3rd Quarter Results

3rd Quarter Results

Total

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

Â	Â	3Q18	Â	Change vs 3Q17	Â	9M18	Â	Change vs 9M17
	Â		Â		Â		Â
Adjusted net income (Group share)1
- in billions of dollars (B$)		4.0		+48%		10.4		+35%
- in dollars per share		1.47		+42%		3.88		+29%
									Â
DACF9 (B$)		7.5		+37%		20.0		+25%
Cash flow from operations (B$)		5.7		+31%		14.1		+3%

Net income (Group share) of 4.0 B$ in 3Q18, a 45% increase compared to 3Q17

Net-debt-to-capital ratio of 18.3% at September 30, 2018

Hydrocarbon production of 2,804 kboe/d in 3Q18, an increase of 8.6% compared to 3Q17

Third interim 2018 dividend set at 0.64 €/share with ex-dividend date of March 19, 2019

Total’s Board of Directors met on October 25, 2018, to close the Group’s third quarter 2018 accounts. Commenting on the results, Chairman and CEO Patrick Pouyanné said:

“Total’s third quarter adjusted net income increased by 48% from last year to $4.0 billion, while oil prices increased by 44% to 75 $/b supported by supply tensions and the geopolitical context. Debt-adjusted cash flow (DACF) increased by 37% to $7.5 billion and return on equity rose to 11.9% over the past twelve months.

These results confirm the Group’s ability to take full advantage of the favorable environment and to deliver on its objectives for production growth and cost discipline thanks to very good operational efficiency.

Exploration & Production doubled its adjusted net operating profit to $2.9 billion in the third quarter. Production rose to 2.8 Mboe/d, an increase of 8.6% compared to a year ago. Notably during the quarter, major project start-ups included Kaombo in Angola, Ichthys LNG in Australia and the second train of Yamal LNG in Russia. Production growth for 2018 will be close to 8%.

Also, exploration had significant success with the wells of Glendronach in the United Kingdom, Shwee Yee Htun 2 in Myanmar and Sururu in Brazil.

In addition, Total finalized the acquisition of Engie’s LNG business to become the second-largest publicly-traded LNG player in the world, as well as Direct Energie, accelerating the growth of its low carbon electricity business.

Finally, despite a highly volatile environment for European refining margins, the excellent availability of its units allowed the Downstream to generate $1.8 billion of cash flow in the third quarter. The Group continued to implement its petrochemicals growth strategy by launching a major project in cooperation with Saudi Aramco in Saudi Arabia. Total continues to expand in fast-growing markets by partnering with the Adani group to develop its LNG business and a retail network in India.

In line with the announced shareholder return policy, the Group has increased the 2018 interim dividends by 3.2%. In addition, the Group has bought back $1 billion of its shares at the end of September and confirms its intent to complete $1.5 billion of buybacks for the full-year 2018.”

Key figures¹

Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
3Q18		2Q18		3Q17		3Q18 vs 3Q17		In millions of dollars, except effective tax rate, earnings per share and number of shares		9M18		9M17		9M18 vs 9M17
4,548		4,179		3,062		+49%		Adjusted net operating income from business segments		12,112		8,577		+41%
2,864		2,687		1,439		+99%		Exploration & Production		7,734		4,180		+85%
272		193		97		+180%		Gas, Renewables & Power		580		253		+129%
938		821		1,020		-8%		Refining & Chemicals		2,479		2,904		-15%
474		478		506		-6%		Marketing & Services		1,319		1,240		+6%
865		766		674		+28%		Contribution of equity affiliates to adjusted net income		2,268		1,843		+23%
38.6%		38.6%		32.6%		Â		Group effective tax rate2		38.9%		30.9%		Â
3,958		3,553		2,674		+48%		Adjusted net income		10,395		7,706		+35%
1.47		1.31		1.04		+42%		Adjusted fully-diluted earnings per share (dollars)3		3.88		3.02		+29%
1.26		1.10		0.88		+43%		Adjusted fully-diluted earnings per share (euros)*		3.25		2.71		+20%
2,637		2,646		2,505		+5%		Fully-diluted weighted-average shares (millions)		2,618		2,480		+6%
Â		Â		Â		Â		Â		Â		Â		Â
3,957		3,721		2,724		+45%		Net income (Group share)		10,314		7,610		+36%
Â		Â		Â		Â		Â		Â		Â		Â
6,484		3,787		3,910		+66%		Investments4		16,995		11,793		+44%
897		1,274		539		+66%		Divestments5		4,756		3,797		+25%
6,208		2,513		3,373		+84%		Net investments6		12,860		7,998		+61%
2,568		2,780		3,060		-16%		Organic investments7		7,967		9,953		-20%
475		333		542		-12%		Resource acquisitions		4,282		607		x7.1
7,088		6,399		5,159		+37%		Operating cash flow before working capital changes8		18,857		15,180		+24%
7,507		6,797		5,467		+37%		Operating cash flow before working capital changes w/o financial charges (DACF)9		19,972		15,950		+25%
5,736		6,246		4,363		+31%		Cash flow from operations		14,063		13,704		+3%

* Average €-$ exchange rate: 1.1629 in the third quarter 2018 and 1.1942 in the first nine months 2018.

Highlights since the beginning of the third quarter 2018¹⁰

• Started production at Kaombo in Angola, Ichthys LNG in Australia and the second train at Yamal LNG in Russia
• Signed an agreement to increase its share in the Danish Underground Consortium in Denmark
• Signed a new concession contract with Sonatrach for the TFT Sud permit in Algeria
• Three positive exploration wells : Glendronach in the United Kingdom, Shwe Yee Htun 2 in Myanmar and Sururu in Brazil
• Sold its interest in the Joslyn oil sands project in Canada
• Finalized the acquisition of Engie’s LNG business: Total becomes second-largest publicly-traded LNG player in the world
• Finalized the acquisition of Direct Energie
• Acquired two gas-fired power plants (Combined Cycle Gas Turbine) from KKR-Energas
• Sold its interest in the Hazira LNG terminal in India and signed an LNG contract with Shell
• Final investment decision for a new 625 kt/y polyethylene unit at Bayport in the United States
• Launched engineering studies with Saudi Aramco for a giant petrochemical complex at Jubail in Saudi Arabia
• Signed a shareholder agreement with Sonatrach to create a petrochemical complex at Arzew in Algeria
• Sold its polystyrene activities in China to INEOS Styrolution
• Acquired G2mobility, a company specializing in charging solutions for electric vehicles
• Alliance with private Indian partner Adani to develop LNG and retail fuel in India

Analysis of business segments

Exploration & Production

> Environment – liquids and gas price realizations*

3Q18	Â	2Q18	Â	3Q17	Â	3Q18 vs 3Q17	Â		Â	9M18	Â	9M17	Â	9M18 vs 9M17
75.2		74.4		52.1		+44%	Â	Brent ($/b)		72.1		51.8		+39%
69.5		69.5		48.9		+42%		Average liquids price ($/b)		66.8		47.7		+40%
4.96		4.49		4.05		+22%		Average gas price ($/Mbtu)		4.73		4.03		+17%
55.4		54.3		38.1		+45%		Average hydrocarbon price ($/boe)		52.5		37.2		+41%

* Consolidated subsidiaries, excluding fixed margins.

** 2017 data restated.

> Production

3Q18	Â	2Q18	Â	3Q17	Â	3Q18 vs 3Q17	Â	Hydrocarbon production	Â	9M18	Â	9M17	Â	9M18 vs 9M17
2,804		2,717		2,581		+9%		Combined production (kboe/d)		2,742		2,550		+8%
1,611		1,582		1,392		+16%		Liquids (kb/d)		1,558		1,331		+17%
6,557		6,176		6,427		+2%		Gas (Mcf/d)		6,465		6,605		-2%

Hydrocarbon production was 2,804 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2018, an increase of close to 9% compared to last year, due to:

• +10% for start-ups and ramp-ups on new projects, notably Yamal LNG, Ofon 2, Fort Hills, Edradour-Glenlivet, Kaombo Norte, Moho Nord and Kashagan.
• + 3% portfolio effect. The integration of Maersk Oil, Waha, Lapa and Iara as well as the acquisition of an additional 0.5% of Novatek, were partially offset by the expiration of the Mahakam permit at the end of 2017 and the sales of Visund and assets in Gabon.
• -4% for natural field declines and PSC price effect.

For the first nine months 2018, hydrocarbon production was 2,742 kboe/d, an increase of 8% compared to last year, due to:

• +9% for start-ups and ramp-ups on new projects, notably Yamal LNG, Moho Nord, Ofon 2, Edradour-Glenlivet, Fort Hills, Kashagan and Kaombo Norte.
• +3% portfolio effect, mainly the addition of Maersk Oil, Al Shaheen, Waha, Lapa and Iara as well as the acquisition of an additional 0.5% of Novatek, which were partially offset by the expiration of the Mahakam permit at end-2017 and the sales of Visund and assets in Gabon.
• -4% for natural field declines and PSC price effect.

