Total: First quarter 2011 results

Total: First quarter 2011 results

TOTAL

Regulatory News:

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

Â	Â	1Q11	Â	Change vs 1Q10
Adjusted net income1	Â		Â
				Â
in billion euros (B€)		3.1		+35%
in billion dollars (B$)		4.2		+34%
				Â
in euros per share		1.38		+35%
in dollars per share		1.89		+33%
Â	Â	Â	Â	Â
Net income (Group share) of 3.9 B€ in the first quarter 2011
Net-debt-to-equity ratio of 19.3% as of March 31, 2011
Hydrocarbon production of 2,371 kboe/d in the first quarter 2011
Interim dividend for 1Q11 of 0.57 €/share payable in September 2011(2)

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

« Growing geopolitical tensions and the aftermath of the earthquake in Japan will shift the balance of the global energy markets. In the face of these new challenges, Total confirms its strategy of investing to increase its production to better respond to changes in energy demand and in the energy mix.

In a context of rising hydrocarbon prices, the quality and diversity of the asset portfolio allowed adjusted net income to increase by 35% compared to the first quarter 2010. All of the segments contributed to this increase, particularly the Upstream, which benefited from its leverage to the increase in the price of hydrocarbons.

Leveraging its industrial expertise and financial strength, Total demonstrated during the first quarter its ability to finalize strategic operations. Following major transactions in Canada and Australia, Total entered into partnerships in Russia and in Uganda to create two major new production zones for the company. In addition, by agreeing to sell its interest in Cepsa and by offering to acquire SunPower, Total is actively managing its portfolio, orienting it mainly toward the Upstream, with more competitive Downstream-Chemicals and a more important new energies sector.

By continuing to adapt its integrated model to changes in the market, the development of the Group is mainly in growth areas. For this development to be sustainable and profitable for all its stakeholders, everyone at Total must continue to incorporate safety and acceptability into their daily operations. »

Key figures³

in millions of euros except earnings per share and number of shares	Â	1Q11	Â	4Q10	Â	1Q10	Â	1Q11 vs 1Q10
Sales		46,029		40,157		37,603		+22%
Adjusted operating income from business segments		6,369		5,102		4,506		+41%
Adjusted net operating income from business segments		3,363		2,736		2,283		+47%
= Upstream		2,849		2,300		1,971		+45%
= Downstream		276		266		155		+78%
= Chemicals		238		170		157		+52%
Adjusted net income		3,104		2,556		2,296		+35%
Adjusted fully-diluted earnings per share (euros)		1.38		1.14		1.02		+35%
Fully-diluted weighted-average shares (millions)		2,251.1		2,247.9		2,242.7		-
Net income (Group share)		3,946		2,030		2,613		+51%
Investments4		5,683		5,026		3,709		+53%
Divestments		663		1,344		1,048		-37%
Net investments		5,020		3,682		2,661		+89%
Cash flow from operations		5,714		3,387		5,260		+9%
Adjusted cash flow from operations		4,945		4,648		3,739		+32%
Â		Â		Â		Â		Â
in millions of dollars except earnings per share and number of shares		1Q11		4Q10		1Q10		1Q11 vs 1Q10
Sales		62,968		54,545		52,001		+21%
Adjusted operating income from business segments		8,713		6,930		6,231		+40%
Adjusted net operating income from business segments		4,601		3,716		3,157		+46%
= Upstream		3,897		3,124		2,726		+43%
= Downstream		378		361		214		+77%
= Chemicals		326		231		217		+50%
Adjusted net income		4,246		3,472		3,175		+34%
Adjusted fully-diluted earnings per share (dollars)		1.89		1.54		1,42		+33%
Fully-diluted weighted-average shares (millions)		2,251.1		2,247.9		2,242.7		-
Net income (Group share)		5,398		2,757		3,614		+49%
Investments4		7,774		6,827		5,129		+52%
Divestments		907		1,826		1,449		-37%
Net investments		6,867		5,001		3,680		+87%
Cash flow from operations		7,817		4,601		7,274		+7%
Adjusted cash flow from operations		6,765		6,313		5,171		+31%

• Highlights since the beginning of the first quarter 2011

• Agreement to sell the 48.83% interest in CEPSA held by Total to IPIC (Abu Dhabi) and entry into a cooperative agreement with IPIC for oil and gas development
• Acquired 12.08% of the Russian company Novatek and agreed to acquire a 20% stake in the Yamal LNG project
• Acquired a 33.33% interest in Blocks 1, 2 and 3A in Uganda
• Acquired several permits in Argentina to evaluate the shale gas potential
• New discoveries on the Moho Bilondo permit offshore Congo and near the Laggan and Tormore fields offshore in the UK
• Launched the development of the GLNG project in Australia to extract and liquefy coal seam gas
• Agreement with CNPC on the development program for unconventional gas in the South Sulige field in China
• Started gas and condensate production on the Itau field in Bolivia
• Solar energy : launched a public offer for up to 60% of the U.S. company SunPower and entered into an agreement to acquire 50% of Tenesol⁶

• Results for the first quarter 2011

> Operating income

In the first quarter 2011, the Brent price averaged 105.4 $/b, an increase of 38% compared to the first quarter 2010 and 22% compared to the fourth quarter 2010. The European refining margin indicator (ERMI) averaged 24.6 $/t, a decrease compared to the first and fourth quarters of 2010. The environment for the Chemicals remained satisfactory despite an increase in raw material costs.

The euro-dollar exchange rate averaged 1.37 $/€ in the first quarter 2011, close to the level of 1.38 $/€ in the first quarter 2010 and 1.36 $/€ in the fourth quarter 2010.

In this environment, the adjusted operating income from the business segments⁷ was 6,369 M€, an increase of 41% compared to the first quarter 2010. Expressed in dollars, the increase was 40%.

The effective tax rate⁸ for the business segments fell from 57% in the first quarter 2010 to 55% in the first quarter 2011, essentially due to a decrease in the effective tax rate for the Upstream.

Adjusted net operating income from the business segments was 3,363 M€ in the first quarter 2011 compared to 2,283 M€ in the first quarter 2010, an increase of 47%.

The larger increase, relative to the increase in the adjusted operating income from the business segments, is essentially due to the lower effective tax rate between the two periods.

