Fourth Quarter and Full Year 2010 Results

Fourth Quarter and Full Year 2010 Results

TOTAL

Fourth Quarter and Full Year 2010 Results

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

	Â		Â		Â		Â
		4Q10		Change		2010		Change
Â		Â		vs 4Q09		Â		vs 2009
								Â
Adjusted net income¹
								Â
in billion euros (Bâ‚¬)		2.6		+23%		10.3		+32%
in billion dollars (B$)		3.5		+13%		13.6		+26%
								Â
in euros per share		1.14		+23%		4.58		+32%
in dollars per share		1.54		+12%		6.08		+25%
Â		Â		Â		Â		Â
Net income (Group share) of 10.6 Bâ‚¬ in 2010
Net-debt-to-equity ratio of 22% at December 31, 2010
Hydrocarbon production of 2,387 kboe/d in the fourth quarter 2010
2010 dividend of 2.28 â‚¬/share(2)
Â

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

â€œBeyond the more favorable environment than the one in 2009, the increase in the 2010 results reflects the improvement in the Groupâ€™s performance, with notably production growth of more than 4% compared to 2009 and a strong rebound in Chemicals.

The year 2010 also marks a new dynamic in the implementation of our strategy, with a bolder exploration program and profound changes to the portfolio in each business segment. Throughout our operations, wherever we are present, the Group reaffirms the priority of safety, reliability and acceptability as essential to sustainability and growth.

Confident in a favorable environment and in the ability of our people to develop value creating projects, the Group announces a 2011 investment budget of 20 billion dollars, or about 16 billion euros, and commits to maintain its policy for shareholder returns while keeping a strong balance sheet.â€

The Board of Directors of Total, led by Chairman and CEO Christophe de Margerie, met on February 10, 2011, and decided to propose at its Annual Shareholders Meeting on May 13, 2011, a dividend of 2.28 â‚¬/share, stable as compared to the previous year.

Key figures³

4Q10

2010

4Q10

3Q10

4Q09

in millions of euros

4Q09

except earnings per share and number of shares

2010

2009

40,157

40,180

36,228

+11%

Sales

159,269

131,327

+21%

5,102

4,728

3,985

+28%

Adjusted operating income from business segments

19,797

14,154

+40%

2,736

2,643

2,071

+32%

Adjusted net operating income from business segments

10,622

7,607

+40%

2,300

2,123

1,948

+18%

- Upstream

8,597

6,382

+35%

266

264

- Downstream

1,168

953

+23%

170

256

- Chemicals

857

272

2,556

2,475

2,081

+23%

Adjusted net income

10,288

7,784

+32%

1.14

1.10

0.93

+23%

Adjusted fully-diluted earnings per share (euros)

4.58

3.48

+32%

2,247.9

2,244.9

2,241.4

Fully-diluted weighted-average shares (millions)

2,244.5

2,237.3

2,030

2,827

2,065

-2%

Net income (Group share)

10,571

8,447

+25%

5,026

4,092

3,524

+43%

Investments⁴

16,273

13,349

+22%

4,424

4,005

3,419

+29%

Investments including net investments in equity affiliates and non-consolidated companies⁴

15,445

13,003

+19%

1,344

1,074

944

+42%

Divestments

4,316

3,081

+40%

3,387

4,904

1,889

+79%

Cash flow from operations

18,493

12,360

+50%

4,648

4,359

3,408

+36%

Adjusted cash flow from operations

17,996

13,471

+34%

4Q10

2010

4Q10

3Q10

4Q09

in millions of dollars(5)

4Q09

except earnings per share and number of shares

2010

2009

54,545

51,872

53,541

Sales

211,143

183,175

+15%

6,930

6,104

5,889

18%

Adjusted operating income from business segments

26,245

19,742

+33%

3,716

3,412

3,061

21%

Adjusted net operating income from business segments

14,082

10,610

+33%

3,124

2,741

2,879

- Upstream

11,397

8,902

+28%

361

341

- Downstream

1,548

1,329

+16%

231

330

106

- Chemicals

1,136

379

3,472

3,195

3,076

+13%

Adjusted net income

13,639

10,857

+26%

1.54

1.42

1.37

+12%

Adjusted fully-diluted earnings per share (dollars)

6.08

4.85

+25%

2,247.9

2,244.9

2,241.4

Fully-diluted weighted-average shares (millions)

2,244.5

2,237.3

2,757

3,650

3,052

-10%

Net income (Group share)

14,014

11,782

+19%

6,827

5,283

5,208

+31%

Investments⁴

21,573

18,619

+16%

6,009

5,170

5,053

+19%

Investments including net investments in equity affiliates and non-consolidated companies⁴

20,475

18,137

+13%

1,826

1,387

1,395

+31%

Divestments

5,722

4,297

+33%

4,601

6,331

2,792

+65%

Cash flow from operations

24,516

17,240

+42%

6,313

5,627

5,037

+25%

Adjusted cash flow from operations

23,857

18,789

+27%

Highlights since the beginning of the fourth quarter 2010
- Formed a strategic alliance with Suncor encompassing the Fort Hills and Joslyn oil sands mining projects and the Voyageur upgrader in Canada
- Increased share to 27.5% and launched the GLNG project in Australia to develop and liquefy coal seam gas
- Launched the West Franklin phase two development in the UK North Sea
- Offshore discoveriesÂ : on Moho Bilondo in Congo, near Laggan Tormore in the UK North Sea, on Block 15/06 in Angola and on Block B in Brunei
- Expanded resource base by acquiring interests in exploration permits in deep-offshore Malaysia and Ivory Coast, in three onshore permits in Gabon, in shale gas in Argentina and three pre-salt blocks in Angola
- Sold the 5% interest in Block 31 in Angola
- Signed an agreement to sell the exploration and production subsidiary in Cameroon and a 20% interest in the Ipati and Aquio permits in Bolivia
- Closed the refinery at Dunkirk
- Signed a partnership agreement to study a coal-to-olefins petrochemical plant in China
- Announced plan to sell the resins activities in Specialty Chemicals

Fourth quarter 2010 results

> Operating Income

In the fourth quarter 2010, the Brent price averaged 86.5 $/b, an increase of 16% compared to the fourth quarter 2009 and 12% compared to the third quarter 2010. The European refining margin indicator (ERMI) averaged 32.3 $/t compared to 11.7 $/t in the fourth quarter 2009 and 16.4 $/t in the third quarter 2010.

The euro-dollar exchange rate averaged 1.36 $/â‚¬ in the fourth quarter 2010 compared to 1.48 $/â‚¬ in the fourth quarter 2009 and 1.29 $/â‚¬ in the third quarter 2010.

In this environment, the adjusted operating income from the business segments was 5,102 Mâ‚¬ in the fourth quarter 2010, an increase of 28% compared to fourth quarter 2009⁶. Expressed in dollars, the increase was 18%.

The effective tax rate⁷ for the business segments was 57% in the fourth quarter 2010, stable compared to fourth quarter 2009.

Adjusted net operating income from the business segments was 2,736 Mâ‚¬ in the fourth quarter 2010 compared to 2,071 Mâ‚¬ in the fourth quarter 2009, an increase of 32%.

Expressed in dollars, the adjusted net operating income from the business segments was 3.7 billion dollars (B$), an increase of 21% compared to the fourth quarter 2009.

> Net Income

Adjusted net income was 2,556 Mâ‚¬ in the fourth quarter 2010 compared to 2,081 Mâ‚¬ in the fourth quarter 2009, an increase of 23%. Expressed in dollars, adjusted net income increased by 13%.

Effective July 1, 2010, the Group no longer accounts for its interest in Sanofi-Aventis as an equity affiliate. In the fourth quarter 2009, the contribution to the Groupâ€™s adjusted net income from Sanofi Aventis was 131 Mâ‚¬. Excluding the contribution of Sanofi-Aventis, the Groupâ€™s adjusted net income would have increased by 31% in euros and 20% in dollars.

Adjusted net income excludes the after-tax inventory effect and special items.

The after-tax inventory effect had a positive impact of 283 Mâ‚¬ in the fourth quarter 2010 and a positive impact of 296Â Mâ‚¬ in the fourth quarter 2009.
Special items had a negative impact on net income of 809 Mâ‚¬ in the fourth quarter 2010, comprised essentially of impairments on European refining assets, partially offset by gains on asset sales. In the fourth quarter 2009, special items had a negative impact on net income of 264 Mâ‚¬⁸.
In the fourth quarter 2009, special items included the Groupâ€™s equity share of adjustment items related to Sanofi-Aventis that had a negative impact on net income of 48Â Mâ‚¬.

Net income (Group share) was 2,030 Mâ‚¬ compared to 2,065 Mâ‚¬ in the fourth quarter 2009.

The effective tax rate for the Group was 57% in the fourth quarter 2010 compared to 55% in the fourth quarter 2009.

Adjusted fully-diluted earnings per share, based on 2,247.9 million fully-diluted weighted average shares, was 1.14 euros compared to 0.93 euros in the fourth quarter 2009, an increase of 23%.

Expressed in dollars, adjusted fully-diluted earnings per share increased 12% to 1.54Â dollars.

> Investments â€“ Divestments⁹

Investments, excluding acquisitions and including net investments in equity affiliates and non-consolidated companies, were 3.5 Bâ‚¬ (4.7 B$) in the fourth quarter 2010 compared to 3.3 Bâ‚¬ (4.9 B$) in the fourth quarter 2009.

Acquisitions were 970 Mâ‚¬ in the fourth quarter 2010, including essentially the acquisition of a 20% share in the GLNG project in Australia. The transaction to increase the interest in GLNG from 20% to 27.5% will be finalized in 2011.

