Second Quarter and First Half 2015 Results123

Second Quarter and First Half 2015 Results¹²³

Total

Total: Second Quarter and First Half 2015 Results¹²³

Â	Â	2Q15	Â	Change vs 2Q14	Â	1H15	Â	Change vs 1H14
	Â		Â		Â		Â
Adjusted net income¹
- in billions of dollars (B$)		3,1		-2%		5,7		-12%
- in dollars per share		1,34		-3%		2,47		-13%
Â	Â	Â	Â	Â	Â	Â	Â	Â
								Â
Net income² of 3.0 B$ in 2Q15
Net-debt-to-equity ratio of 25.9% at June 30, 2015
Hydrocarbon production of 2,299 kboe/d in the second quarter 2015
2Q15 interim dividend of 0.61 â‚¬/share payable in January 2016³

Totalâ€™s (Paris:FP) (LSE:TTA) (NYSE:TOT) Board of Directors, under the chairmanship of Thierry Desmarest, met on July 28, 2015, to review the Groupâ€™s second quarter accounts. Commenting on the results, CEO Patrick PouyannÃ© said:

â€œOil prices recovered slightly in the second quarter to about $60/b but remain more than 40% lower than a year ago. Despite the sharply lower oil price, Total reported adjusted net income of $3.1 billion, a decrease of only 2% compared to the same period last year, thanks to productivity gains in all the business segments.
In the Upstream, the Group started up its fourth major project this year with first production from Termokarstovoye in Russia. The 12% increase in production over the past year demonstrates that our growth strategy is working, in spite of the shutdown of Yemen LNG for security reasons. The excellent Downstream results highlight the resilience of our integrated model. The Refining & Chemicals and Marketing & Services segments are fully benefiting from higher refining, petrochemical and marketing margins that are sustained by stronger demand in the context of lower prices. In European refining, Total is committed to the conversion project at La MÃ¨de and the restructuring of Donges in France, reducing the capacity of Lindsey in the United Kingdom and the sale of Schwedt in Germany.
In addition, Total is implementing plans to reduce its cash breakeven. The Group expects to exceed its 2015 objective to cut operating costs by $1.2 billion in 2015 and confirms the announced reduction of 2015 Capex to $23-24 billion.
Finally, despite the weak economic conditions, Total strengthened its balance sheet during the first half of the year by reducing its gearing from 31% to 26%.â€

Key figures⁴

2Q15

1Q15

2Q14

2Q15

2Q14

In millions of dollars, except effective tax rate,

earnings per share and number of shares

1H15

1H14

1H15

1H14

44,715

42,313

62,561

-29%

Sales

87,028

123,248

-29%

4,064

3,311

5,583

-27%

Adjusted operating income from business segments*

7,375

11,765

-37%

3,334

2,780

3,824

-13%

Adjusted net operating income from business segments

6,114

7,523

-19%

1,560

1,359

3,051

-49%

Upstream

2,919

6,143

-52%

1,349

1,100

401

Refining & Chemicals

2,449

747

425

321

372

+14%

Marketing & Services

746

633

+18%

677

634

883

-23%

Contribution of equity affiliates to adjusted net income

1,311

1,713

-23%

39.6%

38.5%

55.1%

Group effective tax rate^5*

39.1%

56.5%

3,085

2,602

3,151

-2%

Adjusted net income

5,687

6,478

-12%

1.34

1.13

1.38

-3%

Adjusted fully-diluted earnings per share (dollars)

2.47

2.84

-13%

1.21

1.00

+21%

Adjusted fully-diluted earnings per share (euros)**

2.21

2.07

+7%

2,292

2,285

2,281

Fully-diluted weighted-average shares (millions)

2,289

2,279

2,971

2,663

3,104

-4%

Net income (Group share)

5,634

6,439

-13%

6,590

8,809

8,723

-24%

Investments⁶

15,399

14,588

+6%

1,893

2,984

631

Divestments

4,877

2,471

4,616

5,825

7,966

-42%

Net investments⁷

10,441

11,991

-13%

4,732

4,387

5,277

-10%

Cash flow from operations

9,119

10,615

-14%

5,317

4,635

5,931

-10%

Adjusted cash flow from operations

9,952

12,135

-18%

* During the second quarter of 2015, the Group revised the classification in the statement of income of certain taxes related to its participation in the ADCO concession, effective since January 1, 2015. These taxes are now accounted for as operating taxes and therefore reclassified for $498 million from â€œIncome taxesâ€ to â€œPurchases, net of inventory variationâ€ in the first quarter of 2015. This reclassification affects the adjusted operating income from business segments and the effective income tax rate for the Group but has no impact on net income.
** Average â‚¬-$ exchange rate: 1.1053 in the second quarter 2015 and 1.1158 in the first half 2015.

Highlights since the beginning of the second quarter 2015⁸

Started production on the Termokarstovoye gas field in Russia
Positive appraisal on the Elk-Antelope gas fields in Papua New Guinea
Achieved the production milestone of 2 billion barrels from Angola deep offshore Block 17 and first production from the Dalia Phase 1A project in Angola
Announced a plan for French refining: Total to modernize the Donges refinery and convert the La MÃ¨de refinery to a bio-refinery
Sale of interests in assets in the West of Shetland area of the United Kingdom
Sale of the interest in the Schwedt refinery in Germany
Started up the lubricants plant in Singapore

Analysis of business segments

Upstream

> Environment â€“ liquids and gas price realizations*

2Q15

1Q15

2Q14

2Q15

2Q14

1H15

1H14

1H15

1H14

61.9

53.9

109.7

-44%

Brent ($/b)

57.8

108.9

-47%

58.2

49.5

103.0

-44%

Average liquids price ($/b)

53.8

102.5

-48%

4.67

5.38

6.52

-28%

Average gas price ($/Mbtu)

5.03

6.80

-26%

45.4

41.8

73.1

-38%

Average hydrocarbon price ($/boe)

43.6

73.2

-40%

* Consolidated subsidiaries, excluding fixed margins.

> Production

2Q15

1Q15

2Q14

2Q15

2Q14

Hydrocarbon production

1H15

1H14

1H15

1H14

2,299

2,395

2,054

+12%

Combined production (kboe/d)

2,347

2,116

+11%

1,215

1,240

984

+23%

Liquids (kb/d)

1,227

1,007

+22%

5,910

6,312

5,867

+1%

Gas (Mcf/d)

6,110

6,066

+1%

Hydrocarbon production was 2,299 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2015, an increase of 12% compared to the second quarter 2014, due to the following:

+5% for new project start ups, notably CLOV, West Franklin Phase 2 and Termokarstovoye;
+7% due to portfolio changes, mainly the addition of the new ADCO concession in the United Arab Emirates, partially offset by asset sales in the North Sea, Nigeria and Azerbaijan;
-4% due to the shutdown of production in Yemen;
+4% due to the price effect, better field performance and lower maintenance, offsetting natural decline.

In the first half 2015, hydrocarbon production was 2,347 kboe/d, an increase of 11% compared to the first half 2014, due to the following:

+4% for new project start ups;
+6% due to portfolio changes, noted in the second quarter explanation above;
-2% due to the shutdown of production in Yemen;
+3% due to the price effect and better field performance, offsetting natural decline.

> Results

2Q15

1Q15

2Q14

2Q15

2Q14

In millions of dollars, except effective tax rate

1H15

1H14

1H15

1H14

1,995

1,531

4,810

-59%

Adjusted operating income*

3,526

10,311

-66%

47.3%

48.6%

52.3%

Effective tax rate**

47.9%

56.3%

1,560

1,359

3,051

-49%

Adjusted net operating income*

2,919

6,143

-52%

489

503

769

-36%

includes income from equity affiliates

992

1,502

-34%

5,653

8,151

7,999

-29%

Investments

13,804

13,310

+4%

379

1,162

568

-33%

Divestments

1,541

2,367

-35%

2,713

3,525

4,805

-44%

Cash flow from operations

6,238

8,616

-28%

3,010

2,919

4,841

-38%

Adjusted cash flow from operations

5,929

9,974

-41%

* During the second quarter of 2015, the Group revised the classification in the statement of income of certain taxes related to its participation in the ADCO concession, effective since January 1, 2015. These taxes are now accounted for as operating taxes and therefore reclassified for $498 million from â€œIncome taxesâ€ to â€œPurchases, net of inventory variationâ€ in the first quarter of 2015. This reclassification affects the adjusted operating income from business segments and the effective income tax rate for the Group but has no impact on net income.
** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).