Expressed in dollars, the adjusted net operating income from the business segments was 4.6 billion dollars (B$), an increase of 46% compared to the first quarter 2010.

> Net income (Group share)

Adjusted net income was 3,104 M€ in the first quarter 2011 compared to 2,296 M€ in the first quarter 2010, an increase of 35%. Expressed in dollars, adjusted net income increased by 34%.

Effective July 1, 2010, the Group no longer accounts for its interest in Sanofi-Aventis as an equity affiliate. In the first quarter 2010, the contribution to the Group’s adjusted net income from Sanofi Aventis was 149 M€. Excluding the contribution of Sanofi-Aventis, the Group’s first quarter 2011 adjusted net income increased by 45% in euros and 43% in dollars compared to the first quarter 2010.

Adjusted net income excludes the after-tax inventory effect, special items and from January 1, 2011, the effect of changes in fair value⁹:

• The after-tax inventory effect had a positive impact of 946 M€ in the first quarter 2011 and a positive impact of 344 M€ in the first quarter 2010.
• The changes in fair value had a positive effect of 63 M€ in the first quarter 2011.
• Special items had a negative impact on net income of 167 M€ in the first quarter 2011, comprised essentially of the increase in the deferred tax liability due to the change in UK taxes. Special items had a positive impact on net income of 14 M€ in the first quarter 2010.
• In the first quarter 2010, the Group’s share of adjustment items related to Sanofi-Aventis had a negative impact on net income of 41 M€.

Net income (Group share) was 3,946 M€ compared to 2,613 M€ in the first quarter 2010.

The effective tax rate⁸ for the Group was 55.6% in the first quarter 2011.

Adjusted fully-diluted earnings per share, based on 2,251.1 million fully-diluted weighted-average shares, was 1.38 euros compared to 1.02 euros in the first quarter 2010, an increase of 35%.

Expressed in dollars, adjusted fully-diluted earnings per share increased 33% to $1.89.

> Investments – divestments¹⁰

Investments, excluding acquisitions and including net investments in equity affiliates and non-consolidated companies, were 2.8 B€ (3.8 B$) in the first quarter 2011, an increase of 15% compared to 2.4 B€ (3.4 B$) in the first quarter 2010.

Acquisitions were 2.5 B€ in the first quarter 2011, comprised essentially of the acquisition of interests in the Fort Hills and Voyageur projects in Canada and the additional 7.5% interest in the GLNG project in Australia.

Asset sales in the first quarter 2011 were 296 M€, essentially comprised of Sanofi-Aventis shares.

Net investments¹¹ were 5.0 B€ (6.9 B$) in the first quarter 2011 compared to 2.7 B€ (3.7 B$) in the first quarter 2010.

> Cash flow

Cash flow from operations was 5,714 M€ in the first quarter 2011, an increase of 9% compared to the first quarter 2010, reflecting mainly the increase in net income offset for the most part by a change in working capital that was less favorable than in the first quarter 2010.

Adjusted cash flow from operations¹² was 4,945 M€, an increase of 32%.

Expressed in dollars, adjusted cash flow from operations was 6.8 B$, an increase of 31%.

The Group’s net cash flow¹³ was 694 M€ compared to 2,599 M€ in the first quarter 2010, a decrease of 73%.

Expressed in dollars, the Group’s net cash flow was 0.9 B$ in the first quarter 2011, or a decrease of 74% compared to the first quarter 2010, essentially due to higher acquisitions and lower asset sales.

The net-debt-to-equity ratio was 19.3% on March 31, 2011 compared to 22.2% on December 31, 2010 and 21.5% on March 31, 2010.

• Analysis of business segment results

Upstream

> Environment – liquids and gas price realizations*

Â	Â	1Q11	Â	4Q10	Â	1Q10	Â	1Q11 vs 1Q10
Brent ($/b)		105.4		86.5		76.4		+38%
Average liquids price ($/b)		99.5		83.7		74.2		+34%
Average gas price ($/Mbtu)		6.19		5.62		5.06		+22%
Average hydrocarbons price ($/boe)		71.7		61.9		55.5		+29%

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

> Production

Hydrocarbon production	Â	1Q11	Â	4Q10	Â	1Q10	Â	1Q11 vs 1Q10
Combined production (kboe/d)		2,371		2,387		2,427		-2%
= Liquids (kb/d)		1,293		1,337		1,373		-6%
= Gas (Mcf/d)		5,880		5,692		5,829		+1%

Hydrocarbon production was 2,371 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2011, a decrease of 2.3% compared to the first quarter 2010, essentially as a result of :

• -1% for changes in the portfolio,
• -2% for the price effect ¹⁴,
• -0.5% for the situation in Libya,
• +1% for lower OPEC reductions.

Production ramp-ups on new projects offset the normal decline in the first quarter 2011.

Results

in millions of euros	Â	1Q11	Â	4Q10	Â	1Q10	Â	1Q11 vs 1Q10
Adjusted operating income*		5,821		4,695		4,161		+40%
Adjusted net operating income*		2,849		2,300		1,971		+45%
includes income from equity affiliates		374		313		335		+12%
Investments		5,232		3,942		3,143		+66%
Divestments		335		771		87		x4
Cash flow from operating activities		4,643		3,908		4,680		-1%
Adjusted cash flow		4,271		3,619		3,124		+37%

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

Adjusted net operating income from the Upstream segment was 2,849 M€ in the first quarter 2011 compared to 1,971 M€ in the first quarter 2010, an increase of 45%. Expressed in dollars, adjusted net operating income for the Upstream segment increased by 43%, reflecting essentially the impact of higher hydrocarbon prices.

The effective tax rate for the Upstream segment was 57.6% compared to 60.0% in the first quarter 2010, mainly due to portfolio mix effects and a higher contribution from the downstream gas activity in the first quarter 2011 than in the first quarter 2010.

The return on average capital employed (ROACE¹⁵) for the Upstream segment was 22%, for the twelve months ended March 31, 2011, an increase compared to the 21% ROACE in the full year 2010.

The annualized first quarter 2011 ROACE for the Upstream segment was 26%.