Asset sales in the fourth quarter 2010 were 742 Mâ‚¬, comprised essentially of the sale of the companyâ€™s 5% share in Block 31 in Angola.

Net investments¹⁰ were 3.7 Bâ‚¬ (5.0 B$) in the fourth quarter 2010 compared to 2.6 Bâ‚¬ (3.8 B$) in the fourth quarter 2009.

> Cash flow

Cash flow from operations was 3,387 Mâ‚¬ in the fourth quarter 2010 compared to 1,889 Mâ‚¬ in the fourth quarter 2009. The increase is essentially due to the increase in net income before the fourth quarter 2010 impairment charges on European refining assets.

Adjusted cash flow from operations¹¹ was 4,648 Mâ‚¬, an increase of 36% compared to the fourth quarter 2009. Expressed in dollars, the adjusted cash flow from operations was 6.3Â B$, an increase of 25%.

The Groupâ€™s net cash flow¹² was a negative 295 Mâ‚¬ compared to a negative 691Â Mâ‚¬ in the fourth quarter 2009. Expressed in dollars, the Groupâ€™s net cash flow was a negative 0.4 B$ in the fourth quarter 2010.

Results for the full year 2010

> Operating income

Compared to the full year 2009, the 2010 oil market environment was marked by a 29% increase in the average Brent price to 79.5 $/b while the average realized price of gas was stable. The ERMI increased to 27.4 $/t in 2010 from 17.8 $/t in 2009.

The euro-dollar exchange rate was 1.33 $/â‚¬ compared to 1.39 $/â‚¬ on average in 2009.

In this environment, the adjusted operating income from the business segments was 19,797Â Mâ‚¬, an increase of 40% compared to 2009¹³. Expressed in dollars, the adjusted operating income from the business segments was 26.2 B$, an increase of 33% compared to 2009.

The effective tax rate¹⁴ for the business segments was 56% compared to 55% in 2009.

The adjusted net operating income from the business segments was 10,622 Mâ‚¬ compared to 7,607 Mâ‚¬ in 2009, an increase of 40%.

Expressed in dollars, the adjusted net operating income from business segments increased by 33%.

> Net income

Adjusted net income increased by 32% to 10,288 Mâ‚¬ compared to 7,784 Mâ‚¬ in 2009. Expressed in dollars, the adjusted net income increased by 26%.

Effective July 1, 2010, the Group no longer accounts for its interest in Sanofi-Aventis as an equity affiliate. The contribution to the Groupâ€™s adjusted net income from Sanofi Aventis was 290 Mâ‚¬ in 2010 compared to 786 Mâ‚¬ in 2009. Excluding the impact of the contribution of Sanofi-Aventis, the Groupâ€™s adjusted net income would have increased by 43% in euros and 36% in dollars.

Adjusted net income excludes the after-tax inventory effect, special items, and through June 30,Â 2010, the Groupâ€™s equity share of adjustment items related to Sanofi-Aventis.

The after-tax inventory effect had a positive impact of 748 Mâ‚¬ compared to a positive impact of 1,533Â Mâ‚¬ in 2009.
The Groupâ€™s share of adjustment items related to Sanofi-Aventis had a negative impact of 81 Mâ‚¬ in 2010 and a negative impact of 300 Mâ‚¬ in 2009.
Special items had a negative impact on net income of 384 Mâ‚¬ in 2010, comprised essentially of asset impairments that had a negative impact of 1,224 Mâ‚¬ and gains on asset sales that had a positive impact of 1,046 Mâ‚¬. Special items had a negative impact of 570 Mâ‚¬ in 2009¹⁵.

Net income (Group share) was 10,571 Mâ‚¬ compared to 8,447 Mâ‚¬ in 2009.

The effective tax rate for the Group was 56% in 2010 compared to 55% in 2009.

On December 31, 2010, there were 2,249.3 million fully-diluted shares compared to 2,243.7Â million fully-diluted shares on December 31, 2009.

In 2010, the adjusted fully-diluted earnings per share, based on 2,244.5 million weighted-average shares, was 4.58 euros compared 3.48 euros in 2009, an increase of 32%.

Expressed in dollars, adjusted fully-diluted earnings per share were 6.08 compared to 4.85 in 2009, an increase of 25%.

> Investments â€“ divestments¹⁶

Investments, excluding acquisitions and including net investments in equity affiliates and non-consolidated companies, were 11.9 Bâ‚¬ (15.8 B$) in 2010 compared to 12.3Â Bâ‚¬ (17.1Â B$) in 2009.

Acquisitions were 3.5 Bâ‚¬ in 2010, comprised essentially of the acquisition of assets in the Barnett Shale in the United States, UTS in Canada, a 20% interest in the GLNG project in Australia and an increased stake in the Laggan Tormore blocks in the UK.

Asset sales in 2010 were 3.5 Bâ‚¬, comprised essentially of the sale of Sanofi-Aventis shares, the Valhall and Hod fields in Norway, the 5% interest in Block 31 in Angola, and the Mapa Spontex unit in the Chemicals segment.

Net investments¹⁷ increased by 16% to 12.0 Bâ‚¬ from 10.3Â Bâ‚¬ in 2009. Expressed in dollars, net investments in 2010 increased by 11% to 15.9 B$.

> Cash flow

Cash flow from operations was 18,493 Mâ‚¬, an increase of 50% compared to 2009, essentially due to the increase in net income and the more favorable change in working capital than in 2009.

Adjusted cash flow from operations¹⁸ was 17,996 Mâ‚¬, an increase of 34%. Expressed in dollars, adjusted cash flow from operations was 23.9 B$, an increase of 27%.

The Groupâ€™s net cash flow¹⁹ was 6,536 Mâ‚¬ compared to 2,092Â Mâ‚¬ in 2009. Expressed in dollars, the Groupâ€™s net cash flow was 8.7 B$ in 2010.

The net-debt-to-equity ratio was 22.2% on December 31, 2010, compared to 18.2% on September 30, 2010 and 26.6% on December 31, 2009²⁰.

Analysis of business segment results

Upstream

> Environment â€“ liquids and gas price realizations*

4Q10

2010

4Q10

3Q10

4Q09

2010

2009

4Q09

2009

86.5

76.9

74.5

+16%

Brent ($/b)

79.5

61.7

+29%

83.7

72.8

70.6

+19%

Average liquids price ($/b)

76.3

58.1

+31%

5.62

5.13

5.07

+11%

Average gas price ($/Mbtu)

5.15

5.17

61.9

54.9

54.4

+14%

Average hydrocarbons price ($/boe)

56.7

47.1

+20%

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

> Production

4Q10

2010

4Q10

3Q10

4Q09

Hydrocarbon production

2010

2009

4Q09

2009

2,387

2,340

2,377

Combined production (kboe/d)

2,378

2,281

+4%

1,337

1,325

1,404

-5%

- Liquids (kb/d)

1,340

1,381

-3%

5,692

5,529

5,320

+7%

- Gas (Mcf/d)

5,648

4,923

+15%

In the fourth quarter 2010, hydrocarbon production was 2,387 thousand barrels of oil equivalent per day (kboe/d), an increase of 0.4% compared to the fourth quarter 2009, essentially as a result ofÂ :

production ramp-ups on new projects more than offsetting the normal decline,
+1% for lower OPEC reductions and an improvement in gas demand,
+0.5% for improved security conditions in Nigeria,
+0.5% for changes in the portfolio,
-2% for the price effect²¹.

In 2010, hydrocarbon production was 2,378 kboe/d, an increase of 4.3% compared to 2009, essentially as a result of :

+3% for production ramp-ups on new projects, net of the normal decline, and a lower level of turnarounds,
+1.5% for lower OPEC reductions and an increase in gas demand,
+1% for improved security conditions in Nigeria,
+2% for changes in the portfolio,
-3% for the price effect²¹.

> Reserves

Year-end reserves	Â	2010	Â	2009	Â	%
Hydrocarbon reserves (Mboe)	Â	10,695	Â	10,483	Â	+2%
- Liquids (Mb)	Â	5,987	Â	5,689	Â	+5%
- Gas (Bcf)	Â	25,788	Â	26,318	Â	-2%

Proved reserves based on SEC rules (based on Brent at 79.02Â $/b) were 10,695 Mboe at December 31, 2010. Based on the 2010 average rate of production, the reserve life is more than 12 years.

The 2010 reserve replacement rate²², based on SEC rules, was 124%.

As of year-end 2010, Total has a solid and diversified portfolio of proved and probable reserves²³ representing more than 20 years of reserve life based on the 2010 average production rate, and resources²⁴ representing more than 40 years of reserve life.

> Results

4Q10

2010

4Q10

3Q10

4Q09

in millions of euros

2010

2009

4Q09

2009

4,695

4,190

3,908

+20%

Adjusted operating income*

17,653

12,879

+37%

2,300

2,123

1,948

+18%

Adjusted net operating income*

8,597

6,382

+35%

313

335

293

+7%

- includes income from equity affiliates

1,254

886

+42%

3,942

3,400

2,429

+62%

Investments

13,208

9,855

+34%

771

1,035

x10

Divestments

2,067

398

3,908

2,831

2,825

+38%

Cash flow from operating activities

15,573

10,200

+53%

3,619

3,498

3,168

+14%

Adjusted cash flow

14,136

11,336

+25%

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

Adjusted net operating income from the Upstream segment was 2,300Â Mâ‚¬ in the fourth quarter 2010 compared to 1,948 Mâ‚¬ in the fourth quarter 2009, an increase of 18%.

Expressed in dollars, adjusted net operating income for the Upstream segment increased by 9%, reflecting essentially the impact of higher hydrocarbon prices compared to the fourth quarter 2009.

The effective tax rate for the Upstream segment was 59% compared to 58% in the fourth quarter 2009.

