Total: Fourth Quarter and Full-Year 2011 Results

TOTAL

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

Â	Â	4Q11	Â	Change vs 4Q10	Â	2011	Â	Change vs 2010
	Â		Â		Â		Â
Adjusted net income¹
								Â
in billion euros (Bâ‚¬)		2.7		+7%		11.4		+11%
in billion dollars (B$)		3.7		+6%		15.9		+17%
								Â
in euros per share		1.20		+6%		5.06		+10%
in dollars per share		1.62		+5%		7.05		+16%
Â	Â	Â	Â	Â	Â	Â	Â	Â
								Â
Net income (Group share) of 12.3 Bâ‚¬ in 2011
Net-debt-to-equity ratio of 23% at December 31, 2011
Upstream production of 2,384 kboe/d in 4Q11
Dividend in 4Q11 of 0.57 â‚¬/share payable in June 2012²
2011 full-year dividend of 2.28 â‚¬/share²

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

Â« In a period of economic slowdown, ongoing tensions on the global oil supply supported the Brent price above 110 $/b in 2011. This environment has been favorable for the Upstream, but it was difficult for the Downstream activities, notably in Europe. In this context, the Group posted a 17% increase in earnings, expressed in dollars, compared to 2010. With its track record of operational excellence, the Group also confirms its constant improvement in safety performance.

The successful start-up of the Pazflor field in Angola was the crowning achievement of an important year for Total. This start-up and the ones to follow will ensure a return to production growth in 2012 and the years to come. All the segments realized notable advances, including a bolder exploration program that yielded three giant discoveries in 2011, the formation of a new, more competitive structure for the Downstream, and the further strengthening of leading positions in LNG and deep-offshore. Finally, the increased asset sale and acquisition activity in 2011 continued to demonstrate the dynamic rebalancing of the portfolio in favor of Upstream assets with strong growth potential.

Total is confident in its model for delivering sustainable growth, and, with a strong balance sheet, the Group announces a 2012 net investment budget of 20 billion dollars while remaining committed to a competitive return for shareholders.Â»

The Board of Directors of Total, led by Chairman and CEO Christophe de Margerie, met on February 9, 2012 and decided to propose at its Annual Shareholders Meeting on May 11, 2012, a dividend of 2.28 â‚¬/share, stable as compared to the previous year.

Key figures³

4Q11

3Q11

4Q10

4Q11
vs
4Q10

in millions of euros
except earnings per share and number of shares

2011

2010

2011
vs
2010

47,492

46,163

40,157

+18%

Sales

184,693

159,269

+16%

6,263

5,881

5,102

+23%

Adjusted operating income from business segments

24,409

19,797

+23%

3,049

2,950

2,736

+11%

Adjusted net operating income from business segments

12,263

10,622

+15%

2,776

2,323

2,300

+21%

-- Upstream

10,405

8,597

+21%

222

388

266

-17%

-- Downstream

1,083

1,168

-7%

239

170

-70%

-- Chemicals

775

857

-10%

2,725

2,801

2,556

+7%

Adjusted net income

11,424

10,288

+11%

1.20

1.24

1.14

+6%

Adjusted fully-diluted earnings per share (euros)

5.06

4.58

+10%

2,264

2,261

2,248

+1%

Fully-diluted weighted-average shares (millions)

2,257

2,244

+1%

2,290

3,314

2,030

+13%

Net income (Group share)

12,276

10,571

+16%

7,367

3,921

5,026

+47%

Investments⁴

24,541

16,273

+51%

1,495

5,082

1,344

+11%

Divestments

8,578

4,316

+99%

5,872

(1,161)

3,682

+59%

Net investments

15,963

11,957

+34%

2,794

5,964

3,387

-18%

Cash flow from operations

19,536

18,493

+6%

5,865

4,575

4,648

+26%

Adjusted cash flow from operations

20,060

17,996

+11%

4Q11

3Q11

4Q10

4Q11
vs
4Q10

in millions of dollars⁵
except earnings per share and number of shares

2011

2010

2011
vs
2010

64,029

65,214

54,545

+17%

Sales

257,093

211,143

+22%

8,444

8,308

6,930

+22%

Adjusted operating income from business segments

33,977

26,245

+29%

4,111

4,167

3,716

+11%

Adjusted net operating income from business segments

17,070

14,082

+21%

3,743

3,282

3,124

+20%

-- Upstream

14,484

11,397

+27%

299

548

361

-17%

-- Downstream

1,508

1,548

-3%

338

231

-70%

-- Chemicals

1,079

1,136

-5%

3,674

3,957

3,472

+6%

Adjusted net income

15,902

13,639

+17%

1.62

1.75

1.54

+5%

Adjusted fully-diluted earnings per share (euros)

7.05

6.08

+16%

2,264

2,261

2,248

+1%

Fully-diluted weighted-average shares (millions)

2,257

2,244

+1%

3,087

4,682

2,757

+12%

Net income (Group share)

17,088

14,014

+22%

9,932

5,539

6,827

+45%

Investments⁴

34,161

21,573

+58%

2,016

7,179

1,826

+10%

Divestments

11,941

5,722

7,917

(1,640)