> Results

3Q18	Â	2Q18	Â	3Q17	Â	3Q18 vs 3Q17	Â	In millions of dollars, except effective tax rate	Â	9M18	Â	9M17	Â	9M18 vs 9M17
2,864		2,687		1,439		+99%		Adjusted net operating income*		7,734		4,180		+85%
614		575		435		+41%		including income from equity affiliates		1,635		1,123		+46%
47.6%		46.3%		42.8%		Â		Effective tax rate**		47.3%		40.5%		Â
Â		Â		Â		Â		Â		Â		Â		Â
2,796		2,980		3,228		-13%		Investments		11,647		9,312		+25%
563		500		339		+66%		Divestments		3,314		584		x5.7
1,847		2,114		2,388		-23%		Organic investments		6,018		8,189		-27%
5,582		5,115		3,574		+56%		Operating cash flow before working capital changes ***		14,962		10,490		+43%
4,821		4,628		3,010		+60%		Cash flow from operations ***		13,018		8,647		+51%

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

** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments - impairment of goodwill + tax on adjusted net operating income).

*** excluding financial charges.

Exploration & Production adjusted net operating income was:

• 2,864 M$ in the third quarter 2018, double the same quarter last year. The Group benefited fully from higher hydrocarbon prices thanks to production growth and lower costs, despite a tax rate that increased in line with the rebound in oil prices.
• 7,734 M$ for the first nine months 2018, an increase of 85% compared to last year, for the same reasons.

Operating cash flow before working capital changes was 5.6 B$ in the third quarter 2018 and 15.0 B$ for the first nine months 2018, increases of 56% and 43% respectively. Exploration & Production generated 8.9 B$ of cash flow after organic investments for the first nine months 2018.

Gas, Renewables & Power

> Results

3Q18	Â	2Q18	Â	3Q17	Â	3Q18 vs 3Q17	Â	In millions of dollars	Â	9M18	Â	9M17	Â	9M18 vs 9M17
272		193		97		x2.8		Adjusted net operating income*		580		253		x2.3
Â		Â		Â		Â		Â		Â		Â		Â
3,001		79		99		x30.3		Investments		3,329		491		x6.8
129		405		-		n.s.		Divestments		612		27		x22.7
165		60		98		+68%		Organic investments		301		268		+12%
171		177		110		+55%		Operating cash flow before working capital changes**		397		269		+48%
(554)		104		348		n.s.		Cash flow from operations**		(629)		388		n.s.

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

** excluding financial charges

Adjusted net operating income for the Gas, Renewables & Power segment was 272 M$ in the third quarter 2018 and 580 M$ for the first nine months 2018, notably thanks to good performance of LNG and gas/power trading. The acquisitions of Direct Energie and the LNG business of Engie account for the increase in investments to 3 B$ in this quarter.

Refining & Chemicals

> Refinery throughput and utilization rates*

3Q18	Â	2Q18	Â	3Q17	Â	3Q18 vs 3Q17	Â		Â	9M18	Â	9M17	Â	9M18 vs 9M17
1,953		1,734		1,877		+4%	Â	Total refinery throughput (kb/d)		1,840		1,821		+1%
654		569		648		+1%		France		616		616		-
795		670		802		-1%		Rest of Europe		737		761		-3%
504		495		427		+18%		Rest of world		487		444		+10%
92%		83%		90%		Â		Utlization rate based on crude only**		87%		87%		Â

* Includes share of TotalErg, and African refineries reported in the Marketing & Services segment.

** Based on distillation capacity at the beginning of the year.

*** 2017 data restated.

Refinery throughput:

• increased by 4% in the third quarter 2018 compared to the third quarter 2017, thanks to the excellent availability of the units and high utilization rate.
• was stable in the first nine months 2018 compared to the same period 2017. Lower throughput in Europe linked to planned maintenance, notably at Antwerp during the second quarter, was offset by higher throughput outside Europe.

> Results

3Q18	Â	2Q18	Â	3Q17	Â	3Q18 vs 3Q17	Â	In millions of dollars except the ERMI	Â	9M18	Â	9M17	Â	9M18 vs 9M17
39.9		34.7		48.2		-17%		European refining margin indicator - ERMI ($/t)		33.4		42.7		-22%
Â		Â		Â		Â		Â		Â		Â		Â
938		821		1,020		-8%		Adjusted net operating income*		2,479		2,904		-15%
Â		Â		Â		Â		Â		Â		Â		Â
377		404		357		+6%		Investments		1,113		1,024		+9%
88		324		24		x3.7		Divestments		437		2,784		-84%
295		386		338		-13%		Organic investments		989		941		+5%
1,174		1,018		1,208		-3%		Operating cash flow before working capital changes**		3,112		3,586		-13%
1,338		999		652		x2.1		Cash flow from operations**		1,228		4,381		-72%

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

** excluding financial charges.

The European Refining Margin Indicator (ERMI) for the Group decreased by 17% from a year ago to 39.9 $/t in the third quarter, and decreased by 22% to 33.4 $/t in the first nine months 2018. The petrochemicals environment remained favorable in the third quarter; although margins in Europe were lower than last year, affected by the higher price of feedstocks.

In this context, Refining & Chemicals adjusted net operating income was:

• 938 M$ in the third quarter, a decrease of 8% compared to the same period last year.
• 2,479 M$ for the first nine months 2018, a decrease of 15% compared to the same period last year.

Marketing & Services

> Petroleum product sales

3Q18	Â	2Q18	Â	3Q17	Â	3Q18 vs 3Q17	Â	Sales in kb/d*	Â	9M18	Â	9M17	Â	9M18 vs 9M17
1,818		1,799		1,807		+1%		Total Marketing & Services sales		1,806		1,765		+2%
1,024		1,001		1,072		-4%		Europe		1,006		1,050		-4%
794		798		735		+8%		Rest of world		800		715		+12%

* Excludes trading and bulk refining sales, includes share of TotalErg.

Petroleum product sales increased by:

• 1% in the third quarter 2018 compared to the third quarter 2017. The sale of TotalErg in Italy was offset by higher sales in the rest of the world.
• 2% for the first nine months 2018 compared to the first nine months 2017 for the same reasons.

> Results

3Q18	Â	2Q18	Â	3Q17	Â	3Q18 vs 3Q17	Â	In millions of dollars	Â	9M18	Â	9M17	Â	9M18 vs 9M17
474		478		506		-6%		Adjusted net operating income*		1,319		1,240		+6%
Â		Â		Â		Â		Â		Â		Â		Â
293		310		190		+54%		Investments		831		887		-6%
117		45		150		-22%		Divestments		390		368		+6%
245		205		205		+20%		Organic investments		586		485		+21%
580		646		545		+6%		Operating cash flow before working capital changes**		1,656		1,598		+4%
752		841		624		+21%		Cash flow from operations**		1,533		1,206		+27%

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

** excluding financial charges.

Marketing & Services adjusted net operating income was:

• 474 M$ in the third quarter 2018, a decrease of 6% compared to the third quarter 2017.
• 1,319 M$ for the first nine months 2018, an increase of 6% compared to last year.

Group results

> Adjusted net operating income from business segments

Thanks notably to the strong performance by Exploration & Production, adjusted net operating income from the business segments was:

• 4,548 M$ in the third quarter 2018, a 49% increase compared to the third quarter last year.
• 12,112 M$ for the first nine months 2018, a 41% increase compared to the first nine months 2017.

> Adjusted net income (Group share)

In line with the contribution from the segments, adjusted net income was:

• 3,958 M$ in the third quarter 2018, a 48% increase compared to the third quarter last year.
• 10,395 M$ for the first nine months 2018, a 35% increase compared to the first nine months last year.

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

Total adjustments affecting net income¹⁰ were:

• -1 M$ in the third quarter 2018.
• -81 M$ for the first nine months 2018.

The effective tax rate for the Group was:

• 38.6% in the third quarter 2018, compared to 32.6% a year ago, due to the increase in the effective tax rate for Exploration & Production in line with higher hydrocarbon prices, and the larger contribution of this segment to the Group’s results this quarter.
• 38.9% for the first nine months 2018, compared to 30.9% for the first nine months 2017, for the same reasons.

> Adjusted fully-diluted earnings per share and share buyback

Adjusted earnings per share increased by:

• 42% to $1.47 in the third quarter 2018, calculated based on a weighted average of 2,637 million fully-diluted shares, compared to $1.04 in the third quarter 2017.
• 29% to $3.88 for the first nine months 2018, calculated based on a weighted average of 2,618 million fully-diluted shares, compared to $3.02 for the first nine months 2017.

On September 30, 2018, the number of fully-diluted shares was 2,636 million.

In the framework of the shareholder return policy announced in February 2018, since the beginning of the year, the Group has bought back shares, including:

• shares issued in 2018 as scrip dividend to eliminate dilution: 7.2 million shares repurchased in the third quarter 2018 and 25.6 million shares over the first nine months 2018.
• additional shares : 6.2 million shares repurchased in the third quarter 2018 for 400 M$ and 16.1 million shares over the first nine months 2018 for 1 B$.

> Divestments – acquisitions

Asset sales:

• 209 M$ in the third quarter 2018, comprised mainly of the sale of Joslyn in Canada, Rabi in Gabon and the Marketing & Services network in Haiti.
• 3,071 M$ in the first nine months 2018, comprised mainly of the elements above as well as the sale of the Martin Linge and Visund fields in Norway, an interest in Fort Hills in Canada, SunPower’s sale of its interest in 8point3, the marketing activities of TotalErg in Italy and the contribution of the Bayport polyethylene unit in the United States to the joint venture formed with Borealis and Nova in which Total holds 50%.