For the full year 2010, adjusted net operating income from the Upstream segment was 8,597Â Mâ‚¬ compared to 6,382 Mâ‚¬ in 2009, an increase of 35%. Expressed in dollars, adjusted net operating income for the Upstream segment increased by 28% to 11.4 B$, reflecting essentially the impact of production growth and higher hydrocarbon prices.

Technical costs for consolidated subsidiaries, in accordance with ASC 932²⁵, were 16.6Â $/boe in 2010, compared to 15.4 $/boe in 2009.

The return on average capital employed (ROACE²⁶) for the Upstream segment was 21% in 2010 compared to 18% in 2009.

Downstream

> Refinery throughput and utilization rates*

4Q10

2010

4Q10

3Q10

4Q09

2010

2009

4Q09

2009

1,832

2,068

2,055

-11%

Total refinery throughput (kb/d)

2,009

2,151

-7%

550

773

701

-22%

- France

697

836

-17%

1,039

1,038

1,104

-6%

- Rest of Europe

1,059

1,065

-1%

243

257

250

-3%

- Rest of world

253

250

+1%

Utilization rates

66%

74%

75%

- Based on crude only

73%

78%

71%

80%

79%

- Based on crude and other feedstock

77%

83%

* includes share of CEPSA.

In the fourth quarter 2010, refinery throughput decreased by 11% compared to the fourth quarter 2009, mainly due to strikes that affected all French refineries in the fourth quarter 2010 as well as the shut-down of a distillation unit at the Lindsey refinery in the UK following an incident in June 2010.

For the full year 2010, refinery throughput decreased by 7% compared to 2009, reflecting essentially the shutdown of the Dunkirk refinery and a distillation unit at the Normandy refinery as well as impacts from strikes in France.

> Results

4Q10

2010

4Q10

3Q10

4Q09

in millions of euros

4Q09

(except the ERMI)

2010

2009

32.3

16.4

11.7

European refining margin indicator - ERMI ($/t)

27.4

17.8

+54%

274

237

x25

Adjusted operating income*

1,251

1,026

+22%

266

264

Adjusted net operating income*

1,168

953

+23%

- includes income from equity affiliates

179

155

+15%

757

568

844

-10%

Investments

2,343

2,771

-15%

433

Divestments

499

133

(955)

900

(1,400)

Cash flow from operating activities

1,441

1,164

+24%

753

555

199

Adjusted cash flow

2,405

1,601

+50%

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

The European refinery margin indicator (ERMI) averaged 32.3 $/t in the fourth quarter 2010, representing a nearly three-fold increase compared to the fourth quarter 2009. For the full year 2010, the ERMI was 27.4$/t, an increase of 54% compared to 2009.

Adjusted net operating income from the Downstream segment was 266 Mâ‚¬ in the fourth quarter 2010, compared to 51 Mâ‚¬ in the fourth quarter 2009.

Expressed in dollars, adjusted net operating income from the Downstream segment was 361Â M$. This result represents close to a 5-fold increase over the fourth quarter 2009, and is mainly due to the rebound in fourth quarter 2010 refining margins versus the very low levels of margins in the fourth quarter 2009. However, the Group did not fully benefit from the improved environment due to significantly lower throughput as compared to the fourth quarter 2009 in the French refineries and the Lindsey refinery in the UK. The impact of the strikes on adjusted net operating income was determined to be close to 100 M$.

For the full year 2010, adjusted net operating income for the Downstream segment 1,168Â Mâ‚¬ compared to 953 Mâ‚¬ in 2009.

Expressed in dollars, the adjusted net operating income for the Downstream segment was 1.5 B$, an increase of 16% compared to 2009. The increase is essentially due to the positive impact of the refining margin improvement, which was partially offset by lower throughput and reliability of the Groupâ€™s refineries in 2010 and less favorable conditions for supply optimization.

The persistence of an unfavorable economic environment for refining, affecting Europe in particular, led the Group to recognize an impairment in the Downstream, essentially on French and UK refining assets, in the fourth quarter 2010 in the amount of 1,192 Mâ‚¬ in operating income and 913 Mâ‚¬ in net operating income. These elements have been treated as adjustment items.

The ROACE²⁷ for the Downstream segment was 8% in 2010 compared to 7% in 2009.

Chemicals

4Q10

2010

4Q10

3Q10

4Q09

in millions of euros

4Q09

2010

2009

4,218

4,460

3,932

+7%

Sales

17,490

14,726

+19%

2,579

2,748

2,389

+8%

- Base chemicals

10,653

8,655

+23%

1,639

1,710

1,543

+6%

- Specialties

6,824

6,071

+12%

133

301

Adjusted operating income*

893

249

x3,5

170

256

Adjusted net operating income*

857

272

133

(16)

- Base chemicals

393

x25

109

125

+17%

- Specialties

475

279

+70%

292

111

225

+30%

Investments

641

631

+2%

(10)

+15%

Divestments

347

332

215

324

+2%

Cash flow from operating activities

934

1,082

-14%

189

322

218

-13%

Adjusted cash flow

1,157

442

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

The environment for the Base chemicals was weaker in the fourth quarter 2010 than in the third quarter 2010, affected by a decrease in petrochemical margins, particularly in Europe; however, globally the environment remained more favorable than in the fourth quarter 2009.

For the full year 2010, Chemicals benefited from a strong rebound in demand and Base chemical margins as well as an increase in demand in the Specialties chemicals markets.

Sales, excluding intra-Group sales, for the Chemicals segment were 4,218 Mâ‚¬ in the fourth quarter 2010.

The adjusted net operating income for the Chemicals segment was 170 Mâ‚¬ in the fourth quarter 2010, representing more than a two-fold increase over the fourth quarter 2009.

For the full year 2010, Chemicals segment sales, excluding intra-Group sales, were 17,490 Mâ‚¬, an increase of 19% compared to 2009.

The adjusted net operating income was 857Â Mâ‚¬ compared to 272 Mâ‚¬ in 2009.

The adjusted net operating income for the Base chemicals increased by 377 Mâ‚¬, due to an improved environment and the ramp up of new production units in Qatar. In 2010, Specialties benefited from strong operational performance and good positioning in growth markets.

The ROACE²⁸ of the Chemicals segment was 12% in 2010 compared to 4% in 2009.

Total S.A., parent company accounts and proposed dividend

Net income for Total S.A., the parent company, was 5,840 Mâ‚¬ in 2010 compared to 5,634Â Mâ‚¬ in 2009. After closing the accounts, the Board of Directors decided to propose at the May 13, 2011, Annual Shareholders Meeting a dividend of 2.28 euros per share for 2010, stable compared to the previous year.

Based on 2010 adjusted net income, the pay-out ratio would be 50%.

Taking into account the interim dividend of 1.14 euros per share paid on November 17,Â 2010, the remaining 1.14 euros per share would be paid on May 26, 2011²⁹.

Summary and outlook

The ROACE for the full year 2010 was 16% for the Group and 17% for the business segments. In 2009, the ROACE was 13% for the Group and for the business segments.

Return on equity was 19% in 2010 compared to 16% in 2009.

Total plans to continue in 2011 to consolidate the drivers for future growth, while reaffirming the priority to the safety and acceptability of its operations.

The 2011 investment budget is 20 B$, and 80% will be dedicated to the Upstream. In addition, Total intends to continue to pursue targeted acquisitions and divestments of non-core assets.

The Group also confirms its commitment to research and development by raising its 2011 budget to close to 1 B$.

In the Upstream, Total will start production from a new wave of major projects beginning in mid-2011, in particular with the start-up of Pazflor in Angola expected in the fourth quarter. The Group will continue to study numerous projects, notably in Russia, Australia, Canada and China ; the expectation is to launch these projects over the next two years, which will contribute to increasing the visibility on medium-term growth. With an exploration budget raised to 2.1Â B$ for 2011, the Group is implementing a bolder and more diversified approach that targets larger discoveries.

In the Downstream and Chemicals segments, Total will continue to pursue measures to improve its competitiveness by adapting its European portfolio, by starting up new units at the Port Arthur refinery in the United States and by increasing its presence in growth markets.

Since the beginning of the first quarter 2011, the price of Brent has traded between 90 and 100Â $/b, a significant increase over the fourth quarter 2010 average. The European refining environment remains difficult with weaker margins compared to the fourth quarter 2010.

â– â– â–

To listen to a presentation by CEO Christophe de Margerie to financial analysts today in Paris at 11:30 (Paris time) please log on to www.total.com or call +44Â (0) 207 162 0177 in Europe or +1Â 334 323 6203 in the U.S. For a replay through February 25, 2011 please consult the Web site or call +44Â (0)207Â 031 4064 in Europe or +1Â 954Â 334 0342 in the U.S. (codeÂ : 883 819).

To listen to a presentation by CEO Christophe de Margerie to financial analysts today in London at 16:30 (London time) please log on to www.total.com or call +44Â (0)207 162 0177 in Europe or +1Â 334 323 6203 in the U.S. For a replay through February 25, 2011, please consult the Web site or call +44Â (0)207 031 4064 in Europe or +1Â 954 334 0342 in the U.S. (codeÂ : 883 820).

This document does not constitute the annual financial report within the meaning of ArticleÂ L.451-1-2 of the French monetary and financial code, which is included in the companyâ€™s Registration document available on the Groupâ€™s WebÂ site at www.total.com or by request from the companyâ€™s headquarters.