5,001

+58%

Net investments

22,220

15,851

+40%

3,767

8,425

4,601

-18%

Cash flow from operations

27,194

24,516

+11%

7,907

6,463

6,313

+25%

Adjusted cash flow from operations

27,924

23,857

+17%

Highlights since the beginning of the fourth quarter 2011

Launched the Ichthys LNG project in Australia, development of the Termokarstovoye field in Russia, the Hild field in Norway and the second phase of development for the offshore Ofon field in Nigeria
Oil discovery on offshore OML 102 permit in Nigeria
Acquired additional 2% of the share capital of Novatek, raising the Groupâ€™s stake to 14.09%
Acquired 25% of a Utica shale gas and condensate field in the US
Acquired additional interest in the Elgin and Franklin fields in the UK North Sea, raising the Groupâ€™s share to 46.2%
Expanded exploration acreage with three pre-salt blocks in deep-offshore Angola and two blocks in Mauritania
Sold Upstream assets, including assets in Colombia, two licences in Nigeria and six producing assets in France
Restructuring Downstream-ChemicalsÂ : effective January 1, 2012, created the Refining-Chemicals segment and the Supply-Marketing segment
Launched a project to expand and modernize the Samsung Total Petrochemicals site at Daesan, South Korea
Signed an agreement to acquire an additional 35% interest in Fina Antwerp Olefins, raising Totalâ€™s share to 100% in the Antwerp petrochemicals platform in Belgium

Fourth quarter 2011 results

> Operating Income

In the fourth quarter 2011, the Brent price averaged 109.3 $/b, an increase of 26% compared to the fourth quarter 2010 and a decrease of 4% compared to the third quarter 2011. The European refining margin indicator (ERMI) averaged 15.1 $/t compared to 32.3Â $/t in the fourth quarter 2010 and 13.4 $/t in the third quarter 2011.

The euro-dollar exchange rate averaged 1.35 $/â‚¬ in the fourth quarter 2011 compared to 1.36 $/â‚¬ in the fourth quarter 2010 and 1.41 $/â‚¬ in the third quarter 2011.

In this environment, the adjusted operating income from the business segments was 6,263 Mâ‚¬ in the fourth quarter 2011, an increase of 23% compared to fourth quarter 2010⁶. Expressed in dollars, the increase was 22%.

The effective tax rate⁷ for the business segments was 59.0% in the fourth quarter 2011 compared to 57.0% in the fourth quarter 2010.

Adjusted net operating income from the business segments was 3,049 Mâ‚¬ in the fourth quarter 2011 compared to 2,736Â Mâ‚¬ in the fourth quarter 2010, an increase of 11%.
Expressed in dollars, the adjusted net operating income from the business segments was 4.1 billion dollars (B$), an increase of 11% compared to the fourth quarter 2010.
The lower relative increase in adjusted net operating income from the business segments compared to the increase in adjusted operating income from the business segments is mainly due to the increase in the effective tax rate for the business segments.

> Net income (Group share)

Adjusted net income was 2,725 Mâ‚¬ compared to 2,556 Mâ‚¬ in the fourth quarter 2010, an increase of 7%. Expressed in dollars, adjusted net income increased by 6%.

Adjusted net income excludes the after-tax inventory effect, special items and effective January 1, 2011, the effect of changes in fair value⁸Â :

The after-tax inventory effect had a positive impact of 49 Mâ‚¬ in the fourth quarter 2011 and a positive impact of 283Â Mâ‚¬ in the fourth quarter 2010.
Changes in fair value had a positive impact on net income of 20 Mâ‚¬ in the fourth quarter 2011.
Special items⁹ had a negative impact on net income of 504 Mâ‚¬ in the fourth quarter 2011, comprised essentially of impairments on European refining and New Energies, partially offset by the gain on the sale of the Gassled pipeline in Norway. In the fourth quarter 2010, special items had a negative impact on net income of 809Â Mâ‚¬.

Net income (Group share) was 2,290 Mâ‚¬ compared to 2,030 Mâ‚¬ in the fourth quarter 2010.

The effective tax rate for the Group was 60.8% in the fourth quarter 2011 compared to 57.2% in the fourth quarter 2010.

Adjusted fully-diluted earnings per share, based on 2,263.5 million fully-diluted weighted average shares, was 1.20 euros compared to 1.14 euros in the fourth quarter 2010, an increase of 6%.

Expressed in dollars, adjusted fully-diluted earnings per share increased by 5% toÂ $1.62.

> Investments â€“ divestments¹⁰

Investments, excluding acquisitions and including the change in non-current loans, were 5.2 Bâ‚¬ (7.0 B$) in the fourth quarter 2011 compared to 3.5 Bâ‚¬ (4.7 B$) in the fourth quarter 2010.

Acquisitions were 1,858 Mâ‚¬ (2,505 M$) in the fourth quarter 2011, essentially comprised of an additional 2% interest in the share capital of Novatek, a 20% stake in Yamal LNG in Russia, a joint venture (JV) interest in a shale gas and condensate field in the Utica basin and the pre-payment of a carry commitment in the Barnett shale JV in the US.