Acquisitions:

• 3,849 M$ in the third quarter 2018, comprised mainly of the acquisition of Engie’s LNG business, Direct Energie, two gas-fired power plants from KKR-Energas and the increase in our interest in Novatek to 19.4%.
• 7,964 M$ in the first nine months of 2018, comprised of the elements above as well as notably the acquisitions of interests in the Iara and Lapa fields in Brazil, two new 40-year offshore concessions in Abu Dhabi, the Waha field in Libya and the acquisition of offshore assets from Cobalt in the Gulf of Mexico.

> Net cash flow

The Group’s net cash flow¹¹ was:

• 880 M$ in the third quarter 2018 compared to 1,786 M$ in the third quarter 2017, as a result of the increase of 2,835 M$ in net investments, driven mainly by the acquisitions of Direct Energie and Engie’s LNG business, partially offset by a 1,929 M$ increase in operating cash flow before changes in working capital.
• 5,997 M$ in the first nine months 2018 compared to 7,182 M$ in the first nine months 2017, as a result of a 4,862 M$ increase in net investments driven by the Group’s strategy of countercyclical acquisitions, partially offset by a 3,677 M$ increase in operating cash flow before changes in working capital.

> Profitability

Return on equity was 11.9% for the twelve months ended September 30, 2018, an increase compared to the twelve months ended September 30, 2017.

In millions of dollars	Oct 1, 2017 to Sept 30, 2018	Â	July 1, 2017 to June 30, 2018	Â	Oct 1, 2016 to Sept 30, 2017
Adjusted net income	13,679	Â	12,299	Â	10,244
Average adjusted shareholders' equity	114,729	Â	113,251	Â	105,130
Return on equity (ROE)	11.9%	Â	10.9%	Â	9.7%

Return on average capital employed was 11.1% for the twelve months ended September 30, 2018, an increase compared to the twelve months ended September 30, 2017.

In millions of dollars	Oct 1, 2017 to Sept 30, 2018	Â	July 1, 2017 to June 30, 2018	Â	Oct 1, 2016 to Sept 30, 2017
Adjusted net operating income	15,295	Â	13,748	Â	11,298
Average capital employed	138,242	Â	136,355	Â	130,860
ROACE	11.1%	Â	10.1%	Â	8.6%

TOTAL S.A., parent company accounts

Net income for TOTAL S.A., the parent company, was 4,814 M€ in the first nine months 2018, compared to 2,620 M€ in the first nine months 2017.

2018 Sensitivities*

Â	Â	Scenario	Â	Change	Â	Estimated impact on adjusted net operating income	Â	Estimated impact on cash flow
Dollar		1.2 $/€		+/- 0.1 $ per €		-/+ 0.1 B$		~0 B$
Brent		50 $/b		+/- 10 $/b**		+/- 2.3 B$		+/- 2.8 B$
European refining margin indicator (ERMI)		35 $/t		+/- 10 $/t		+/- 0.5 B$		+/- 0.6 B$

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2018. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.

** Assumes constant liquids price differentials.

Summary and outlook

At the start of the fourth quarter, Brent continues to trade around 80 $/b due to supply tensions and the geopolitical context. The Group resolutely maintains its programs to improve operational efficiency and reduce the breakeven to remain profitable in any environment.

The Upstream is well positioned to profit from the increase in the oil price thanks to projected production growth on the order of 8% in 2018 and 6-7% per year between 2017 and 2020. It will benefit in the coming months from the start-ups of the third train at Yamal LNG in Russia, Egina in Nigeria and Tempa Rossa in Italy as well as the second train at Ichthys LNG in Australia.

European refining margins remain very volatile, having reached 50 $/t on average in August and falling to around 20 $/t since the beginning of October. This decrease reflects the combined result of the increase in oil prices and the seasonal effect on demand. However, having already generated 4.8 B$ of cash flow over the first nine months, the Downstream is well positioned to achieve its objectives in 2018, thus confirming its robustness.

In line with announced cash allocation priorities for the period 2018-20, the Group maintains its discipline on net investments with a projected level of around 16 B$ in 2018 and 15-17 B$ for 2019-20. It is implementing the 10% increase in the dividend over three years while continuing to buy back shares issued as scrip to eliminate dilution. Maintaining a low gearing ratio is a priority, and the Group intends to buy back 1.5 B$ of shares in 2018 within the framework of its 5 B$ buyback program over the 2018-20 period.

-- -- --

To listen to the presentation by CFO Patrick de La Chevardière today at 14:00 (London time) please log on to total.com or call [phone] in Europe or +1 323 794 2551 in the United States (code: 6006933). For a replay, please consult the website or call [phone] in Europe or +1 719 457 0820 in the United States (code: 6006933).

* * * * *

Operating information by segment

> Exploration & Production

Â	Â	Â	Â	Â	Â	Â	Â	Production	Â	Â	Â	Â	Â	Â
3Q18		2Q18		3Q17		3Q18 vs 3Q17		Combined liquids and gas production by region (kboe/d)		9M18		9M17		9M18 vs 9M17
910		842		730		+25%		Europe and Central Asia		879		761		+16%
676		672		665		+2%		Africa		674		652		+3%
687		681		592		+16%		Middle East and North Africa		669		547		+22%
399		401		357		+12%		Americas		390		345		+13%
132		121		237		-44%		Asia Pacific		129		245		-47%
2,804		2,717		2,581		+9%		Total production		2,742		2,550		+8%
645		616		659		-2%		including equity affiliates		661		634		+4%
Â		Â		Â		Â		Â		Â		Â		Â
3Q18		2Q18		3Q17		3Q18 vs 3Q17		Liquids production by region (kb/d)		9M18		9M17		9M18 vs 9M17
341		332		257		+33%		Europe and Central Asia		324		264		+23%
528		511		517		+2%		Africa		514		503		+2%
538		539		452		+19%		Middle East and North Africa		526		407		+29%
186		190		138		+35%		Americas		180		130		+39%
18		11		29		-37%		Asia Pacific		14		28		-50%
1,611		1,582		1,392		+16%		Total production		1,558		1,331		+17%
221		233		311		-29%		including equity affiliates		252		273		-8%
Â		Â		Â		Â		Â		Â		Â		Â
3Q18		2Q18		3Q17		3Q18 vs 3Q17		Gas production by region (Mcf/d)		9M18		9M17		9M18 vs 9M17
3,069		2,754		2,556		+20%		Europe and Central Asia		2,993		2,678		+12%
776		772		663		+17%		Africa		801		685		+17%
830		787		778		+7%		Middle East and North Africa		793		777		+2%
1,198		1,192		1,228		-2%		Americas		1,183		1,207		-2%
684		671		1,202		-43%		Asia Pacific		695		1,258		-45%
6,557		6,176		6,427		+2%		Total production		6,465		6,605		-2%
2,313		2,026		1,798		+29%		including equity affiliates		2,199		1,880		+17%
Â		Â		Â		Â		Â		Â		Â		Â
3Q18		2Q18		3Q17		3Q18 vs 3Q17		Liquefied natural gas		9M18		9M17		9M18 vs 9M17
2.78		2.47		2.95		-6%		LNG sales* (Mt)		7.75		8.56		-9%
															Â
															Â
* Sales, Group share, excluding trading; 2017 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2017 SEC coefficient.
															Â
															Â
> Downstream (Refining & Chemicals and Marketing & Services)
Â		Â		Â		Â		Â		Â		Â		Â
3Q18		2Q18		3Q17*		3Q18 vs 3Q17		Petroleum product sales by region (kb/d)**		9M18		9M17*		9M18 vs 9M17
2,030		1,942		2,189		-7%		Europe		1,958		2,115		-7%
760		652		647		+18%		Africa		722		607		+19%
979		802		538		+82%		Americas		847		589		+44%
569		644		770		-26%		Rest of world		631		767		-18%
4,338		4,040		4,144		+5%		Total consolidated sales		4,158		4,078		+2%
581		556		583		-		Including bulk sales		569		579		-2%
1,939		1,685		1,754		+11%		Including trading		1,783		1,734		+3%

* 2017 data restated.

**Includes share of TotalErg.

Adjustment items to net income (Group share)

3Q18	Â	2Q18	Â	3Q17	Â	In millions of dollars	Â	9M18	Â	9M17
(152)		(358)		(123)		Special items affecting net income (Group share)		(705)		5
89		(2)		-		Gain (loss) on asset sales		(14)		2,264
(39)		(46)		(2)		Restructuring charges		(106)		(61)
(88)		(236)		(74)		Impairments		(336)		(1,824)
(114)		(74)		(47)		Other		(249)		(374)
160		517		183		After-tax inventory effect: FIFO vs. replacement cost		632		(72)
(9)		9		(10)		Effect of changes in fair value		(8)		(29)
Â		Â		Â		Â		Â		Â
(1)		168		50		Total adjustments affecting net income		(81)		(96)

Investments - Divestments

3Q18	Â	2Q18	Â	3Q17	Â	3Q18 vs 3Q17	Â	In millions of dollars	Â	9M18	Â	9M17	Â	9M18 vs 9M17
2,568		2,780		3,060		-16%		Organic investments ( a )		7,967		9,953		-20%
156		137		161		-3%		capitalized exploration		405		438		-8%
147		140		153		-4%		increase in non-current loans		458		754		-39%
(688)		(581)		(337)		x2		repayment of non-current loans		(1,685)		(677)		x2.5
3,228		426		513		x6.3		Acquisitions ( b )		7,343		1,163		x6.3
209		693		202		+3%		Asset sales ( c )		3,071		3,120		-2%
(621)		-		(2)		-		Other transactions with non-controlling interests ( d )		(621)		(2)		-
6,208		2,513		3,373		+84%		Net investments ( a + b - c - d )		12,860		7,998		+61%

