		31		-		31
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares ⁽¹⁾		-		-		-		-		10,295		-		-		-		-
Share-based payments		-		-		74		-		-		-		74		-		74
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		14		7		-		-		21		(20)		1
Other items		-		-		9		-		-		-		9		(40)		(31)
As of June 30, 2012	Â	2,364,546,966	Â	5,911	Â	69,181	Â	401	Â	(109,543,878)	Â	(3,390)	Â	72,103	Â	1,256	Â	73,359
																			Â
(1) Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

2^nd quarter 2012

(Mâ‚¬)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Non-Group sales

5,476

22,592

21,020

49,135

Intersegment sales

7,751

10,474

222

(18,495)

Excise taxes

(874)

(3,686)

(4,559)

Revenues from sales

13,227

32,192

17,556

(18,495)

44,576

Operating expenses

(6,698)

(32,646)

(17,256)

(285)

18,495

(38,390)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,586)

(319)

(116)

(7)

(2,028)

Operating income

4,943

(773)

184

(196)

4,158

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

421

(156)

301

Tax on net operating income

(2,910)

256

(63)

(14)

(2,731)

Net operating income

2,454

(494)

134

(366)

1,728

Net cost of net debt

(116)

Non-controlling interests

(27)

Net income

1,585

2^nd quarter 2012 (adjustments) ^(a)

(Mâ‚¬)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

(20)

(1,238)

(146)

(23)

(1,427)

Depreciation, depletion and amortization of tangible assets and mineral interests

(46)

Operating income^(b)

(55)

(1,238)

(146)

(23)

(1,462)

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

(40)

(8)

(244)

(292)

Tax on net operating income

401

(9)

448

Net operating income^(b)

(46)

(877)

(107)

(276)

(1,306)

Net cost of net debt

Non-controlling interests

Net income

(1,273)

^(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

(1,238)

(146)

On net operating income

(877)

(99)

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

2^ndquarter 2012 (adjusted)

(Mâ‚¬) ^(a)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Non-Group sales

5,465

22,592

21,020

49,124

Intersegment sales

7,751

10,474

222

(18,495)

Excise taxes

(874)

(3,686)

(4,559)

Revenues from sales

13,216

32,192

17,556

(18,495)

44,565

Operating expenses

(6,678)

(31,408)

(17,110)

(262)

18,495

(36,963)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,540)

(319)

(116)

(7)

(1,982)

Adjusted operating income

4,998

465

330

(173)

5,620

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

421

593

Tax on net operating income

(2,919)

(145)

(110)

(5)

(3,179)

Adjusted net operating income

2,500

383

241

(90)

3,034

Net cost of net debt

(116)

Non-controlling interests

(60)

Ajusted net income

2,858

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

1.26

^(a)Except for per share amounts.

2^ndquarter 2012

(Mâ‚¬)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Total expenditures

4,278

501

161

4,964

Total divestments

234

719

980

Cash flow from operating activities

5,259

625

(101)

384

6,167

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

1^st quarter 2012

(Mâ‚¬)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Non-Group sales

6,618

23,096

21,411

51,168

Intersegment sales

8,234

11,815

231

(20,325)

Excise taxes

(804)

(3,588)

(1)

(4,393)

Revenues from sales

14,852

34,107

18,054

(20,325)

46,775

Operating expenses

(7,013)

(33,057)

(17,514)

(230)

20,325

(37,489)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,407)

(314)

(108)

(9)

(1,838)

Operating income

6,432

736

432

(152)

7,448

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

465

117

683

Tax on net operating income

(3,998)

(214)

(144)

(4,352)

Net operating income

2,899

614

297

(31)

3,779

Net cost of net debt

(105)

Non-controlling interests

(12)

Net income

3,662

1^st quarter 2012 (adjustments) ^(a)

(Mâ‚¬)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Non-Group sales

(25)

Intersegment sales

Excise taxes

Revenues from sales

(25)

Operating expenses

783

(65)

781

Depreciation, depletion and amortization of tangible assets and mineral interests

Operating income^(b)

(25)

783

(65)

756

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

(21)

110

112

Tax on net operating income

(253)

(23)

(7)

(277)

Net operating income^(b)

(40)

553

591

Net cost of net debt

Non-controlling interests

(3)

Net income

588

^(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

783

On net operating income

553

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

1^stquarter 2012 (adjusted)