This document may contain forward-looking statements, including within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL.
Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the companyâ€™s financial results is provided in documents filed by the Group with the French AutoritÃ© des MarchÃ©s Financiers and the U.S. Securities and Exchange Commission (â€œSECâ€).
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 â€œspecial itemsâ€ are 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.
The adjusted results of the Downstream and Chemical segments are also presented according to the replacement cost method. This method is used to assess the segmentsâ€™ performance and facilitate the comparability of the segmentsâ€™ performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period. The inventory valuation effect is the difference between the results according to FIFO (First-In, First-Out) and the replacement cost.
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, through JuneÂ 30, 2010, excluding TOTALâ€™s equity share of adjustments related to Sanofi-Aventis. They are meant to facilitate the analysis of the financial performance and the comparison of income between periods.
Dollar amounts presented herein represent euro amounts converted at the average euro-dollar exchange rate for the applicable period and are not the result of financial statements prepared in dollars.
Cautionary Note to U.S. Investors â€“ The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this presentation, such as resources, that the SECâ€™s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our FormÂ 20-F, File NÂ°Â 1-10888, available from us at 2,Â place Jean Millier â€“ La DÃ©fenseÂ 6 â€“ 92078 Paris â€“ La DÃ©fense Cedex, France, or at our WebÂ site: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SECâ€™s WebÂ site: www.sec.gov.

Operating information by segment

Fourth quarter and full year 2010

Upstream

4Q10

2010

4Q10

3Q10

4Q09

Combined liquids and gas

2010

2009

4Q09

production by region (kboe/d)

2009

573

521

627

-9%

Europe

580

613

-5%

764

765

780

-2%

Africa

756

749

+1%

540

534

493

+10%

Middle East

527

438

+20%

+66%

North America

179

179

167

+7%

South America

179

182

-2%

241

253

242

Asia-Pacific

248

251

-1%

-19%

CIS

-4%

2,387

2,340

2,377

Total production

2,378

2,281

+4%

477

455

393

+21%

Includes equity and non-consolidated affiliates

444

359

+24%

4Q10

2010

4Q10

3Q10

4Q09

Liquids production by region (kb/d)

2010

2009

4Q09

2009

265

251

306

-13%

Europe

269

295

-9%

614

617

648

-5%

Africa

616

632

-3%

310

313

304

+2%

Middle East

308

307

North America

+50%

+22%

South America

-5%

-29%

Asia-Pacific

-15%

-24%

CIS

-7%

1,337

1,325

1,404

-5%

Total production

1,340

1,381

-3%

318

304

276

+15%

Includes equity and non-consolidated affiliates

300

286

+5%

4Q10

2010

4Q10

3Q10

4Q09

Gas production by region (Mcf/d)

2010

2009

4Q09

2009

1,676

1,464

1,736

-3%

Europe

1,690

1,734

-3%

739

758

681

+9%

Africa

712

599

+19%

1,253

1,207

1,050

+19%

Middle East

1,185

724

+64%

214

203

North America

199

533

593

546

-2%

South America

569

564

+1%

1,226

1,249

1,196

+3%

Asia-Pacific

1,237

1,228

+1%

-12%

CIS

+8%

5,692

5,529

5,320

+7%

Total production

5,648

4,923

+15%

857

820

635

+35%

Includes equity and non-consolidated affiliates

781

395

+98%

4Q10

2010

4Q10

3Q10

4Q09

Liquefied natural gas

2010

2009

4Q09

2009

3.12

3.39

2.35

+33%

LNG sales* (Mt)

12.32

8.83

+40%

* sales, Group share, excluding trading ; 1 Mt/y = approx. 133 Mcf/d ; 2010 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2010 SEC coefficient.

Downstream

4Q10

2010

4Q10

3Q10

4Q09

Refined products sales by region (kb/d)*

2010

2009

4Q09

2009

1,968

1,920

2,046

-4%

Europe

1,929

2,053

-6%

295

286

295

Africa

292

281

+4%

102

145

-34%

Americas

115

165

-30%

165

161

158

+4%

Rest of world

159

142

+12%

2,523

2,469

2,644

-5%

Total consolidated sales

2,495

2,641

-6%

1,307

1,300

921

+42%

Trading

1,281

975

+31%

3,830

3,769

3,565

+7%

Total refined product sales

3,776

3,616

+4%

* includes share of CEPSA and, starting October 2010, TotalERG.

Adjustment items

Adjustments to operating income from business segments

4Q10	Â	3Q10	Â	4Q09	Â	in millions of euros	Â	2010	Â	2009
(1,305)	Â	(15)	Â	(411)	Â	Special items affecting operating income from the business segments	Â	(1,394)	Â	(711)
-	Â	-	Â	-	Â	Restructuring charges	Â	-	Â	-
(1,393)		(15)		(283)		Impairments		(1,416)		(391)
88	Â	-	Â	(128)	Â	Other	Â	22	Â	(320)
397	Â	(104)	Â	449	Â	Pre-tax inventory effect : FIFO vs. replacement cost	Â	993	Â	2,205
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(908)	Â	(119)	Â	38	Â	Total adjustments affecting operating income from the business segments	Â	(401)	Â	1,494

Adjustments to net income (Group share)

4Q10	Â	3Q10	Â	4Q09	Â	in millions of euros	Â	2010	Â	2009
(809)	Â	400	Â	(264)	Â	Special items affecting net income (Group share)	Â	(384)	Â	(570)
352	Â	502	Â	92	Â	Gain on asset sales	Â	1,046	Â	179
(42)		(1)		(17)		Restructuring charges		(53)		(129)
(1,058)		(101)		(260)		Impairments		(1,224)		(333)
(61)	Â	-	Â	(79)	Â	Other	Â	(153)	Â	(287)
-	Â	-	Â	(48)	Â	Equity shares of adjustments related to Sanofi-Aventis*	Â	(81)	Â	(300)
283	Â	(48)	Â	296	Â	After-tax inventory effect : FIFO vs. replacement cost	Â	748	Â	1,533
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(526)	Â	352	Â	(16)	Â	Total adjustments to net income	Â	283	Â	663

* based on Totalâ€™s share in Sanofi-Aventis of 7.4% at 12/31/2009.

Effective JulyÂ 1,Â 2010, Sanofi-Aventis is no longer treated as an equity affiliate. Totalâ€™s share in Sanofi-Aventis was 5.5% on December 31, 2010 and 5.7% on September 30, 2010.

	Â		Â		Â		Â		Â
Effective tax rates
											Â
4Q10	Â	3Q10	Â	4Q09	Â	Effective tax rate*	Â	2010	Â	2009
58.9%		59.5%		57.6%		Upstream		59.1%		58.3%
57.2%	Â	56.3%	Â	55.4%	Â	Group	Â	55.9%	Â	55.0%

* tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates, dividends received from investments, and impairments of acquisition goodwill + tax on adjusted net operating income).

Investments â€“ Divestments

4Q10

2010

4Q10

3Q10

4Q09

in millions of euros

2010

2009

4Q09

2009

3,454

2,982

3,307

+4%

Investments excluding acquisitions*

11,930

12,260

-3%

462

160

256

+80%

Capitalized exploration

1,042

865

+20%

(315)

151

159

Net investments in equity affiliates and non-consolidated companies

117

594

-80%

970

1,023

112

Acquisitions

3,515

743

4,424

4,005

3,419

+29%

Investments including acquisitions*

15,445

13,003

+19%

742

987

821

-10%

Asset sales

3,452

2,663

+30%

3,682

3,018

2,580

+43%

Net investments**

11,957

10,268

+16%

4Q10	3Q10	4Q09	4Q10 vs 4Q09	expressed in millions of dollars***	2010	2009	2010 vs 2009
4,692	3,850	4,887	-4%	Investments excluding acquisitions*	15,816	17,100	-8%
628	207	378	+66%	Capitalized exploration	1,381	1,207	+14%
(427)	195	235	na	Net investments in equity affiliates and non-consolidated companies	155	829	-81%
1,318	1,321	166	x8	Acquisitions	4,660	1,036	x4
6,009	5,170	5,053	+19%	Investments including acquisitions*	20,475	18,137	+13%
1,008	1,274	1,213	-17%	Asset sales	4,576	3,714	+23%
5,001	3,896	3,813	+31%	Net investments**	15,851	14,322	+11%

* includes net investments in equity affiliates and non-consolidated companies.
** net investments = investments including acquisitions and net investments in equity affiliates and non-consolidatedÂ companies â€“ asset sales + net financing for employees related to stock purchase plans.
*** dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the period.

	Â		Â		Â
Net-debt-to-equity ratio
						Â
in millions of euros	Â	12/31/2010	Â	9/30/2010	Â	12/31/2009
Current borrowings		9,653		10,201		6,994
Net current financial assets		(1,046)		(1,351)		(188)
Non-current financial debt		20,783		21,566		19,437
Hedging instruments of non-current debt		(1,870)		(1,760)		(1,025)
Cash and cash equivalents	Â	(14,489)	Â	(18,247)	Â	(11,662)
Net debt	Â	13,031	Â	10,409	Â	13,556
Â	Â	Â	Â	Â	Â	Â
Shareholdersâ€™ equity		60,414		57,583		52,552
Estimated dividend payable*		(2,553)		(1,273)		(2,546)
Minority interests	Â	857	Â	838	Â	987
Equity	Â	58,718	Â	57,148	Â	50,993
Â	Â	Â	Â	Â	Â	Â
Net-debt-to-equity ratio	Â	22.2%	Â	18.2%	Â	26.6%

* based on a 2010 dividend equal to the dividend paid in 2009 (2.28 â‚¬/share), after deducting the interim dividend of 1.14 â‚¬ per share approved by the Board of Directors on July 29, 2010.