Downstream

> Refinery throughput and utilization rates*

Â	Â	1Q11	Â	4Q10	Â	1Q10	Â	1Q11 vs 1Q10
Total refinery throughput (kb/d)		2,012		1,832		1,993		+1%
= France		745		550		680		+10%
= Rest of Europe		1,047		1,039		1,050		-
= Rest of world		220		243		263		-16%
Utilization rates**		Â		Â		Â		Â
= Based on crude only		79%		66%		73%
= Based on crude and other feedstock		85%		71%		77%		Â

* includes share of CEPSA and, starting October 2010, of TotalErg

** based on distillation capacity at the beginning of the year

First quarter 2011 refinery throughput was in line with the first quarter 2010. Utilization rates improved in the first quarter 2011, while in the first quarter 2010 various technical incidents and strikes in France affected throughput volumes. First quarter 2011 volumes were, however, affected by work at the Lindsey refinery and by work related to the start-up of the coker at the Port Arthur refinery.

> Results

in millions of euros (except the ERMI)(except the ERMI)	Â	1Q11	Â	4Q10	Â	1Q10	Â	1Q11 vs 1Q10
European refining margin indicator - ERMI ($/t)		24.6		32.3		29.5		-17%
Adjusted operating income*		286		274		191		+50%
Adjusted net operating income*		276		266		155		+78%
includes income from equity affiliates		24		61		14		+71%
Investments		264		757		456		-42%
Divestments		23		433		27		-15%
Cash flow from operating activities		1,158		(955)		454		x2.6
Adjusted cash flow		360		753		323		+11%

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

The European refinery margin indicator (ERMI) averaged 24.6 $/t in the first quarter 2011, a decrease of 17% compared to the first quarter 2010.

Adjusted net operating income from the Downstream segment was 276 M€ in the first quarter 2011, an increase of 78% compared to the first quarter 2010.

Expressed in dollars, adjusted net operating income from the Downstream segment increased by 77% compared to the first quarter 2010. Despite lower refining margins, the first quarter 2011 results benefitted from the higher utilization rate in Europe, while the first quarter 2010 results was affected by the impact of technical incidents and strikes.

The ROACE¹⁶ for the Downstream segment was 9% for the twelve months ended March 31, 2011, compared to 8% for the full-year 2010.

The annualized first quarter 2011 ROACE for the Downstream segment was 7%.

Chemicals

in millions of euros	Â	1Q11	Â	4Q10	Â	1Q10	Â	1Q11 vs 1Q10
Sales		5,105		4,218		4,223		+21%
= Base chemicals		3,319		2,579		2,532		+31%
= Specialties		1,786		1,639		1,691		+6%
Adjusted operating income*		262		133		154		+70%
Adjusted net operating income*		238		170		157		+52%
Base chemicals		119		67		44		x2.7
Specialties		121		109		117		+3%
Investments		171		292		94		+82%
Divestments		14		23		6		x2.3
Cash flow from operating activities		(144)		332		(90)		na
Adjusted cash flow		289		189		228		+27%

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

Petrochemical margins were higher in the first quarter 2011 than in the first quarter 2010. The environment for Specialty Chemicals remained favorable thanks to sustained demand across most the segment’s market sectors.

Sales for the Chemical segment were 5,105 M€, an increase of 21% compared to the first quarter 2010.

The adjusted net operating income for the Chemicals segment was 238 M€ in the first quarter 2011, an increase of 52% compared to the first quarter 2010. The improvement in the results compared to the same quarter last year came from each of the sectors and was driven mainly by the improvement in the petrochemicals environment as well as by the increased contribution from activities in Qatar and South-Korea.

The ROACE¹⁷ of the Chemicals segment was 12% for the twelve months ended March 31, 2011, stable compared to the ROACE for the full-year 2010.

The annualized first quarter 2011 ROACE for the Chemicals segment was 13%.

• Summary and outlook

The ROACE¹⁸ for the Group for the twelve months ended March 31, 2011, was 17%, an increase compared to the 16% ROACE for the full-year 2010. The annualized first quarter 2011 ROACE for the Group was 18%.

Return on equity (ROE) for the twelve months ended March 31, 2011, was 20%, an increase compared to the 19% ROE for the full-year 2010.

Pending approval at the Annual General Meeting on May 13, 2011, TOTAL S.A. will pay on May 26, 2011, the 1.14 € per share¹⁹ remainder of the 2010 dividend, which is equal in amount to the interim dividend paid in November 2010. The full-year 2010 dividend will represent a total of 2.28 € per share.

In late October 2010, Total announced that it would begin paying its interim dividends on a quarterly basis starting in 2011. For the interim dividend related to the first quarter 2011, the Board of Directors decided on April 28, 2011, to pay 0.57 € per share on September 22, 2011²⁰, or one-quarter of the full-year 2010²¹ dividend.

Total completed the sale of its Cameroon exploration-production subsidiary in April, and over the coming months it intends to finalize several other previously announced asset sales, including its interest in CEPSA for around 5 B$, part of its resins activities from the Chemicals segment, and an interest in the Joslyn field in Canada. In addition, the Group is continuing to work on the sale of its refining and marketing activities in the UK as well as the ongoing sale of its shares in Sanofi-Aventis. The sum of these asset sales is expected to be approximately 10 B$ this year. Together with the strategic acquisitions made recently, these asset sales demonstrate the Group’s strategy to actively manage its asset portfolio while preserving its financial flexibility and strong balance sheet.

In the Upstream segment, second quarter 2011 production will include the positive impact of consolidating the Group’s interest in Novatek as an equity affiliate effective April 1, 2011. However, production will also include the negative impact of the shut-down in Libya, which represents approximately 2% of the Group’s production on a full-year basis.

Total is continuing to develop its major projects; for example, on the Pazflor project, the FPSO arrived in Angola in early April and is scheduled to start up as expected in the fourth quarter 2011.

In the Downstream segment, the second quarter will benefit from the start-up of the new deep-conversion unit at the Port Arthur refinery in the U.S., which makes this refinery one of the most competitive in North America.

In the Chemicals segment, Total is investing to improve the energy efficiency and competitiveness of its Normandy plant and to increase its production capacity in South-Korea and Qatar. In China, the Group is benefitting from doubling the capacity of its polystyrene facility in Foshan during the first quarter 2011.

Since the start of the second quarter 2011, the price of Brent continued to increase and is trading above 120 $/b. European refining margins have decreased compared to the first quarter, reflecting mainly the impact of the sharp increase in oil prices.