Asset sales in the fourth quarter 2011 were 1,211 Mâ‚¬ (1,633 M$), essentially comprised of UK Marketing assets, interests in two non-operated blocks in Nigeria and shares of Sanofi.

Net investments¹¹ were 5.9 Bâ‚¬ (7.9 B$) in the fourth quarter 2011 compared to 3.7 Bâ‚¬ (5.0 B$) in the fourth quarter 2010.

> Cash flow

Cash flow from operations was 2,794 Mâ‚¬ in the fourth quarter 2011 compared to 3,387Â Mâ‚¬ in the fourth quarter 2010. The decrease of 18% is essentially due to changes in working capital.

Adjusted cash flow from operations¹² was 5,865 Mâ‚¬, an increase of 26% compared to the fourth quarter 2010. Expressed in dollars, adjusted cash flow from operations was 7.9 B$, an increase of 25%.

The Groupâ€™s net cash flow¹³ was a negative 3,078 Mâ‚¬ compared to a negative 295Â Mâ‚¬ in the fourth quarter 2010, reflecting mainly a higher level of net investments. Expressed in dollars, the Groupâ€™s net cash flow was a negative 4.1 B$ in the fourth quarterÂ 2011.

Results for the full year 2011

> Operating income

Compared to the full year 2010, the 2011 oil market environment was marked by a 40% increase in the average Brent price to 111.3 $/b and a 27% increase in the average realized price of gas to 6.53 $/Mbtu. The ERMI fell to 17.4 $/t in 2011 from 27.4 $/t in 2010.
The euro-dollar exchange rate was 1.39 $/â‚¬ compared to 1.33 $/â‚¬ on average in 2010.

In this environment, the adjusted operating income from the business segments was 24,409Â Mâ‚¬, an increase of 23% compared to 2010¹⁴.
Expressed in dollars, adjusted operating income from the business segments was 34.0Â B$, an increase of 29% compared to 2010, essentially due to the positive effect of higher hydrocarbon prices on the performance of the Upstream.

The effective tax rate for the business segments was 57.9% compared to 56.0% in 2010.

The adjusted net operating income from the business segments was 12,263Â Mâ‚¬ compared to 10,622 Mâ‚¬ in 2010, an increase of 15%.

Expressed in dollars, adjusted net operating income from the business segments increased by 21%.
The lower relative increase in adjusted net operating income from the business segments compared to the increase in adjusted operating income from the business segments is mainly due to the increase in the effective tax rate for the business segments.

> Net income (Group share)

Adjusted net income increased by 11% to 11,424 Mâ‚¬ compared to 10,288 Mâ‚¬ in 2010. Expressed in dollars, the adjusted net income increased by 17%.

Adjusted net income excludes the after-tax inventory effect, special items and effective January 1, 2011, the effect of changes in fair value¹⁵Â :

The after-tax inventory effect had a positive impact on net income of 834 Mâ‚¬ in 2011 compared to a positive impact748Â Mâ‚¬ in 2010.
Changes in fair value had a positive impact on net income of 32 Mâ‚¬ in 2011.
Special items¹⁶ had a negative impact on net income of 14 Mâ‚¬ in 2011, comprised mainly of 1,014 Mâ‚¬ of impairments and 1,538 Mâ‚¬ of gains on asset sales. Special items had a negative impact on net income of 384 Mâ‚¬ in 2010.

In 2010, the Groupâ€™s share of adjustment items related to Sanofi had a negative impact on net income of 81Â Mâ‚¬.

Net income (Group share) was 12,276 Mâ‚¬ compared to 10,571 Mâ‚¬ in 2010.

The effective tax rate for the Group was 58.4% in 2011 compared to 55.9% in 2010.

As of December 31, 2011, there were 2,263.8 million fully-diluted shares compared to 2,249.3Â on December 31, 2010.

Adjusted fully-diluted earnings per share, based on 2,257.0 million fully-diluted weighted-average shares, was â‚¬5.06 in 2011 compared to â‚¬4.58 in 2010, an increase of 10%.

Expressed in dollars, adjusted fully-diluted earnings per share was $7.05 in 2011 compared to $6.08 in 2010, an increase of 16%.

> Investments â€“ divestments¹⁷

Investments, excluding acquisitions and including changes in non-current loans, were 14.8Â Bâ‚¬ (20.6 B$) in 2011 compared to 11.9 Bâ‚¬ (15.8Â B$) in 2010.

Acquisitions were 8.8 Bâ‚¬ (12.3 B$) in 2011, comprised essentially of 14% of the share capital of Novatek in Russia, interests in the Fort Hills and Voyageur projects in Canada, assets in the Utica basin and 60% of SunPower.

Asset sales in 2011 were 7.7 Bâ‚¬ (10.7 B$), comprised essentially of the Groupâ€™s interests in CEPSA and its E&P Cameroon subsidiary, Sanofi shares, interests in the Joslyn project in Canada and in the Ocensa pipeline in Colombia, UK Marketing assets and part of the Specialty Chemicals resins activities.