Â
2011 Sensitivities*
	Â		Â		Â		Â
						Impact on adjusted		Impact on adjusted
		Scenario		Change		operating		net operating
Â	Â	Â	Â	Â	Â	income(e)	Â	income(e)
Dollar	Â	1.30 $/â‚¬	Â	+0.1 $ per â‚¬	Â	-1.6 Bâ‚¬	Â	-0.8 Bâ‚¬
Brent	Â	80 $/b	Â	+1 $/b	Â	+0.27 Bâ‚¬ / 0.35 B$	Â	+0.13 Bâ‚¬ / 0.17 B$
European refining margins ERMI	Â	30 $/t	Â	+1 $/t	Â	+0.07 Bâ‚¬ / 0.09 B$	Â	+0.05 Bâ‚¬ / 0.07 B$

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

Return on average capital employed

Full year 2010

in millions of euros	Â	Upstream	Â	Downstream	Â	Chemicals	Â	Segments	Â	Group
Adjusted net operating income	Â	8,597	Â	1,168	Â	857	Â	10,622	Â	10,748
Capital employed at 12/31/2009*		37,397		15,299		6,898		59,594		64,451
Capital employed at 12/31/2010*	Â	43,972	Â	15,561	Â	7,312	Â	66,845		70,866
ROACE	Â	21.1%	Â	7.6%	Â	12.1%	Â	16.8%		15.9%

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

Twelve months ended September 30, 2010

in millions of euros	Â	Upstream	Â	Downstream	Â	Chemicals	Â	Segments	Â	Group
Adjusted net operating income	Â	8,245	Â	953	Â	759	Â	9,957		10,272
Capital employed at 9/30/2009*		35,514		13,513		6,845		55,872		61,030
Capital employed at 9/30/2010*	Â	41,629	Â	15,379	Â	7,232	Â	64,240		68,242
ROACE	Â	21.4%	Â	6.6%	Â	10.8%	Â	16.6%		15.9%

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

Full year 2009

in millions of euros	Â	Upstream	Â	Downstream	Â	Chemicals	Â	Segments	Â	Group
Adjusted net operating income	Â	6,382	Â	953	Â	272	Â	7,607		8,226
Capital employed at 12/31/2008*		32,681		13,623		7,417		53,721		59,764
Capital employed at 12/31/2009*	Â	37,397	Â	15,299	Â	6,898	Â	59,594		64,451
ROACE	Â	18.2%	Â	6.6%	Â	3.8%	Â	13.4%		13.2%

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

¹ definition of adjusted results on page 2 - dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the period : 1.3583 $/â‚¬ for the 4th quarter 2010 ; 1.4779 $/â‚¬ for the 4th quarter 2009 ; 1.2910 $/â‚¬ for the 3rd quarter 2010 ; 1.3257 $/â‚¬ for the full year 2010 ; and 1.3948 $/â‚¬ for the full year 2009.

Net income (Group share) was 2,030 Mâ‚¬ in the fourth quarter 2010.

² pending approval at the May 13, 2011, Annual Shareholders Meeting.

³ adjusted results (adjusted operating income, adjusted net operating income and adjusted net income) is defined as income using replacement cost, adjusted for special items and, through June 30, 2010, excluding Totalâ€™s equity share of adjustments related to Sanofi-Aventis; adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 19 and the inventory valuation effect is shown on page 16.

⁴ including acquisitions.

⁵ dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the period.

⁶ special items affecting operating income from the business segments had a negative impact of 1,305Â Mâ‚¬ in the 4^thÂ quarter 2010 and a negative impact of 411 Mâ‚¬ in the 4th quarter 2009.

⁷ defined as: (tax on adjusted net operating income) / (adjusted net operating income â€“ income from equity affiliates, dividends received from investments and impairments of acquisition goodwill + tax on adjusted net operating income).

⁸ detail shown on page 19.

⁹ detail shown on page 20.

¹⁰ net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies â€“ asset sales + net financing for employees related to stock purchase plans.

¹¹ cash flow from operations at replacement cost before changes in working capital.

¹² net cash flow = cash flow from operations + divestments â€“ gross investments.

¹³ special items affecting operating income from the business segments had a negative impact of 1,394 Mâ‚¬ in 2010 and a negative impact of 711 Mâ‚¬ in 2009.

¹⁴ defined as: (tax on adjusted net operating income) / (adjusted net operating income â€“ income from equity affiliates, dividends received from investments and impairments of acquisition goodwill + tax on adjusted net operating income).

¹⁵ detail shown on page 19.

¹⁶ detail shown on page 20.

¹⁷ net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies â€“ asset sales + net financing for employees related to stock purchase plans.

¹⁸ cash flow from operations at replacement cost before changes in working capital.

¹⁹ net cash flow = cash flow from operations + divestments â€“ gross investments.

²⁰ detail shown on page 21.

²¹ impact of changing hydrocarbon prices on entitlement volumes.

²² change in reserves excluding production i.e. (revisions + discoveries, extensions + acquisitions â€“ divestments) / production for the period. The reserve replacement rate would be 95% in an environment with a constant 59.91 $/b oil price, excluding acquisitions and divestments.

²³ 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 80 $/b Brent environment, including projects developed by mining.

²⁴ proved and probable reserves plus contingent resources (potential average recoverable reserves from known accumulations - Society of Petroleum Engineers - 03/07).

²⁵ FASB Accounting Standards Codification Topic 932, Extractive industries â€“ Oil and Gas

²⁶ calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 22.

²⁷ calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 22.

²⁸ calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 22.

²⁹ the ex-dividend date for the remainder of the 2010 dividend would be May 23, 2011 ; for the ADR (NYSEÂ :TOT) the ex-dividend date would be May 18, 2011.

	Â		Â		Â		Â		Â
Main indicators
Â
Chart updated around the middle of the month following the end of each quarter
Â
										Â
		â‚¬/$		European refining		Brent ($/b)		Average liquids price* ($/b)**		Average gas price ($/Mbtu)***
Â	Â	Â	Â	margins ERMI* ($/t)**	Â	Â	Â	Â	Â	Â
Fourth quarter 2010	Â	1.36	Â	32.3	Â	86.5	Â	83.7	Â	5.62
Third quarter 2010	Â	1.29	Â	16.4	Â	76.9	Â	72.8	Â	5.13
Second quarter 2010	Â	1.27	Â	31.2	Â	78.2	Â	74.8	Â	4.82
First quarter 2010	Â	1.38	Â	29.5	Â	76.4	Â	74.2	Â	5.06
Fourth quarter 2009	Â	1.48	Â	11.7	Â	74.5	Â	70.6	Â	5.07
Third quarter 2009	Â	1.43	Â	12.0	Â	68.1	Â	65.1	Â	4.89
Second quarter 2009	Â	1.36	Â	17.1	Â	59.1	Â	54.8	Â	4.71
First quarter 2009	Â	1.30	Â	30.5	Â	44.5	Â	41.5	Â	5.98
										Â
* European Refining Margin Indicator (ERMI) is an indicator intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region.Â Â Â - The indicator margin may not be representative of the actual margins achieved by Total in any period because of Totalâ€™s particular refinery configurations, product mix effects or other company-specific operating conditions. 1 $/t = 0.136 $/b * consolidated subsidiaries, excluding fixed margin and buy-back contracts Â DisclaimerÂ : these data are based on Totalâ€™s reporting and are not audited. They are subject to change.
										Â

	Â		Â		Â
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
						Â
		4(th) quarter		3(rd) quarter		4(th) quarter
(Mâ‚¬) ((a))	Â	2010	Â	2010	Â	2009
Sales		40,157		40,180		36,228
Excise taxes		(4,397)		(4,952)		(4,933)
Revenues from sales		35,760		35,228		31,295
Purchases, net of inventory variation		(23,623)		(23,918)		(20,590)
Other operating expenses		(4,749)		(4,841)		(4,684)
Exploration costs		(197)		(160)		(237)
Depreciation, depletion and amortization of tangible assets and mineral interests		(3,160)		(1,805)		(1,927)
Other income		582		540		123
Other expense		(513)		(61)		(202)
Financial interest on debt		(126)		(126)		(111)
Financial income from marketable securities & cash equivalents		43		40		16
Cost of net debt		(83)		(86)		(95)
Other financial income		118		111		177
Other financial expense		(114)		(103)		(92)
Equity in income (loss) of affiliates		515		401		384
Income taxes	Â	(2,455)	Â	(2,426)	Â	(2,045)
Consolidated net income	Â	2,081	Â	2,880	Â	2,107
Group share		2,030		2,827		2,065
Minority interests	Â	51	Â	53	Â	42
Earnings per share (â‚¬)	Â	0.91	Â	1.27	Â	0.93
Fully-diluted earnings per share (â‚¬)	Â	0.90	Â	1.26	Â	0.92
						Â
(a) Except for per share amounts.
						Â

			Â		Â
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL	Â
(unaudited)
						Â
		4(th) quarter		3(rd) quarter		4(th) quarter
(Mâ‚¬)	Â	2010	Â	2010	Â	2009
Consolidated net income	Â	2,081	Â	2,880	Â	2,107
Other comprehensive income
Currency translation adjustment		762		(3,527)		615
Available for sale financial assets		(52)		4		(12)
Cash flow hedge		9		(38)		65
Share of other comprehensive income of associates, net amount		27		(200)		183
Other		(1)		(9)		1
						Â
Tax effect	Â	(3)	Â	13	Â	(7)
Total other comprehensive income (net amount)	Â	742	Â	(3,757)	Â	845
						Â
Comprehensive income	Â	2,823	Â	(877)	Â	2,952
- Group share		2,757		(865)		2,865
- Minority interests		66		(12)		87
						Â

