Final Results

Total S.A.
15 February 2006





Total reports sharply higher 2005 results

•  +31% to 12.0 billion for adjusted net income(1) in euros
•  +35% to 20.33 for adjusted earnings per share in euros


Investments increased by 26% in 2005 to 11.2 billion euros


Solid reserve replacement rate(2) of 120% in 2005


Proposed 2005 dividend of 6.48(3) euros per share, a 20% increase



• Results expressed in dollars(4)-(5)
4th Quarter 2005                                           Full year 2005
3.63 B$           +6%         Adjusted net income1         14.93 B$          +31%
6.18 $/share      +8%                                      25.29 $/share     +35%

2.78 B$           -43%        Net income                   15.3 B$           +13%



• Results in euros5
4th Quarter 2005                                           Full year 2005
3.05 B€           +16%        Adjusted net income 1        12.00 B€          +31%
5.20 €/share      +18%                                     20.33 €/share     +35%

2.34 B€           -37%        Net income                   12.3 B€           +13%



Paris, February 15, 2006 - The Board of Directors of Total, chaired by CEO
Thierry Desmarest, met on February 14, 2006 to review the fourth quarter 2005
results and to close the 2005 consolidated and parent company accounts.

Adjusted net income increased by 31% to 12,003 million euros (M€) compared to
2004.

Commenting on the results, Thierry Desmarest said :



Market conditions were favorable for the oil industry in 2005. In a context of
continued demand growth, the tension on production capacity, aggravated by the
effect of hurricanes in the Gulf of Mexico, raised oil prices and refining
margins to high levels.


Total's adjusted earnings per share increased by 35%, reflecting its ability to
benefit from the stronger market environment, despite inflationary pressure from
service companies. Total's performance ranks among the best of the majors in
terms of the increase in adjusted earnings per share and in terms of return on
capital employed, which rose to 27% in 2005.



Continued exploration success, the launching of Yemen LNG and the acquisition of
Deer Creek in Canada, among other things, have allowed us to increase the level
of proved and probable reserves to 20 billion equivalent barrels at the end of
2005, which represents close to 22 years of production at the current rate.



The Group invested 13.9 billion dollars in 2005, a 26% increase compared to
2004. This represents a significant level of activity that we expect will
continue at comparable levels from now through 2010 and should allow us mainly
to increase production by close to 4% per year on average over the 2005-2010
period. It should also allow us to upgrade our refining system in Europe and the
US to adapt to changes in the supply-demand balance as well as expand our
petrochemical activities in Asia.

• Total - consolidated accounts(6)
4Q05     4Q04     %      in millions of euros                     2005       2004       %
39,942   33,598   +19%   Sales                                    143,168    121,998    +17%
6,330    5,110    +24%   Adjusted operating income from business  23,669     17,217     +37%
                         segments
5,000    3,428    +46%   = Upstream                               18,421     12,844     +43%
1,083    1,213    -11%   = Downstream                             3,899      3,235      +21%
247      469      -47%   = Chemicals                              1,349      1,138      +19%
3,095    2,543    +22%   Net adjusted operating income from       11,902     8,957      +33%
                         business segments


2,341    3,731    -37%   Net income (Group share)                 12,273     10,868     +13%
3,052    2,635    +16%   Adjusted net income                      12,003     9,131      +31%
5.20     4.39     +18%   Earnings per share (euros)               20.33      15.05      +35%


3,799    3,329    +14%   Investments                              11,195     8,904      +26%
250      654      -62%   Divestments                              1,088      1,192      -9%

                         at selling price
3,171    3,822    -17%   Cash flow from operations                14,669     14,662     -






• Number of shares
4Q05      4Q04      %        In millions                              2005      2004   %
586.5     600.2     -2%      Fully-diluted weighted-average shares    590.5     606.6  -3%

• Market environment
4Q05     4Q04     %                                                 2005     2004   %
1.19     1.30     +9%*     US$ ($/€)                                1.24     1.24   -
56.9     44.0     +29%     Brent ($/b)                              54.5     38.3   +42%
45.5     42.4     +7%      European refining margins TRCV ($/t)     41.6     32.8   +27%

*change in the dollar versus the euro

• Adjustments to operating income from business segments
4Q05     4Q04     in millions of euros                                     2005       2004
(400)    (901)    Impact of special items on operating income from         (420)      (901)
                  business segments
(26)     (119)    •   Restructuring charges                                (26)       (119)
(238)    (681)    •   Impairments                                          (249)      (681)
(136)    (101)    •   Other                                                (145)      (101)
(914)    (419)    Pre-tax difference of FIFO vs. Replacement cost          1,265      719

(1,314)  (1,320)  Total adjustments affecting operating income from        845        (182)
                  business segments