Net investments were 16.0 Bâ‚¬ (22.2 B$) in 2011, an increase of 34% compared to 12.0Â Bâ‚¬ (15.9 B$) in 2010. Expressed in dollars, net investments rose by 40% in 2011.

> Cash flow

Cash flow from operations was 19,536 Mâ‚¬, an increase of 6% compared to 2010, essentially due to the increase in net income that was partially offset by changes in working capital.

Adjusted cash flow from operations¹⁸ was 20,060 Mâ‚¬, an increase of 11%. Expressed in dollars, adjusted cash flow from operations was 27.9 B$, an increase of 17%.

The Groupâ€™s net cash flow¹⁹ was 3,573 Mâ‚¬ compared to 6,536Â Mâ‚¬ in 2010. Expressed in dollars, the Groupâ€™s net cash flow was 5.0 B$ in 2011.

The net-debt-to-equity ratio was 23.0% on December 31, 2011, compared to 15.2% on September 30, 2011 and 22.2% on December 31, 2010²⁰.

Analysis of business segment results

Upstream

> Environment â€“ liquids and gas price realizations*

4Q11

3Q11

4Q10

4Q11
vs
4Q10

2011

2010

2011
vs
2010

109.3

113.4

86.5

+26%

Brent ($/b)

111.3

79.5

+40%

104.3

106.8

83.7

+25%

Average liquids price ($/b)

105.0

76.3

+38%

6.79

6.56

5.62

+21%

Average gas price ($/Mbtu)

6.53

5.15

+27%

75.9

75.3

61.9

+23%

Average hydrocarbons price ($/boe)

74.9

56.7

+32%

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

> Production

4Q11

3Q11

4Q10

4Q11
vs
4Q10

Hydrocarbon production

2011

2010

2011
vs
2010

2,384

2,319

2,387

Combined production (kboe/d)

2,346

2,378

-1%

1,237

1,176

1,337

-7%

-- Liquids (kb/d)

1,226

1,340

-9%

6,201

6,228

5,692

+9%

-- Gas (Mcf/d)

6,098

5,648

+8%

Hydrocarbon production was 2,384 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2011, stable compared to the same quarter last year, essentially as a result ofÂ :

-1% for normal decline, net of production ramp-ups on new projects, including the initial contribution of Pazflor in Angola,
+4% for changes in the portfolio, integrating the net share of Novatek production and impact of the sale of interests in CEPSA,
+0.5% for the end of OPEC reductions,
-1,5% for security conditions, mainly in Libya,
-2% for the price effect²¹.

For the full-year 2011, hydrocarbon production was 2,346 kboe/d, a decrease of 1.3% compared to 2010, essentially as a result of :

-1.5% for normal decline, net of production ramp-ups on new projects,
+2.5% for changes in the portfolio, integrating the net share of Novatek production and impact of the sale of interests in CEPSA,
+1% for the end of OPEC reductions,
-1.5% for security conditions, mainly in Libya,
-2% for the price effect²¹.

> Reserves

Year-end reserves	Â	2011	Â	2010	Â	%
Hydrocarbon reserves (Mboe)	Â	11,423	Â	10,695	Â	+7%
-- Liquids (Mb)	Â	5,784	Â	5,987	Â	-3%
-- Gas (Bcf)	Â	30,717	Â	25,788	Â	+19%

Proved reserves based on SEC rules (based on Brent at 110.96Â $/b) were 11,423 Mboe at December 31, 2011. Based on the 2011 average rate of production, the reserve life is 13 years.

The 2011 proved reserve replacement rate²², based on SEC rules, was 185%.

As of year-end 2011, Total has a solid and diversified portfolio of proved and probable reserves²³ representing more than 20 years of reserve life based on the 2011 average production rate, and resources²⁴ representing more than 40 years of reserve life.

Results

4Q11

3Q11

4Q10

4Q11
vs
4Q10

in millions of euros

2011

2010

2011
vs
2010

6,055

5,208

4,695

+29%

Adjusted operating income*

22,474

17,653

+27%

2,776

2,323

2,300

+21%

Adjusted net operating income*

10,405

8,597

+21%

476

433

313

+52%

includes adjusted income from equity affiliates

1,649

1,254

+31%

6,300

3,289

3,942

+60%

Investments

21,689

13,208

+64%

447

953

771

-42%

Divestments

2,656

2,067

+28%

3,648

3,158

3,908

-7%

Cash flow from operating activities

17,054

15,573

+10%

5,430

3,855

3,619

+50%

Adjusted cash flow

17,566

14,136

+24%

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

Adjusted net operating income from the Upstream segment was 2,776Â Mâ‚¬ in the fourth quarter 2011 compared to 2,300 Mâ‚¬ in the fourth quarter 2010, an increase of 21%.
Effective fourth quarter 2011, any hydrocarbon production overlifting / underlifting position is valued at market pricesÂ ; there is a positive contribution of 103 Mâ‚¬ at December 31, 2011.

Expressed in dollars, the increase is 20% and reflects mainly the impact of higher hydrocarbon prices.