	Â		Â
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
				Â
(Mâ‚¬) ^(a)	Â	Year 2010	Â	Year 2009
Sales		159,269		131,327
Excise taxes		(18,793)		(19,174)
Revenues from sales		140,476		112,153
Purchases, net of inventory variation		(93,171)		(71,058)
Other operating expenses		(19,135)		(18,591)
Exploration costs		(864)		(698)
Depreciation, depletion and amortization of tangible assets and mineral interests		(8,421)		(6,682)
Other income		1,396		314
Other expense		(900)		(600)
Financial interest on debt		(465)		(530)
Financial income from marketable securities & cash equivalents		131		132
Cost of net debt		(334)		(398)
Other financial income		442		643
Other financial expense		(407)		(345)
Equity in income (loss) of affiliates		1,953		1,642
Income taxes	Â	(10,228)	Â	(7,751)
Consolidated net income	Â	10,807	Â	8,629
Group share		10,571		8,447
Minority interests	Â	236	Â	182
Earnings per share (â‚¬)	Â	4.73	Â	3.79
Fully-diluted earnings per share (â‚¬)	Â	4.71	Â	3.78
				Â
(a) Except for per share amounts.
				Â

			Â
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL	Â
(unaudited)
				Â
(Mâ‚¬)	Â	Year 2010	Â	Year 2009
Consolidated net income	Â	10,807	Â	8,629
Other comprehensive income
Currency translation adjustment		2,231		(244)
Available for sale financial assets		(100)		38
Cash flow hedge		(80)		128
Share of other comprehensive income of associates, net amount		302		234
Other		(7)		(5)
				Â
Tax effect	Â	28	Â	(38)
Total other comprehensive income (net amount)	Â	2,374	Â	113
				Â
Comprehensive income	Â	13,181	Â	8,742
- Group share		12,936		8,500
- Minority interests		245		242
				Â

	Â		Â		Â
CONSOLIDATED BALANCE SHEET
TOTAL
						Â
						Â
		December 31,		September 30,		December 31,
		2010		2010		2009
(Mâ‚¬)	Â	Â	Â	(unaudited)	Â	Â
ASSETS
Non-current assets
Intangible assets, net		8,917		9,214		7,514
Property, plant and equipment, net		54,964		54,341		51,590
Equity affiliates : investments and loans		11,516		11,322		13,624
Other investments		4,590		4,825		1,162
Hedging instruments of non-current financial debt		1,870		1,760		1,025
Other non-current assets	Â	3,655	Â	3,210	Â	3,081
Total non-current assets	Â	85,512	Â	84,672	Â	77,996
Current assets
Inventories, net		15,600		14,171		13,867
Accounts receivable, net		18,159		17,435		15,719
Other current assets		7,483		8,332		8,198
Current financial assets		1,205		1,686		311
Cash and cash equivalents	Â	14,489	Â	18,247	Â	11,662
Total current assets	Â	56,936	Â	59,871	Â	49,757
Assets classified as held for sale	Â	1,270	Â	-	Â	-
Total assets		143,718		144,543		127,753
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares		5,874		5,872		5,871
Paid-in surplus and retained earnings		60,538		58,569		55,372
Currency translation adjustment		(2,495)		(3,286)		(5,069)
Treasury shares	Â	(3,503)	Â	(3,572)	Â	(3,622)
Total shareholders' equity - Group Share	Â	60,414	Â	57,583	Â	52,552
Minority interests	Â	857	Â	838	Â	987
Total shareholders' equity	Â	61,271	Â	58,421	Â	53,539
Non-current liabilities
Deferred income taxes		9,947		9,757		8,948
Employee benefits		2,171		2,125		2,040
Provisions and other non-current liabilities	Â	9,098	Â	8,693	Â	9,381
Total non-current liabilities	Â	21,216	Â	20,575	Â	20,369
Non-current financial debt	Â	20,783	Â	21,566	Â	19,437
Current liabilities
Accounts payable		18,450		16,191		15,383
Other creditors and accrued liabilities		11,989		17,254		11,908
Current borrowings		9,653		10,201		6,994
Other current financial liabilities	Â	159	Â	335	Â	123
Total current liabilities	Â	40,251	Â	43,981	Â	34,408
Liabilities directly associated with the assets classified as held for sale	Â	197	Â	-	Â	-
Total liabilities and shareholders' equity		143,718		144,543		127,753
						Â

	Â		Â		Â
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
						Â
		4(th) quarter		3(rd) quarter		4(th) quarter
(Mâ‚¬)	Â	2010	Â	2010	Â	2009
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		2,081		2,880		2,107
Depreciation, depletion and amortization		3,338		1,912		2,061
Non-current liabilities, valuation allowances and deferred taxes		199		34		(82)
Impact of coverage of pension benefit plans		(60)		-		-
(Gains) losses on disposals of assets		(429)		(445)		(104)
Undistributed affiliates' equity earnings		(133)		(154)		(148)
(Increase) decrease in working capital		(1,658)		649		(1,968)
Other changes, net	Â	49	Â	28	Â	23
Cash flow from operating activities		3,387		4,904		1,889
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(4,477)		(2,913)		(3,204)
Acquisitions of subsidiaries, net of cash acquired		(6)		(856)		(4)
Investments in equity affiliates and other securities		(256)		(85)		(52)
Increase in non-current loans	Â	(287)	Â	(238)	Â	(264)
Total expenditures		(5,026)		(4,092)		(3,524)
Proceeds from disposal of intangible assets and property, plant and equipment		538		873		19
Proceeds from disposal of subsidiaries, net of cash sold		-		(11)		-
Proceeds from disposal of non-current investments		204		125		802
Repayment of non-current loans	Â	602	Â	87	Â	123
Total divestments	Â	1,344	Â	1,074	Â	944
Cash flow used in investing activities		(3,682)		(3,018)		(2,580)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		27		3		22
- Treasury shares		-		-		19
- Minority shareholders		-		-		-
Dividends paid:
- Parent company shareholders		(2,550)		-		(2,545)
- Minority shareholders		(62)		(8)		(59)
Other transactions with minority shareholders		21		-		-
Net issuance (repayment) of non-current debt		57		1,690		1,285
Increase (decrease) in current borrowings		(1,490)		383		(109)
Increase (decrease) in current financial assets and liabilities		474		(341)		(54)
Cash flow used in financing activities	Â	(3,523)	Â	1,727	Â	(1,441)
Net increase (decrease) in cash and cash equivalents		(3,818)		3,613		(2,132)
Effect of exchange rates		60		(198)		19
Cash and cash equivalents at the beginning of the period	Â	18,247	Â	14,832	Â	13,775
Cash and cash equivalents at the end of the period	Â	14,489	Â	18,247	Â	11,662
						Â

	Â		Â
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
				Â
		Year		Year
(Mâ‚¬)	Â	2010	Â	2009
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		10,807		8,629
Depreciation, depletion and amortization		9,117		7,107
Non-current liabilities, valuation allowances and deferred taxes		527		441
Impact of coverage of pension benefit plans		(60)		-
(Gains) losses on disposals of assets		(1,046)		(200)
Undistributed affiliates' equity earnings		(470)		(378)
(Increase) decrease in working capital		(496)		(3,316)
Other changes, net	Â	114	Â	77
Cash flow from operating activities		18,493		12,360
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(13,812)		(11,849)
Acquisitions of subsidiaries, net of cash acquired		(862)		(160)
Investments in equity affiliates and other securities		(654)		(400)
Increase in non-current loans	Â	(945)	Â	(940)
Total expenditures		(16,273)		(13,349)
Proceeds from disposal of intangible assets and property, plant and equipment		1,534		138
Proceeds from disposal of subsidiaries, net of cash sold		310		-
Proceeds from disposal of non-current investments		1,608		2,525
Repayment of non-current loans	Â	864	Â	418
Total divestments	Â	4,316	Â	3,081
Cash flow used in investing activities		(11,957)		(10,268)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		41		41
- Treasury shares		49		22
- Minority shareholders		-		-
Dividends paid:
- Parent company shareholders		(5,098)		(5,086)
- Minority shareholders		(152)		(189)
Other transactions with minority shareholders		(429)		-
Net issuance (repayment) of non-current debt		3,789		5,522
Increase (decrease) in current borrowings		(731)		(3,124)
Increase (decrease) in current financial assets and liabilities		(817)		(54)
Cash flow used in financing activities	Â	(3,348)	Â	(2,868)
Net increase (decrease) in cash and cash equivalents		3,188		(776)
Effect of exchange rates		(361)		117
Cash and cash equivalents at the beginning of the period	Â	11,662	Â	12,321
Cash and cash equivalents at the end of the period	Â	14,489	Â	11,662
				Â