• Adjustments to net income (Group share)
4Q05     4Q04     in millions of euros                                     2005       2004
(193)    1,490    Impact of special items on net income (Group share)      (467)      1 345
(42)     2,399    •   Equity share of special items recorded by            (207)      2,399
                  Sanofi-Aventis
                  (includes the gain on dilution from the 2004 merger)
-        53       •   Gain on asset sales                                  -          53
(40)     (100)    •   Restructuring charges                                (130)      (143)
(207)    (772)    •   Impairments                                          (215)      (772)
96       (90)     •   Other                                                85         (192)
(88)     (113)    Adjustment related to the Sanofi-Aventis merger*         (335)      (113)
                  (share of amortization of intangible assets)
(430)    (281)    After-tax difference of FIFO vs. Replacement cost        1,072      505

(711)    1,096    Total adjustments affecting net income                   270        1,737

* based on 13% participation in Sanofi-Aventis at year-end 2004 and 2005


Fourth quarter 2005 results

>   Operating income

Compared to the fourth quarter 2004, the fourth quarter 2005 oil market
environment had sharply higher oil prices (Brent +29% to 56.9 $/b) as well as a
more moderate increase in refining margins (TRCV European margins +7% to 45.5 
$/t).

European petrochemical margins recovered from their third quarter lows but
remained below the level of the fourth quarter 2004.

In this context, the adjusted operating income from business segments increased
by 24% to 6,330 M€ in the fourth quarter 2005 from 5,110 M€ in the fourth
quarter 2004.



Special items had a negative impact of 400 M€ on the fourth quarter 2005
operating income from business segments, primarily due to restructuring charges,
impairments and provisions for environmental liabilities in the Chemicals
segment, of which 300 M€ is related to Arkema.

In the fourth quarter 2004, special items affecting operating income from the
business segments had a negative impact of 901 M€, consisting mainly of
impairments of assets in the vinyl products and polyethylene activities in
Europe.



Adjusted net operating income from the business segments increased by 22% to
3,095 M€ from 2,543 M€ in the fourth quarter 2004.

>   Net income

Adjusted net income, which excludes notably the after-tax inventory effect of
-430 M€ in the fourth quarter 2005 and -281 M€ in the fourth quarter 2004,
increased by 16% to 3,052 M€ in the fourth quarter 2005 from 2,635 M€ in the
fourth quarter 2004.

The lower percentage increase in adjusted net income, relative to the increase
in net adjusted operating income from the business segments, includes the effect
of higher net cost of net debt and charges related to a stock offer reserved for
employees(7).



Special items had a negative impact of 193 M€ on the fourth quarter 2005. They
included the after-tax effects of provisions, restructuring charges and
impairments in the Chemicals segment, and -42 M€ for Total's equity share of
special items taken by Sanofi-Aventis.

In the fourth quarter 2004, special items had a net positive impact of 1,490 M€.
They included primarily the gain on dilution related to the merger of Sanofi and
Aventis, partially offset by negative impacts from the after-tax effect of
special items affecting operating income and by impairments in the Upstream and
Chemicals segments.



Net income(8) was 2,341 M€ compared to 3,731 M€ in the fourth quarter 2004.



In the fourth quarter 2005, the Group bought back 2.63 million of its shares for
558 M€.



Adjusted earnings per share, based on 586.5 million fully-diluted
weighted-average shares, rose to 5.20 euros in the fourth quarter 2005 from 4.39
euros in the fourth quarter 2004, an increase of 18%, which is a higher
percentage increase than for the adjusted net income thanks to the accretive
effect of share buybacks in 2005.

>   Investments

Investments rose to 3,799 M€ from 3,329 M€ in the fourth quarter 2004. The
fourth quarter 2005 includes the acquisition of the remaining 18% of Deer Creek
following the acquisition of 82% in the third quarter 2005.

Divestments in the fourth quarter 2005 were 250 M€.

>   Cash flow

Cash flow from operating activities was 3,171 M€ compared to 3,822 M€ in the
fourth quarter 2004. Excluding changes in working capital adjusted for the
pre-tax FIFO inventory effect, it increased by 18% to 4,459 M€.

Net cash flow(9) was -378 M€ compared to 1,147 M€ in the fourth quarter 2004.



• Full-year 2005 results



Consolidated sales increased by 17% to 143,168 M€ in 2005 from 121,998 M€ in
2004.

>   Operating income

Compared to 2004, the 2005 oil market environment was marked by strong increases
in the oil price (+42% for Brent to 54.5 $/b) and refining margins (+27% for
European TRCV margins to 41.6 $/t). The environment for Chemicals was generally
more favorable in 2005 than in 2004.



In this context, adjusted operating income from the business segments increased
by 37% to 23,669 M€ from 17,217 M€ in 2004.



Special items affecting operating income from the business segments had a
negative impact of 420 M€(10) in 2005 compared to a negative impact of 901 M€10
in 2004.



Adjusted net operating income from the business segments rose by 33% to 11,902
M€ from 8,957 M€ in 2004. The lower percentage increase relative to the increase
in operating income was due primarily to a higher effective tax rate in 2005.