(Mâ‚¬) ^(a)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Non-Group sales

6,643

23,096

21,411

51,193

Intersegment sales

8,234

11,815

231

(20,325)

Excise taxes

(804)

(3,588)

(1)

(4,393)

Revenues from sales

14,877

34,107

18,054

(20,325)

46,800

Operating expenses

(7,013)

(33,840)

(17,577)

(165)

20,325

(38,270)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,407)

(314)

(108)

(9)

(1,838)

Adjusted operating income

6,457

(47)

369

(87)

6,692

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

486

571

Tax on net operating income

(4,004)

(121)

(4,075)

Adjusted net operating income

2,939

257

(69)

3,188

Net cost of net debt

(105)

Non-controlling interests

(9)

Ajusted net income

3,074

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

1.36

^(a) Except for per share amounts.

1^stquarter 2012

(Mâ‚¬)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Total expenditures

5,368

429

136

5,940

Total divestments

759

141

756

1,690

Cash flow from operating activities

5,624

(36)

(302)

(19)

5,267

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

2^nd quarter 2011

(Mâ‚¬)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Non-Group sales

5,166

19,089

20,753

45,009

Intersegment sales

6,341

10,346

158

(16,888)

Excise taxes

(506)

(4,038)

(4,544)

Revenues from sales

11,507

28,929

16,873

(16,888)

40,465

Operating expenses

(5,072)

(28,644)

(16,380)

(161)

16,888

(33,369)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,100)

(310)

(112)

(9)

(1,531)

Operating income

5,335

(25)

381

(126)

5,565

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

473

255

783

Tax on net operating income

(3,275)

(3)

(134)

(53)

(3,465)

Net operating income

2,533

(5)

279

2,883

Net cost of net debt

(71)

Non-controlling interests

(86)

Net income

2,726

2^nd quarter 2011 (adjustments) ^(a)

(Mâ‚¬)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Non-Group sales

(55)

Intersegment sales

Excise taxes

Revenues from sales

(55)

Operating expenses

(170)

(150)

Depreciation, depletion and amortization of tangible assets and mineral interests

Operating income^(b)

(55)

(170)

(205)

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

121

(37)

(2)

125

Tax on net operating income

(3)

(2)

Net operating income^(b)

(185)

(53)

Net cost of net debt

Non-controlling interests

(15)

Net income

(68)

^(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

(121)

On net operating income

(86)

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

2^ndquarter 2011 (adjusted)

(Mâ‚¬) ^(a)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Non-Group sales

5,221

19,089

20,753

45,064

Intersegment sales

6,341

10,346

158

(16,888)

Excise taxes

(506)

(4,038)

(4,544)

Revenues from sales

11,562

28,929

16,873

(16,888)

40,520

Operating expenses

(5,072)

(28,474)

(16,400)

(161)

16,888

(33,219)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,100)

(310)

(112)

(9)

(1,531)

Adjusted operating income

5,390

145

361

(126)

5,770

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

352

212

658

Tax on net operating income

(3,285)

(25)

(131)

(51)

(3,492)

Adjusted net operating income

2,457

180

264

2,936

Net cost of net debt

(71)

Non-controlling interests

(71)

Ajusted net income

2,794

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

1.24

^(a) Except for per share amounts.

2^ndquarter 2011

(Mâ‚¬)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Total expenditures

6,868

519

152

7,570

Total divestments

921

377

1,338

Cash flow from operating activities

4,782 *

180

(35)

137 *

5,064

* Reclassification of intercompany transactions between Upstream and Corporate for â‚¬823 million with no impact on the total of cash flow from operating activities

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

1^st half 2012

(Mâ‚¬)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Non-Group sales

12,094

45,688

42,431

100,303

Intersegment sales

15,985

22,289

453

(38,820)

Excise taxes

(1,678)

(7,274)

(8,952)

Revenues from sales

28,079

66,299

35,610

183

(38,820)

91,351

Operating expenses

(13,711)

(65,703)

(34,770)

(515)

38,820

(75,879)

Depreciation, depletion and amortization of tangible assets and mineral interests

(2,993)

(633)

(224)

(16)

(3,866)

Operating income

11,375

(37)

616

(348)

11,606

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

886

115

(39)

984

Tax on net operating income

(6,908)

(207)

(10)

(7,083)

Net operating income

5,353

120

431

(397)

5,507

Net cost of net debt

(221)

Non-controlling interests

(39)

Net income

5,247

1^st half 2012 (adjustments) ^(a)

