Final Results

Total Fina Elf.
30 January 2002


                    Preliminary Fourth Quarter and 2001 Results

           Fourth quarter 2001 net income excluding non-recurring items 
                     •  1.41 billion euros, a 34% decrease

                    2001 net income excluding non-recurring items 
                     •  7.50 billion euros, a 2% decrease
                     •  10.8 euros per share, stable compared to 2000



Paris, January 30, 2002 - The Board of Directors of TotalFinaElf, chaired by CEO
Thierry Desmarest, met on January 29, 2002.

The year 2001 was marred by the September 21 explosion at the Grande Paroisse
fertilizer plant in Toulouse, the cause of which is still unknown. The company
immediately indicated that it would act responsibly and provided support and
relief to the victims. TotalFinaElf and its employees have shown their
solidarity with those affected.

The year 2001 was very important in the evolution of TotalFinaElf. The success
of the merger fully materialized during the year, and major milestones, such as
the launching of important development projects, were achieved.

The Board reviewed the estimated fourth quarter and 2001 results.

TotalFinaElf resisted relatively well against the downturn in the oil market
environment that occurred during the second half of 2001. Fourth quarter 2001
net income excluding non-recurring items was 1.41 billion euros, a decline of
34% compared to the fourth quarter 2000.

Net income excluding non-recurring items for the year 2001 was 7.50 billion
euros, a decrease of only 2% compared to 2000. This good performance was due to
production growth combined with synergies and productivity programs that were
implemented at a faster pace than initially targeted. Due notably to the
accretive impact of significant share buy-backs made in 2001, the preliminary
2001 earnings per share excluding non-recurring items reached 10.82 euros, which
was the record level set in 2000.

Fourth quarter 2001 preliminary results

Consolidated sales fell by 24% to 23.6 billion euros in the fourth quarter 2001
from 31.2 billion euros in the fourth quarter 2000.

The oil market environment declined sharply in the fourth quarter 2001. The
average Brent oil price fell by 35% to 19.4 $/b in the fourth quarter 2001 from
29.7 $/b in the same quarter a year ago. European refining margins fell sharply
to 14.7 $/t from 31.0$/t over the same period. The dollar lost ground against
the euro, falling 3% to 0.90 dollar per euro in the fourth quarter 2001 from
0.87 dollar per euro in the fourth quarter 2000.

Operating income from the business segments excluding non-recurring items fell
by 41% to 2.38 billion euros in the fourth quarter 2001 compared to 4.05 billion
euros for the same quarter last year. There were no non-recurring items
affecting operating income in the fourth quarter 2001.

Net operating income from the business segments excluding non-recurring items
fell by 28% to 1.37 billion euros in the fourth quarter 2001 from 1.91 billion
euros in the fourth quarter 2000.

Net income excluding non-recurring items was 1.41 billion euros in the fourth
quarter 2001, 34% less than for the same quarter a year ago.

Earnings per share excluding non-recurring items, based on 676.1 million fully-
diluted weighted-average shares for the fourth quarter 2001, was 2.09 euros
compared to 2.99 euros for the fourth quarter 2000. The limited decrease of 30%
reflects the accretive impact of the significant share buy-backs made in 2001.

Reported net income for the fourth quarter 2001 was 0.63 billion euros, a 41%
decrease compared to the fourth quarter 2000. These results include non-
recurring items amounting to -0.78 billion euros in the fourth quarter 2001 and
-1.07 billion euros in the fourth quarter 2000. The fourth quarter 2001 non-
recurring items that had a positive impact on net income were essentially the
gains on sales of Sanofi-Synthelabo shares; while those having a negative impact
included mainly restructuring charges and FAS 121 write-downs in the Chemicals
segment as well as provisions related to the potential financial impact stemming
from the fertilizer plant explosion in Toulouse(1). The impact related to the
devaluation of the Argentine peso is not expected to be significant to the
company's 2001 results and no provision has been made.

TotalFinaElf bought back 12.8 million shares during the fourth quarter 2001 for
1.9 billion euros.  



(1)estimated liability in excess of insurance coverage in the event that Grande 
Paroisse is found to be liable for all damages

Preliminary 2001 results

Consolidated sales declined by 8% to 105.2 billion euros in 2001 from 114.6
billion euros in 2000.