Expressed in dollars, the increase in adjusted net operating income from 2004 to
2005 was 3.7 B$ and can be analyzed as follows :

•     + 4.0 B$ related to the stronger oil, gas and Chemicals environments,

•     - 0.25 B$ related to the effect of Gulf of Mexico hurricanes on the three
segments.

The contribution of self-help programs was offset by higher costs in the
Upstream and strikes in France.

>   Net income

Adjusted net income, which excludes after-tax inventory effects of 1,072 M€ in
2005 and 505 M€ in 2004, increased by 31% to 12,003 M€ in 2005 from 9,131 M€ in
2004.



Special items had a negative impact of 467 M€10 on 2005 net income and a
positive impact of 1,345 M€10 on 2004 net income.



Reported net income(11) rose to 12,273 M€ from 10,868 M€ in 2004.



In 2005, the Group bought back 18.3 million shares(12), or nearly 3% of its
capital, for 3,486 M€. In January 2006, the Group bought back 1.9 million shares
for 421 M€.

At December 31, 2005 the number of fully-diluted shares was 586.0 million
compared to 597.7 million a year earlier, representing a decrease of about 2%.



Adjusted earnings per share, based on 590.5 million fully-diluted
weighted-average shares, rose to 20.33 euros in 2005 from 15.05 euros in 2004,
an increase of 35%, which is a higher percentage increase than shown for the
adjusted net income thanks to the accretive impact of the share buybacks.




>   Investments

In 2005, investments rose to 11,195 M€ from 8,904 M€ in 2004. Expressed in
dollars, investments rose to 13.9 B$, a 26% increase compared to 2004, and
included 1.8 B$ for targeted acquisitions, mainly Deer Creek in Canada for 1.4
B$.



Divestments in 2005 were 1,088 M€ and included the sale of 1.85% of Kashagan to
KazMunaiGas and Total's interest in Humber Power, the UK power generation
company.

>   Cash flow

Cash flow from operating activities rose to 14,669 M€ from 14,662 M€ in 2004.
Excluding changes in working capital adjusted for the pre-tax FIFO inventory
effect, cash flow increased by 23% to 17,406 M€.



Net cash flow for the Group was 4,562 M€ in 2005 compared to 6,950 M€ in 2004.



The net-debt-to-equity ratio was 32% at December 31, 2005 compared to 25.6% at
September 30, 2005 and 30.7% at December 31, 2004(13).




• Analysis of segment results

Upstream

>   Results
4Q05      4Q04      %        in millions of euros                 2005       2004       %
5,000     3,428     +46%     Adjusted operating income*           18,421     12,844     +43%
2,132     1,405     +52%     Adjusted net operating income*       8,029      5,859      +37%

2,521     2,269     +11%     Investments                          8,111      6,202      +31%
141       322       -56%     Divestments                          692        637        +9%
                             at selling price
2,374     3,099     -23%     Cash flow from operating activities  10,111     10,347     -2%

* adjustment detail included in the business segment information



Adjusted operating income from the Upstream segment increased by 46% to 5,000 M€
in the fourth quarter 2005 from 3,428 M€ in the same period of 2004.



The increase reflects essentially the benefits of higher hydrocarbon prices, for
both liquids and gas, and the 9% appreciation of the dollar versus the euro,
which were slightly offset by the impact of a decrease in production.



Adjusted net operating income for the Upstream segment rose to 2,132 M€ in the
fourth quarter 2005, an increase of 52%. The higher percentage increase relative
to the change in operating income reflects primarily the increase in equity
income from affiliates while the effective tax rate was little changed across
the two periods.



The 23% decrease in cash flow from Upstream operating activities reflected in
part an increase in working capital in the fourth quarter 2005 that was due to
the effect of sharply higher prices on gas marketing activities. Excluding
changes in working capital, Upstream cash flow increased by 22%.



For the full year 2005, adjusted net operating income from the Upstream segment
increased by 37% to 8,029 M€ from 5,859 M€ in 2004.



Expressed in dollars, the increase in adjusted net operating income from the
Upstream segment was 2.7 B$. The estimated 3 B$ benefit from the stronger oil
and gas market environment was partially offset by the estimated -0.2 B$ impact
of lower production, excluding the price effect, that was essentially due to
hurricanes in the Gulf of Mexico, and by other factors, including higher costs,
estimated at -0.1 B$.



Technical costs (FAS 69 consolidated subsidiaries only) were 8.5 $/boe in 2005
compared to 8.0 $/boe in 2004.






>   Production
4Q05      4Q04      %        Hydrocarbon production               2005       2004       %
2,463     2,628     -6%      Combined production (kboe/d)         2,489      2,585      -4%
1,592     1,684     -5%      = Liquids (kb/b)                     1,621      1,695      -4%
4,896     5,323     -8%      = Gas (Mcfd)                         4,780      4,894      -2%



Hydrocarbon production was 2,463 thousand equivalent barrels per day (kboe/d) in
the fourth quarter 2005 compared to 2,628 kboe/d in the fourth quarter 2004,
representing a decline of 6%.