Adjusted net operating income from the Upstream segment was:

1,560 M$ in the second quarter 2015, a decrease of 49% compared to the second quarter 2014, essentially due to the decrease in the average realized price of hydrocarbons, partially offset by an increase in production, a material decrease in operating costs, and a lower effective tax rate, notably in Nigeria and in Congo;
2,919 M$ in the first half 2015, a decrease of 52% compared to the first half 2014, for the same reasons.

Refining & Chemicals

> Refinery throughput and utilization rates*

2Q15

1Q15

2Q14

2Q15

2Q14

1H15

1H14

1H15

1H14

1,909

1,931

1,622

+18%

Total refinery throughput (kb/d)

1,920

1,662

+16%

613

737

634

-3%

France

675

626

+8%

875

795

695

+26%

Rest of Europe

835

741

+13%

421

399

293

+44%

Rest of world

410

295

+39%

Utlization rates**

84%

87%

72%

Based on crude only

85%

72%

87%

88%

74%

Based on crude and other feedstock

88%

76%

* Includes share of TotalErg. Results for refineries in South Africa, the French Antilles and Italy are reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year.

Refinery throughput:

increased by 18% in the second quarter 2015 compared to the second quarter 2014, due to the start up of SATORP and a lower level of maintenance in Europe. The good reliability of the sites enabled an increase in throughput to take advantage of attractive margins;
increased by 16% in the first half 2015 compared to the first half 2014 for the same reasons. Utilization rates were higher in an environment of favorable margins.

> Results

2Q15

1Q15

2Q14

2Q15

2Q14

In millions of dollars

except the ERMI

1H15

1H14

1H15

1H14

54.1

47.1

10.9

European refining margin indicator - ERMI ($/t)

50.6

8.7

1,604

1,335

368

Adjusted operating income*

2,939

696

1,349

1,100

401

Adjusted net operating income*

2,449

747

135

116

174

-22%

including Specialty Chemicals**

251

313

-20%

465

434

475

-2%

Investments

899

725

+24%

874

1,766

Divestments

2,640

1,700

314

(133)

Cash flow from operations

2,014

1,460

+38%

1,566

1,380

683

Adjusted cash flow from operations

2,946

1,300

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Hutchinson and Atotech, Bostik until February 2015.

The European refining margin indicator (ERMI) averaged a high level of 54 $/t in the second quarter 2015, due to strong product demand, particularly gasoline, and significant maintenance activity, notably in Asia. Petrochemical margins were also higher, notably due to limited production capacity as a result of numerous shut downs in the industry.

Adjusted net operating income from the Refining & Chemicals segment was:

1,349 M$ in the second quarter 2015, more than three times higher than in the second quarter 2014. The segment took full advantage of the higher refining and petrochemicals margins, mainly due to improved site availability and lower level of planned maintenance compared to last year;
2,449 M$ for the first half 2015, in a more favorable environment, more than three times higher than the first half 2014, demonstrating the segmentâ€™s ability to capture attractive first half 2015 margins by increasing throughput one year after voluntarily reducing throughput in the face of a difficult 2014 environment.

Second quarter 2015 divestments included the refinancing of SATORP in Saudi Arabia. Following the successful start up of the refinery, one of the most competitive in the world, Total was able to refinance its shareholder loan under favorable conditions.

Marketing & Services

> Petroleum product sales

2Q15

1Q15

2Q14

2Q15

2Q14

Sales in kb/d*

1H15

1H14

1H15

1H14

1,822

1,814

1,833

-1%

Total Marketing & Services sales

1,818

1742

+4%

1,079

1,103

1,102

-2%

Europe

1,091

1080

+1%

743

711

731

+2%

Rest of world

727

662

+10%

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

Petroleum product sales were:

stable in the second quarter 2015 compared to the second quarter last year, benefiting from higher sales in growth markets;
4% higher in the first half 2015 compared to the first half 2014, in a more favorable market than last year, which was affected by an unusually mild winter.

> Results

2Q15

1Q15

2Q14

2Q15

2Q14

In millions of dollars

1H15

1H14

1H15

1H14

20,419

19,620

28,213

-28%

Sales

40,039

54,683

-27%

465

445

405

+15%

Adjusted operating income*

910

758

+20%

425

321

372

+14%

Adjusted net operating income*

746

633

+18%

(45)

(42)

(8)

including New Energies

(87)

436

215

203

Investments

651

479

+36%

627

Divestments

679

379

644

304

+25%

Cash flow from operations

1,023

393

531

418

551

-4%

Adjusted cash flow from operations

949

930

+2%

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

Adjusted net operating income from the Marketing & Services segment was:

425 M$ in the second quarter 2015, an increase of 14% compared to the second quarter 2014, mainly due to higher margins;
746 M$ in the first half 2015, an increase of 18% compared to the first half 2014.

Group results

> Net operating income from business segments

Adjusted net operating income from the business segments was:

3,334 M$ in the second quarter 2015, a decrease of only 13% compared to the second quarter 2014, despite the 44% drop in the Brent price. The Upstream was affected by the lower Brent price, partially offset by a 12% increase in production and the effects of the Groupâ€™s cost reduction program. In addition, the Downstream reported excellent results, benefiting from higher margins;
6,114 M$ in the first half 2015, a decrease of 19% compared to the first half 2014, despite the 47% drop in the Brent price. The Group fully benefited from its cost reduction program, the resilience of the Upstream and the remarkable performance of the Downstream.

The effective tax rate⁹ for the business segments was:

37.5% in the second quarter 2015 compared to 48.8% in the second quarter 2014, reflecting mainly the strong Downstream results, which are taxed at a lower rate;
37.4% in the first half 2015 compared to 52.5% in the first half 2014, for the same reason.

> Net income (Group share)

Adjusted net income was:

3,085 M$ in the second quarter 2015 compared to 3,151 M$ in the second quarter 2014, a decrease of only 2% in an unfavorable environment;
5,687 M$ in the first half 2015 compared to 6,478 M$ in the first half 2014, a decrease of 12% in an environment where the Brent price dropped by 47%.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value¹⁰.

Total adjustments affecting net income (Group share)¹¹ were -114 M$ in the second quarter 2015 compared to -47 M$ in the second quarter 2014. In the first half 2015, total adjustments affecting net income (Group share) were -53 M$ compared to -39 M$ in the first half 2014.

The number of fully-diluted shares was 2,294 million on June 30, 2015, and 2,284 million on June 30, 2014.

> Divestments â€“ acquisitions

Asset sales were:

733 M$ in the second quarter 2015, comprised mainly of the sale of Totalgaz;
3,472 M$ in the first half 2015, comprised mainly of the sales of Bostik, the Groupâ€™s interests in OML 18 and 29 in Nigeria and Totalgaz.

Acquisitions were:

282 M$ in the second quarter 2015;
2,777 M$ in the first half 2015, comprised mainly of the entry into the new ADCO concession in the United Arab Emirates and the carry on the Utica gas and condensate field in the United States.

> Cash flow

The Groupâ€™s net cash flow¹² was:

116 M$ in the second quarter 2015 compared to -2,689 M$ in the second quarter 2014. This increase was mainly due to a sharp decline in organic investments, including the refinancing of SATORP, and the resilience of the cash flow from operations in a lower Brent price environment, mainly due to the strong performance of the Downstream;
-1,322 M$ in the first half 2015 compared to -1,376 M$ in the first half 2014, an increase of 4%, showing good resistance to the 47% drop in the Brent price, mainly due to the resilience of the Upstream and the performance of the Downstream. The organic investments are in line with the objective of $23-24 billion for the year.