Cash flow

3Q18	Â	2Q18	Â	3Q17	Â	3Q18 vs 3Q17	Â	In millions of dollars	Â	9M18	Â	9M17	Â	9M18 vs 9M17
7,507		6,797		5,467		+37%		Operating cash flow before working capital changes w/o financial charges (DACF)		19,972		15,950		+25%
(419)		(398)		(308)		+36%		Financial charges		(1,115)		(770)		+45%
7,088		6,399		5,159		+37%		Operating cash flow before working capital changes ( a )		18,857		15,180		+24%
(1,578)		(856)		(1,057)		n.s.		(Increase) decrease in working capital		(5,656)		(1,379)		n.s.
226		703		261		n.s.		Inventory effect		862		(97)		n.s.
5,736		6,246		4,363		+31%		Cash flow from operations		14,063		13,704		+3%
Â		Â		Â		Â		Â		Â		Â		Â
2,568		2,780		3,060		-16%		Organic investments ( b )		7,967		9,953		-20%
4,520		3,619		2,099		x2.2		Free cash flow after organic investments, w/o net asset sales ( a - b )		10,890		5,227		x2,1
Â		Â		Â		Â		Â		Â		Â		Â
6,208		2,513		3,373		+84%		Net investments ( c )		12,860		7,998		+61%
880		3,886		1,786		-51%		Net cash flow ( a - c )		5,997		7,182		-16%

Increase in working capital after the inventory effect:

• 1.4 B$ in the third quarter 2018 due to the consolidation of Engie LNG and Direct Energie and the increase in oil prices at the end of the quarter.
• 4.8 B$ over the first nine months 2018 for the same reasons, as well as the consolidation of Maersk Oil and the strong increase in oil prices.

Gearing ratios

In millions of dollars	Â	09/30/2018	Â	06/30/2018	Â	09/30/2017
Current borrowings		15,180		15,659		11,206
Net current financial assets		(2,884)		(2,806)		(2,306)
Net financial assets classified as held for sale		(14)		-		(2)
Non-current financial debt		41,088		38,362		40,226
Hedging instruments of non-current debt		(1,129)		(967)		(626)
Cash and cash equivalents		(25,252)		(26,475)		(28,583)
Net debt (a)		26,989		23,773		19,915
Â		Â		Â		Â
Shareholders’ equity - Group share		118,193		117,975		109,801
Non-controlling interests		2,430		2,288		2,799
Shareholders' equity (b)		120,623		120,263		112,600
Â		Â		Â		Â
Net-debt-to-equity ratio = a / b		22.4%		19.8%		17.7%
Â		Â		Â		Â
Net-debt-to-capital ratio = a / (a + b)		18.3%		16.5%		15.0%

Return on average capital employed

> Twelve months ended September 30, 2018

In millions of dollars	Â	Exploration & Production	Â	Gas, Renewables & Power	Â	Refining & Chemicals	Â	Marketing & Services	Â		Â	Group
Adjusted net operating income		9,539		812		3,365		1,755	Â			15,295
Capital employed at 09/30/2017*		110,114		5,388		11,919		6,871				131,185
Capital employed at 09/30/2018*		118,820		9,871		12,884		6,841				145,298
ROACE		8.3%		10.6%		27.1%		25.6%				11.1%

> Twelve months ended June 30, 2018

In millions of dollars	Â	Exploration & Production	Â	Gas, Renewables & Power	Â	Refining & Chemicals	Â	Marketing & Services	Â		Â	Group
Adjusted net operating income		8,114		637		3,447		1,787	Â			13,748
Capital employed at 06/30/2017*		108,618		5,363		10,957		6,937				130,831
Capital employed at 06/30/2018*		118,715		4,442		12,939		7,040				141,878
ROACE		7.1%		13.0%		28.9%		25.6%				10.1%

> Twelve months ended September 30, 2017

In millions of dollars	Â	Exploration & Production	Â	Gas, Renewables & Power	Â	Refining & Chemicals	Â	Marketing & Services	Â	Â	Â	Group
Adjusted net operating income		5,187		385		4,035		1,646				11,298
Capital employed at 09/30/2016*		109,210		6,058		12,034		5,704				130,535
Capital employed at 09/30/2017*		110,114		5,388		11,919		6,871				131,185
ROACE		4.7%		6.7%		33.7%		26.2%				8.6%

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

This press release presents the results for the third quarter and first nine months 2018 from the consolidated financial statements of TOTAL S.A. as of September 30, 2018 (unaudited). The audit procedures by the Statutory Auditors are underway. The notes to these consolidated financial statements (unaudited) are available on the TOTAL website total.com

This document may contain forward-looking information on the Group (including objectives and trends), as well as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL. These data do not represent forecasts within the meaning of European Regulation No. 809/2004.

Such forward-looking information and statements included in this document are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a significant difference between actual results and those anticipated, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, changes in regulations including environmental and climate, currency fluctuations, as well as economic and political developments and changes in business conditions. Certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.

Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Group’s business, financial condition, including its operating income and cash flow, reputation or outlook is provided in the most recent Registration Document, the French language version of which is filed by the Company with the French Autorité des Marchés Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).

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. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE) and gearing ratio. These indicators are meant to facilitate the analysis of the financial performance of TOTAL and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of the Group.

These adjustment items include:

(i) Special items

Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.

(ii) Inventory valuation effect

The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ 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 price differentials 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

The effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of performance used by TOTAL’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, whose future effects are recorded at fair value in Group’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.

Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.

Cautionary Note to U.S. Investors – 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 press release, such as “potential reserves” or “resources”, 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 20-F, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.

¹ Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 11.

² Tax on adjusted net operating income / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill. + tax on adjusted net operating income).

³ In accordance with IFRS norms, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bond

⁴ Including acquisitions and increases in non-current loans.

⁵ Including divestments and reimbursements of non-current loans.

⁶ Net investments = investments - divestments - repayment of non-current loans - other operations with non-controlling interests.

⁷ Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.

⁸ Operating cash flow before working capital changes, previously referred to as adjusted cash flow from operations, is defined as cash flow from operating activities before changes in working capital at replacement cost. The inventory valuation effect is explained on page 14. The reconciliation table for different cash flow figures is on page 12.

⁹ DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges.

¹⁰ Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.

¹¹ Details shown on page 11.

¹² Details shown on page 11 and in the annex to the financial statements.

¹³ Net cash flow = operating cash flow before working capital changes – net investments (including other transactions with non-controlling interests)

CONSOLIDATED STATEMENT OF INCOME						Â
TOTAL		Â		Â
(unaudited)
Â			3rd quarter		2nd quarter		3rd quarter
(M$)(a)			2018		2018		2017
							Â
Sales			54,717		52,540		43,044
Excise taxes			(6,317)		(6,438)		(5,962)
	Revenues from sales		48,400		46,102		37,082
							Â
Purchases, net of inventory variation			(32,351)		(30,599)		(24,367)
Other operating expenses			(6,873)		(6,761)		(6,108)
Exploration costs			(234)		(158)		(181)
Depreciation, depletion and impairment of tangible assets and mineral interests			(3,279)		(3,435)		(3,035)
Other income			581		252		404
Other expense			(355)		(413)		(67)
							Â
Financial interest on debt			(536)		(478)		(368)
Financial income and expense from cash & cash equivalents			(63)		(54)		(45)
	Cost of net debt		(599)		(532)		(413)
							Â
Other financial income			290		321		204
Other financial expense			(171)		(159)		(164)
							Â
Net income (loss) from equity affiliates			918		1,103		500
							Â
Income taxes			(2,240)		(2,087)		(1,092)
Consolidated net income			4,087		3,634		2,763
Group share			3,957		3,721		2,724
Non-controlling interests			130		(87)		39
Earnings per share ($)			1.48		1.38		1.06
Fully-diluted earnings per share ($)			1.47		1.38		1.06
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME					Â
TOTAL	Â		Â
(unaudited)
		3rd quarter		2nd quarter		3rd quarter
(M$)		2018		2018		2017
Consolidated net income		4,087		3,634		2,763
						Â
Other comprehensive income
						Â
Actuarial gains and losses		33		42		(129)
Change in fair value of investments in equity instruments		(2)		(2)		-
Tax effect		(13)		(20)		36
Currency translation adjustment generated by the parent company		(511)		(4,761)		2,420
Items not potentially reclassifiable to profit and loss		(493)		(4,741)		2,327
Currency translation adjustment		93		1,330		(575)
Available for sale financial assets		-		-		4
Cash flow hedge		55		77		116
Variation of foreign currency basis spread		(39)		2		-
Share of other comprehensive income of equity affiliates, net amount		(142)		36		(209)
Other		(2)		(2)		-
Tax effect		(9)		(27)		(42)
Items potentially reclassifiable to profit and loss		(44)		1,416		(706)
Total other comprehensive income (net amount)		(537)		(3,325)		1,621
Â		Â		Â		Â
Comprehensive income		3,550		309		4,384
Group share		3,436		450		4,346
Non-controlling interests		114		(141)		38