About half of this decline is due to the negative impact on entitlement volumes
linked to higher prices in the fourth quarter 2005 versus the fourth quarter
2004 ( price effect ).



Excluding the price effect, production was lower mainly due to shutdowns in the
North Sea, France and Congo. Progressive start-ups of Ekofisk Area Growth in
Norway and Bonga in Nigeria made only a small contribution to fourth quarter
2005 production.



For the full year, production declined by 3.7% in 2005 compared to 2004.

Adjusted for the price effect and excluding the impact of the hurricanes in the
Gulf of Mexico, the Group's hydrocarbon production remained stable in 2005.

Production growth mainly from Venezuela, Libya, Indonesia, Trinidad and
Argentina were offset by decreases in the North Sea (notably due to the
decommissioning of Frigg) and Syria.



>  Liquids and gas price realizations
4Q05     4Q04     %      Liquids and gas price*               2005     2004     %
54.5     40.6     +34%   Average liquids price ($/b)          51.0     36.3     +40%
  5.68     4.24    +34%  Average gas price ($/Mbtu)             4.77     3.74    +28%

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



The average realized liquids price increased by 34% in the fourth quarter 2005
compared to the fourth quarter 2004, while the benchmark Brent price rose by
29%. The stronger increase in Total's liquids price was due primarily to the
increased contribution of the Sincor upgrader in Venezuela, which was
debottlenecked in the fourth quarter 2004.



For the year 2005, the increase in the average realized price for liquids was
globally in line with the increase in the price of Brent, reflecting the high
quality and price sensitivity of Total's liquids production. Realized gas prices
increased in all producing areas, gradually benefiting from the positive effects
of high crude oil prices on long-term gas contracts, notably in Europe.




>   Year-end 2005 reserves
Reserves at December 31                              2005      2004      %
Hydrocarbon reserves (Mboe)                        11,106    11,148     -
= Liquids (Mb)                                      6,592     7,003     -6%
= Gas (Bcf)                                        24,750    22,785    +9%



Proved reserves, calculated according to SEC rules, were 11,106 Mboe at December
31, 2005, representing 12.2 years of production at the current rate. Using
year-end prices (Brent at 58.2 $/b), as required by the SEC, for the calculation
had a negative impact on proved reserves estimated at 0.2 Bboe.



The reserve replacement rate(14) for the 2003-2005 period, based on SEC rules,
was 97% for the Group (consolidated subsidiaries and equity affiliates). For
2005, the rate was 95%.

Excluding the impact of changing prices (Brent constant at 40 $/b), the Group's
reserve replacement rate would be 118% for the 2003-2005 period and 120% for
2005.



At year-end 2005, Total had a solid and diversified portfolio of proved and
probable reserves representing 20 Bboe, or close to 22 years of production at
the current rate(15).

>   Highlights since the start of the fourth quarter 2005

Total continued to expand its acreage by securing an exploration block in Libya
and four offshore licenses in the Norwegian North Sea.



Notable exploration successes included two discoveries in one month on Libya's
Block NC-186 (Total 24%), an oil discovery in Yemen in the East Shabwa
Development Area (Total-operated, 28.6%), and in the ultra-deep Angolan offshore
a successful confirmation of the Gengibre discovery on Block 32 (Total-operated,
30%). The recent announcement of the fifth discovery, Mostarda-1, adds to the
potential of Block 32.



Total recently agreed to take a 50% interest in the Victoria discovery on the
PL211 license in Norway and, at the same time, to reduce its interest in
Tyrihans on the PL073 license from 26.51% to 21.51%.



Several projects started up recently : the first wells on the Ekofisk Area
Growth project (Total 39.9%, 100 kboe/d plateau) and Kristin (Total 6%, 220 kboe
/d plateau) in Norway, Bonga (Total 12.5%, more than 200 kb/d plateau) in
Nigeria, Forvie North (Total 100%, 20 kboe/d plateau) in the UK, and the Belize
field, the first step in developing BBLT on Block 14 (Total 20%, 200 kb/d
plateau) in Angola.



Total has repositioned its US portfolio. In December 2005, Total sold its
interests in four onshore fields in South Texas that represented about 100 Mcfd
of production in exchange for a 17% interest in the Tahiti field in the deep
Gulf of Mexico. The Tahiti field is expected to start up in 2008 and reach a
plateau of 125 kb/d and 70 Mcfd. More recently, Total announced the sale of its
remaining onshore fields in East Texas and Mississippi.



Total finalized the acquisition of the remaining shares of Deer Creek, which
owns 84% of the Joslyn field in the Athabasca region of Canada.