(Mâ‚¬)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Non-Group sales

(14)

Intersegment sales

Excise taxes

Revenues from sales

(14)

Operating expenses

(20)

(455)

(83)

(88)

(646)

Depreciation, depletion and amortization of tangible assets and mineral interests

(46)

Operating income^(b)

(80)

(455)

(83)

(88)

(706)

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

(21)

(17)

(8)

(134)

(180)

Tax on net operating income

148

(16)

171

Net operating income^(b)

(86)

(324)

(67)

(238)

(715)

Net cost of net debt

Non-controlling interests

Net income

(685)

^(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

(455)

(83)

On net operating income

(324)

(59)

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

1^st half 2012 (adjusted)

(Mâ‚¬)^(a)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Non-Group sales

12,108

45,688

42,431

100,317

Intersegment sales

15,985

22,289

453

(38,820)

Excise taxes

(1,678)

(7,274)

(8,952)

Revenues from sales

28,093

66,299

35,610

183

(38,820)

91,365

Operating expenses

(13,691)

(65,248)

(34,687)

(427)

38,820

(75,233)

Depreciation, depletion and amortization of tangible assets and mineral interests

(2,947)

(633)

(224)

(16)

(3,820)

Adjusted operating income

11,455

418

699

(260)

12,312

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

907

132

1,164

Tax on net operating income

(6,923)

(106)

(231)

(7,254)

Adjusted net operating income

5,439

444

498

(159)

6,222

Net cost of net debt

(221)

Non-controlling interests

(69)

Ajusted net income

5,932

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

2.62

^(a) Except for per share amounts.

1^st half 2012

(Mâ‚¬)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Total expenditures

9,646

930

297

10,904

Total divestments

993

148

1,475

2,670

Cash flow from operating activities

10,883

589

(403)

365

11,434

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

1^st half 2011

(Mâ‚¬)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Non-Group sales

11,310

38,474

41,242

91,038

Intersegment sales

13,280

21,008

397

(34,769)

Excise taxes

(981)

(7,990)

(8,971)

Revenues from sales

24,590

58,501

33,649

(34,769)

82,067

Operating expenses

(11,010)

(56,458)

(32,572)

(314)

34,769

(65,585)

Depreciation, depletion and amortization of tangible assets and mineral interests

(2,340)

(633)

(227)

(17)

(3,217)

Operating income

11,240

1,410

850

(235)

13,265

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

816

112

270

1,282

Tax on net operating income

(6,802)

(453)

(259)

(53)

(7,567)

Net operating income

5,254

1,069

675

(18)

6,980

Net cost of net debt

(130)

Non-controlling interests

(178)

Net income

6,672

1^st half 2011 (adjustments) ^(a)

(Mâ‚¬)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

976

230

1,206

Depreciation, depletion and amortization of tangible assets and mineral interests

Operating income^(b)

976

230

1,235

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

121

(5)

175

Tax on net operating income

(202)

(348)

(72)

(2)

(624)

Net operating income^(b)

(52)

623

163

786

Net cost of net debt

Non-controlling interests

(12)

Net income

774

^(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

1,025

244

On net operating income

722

175

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

1^st half 2011 (adjusted)

(Mâ‚¬)^(a)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Non-Group sales

11,281

38,474

41,242

91,009

Intersegment sales

13,280

21,008

397

(34,769)

Excise taxes

(981)

(7,990)

(8,971)

Revenues from sales

24,561

58,501

33,649

(34,769)

82,038

Operating expenses

(11,010)

(57,434)

(32,802)

(314)

34,769

(66,791)

Depreciation, depletion and amortization of tangible assets and mineral interests

(2,340)

(633)

(227)

(17)

(3,217)

Adjusted operating income

11,211

434

620

(235)

12,030

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

695

117

216

1,107

Tax on net operating income

(6,600)

(105)

(187)

(51)

(6,943)

Adjusted net operating income

5,306

446

512

(70)

6,194

Net cost of net debt

(130)

Non-controlling interests

(166)

Ajusted net income

5,898

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

2.62

^(a) Except for per share amounts.