Total S.A., parent company accounts

The net income for the parent company, TOTAL S.A., was 3,438 Mâ‚¬ in the first half 2015 compared to 3,397Â Mâ‚¬ in the first half 2014.

Summary and outlook

After having recovered slightly in the second quarter, oil prices have fallen by about 10% since the beginning of July. In this context, the Group is focused on delivering its new project start ups and implementing cost reductions to sustainably reduce its breakeven and maximize cash flow. The rapid implementation of this industrial response to the weaker environment has already begun to bear fruit in the first half of the year, and it will also underpin the Groupâ€™s success in the second half and beyond.

In the Upstream, the start-ups of Surmont Phase 2, GLNG and Laggan-Tormore are expected in the second half. Production is expected to increase by more than 8% this year despite the shutdown of Yemen LNG.

In the Downstream, market conditions remained favorable at the start of the third quarter. The increase in demand, notably for gasoline, is positive for refining, without, however, eliminating the overcapacity in the market. Our teams are continuing to reduce costs and adapt the sites, making them resistant to unfavorable environments.

Finally, after announcing the sale of interests in gas fields located in the West of Shetland area of the United Kingdom and in the Schwedt refinery in Germany for a combined amount of 1.2 billion dollars, Total is pursuing discussions for the sale of several other assets.

-- -- --

To listen to CFO Patrick de La ChevardiÃ¨reâ€™s conference call with financial analysts today at 14:00 (London time) please log on to total.com or call +44 (0)203 427 1909 in Europe or +1Â 646 254 3388 in the United States (code 9806117). For a replay, please consult the website or call +44 (0)203 427 0598 in Europe or +1Â 347Â 366Â 9565 in the United States (code: 9806117).

Operating information by segment

Upstream

2Q15

1Q15

2Q14

2Q15

2Q14

Combined liquids and gas

production by region (kboe/d)

1H15

1H14

1H15

1H14

360

393

329

+9%

Europe

376

361

+4%

663

687

618

+7%

Africa

675

637

+6%

477

540

380

+26%

Middle East

508

393

+29%

107

+18%

North America

103

+20%

156

155

157

-1%

South America

155

158

-2%

251

261

238

+5%

Asia-Pacific

256

240

+7%

285

261

241

+18%

CIS

274

241

+14%

2,299

2,395

2,054

+12%

Total production

2,347

2,116

+11%

547

573

544

+1%

includes equity affiliates

560

563

-1%

2Q15

1Q15

2Q14

2Q15

2Q14

Liquids production by region
(kb/d)

1H15

1H14

1H15

1H14

159

162

159

Europe

160

165

-3%

530

551

482

+10%

Africa

540

495

+9%

347

358

190

+83%

Middle East

353

197

+79%

+20%

North America

+19%

-4%

South America

-2%

+10%

Asia-Pacific

+17%

+50%

CIS

+38%

1,215

1,240

984

+23%

Total production

1,227

1,007

+22%

218

207

197

+11%

includes equity affiliates

213

202

+5%

2Q15

1Q15

2Q14

2Q15

2Q14

Gas production by region (Mcf/d)

1H15

1H14

1H15

1H14

1,086

1,265

936

+16%

Europe

1,175

1,075

+9%

663

687

710

-7%

Africa

675

729

-7%

720

999

1,042

-31%

Middle East

859

1,073

-20%

332

315

285

+16%

North America

323

276

+17%

602

589

601

South America

596

605

-1%

1,258

1,298

1,188

+6%

Asia-Pacific

1,278

1,194

+7%

1,249

1,159

1,105

+13%

CIS

1,204

1,114

+8%

5,910

6,312

5,867

+1%

Total production

6,110

6,066

+1%

1,764

1,963

1,895

-7%

includes equity affiliates

1,863

1,962

-5%

2Q15

1Q15

2Q14

2Q15

2Q14

Liquefied natural gas

1H15

1H14

1H15

1H14

2.34

2.77

2.96

-21%

LNG sales* (Mt)

5.11

6.11

-16%

* Sales, Group share, excluding trading; 2014 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2014 SEC coefficient.

Downstream (Refining & Chemicals and Marketing & Services)

2Q15

1Q15

2Q14

2Q15

2Q14

Petroleum product sales by region (kb/d)*

1H15

1H14

1H15

1H14

2,100

2,056

2,017

+4%

Europe**

2,078

2,011

+3%

657

663

587

+12%

Africa

660

531

+24%

625

581

643

-3%

Americas

603

559

+8%

641

657

611

+5%

Rest of world

649

592

+10%

4,023

3,957

3,858

+4%

Total consolidated sales

3,990

3,693

+8%

632

628

576

+10%

Includes bulk sales

630

605

+4%

1,569

1,515

1,449

+8%

Includes trading

1,542

1,346

+15%

* Includes share of TotalErg.
** Restated historical amounts.

Adjustment items

> Adjustments to operating income

2Q15	Â	1Q15	Â	2Q14	Â	In millions of dollars	Â	1H15	Â	1H14
(474)	Â	(1,377)	Â	(62)	Â	Special items affecting operating income	Â	(1,851)	Â	(177)
-	Â	-	Â	-	Â	Restructuring charges	Â	-	Â	-
(248)		(1,046)		(40)		Impairments		(1,294)		(40)
(226)	Â	(331)	Â	(22)	Â	Other	Â	(557)	Â	(137)
250	Â	228	Â	117	Â	Pre-tax inventory effect: FIFO vs. replacement cost	Â	478	Â	(64)
(10)	Â	4	Â	(36)	Â	Effect of changes in fair value	Â	(6)	Â	(10)
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(234)	Â	(1,145)	Â	19	Â	Total adjustments affecting operating income	Â	(1,379)	Â	(251)

> Adjustment to net income (Group share)

2Q15	Â	1Q15	Â	2Q14	Â	In millions of dollars	Â	1H15	Â	1H14
(282)	Â	(95)	Â	(98)	Â	Special items affecting net income (Group share)	Â	(377)	Â	26
327	Â	1,002	Â	-	Â	Gain (loss) on asset sales	Â	1,329	Â	599
-		(31)		(5)		Restructuring charges		(31)		(5)
(245)		(1,109)		(76)		Impairments		(1,354)		(426)
(364)	Â	43	Â	(17)	Â	Other	Â	(321)	Â	(142)
174	Â	154	Â	80	Â	After-tax inventory effect: FIFO vs. replacement cost	Â	328	Â	(57)
(6)	Â	2	Â	(29)	Â	Effect of changes in fair value	Â	(4)	Â	(8)
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(114)	Â	61	Â	(47)	Â	Total adjustments affecting net income	Â	(53)	Â	(39)

2015 Sensitivities*

Â	Â	Â	Â	Â	Â	Â	Â	Â
Â	Â	Scenario	Â	Change	Â	Impact on adjusted operating income	Â	Impact on adjusted net operating income
Dollar	Â	1.30 $/â‚¬	Â	-0.1 $ par â‚¬	Â	+0.7 B$	Â	+0.2 B$
Brent	Â	60 $/b	Â	+10 $/b	Â	+3.1 B$	Â	+1.7 B$
European refining margin indicator (ERMI)	Â	25 $/t	Â	+1 $/t	Â	+0.08 B$	Â	+0.05 B$

* Sensitivities are revised once per year upon publication of the previous yearâ€™s fourth quarter results. The impact of the $-â‚¬ sensitivity on operating income is 60% attributable to Exploration & Production. The impact of the $-â‚¬ sensitivity on adjusted net operating income is attributable 90% to Refining & Chemicals. Sensitivities are estimates based on assumptions about the Groupâ€™s portfolio in 2015. Actual results could vary significantly from estimates based on the application of these sensitivities.