Downstream

>   Results
4Q05      4Q04      %        in millions of euros                 2005       2004       %
1,083     1,213     -11%     Adjusted operating income*           3,899      3,235      +21%
799       838       -5%      Net adjusted operating income*       2,916      2,331      +25%

710      724      -2%       Investments                          1,779      1,675      +6%
80       73       +10%      Divestments                          204        200        +2%
                            at selling price
211      260      -19%      Cash flow from operating activities  2,723      3,269      -17%

* adjustment detail included in the business segment information



Adjusted operating income from the Downstream segment in the fourth quarter 2005
was 1,083 M€, a decrease of 11% compared to the fourth quarter 2004.



The environment for refining was volatile in the fourth quarter 2005, with
margins spiking to historic highs in October in the wake of the Gulf of Mexico
hurricanes but then falling sharply afterwards. European TRCV margins were
slightly higher in the fourth quarter 2005 than in the fourth quarter 2004.

In addition, the combination of the hurricane-related shutdown of the Port
Arthur refinery and the strike at Normandy while margins were very high had a
strong negative impact on results.



Downstream results benefited from ongoing self-help programs.



Adjusted net operating income from the Downstream segment was 799 M€ in the
fourth quarter 2005 compared to 838 M€ in the fourth quarter 2004, a decrease of
5%.



Cash flow from Downstream operating activities suffered due a sharp increase in
working capital in the fourth quarter 2005.



For the full year 2005, adjusted net operating income from the Downstream
segment rose to 2,916 M€ from 2,331 M€ in 2004, an increase of 25%.



Expressed in dollars, the increase in adjusted net operating income from the
Downstream segment was 0.7 B$. The stronger Downstream environment had a
positive impact estimated at 0.8 B$. Self-help programs contributed about 0.15
B$ but this contribution was more than offset by an estimated -0.25 B$ for the
combined impact of strikes in France and Hurricane Rita in the US.




>   Refinery throughput
4Q05      4Q04      %        Refinery throughput (kb/d)           2005       2004       %
2,420     2,485     -3%      Total refinery throughput*           2,410      2,496      -3%
928       951       -2%      (S)   France                         939        995        -6%
1,204     1,202     -        (S)   Rest of Europe*                1,158      1,188      -3%
288       332       -13%     (S)   Rest of world                  313        313        -

*includes share of Cepsa



Refinery throughput was 2,420 kb/d in the fourth quarter 2005, a 3% decrease
compared to the fourth quarter 2004. The refinery utilization rate was 89%.



The decrease was due essentially to the impacts of the strike at the Normandy
refinery and the shutdown of the Port Arthur refinery after Hurricane Rita.



For the full year 2005, refinery throughput declined by 3% to 2,410 kb/d from
2,496 kb/d in 2004. The refinery utilization rate was 88% in 2005. Excluding the
impacts of the strikes in France and Hurricane Rita in the US, the refinery
utilization rate was 91% in 2005, 1% below the rate for 2004 due to a larger
program of major turnarounds.

There are fewer major turnarounds scheduled for 2006.

>   Highlights since the start of the fourth quarter 2005

Total finalized the agreements to sell its 18% interest in the Reichstett
refinery in France and to increase its share in the Rome refinery in Italy.
Total's interest in the Rome refinery has been increased to 71.9%.



On December 11, 2005, explosions occurred at the Buncefield fuel depot in the
UK, the cause of which are still undetermined.



Chemicals

>   Results
4Q05      4Q04      %        in millions of euros                 2005       2004       %
5,671     5,245     +8%      Sales                                22,326     20,042     +11%
2,641     2,429     +9%      =            Base chemicals          10,245     8,864      +16%
1,653     1,534     +8%      =            Specialties             6,520      6,015      +8%
1,377     1,280     +8%      =            Arkema                  5,561      5,156      +8%
 -         2         ns       =            Corporate Chemicals     -          7          ns
247       469       -47%     Adjusted operating income*           1,349      1,138      +19%
100       275       -64%     =            Base chemicals          579        505        +15%
144       120       +20%     =            Specialties             548        499        +10%
17        74        -77%     =            Arkema                  233        119        +96%
(14)      -         ns       =            Corporate Chemicals     (11)       15         ns
164       300      -45%      Net adjusted operating income*       957        767      +25%

437        304        +44%   Investments                          1,115      949        +17%
29         54         -46%   Divestments                          59         122        -52%
                             at selling price
161        338        -52%   Cash flow from operating activities* 946        600        +58%
                             *

* adjustment detail included in the business segment information

** includes disbursements related to the Toulouse-AZF reserve of 77 M€ in 2005
and 316 M€ in 2004



Adjusted operating income decreased by 47% to 247 M€ in the fourth quarter 2005
from 469 M€ in the fourth quarter 2004.