1^st half 2011

(Mâ‚¬)

Upstream

Refining Chemicals

Supply Marketing

Corporate

Intercompany

Total

Total expenditures

12,100

863

243

13,253

Total divestments

1,256

668

2,001

Cash flow from operating activities

9,425 *

1,238

(79)

194 *

10,778

* Reclassification of intercompany transactions between Upstream and Corporate for â‚¬823 million with no impact on the total of cash flow from operating activities

Consolidated Financial Statements as of June 30, 2012 Â Nature of the elements of adjustment by business segment (Mâ‚¬)
	Â		Â		Â		Â		Â		Â
ADJUSTMENTS TO OPERATING INCOME
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(Mâ‚¬)	Â	Â	Â	Upstream	Â	Refining Chemicals	Â	Supply Marketing	Â	Corporate	Â	Total
2^nd quarter 2012		Inventory valuation effect		-		(1,238)		(146)		-		(1,384)
		Effect of changes in fair value		11		-		-		-		11
		Restructuring charges		(48)		-		-		-		(48)
		Asset impairment charges		-		-		-		-		-
		Other items		(18)		-		-		(23)		(41)
Total	Â	Â	Â	(55)	Â	(1,238)	Â	(146)	Â	(23)	Â	(1,462)
2^nd quarter 2011		Inventory valuation effect		-		(121)		34		-		(87)
		Effect of changes in fair value		(55)		-		-		-		(55)
		Restructuring charges		-		-		-		-		-
		Asset impairment charges		-		-		-		-		-
		Other items		-		(49)		(14)		-		(63)
Total	Â	Â	Â	(55)	Â	(170)	Â	20	Â	-	Â	(205)
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
1^st half 2012		Inventory valuation effect		-		(455)		(83)		-		(538)
		Effect of changes in fair value		(14)		-		-		-		(14)
		Restructuring charges		(48)		-		-		-		(48)
		Asset impairment charges		-		-		-		-		-
		Other items		(18)		-		-		(88)		(106)
Total	Â	Â	Â	(80)	Â	(455)	Â	(83)	Â	(88)	Â	(706)
1^st half 2011		Inventory valuation effect		-		1,025		244		-		1,269
		Effect of changes in fair value		29		-		-		-		29
		Restructuring charges		-		-		-		-		-
		Asset impairment charges		-		-		-		-		-
		Other items		-		(49)		(14)		-		(63)
Total	Â	Â	Â	29	Â	976	Â	230	Â	-	Â	1,235
													Â
ADJUSTMENTS TO NET INCOME GROUP SHARE
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(Mâ‚¬)	Â	Â	Â	Upstream	Â	Refining Chemicals	Â	Supply Marketing	Â	Corporate	Â	Total
2^nd quarter 2012		Inventory valuation effect		-		(877)		(82)		-		(959)
		Effect of changes in fair value		9		-		-		-		9
		Restructuring charges		(32)		-		(8)		-		(40)
		Asset impairment charges		-		-		-		(18)		(18)
		Gains (losses) on disposals of assets		-		-		-		73		73
		Other items		(7)		-		-		(331)		(338)
Total	Â	Â	Â	(30)	Â	(877)	Â	(90)	Â	(276)	Â	(1,273)
2^nd quarter 2011		Inventory valuation effect		-		(86)		12		-		(74)
		Effect of changes in fair value		(41)		-		-		-		(41)
		Restructuring charges		-		-		-		-		-
		Asset impairment charges		(47)		-		-		-		(47)
		Gains (losses) on disposals of assets		164		-		-		41		205
		Other items		-		(99)		(12)		-		(111)
Total	Â	Â	Â	76	Â	(185)	Â	-	Â	41	Â	(68)
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
1^st half 2012		Inventory valuation effect		-		(324)		(45)		-		(369)
		Effect of changes in fair value		(11)		-		-		-		(11)
		Restructuring charges		(32)		-		(8)		-		(40)
		Asset impairment charges		(20)		-		-		(18)		(38)
		Gains (losses) on disposals of assets		-		-		-		153		153
		Other items		(7)		-		-		(373)		(380)
Total	Â	Â	Â	(70)	Â	(324)	Â	(53)	Â	(238)	Â	(685)
1^st half 2011		Inventory valuation effect		-		722		150		-		872
		Effect of changes in fair value		22		-		-		-		22
		Restructuring charges		-		-		-		-		-
		Asset impairment charges		(47)		-		-		-		(47)
		Gains (losses) on disposals of assets		164		-		-		52		216
		Other items		(178)		(99)		(12)		-		(289)
Total	Â	Â	Â	(39)	Â	623	Â	138	Â	52	Â	774