Investments - Divestments

2Q15

1Q15

2Q14

2Q15

2Q14

In millions of dollars

1H15

1H14

1H15

1H14

5,148

6,069

7,193

-28%

Investments excluding acquisitions

11,217

12,395

-10%

396

399

362

+9%

capitalized exploration

796

681

+17%

391

793

1,075

-64%

increase in non-current loans

1,184

1,336

-11%

(1,160)

(245)

(430)

repayment of non-current loans

(1,405)

(794)

+77%

282

2,495

1,100

-74%

Acquisitions

2,777

1,399

733

2,739

201

Asset sales

3,472

1,677

126

-36%

Other transactions with non-controlling interests

126

-36%

4,616

5,825

7,966

-42%

Net investments*

10,441

11,991

-13%

* Net investments = investments including acquisitions - asset sales - other transactions with non-controlling interests.

Net-debt-to-equity ratio

In millions of dollars	Â	06/30/2015	Â	03/31/2015	Â	06/30/2014
Current borrowings	Â	13,114	Â	13,604	Â	13,525
Net current financial assets		(2,351)		(2,262)		(531)
Net financial assets classified as held for sale		(16)		(27)		(62)
Non-current financial debt		43,363		41,827		39,433
Hedging instruments of non-current debt		(1,157)		(1,275)		(1,973)
Cash and cash equivalents	Â	(27,322)	Â	(25,051)	Â	(22,166)
Net debt	Â	25,631	Â	26,816	Â	28,226
Â	Â	Â	Â	Â	Â	Â
Shareholdersâ€™ equity - Group share		97,244		95,096		102,872
Estimated dividend payable		(1,561)		(2,988)		(1,894)
Non-controlling interests	Â	3,104	Â	3,024	Â	3,344
Adjusted shareholders' equity	Â	98,787	Â	95,132	Â	104,322
Â	Â	Â	Â	Â	Â	Â
Net-debt-to-equity ratio	Â	25.9%	Â	28.2%	Â	27.1%

Return on average capital employed

> Twelve months ended June 30, 2015

In millions of dollars	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Group
Adjusted net operating income	Â	7,280	Â	4,191	Â	1,367		12,679
Capital employed at 06/30/2014*		103,572		19,265		10,324		129,967
Capital employed at 06/30/2015*	Â	107,214	Â	12,013	Â	8,234		124,001
ROACE	Â	6.9%	Â	26.8%	Â	14.7%		10.0%

> Twelve months ended March 31, 2015

In millions of dollars	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Group
Adjusted net operating income	Â	8,771	Â	3,243	Â	1,314		12,780
Capital employed at 3/31/2014*		97,924		18,516		10,314		126,068
Capital employed at 3/31/2015*	Â	103,167	Â	12,534	Â	7,928		123,218
ROACE	Â	8.7%	Â	20.9%	Â	14.4%		10.3%

> Full-year 2014

In millions of dollars	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Group
Adjusted net operating income	Â	10,504	Â	2,489	Â	1,254		13,530
Capital employed at 12/31/2013*		95,529		19,752		10,051		122,451
Capital employed at 12/31/2014*	Â	100,497	Â	13,451	Â	8,825		120,526
ROACE	Â	10.7%	Â	15.0%	Â	13.3%		11.1%

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

This document does not constitute the Financial Report for the first half which will be separately published, in accordance with article L.451-1-2 III of the French Code monÃ©taire et financier, and is available on the Total website total.com.

This press release presents the results for the second quarter 2015 from the consolidated financial statements of TOTAL S.A. as of June 30, 2015. 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, 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. 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 Companyâ€™s financial results or the Groupâ€™s activities is provided in the most recent Registration Document, the French language version of which is filed by the Company with the French AutoritÃ© des MarchÃ©s Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (â€œSECâ€).

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. Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods. 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 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 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 TOTALâ€™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 Groupâ€™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 herein represent dollar amounts converted at the average euro-dollar (â‚¬-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.

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 press release, such as â€œpotential reservesâ€ or â€œresourcesâ€, 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 Form 20-F, File NÂ° 1-10888, available from us at 2, place Jean Millier â€“ Arche Nord Coupole/Regnault - 92078 Paris-La DÃ©fense 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 SECâ€™s website sec.gov.

¹ Definition of adjusted results on page 2.
² Group share.
³ The ex-dividend date will be December 21, 2015, and the payment date will be set for January 14, 2016.
⁴ Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. 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 9 and the inventory valuation effect is explained on page 13.
⁵ Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).
⁶ Including acquisitions.
⁷ Net investments = investments including acquisitions and changes in non-current loans - asset sales - other transactions with non-controlling interests.
⁸ Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.
⁹ Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income). During the second quarter of 2015, the Group revised the classification in the statement of income of certain taxes related to its participation in the ADCO concession, effective since January 1, 2015. These taxes are now accounted for as operating taxes and therefore reclassified for $498 million from â€œIncome taxesâ€ to â€œPurchases, net of inventory variationâ€ in the first quarter of 2015. This reclassification affects the adjusted operating income from business segments and the effective income tax rate for the Group but has no impact on net income.
¹⁰ Details shown on page 13.
¹¹ Details shown on page 10.
¹² Net cash flow = cash flow from operations - net investments (including other transactions with non-controlling interests).

Total financial statements
________________

Second quarter and first half 2015 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME	Â		Â		Â
TOTAL
(unaudited)
						Â
(M$) ^(a)	Â	2^nd quarter 2015	Â	1^st quarter 2015	Â	2^nd quarter 2014
Sales		44,715		42,313		62,561
Excise taxes		(5,446)		(5,350)		(6,354)
Revenues from sales		39,269		36,963		56,207
						Â
Purchases, net of inventory variation *		(26,353)		(24,204)		(40,371)
Other operating expenses		(6,031)		(6,272)		(7,229)
Exploration costs		(352)		(637)		(301)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,831)		(3,872)		(2,929)
Other income		722		1,621		96
Other expense		(396)		(442)		(163)
						Â
Financial interest on debt		(231)		(262)		(266)
Financial income from marketable securities & cash equivalents		28		31		31
Cost of net debt		(203)		(231)		(235)
						Â
Other financial income		255		142		265
Other financial expense		(163)		(166)		(183)
						Â
Equity in net income (loss) of affiliates		685		590		874
						Â
Income taxes *	Â	(1,589)	Â	(984)	Â	(2,902)
Consolidated net income	Â	3,013	Â	2,508	Â	3,129
Group share		2,971		2,663		3,104
Non-controlling interests	Â	42	Â	(155)	Â	25
Earnings per share ($)	Â	1.29	Â	1.16	Â	1.37
Fully-diluted earnings per share ($)	Â	1.29	Â	1.16	Â	1.36
^(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	Â		Â		Â
TOTAL
(unaudited)
						Â
(M$)	Â	2^nd quarter 2015	Â	1^st quarter 2015	Â	2^nd quarter 2014
Consolidated net income	Â	3,013	Â	2,508	Â	3,129
						Â
Other comprehensive income
						Â
Actuarial gains and losses		248		(95)		(416)
Tax effect		(81)		(36)		154
Currency translation adjustment generated by the parent company	Â	2,963	Â	(8,192)	Â	(732)
Items not potentially reclassifiable to profit and loss	Â	3,130	Â	(8,323)	Â	(994)
Currency translation adjustment		(1,160)		3,748		512
Available for sale financial assets		(12)		8		(6)
Cash flow hedge		36		(130)		30
Share of other comprehensive income of equity affiliates, net amount		(201)		1,042		436
Other		(2)		3		(4)
Tax effect	Â	(8)	Â	37	Â	(5)
Items potentially reclassifiable to profit and loss	Â	(1,347)	Â	4,708	Â	963
Total other comprehensive income (net amount)	Â	1,783	Â	(3,615)	Â	(31)
Â	Â	Â	Â	Â	Â	Â
Comprehensive income	Â	4,796	Â	(1,107)	Â	3,098
Group share		4,749		(916)		3,078
Non-controlling interests		47		(191)		20

