Interim Results

TOTAL FINA SA
8 September 1999


                   TOTALFINA FIRST HALF NET INCOME SHOWS GOOD
                    RESISTANCE TO LESS FAVORABLE ENVIRONMENT

TOTALFINA's Board of Directors, chaired by CEO Thierry Desmarest, met on
September 7, 1999 to review the consolidated financial statements for the six
months ended June 30, 1999.

Group sales for the 1999 first half amounted to 115.6 billion francs (17.6
billion euros), a decline of 2.9 percent versus the pro forma 1998 first half.
Operating income from the business segments for the 1999 first half was 7,976
million francs (1,216 million euros), a 17.9-percent decrease versus the pro
forma 1998 first half. Consolidated net income for the 1999 first half was 4,874
million francs (743 million euros), a 15.8-percent decrease compared to the pro
forma 1998 first half, excluding non-recurring items. 

Earnings per share were 13.88 francs (2.12 euros) based on a fully diluted
weighted-average number of shares outstanding of 351.1 million in the 1999 first
half. 

Consolidated Accounts

in millions of francs              1 H 99    1 H 98*     Full Year 1998*

Sales                              115,571   119,016        229,463
Operating income from                7,976     9,715(1)      17,162(1)
 business segments
Net income (Group share)             4,874     5,787(1)      10,070(1)
Cash flow                           13,169    14,665         26,401

Earnings per share (FRF)             13.88     16.45(1)       28.67(1)
Earnings per ADR ($)(2)               1.15    1.36(1)          2.43(1)

*   pro forma
(1) excluding non-recurring items 
(2) using average FX rate 1H99: $/FRF 6.02 
                          1H98: $/FRF 6.06 
                          1998: $/FRF 5.90




in millions of euros        1 H 99   1 H 98*   Full Year 1998*

Sales                       17,619    18,144         34,981

Operating income from        1,216     1,481(1)       2,617(1)
 business segments

Net income (Group share)       743       882(1)       1,535(1)

Cash flow                    2,008     2,236          4,025

Earnings per share (euros)    2.12      2.51(1)        4.37(1)
Earnings per ADR ($)(2)       1.15      1.36(1)        2.43(1)

*    pro forma
(1)  excluding non-recurring items
(2)  using average FX rate 1H99: EUR/$ 1.09
                           1H98: EUR/$ 1.08
                           1998: EUR/$ 1.11

Changes in the environment

The average Brent oil price decreased by 2% to $13.42/bbl in the 1999 first
half from $13.65/bbl in the 1998 first half. The dollar was relatively stable
at 6.02 FRF versus 6.06 FRF. European refining margins fell by 45% to $9.35/t
versus $17.1/t.

The change in the environment (dollar, oil prices, European refining margins and
petrochemical margins) had a negative impact of 2.4 billion francs (360 million
euros) on the operating income from business segments. 
The lag effect for natural gas and refined product prices had a negative impact
of 590 million francs (90 million euros). The natural gas price fell by 15% as
compared to the same period last year. 
The impact of changes in the environment was partially offset by an increase of
1.2 billion francs (185 million euros) from growth in the sectors, productivity
gains, and synergies stemming from the merger with Petrofina.


Operating income by business segment

in millions of francs       1 H 99    1 H 98(3)    Change    Year 1998(3)

Upstream                     4,166        4,460     -6.6%      7,494
Downstream                   1,848        2,585    -28.4%      5,044
Chemicals                    1,962        2,670    -26.5%      4,624

Total                        7,976        9,715    -17.9%     17,162


in millions of euros        1 H 99    1 H 98(3)    Change    Year 1998(3)

Upstream                       635          680     -6.6%      1,142
Downstream                     282          394    -28.4%        770
Chemicals                      299          407    -26.5%        705
Total                        1,216        1,481    -17.9%      2,617

(3)  pro forma, excluding non-recurring items

Upstream : Upstream production rose to 1,116 mboe/d (723 mb/d of liquids and
393 mboe/d of gas) in the 1998 first half versus 1,097 mboe/d in the pro forma
1998 first half. Production growth in Southeast Asia, the Middle East, North
Africa, and Latin America more than offset the negative impacts of OPEC quota
reductions and the estimated 20 mboe/d impact of divestments.

Downstream : operating income for the Downstream segment showed a decrease of
28.4%. The sharp decline in European and US refining margins was partially
offset by an improvement in the European refining break-even point and by the
increase in marketing and trading activities in Europe and overseas.

Chemicals : operating income fell by 26.5% due to lower petrochemical margins.
The specialty chemicals, however, continued to improve their performance.


Investments and cash flow
- Cash flow declined to 13,169 million francs (2,008 million euros) in the 1999
  first half from 14,665 million francs (2,236 million euros) in the pro forma
  1998 first half. 

- Gross investments in the 1999 first half rose by 7% to 15,483 million francs
  (2,360 million euros) from 14,461 million francs (2,204 million euros) in the
  pro forma 1998 first half. 

- Divestments, based on sales prices, in the 1999 first half amounted to 3,259
  million francs (497 million euros) versus 2,910 million francs (444 million 
  euros) in the pro forma 1998 first half.

- Consolidated equity at June 30, 1999 was 93.4 billion francs (14.2 billion
  euros). The net debt-to-equity ratio for the Group rose to 45.6% at June 30,
  1999 versus 42% at the pro forma 1998 year-end primarily due to the increase
  in investments.

Outlook

The synergies linked to the combination of TOTAL and Petrofina are being
implemented with a full spirit of cooperation. The amount of expected synergies
is confirmed within an accelerated time frame.

With continued production growth, TOTALFINA will benefit fully in the second
half of 1999 from the strong increase in oil prices that has occurred over the
past few months.

TOTALFINA's Board of Directors confirmed its determination to complete the
public exchange offer launched for ELF on July 5th, 1999. The combination of
TOTALFINA and ELF will form the fourth largest oil Group in the world, based on
the addition of exceptional skills and assets, in Exploration and Production as
well as in Refining-Marketing and Chemicals. The new Group should be able to
increase its net income by more than 20% per year, in a constant environment,
through the unique combination of growth, productivity gains and synergies.

TOTALFINA's Board acknowledges the continued positive market reaction towards
its initiative since July 5, given the share prices adjustment to a level close
to its offer. The TOTALFINA project benefits from strong support from the
shareholders of both groups. The Board wishes once again that the combination of
TOTALFINA and ELF could be accelerated through a friendly settlement.