											Â		Â		Â		Â
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL	Â		Â		Â		Â		Â
(unaudited)	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
						Paid-in
		Common shares issued				surplus and		Currency		Treasury shares				Shareholders'				Total
		Â				retained		translation		Â				equity Group		Minority		shareholders'
						earnings		adjustment						Share		interests		equity
(Mâ‚¬)	Â	Number	Â	Amount	Â	Â	Â	Â	Â	Number	Â	Amount	Â	Â	Â	Â	Â	Â
As of January 1, 2009	Â	2,371,808,074	Â	5,930	Â	52,947	Â	(4,876)	Â	(143,082,095)	Â	(5,009)	Â	48,992	Â	958	Â	49,950
Net income 2009		-		-		8,447		-		-		-		8,447		182		8,629
Other comprehensive Income		-		-		246		(193)		-		-		53		60		113
Comprehensive Income		-		-		8,693		(193)		-		-		8,500		242		8,742
Dividend		-		-		(5,086)		-		-		-		(5,086)		(189)		(5,275)
Issuance of common shares		1,414,810		3		38		-		-		-		41		-		41
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares (1)		-		-		(143)		-		2,874,905		165		22		-		22
Share-based payments		-		-		106		-		-		-		106		-		106
Other operations with minority interests		-		-		(23)		-		-		-		(23)		(24)		(47)
Share cancellation		(24,800,000)		(62)		(1,160)		-		24,800,000		1,222		-		-		-
Transactions with shareholders		(23,385,190)		(59)		(6,268)		-		27,674,905		1,387		(4,940)		(213)		(5,153)
As of December 31, 2009	Â	2,348,422,884	Â	5,871	Â	55,372	Â	(5,069)	Â	(115,407,190)	Â	(3,622)	Â	52,552	Â	987	Â	53,539
Net income 2010		-		-		10,571		-		-		-		10,571		236		10,807
Other comprehensive Income		-		-		(216)		2,581		-		-		2,365		9		2,374
Comprehensive Income		-		-		10,355		2,581		-		-		12,936		245		13,181
Dividend		-		-		(5,098)		-		-		-		(5,098)		(152)		(5,250)
Issuance of common shares		1,218,047		3		38		-		-		-		41		-		41
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares (1)		-		-		(70)		-		2,919,511		119		49		-		49
Share-based payments		-		-		140		-		-		-		140		-		140
Other operations with minority interests		-		-		(199)		(7)		-		-		(206)		(223)		(429)
Share cancellation		-		-		-		-		-		-		-		-		-
Transactions with shareholders		1,218,047		3		(5,189)		(7)		2,919,511		119		(5,074)		(375)		(5,449)
As of December 31, 2010	Â	2,349,640,931	Â	5,874	Â	60,538	Â	(2,495)	Â	(112,487,679)	Â	(3,503)	Â	60,414	Â	857	Â	61,271
																			Â
																			Â
(1) Treasury shares related to the stock option purchase plans and restricted stock grants

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4^th quarter 2010

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬)

Non-Group sales

5,002

30,940

4,218

(3)

40,157

Intersegment sales

5,861

1,069

231

(7,216)

Excise taxes

(4,397)

Revenues from sales

10,863

27,612

4,449

(7,216)

35,760

Operating expenses

(4,891)

(26,577)

(4,113)

(204)

7,216

(28,569)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,465)

(1,544)

(140)

(11)

(3,160)

Operating income

4,507

(509)

196

(163)

4,031

Equity in income (loss) of affiliates and other items

640

(115)

588

Tax on net operating income

(2,750)

240

(47)

(2,480)

Net operating income

2,397

(384)

198

(72)

2,139

Net cost of net debt

(58)

Minority interests

(51)

Net income

2,030

4^th quarter 2010 (adjustments)^(a)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬)

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

409

485

Depreciation, depletion and amortization of tangible assets and mineral interests

(188)

(1,192)

(13)

(1,393)

Operating income^(b)

(188)

(783)

(908)

Equity in income (loss) of affiliates and other items^(c)

244

(192)

(32)

Tax on net operating income

325

(3)

(1)

362

Net operating income^(b)

(650)

(522)

Net cost of net debt

Minority interests

(4)

Net income

(526)

(a) Adjustments include special items, inventory valuation effect and, until June 30, 2010, equity share of adjustments related to Sanofi-Aventis.

(b) Of which inventory valuation effect

On operating income

299

On net operating income

197

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

4^th quarter 2010 (adjusted)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬) ((a))

Non-Group sales

5,002

30,940

4,218

(3)

40,157

Intersegment sales

5,861

1,069

231

(7,216)

Excise taxes

(4,397)

Revenues from sales

10,863

27,612

4,449

(7,216)

35,760

Operating expenses

(4,891)

(26,986)

(4,189)

(204)

7,216

(29,054)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,277)

(352)

(127)

(11)

(1,767)

Adjusted operating income

4,695

274

133

(163)

4,939

Equity in income (loss) of affiliates and other items

396

564

Tax on net operating income

(2,791)

(85)

(44)

(2,842)

Adjusted net operating income

2,300

266

170

(75)

2,661

Net cost of net debt

(58)

Minority interests

(47)

Ajusted net income

2,556

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

1.14

(a) Except for per share amounts.

4^th quarter 2010

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬)

Total expenditures

3,942

757

292

5,026

Total divestments

771

433

117

1,344

Cash flow from operating activities

3,908

(955)

332

102

3,387

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

3^rd quarter 2010

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬)

Non-Group sales

4,410

31,307

4,460

40,180

Intersegment sales

5,660

1,149

243

(7,096)

Excise taxes

(4,952)

Revenues from sales

10,070

27,504

4,703

(7,096)

35,228

Operating expenses

(4,562)

(27,002)

(4,308)

(143)

7,096

(28,919)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,333)

(336)

(127)

(9)

(1,805)

Operating income

4,175

166

268

(105)

4,504

Equity in income (loss) of affiliates and other items

595

101

149

888

Tax on net operating income

(2,386)

(27)

(82)

(2,451)

Net operating income

2,384

240

229

2,941

Net cost of net debt

(61)

Minority interests

(53)

Net income

2,827

3^rd quarter 2010 (adjustments) ^(a)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬)

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

(71)

(33)

(104)

Depreciation, depletion and amortization of tangible assets and mineral interests

(15)

Operating income ^(b)

(15)

(71)

(33)

(119)

Equity in income (loss) of affiliates and other items ^(c)

(6)

139

243

Tax on net operating income

191

(3)

222

Net operating income ^(b)

261

(24)

(27)

136

346

Net cost of net debt

Minority interests

Net income

352

(a) Adjustments include special items, inventory valuation effect and, until June 30, 2010, equity share of adjustments related to Sanofi-Aventis.

(b) Of which inventory valuation effect

On operating income

(71)

(33)

On net operating income

(24)

(30)

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

3^rd quarter 2010 (adjusted)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬) ((a))

Non-Group sales

4,410

31,307

4,460

40,180

Intersegment sales

5,660

1,149

243

(7,096)

Excise taxes

(4,952)

Revenues from sales

10,070

27,504

4,703

(7,096)

35,228

Operating expenses

(4,562)

(26,931)

(4,275)

(143)

7,096

(28,815)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,318)

(336)

(127)

(9)

(1,790)

Adjusted operating income

4,190

237

301

(105)

4,623

Equity in income (loss) of affiliates and other items

510

645

Tax on net operating income

(2,577)

(49)

(94)

(2,673)

Adjusted net operating income

2,123

264

256

(48)

2,595

Net cost of net debt

(61)

Minority interests

(59)

Ajusted net income

2,475

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

1.10

(a) Except for per share amounts.

3^rd quarter 2010

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬)

Total expenditures

3,400

568

111

4,092

Total divestments

1,035

(10)

1,074

Cash flow from operating activities

2,831

900

215

958

4,904

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4^th quarter 2009

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬)

Non-Group sales

4,880

27,423

3,932

(7)

36,228

Intersegment sales

4,460

1,217

218

(5,936)

Excise taxes

(4,933)

Revenues from sales

9,340

23,707

4,150

(5,936)

31,295

Operating expenses

(4,299)

(23,046)

(3,912)

(190)

5,936

(25,511)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,154)

(622)

(141)

(10)

(1,927)

Operating income

3,887

(166)

3,857

Equity in income (loss) of affiliates and other items

155

(4)

195

390

Tax on net operating income

(2,188)

(1)

(20)

129

(2,080)

Net operating income

1,854

121

158

2,167

Net cost of net debt

(60)

Minority interests

(42)

Net income

2,065

4^th quarter 2009 (adjustments) ^(a)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬)

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

(17)

313

321

Depreciation, depletion and amortization of tangible assets and mineral interests

(4)

(285)

(283)

Operating income ^(b)

(21)

Equity in income (loss) of affiliates and other items ^(c)

(90)

(22)

(43)

Tax on net operating income

(23)

(5)

(2)

(13)

Net operating income ^(b)

(94)

(17)

(18)

Net cost of net debt

Minority interests

Net income

(16)

(a) Adjustments include special items, inventory valuation effect and equity share of adjustments related to Sanofi-Aventis.

(b) Of which inventory valuation effect

On operating income

388

On net operating income

259

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

(48)

4^th quarter 2009 (adjusted)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬) ^(a)

Non-Group sales

4,880

27,423

3,932

(7)

36,228

Intersegment sales

4,460

1,217

218

(5,936)

Excise taxes

(4,933)

Revenues from sales

9,340

23,707

4,150

(5,936)

31,295

Operating expenses

(4,282)

(23,359)

(3,937)

(190)

5,936

(25,832)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,150)

(337)

(147)

(10)

(1,644)

Adjusted operating income

3,908

(166)

3,819

Equity in income (loss) of affiliates and other items

245

149

433

Tax on net operating income

(2,205)

(15)

131

(2,067)

Adjusted net operating income

1,948

114

2,185

Net cost of net debt

(60)

Minority interests

(44)

Ajusted net income

2,081

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

0.93

(a) Except for per share amounts.

4^th quarter 2009

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬)

Total expenditures

2,429

844

225

3,524

Total divestments

799

944

Cash flow from operating activities

2,825

(1,400)

324

140

1,889

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

Year 2010

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬)

Non-Group sales

18,527

123,245

17,490

159,269

Intersegment sales

22,540

4,693

981

186

(28,400)

Excise taxes

(18,793)

Revenues from sales

41,067

109,145

18,471

193

(28,400)

140,476

Operating expenses

(18,271)

(105,660)

(16,974)

(665)

28,400

(113,170)

Depreciation, depletion and amortization of tangible assets and mineral interests

(5,346)

(2,503)

(533)

(39)

(8,421)

Operating income

17,450

982

964

(511)

18,885

Equity in income (loss) of affiliates and other items

1,533

141

215

595

2,484

Tax on net operating income

(10,131)

(201)

(267)

263

(10,336)

Net operating income

8,852

922

912

347

11,033

Net cost of net debt

(226)

Minority interests

(236)

Net income

10,571

Year 2010 (adjustments) ^(a)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬)

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

923

1,015

Depreciation, depletion and amortization of tangible assets and mineral interests

(203)

(1,192)

(21)

(1,416)

Operating income ^(b)

(203)

(269)

(401)

Equity in income (loss) of affiliates and other items ^(c)

183

(126)

(16)

227

268

Tax on net operating income

275

149

(6)

418

Net operating income ^(b)

255

(246)

221

285

Net cost of net debt

Minority interests

(2)

Net income

283

(a) Adjustments include special items, inventory valuation effect and, until June 30, 2010, equity share of adjustments related to Sanofi-Aventis.