â–  â–  â– 

To listen to CFO Patrick de la Chevardière’s conference call with financial analysts today at 15:00 (Paris time) please log on to www.total.com or call +44 (0)207 162 0177 in Europe or +1 334 323 6203 in the U.S. (listen only). For a replay, please consult the website or call +44 207 031 4064 in Europe or 1 954 334 0342 in the US (code : 890 448).

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 company’s financial results is provided in documents filed by the Group with the French Autorité des Marchés Financiers and the U.S. Securities and Exchange Commission (“SEC”).

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL.

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.

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 Downstream and Chemicals segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.

In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential 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

As from January 1, 2011, the effect of changes in fair value presented as an adjustment item reflects for some transactions differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS.

IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.

Furthermore, TOTAL, in its trading activities, enters into storage contracts, which future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.

(iv) Until June 30, 2010, TOTAL’s equity share of adjustment items reconciling “Business net income” to Net income attributable to equity holders of Sanofi-Aventis

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 as from January 1^st, 2011 and excluding TOTAL’s equity share of adjustment items related to Sanofi-Aventis until June 30, 2010.

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 – 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 SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, place Jean Millier – La Défense 6 – 92078 Paris – La Défense Cedex, France, or at our Web site: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s Web site: www.sec.gov.

First quarter 2011 operating information by segment

• Upstream

Combined liquids and gas production by region (kboe/d)	Â	1Q11	Â	4Q10	Â	1Q10	Â	1Q11 vs 1Q10
Europe		582		573		647		-10%
Africa		691		764		746		-7%
Middle East		581		540		516		+13%
North America		68		68		66		+3%
South America		185		179		172		+8%
Asia-Pacific		242		241		254		-5%
CIS		22		22		26		-15%
Total production		2,371		2,387		2,427		-2%
Includes equity and non-consolidated affiliates		500		477		415		+20%

Liquids production by region (kb/d)	Â	1Q11	Â	4Q10	Â	1Q10	Â	1Q11 vs 1Q10
Europe		263		265		301		-13%
Africa		551		614		620		-11%
Middle East		325		310		302		+8%
North America		32		30		32		-
South America		82		83		72		+14%
Asia-Pacific		28		22		32		-13%
CIS		12		13		14		-14%
Total production		1,293		1,337		1,373		-6%
Includes equity and non-consolidated affiliates		325		318		284		+14%

Gas production by region (Mcf/d)	Â	1Q11	Â	4Q10	Â	1Q10	Â	1Q11 vs 1Q10
Europe		1,743		1,676		1,940		-10%
Africa		717		739		644		+11%
Middle East		1,390		1,253		1,188		+17%
North America		204		214		188		+9%
South America		571		533		554		+3%
Asia-Pacific		1,202		1,226		1,249		-4%
CIS		53		51		66		-20%
Total production		5,880		5,692		5,829		+1%
Includes equity and non-consolidated affiliates		947		857		709		+34%

Liquefied natural gas	Â	1Q11	Â	4Q10	Â	1Q10	Â	1Q11 vs 1Q10
LNG sales* (Mt)		3.38		3.12		2.85		+19%

* sales, Group share, excluding trading ; 2010 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2010 SEC coefficient.

• Downstream

Refined products sales by region (kb/d)*	Â	1Q11	Â	4Q10	Â	1Q10	Â	1Q11 vs 1Q10
Europe		2,019		1,968		1,949		+4%
Africa		294		295		286		+3%
Americas		102		95		147		-31%
Rest of world		167		165		145		+15%
Total consolidated sales		2,582		2,523		2,527		+2%
Trading		1,187		1,307		990		+20%
Â		Â		Â		Â		Â
Total refined product sales		3,769		3,830		3,517		+7%

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

Adjustment items

• Adjustments to operating income from business segments

in millions of euros	Â	1Q11	Â	4Q10	Â	1Q10
Special items affecting operating income from the business segments		-		(1,305)		(50)
Restructuring charges		-		-		-
Impairments		-		(1,393)		-
Other		-		88		(50)
Pre-tax inventory effect : FIFO vs. replacement cost		1,356		397		486
Effect of changes in fair value		84		-		-
Â		Â		Â		Â
Total adjustments affecting operating income from the business segments		1,440		(908)		436

• Adjustments to net income (Group share)

in millions of euros	Â	1Q11	Â	4Q10	Â	1Q10
Special items affecting net income (Group share)		(167)		(809)		14
= Gain on asset sales		11		352		129
= Restructuring charges		-		(42)		-
= Impairments		-		(1,058)		(59)
= Other		(178)		(61)		(56)
After-tax inventory effect : FIFO vs. replacement cost		946		283		344
Effect of changes in fair value		63		-		-
Equity share of adjustment items related to Sanofi-Aventis		-		-		(41)*
Â		Â		Â		Â
Total adjustments to net income		842		(526)		317

* based on Total’s share in Sanofi-Aventis of 6.2% at 3/31/2010. Effective July 1, 2010, Sanofi-Aventis is no longer treated as an equity affiliate.

Effective tax rates

Effective tax rate*	Â	1Q11	Â	4Q10	Â	1Q10
Upstream		57.6%		58.9%		60.0%
Group		55.6%		57.2%		57.1%

* 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 – Divestments

in millions of euros	Â	1Q11	Â	4Q10	Â	1Q10	Â	1Q11 vs 1Q10
Investments excluding acquisitions*		2,787		3,454		2,427		+15%
Capitalized exploration		217		462		199		+9%
Net investments in equity affiliates and non-consolidated companies		(208)		(315)		111		na
Acquisitions		2,529		970		1,217		x2.1
Investments including acquisitions*		5,316		4,424		3,644		+46%
Asset sales		296		742		965		-69%
Net investments**		5,020		3,682		2,661		+89%

expressed in millions of dollars***	Â	1Q11	Â	4Q10	Â	1Q10	Â	1Q11 vs 1Q10
Investments excluding acquisitions*		3,813		4,692		3,356		+14%
Capitalized exploration		297		628		275		+8%
Net investments in equity affiliates and non-consolidated companies		(285)		(427)		154		na
Acquisitions		3,460		1,318		1,683		x2.1
Investments including acquisitions*		7,272		6,009		5,039		+44%
Asset sales		405		1,008		1,334		-70%
Net investments**		6,867		5,001		3,680		+87%

* includes net investments in equity affiliates and non-consolidated companies.