CONSOLIDATED STATEMENT OF INCOME
TOTAL		Â		Â
(unaudited)
Â			9 months		9 months
(M$)(a)			2018		2017
					Â
Sales			156,868		124,142
Excise taxes			(19,074)		(16,485)
	Revenues from sales		137,794		107,657
					Â
Purchases, net of inventory variation			(92,396)		(71,752)
Other operating expenses			(20,571)		(18,380)
Exploration costs			(596)		(577)
Depreciation, depletion and impairment of tangible assets and mineral interests			(9,630)		(10,412)
Other income			1,356		3,299
Other expense			(958)		(464)
					Â
Financial interest on debt			(1,404)		(1,044)
Financial income and expense from cash & cash equivalents			(158)		(93)
	Cost of net debt		(1,562)		(1,137)
					Â
Other financial income			851		717
Other financial expense			(500)		(483)
					Â
Net income (loss) from equity affiliates			2,505		1,358
					Â
Income taxes			(5,923)		(2,257)
Consolidated net income			10,370		7,569
Group share			10,314		7,610
Non-controlling interests			56		(41)
Earnings per share ($)			3.87		2.99
Fully-diluted earnings per share ($)			3.85		2.98

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL	Â		Â
(unaudited)
		9 months		9 months
(M$)		2018		2017
Consolidated net income		10,370		7,569
				Â
Other comprehensive income
				Â
Actuarial gains and losses		100		29
Change in fair value of investments in equity instruments		3		-
Tax effect		(31)		(17)
Currency translation adjustment generated by the parent company		(3,141)		7,884
Items not potentially reclassifiable to profit and loss		(3,069)		7,896
Currency translation adjustment		1,061		(1,993)
Available for sale financial assets		-		4
Cash flow hedge		310		150
Variation of foreign currency basis spread		(66)		-
Share of other comprehensive income of equity affiliates, net amount		(274)		(672)
Other		(4)		-
Tax effect		(84)		(51)
Items potentially reclassifiable to profit and loss		943		(2,562)
Total other comprehensive income (net amount)		(2,126)		5,334
Â		Â		Â
Comprehensive income		8,244		12,903
Group share		8,242		12,927
Non-controlling interests		2		(24)

CONSOLIDATED BALANCE SHEET	Â		Â		Â		Â
TOTAL
		September 30, 2018		June 30, 2018		December 31, 2017		September 30, 2017
(M$)		(unaudited)		(unaudited)		Â		(unaudited)
								Â
ASSETS
								Â
Non-current assets
Intangible assets, net		27,356		24,562		14,587		14,891
Property, plant and equipment, net		115,136		114,047		109,397		113,491
Equity affiliates : investments and loans		23,402		22,443		22,103		22,130
Other investments		1,602		1,396		1,727		1,124
Non-current financial assets		1,129		967		679		626
Deferred income taxes		5,186		5,348		5,206		5,345
Other non-current assets		3,167		3,384		3,984		4,291
Total non-current assets		176,978		172,147		157,683		161,898
								Â
Current assets
Inventories, net		19,689		18,392		16,520		14,769
Accounts receivable, net		20,010		16,974		14,893		13,738
Other current assets		18,613		14,408		14,210		13,944
Current financial assets		3,553		3,609		3,393		2,579
Cash and cash equivalents		25,252		26,475		33,185		28,583
Assets classified as held for sale		207		-		2,747		997
Total current assets		87,324		79,858		84,948		74,610
Total assets		264,302		252,005		242,631		236,508
								Â
LIABILITIES & SHAREHOLDERS' EQUITY
								Â
Shareholders' equity
Common shares		8,304		8,305		7,882		7,806
Paid-in surplus and retained earnings		123,167		121,896		112,040		111,128
Currency translation adjustment		(10,321)		(9,764)		(7,908)		(8,675)
Treasury shares		(2,957)		(2,462)		(458)		(458)
Total shareholders' equity - Group share		118,193		117,975		111,556		109,801
Non-controlling interests		2,430		2,288		2,481		2,799
Total shareholders' equity		120,623		120,263		114,037		112,600
								Â
Non-current liabilities
Deferred income taxes		12,138		11,969		10,828		11,326
Employee benefits		3,308		3,329		3,735		4,384
Provisions and other non-current liabilities		18,740		18,807		15,986		17,140
Non-current financial debt		41,088		38,362		41,340		40,226
Total non-current liabilities		75,274		72,467		71,889		73,076
								Â
Current liabilities
Accounts payable		28,100		25,021		26,479		21,092
Other creditors and accrued liabilities		24,429		17,792		17,779		17,740
Current borrowings		15,180		15,659		11,096		11,206
Other current financial liabilities		669		803		245		273
Liabilities directly associated with the assets classified as held for sale		27		-		1,106		521
Total current liabilities		68,405		59,275		56,705		50,832
Total liabilities & shareholders' equity		264,302		252,005		242,631		236,508

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â		Â
TOTAL
(unaudited)
		3rd quarter		2nd quarter		3rd quarter
(M$)		2018		2018		2017
						Â
CASH FLOW FROM OPERATING ACTIVITIES
						Â
Consolidated net income		4,087		3,634		2,763
Depreciation, depletion, amortization and impairment		3,477		3,508		3,164
Non-current liabilities, valuation allowances and deferred taxes		320		35		(93)
(Gains) losses on disposals of assets		(267)		(148)		(144)
Undistributed affiliates' equity earnings		(416)		(298)		(110)
(Increase) decrease in working capital		(1,578)		(856)		(1,057)
Other changes, net		113		371		(160)
Cash flow from operating activities		5,736		6,246		4,363
						Â
CASH FLOW USED IN INVESTING ACTIVITIES
						Â
Intangible assets and property, plant and equipment additions		(3,352)		(3,513)		(3,104)
Acquisitions of subsidiaries, net of cash acquired		(2,714)		12		(472)
Investments in equity affiliates and other securities		(271)		(146)		(181)
Increase in non-current loans		(147)		(140)		(153)
Total expenditures		(6,484)		(3,787)		(3,910)
Proceeds from disposals of intangible assets and property, plant and equipment		113		304		55
Proceeds from disposals of subsidiaries, net of cash sold		(11)		(7)		-
Proceeds from disposals of non-current investments		107		396		147
Repayment of non-current loans		688		581		337
Total divestments		897		1,274		539
Cash flow used in investing activities		(5,587)		(2,513)		(3,371)
						Â
CASH FLOW USED IN FINANCING ACTIVITIES
						Â
Issuance (repayment) of shares:
- Parent company shareholders		16		473		65
- Treasury shares		(844)		(1,182)		-
Dividends paid:
- Parent company shareholders		-		(2,692)		-
- Non-controlling interests		(9)		(72)		(11)
Issuance of perpetual subordinated notes		-		-		-
Payments on perpetual subordinated notes		-		(116)		-
Other transactions with non-controlling interests		(621)		-		(2)
Net issuance (repayment) of non-current debt		2,146		52		400
Increase (decrease) in current borrowings		(1,965)		(738)		(3,717)
Increase (decrease) in current financial assets and liabilities		69		(1,779)		1,182
Cash flow used in financing activities		(1,208)		(6,054)		(2,083)
Net increase (decrease) in cash and cash equivalents		(1,059)		(2,321)		(1,091)
Effect of exchange rates		(164)		(1,296)		954
Cash and cash equivalents at the beginning of the period		26,475		30,092		28,720
Cash and cash equivalents at the end of the period		25,252		26,475		28,583

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â
TOTAL
(unaudited)
		9 months		9 months
(M$)		2018		2017
				Â
CASH FLOW FROM OPERATING ACTIVITIES
				Â
Consolidated net income		10,370		7,569
Depreciation, depletion, amortization and impairment		10,031		10,754
Non-current liabilities, valuation allowances and deferred taxes		469		(340)
(Gains) losses on disposals of assets		(540)		(2,527)
Undistributed affiliates' equity earnings		(973)		96
(Increase) decrease in working capital		(5,656)		(1,379)
Other changes, net		362		(469)
Cash flow from operating activities		14,063		13,704
				Â
CASH FLOW USED IN INVESTING ACTIVITIES
				Â
Intangible assets and property, plant and equipment additions		(12,530)		(9,105)
Acquisitions of subsidiaries, net of cash acquired		(3,428)		(797)
Investments in equity affiliates and other securities		(579)		(1,137)
Increase in non-current loans		(458)		(754)
Total expenditures		(16,995)		(11,793)
Proceeds from disposals of intangible assets and property, plant and equipment		2,395		135
Proceeds from disposals of subsidiaries, net of cash sold		(15)		2,696
Proceeds from disposals of non-current investments		691		289
Repayment of non-current loans		1,685		677
Total divestments		4,756		3,797
Cash flow used in investing activities		(12,239)		(7,996)
				Â
CASH FLOW USED IN FINANCING ACTIVITIES
				Â
Issuance (repayment) of shares:
- Parent company shareholders		498		486
- Treasury shares		(2,584)		-
Dividends paid:
- Parent company shareholders		(4,208)		(2,000)
- Non-controlling interests		(93)		(87)
Issuance of perpetual subordinated notes		-		-
Payments on perpetual subordinated notes		(266)		(219)
Other transactions with non-controlling interests		(621)		(2)
Net issuance (repayment) of non-current debt		(282)		746
Increase (decrease) in current borrowings		(996)		(6,297)
Increase (decrease) in current financial assets and liabilities		(555)		2,819
Cash flow used in financing activities		(9,107)		(4,554)
Net increase (decrease) in cash and cash equivalents		(7,283)		1,154
Effect of exchange rates		(650)		2,832
Cash and cash equivalents at the beginning of the period		33,185		24,597
Cash and cash equivalents at the end of the period		25,252		28,583