The oil market environment was generally weaker in 2001 than in 2000. The
average Brent oil price fell by 14% to 24.4 $/b in 2001 from 28.5 $/b in 2000,
and European refining margins fell by 35% to 15.4 $/t from 23.8 $/t. The dollar
strengthened against the euro in 2001, with the average euro/dollar exchange
rate improving by 2% to 0.90 from 0.92.

Operating income from the business segments excluding non-recurring items
decreased by 13% to 13.00 billion euros in 2001 from 14.88 billion euros in
2000. Only the 2000 operating income was affected by non-recurring items.

The 1.9 billion euro decrease in 2001 operating income was primarily due to 3.1
billion euros for the overall negative impact of changes in the environment,
partially offset by 1.2 billion euros from realizations of self-help programs,
split 0.3 billion euros from production growth and 0.9 billion euros from
synergies and productivity.
                                                                  
The overall negative impact of changes in the 2001 market environment included:

•   -1.7 B€ due to the lower oil price,
•   +0.3 B€ due to the stronger dollar against the euro,
•   -0.9 B€ due to the lower refining margins,
•   -0.6 B€ due to the deterioration of the Chemicals environment,
•   -0.2 B€ due to other elements(2).

Net operating income from the business segments excluding non-recurring items
declined by 6% to 7.57 billion euros in 2001 from 8.03 billion euros in 2000.

Net income excluding non-recurring items declined by 2% to 7.50 billion euros in
2001 from 7.64 billion euros in 2000. 

Earnings per share excluding non-recurring items, based on 693.2 million fully-
diluted weighted-average shares for 2001, was 10.82 euros compared to 10.80 
euros in 2000. The record earnings per share level set in 2000 was maintained in 
2001 notably because of the accretive impact of the significant share buy-backs 
made in 2001.

Reported net income increased by 11% to 7.64 billion euros in 2001 from 6.90
billion euros in 2000. Non-recurring items had a net positive impact of 0.14
billion euros in 2001 and a net negative impact of 0.74 billion euros in 2000.

TotalFinaElf bought back 39.0 million shares(3) during 2001 for 6.1 billion 
euros.

The fully-diluted number of shares fell to 673.0 million at year-end 2001 from
708.9 million at year-end 2000. 

The net-debt-to-equity ratio decreased to an estimated 32% at year-end 2001 from 
33% at year-end 2000.  



(2)positive gas lag effect (+ 0.3 B€), combination of parameters (- 0.4 B€) and 
   impact of asset sales (- 0.1 B€)

(3)includes 2.76 million shares used to cover stock option program


Oil market environment

     4Q01       4Q00        %                         2001       2000       %

     0.90       0.87      -3%*    €/$                 0.90       0.92     +2%*

     19.4       29.7     -35%     Brent ($/b)         24.4       28.5    -14%
 
                                  European refining
     14.7       31.0     -53%     margins ($/t)       15.4       23.8    -35%

*change in the dollar versus the euro



Number of shares
     4Q01       4Q00        %     millions            2001       2000       %

    676.1      711.8      -5%     Fully-diluted      693.2      707.1     -2%
                                  weighted-average 
                                  shares



Consolidated accounts TotalFinaElf

     4Q01(e)     4Q00        %     in billions of    2001(e)      2000       %
                                  euros 

     23.6       31.2     -24%     Sales              105.2      114.6     -8%

     2.38       4.05     -41%     Operating income   13.00      14.88    -13%
                                  from business 
                                  Segments excluding 
                                  non-recurring 
                                  items

     1.37       1.91     -28%     Net operating       7.57       8.03     -6%
                                  income from 
                                  business segments
                                  excluding non-
                                  recurring items

     1.41       2.13     -34%     Net income          7.50       7.64     -2%
                                  excluding non-
                                  recurring items

     0.63       1.06     -41%     Net income          7.64       6.90    +11%

     2.09       2.99     -30%     Earnings per share 10.82      10.80       -
                                  (euros) excluding non-
                                  recurring items

      2.3       2.20      +5%     Investments          9.8       8.34    +18%

      0.9       0.83      +8%     Divestments          6.2       3.24    +91%
                                  based on selling 
                                  price*

*includes repayment of long-term loans



Impact of non-recurring items on net income
 
     4Q01(e)        4Q00      in billions of             2001(e)      2000       
                              euros 

       +0.43       -0.11      Gain on asset sales         +1.41      +0.36

       -0.60           -      Toulouse plant impact       -0.60          -

       -0.19       -0.47      Restructuring charges       -0.23      -0.47

       -0.23       -0.46      FAS 121                     -0.23      -0.46

       -0.19       -0.03      Other                       -0.21      -0.17

       -0.78       -1.07      Total                       +0.14      -0.74


Upstream

Operating income excluding non-recurring items from the Upstream segment
decreased by 11% to 8.96 billion euros in 2001 from 10.11 billion euros in 2000.
Gains from self-help programs, primarily production growth, partially offset the
negative impact of a weaker environment.