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

*** dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.

Net-debt-to-equity ratio

in millions of euros	Â	3/31/2011	Â	12/31/2010	Â	3/31/2010
Current borrowings		11,674		9,653		6,840
Net current financial assets		(1,709)		(1,046)		(654)
Non-current financial debt		20,215		20,783		19,727
Hedging instruments of non-current debt		(1,352)		(1,870)		(1,212)
Cash and cash equivalents		(17,327)		(14,489)		(12,954)
Net debt		11,501		13,031		11,747
Â		Â		Â		Â
Shareholders’ equity		62,535		60,414		57,283
Estimated dividend payable*		(3,832)		(2,553)		(3,821)
Minority interests		898		857		1,083
Equity		59,601		58,718		54,545
Â		Â		Â		Â
Net-debt-to-equity ratio		19.3%		22.2%		21.5%

* based on a 2010 dividend of 2.28 €/share, after deducting the interim dividend of 1.14 € per share paid in November 2010.

2011 Sensitivities*

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

* sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. The impact of the €-$ 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 €-$ sensitivity is essentially in the Downstream segment.

Return on average capital employed

• Twelve months ended March 31, 2011

in millions of euros	Â	Upstream	Â	Downstream	Â	Chemicals	Â	Segments	Â	Â	Group
Adjusted net operating income		9,475		1,289		938		11,702			11,599
Capital employed at 3/31/2010*		39,925		15,634		7,412		62,971			67,099
Capital employed at 3/31/2011*		44,528		14,527		7,681		66,736			70,579
ROACE		22.4%		8.5%		12.4%		18.0%			16.8%

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

• Twelve months ended December 31, 2010

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

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

• Twelve months ended March 31, 2010

in millions of euros	Â	Upstream	Â	Downstream	Â	Chemicals	Â	Segments	Â	Â	Group
Adjusted net operating income		6,871		508		461		7,840			8,399
Capital employed at 3/31/2009*		35,027		13,095		7,175		55,297			61,688
Capital employed at 3/31/2010*		39,925		15,634		7,412		62,971			67,099
ROACE		18.3%		3.5%		6.3%		13.3%			13.0%

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

Total financial statements

First quarter 2011 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME	Â		Â		Â
TOTAL
(unaudited)
						Â
(M€) (a)		1st quarter 2011		4th quarter 2010		1st quarter 2010
Sales		46,029		40,157		37,603
Excise taxes		(4,427)		(4,397)		(4,442)
Revenues from sales		41,602		35,760		33,161
Purchases, net of inventory variation		(27,255)		(23,623)		(21,701)
Other operating expenses		(4,702)		(4,749)		(4,712)
Exploration costs		(259)		(197)		(215)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,686)		(3,160)		(1,699)
Other income		85		582		160
Other expense		(59)		(513)		(212)
Financial interest on debt		(136)		(126)		(100)
Financial income from marketable securities & cash equivalents		47		43		24
Cost of net debt		(89)		(83)		(76)
Other financial income		75		118		71
Other financial expense		(108)		(114)		(95)
Equity in income (loss) of affiliates		506		515		524
Income taxes		(4,072)		(2,455)		(2,528)
Consolidated net income		4,038		2,081		2,678
Group share		3,946		2,030		2,613
Minority interests		92		51		65
Earnings per share (€)		1.76		0.91		1.17
Fully-diluted earnings per share (€)		1.75		0.90		1.17
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME			Â		Â
TOTAL	Â
(unaudited)
						Â
(M€)		1st quarter 2011		4th quarter 2010		1st quarter 2010
Consolidated net income		4,038		2,081		2,678
Other comprehensive income
Currency translation adjustment		(1,978)		762		1,847
Available for sale financial assets		115		(52)		(3)
Cash flow hedge		(24)		9		24
Share of other comprehensive income of associates, net amount		(87)		27		233
Other		2		(1)		1
						Â
Tax effect		6		(3)		(8)
Total other comprehensive income (net amount)		(1,966)		742		2,094
						Â
Comprehensive income		2,072		2,823		4,772
- Group share		2,030		2,757		4,676
- Minority interests		42		66		96

CONSOLIDATED BALANCE SHEET	Â		Â		Â
TOTAL
						Â
						Â
(M€)		March 31, 2011 (unaudited)		December 31, 2010		March 31, 2010 (unaudited)
ASSETS
Non-current assets
Intangible assets, net		9,211		8,917		8,272
Property, plant and equipment, net		54,955		54,964		53,549
Equity affiliates : investments and loans		8,143		11,516		14,656
Other investments		4,458		4,590		1,122
Hedging instruments of non-current financial debt		1,352		1,870		1,212
Other non-current assets		3,466		3,655		3,273
Total non-current assets		81,585		85,512		82,084
Current assets
Inventories, net		15,516		15,600		14,185
Accounts receivable, net		19,758		18,159		17,921
Other current assets		8,766		7,483		7,817
Current financial assets		2,026		1,205		968
Cash and cash equivalents		17,327		14,489		12,954
Total current assets		63,393		56,936		53,845
Assets classified as held for sale		4,914		1,270		-
Total assets		149,892		143,718		135,929
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares		5,878		5,874		5,871
Paid-in surplus and retained earnings		64,677		60,538		58,026
Currency translation adjustment		(4,517)		(2,495)		(3,010)
Treasury shares		(3,503)		(3,503)		(3,604)
Total shareholders' equity - Group Share		62,535		60,414		57,283
Minority interests		898		857		1,083
Total shareholders' equity		63,433		61,271		58,366
Non-current liabilities
Deferred income taxes		10,204		9,947		9,486
Employee benefits		2,103		2,171		2,127
Provisions and other non-current liabilities		8,584		9,098		9,015
Total non-current liabilities		20,891		21,216		20,628
Non-current financial debt		20,215		20,783		19,727
Current liabilities
Accounts payable		18,383		18,450		16,367
Other creditors and accrued liabilities		14,812		11,989		13,687
Current borrowings		11,674		9,653		6,840
Other current financial liabilities		317		159		314
Total current liabilities		45,186		40,251		37,208
Liabilities directly associated with the assets classified as held for sale		167		197		-
Total liabilities and shareholders' equity		149,892		143,718		135,929