The effective tax rate for the Upstream segment was 60.4% compared to 58.9% in the fourth quarter 2010.

For the full year 2011, adjusted net operating income from the Upstream segment was 10,405Â Mâ‚¬ compared to 8,597 Mâ‚¬ in 2010, an increase of 21%.
Expressed in dollars, adjusted net operating income from the Upstream segment was 14.5 B$, an increase of 27% compared to 2010, essentially due to the impact of higher hydrocarbon prices.

Technical costs for consolidated subsidiaries, in accordance with ASC 932²⁵, were 18.9Â $/boe in 2011, compared to 16.6 $/boe in 2010.

The return on average capital employed (ROACE²⁶) for the Upstream segment was 20%, for the full-year 2011 compared to 21% for the full year 2010.

Downstream

> Refinery throughput and utilization rates*

4Q11

3Q11

4Q10

4Q11
vs
4Q10

2011

2010

2011
vs
2010

1,674

1,922

1,832

-9%

Total refinery throughput (kb/d)

1,863

2,009

-7%

742

752

550

+35%

-- France

732

697

+5%

714

904

1,039

-31%

-- Rest of Europe

885

1,059

-16%

218

266

243

-10%

-- Rest of world

246

253

-3%

Utilization rates**

77%

83%

66%

-- Based on crude only

78%

73%

79%

88%

71%

-- Based on crude and other feedstock

83%

77%

* includes share of CEPSA through July 31, 2011, and, starting October 2010, of TotalErg.

**based on distillation capacity at the beginning of the year, excluding share of CEPSA effective AugustÂ 1,Â 2011 â€“ 3Q11 data adjusted.

In the fourth quarter 2011, refinery throughput decreased by 9% compared to the fourth quarter 2010. The decrease was essentially the result of the sale of the Groupâ€™s interest in CEPSA, partially offset by a comparative increase in fourth quarter throughput in France due to the impact of strikes in 2010.

For the full-year 2011, refinery throughput decreased by 7% compared 2010, essentially due to the sale of the Groupâ€™s interest in CEPSA and a higher level of major turnarounds than in 2010.

> Results

4Q11

3Q11

4Q10

4Q11
vs
4Q10

in millions of euros
(except the ERMI)

2011

2010

2011
vs
2010

15.1

13.4

32.3

-53%

European refining margin

indicator - ERMI ($/t)

17.4

27.4

-36%

242

482

274

-12%

Adjusted operating income*

1,238

1,251

-1%

222

388

266

-17%

Adjusted net operating income*

1,083

1,168

-7%

(15)

(2)

n/a

includes adjusted income from equity affiliates

179

-83%

704

440

757

-7%

Investments

1,870

2,343

-20%

493

2,691

433

+14%

Divestments

3,235

499

(775)

1,775

(955)

n/a

Cash flow from operating activities

2,165

1,441

+50%

334

553

753

-56%

Adjusted cash flow

1,645

2,405

-32%

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

The European refinery margin indicator (ERMI) averaged 15.1 $/t in the fourth quarter 2011, about half of the 32.3 $/t average in the fourth quarter 2010. For the full year 2011, the ERMI was 17.4$/t, a decrease of 36% compared to 2010.

Adjusted net operating income from the Downstream segment was 222 Mâ‚¬ in the fourth quarter 2011 compared to 266 Mâ‚¬ the fourth quarter 2010.
Expressed in dollars, adjusted net operating income from the Downstream segment was 299 M$ compared to 361 M$. The decrease reflects the weaker environment for refining.

For the full year 2011, adjusted net operating income for the Downstream segment was 1,083Â Mâ‚¬, a decrease of 7% compared to 1,168 Mâ‚¬ in 2010.
Expressed in dollars, the adjusted net operating income for the Downstream segment was 1.5 B$, a decrease of 3% compared to 2010. The decrease is essentially due to the negative impact of the deterioration in refining margins in 2011 while marketing performed nearly at the 2010 level.

The persistence of an unfavorable economic environment for refining, affecting Europe in particular, led the Group to recognize an impairment in the Downstream, on European refining assets, in the fourth quarter 2011 in the amount of 532 Mâ‚¬ in operating income and 348 Mâ‚¬ in net operating income. These elements have been treated as adjustment items.

The ROACE²⁷ for the Downstream segment was 7% in 2011 compared to 8% in 2010.

Chemicals

4Q11	Â	3Q11	Â	4Q10	Â	4Q11 vs 4Q10	Â	in millions of euros	Â	2011	Â	2010	Â	2011 vs 2010
4,412		4,669		4,218		+5%		Sales		19,477		17,490		+11%
2,841		3,096		2,579		+10%		-- Base chemicals		12,656		10,653		+19%
1,570		1,572		1,639		-4%		-- Specialties		6,819		6,824		-
Â		Â		Â		Â		Â		Â		Â		Â
(34)		191		133		n/a		Adjusted operating income*		697		893		-22%
51		239		170		-70%		Adjusted net operating income*		775		857		-10%
(15)		137		67		n/a		Base chemicals		373		393		-5%
78		109		109		-28%		Specialties		426		475		-10%
Â		Â		Â		Â		Â		Â		Â		Â
299		168		292		+2%		Investments		847		641		+32%
44		1,094		23		+91%		Divestments		1,164		347		X3
159		359		332		-52%		Cash flow from operating activities		512		934		-45%
69		177		189		-63%		Adjusted cash flow		871		1,157		-25%

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

In the fourth quarter 2011, the environment for petrochemicals deteriorated significantly due to a decrease in product demand.