CONSOLIDATED STATEMENT OF INCOME	Â		Â
TOTAL
(unaudited)
				Â
(M$) ^(a)	Â	1^st half 2015	Â	1^st half 2014
Sales		87,028		123,248
Excise taxes		(10,796)		(12,186)
Revenues from sales		76,232		111,062
				Â
Purchases, net of inventory variation		(50,557)		(78,703)
Other operating expenses		(12,303)		(14,593)
Exploration costs		(989)		(920)
Depreciation, depletion and amortization of tangible assets and mineral interests		(6,703)		(5,674)
Other income		2,343		1,196
Other expense		(838)		(312)
				Â
Financial interest on debt		(493)		(467)
Financial income from marketable securities & cash equivalents		59		50
Cost of net debt		(434)		(417)
				Â
Other financial income		397		426
Other financial expense		(329)		(349)
				Â
Equity in net income (loss) of affiliates		1,275		1,347
				Â
Income taxes	Â	(2,573)	Â	(6,499)
Consolidated net income	Â	5,521	Â	6,564
Group share		5,634		6,439
Non-controlling interests	Â	(113)	Â	125
Earnings per share ($)	Â	2.46	Â	2.84
Fully-diluted earnings per share ($)	Â	2.45	Â	2.82

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	Â		Â
TOTAL
(unaudited)
				Â
(M$)	Â	1^st half 2015	Â	1^st half 2014
Consolidated net income	Â	5,521	Â	6,564
				Â
Other comprehensive income
				Â
Actuarial gains and losses		153		(615)
Tax effect		(117)		211
Currency translation adjustment generated by the parent company	Â	(5,229)	Â	(729)
Items not potentially reclassifiable to profit and loss	Â	(5,193)	Â	(1,133)
Currency translation adjustment		2,588		548
Available for sale financial assets		(4)		(3)
Cash flow hedge		(94)		65
Share of other comprehensive income of equity affiliates, net amount		841		(20)
Other		1		(7)
Tax effect	Â	29	Â	(18)
Items potentially reclassifiable to profit and loss	Â	3,361	Â	565
Total other comprehensive income (net amount)	Â	(1,832)	Â	(568)
Â	Â	Â	Â	Â
Comprehensive income	Â	3,689	Â	5,996
Group share		3,833		5,879
Non-controlling interests		(144)		117

CONSOLIDATED BALANCE SHEET	Â		Â		Â		Â
TOTAL
(unaudited)
								Â
(M$)	Â	June 30, 2015 (unaudited)	Â	March 31, 2015 (unaudited)	Â	December 31, 2014 (unaudited)	Â	June 30, 2014 (unaudited)
ASSETS
Non-current assets
Intangible assets, net		16,101		16,236		14,682		18,995
Property, plant and equipment, net		110,023		105,806		106,876		108,468
Equity affiliates : investments and loans		19,380		19,552		19,274		21,256
Other investments		1,248		1,325		1,399		1,786
Hedging instruments of non-current financial debt		1,157		1,275		1,319		1,973
Deferred income taxes		3,145		3,435		4,079		2,842
Other non-current assets	Â	4,047	Â	4,093	Â	4,192	Â	4,263
Total non-current assets	Â	155,101	Â	151,722	Â	151,821	Â	159,583
Current assets
Inventories, net		17,373		15,393		15,196		23,484
Accounts receivable, net		14,415		15,458		15,704		21,698
Other current assets		15,072		14,576		15,702		16,519
Current financial assets		2,439		2,464		1,293		1,003
Cash and cash equivalents		27,322		25,051		25,181		22,166
Assets classified as held for sale	Â	2,754	Â	3,257	Â	4,901	Â	4,317
Total current assets	Â	79,375	Â	76,199	Â	77,977	Â	89,187
Total assets		234,476		227,921		229,798		248,770
								Â
								Â
LIABILITIES & SHAREHOLDERS' EQUITY
								Â
Shareholders' equity
Common shares		7,549		7,519		7,518		7,511
Paid-in surplus and retained earnings		103,286		102,755		94,646		101,100
Currency translation adjustment		(9,243)		(10,830)		(7,480)		(1,436)
Treasury shares	Â	(4,348)	Â	(4,348)	Â	(4,354)	Â	(4,303)
Total shareholders' equity - Group share	Â	97,244	Â	95,096	Â	90,330	Â	102,872
Non-controlling interests	Â	3,104	Â	3,024	Â	3,201	Â	3,344
Total shareholders' equity	Â	100,348	Â	98,120	Â	93,531	Â	106,216
Non-current liabilities
Deferred income taxes		13,458		13,557		14,810		16,397
Employee benefits		4,426		4,483		4,758		4,725
Provisions and other non-current liabilities		17,353		17,050		17,545		17,445
Non-current financial debt	Â	43,363	Â	41,827	Â	45,481	Â	39,433
Total non-current liabilities	Â	78,600	Â	76,917	Â	82,594	Â	78,000
Current liabilities
Accounts payable		22,469		22,043		24,150		28,902
Other creditors and accrued liabilities		18,718		15,750		16,641		19,994
Current borrowings		13,114		13,604		10,942		13,525
Other current financial liabilities		88		202		180		472
Liabilities directly associated with the assets classified as held for sale	Â	1,139	Â	1,285	Â	1,760	Â	1,661
Total current liabilities	Â	55,528	Â	52,884	Â	53,673	Â	64,554
Total liabilities and shareholders' equity		234,476		227,921		229,798		248,770

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â		Â
TOTAL
(unaudited)
						Â
(M$)	Â	2^nd quarter 2015	Â	1^st quarter 2015	Â	2^nd quarter 2014
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		3,013		2,508		3,129
Depreciation, depletion and amortization		3,113		4,424		3,087
Non-current liabilities, valuation allowances and deferred taxes		285		(446)		(156)
Impact of coverage of pension benefit plans		-		-		-
(Gains) losses on disposals of assets		(459)		(1,357)		(17)
Undistributed affiliates' equity earnings		(221)		(68)		(125)
(Increase) decrease in working capital		(835)		(476)		(771)
Other changes, net	Â	(164)	Â	(198)	Â	130
Cash flow from operating activities		4,732		4,387		5,277
						Â
CASH FLOW USED IN INVESTING ACTIVITIES
						Â
Intangible assets and property, plant and equipment additions		(5,991)		(7,956)		(6,800)
Acquisitions of subsidiaries, net of cash acquired		(3)		(7)		(414)
Investments in equity affiliates and other securities		(205)		(53)		(434)
Increase in non-current loans	Â	(391)	Â	(793)	Â	(1,075)
Total expenditures		(6,590)		(8,809)		(8,723)
Proceeds from disposals of intangible assets and property, plant and equipment		221		959		135
Proceeds from disposals of subsidiaries, net of cash sold		403		1,758		-
Proceeds from disposals of non-current investments		109		22		66
Repayment of non-current loans	Â	1,160	Â	245	Â	430
Total divestments	Â	1,893	Â	2,984	Â	631
Cash flow used in investing activities		(4,697)		(5,825)		(8,092)
						Â
CASH FLOW USED IN FINANCING ACTIVITIES
						Â
Issuance (repayment) of shares:
- Parent company shareholders		438		12		304
- Treasury shares		-		-		-
Dividends paid:
- Parent company shareholders		(6)		(1,566)		(1,901)
- Non-controlling interests		(70)		(2)		(139)
Issuance of perpetual subordinated notes		-		5,616		-
Payments on perpetual subordinated notes		-		-		-
Other transactions with non-controlling interests		81		-		126
Net issuance (repayment) of non-current debt		1,635		136		2,931
Increase (decrease) in current borrowings		(512)		423		956
Increase (decrease) in current financial assets and liabilities		(79)		(1,022)		65
Cash flow used in financing activities	Â	1,487	Â	3,597	Â	2,342
Net increase (decrease) in cash and cash equivalents		1,522		2,159		(473)
Effect of exchange rates		749		(2,289)		(148)
Cash and cash equivalents at the beginning of the period	Â	25,051	Â	25,181	Â	22,787
Cash and cash equivalents at the end of the period	Â	27,322	Â	25,051	Â	22,166