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL	Â		Â		Â		Â		Â	Â	Â		Â		Â	Â	Â		Â		Â	Â	Â
(unaudited)
		Common shares issued				Paid-in surplus and retained earnings		Currency translation adjustment				Treasury shares						Shareholders' equity - Group Share		Non-controlling interests				Total shareholders' equity
(M$)		Number		Amount						Â		Number		Amount		Â						Â
As of January 1, 2017		2,430,365,862		7,604		105,547		(13,871)		Â		(10,587,822)		(600)		Â		98,680		2,894		Â		101,574
Net income of the first nine months 2017		-		-		7,610		-		Â		-		-		Â		7,610		(41)		Â		7,569
Other comprehensive Income		-		-		121		5,196		Â		-		-		Â		5,317		17		Â		5,334
Comprehensive Income		-		-		7,731		5,196		Â		-		-		Â		12,927		(24)		Â		12,903
Dividend		-		-		(5,137)		-		Â		-		-		Â		(5,137)		(87)		Â		(5,224)
Issuance of common shares		72,388,372		202		3,242		-		Â		-		-		Â		3,444		-		Â		3,444
Purchase of treasury shares		-		-		-		-		Â		-		-		Â		-		-		Â		-
Sale of treasury shares(a)		-		-		(142)		-		Â		2,209,716		142		Â		-		-		Â		-
Share-based payments		-		-		113		-		Â		-		-		Â		113		-		Â		113
Share cancellation		-		-		-		-		Â		-		-		Â		-		-		Â		-
Issuance of perpetual subordinated notes		-		-		-		-		Â		-		-		Â		-		-		Â		-
Payments on perpetual subordinated notes		-		-		(223)		-		Â		-		-		Â		(223)		-		Â		(223)
Other operations with non-controlling interests		-		-		(7)		-		Â		-		-		Â		(7)		5		Â		(2)
Other items		-		-		4		-		Â		-		-		Â		4		11		Â		15
As of September 30, 2017		2,502,754,234		7,806		111,128		(8,675)		Â		(8,378,106)		(458)		Â		109,801		2,799		Â		112,600
Net income of the fourth quarter 2017		-		-		1,021		-		Â		-		-		Â		1,021		(291)		Â		730
Other comprehensive Income		-		-		597		767		Â		-		-		Â		1,364		27		Â		1,391
Comprehensive Income		-		-		1,618		767		Â		-		-		Â		2,385		(264)		Â		2,121
Dividend		-		-		(1,855)		-		Â		-		-		Â		(1,855)		(54)		Â		(1,909)
Issuance of common shares		26,235,382		76		1,189		-		Â		-		-		Â		1,265		-		Â		1,265
Purchase of treasury shares		-		-		-		-		Â		-		-		Â		-		-		Â		-
Sale of treasury shares(a)		-		-		-		-		Â		1,350		-		Â		-		-		Â		-
Share-based payments		-		-		38		-		Â		-		-		Â		38		-		Â		38
Share cancellation		-		-		-		-		Â		-		-		Â		-		-		Â		-
Issuance of perpetual subordinated notes		-		-		-		-		Â		-		-		Â		-		-		Â		-
Payments on perpetual subordinated notes		-		-		(79)		-		Â		-		-		Â		(79)		-		Â		(79)
Other operations with non-controlling interests		-		-		(1)		-		Â		-		-		Â		(1)		(1)		Â		(2)
Other items		-		-		2		-		Â		-		-		Â		2		1		Â		3
As of December 31, 2017		2,528,989,616		7,882		112,040		(7,908)		Â		(8,376,756)		(458)		Â		111,556		2,481		Â		114,037
Net income of the first nine months 2018		-		-		10,314		-		Â		-		-		Â		10,314		56		Â		10,370
Other comprehensive Income		-		-		341		(2,413)		Â		-		-		Â		(2,072)		(54)		Â		(2,126)
Comprehensive Income		-		-		10,655		(2,413)		Â		-		-		Â		8,242		2		Â		8,244
Dividend		-		-		(6,078)		-		Â		-		-		Â		(6,078)		(93)		Â		(6,171)
Issuance of common shares		137,393,893		422		7,265		-		Â		-		-		Â		7,687		-		Â		7,687
Purchase of treasury shares		-		-		-		-		Â		(45,047,172)		(2,740)		Â		(2,740)		-		Â		(2,740)
Sale of treasury shares(a)		-		-		(241)		-		Â		4,079,257		241		Â		-		-		Â		-
Share-based payments		-		-		246		-		Â		-		-		Â		246		-		Â		246
Share cancellation		-		-		-		-		Â		-		-		Â		-		-		Â		-
Issuance of perpetual subordinated notes		-		-		-		-		Â		-		-		Â		-		-		Â		-
Payments on perpetual subordinated notes		-		-		(239)		-		Â		-		-		Â		(239)		-		Â		(239)
Other operations with non-controlling interests		-		-		(455)		-		Â		-		-		Â		(455)		(57)		Â		(512)
Other items		-		-		(26)		-		Â		-		-		Â		(26)		97		Â		71
As of September 30, 2018		2,666,383,509		8,304		123,167		(10,321)		Â		(49,344,671)		(2,957)		Â		118,193		2,430		Â		120,623
(a)Treasury shares related to the restricted stock grants.

INFORMATIONS BY BUSINESS SEGMENT
TOTAL	Â		Â		Â		Â		Â		Â		Â
(unaudited)
Â		Â		Â		Â		Â		Â		Â		Â
3rd quarter 2018		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Non-Group sales		2,734		5,267		23,572		23,144		-		-		54,717
Intersegment sales		8,538		455		9,280		242		12		(18,527)		-
Excise taxes		-		-		(823)		(5,494)		-		-		(6,317)
Revenues from sales		11,272		5,722		32,029		17,892		12		(18,527)		48,400
Operating expenses		(4,559)		(5,535)		(30,593)		(17,147)		(151)		18,527		(39,458)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,714)		(84)		(294)		(176)		(11)		-		(3,279)
Operating income		3,999		103		1,142		569		(150)		-		5,663
Net income (loss) from equity affiliates and other items		829		65		221		109		39		-		1,263
Tax on net operating income		(1,975)		(33)		(292)		(166)		146		-		(2,320)
Net operating income		2,853		135		1,071		512		35		-		4,606
Net cost of net debt														(519)
Non-controlling interests		Â		Â		Â		Â		Â		Â		(130)
Net income - group share														3,957
Â		Â		Â		Â		Â		Â		Â		Â
3rd quarter 2018 (adjustments)(a)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Non-Group sales		-		-		-		-		-		-		-
Intersegment sales		-		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-		-
Revenues from sales		-		-		-		-		-		-		-
Operating expenses		(50)		(64)		176		47		-		-		109
Depreciation, depletion and impairment of tangible assets and mineral interests		(65)		(39)		-		-		-		-		(104)
Operating income (b)		(115)		(103)		176		47		-		-		5
Net income (loss) from equity affiliates and other items		39		(25)		9		-		-		-		23
Tax on net operating income		65		(9)		(52)		(9)		-		-		(5)
Net operating income (b)		(11)		(137)		133		38		-		-		23
Net cost of net debt														(44)
Non-controlling interests		Â		Â		Â		Â		Â		Â		20
Net income - group share														(1)
															Â
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect
- On operating income		-		-		179		47		-
- On net operating income		-		-		135		38		-
Â		Â		Â		Â		Â		Â		Â		Â
3rd quarter 2018 (adjusted)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Non-Group sales		2,734		5,267		23,572		23,144		-		-		54,717
Intersegment sales		8,538		455		9,280		242		12		(18,527)		-
Excise taxes		-		-		(823)		(5,494)		-		-		(6,317)
Revenues from sales		11,272		5,722		32,029		17,892		12		(18,527)		48,400
Operating expenses		(4,509)		(5,471)		(30,769)		(17,194)		(151)		18,527		(39,567)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,649)		(45)		(294)		(176)		(11)		-		(3,175)
Adjusted operating income		4,114		206		966		522		(150)		-		5,658
Net income (loss) from equity affiliates and other items		790		90		212		109		39		-		1,240
Tax on net operating income		(2,040)		(24)		(240)		(157)		146		-		(2,315)
Adjusted net operating income		2,864		272		938		474		35		-		4,583
Net cost of net debt														(475)
Non-controlling interests		Â		Â		Â		Â		Â		Â		(150)
Adjusted net income - group share														3,958
Â		Â		Â		Â		Â		Â		Â		Â
3rd quarter 2018		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Total expenditures		2,796		3,001		377		293		17				6,484
Total divestments		563		129		88		117		-				897
Cash flow from operating activities (*)		4,821		(554)		1,338		752		(621)		Â		5,736
															Â
(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information has been restated.