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â		Â
TOTAL
(unaudited)
						Â
(M€)		1st quarter 2011		4th quarter 2010		1st quarter 2010
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		4,038		2,081		2,678
Depreciation, depletion and amortization		1,888		3,338		1,871
Non-current liabilities, valuation allowances and deferred taxes		565		199		55
Impact of coverage of pension benefit plans		-		(60)		-
(Gains) losses on sales of assets		(6)		(429)		(148)
Undistributed affiliates' equity earnings		(182)		(133)		(262)
(Increase) decrease in working capital		(587)		(1,658)		1,035
Other changes, net		(2)		49		31
Cash flow from operating activities		5,714		3,387		5,260
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(5,374)		(4,477)		(3,464)
Acquisitions of subsidiaries, net of cash acquired		-		(6)		-
Investments in equity affiliates and other securities		(150)		(256)		(69)
Increase in non-current loans		(159)		(287)		(176)
Total expenditures		(5,683)		(5,026)		(3,709)
Proceeds from disposal of intangible assets and property, plant and equipment		6		538		34
Proceeds from disposal of subsidiaries, net of cash sold		-		-		-
Proceeds from disposal of non-current investments		290		204		931
Repayment of non-current loans		367		602		83
Total divestments		663		1,344		1,048
Cash flow used in investing activities		(5,020)		(3,682)		(2,661)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		50		27		5
- Treasury shares		-		-		18
- Minority shareholders		-		-		-
Dividends paid:
- Parent company shareholders		-		(2,550)		-
- Minority shareholders		(1)		(62)		-
Other transactions with minority shareholders		-		21		-
Net issuance (repayment) of non-current debt		2,228		57		63
Increase (decrease) in current borrowings		488		(1,490)		(601)
Increase (decrease) in current financial assets and liabilities		(511)		474		(497)
Cash flow used in financing activities		2,254		(3,523)		(1,012)
Net increase (decrease) in cash and cash equivalents		2,948		(3,818)		1,587
Effect of exchange rates		(110)		60		(295)
Cash and cash equivalents at the beginning of the period		14,489		18,247		11,662
Cash and cash equivalents at the end of the period		17,327		14,489		12,954

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY											Â		Â		Â		Â
TOTAL	Â		Â		Â		Â		Â
(unaudited)		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		Minority interests		Total shareholders' equity
(M€)		Number		Amount		Â		Â		Number		Amount		Â		Â		Â
As of January 1, 2010		2,348,422,884		5,871		55,372		(5,069)		(115,407,190)		(3,622)		52,552		987		53,539
Net income of the first quarter		-		-		2,613		-		-		-		2,613		65		2,678
Other comprehensive Income		-		-		4		2,059		-		-		2,063		31		2,094
Comprehensive Income		-		-		2,617		2,059		-		-		4,676		96		4,772
Dividend		-		-		-		-		-		-		-		-		-
Issuance of common shares		164,686		-		5		-		-		-		5		-		5
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares (1)		-		-		-		-		460,262		18		18		-		18
Share-based payments		-		-		32		-		-		-		32		-		32
Other operations with minority interests		-		-		-		-		-		-		-		-		-
Share cancellation		-		-		-		-		-		-		-		-		-
Transactions with shareholders		164,686		-		37		-		460,262		18		55		-		55
As of March 31, 2010		2,348,587,570		5,871		58,026		(3,010)		(114,946,928)		(3,604)		57,283		1,083		58,366
Net income from April 1 to December 31, 2010		-		-		7,958		-		-		-		7,958		171		8,129
Other comprehensive Income		-		-		(220)		522		-		-		302		(22)		280
Comprehensive Income		-		-		7,738		522		-		-		8,260		149		8,409
Dividend		-		-		(5,098)		-		-		-		(5,098)		(152)		(5,250)
Issuance of common shares		1,053,361		3		33		-		-		-		36		-		36
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares (1)		-		-		(70)		-		2,459,249		101		31		-		31
Share-based payments		-		-		108		-		-		-		108		-		108
Other operations with minority interests		-		-		(199)		(7)		-		-		(206)		(223)		(429)
Share cancellation		-		-		-		-		-		-		-		-		-
Transactions with shareholders		1,053,361		3		(5,226)		(7)		2,459,249		101		(5,129)		(375)		(5,504)
As of December 31, 2010		2,349,640,931		5,874		60,538		(2,495)		(112,487,679)		(3,503)		60,414		857		61,271
Net income of the first quarter		-		-		3,946		-		-		-		3,946		92		4,038
Other comprehensive Income		-		-		106		(2,022)		-		-		(1,916)		(50)		(1,966)
Comprehensive Income		-		-		4,052		(2,022)		-		-		2,030		42		2,072
Dividend		-		-		-		-		-		-		-		(1)		(1)
Issuance of common shares		1,498,093		4		46		-		-		-		50		-		50
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares (1)		-		-		-		-		776		-		-		-		-
Share-based payments		-		-		41		-		-		-		41		-		41
Other operations with minority interests		-		-		-		-		-		-		-		-		-
Share cancellation		-		-		-		-		-		-		-		-		-
Transactions with shareholders		1,498,093		4		87		-		776		-		91		(1)		90
As of March 31, 2011		2,351,139,024		5,878		64,677		(4,517)		(112,486,903)		(3,503)		62,535		898		63,433
																		Â
(1) Treasury shares related to the stock option purchase plans and restricted stock grants