(b) Of which inventory valuation effect

On operating income

863

130

On net operating income

640

113

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

(81)

Year 2010 (adjusted)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬) ((a))

Non-Group sales

18,527

123,245

17,490

159,269

Intersegment sales

22,540

4,693

981

186

(28,400)

Excise taxes

(18,793)

Revenues from sales

41,067

109,145

18,471

193

(28,400)

140,476

Operating expenses

(18,271)

(106,583)

(17,066)

(665)

28,400

(114,185)

Depreciation, depletion and amortization of tangible assets and mineral interests

(5,143)

(1,311)

(512)

(39)

(7,005)

Adjusted operating income

17,653

1,251

893

(511)

19,286

Equity in income (loss) of affiliates and other items

1,350

267

231

368

2,216

Tax on net operating income

(10,406)

(350)

(267)

269

(10,754)

Adjusted net operating income

8,597

1,168

857

126

10,748

Net cost of net debt

(226)

Minority interests

(234)

Ajusted net income

10,288

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

4.58

(a) Except for per share amounts.

Year 2010

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬)

Total expenditures

13,208

2,343

641

16,273

Total divestments

2,067

499

347

1,403

4,316

Cash flow from operating activities

15,573

1,441

934

545

18,493

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

Year 2009

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬)

Non-Group sales

16,072

100,518

14,726

131,327

Intersegment sales

15,958

3,786

735

156

(20,635)

Excise taxes

(19,174)

Revenues from sales

32,030

85,130

15,461

167

(20,635)

112,153

Operating expenses

(14,752)

(81,281)

(14,293)

(656)

20,635

(90,347)

Depreciation, depletion and amortization of tangible assets and mineral interests

(4,420)

(1,612)

(615)

(35)

(6,682)

Operating income

12,858

2,237

553

(524)

15,124

Equity in income (loss) of affiliates and other items

846

169

(58)

697

1,654

Tax on net operating income

(7,486)

(633)

(92)

326

(7,885)

Net operating income

6,218

1,773

403

499

8,893

Net cost of net debt

(264)

Minority interests

(182)

Net income

8,447

Year 2009 (adjustments) ^(a)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬)

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

(17)

1,558

344

1,885

Depreciation, depletion and amortization of tangible assets and mineral interests

(4)

(347)

(40)

(391)

Operating income ^(b)

(21)

1,211

304

1,494

Equity in income (loss) of affiliates and other items ^(c)

(160)

(123)

(117)

(378)

Tax on net operating income

(413)

(50)

(3)

(449)

Net operating income ^(b)

(164)

820

131

(120)

667

Net cost of net debt

Minority interests

(4)

Net income

663

(a) Adjustments include special items, inventory valuation effect and equity share of adjustments related to Sanofi-Aventis.

(b) Of which inventory valuation effect

On operating income

1,816

389

On net operating income

1,285

254

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

(300)

Year 2009 (adjusted)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬) ^(a)

Non-Group sales

16,072

100,518

14,726

131,327

Intersegment sales

15,958

3,786

735

156

(20,635)

Excise taxes

(19,174)

Revenues from sales

32,030

85,130

15,461

167

(20,635)

112,153

Operating expenses

(14,735)

(82,839)

(14,637)

(656)

20,635

(92,232)

Depreciation, depletion and amortization of tangible assets and mineral interests

(4,416)

(1,265)

(575)

(35)

(6,291)

Adjusted operating income

12,879

1,026

249

(524)

13,630

Equity in income (loss) of affiliates and other items

1,006

147

814

2,032

Tax on net operating income

(7,503)

(220)

(42)

329

(7,436)

Adjusted net operating income

6,382

953

272

619

8,226

Net cost of net debt

(264)

Minority interests

(178)

Ajusted net income

7,784

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

3.48

(a) Except for per share amounts.

Year 2009

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

(Mâ‚¬)

Total expenditures

9,855

2,771

631

13,349

Total divestments

398

133

2,503

3,081

Cash flow from operating activities

10,200

1,164

1,082

(86)

12,360

			Â		Â
CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)
TOTAL	Â
(unaudited)
						Â
4^th quarter 2010		Adjusted		Adjustments		Consolidated
(Mâ‚¬)	Â	Â	Â	Â	Â	statement of income
Sales		40,157		-		40,157
Excise taxes		(4,397)		-		(4,397)
Revenues from sales		35,760		-		35,760
Purchases net of inventory variation		(24,142)		519		(23,623)
Other operating expenses		(4,715)		(34)		(4,749)
Exploration costs		(197)		-		(197)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,767)		(1,393)		(3,160)
Other income		221		361		582
Other expense		(138)		(375)		(513)
Financial interest on debt		(126)		-		(126)
Financial income from marketable securities & cash equivalents		43		-		43
Cost of net debt		(83)		-		(83)
Other financial income		118		-		118
Other financial expense		(114)		-		(114)
Equity in income (loss) of affiliates		477		38		515
Income taxes	Â	(2,817)	Â	362	Â	(2,455)
Consolidated net income		2,603		(522)		2,081
Group share		2,556		(526)		2,030
Minority interests		47		4		51
						Â
						Â
4^th quarter 2009		Adjusted		Adjustments		Consolidated
(Mâ‚¬)	Â	Â	Â	Â	Â	statement of income
Sales		36,228		-		36,228
Excise taxes		(4,933)		-		(4,933)
Revenues from sales		31,295		-		31,295
Purchases net of inventory variation		(21,039)		449		(20,590)
Other operating expenses		(4,556)		(128)		(4,684)
Exploration costs		(237)		-		(237)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,644)		(283)		(1,927)
Other income		29		94		123
Other expense		(148)		(54)		(202)
Financial interest on debt		(111)		-		(111)
Financial income from marketable securities & cash equivalents		16		-		16
Cost of net debt		(95)		-		(95)
Other financial income		177		-		177
Other financial expense		(92)		-		(92)
Equity in income (loss) of affiliates		467		(83)		384
Income taxes	Â	(2,032)	Â	(13)	Â	(2,045)
Consolidated net income		2,125		(18)		2,107
Group share		2,081		(16)		2,065
Minority interests		44		(2)		42
						Â

			Â		Â
CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)
TOTAL	Â
(unaudited)
						Â
Year 2010		Adjusted		Adjustments		Consolidated
(Mâ‚¬)	Â	Â	Â	Â	Â	statement of income
Sales		159,269		-		159,269
Excise taxes		(18,793)		-		(18,793)
Revenues from sales		140,476		-		140,476
Purchases net of inventory variation		(94,286)		1,115		(93,171)
Other operating expenses		(19,035)		(100)		(19,135)
Exploration costs		(864)		-		(864)
Depreciation, depletion and amortization of tangible assets and mineral interests		(7,005)		(1,416)		(8,421)
Other income		524		872		1,396
Other expense		(346)		(554)		(900)
Financial interest on debt		(465)		-		(465)
Financial income from marketable securities & cash equivalents		131		-		131
Cost of net debt		(334)		-		(334)
Other financial income		442		-		442
Other financial expense		(407)		-		(407)
Equity in income (loss) of affiliates		2,003		(50)		1,953
Income taxes	Â	(10,646)	Â	418	Â	(10,228)
Consolidated net income		10,522		285		10,807
Group share		10,288		283		10,571
Minority interests		234		2		236
						Â
						Â
Year 2009		Adjusted		Adjustments		Consolidated
(Mâ‚¬)	Â	Â	Â	Â	Â	statement of income
Sales		131,327		-		131,327
Excise taxes		(19,174)		-		(19,174)
Revenues from sales		112,153		-		112,153
Purchases net of inventory variation		(73,263)		2,205		(71,058)
Other operating expenses		(18,271)		(320)		(18,591)
Exploration costs		(698)		-		(698)
Depreciation, depletion and amortization of tangible assets and mineral interests		(6,291)		(391)		(6,682)
Other income		131		183		314
Other expense		(315)		(285)		(600)
Financial interest on debt		(530)		-		(530)
Financial income from marketable securities & cash equivalents		132		-		132
Cost of net debt		(398)		-		(398)
Other financial income		643		-		643
Other financial expense		(345)		-		(345)
Equity in income (loss) of affiliates		1,918		(276)		1,642
Income taxes	Â	(7,302)	Â	(449)	Â	(7,751)
Consolidated net income		7,962		667		8,629
Group share		7,784		663		8,447
Minority interests		178		4		182
						Â

TOTAL
2, place Jean Millier2, place Jean Millier
La DÃ©fense 6La DÃ©fense 6
92 400 Courbevoie - France92 400 Courbevoie - France
Tel. : 33 (1) 47 44 58 53Tel. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24 Fax : 33 (1) 47 44 58 24

Bertrand DE LA NOUE
Sandrine SABOUREAUSandrine SABOUREAU
Laurent KETTENMEYERLaurent KETTENMEYER
Matthieu GOT Matthieu GOT

Robert Hammond (U.S.)
Tel: (1) 713-483-5070Tel: (1) 713-483-5070
Fax: (1) 713-483-5629 Fax: (1) 713-483-5629

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