INFORMATIONS BY BUSINESS SEGMENT
TOTAL	Â		Â		Â		Â		Â		Â		Â
(unaudited)
Â		Â		Â		Â		Â		Â		Â		Â
2nd quarter 2018		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Non-Group sales		3,398		3,268		23,349		22,528		(3)		-		52,540
Intersegment sales		7,793		430		9,440		293		(63)		(17,893)		-
Excise taxes		-		-		(867)		(5,571)		-		-		(6,438)
Revenues from sales		11,191		3,698		31,922		17,250		(66)		(17,893)		46,102
Operating expenses		(4,934)		(3,570)		(30,369)		(16,416)		(122)		17,893		(37,518)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,484)		(464)		(304)		(172)		(11)		-		(3,435)
Operating income		3,773		(336)		1,249		662		(199)		-		5,149
Net income (loss) from equity affiliates and other items		569		128		289		107		11		-		1,104
Tax on net operating income		(1,772)		(19)		(279)		(194)		85		-		(2,179)
Net operating income		2,570		(227)		1,259		575		(103)		-		4,074
Net cost of net debt														(440)
Non-controlling interests		Â		Â		Â		Â		Â		Â		87
Net income - group share														3,721
Â		Â		Â		Â		Â		Â		Â		Â
2nd quarter 2018 (adjustments)(a)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Non-Group sales		-		24		-		-		-		-		24
Intersegment sales		-		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-		-
Revenues from sales		-		24		-		-		-		-		24
Operating expenses		(97)		(9)		569		134		-		-		597
Depreciation, depletion and impairment of tangible assets and mineral interests		-		(424)		-		-		-		-		(424)
Operating income (b)		(97)		(409)		569		134		-		-		197
Net income (loss) from equity affiliates and other items		(66)		(4)		46		1		-		-		(23)
Tax on net operating income		46		(7)		(177)		(38)		-		-		(176)
Net operating income (b)		(117)		(420)		438		97		-		-		(2)
Net cost of net debt														(9)
Non-controlling interests		Â		Â		Â		Â		Â		Â		179
Net income - group share														168
															Â
(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		-		-		569		134		-
- On net operating income		-		-		438		97		-
Â		Â		Â		Â		Â		Â		Â		Â
2nd quarter 2018 (adjusted)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Non-Group sales		3,398		3,244		23,349		22,528		(3)		-		52,516
Intersegment sales		7,793		430		9,440		293		(63)		(17,893)		-
Excise taxes		-		-		(867)		(5,571)		-		-		(6,438)
Revenues from sales		11,191		3,674		31,922		17,250		(66)		(17,893)		46,078
Operating expenses		(4,837)		(3,561)		(30,938)		(16,550)		(122)		17,893		(38,115)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,484)		(40)		(304)		(172)		(11)		-		(3,011)
Adjusted operating income		3,870		73		680		528		(199)		-		4,952
Net income (loss) from equity affiliates and other items		635		132		243		106		11		-		1,127
Tax on net operating income		(1,818)		(12)		(102)		(156)		85		-		(2,003)
Adjusted net operating income		2,687		193		821		478		(103)		-		4,076
Net cost of net debt														(431)
Non-controlling interests		Â		Â		Â		Â		Â		Â		(92)
Adjusted net income - group share														3,553
Â		Â		Â		Â		Â		Â		Â		Â
2nd quarter 2018		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Total expenditures		2,980		79		404		310		14				3,787
Total divestments		500		405		324		45		-				1,274
Cash flow from operating activities (*)		4,628		104		999		841		(326)		Â		6,246
															Â
(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information has been restated.

INFORMATIONS BY BUSINESS SEGMENT
TOTAL	Â		Â		Â		Â		Â		Â		Â
(unaudited)
Â		Â		Â		Â		Â		Â		Â		Â
3rd quarter 2017		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Non-Group sales		2,121		2,903		18,923		19,086		11		-		43,044
Intersegment sales		5,665		286		6,592		207		89		(12,839)		-
Excise taxes		-		-		(799)		(5,163)		-		-		(5,962)
Revenues from sales		7,786		3,189		24,716		14,130		100		(12,839)		37,082
Operating expenses		(3,632)		(3,117)		(23,110)		(13,386)		(250)		12,839		(30,656)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,548)		(51)		(258)		(170)		(8)		-		(3,035)
Operating income		1,606		21		1,348		574		(158)		-		3,391
Net income (loss) from equity affiliates and other items		521		12		179		133		32		-		877
Tax on net operating income		(745)		7		(379)		(173)		100		-		(1,190)
Net operating income		1,382		40		1,148		534		(26)		-		3,078
Net cost of net debt														(315)
Non-controlling interests		Â		Â		Â		Â		Â		Â		(39)
Net income - group share														2,724
Â		Â		Â		Â		Â		Â		Â		Â
3rd quarter 2017 (adjustments)(a)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Non-Group sales		-		(14)		-		-		-		-		(14)
Intersegment sales		-		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-		-
Revenues from sales		-		(14)		-		-		-		-		(14)
Operating expenses		(2)		(32)		166		51		-		-		183
Depreciation, depletion and impairment of tangible assets and mineral interests		(57)		-		-		-		-		-		(57)
Operating income (b)		(59)		(46)		166		51		-		-		112
Net income (loss) from equity affiliates and other items		(2)		(15)		12		(5)		-		-		(10)
Tax on net operating income		4		4		(50)		(18)		-		-		(60)
Net operating income (b)		(57)		(57)		128		28		-		-		42
Net cost of net debt														(7)
Non-controlling interests		Â		Â		Â		Â		Â		Â		15
Net income - group share														50
															Â
(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		-		-		210		51		-
- On net operating income		-		-		156		36		-
Â		Â		Â		Â		Â		Â		Â		Â
3rd quarter 2017 (adjusted)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Non-Group sales		2,121		2,917		18,923		19,086		11		-		43,058
Intersegment sales		5,665		286		6,592		207		89		(12,839)		-
Excise taxes		-		-		(799)		(5,163)		-		-		(5,962)
Revenues from sales		7,786		3,203		24,716		14,130		100		(12,839)		37,096
Operating expenses		(3,630)		(3,085)		(23,276)		(13,437)		(250)		12,839		(30,839)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,491)		(51)		(258)		(170)		(8)		-		(2,978)
Adjusted operating income		1,665		67		1,182		523		(158)		-		3,279
Net income (loss) from equity affiliates and other items		523		27		167		138		32		-		887
Tax on net operating income		(749)		3		(329)		(155)		100		-		(1,130)
Adjusted net operating income		1,439		97		1,020		506		(26)		-		3,036
Net cost of net debt														(308)
Non-controlling interests		Â		Â		Â		Â		Â		Â		(54)
Adjusted net income - group share														2,674
Â		Â		Â		Â		Â		Â		Â		Â
3rd quarter 2017		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Total expenditures		3,228		99		357		190		36				3,910
Total divestments		339		-		24		150		26				539
Cash flow from operating activities (*)		3,010		348		652		624		(271)		Â		4,363
															Â
(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information has been restated.

INFORMATIONS BY BUSINESS SEGMENT
TOTAL	Â		Â		Â		Â		Â		Â		Â
(unaudited)
Â		Â		Â		Â		Â		Â		Â		Â
9 months 2018		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Non-Group sales		8,599		12,626		68,660		66,980		3		-		156,868
Intersegment sales		23,255		1,353		26,676		733		46		(52,063)		-
Excise taxes		-		-		(2,537)		(16,537)		-		-		(19,074)
Revenues from sales		31,854		13,979		92,799		51,176		49		(52,063)		137,794
Operating expenses		(13,538)		(13,631)		(88,841)		(49,066)		(550)		52,063		(113,563)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,548)		(618)		(911)		(522)		(31)		-		(9,630)
Operating income		10,768		(270)		3,047		1,588		(532)		-		14,601
Net income (loss) from equity affiliates and other items		2,039		227		638		302		48		-		3,254
Tax on net operating income		(5,297)		(67)		(675)		(463)		327		-		(6,175)
Net operating income		7,510		(110)		3,010		1,427		(157)		-		11,680
Net cost of net debt														(1,310)
Non-controlling interests		Â		Â		Â		Â		Â		Â		(56)
Net income - group share														10,314
Â		Â		Â		Â		Â		Â		Â		Â
9 months 2018 (adjustments)(a)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Non-Group sales		-		13		-		-		-		-		13
Intersegment sales		-		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-		-
Revenues from sales		-		13		-		-		-		-		13
Operating expenses		(200)		(165)		707		152		(9)		-		485
Depreciation, depletion and impairment of tangible assets and mineral interests		(65)		(485)		-		-		-		-		(550)
Operating income (b)		(265)		(637)		707		152		(9)		-		(52)
Net income (loss) from equity affiliates and other items		(128)		(40)		34		-		-		-		(134)
Tax on net operating income		169		(13)		(210)		(44)		-		-		(98)
Net operating income (b)		(224)		(690)		531		108		(9)		-		(284)
Net cost of net debt														(63)
Non-controlling interests		Â		Â		Â		Â		Â		Â		266
Net income - group share														(81)
															Â
(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		-		-		710		152		-
- On net operating income		-		-		550		108		-
Â		Â		Â		Â		Â		Â		Â		Â
9 months 2018 (adjusted)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Non-Group sales		8,599		12,613		68,660		66,980		3		-		156,855
Intersegment sales		23,255		1,353		26,676		733		46		(52,063)		-
Excise taxes		-		-		(2,537)		(16,537)		-		-		(19,074)
Revenues from sales		31,854		13,966		92,799		51,176		49		(52,063)		137,781
Operating expenses		(13,338)		(13,466)		(89,548)		(49,218)		(541)		52,063		(114,048)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,483)		(133)		(911)		(522)		(31)		-		(9,080)
Adjusted operating income		11,033		367		2,340		1,436		(523)		-		14,653
Net income (loss) from equity affiliates and other items		2,167		267		604		302		48		-		3,388
Tax on net operating income		(5,466)		(54)		(465)		(419)		327		-		(6,077)
Adjusted net operating income		7,734		580		2,479		1,319		(148)		-		11,964
Net cost of net debt														(1,247)
Non-controlling interests		Â		Â		Â		Â		Â		Â		(322)
Adjusted net income - group share														10,395
Â		Â		Â		Â		Â		Â		Â		Â
9 months 2018		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Total expenditures		11,647		3,329		1,113		831		75				16,995
Total divestments		3,314		612		437		390		3				4,756
Cash flow from operating activities (*)		13,018		(629)		1,228		1,533		(1,087)		Â		14,063
															Â
(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information has been restated.