BUSINESS SEGMENT INFORMATION	Â		Â		Â		Â		Â		Â
TOTAL
(unaudited)
Â		Â		Â		Â		Â		Â		Â
1st quarter 2011 (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		6,144		34,769		5,105		11		-		46,029
Intersegment sales		6,939		1,582		297		41		(8,859)		-
Excise taxes		-		(4,427)		-		-		-		(4,427)
Revenues from sales		13,083		31,924		5,402		52		(8,859)		41,602
Operating expenses		(5,938)		(30,093)		(4,891)		(153)		8,859		(32,216)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,240)		(319)		(119)		(8)		-		(1,686)
Operating income		5,905		1,512		392		(109)		-		7,700
Equity in income (loss) of affiliates and other items		343		59		82		15		-		499
Tax on net operating income		(3,527)		(451)		(124)		-		-		(4,102)
Net operating income		2,721		1,120		350		(94)		-		4,097
Net cost of net debt												(59)
Minority interests		Â		Â		Â		Â		Â		(92)
Net income												3,946
Â		Â		Â		Â		Â		Â		Â
1st quarter 2011 (adjustments) (a) (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		84		-		-		-				84
Intersegment sales
Excise taxes		Â		Â		Â		Â		Â		Â
Revenues from sales		84		-		-		-				84
Operating expenses		-		1,226		130		-				1,356
Depreciation, depletion and amortization of tangible assets and mineral interests		-		-		-		-		Â		-
Operating income (b)		84		1,226		130		-				1,440
Equity in income (loss) of affiliates and other items (c)		-		14		25		11				50
Tax on net operating income		(212)		(396)		(43)		-		Â		(651)
Net operating income (b)		(128)		844		112		11				839
Net cost of net debt												-
Minority interests		Â		Â		Â		Â		Â		3
Net income												842
Â
(a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.
												Â
(b) Of which inventory valuation effect
On operating income		-		1,226		130		-
On net operating income		-		844		112		-
Â				Â		Â		Â		Â		Â
1st quarter 2011 (adjusted) (M€) (a)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		6,060		34,769		5,105		11		-		45,945
Intersegment sales		6,939		1,582		297		41		(8,859)		-
Excise taxes		-		(4,427)		-		-		-		(4,427)
Revenues from sales		12,999		31,924		5,402		52		(8,859)		41,518
Operating expenses		(5,938)		(31,319)		(5,021)		(153)		8,859		(33,572)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,240)		(319)		(119)		(8)		-		(1,686)
Adjusted operating income		5,821		286		262		(109)		-		6,260
Equity in income (loss) of affiliates and other items		343		45		57		4		-		449
Tax on net operating income		(3,315)		(55)		(81)		-		-		(3,451)
Adjusted net operating income		2,849		276		238		(105)		-		3,258
Net cost of net debt												(59)
Minority interests		Â		Â		Â		Â		Â		(95)
Ajusted net income		Â		Â		Â		Â		Â		3,104
Adjusted fully-diluted earnings per share (€)		Â		Â		Â		Â		Â		1.38
(a) Except for per share amounts.
Â		Â		Â		Â		Â		Â		Â
1st quarter 2011 (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Total expenditures		5,232		264		171		16				5,683
Total divestments		335		23		14		291				663
Cash flow from operating activities		4,643		1,158		(144)		57		Â		5,714

BUSINESS SEGMENT INFORMATION	Â		Â		Â		Â		Â		Â
TOTAL
(unaudited)
Â		Â		Â		Â		Â		Â		Â
4th quarter 2010 (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		5,002		30,940		4,218		(3)		-		40,157
Intersegment sales		5,861		1,069		231		55		(7,216)		-
Excise taxes		-		(4,397)		-		-		-		(4,397)
Revenues from sales		10,863		27,612		4,449		52		(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)		49		14		-		588
Tax on net operating income		(2,750)		240		(47)		77		-		(2,480)
Net operating income		2,397		(384)		198		(72)		-		2,139
Net cost of net debt												(58)
Minority interests		Â		Â		Â		Â		Â		(51)
Net income												2,030
Â		Â		Â		Â		Â		Â		Â
4th quarter 2010 (adjustments) (a) (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales
Intersegment sales
Excise taxes		Â		Â		Â		Â		Â		Â
Revenues from sales
Operating expenses		-		409		76		-				485
Depreciation, depletion and amortization of tangible assets and mineral interests		(188)		(1,192)		(13)		-		Â		(1,393)
Operating income (b)		(188)		(783)		63		-				(908)
Equity in income (loss) of affiliates and other items (c)		244		(192)		(32)		4				24
Tax on net operating income		41		325		(3)		(1)		Â		362
Net operating income (b)		97		(650)		28		3				(522)
Net cost of net debt												-
Minority interests		Â		Â		Â		Â		Â		(4)
Net income												(526)
												Â
(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		98		-
On net operating income		-		197		93		-
(c) Of which equity share of adjustments related to Sanofi-Aventis		-		-		-		-
Â		Â		Â		Â		Â		Â		Â
4th quarter 2010 (adjusted) (M€) (a)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		5,002		30,940		4,218		(3)		-		40,157
Intersegment sales		5,861		1,069		231		55		(7,216)		-
Excise taxes		-		(4,397)		-		-		-		(4,397)
Revenues from sales		10,863		27,612		4,449		52		(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		77		81		10		-		564
Tax on net operating income		(2,791)		(85)		(44)		78		-		(2,842)
Adjusted net operating income		2,300		266		170		(75)		-		2,661
Net cost of net debt												(58)
Minority interests		Â		Â		Â		Â		Â		(47)
Ajusted net income		Â		Â		Â		Â		Â		2,556
Adjusted fully-diluted earnings per share (€)		Â		Â		Â		Â		Â		1.14
(a) Except for per share amounts.
Â		Â		Â		Â		Â		Â		Â
4th quarter 2010 (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Total expenditures		3,942		757		292		35				5,026
Total divestments		771		433		23		117				1,344
Cash flow from operating activities		3,908		(955)		332		102		Â		3,387