Reconciliation of the information by business segment with consolidated financial statements
TOTAL	Â		Â		Â
(unaudited)
							Â
2^nd quarter 2012 (Mâ‚¬)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		49,124		11		49,135
Excise taxes		(4,559)		-		(4,559)
Revenues from sales		44,565		11		44,576
Purchases net of inventory variation		(30,910)		(1,384)		(32,294)
Other operating expenses		(5,784)		(43)		(5,827)
Exploration costs		(269)		-		(269)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,982)		(46)		(2,028)
Other income		126		99		225
Other expense		(108)		(343)		(451)
Financial interest on debt		(170)		-		(170)
Financial income from marketable securities & cash equivalents		24		-		24
Cost of net debt		(146)		-		(146)
Other financial income		209		-		209
Other financial expense		(118)		-		(118)
Equity in net income (loss) of affiliates		484		(48)		436
Income taxes	Â	(3,149)	Â	448	Â	(2,701)
Consolidated net income		2,918		(1,306)		1,612
Group share		2,858		(1,273)		1,585
Non-controlling interests		60		(33)		27
							Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
2^nd quarter 2011 (Mâ‚¬)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		45,064		(55)		45,009
Excise taxes		(4,544)		-		(4,544)
Revenues from sales		40,520		(55)		40,465
Purchases net of inventory variation		(28,299)		(87)		(28,386)
Other operating expenses		(4,741)		(63)		(4,804)
Exploration costs		(179)		-		(179)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,531)		-		(1,531)
Other income		35		211		246
Other expense		(70)		(68)		(138)
Financial interest on debt		(159)		-		(159)
Financial income from marketable securities & cash equivalents		55		-		55
Cost of net debt		(104)		-		(104)
Other financial income		335		-		335
Other financial expense		(104)		-		(104)
Equity in net income (loss) of affiliates		462		(18)		444
Income taxes	Â	(3,459)	Â	27	Â	(3,432)
Consolidated net income		2,865		(53)		2,812
Group share		2,794		(68)		2,726
Non-controlling interests		71		15		86
							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
(unaudited)
							Â
1^st half 2012 (Mâ‚¬)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		100,317		(14)		100,303
Excise taxes		(8,952)		-		(8,952)
Revenues from sales		91,365		(14)		91,351
Purchases net of inventory variation		(63,797)		(538)		(64,335)
Other operating expenses		(10,811)		(108)		(10,919)
Exploration costs		(625)		-		(625)
Depreciation, depletion and amortization of tangible assets and mineral interests		(3,820)		(46)		(3,866)
Other income		305		209		514
Other expense		(200)		(347)		(547)
Financial interest on debt		(357)		-		(357)
Financial income from marketable securities & cash equivalents		59		-		59
Cost of net debt		(298)		-		(298)
Other financial income		294		-		294
Other financial expense		(254)		-		(254)
Equity in net income (loss) of affiliates		1,019		(42)		977
Income taxes	Â	(7,177)	Â	171	Â	(7,006)
Consolidated net income		6,001		(715)		5,286
Group share		5,932		(685)		5,247
Non-controlling interests		69		(30)		39
							Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
1^st half 2011 (Mâ‚¬)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		91,009		29		91,038
Excise taxes		(8,971)		-		(8,971)
Revenues from sales		82,038		29		82,067
Purchases net of inventory variation		(56,910)		1,269		(55,641)
Other operating expenses		(9,443)		(63)		(9,506)
Exploration costs		(438)		-		(438)
Depreciation, depletion and amortization of tangible assets and mineral interests		(3,217)		-		(3,217)
Other income		109		222		331
Other expense		(129)		(68)		(197)
Financial interest on debt		(295)		-		(295)
Financial income from marketable securities & cash equivalents		102		-		102
Cost of net debt		(193)		-		(193)
Other financial income		410		-		410
Other financial expense		(212)		-		(212)
Equity in net income (loss) of affiliates		929		21		950
Income taxes	Â	(6,880)	Â	(624)	Â	(7,504)
Consolidated net income		6,064		786		6,850
Group share		5,898		774		6,672
Non-controlling interests		166		12		178
							Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
							Â

Total
JÃ©rÃ´me SCHMITT
Philippe HERGAUX
Sandrine SABOUREAU
Laurent KETTENMEYER
Tel. :Â 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24
or
Robert HAMMOND (U.S.)
Tel. : (1) 201 626 3500
FaxÂ : (1) 201 626 4004
www.total.com

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