INFORMATIONS BY BUSINESS SEGMENT
TOTAL	Â		Â		Â		Â		Â		Â		Â
(unaudited)
Â		Â		Â		Â		Â		Â		Â		Â
9 months 2017		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Non-Group sales		6,292		8,771		54,844		54,215		20		-		124,142
Intersegment sales		16,331		869		18,954		650		284		(37,088)		-
Excise taxes		-		-		(2,180)		(14,305)		-		-		(16,485)
Revenues from sales		22,623		9,640		71,618		40,560		304		(37,088)		107,657
Operating expenses		(10,866)		(9,443)		(67,906)		(38,780)		(802)		37,088		(90,709)
Depreciation, depletion and impairment of tangible assets and mineral interests		(8,960)		(163)		(790)		(472)		(27)		-		(10,412)
Operating income		2,797		34		2,922		1,308		(525)		-		6,536
Net income (loss) from equity affiliates and other items		1,198		(20)		2,780		421		48		-		4,427
Tax on net operating income		(1,696)		(54)		(877)		(404)		485		-		(2,546)
Net operating income		2,299		(40)		4,825		1,325		8		-		8,417
Net cost of net debt														(848)
Non-controlling interests		Â		Â		Â		Â		Â		Â		41
Net income - group share														7,610
Â		Â		Â		Â		Â		Â		Â		Â
9 months 2017 (adjustments)(a)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Non-Group sales		-		(41)		-		-		-		-		(41)
Intersegment sales		-		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-		-
Revenues from sales		-		(41)		-		-		-		-		(41)
Operating expenses		(119)		(146)		(188)		(44)		(64)		-		(561)
Depreciation, depletion and impairment of tangible assets and mineral interests		(1,926)		(25)		(50)		-		-		-		(2,001)
Operating income (b)		(2,045)		(212)		(238)		(44)		(64)		-		(2,603)
Net income (loss) from equity affiliates and other items		(216)		(94)		2,168		121		-		-		1,979
Tax on net operating income		380		13		(9)		8		22		-		414
Net operating income (b)		(1,881)		(293)		1,921		85		(42)		-		(210)
Net cost of net debt														(21)
Non-controlling interests		Â		Â		Â		Â		Â		Â		135
Net income - group share														(96)
															Â
(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		-		-		(79)		(18)		-
- On net operating income		-		-		(56)		(14)		-
Â		Â		Â		Â		Â		Â		Â		Â
9 months 2017 (adjusted)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Non-Group sales		6,292		8,812		54,844		54,215		20		-		124,183
Intersegment sales		16,331		869		18,954		650		284		(37,088)		-
Excise taxes		-		-		(2,180)		(14,305)		-		-		(16,485)
Revenues from sales		22,623		9,681		71,618		40,560		304		(37,088)		107,698
Operating expenses		(10,747)		(9,297)		(67,718)		(38,736)		(738)		37,088		(90,148)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,034)		(138)		(740)		(472)		(27)		-		(8,411)
Adjusted operating income		4,842		246		3,160		1,352		(461)		-		9,139
Net income (loss) from equity affiliates and other items		1,414		74		612		300		48		-		2,448
Tax on net operating income		(2,076)		(67)		(868)		(412)		463		-		(2,960)
Adjusted net operating income		4,180		253		2,904		1,240		50		-		8,627
Net cost of net debt														(827)
Non-controlling interests		Â		Â		Â		Â		Â		Â		(94)
Adjusted net income - group share														7,706
Â		Â		Â		Â		Â		Â		Â		Â
9 months 2017		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Total expenditures		9,312		491		1,024		887		79				11,793
Total divestments		584		27		2,784		368		34				3,797
Cash flow from operating activities (*)		8,647		388		4,381		1,206		(918)		Â		13,704
															Â
(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information has been restated.

Reconciliation of the information by business segment with Consolidated Financial Statements
TOTAL
(unaudited)

	Â		Â		Â	Consolidated
3rd quarter 2018						statement
(M$)		Adjusted	Â	Adjustments(a)	Â	of income
Sales		54,717		-		54,717
Excise taxes		(6,317)		-		(6,317)
Revenues from sales		48,400		-		48,400
						Â
Purchases net of inventory variation		(32,567)		216		(32,351)
Other operating expenses		(6,766)		(107)		(6,873)
Exploration costs		(234)		-		(234)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,175)		(104)		(3,279)
Other income		465		116		581
Other expense		(209)		(146)		(355)
						Â
Financial interest on debt		(492)		(44)		(536)
Financial income and expense from cash & cash equivalents		(63)		-		(63)
Cost of net debt		(555)		(44)		(599)
						Â
Other financial income		290		-		290
Other financial expense		(171)		-		(171)
						Â
Net income (loss) from equity affiliates		865		53		918
						Â
Income taxes		(2,235)	Â	(5)	Â	(2,240)
Consolidated net income		4,108		(21)		4,087
Group share		3,958		(1)		3,957
Non-controlling interests		150		(20)		130
						Â
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

	Â			Â				Â
									Consolidated
3rd quarter 2017									statement
(M$)		Adjusted		Â	Adjustments(a)			Â	of income
Sales		43,058			(14)				43,044
Excise taxes		(5,962)			-				(5,962)
Revenues from sales		37,096			(14)				37,082
									Â
Purchases net of inventory variation		(24,585)			218				(24,367)
Other operating expenses		(6,073)			(35)				(6,108)
Exploration costs		(181)			-				(181)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,978)			(57)				(3,035)
Other income		238			166				404
Other expense		(65)			(2)				(67)
									Â
Financial interest on debt		(361)			(7)				(368)
Financial income and expense from cash & cash equivalents		(45)			-				(45)
Cost of net debt		(406)			(7)				(413)
									Â
Other financial income		204			-				204
Other financial expense		(164)			-				(164)
									Â
Net income (loss) from equity affiliates		674			(174)				500
									Â
Income taxes		(1,032)		Â	(60)			Â	(1,092)
Consolidated net income		2,728			35				2,763
Group share		2,674			50				2,724
Non-controlling interests		54			(15)				39
									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
(unaudited)

	Â		Â		Â	Consolidated
9 months 2018						statement of
(M$)		Adjusted	Â	Adjustments(a)		income
Sales		156,855		13		156,868
Excise taxes		(19,074)		-		(19,074)
Revenues from sales		137,781		13		137,794
						Â
Purchases net of inventory variation		(93,190)		794		(92,396)
Other operating expenses		(20,262)		(309)		(20,571)
Exploration costs		(596)		-		(596)
Depreciation, depletion and impairment of tangible assets and mineral interests		(9,080)		(550)		(9,630)
Other income		1,093		263		1,356
Other expense		(324)		(634)		(958)
						Â
Financial interest on debt		(1,341)		(63)		(1,404)
Financial income and expense from cash & cash equivalents		(158)		-		(158)
Cost of net debt		(1,499)		(63)		(1,562)
						Â
Other financial income		851		-		851
Other financial expense		(500)		-		(500)
						Â
Net income (loss) from equity affiliates		2,268		237		2,505
						Â
Income taxes		(5,825)	Â	(98)		(5,923)
Consolidated net income		10,717		(347)		10,370
Group share		10,395		(81)		10,314
Non-controlling interests		322		(266)		56
						Â
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

	Â		Â		Â	Consolidated
9 months 2017						statement of
(M$)		Adjusted	Â	Adjustments(a)		income
Sales		124,183		(41)		124,142
Excise taxes		(16,485)		-		(16,485)
Revenues from sales		107,698		(41)		107,657
						Â
Purchases net of inventory variation		(71,514)		(238)		(71,752)
Other operating expenses		(18,057)		(323)		(18,380)
Exploration costs		(577)		-		(577)
Depreciation, depletion and impairment of tangible assets and mineral interests		(8,411)		(2,001)		(10,412)
Other income		552		2,747		3,299
Other expense		(181)		(283)		(464)
						Â
Financial interest on debt		(1,023)		(21)		(1,044)
Financial income and expense from cash & cash equivalents		(93)		-		(93)
Cost of net debt		(1,116)		(21)		(1,137)
						Â
Other financial income		717		-		717
Other financial expense		(483)		-		(483)
						Â
Net income (loss) from equity affiliates		1,843		(485)		1,358
						Â
Income taxes		(2,671)	Â	414		(2,257)
Consolidated net income		7,800		(231)		7,569
Group share		7,706		(96)		7,610
Non-controlling interests		94		(135)		(41)
						Â
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

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