Net operating income excluding non-recurring items from the Upstream segment was
4.61 billion euros in 2001, a 5% decrease from the 4.84 billion euros in 2000.

Hydrocarbon production rose by 3.6% to 2.20 Mboe/d in 2001 from 2.124 Mboe/d in
2000. Excluding the impact of asset sales, the growth rate for Upstream
production in 2001 was 5.3%.

Production growth in 2001 resulted mainly from the start-ups of Elgin-Franklin
in the UK North Sea and heavy oil production from Sincor in Venezuela as well as
from increased production in Norway, Myanmar and Nigeria. 

Proved reserves continued to grow, increasing to 10.98 billion boe at year-end 
2001, as a result of exploration-appraisal activity. For consolidated 
subsidiaries, the estimated 1999-2001 3-year average reserve replacement rate 
was 184% at an average reserve replacement cost of 3.4 $/boe.

In addition to the Elgin-Franklin start-up, highlights for 2001 included first
production from the Girassol field in Angola and completion of the Sincor
upgrader, which will start production in early 2002.

Hydrocarbon production rose to 2.39 Mboe/d during December 2001



   4Q01(e)     4Q00    %  Upstream - key figures          2001(e)    2000     %

     2.33      2.17  +7%  Hydrocarbon production (Mboe/d)    2.20    2.12   +4%

     1.54      1.41  +9%  • Liquids (Mb/d)                   1.45    1.43   +1%
     4.28      4.16  +3%  • Gas (Bcfd)                       4.05    3.76   +8%

     1.55      2.76 -44%  Operating income (B€)              8.96   10.11  -11%
                          excluding non-recurring items     

     n.a.      n.a.       Net operating income (B€)          4.61    4.84   -5%
                          excluding non-recurring items     

     1.6       1.54  +4%  Investments (B€)                   6.9     5.64  +22%


Downstream

Operating income excluding non-recurring items from the Downstream segment
decreased by 6% to 2.96 billion euros in 2001 from 3.14 billion euros in 2000.

The solid performance by Downstream in the deteriorating market environment of
2001 was due primarily to a 0.7 billion euro positive impact on operating income
from the implementation of synergies and productivity programs. This positive
impact largely offset the 0.9 billion euro negative impact of changes in the
market parameters.

Net operating income excluding non-recurring items from the Downstream segment
was stable at 2.26 billion euros in 2001 compared to 2.23 billion euros in 2000.

Refinery throughput increased to 2.5 Mb/d in 2001 from 2.4 Mb/d in 2000. The
refinery capacity utilization rate further improved to 96% in 2001 from 94% in
2000. 


   4Q01(e)     4Q00    %  Downstream - key figures         2001(e)   2000     %

     2.5       2.4   +4%  Refinery throughput* (Mb/d)        2.5     2.4    +4%

     0.58      1.01 -43%  Operating income (B€)              2.96    3.14   -6%
                          excluding non-recurring items     

     n.a.      n.a.       Net operating income (B€)          2.26    2.23   +1%
                          excluding non-recurring items     

     0.3       0.57 -47%  Investments (B€)                   1.1     1.16   -5%

* includes share of Cepsa


Chemicals
 
Sales for the Chemicals segment declined by 6% to 19.6 billion euros in 2001
from 20.8 billion euros in 2000. 

Operating income excluding non-recurring items fell by 34% to 1.08 billion euros 
in 2001 from 1.63 billion euros in 2000.

The 2001 decrease in operating income for the Petrochemicals & plastics sector
was due to lower volumes and margins. Excluding divestment impacts, operating
income for the Intermediates & performance polymers sector was stable in 2001
relative to 2000. Specialty chemicals sales increased in 2001 due to
acquisitions made in 2000, but operating income suffered the effects of the
unfavorable US economic situation.