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â
TOTAL
(unaudited)
				Â
(M$)	Â	1^st half 2015	Â	1^st half 2014
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		5,521		6,564
Depreciation, depletion and amortization		7,537		6,261
Non-current liabilities, valuation allowances and deferred taxes		(161)		243
Impact of coverage of pension benefit plans		-		-
(Gains) losses on disposals of assets		(1,816)		(1,040)
Undistributed affiliates' equity earnings		(289)		(114)
(Increase) decrease in working capital		(1,311)		(1,456)
Other changes, net	Â	(362)	Â	157
Cash flow from operating activities		9,119		10,615
				Â
CASH FLOW USED IN INVESTING ACTIVITIES
				Â
Intangible assets and property, plant and equipment additions		(13,947)		(12,248)
Acquisitions of subsidiaries, net of cash acquired		(10)		(414)
Investments in equity affiliates and other securities		(258)		(590)
Increase in non-current loans	Â	(1,184)	Â	(1,336)
Total expenditures		(15,399)		(14,588)
Proceeds from disposals of intangible assets and property, plant and equipment		1,180		1,155
Proceeds from disposals of subsidiaries, net of cash sold		2,161		-
Proceeds from disposals of non-current investments		131		522
Repayment of non-current loans	Â	1,405	Â	794
Total divestments	Â	4,877	Â	2,471
Cash flow used in investing activities		(10,522)		(12,117)
				Â
CASH FLOW USED IN FINANCING ACTIVITIES
				Â
Issuance (repayment) of shares:
- Parent company shareholders		450		337
- Treasury shares		-		-
Dividends paid:
- Parent company shareholders		(1,572)		(3,736)
- Non-controlling interests		(72)		(146)
Issuance of perpetual subordinated notes		5,616		-
Payments on perpetual subordinated notes		-		-
Other transactions with non-controlling interests		81		126
Net issuance (repayment) of non-current debt		1,771		7,120
Increase (decrease) in current borrowings		(89)		(211)
Increase (decrease) in current financial assets and liabilities		(1,101)		(52)
Cash flow used in financing activities	Â	5,084	Â	3,438
Net increase (decrease) in cash and cash equivalents		3,681		1,936
Effect of exchange rates		(1,540)		30
Cash and cash equivalents at the beginning of the period	Â	25,181	Â	20,200
Cash and cash equivalents at the end of the period	Â	27,322	Â	22,166

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL	Â		Â		Â		Â		Â		Â		Â		Â		Â
																		Â
(unaudited)	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
		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$)	Â	Number	Â	Amount	Â	Â	Â	Â	Â	Number	Â	Amount	Â	Â	Â	Â	Â	Â
As of January 1, 2014	Â	2,377,678,160	Â	7,493	Â	98,254	Â	(1,203)	Â	(109,214,448)	Â	(4,303)	Â	100,241	Â	3,138	Â	103,379
Net income of the first half 2014		-		-		6,439		-		-		-		6,439		125		6,564
Other comprehensive Income		-		-		(329)		(231)		-		-		(560)		(8)		(568)
Comprehensive Income		-		-		6,110		(231)		-		-		5,879		117		5,996
Dividend		-		-		(3,794)		-		-		-		(3,794)		(146)		(3,940)
Issuance of common shares		5,192,417		18		319		-		-		-		337		-		337
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares ⁽¹⁾		-		-		-		-		7,200		-		-		-		-
Share-based payments		-		-		82		-		-		-		82		-		82
Share cancellation		-		-		-		-		-		-		-		-		-
Issuance of perpetual subordinated notes		-		-		-		-		-		-		-		-		-
Payments on perpetual subordinated notes		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		128		(2)		-		-		126		183		309
Other items		-		-		1		-		-		-		1		52		53
As of June 30, 2014	Â	2,382,870,577	Â	7,511	Â	101,100	Â	(1,436)	Â	(109,207,248)	Â	(4,303)	Â	102,872	Â	3,344	Â	106,216
Net income from July 1 to December 31, 2014		-		-		(2,195)		-		-		-		(2,195)		(119)		(2,314)
Other comprehensive Income		-		-		(578)		(6,044)		-		-		(6,622)		(35)		(6,657)
Comprehensive Income		-		-		(2,773)		(6,044)		-		-		(8,817)		(154)		(8,971)
Dividend		-		-		(3,584)		-		-		-		(3,584)		(8)		(3,592)
Issuance of common shares		2,396,948		7		76		-		-		-		83		-		83
Purchase of treasury shares		-		-		-		-		(4,386,300)		(283)		(283)		-		(283)
Sale of treasury shares ⁽¹⁾		-		-		(232)		-		4,232,135		232		-		-		-
Share-based payments		-		-		32		-		-		-		32		-		32
Share cancellation		-		-		-		-		-		-		-		-		-
Issuance of perpetual subordinated notes		-		-		-		-		-		-		-		-		-
Payments on perpetual subordinated notes		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		20		-		-		-		20		12		32
Other items		-		-		7		-		-		-		7		7		14
As of December 31, 2014	Â	2,385,267,525	Â	7,518	Â	94,646	Â	(7,480)	Â	(109,361,413)	Â	(4,354)	Â	90,330	Â	3,201	Â	93,531
Net income of the first half 2015		-		-		5,634		-		-		-		5,634		(113)		5,521
Other comprehensive Income		-		-		(38)		(1,763)		-		-		(1,801)		(31)		(1,832)
Comprehensive Income		-		-		5,596		(1,763)		-		-		3,833		(144)		3,689
Dividend		-		-		(3,123)		-		-		-		(3,123)		(72)		(3,195)
Issuance of common shares		11,092,565		31		419		-		-		-		450		-		450
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares ⁽¹⁾		-		-		(6)		-		103,150		6		-		-		-
Share-based payments		-		-		69		-		-		-		69		-		69
Share cancellation		-		-		-		-		-		-		-		-		-
Issuance of perpetual subordinated notes		-		-		5,616		-		-		-		5,616		-		5,616
Payments on perpetual subordinated notes		-		-		(31)		-		-		-		(31)		-		(31)
Other operations with non-controlling interests		-		-		21		-		-		-		21		57		78
Other items		-		-		79		-		-		-		79		62		141
As of June 30, 2015	Â	2,396,360,090	Â	7,549	Â	103,286	Â	(9,243)	Â	(109,258,263)	Â	(4,348)	Â	97,244	Â	3,104	Â	100,348

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

2^nd quarter 2015

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

4,498

19,793

20,419

44,715

Intersegment sales

4,921

7,383

223

(12,583)

Excise taxes

(1,007)

(4,439)

(5,446)

Revenues from sales

9,419

26,169

16,203

(12,583)

39,269

Operating expenses

(5,449)

(24,182)

(15,508)

(180)

12,583

(32,736)

Depreciation, depletion and amortization of tangible assets and mineral interests

(2,329)

(291)

(202)

(9)

(2,831)

Operating income

1,641

1,696

493

(128)

3,702

Equity in net income (loss) of affiliates and other items

319

107

503

174

1,103

Tax on net operating income

(909)

(433)

(193)

(93)

(1,628)

Net operating income

1,051

1,370

803

(47)

3,177

Net cost of net debt

(164)

Non-controlling interests

(42)

Net income

2,971

2^nd quarter 2015 (adjustments) ^(a)

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(158)

Intersegment sales

Excise taxes

Revenues from sales

(158)

Operating expenses

(2)

123

172

Depreciation, depletion and amortization of tangible assets and mineral interests

(194)

(31)

(23)

(248)

Operating income^(b)

(354)

(234)

Equity in net income (loss) of affiliates and other items

(191)

(71)

374

112

Tax on net operating income

(24)

Net operating income^(b)

(509)

378

(110)

Net cost of net debt

Non-controlling interests

(4)

Net income

(114)

^(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

199

On net operating income

138

2^ndquarter 2015 (adjusted)

(M$) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

4,656

19,793

20,419

44,873

Intersegment sales

4,921

7,383

223

(12,583)

Excise taxes

(1,007)

(4,439)

(5,446)

Revenues from sales

9,577

26,169

16,203

(12,583)

39,427

Operating expenses

(5,447)

(24,305)

(15,559)

(180)

12,583

(32,908)

Depreciation, depletion and amortization of tangible assets and mineral interests

(2,135)

(260)

(179)

(9)

(2,583)

Adjusted operating income

1,995

1,604

465

(128)

3,936

Equity in net income (loss) of affiliates and other items

510

178

129

174

991

Tax on net operating income

(945)

(433)

(169)

(93)

(1,640)

Adjusted net operating income

1,560

1,349

425

(47)

3,287

Net cost of net debt

(164)

Non-controlling interests

(38)

Adjusted net income

3,085

Adjusted fully-diluted earnings per share ($)

1.34

(a) Except for earnings per share.