Sales for the Chemicals segment were 4,412 Mâ‚¬ in the fourth quarter 2011.

The adjusted net operating income for the Chemicals segment was 51 Mâ‚¬ compared to 170Â Mâ‚¬ in the fourth quarter 2010, reflecting in particular the impact of lower petrochemical margins in Europe and the US as well as the sale of part of the resins activities and the Groupâ€™s interest in CEPSA in the third quarter 2011.

For the full year 2011, Chemicals segment sales, excluding intra-Group sales, were 19,477 Mâ‚¬, an increase of 11% compared to 2010.

The adjusted net operating income for the Chemicals segment was 775Â Mâ‚¬ compared to 857 Mâ‚¬ in 2010. The decrease reflects essentially the impact of the sale of the Groupâ€™s interest in CEPSA and part of the resins activities. Globally, for the full-year 2011, Petrochemicals benefited from ramp-ups in its activities in Qatar and South Korea but suffered from deteriorating margins in the second half of the year in Europe and in the US. Specialty chemicals, excluding the effect of changes in the portfolio, maintained results at a level close to the 2010 level.

The ROACE²⁸ for Chemicals was 10% in 2011 compared to 12% in 2010.

Total S.A., parent company accounts

Net income for Total S.A., the parent company, was 9,766 Mâ‚¬ in 2011 compared to 5,840 Mâ‚¬ in 2010.

Proposed dividend

After closing the accounts, the Board of Directors decided to propose at the May 11, 2012, Annual Shareholders Meeting a dividend of 2.28 euros per share for 2011, stable compared to the previous year.

Based on 2011 adjusted net income, the pay-out ratio would be 45%.

Taking into account the three 2011 interim dividends, the remaining 0.57 euros per share would be paid on June 21, 2012²⁹.

Summary and outlook

The full-year 2011 ROACE was 16% at the Group level and 17% for the business segments, stable compared to 2010.

The return on equity for the Group was 18% in 2011 compared to 19% in 2010.

The 2012 net investment budget is 20 B$. Total intends to continue to actively manage its asset portfolio with, in particular, a program of non-strategic asset sales. The 2012 budget for organic investments is 24 B$, of which more than 80% will be dedicated to the Upstream.

In the Upstream, Total expects in 2012 to implement its strategy to accelerate production growth and increase the profitability of its asset portfolio. The ramp-up of Pazflor in Angola and the start-up of several major projects, including Usan in Nigeria, Angola LNG, and Bongkot South in Thailand, will contribute to production growth in 2012 and to achieving the objective of growing production by 2.5% per year on average between 2010 and 2015. After launching Ichthys in Australia, announced at the start of this year, the Group intends to continue work on the drivers for post-2015 growth by preparing to launch, notably, projects in West Africa, Russia and Canada. At the same time, the Group intends to continue the dynamic exploration effort and budgeted 2.5Â B$, a 20% increase from the previous year, to fund its ambitious program.

With a new organization better adapted to face challenges in the market, the Group expects to realize soon the first benefits from an integrated Refining-Chemicals segment and a more customer-oriented Supply-Marketing segment. Major projects, portfolio optimization and productivity gains are expected to lead to an increase in returns from 9% in 2010 to 14% in 2015.

The Group confirms its commitment in favor of a competitive policy for returns to shareholders, based on an average payout ratio of 50%, in keeping with its objective of sustainable growth.

Since the beginning of the first quarter 2012, the environment remained favorable in the Upstream and refining margins improved appreciably following the sharp fall observed at the end of 2011.

To listen to a presentation by CEO Christophe de Margerie to financial analysts today in London at 14:00 (London time) please log on to www.total.com or call +44Â (0)207 162 0025 in Europe or +1Â 334 323 6201 in the U.S. For a replay through February 24, 2012, please consult the Web site or call +44Â (0)207 031 4064 in Europe or +1Â 954 334 0342 in the U.S. (codeÂ : 909 303).

This document does not constitute the annual financial report within the meaning of ArticleÂ L.451-1-2 of the French monetary and financial code, which is included in the companyâ€™s Registration document available on the Groupâ€™s WebÂ site at www.total.com or by request from the companyâ€™s headquarters.
This document may contain forward-looking statements, including within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL.
Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the companyâ€™s financial results is provided in documents filed by the Group with the French AutoritÃ© des MarchÃ©s Financiers and the U.S. Securities and Exchange Commission (â€œSECâ€).