The Chemicals environment had a negative impact on operating income in 2001 of
approximately 0.6 billion euros. 

Net operating income excluding non-recurring items fell by 27% to 0.70 billion 
euros in 2001 from 0.96 billion euros in 2000.



   4Q01(e)     4QOO    %  Chemicals - key figures (B€)     2001(e)   2000     %


    4.23       5.34 -21%  Sales                             19.6    20.8    -6%

                          Sales by sector

    1.41       2.03 -31%  •Petrochemicals & plastics         7.00    7.98  -12%
                          •Intermediates & 
    1.05       1.52 -31%   performance polymers              4.75    5.31  -11%
    1.76       1.76   -   •Specialties                       7.78    7.50   +4%

 
    0.25       0.28 -11%  Operating income*                  1.08    1.63  -34%

                          Operating income by sector*

    0.04       0.07 -43%  •Petrochemicals & plastics         0.13    0.55  -76%
                          •Intermediates &
    0.07       0.09 -22%   performance polymers              0.45    0.48   -6%
    0.08       0.13 -38%  •Specialties                       0.49    0.62  -21%


    n.a.       n.a.       Net operating income*              0.70    0.96  -27%

    0.4        0.17 +135% Investments                        1.5     1.35  +11%


*excluding non-recurring items


Overview

In the less favorable 2001 oil market environment, the financial performance of
the operating segments remained solid, posting a return on capital employed(4)
of 20% compared to 21% in 2000.

Estimated return on equity for 2001 was 24% compared to 27% in 2000.  

Cash flow from operating activities before changes in working capital was 11.3 
billion euros in 2001, a 16% decrease from 2000.

Investments increased by 18% in 2001 to 9.8 billion euros, split 71% in
Upstream, 11% in Downstream, 16% in Chemicals and 2% in Corporate.

Divestments, based on selling price, amounted to 6.2 billion euros(5). 
Divestments were primarily comprised of sales of Sanofi-Synthelabo shares, the 
bulk of the participation in Cogema, the Ultramar Diamond Shamrock shares, the 
Downstream assets in France as required by the EU Commission, and non-strategic 
assets in the Upstream and Chemicals segments. 

For 2002, TotalFinaElf expects to maintain a high investment level of 9.7 
billion euros, approximately the same level as 2001, with priority given to 
Upstream growth. The 2002 budget for investments is split 73% in Upstream, 14% 
in  Downstream, and 13% in Chemicals.

The ongoing divestment program is expected to generate approximately 2 billion
euros in 2002, allowing TotalFinaElf to continue its share buy-back program.

Since the start of 2002, the oil market environment has been significantly less
favorable than in 2001. Strong production growth projected for 2002 combined
with ongoing synergies and productivity programs will enhance the underlying
profitability of TotalFinaElf and should limit the impact of a decline in the
oil market environment.    

To listen to the presentation to analysts by CEO Thierry Desmarest today at
11:00 (Paris time), please visit our web site www.totalfinaelf.com or call 
44 (0) 208 240 8242 / 44 (0) 208 240 8243 in Europe or 1 [phone] in the 
US (access code: TotalFinaElf). To listen to a replay of today's presentation, 
visit our web site or call 44 (0) 208 288 44 59 (access code: 636 372) in Europe 
or 1 [phone] in the US (access code: 140 9734).  

The financial information provided in this press release for the fourth quarter
of 2000 and 2001 and the full year 2001 are unaudited and based on internal
reporting. This document contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 with respect to the
financial condition, results of operations, business, strategy and plans of
TotalFinaElf. Such statements are based on a number of assumptions that could
ultimately prove inaccurate, and are subject to a number of risk factors,
including but not limited to currency fluctuations, the price of crude oil and
petroleum products, the ability to realize cost reductions and operating
efficiencies, environmental regulatory considerations and general economic and
business conditions. The financial information contained in this document has
been prepared in accordance with French GAAP, and certain elements would differ
materially upon reconciliation to US GAAP. TotalFinaElf does not assume any
obligation to update publicly any forward-looking statement, whether as a result
of new information, future events or otherwise. Further information on factors
which could affect the company's financial results is provided in documents
filed by the company and its affiliates with the French Commission des
Operations de Bourse and the US Securities and Exchange Commission.


(4) ROCE for business segments excludes amortization of goodwill in Chemicals 
(5) includes repayment of long-term loans



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