Fourth quarter 2005 petrochemical margins in Europe were below the level of the
fourth quarter 2004 but above the level of the third quarter 2005. In addition
to the margin effect, operating income for the Base chemicals sector were
negatively affected by the shutdowns of the Port Arthur steamcracker (related to
hurricanes) and the Gonfreville cracker (related to its 5-year turnaround).

Specialties performed well.

Arkema's results include the negative impact of charges related to the
preparation of the spin-off, which is planned for the first half 2006.



Adjusted net operating income from the Chemicals segment was 164 M€ in the
fourth quarter 2005 compared to 300 M€ for the fourth quarter 2004.

For the full year 2005, adjusted net operating income from the Chemicals segment
rose to 957 M€ from 767 M€ in 2004, an increase of 25%.

>   Highlights since the start of the fourth Quarter 2005

Samsung-Total Petrochemicals (Total 50%) launched a major project to expand its
site in Daesan, South Korea, by 2008 that will increase the capacity of its
cracker to 850 kt/y (+30%) and add production capacity for styrene and
polypropylene.



Bostik, a Total subsidiary specializing in adhesives, acquired two companies,
Laybond (United Kingdom) and Global Brands (Philippines) to strengthen its
market share.



Arkema continued to reorganize in advance of the planned spin-off with an
effective date of May 18, 2006.



• Total S.A. parent company accounts, proposed dividend and stock split

The parent company, Total S.A., reported net earnings of 4,143 M€ in 2005
compared to 3,443 M€ in 2004. The Board of Directors, after closing the
accounts, decided to propose at the May 12, 2006 Annual Meeting a dividend of
6.48 euros per share for 2005, a 20% increase compared to 2004.

The pay-out ratio for Total in 2005, based on adjusted net income, would be 32%.



Taking into account the interim dividend of 3 euros per share paid on November
24, 2005, the remaining 3.48 euros of the 2005 dividend will be paid on May 18,
2006.



The Board of Directors intends to propose at the May 12, 2006 Annual Meeting a
four-for-one stock split for the 10 euro nominal value shares, effective May 18,
2006. Contingent upon splitting the Total shares, the company will split its
American Depositary Receipts (ADRs) two-for-one, such that one ADR will then
correspond to one share.



• Summary and outlook

The return on average capital employed (ROACE(16)) for the Group was 27% in 2005
(30% for the business segments), at the level of the best in the industry.
Profitability increased in 2005 for all business segments(17) :

•          Upstream ROACE increased to 40% from 36% in 2004.

•          Downstream ROACE increased to 28% from 25%.

•          Chemicals ROACE increased to 11% from 9%. Excluding Arkema, it
increased to 12% in 2005 from 11% in 2004.

Return on equity rose to 35% in 2005 from 33% in 2004.



In the Upstream, Total is pursuing a strategy of profitable growth that should
translate into production growth of close to 4% per year on average between 2005
and 2010(18). This growth will be particularly significant in Africa, where the
growth rate is expected to be 7% per year on average through 201018. Beyond 2010
the portfolio of projects offers strong visibility, notably thanks to continued
exploration success over the past years and to new giant gas and heavy oil
projects.



In the Downstream, the contribution of new conversion and desulphurization
projects combined with ongoing productivity programs should allow the segment to
achieve a ROACE of 20% by 2010 and increase cash flow from operating activities
by 0.9 B€ per year in an environment of 25 $/t(19) European refining margins
(TRCV).



In petrochemicals, Total's objective is to continue to increase its polymers
production, particularly in Asia and the Middle East while reducing its fixed
cost per unit. The Chemicals segment continues to target a ROACE of 12% at
mid-cycle by 2010.



As for renewable energies, in a new step forward in the wind energy business,
Total has been selected to build the largest onshore wind farm project in France
in the Aveyron region. The 90 MW project is expected to start up in 2008. In
addition, the Group expects a five-fold increase in the production of its
photovoltaic cells and plans to build a new solar panel factory in Toulouse.



Implementing the Group's growth strategy depends on a sustained investment
program. Using a €/$ exchange rate of 1.20, the 2006 Capex budget is about 13.5
B$, including 10 B$ for the Upstream segment(20). Over the period 2006-2010
investments should remain relatively stable.



The net-debt-to-equity ratio for the Group is targeted to remain at around 25%
to 30%.



Total intends to pursue a dynamic dividend policy. Cash flow remaining after
investments and the payment of the dividend will be available for share
buybacks.



The 2006-2007 period will be notable for the size and number of major Upstream
project start-ups, including among them Dalia, BBLT and Rosa in Angola, Dolphin
in Qatar, Surmont and Joslyn in Canada as well as the start-up of the
hydrocracker at the Normandy refinery. The contribution of these start-ups will
be significant by the end of 2006.

During 2006, Total expects to rebalance its Chemicals portfolio by spinning off
Arkema, which is one of the proposals shareholders will vote on at the May 12
Annual Meeting.