2^nd quarter 2015

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

5,653

465

436

6,590

Total divestments

379

874

627

1,893

Cash flow from operating activities

2,713

1,700

379

(60)

4,732

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

1^st quarter 2015

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

5,225

17,464

19,620

42,313

Intersegment sales

4,384

6,967

272

(11,675)

Excise taxes

(933)

(4,417)

(5,350)

Revenues from sales

9,609

23,498

15,475

(11,675)

36,963

Operating expenses

(5,969)

(21,717)

(14,863)

(239)

11,675

(31,113)

Depreciation, depletion and amortization of tangible assets and mineral interests

(3,441)

(252)

(174)

(5)

(3,872)

Operating income

199

1,529

438

(188)

1,978

Equity in net income (loss) of affiliates and other items

769

762

(80)

294

1,745

Tax on net operating income

(368)

(446)

(131)

(82)

(1,027)

Net operating income

600

1,845

227

2,696

Net cost of net debt

(188)

Non-controlling interests

155

Net income

2,663

1^st quarter 2015 (adjustments) ^(a)

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(146)

Intersegment sales

Excise taxes

Revenues from sales

(146)

Operating expenses

(140)

194

(7)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,046)

Operating income^(b)

(1,332)

194

(7)

(1,145)

Equity in net income (loss) of affiliates and other items

136

661

(89)

708

Tax on net operating income

437

(110)

329

Net operating income^(b)

(759)

745

(94)

(108)

Net cost of net debt

Non-controlling interests

169

Net income

^(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

235

(7)

On net operating income

150

(5)

1^stquarter 2015 (adjusted)

(M$) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

5,371

17,464

19,620

42,459

Intersegment sales

4,384

6,967

272

(11,675)

Excise taxes

(933)

(4,417)

(5,350)

Revenues from sales

9,755

23,498

15,475

(11,675)

37,109

Operating expenses

(5,829)

(21,911)

(14,856)

(239)

11,675

(31,160)

Depreciation, depletion and amortization of tangible assets and mineral interests

(2,395)

(252)

(174)

(5)

(2,826)

Adjusted operating income

1,531

1,335

445

(188)

3,123

Equity in net income (loss) of affiliates and other items

633

101

294

1,037

Tax on net operating income

(805)

(336)

(133)

(82)

(1,356)

Adjusted net operating income

1,359

1,100

321

2,804

Net cost of net debt

(188)

Non-controlling interests

(14)

Adjusted net income

2,602

Adjusted fully-diluted earnings per share ($)

1.13

(a) Except for earnings per share.

1^st quarter 2015

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

8,151

434

215

8,809

Total divestments

1,162

1,766

2,984

Cash flow from operating activities

3,525

314

644

(96)

4,387

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

2^nd quarter 2014

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

6,205

28,143

28,213

62,561

Intersegment sales

8,057

11,740

402

(20,245)

Excise taxes

(1,281)

(5,073)

(6,354)

Revenues from sales

14,262

38,602

23,542

(20,245)

56,207

Operating expenses

(7,174)

(37,744)

(22,966)

(262)

20,245

(47,901)

Depreciation, depletion and amortization of tangible assets and mineral interests

(2,314)

(408)

(198)

(9)

(2,929)

Operating income

4,774

450

378

(225)

5,377

Equity in net income (loss) of affiliates and other items

719

889

Tax on net operating income

(2,471)

(114)

(128)

(218)

(2,931)

Net operating income

3,022

401

348

(436)

3,335

Net cost of net debt

(206)

Non-controlling interests

(25)

Net income

3,104

2^nd quarter 2014 (adjustments) ^(a)

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(36)

Intersegment sales

Excise taxes

Revenues from sales

(36)

Operating expenses

122

(27)

Depreciation, depletion and amortization of tangible assets and mineral interests

(40)

Operating income^(b)

(36)

(27)

Equity in net income (loss) of affiliates and other items

(32)

(7)

(39)

Tax on net operating income

(50)

(33)

Net operating income^(b)

(29)

(24)

(53)

Net cost of net debt

Non-controlling interests

Net income

(47)

^(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

122

(5)

On net operating income

(3)

2^ndquarter 2014 (adjusted)

(M$) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

6,241

28,143

28,213

62,597

Intersegment sales

8,057

11,740

402

(20,245)

Excise taxes

(1,281)

(5,073)

(6,354)

Revenues from sales

14,298

38,602

23,542

(20,245)

56,243

Operating expenses

(7,174)

(37,866)

(22,939)

(262)

20,245

(47,996)

Depreciation, depletion and amortization of tangible assets and mineral interests

(2,314)

(368)

(198)

(9)

(2,889)

Adjusted operating income

4,810

368

405

(225)

5,358

Equity in net income (loss) of affiliates and other items

719

105

928

Tax on net operating income

(2,478)

(64)

(138)

(218)

(2,898)

Adjusted net operating income

3,051

401

372

(436)

3,388

Net cost of net debt

(206)

Non-controlling interests

(31)

Adjusted net income

3,151

Adjusted fully-diluted earnings per share ($)

1.38

(a) Except for earnings per share.

2^nd quarter 2014

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

7,999

475

203

8,723

Total divestments

568

631

Cash flow from operating activities

4,805

(133)

304

301

5,277

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

1^st half 2015

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

9,723

37,257

40,039

87,028

Intersegment sales

9,305

14,350

495

108

(24,258)

Excise taxes

(1,940)

(8,856)

(10,796)

Revenues from sales

19,028

49,667

31,678

117

(24,258)

76,232

Operating expenses

(11,418)

(45,899)

(30,371)

(419)

24,258

(63,849)

Depreciation, depletion and amortization of tangible assets and mineral interests

(5,770)

(543)

(376)

(14)

(6,703)

Operating income

1,840

3,225

931

(316)

5,680

Equity in net income (loss) of affiliates and other items

1,088

869

423

468

2,848

Tax on net operating income

(1,277)

(879)

(324)

(175)

(2,655)

Net operating income

1,651

3,215

1,030

(23)

5,873

Net cost of net debt

(352)

Non-controlling interests

113

Net income

5,634

1^st half 2015 (adjustments) ^(a)

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(304)

Intersegment sales

Excise taxes

Revenues from sales

(304)

Operating expenses

(142)

317

219

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,240)

(31)

(23)

(1,294)

Operating income^(b)

(1,686)

286

(1,379)

Equity in net income (loss) of affiliates and other items

(55)

590

285

820

Tax on net operating income

473

(110)

(22)

341

Net operating income^(b)

(1,268)

766

284

(218)

Net cost of net debt

Non-controlling interests

165

Net income

(53)

^(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

434

On net operating income

288

1^sthalf 2015 (adjusted)

(M$) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

10,027

37,257

40,039

87,332

Intersegment sales

9,305

14,350

495

108

(24,258)

Excise taxes

(1,940)

(8,856)

(10,796)

Revenues from sales

19,332

49,667

31,678

117

(24,258)

76,536

Operating expenses

(11,276)

(46,216)

(30,415)

(419)

24,258

(64,068)

Depreciation, depletion and amortization of tangible assets and mineral interests

(4,530)

(512)

(353)

(14)

(5,409)

Adjusted operating income

3,526

2,939

910

(316)

7,059

Equity in net income (loss) of affiliates and other items

1,143

279

138

468

2,028

Tax on net operating income

(1,750)

(769)

(302)

(175)

(2,996)

Adjusted net operating income

2,919

2,449

746

(23)

6,091

Net cost of net debt

(352)

Non-controlling interests

(52)

Adjusted net income

5,687

Adjusted fully-diluted earnings per share ($)

2.47

(a) Except for earnings per share.