BUSINESS SEGMENT INFORMATION	Â		Â		Â		Â		Â		Â
TOTAL
(unaudited)
Â		Â		Â		Â		Â		Â		Â
1st quarter 2010 (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		4,569		28,808		4,223		3		-		37,603
Intersegment sales		5,302		1,081		237		42		(6,662)		-
Excise taxes		-		(4,442)		-		-		-		(4,442)
Revenues from sales		9,871		25,447		4,460		45		(6,662)		33,161
Operating expenses		(4,454)		(24,621)		(4,070)		(145)		6,662		(26,628)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,256)		(305)		(130)		(8)		-		(1,699)
Operating income		4,161		521		260		(108)		-		4,834
Equity in income (loss) of affiliates and other items		108		31		45		264		-		448
Tax on net operating income		(2,374)		(164)		(73)		57		-		(2,554)
Net operating income		1,895		388		232		213		-		2,728
Net cost of net debt												(50)
Minority interests		Â		Â		Â		Â		Â		(65)
Net income												2,613
Â		Â		Â		Â		Â		Â		Â
1st quarter 2010 (adjustments) (a) (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales
Intersegment sales
Excise taxes		Â		Â		Â		Â		Â		Â
Revenues from sales
Operating expenses		-		330		106		-				436
Depreciation, depletion and amortization of tangible assets and mineral interests		-		-		-		-		Â		-
Operating income (b)		-		330		106		-				436
Equity in income (loss) of affiliates and other items (c)		(106)		16		4		91				5
Tax on net operating income		30		(113)		(35)		(2)		Â		(120)
Net operating income (b)		(76)		233		75		89				321
Net cost of net debt												-
Minority interests		Â		Â		Â		Â		Â		(4)
Net income												317
Â
(a) Adjustments include special items, inventory valuation effect and, until June 30,2010, equity share of adjustments related to Sanofi-Aventis.   Â
Â
(b) Of which inventory valuation effect
On operating income		-		380		106		-
On net operating income		-		272		75		-
(c) Of which equity share of adjustments related to Sanofi-Aventis		-		-		-		(41)
Â		Â		Â		Â		Â		Â		Â
1st quarter 2010 (adjusted) (M€) (a)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		4,569		28,808		4,223		3		-		37,603
Intersegment sales		5,302		1,081		237		42		(6,662)		-
Excise taxes		-		(4,442)		-		-		-		(4,442)
Revenues from sales		9,871		25,447		4,460		45		(6,662)		33,161
Operating expenses		(4,454)		(24,951)		(4,176)		(145)		6,662		(27,064)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,256)		(305)		(130)		(8)		-		(1,699)
Adjusted operating income		4,161		191		154		(108)		-		4,398
Equity in income (loss) of affiliates and other items		214		15		41		173		-		443
Tax on net operating income		(2,404)		(51)		(38)		59		-		(2,434)
Adjusted net operating income		1,971		155		157		124		-		2,407
Net cost of net debt												(50)
Minority interests		Â		Â		Â		Â		Â		(61)
Ajusted net income		Â		Â		Â		Â		Â		2,296
Adjusted fully-diluted earnings per share (€)		Â		Â		Â		Â		Â		1.02
(a) Except for per share amounts.
Â		Â		Â		Â		Â		Â		Â
1st quarter 2010 (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Total expenditures		3,143		456		94		16				3,709
Total divestments		87		27		6		928				1,048
Cash flow from operating activities		4,680		454		(90)		216		Â		5,260

CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)			Â		Â
TOTAL	Â
(unaudited)
						Â
1st quarter 2011 (M€)		Adjusted		Adjustments		Consolidated statement of income
Sales		45,945		84		46,029
Excise taxes		(4,427)		-		(4,427)
Revenues from sales		41,518		84		41,602
Purchases net of inventory variation		(28,611)		1,356		(27,255)
Other operating expenses		(4,702)		-		(4,702)
Exploration costs		(259)		-		(259)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,686)		-		(1,686)
Other income		74		11		85
Other expense		(59)		-		(59)
Financial interest on debt		(136)		-		(136)
Financial income from marketable securities & cash equivalents		47		-		47
Cost of net debt		(89)		-		(89)
Other financial income		75		-		75
Other financial expense		(108)		-		(108)
Equity in income (loss) of affiliates		467		39		506
Income taxes		(3,421)		(651)		(4,072)
Consolidated net income		3,199		839		4,038
Group share		3,104		842		3,946
Minority interests		95		(3)		92
						Â
Â
1st quarter 2010 (M€)		Adjusted		Adjustments		Consolidated statement of income
Sales		37,603		-		37,603
Excise taxes		(4,442)		-		(4,442)
Revenues from sales		33,161		-		33,161
Purchases net of inventory variation		(22,187)		486		(21,701)
Other operating expenses		(4,662)		(50)		(4,712)
Exploration costs		(215)		-		(215)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,699)		-		(1,699)
Other income		28		132		160
Other expense		(106)		(106)		(212)
Financial interest on debt		(100)		-		(100)
Financial income from marketable securities & cash equivalents		24		-		24
Cost of net debt		(76)		-		(76)
Other financial income		71		-		71
Other financial expense		(95)		-		(95)
Equity in income (loss) of affiliates		545		(21)		524
Income taxes		(2,408)		(120)		(2,528)
Consolidated net income		2,357		321		2,678
Group share		2,296		317		2,613
Minority interests		61		4		65

¹ adjusted results defined on page 2 - dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period : 1.3680 $/€ for the 1^st quarter 2011, 1.3829 $/€ for the 1^st quarter 2010, 1.3583 $/€ for the 4^th quarter 2010.

² the ex-dividend date for the interim dividend will be September 19, 2011. The remaining 1.14 euros/share dividend related to 2010 will be paid on May 26, 2011, pending approval at the Annual Meeting of Shareholders in Paris on Friday, May 13, 2011.

³ adjusted results (adjusted operating income, adjusted net operating income and adjusted net income) are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value from January 1, 2011, and, through June 30, 2010, excluding Total’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 15 and the inventory valuation effect are explained on page 12.

⁴ including acquisitions.

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

⁶ excluding Tenesol’s operations in France’s overseas departments and territories.

⁷ special items affecting operating income from the business segments had no impact in the first quarter 2011 and had a negative impact of 50 M€ in the first quarter 2010.

⁸ defined as: (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).

⁹ adjustment items explained on page 12.

¹⁰ detail shown on page 16.

¹¹ net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.

¹² cash flow from operations at replacement cost before changes in working capital.

¹³ net cash flow = cash flow from operations - net investments .

¹⁴ impact of changing hydrocarbon prices on entitlement volumes.

¹⁵ calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 18.

¹⁶ calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 18.

¹⁷ calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 18.

¹⁸ calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 18.

¹⁹ the ex-dividend date for the remainder of the 2010 dividend will be May 23, 2011.

²⁰ the ex-dividend date for the interim quarterly dividend will be September 19, 2011.

²¹ pending approval at the May 13, 2011 Annual General Meeting.

Â

TOTAL S.A.

Capital 5 874 102 327,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

Â

Total

2, place Jean Millier

La Défense 6

92 400 Courbevoie - France

Tel. : [phone]

Fax : [phone]

Â

Bertrand DE LA NOUE

Martin DEFFONTAINES

Laurent KETTENMEYER

Matthieu GOT

Karine KACZKA

Â

Robert Hammond (U.S.)

Tel: [phone]

Fax: [phone]