Since the start of 2006, the oil market environment has remained globally
favorable, with high oil and gas prices but with European refining margins
significantly below fourth quarter 2005 levels.





To listen to an English translation the presentation to financial analysts by
CEO Thierry Desmarest and senior management today at 11:00 (Paris time) please
visit the Group's website www.total.com or call [phone] in Europe
or 1 334 323 6201 in the United States (code:Total). For a replay, access the
website or call [phone] in Europe or 1 954 355 0342 (code: 690
023).There will be a presentation in English to analysts in London tomorrow at
12:30 (London time) that can be accessed using the same call-in numbers.





This document may contain 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 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. Total 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 Group and its affiliates
with the French Autorite des Marches Financiers and the US Securities and
Exchange Commission.



The business segment information is presented in accordance with the Group
internal reporting system used by the Chief operating decision maker to measure
performance and allocate resources internally. Due to their particular nature or
significance, certain transactions qualified as 'special items' are monitored at
the Group level and excluded from the business segment figures. In general,
special items relate to transactions that are significant, infrequent or
unusual. However, in certain instances, certain transactions such as
restructuring costs or assets disposals, which are not considered to be
representative of normal course of business, may be qualified as special items
although they may have occurred within prior years or are likely to recur within
following years.

In accordance with IAS 2, the Group values inventories of crude oil and
petroleum products in the financial statements in accordance with the FIFO
(First in, First out) method and other inventories using the weighted-average
cost method. However, in the note setting forth information by business segment,
the Group continues to present the results for the Downstream segment according
to the replacement cost method and those of the Chemicals segment according to
the LIFO (Last in, First out) method in order to ensure the comparability of the
Group's results with those of its main competitors, notably from North America.
The inventory valuation effect is the difference between the results according
to the FIFO method and the results according to the replacement cost or LIFO
method.

In this framework, performance measures such as adjusted operating income,
adjusted net operating income and adjusted net income are defined as incomes
using replacement cost, adjusted for special items and excluding Total's equity
share of the amortization of intangibles related to the Sanofi-Aventis merger.
They are meant to facilitate the analysis of the financial performance and the
comparison of income between periods.



Cautionary Note to U.S. Investors - The United States Securities and Exchange
Commission permits oil and gas companies, in their filings with the SEC, to
disclose only proved reserves that a company has demonstrated by actual
production or conclusive formation tests to be economically and legally
producible under existing economic and operating conditions. We use certain
terms in this presentation, such as 'proved and probable reserves', that the
SEC's guidelines strictly prohibit us from including in filings with the SEC.
U.S. Investors are urged to consider closely the disclosure in our Form 20F,
File Ndegrees 1-10888, available from us at 2, place de la Coupole - La Defense
6 - 92078 Paris la Defense cedex - France. You can also obtain this form from
the SEC by calling 1-800-SEC-0330.



                       Operating information by segment
                       Fourth quarter and full-year 2005


• Upstream


4T05      4T04      %        Combined production by region (kboe/ 2005       2004       %
                             d)
759       858       -12%     Europe                               770        832        -7%
756       840       -10%     Africa                               776        813        -5%
33        37        -11%     North America                        41         61         -33%
247       255       -3%      Far East                             248        245        +1%
410       442       -7%      Middle East                          398        412        -3%
249       187       +33%     South America                        247        213        +16%
9         9         -        Rest of world                        9          9          -
2,463     2,628     -6%      Total                                2,489      2,585      -4%




4Q05      4Q04      %        Liquids production by region (kb/d)  2005       2004       %
381       442       -14%     Europe                               390        424        -8%
678       720       -6%      Africa                               696        730        -5%
3         2         +50%     North America                        9          16         -44%
26        29        -10%     Far East                             29         31         -6%
359       382       -6%      Middle East                          346        357        -3%
137       100       +37%     South America                        143        128        +12%
8         9         -11%     Rest of world                        8          9          -11%
1,592     1,684     -5%      Total                                1,621      1,695      -4%




4Q05      4Q04      %        Gas production by region (Mcfd)      2005       2004       %
2,048     2,267     -10%     Europe                               2,063      2,218      -7%
412       640       -36%     Africa                               422        444        -5%
156       181       -14%     North America                        174        241        -28%
1,366     1,394     -2%      Far East                             1,254      1,224      +2%
274       324       -15%     Middle East                          279        293        -5%
638       517       +23%     South America                        586        474        +24%
2         -         ns       Rest of world                        2          -          Ns
4,896     5,323     -8%      Production totale                    4,780      4,894      -2%





• Downstream


4Q05      4Q04      %        Refined product sales by region (kb/ 2005       2004       %
                             d)*
2,912     2,555     +14%     Europe                               2,742      2,693      +2%
337       339       -1%      Africa                               336        306        +10%
571       559       +2%      Americas                             623        605        +3%
208       189       +10%     Rest of world                        184        167        +10%
4,028     3,642     +11%     Total*                               3,885      3,771      +3%