1^st half 2015

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

13,804

899

651

15,399

Total divestments

1,541

2,640

679

4,877

Cash flow from operating activities

6,238

2,014

1,023

(156)

9,119

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

1^st half 2014

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

12,871

55,682

54,683

123,248

Intersegment sales

15,493

23,696

810

(40,094)

Excise taxes

(2,441)

(9,745)

(12,186)

Revenues from sales

28,364

76,937

45,748

107

(40,094)

111,062

Operating expenses

(13,688)

(75,536)

(44,655)

(431)

40,094

(94,216)

Depreciation, depletion and amortization of tangible assets and mineral interests

(4,490)

(786)

(380)

(18)

(5,674)

Operating income

10,186

615

713

(342)

11,172

Equity in net income (loss) of affiliates and other items

2,046

119

2,308

Tax on net operating income

(5,963)

(108)

(208)

(292)

(6,571)

Net operating income

6,269

626

595

(581)

6,909

Net cost of net debt

(345)

Non-controlling interests

(125)

Net income

6,439

1^st half 2014 (adjustments) ^(a)

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(10)

Intersegment sales

Excise taxes

Revenues from sales

(10)

Operating expenses

(115)

(41)

(45)

(201)

Depreciation, depletion and amortization of tangible assets and mineral interests

(40)

Operating income^(b)

(125)

(81)

(45)

(251)

Equity in net income (loss) of affiliates and other items

280

(40)

(7)

233

Tax on net operating income

(29)

(15)

Net operating income^(b)

126

(121)

(38)

(33)

Net cost of net debt

Non-controlling interests

(6)

Net income

(39)

^(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

(41)

(23)

On net operating income

(34)

(17)

1^sthalf 2014 (adjusted)

(M$) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

12,881

55,682

54,683

123,258

Intersegment sales

15,493

23,696

810

(40,094)

Excise taxes

(2,441)

(9,745)

(12,186)

Revenues from sales

28,374

76,937

45,748

107

(40,094)

111,072

Operating expenses

(13,573)

(75,495)

(44,610)

(431)

40,094

(94,015)

Depreciation, depletion and amortization of tangible assets and mineral interests

(4,490)

(746)

(380)

(18)

(5,634)

Adjusted operating income

10,311

696

758

(342)

11,423

Equity in net income (loss) of affiliates and other items

1,766

159

2,075

Tax on net operating income

(5,934)

(108)

(222)

(292)

(6,556)

Adjusted net operating income

6,143

747

633

(581)

6,942

Net cost of net debt

(345)

Non-controlling interests

(119)

Adjusted net income

6,478

Adjusted fully-diluted earnings per share ($)

2.84

(a) Except for earnings per share.

1^st half 2014

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

13,310

725

479

14,588

Total divestments

2,367

2,471

Cash flow from operating activities

8,616

1,460

393

146

10,615

Reconciliation of the information by business segment with consolidated financial statements
TOTAL	Â		Â		Â
(unaudited)
						Â
2^nd quarter 2015 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		44,873		(158)		44,715
Excise taxes		(5,446)		-		(5,446)
Revenues from sales		39,427		(158)		39,269
						Â
Purchases, net of inventory variation		(26,603)		250		(26,353)
Other operating expenses		(5,955)		(76)		(6,031)
Exploration costs		(350)		(2)		(352)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,583)		(248)		(2,831)
Other income		358		364		722
Other expense		(136)		(260)		(396)
						Â
Financial interest on debt		(231)		-		(231)
Financial income from marketable securities & cash equivalents		28		-		28
Cost of net debt		(203)		-		(203)
						Â
Other financial income		255		-		255
Other financial expense		(163)		-		(163)
						Â
Equity in net income (loss) of affiliates		677		8		685
						Â
Income taxes	Â	(1,601)	Â	12	Â	(1,589)
Consolidated net income		3,123		(110)		3,013
Group share		3,085		(114)		2,971
Non-controlling interests		38		4		42
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
						Â
						Â
2^nd quarter 2014 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		62,597		(36)		62,561
Excise taxes		(6,354)		-		(6,354)
Revenues from sales		56,243		(36)		56,207
						Â
Purchases, net of inventory variation		(40,488)		117		(40,371)
Other operating expenses		(7,207)		(22)		(7,229)
Exploration costs		(301)		-		(301)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,889)		(40)		(2,929)
Other income		96		-		96
Other expense		(133)		(30)		(163)
						Â
Financial interest on debt		(266)		-		(266)
Financial income from marketable securities & cash equivalents		31		-		31
Cost of net debt		(235)		-		(235)
						Â
Other financial income		265		-		265
Other financial expense		(183)		-		(183)
						Â
Equity in net income (loss) of affiliates		883		(9)		874
						Â
Income taxes	Â	(2,869)	Â	(33)	Â	(2,902)
Consolidated net income		3,182		(53)		3,129
Group share		3,151		(47)		3,104
Non-controlling interests		31		(6)		25
						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	Â		Â		Â
(unaudited)
						Â
1^st half 2015 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		87,332		(304)		87,028
Excise taxes		(10,796)		-		(10,796)
Revenues from sales		76,536		(304)		76,232
						Â
Purchases, net of inventory variation		(51,035)		478		(50,557)
Other operating expenses		(12,131)		(172)		(12,303)
Exploration costs		(902)		(87)		(989)
Depreciation, depletion and amortization of tangible assets and mineral interests		(5,409)		(1,294)		(6,703)
Other income		884		1,459		2,343
Other expense		(235)		(603)		(838)
						Â
Financial interest on debt		(493)		-		(493)
Financial income from marketable securities & cash equivalents		59		-		59
Cost of net debt		(434)		-		(434)
						Â
Other financial income		397		-		397
Other financial expense		(329)		-		(329)
						Â
Equity in net income (loss) of affiliates		1,311		(36)		1,275
						Â
Income taxes	Â	(2,914)	Â	341	Â	(2,573)
Consolidated net income		5,739		(218)		5,521
Group share		5,687		(53)		5,634
Non-controlling interests		52		(165)		(113)
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
						Â
						Â
1^st half 2014 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		123,258		(10)		123,248
Excise taxes		(12,186)		-		(12,186)
Revenues from sales		111,072		(10)		111,062
						Â
Purchases, net of inventory variation		(78,639)		(64)		(78,703)
Other operating expenses		(14,456)		(137)		(14,593)
Exploration costs		(920)		-		(920)
Depreciation, depletion and amortization of tangible assets and mineral interests		(5,634)		(40)		(5,674)
Other income		548		648		1,196
Other expense		(263)		(49)		(312)
						Â
Financial interest on debt		(467)		-		(467)
Financial income from marketable securities & cash equivalents		50		-		50
Cost of net debt		(417)		-		(417)
						Â
Other financial income		426		-		426
Other financial expense		(349)		-		(349)
						Â
Equity in net income (loss) of affiliates		1,713		(366)		1,347
						Â
Income taxes	Â	(6,484)	Â	(15)	Â	(6,499)
Consolidated net income		6,597		(33)		6,564
Group share		6,478		(39)		6,439
Non-controlling interests		119		6		125
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Total
2, place Jean Millier
Arche Nord Coupole/Regnault
92 400 Courbevoie France
Mike SANGSTER
Nicolas FUMEX
Patrick GUENKEL
Magali PAILHE
Tel. : + 44 (0)207 719 7962
Fax : + 44 (0)207 719 7959
or
Robert HAMMOND (U.S.)
Tel. : +1 713-483-5070
FaxÂ : +1 713-483-5629

View source version on businesswire.com: http://www.businesswire.com/news/home/20150729005764/en/

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