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 segmentsâ€™ performance and facilitate the comparability of the segmentsâ€™ performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period 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 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, which future effects are recorded at fair value in Groupâ€™s internal economic performance. IFRS precludes recognition of this fair value effect.
(iv) Until June 30, 2010, TOTALâ€™s equity share of adjustment items reconciling â€œBusiness net incomeâ€ to Net income attributable to equity holders of Sanofi

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 TOTALâ€™s equity share of adjustment items related to Sanofi 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 â€“ The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this presentation, such as resources, that the SECâ€™s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our FormÂ 20-F, File NÂ°Â 1-10888, available from us at 2,Â Place Jean Millier â€“ La DÃ©fenseÂ 6 â€“ 92078 Paris â€“ La DÃ©fense Cedex, France, or at our WebÂ site: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SECâ€™s WebÂ site: www.sec.gov.

¹ Definition of adjusted results on page 2 - dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the period : 1.3482 $/â‚¬ for the 4th quarter 2011 ; 1.3583 $/â‚¬ for the 4th quarter 2010 ; 1.4127 $/â‚¬ for the 3rd quarter 2011 ; 1.3920 $/â‚¬ for the full year 2011 ; and 1.3257 $/â‚¬ for the full year 2010.
Net income (Group share) was 2,290 Mâ‚¬ in the fourth quarter 2011.

² Pending approval at the May 11, 2012, Annual Shareholders Meeting, ex-dividend date for the dividend will be June 18, 2012.

³ Adjusted results 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 Totalâ€™s equity share of adjustments related to Sanofi. Adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 19 and the inventory valuation effect are explained on page 16.

⁴Including acquisitions.

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

⁶ Special items affecting operating income from the business segments had a negative impact of 484Â Mâ‚¬ in the 4^thÂ quarter 2011 and a negative impact of 1,305 Mâ‚¬ in the 4th quarter 2010.

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

⁸ Adjustment items explained on page 16.

⁹ Detail shown on page 19.

¹⁰ Detail shown on page 20.

¹¹ Net investments = investments including acquisitions and changes in non-current loans â€“ asset sales.

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

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

¹⁴ Special items affecting operating income from the business segments had a negative impact of 873 Mâ‚¬ in 2011 and a negative impact of 1,394 Mâ‚¬ in 2010.

¹⁵ Adjustment items explained on page 16.

¹⁶ Detail shown on page 19.

¹⁷ Detail shown on page 20.

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

¹⁹ Net cash flow = cash flow from operations - net investments.

²⁰ Detail shown on page 21.

²¹ Impact of changing hydrocarbon prices on entitlement volumes.

²² Change in reserves excluding production i.e. (revisions + discoveries, extensions + acquisitions â€“ divestments) / production for the period. The reserve replacement rate would be 84% in an environment with a constant 79.02 $/b oil price, excluding acquisitions and divestments.

²³ Limited to proved and probable reserves covered by E&P contracts on fields that have been drilled and for which technical studies have demonstrated economic development in a 100 $/b Brent environment, including projects developed by mining.

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

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

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

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

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

²⁹ the ex-dividend date for the remainder of the 2011 dividend would be June 18, 2012 ; for the ADR (NYSEÂ :TOT) the ex-dividend date would be June 13, 2012.

Operating information by segment

Fourth quarter and full year 2011

-- Upstream

4Q11

2011

4Q11

3Q11

4Q10

Combined liquids and gas

4Q10

production by region (kboe/d)

2011

2010

518

474

573

-10%

Europe

512

580

-12%

693

623

764

-9%

Africa

659

756

-13%

546

581

540

+1%

Middle East

570

527

+8%

-1%

North America

+3%

182

194

179

+2%

South America

188

179

+5%

212

232

241

-12%

Asia-Pacific

231

248

-7%

166

147

CIS

119

2,384

2,319

2,387

Total production

2,346

2,378

-1%

580

600

477

+22%

Includes equity and non-consolidated affiliates

571

444

+29%

4Q11	Â	3Q11	Â	4Q10	Â	4Q11 vs 4Q10	Â	Liquids production by region (kb/d)	Â	2011	Â	2010	Â	2011 vs 2010
244	Â	234	Â	265	Â	-8%	Â	Europe	Â	245	Â	269	Â	-9%
553		481		614		-10%		Africa		517		616		-16%
304		316		310		-2%		Middle East		317		308		+3%
22		28		30		-27%		North America		27		30		-10%
62		67		83		-25%		South America		71		76		-7%
25		26		22		+14%		Asia-Pacific		27		28		-4%
27	Â	24	Â	13	Â	X2	Â	CIS	Â	22	Â	13	Â	+69%
1,237	Â	1,176	Â	1,337	Â	-7%	Â	Total production	Â	1,226	Â	1,340	Â	-9%
295	Â	312	Â	318	Â	-7%	Â	Includes equity and non-consolidated affiliates	Â	316	Â	301	Â	+5%

4Q11

3Q11

4Q10

4Q11
vs
4Q10

Gas production by region (Mcf/d)