•          includes equity share in Cepsa and trading



                               2006 Sensitivities

                         Scenario    Change       Impact on operating          Impact on net
                                                  results(e)               operating results(e)
€/$                      1.20 $/€    +0.1 € per $ +1.6 B€                  +0.8 B€

Brent                    40-50 $/b   +1 $/b       +0.41 B€                 +0.17 B€
European refining        25 $/t      +1 $/t       +0.09 B€                 +0.06 B€
margins TRCV



                            Net-debt-to-equity ratio




in millions of euros                                             12/31/2005         9/30/2005           12/31/2004
Current borrowings                                                  3,920             12,856              3,614
Net Current financial instruments                                   (301)             (806)               (134)
Non-current financial debt                                         13,793             13,377              11,289
Hedging instruments of non-current debt                             (477)             (599)              (1,516)
Cash and cash equivalents                                          (4,318)           (14,989)            (3,860)
Net debt                                                           12,617             9,839               9,393

Shareholders' equity                                               40,645             39,725              31,608
Accrued dividend payable*                                          (2,006)           (2,362)             (1,778)
MMPS                                                                  -                 -                  147
Minority interests                                                   838              1,015                663
Equity                                                             39,477             38,378              30,640

Net-debt-to-equity ratio                                            32.0%             25.6%               30.7%

* theoretical distribution of a dividend equal to 6.48 €/share, less the interim
dividend of 1,746 M€ paid in November 2005



                   Return on average capital employed in 2005


in millions of euros           Upstream   Downstream       Chemicals**           Segments                   Group
Adjusted net operating income    8,029       2,916             957                11,902                    12,576
Capital employed 31/12/2004*    16,280       9,654            8,263               34,197                    40,372
Capital employed 31/12/2005*    23,522      11,421            9,120               44,063                    51,576
ROACE                            40.3%       27.7%            11.0%               30.4%                     27.4%

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

** Capital employed for Chemicals reduced for the Toulouse-AZF reserve in the
amount of 110 M€ pre-tax at 12/31/2004 and 133 M€ pre-tax at 12/31/2005




                   Return on average capital employed in 2004




in millions of euros           Upstream   Downstream      Chemicals **           Segments                   Group
Adjusted net operating income    5,859      2,331              767                8,957                     9,520
Capital employed 31/12/2003*    16,596      9,055             8,714               34,365                    38,313
Capital employed 31/12/2004*    16,280      9,654             8,263               34,197                    40,372
ROACE                            35.6%      24.9%             9.0%                26.1%                     24.2%

* at replacement cost

** Capital employed for Chemicals reduced for the Toulouse-AZF reserve in the
amount of 276 M€ pre-tax at 12/31/2003 and 110 M€ pre-tax at 12/31/2004



--------------------------


(1) adjusted net income = net income using replacement cost (Group share)
adjusted for special items and excluding Total's share of amortization of
intangibles related to the Sanofi-Aventis merger


(2) reserve replacement rate for the Group (consolidated subsidiaries and equity
affiliates), excluding the impact of changing prices and based on a 40 $/b
scenario


(3) including the interim dividend of 3 euros per share paid on November 24,
2005


(4) dollar amounts represent euro amounts converted at the average €/$ exchange
rate for the period (1.1884 dollars per euro in the fourth quarter 2005, 1.2977
in the fourth quarter 2004, 1.2441 for 2005 and 1.2439 for 2004)


(5) percent changes are relative to the same period in 2004


(6) adjusted income (adjusted operating income, adjusted net operating income,
adjusted net income) is defined as income using replacement cost, adjusted for
special items and excluding Total's equity share of amortization of intangibles
related to the Sanofi-Aventis merger


(7) as required under IFRS


(8) reported net income includes special items, after-tax inventory valuation
effects and Total's equity share of the amortization of intangibles related to
the Sanofi-Aventis merger


(9) net cash flow = cash flow from operating activities + divestments -
investments


(10) special items are shown in the table on page 3


(11) reported net income includes special items, the after-tax inventory
valuation effects and Total's equity share of the amortization of intangibles
related to the Sanofi-Aventis merger


(12) including 0.57 million shares which are reserved for share grants as per
the decision of the Board on July 19, 2005


(13)  details of the calculation are available on page 17


(14) change in reserves excluding production (i.e. revisions + discoveries,
extensions + acquisitions - sales) / production for the period


(15) limited to proved and probable reserves covered by E&P contracts on fields
that have been drilled and for which technical studies have demonstrated
economic development in a 40 $/b Brent environment, including the portion of
heavy oil in the Joslyn field developed by mining


(16) adjusted net operating income divided by average replacement cost capital
employed


(17) details of the calculation are available on page 18


(18) based on 40 $/b Brent


(19) approx. average TRCV over the past five years


(20) excluding acquisitions


                      This information is provided by RNS
            The company news service from the London Stock Exchange