2011

2010

2011
vs
2010

1,491

1,299

1,676

-11%

Europe

1,453

1,690

-14%

688

720

739

-7%

Africa

715

712

1,307

1,430

1,253

+4%

Middle East

1,370

1,185

+16%

246

228

214

+15%

North America

227

199

+14%

664

707

533

+25%

South America

648

569

+14%

1,056

1,173

1,226

-14%

Asia-Pacific

1,160

1,237

-6%

749

671

X15

CIS

525

6,201

6,228

5,692

+9%

Total production

6,098

5,648

+8%

1,537

1,560

857

+79%

Includes equity and non-consolidated affiliates

1,383

781

+77%

4Q11

3Q11

4Q10

4Q11
vs
4Q10

Liquefied natural gas

2011

2010

2011
vs
2010

3.15

3.35

3.12

+1%

LNG sales* (Mt)

13.19

12.32

+7%

* sales, Group share, excluding trading ; 2011 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2011 SEC coefficient.

Downstream

4Q11

3Q11

4Q10

4Q11
vs
4Q10

Refined products sales by region (kb/d)*

2011

2010

2011
vs
2010

1,685

1,888

1,968

-14%

Europe

1,848

1,929

-4%

304

307

295

+3%

Africa

304

292

+4%

101

-1%

Americas

100

115

-13%

177

174

165

+7%

Rest of world

172

159

+8%

2,260

2,470

2,523

-10%

Total consolidated sales

2,424

2,495

-3%

1,062

1,270

1,307

-19%

Trading

1,215

1,281

-5%

3,322

3,740

3,830

-13%

Total refined product sales

3,639

3,776

-4%

* includes trading, share of CEPSA through July 31, 2011, and, starting October 1, 2010, of TotalErg.

Adjustment items

Adjustments to operating income from business segments

4Q11	Â	3Q11	Â	4Q10	Â	in millions of euros	Â	2011	Â	2010
(484)	Â	(326)	Â	(1,305)	Â	Special items affecting operating income from the business segments	Â	(873)	Â	(1,394)
-	Â	-	Â	-	Â	-- Restructuring charges	Â	-	Â	-
(535)		(245)		(1,393)		-- Impairments		(781)		(1,416)
51	Â	(81)	Â	88	Â	-- Other	Â	(92)	Â	22
58	Â	(112)	Â	397	Â	Pre-tax inventory effect : FIFO vs. replacement cost	Â	1,215	Â	993
30	Â	(14)	Â	-	Â	Effect of change in fair value	Â	45	Â	-
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(396)	Â	(452)	Â	(908)	Â	Total adjustments affecting operating income from the business segments	Â	387	Â	(401)

Adjustments to net income (Group share)

4Q11	Â	3Q11	Â	4Q10	Â	in millions of euros	Â	2011	Â	2010
(504)	Â	610	Â	(809)	Â	Special items affecting net income (Group share)	Â	(14)	Â	(384)
268	Â	1,054	Â	352	Â	-- Gain on asset sales	Â	1,538	Â	1,046
(66)	Â	(56)	Â	(42)	Â	-- Restructuring charges	Â	(122)	Â	(53)
(716)		(251)		(1,058)		-- Impairments		(1,014)		(1,224)
10	Â	(137)	Â	(61)	Â	-- Other	Â	(416)	Â	(153)
49	Â	(87)	Â	283	Â	After-tax inventory effect : FIFO vs. replacement cost	Â	834	Â	748
20	Â	(10)	Â	-	Â	Effect of changes in fair value	Â	32	Â	-
-	Â	-	Â	-	Â	Equity share of adjustment items related to Sanofi*	Â	-	Â	(81)
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(435)	Â	513	Â	(526)	Â	Total adjustments to net income	Â	852	Â	283

* effective JulyÂ 1,Â 2010, Sanofi is no longer treated as an equity affiliate. Totalâ€™s share in Sanofi was 3.22% on December 31, 2011 and 5.5% on December 31, 2010.

	Â		Â		Â		Â		Â
						Effective tax rates
											Â
4Q11	Â	3Q11	Â	4Q10	Â	Effective tax rate*	Â	2011	Â	2010
60.4%		63.9%		58.9%		Upstream		60.7%		59.1%
60.8%	Â	57.9%	Â	57.2%	Â	Group	Â	58.4%	Â	55.9%

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

Investments â€“ Divestments

4Q11

3Q11

4Q10

4Q11
vs
4Q10

in millions of euros

2011

2010

2011
vs
2010

5,225

3,349

3,454

+51%

Investments excluding acquisitions*

14,828

11,894

+25%

328

287

462

-29%

-- Capitalized exploration

1,074

1,042

+3%

244

(315)

n/a

-- Change in non-current loans**

339

1,858

445

970

+92%

Acquisitions

8,840

3,515

7,083

3,794

4,424

+60%

Investments including acquisitions*

23,668

15,409

+54%

1,211

4,955

742

+63%

Asset sales

7,705

3,452

5,872

(1,161)

3,682

+59%

Net investments

15,963

11,957

+34%

4Q11

3Q11

4Q10

4Q11
vs
4Q10

Expressed in millions of dollars***

2011

2010

2011
vs
2010

7,044

4,731

4,692

+50%

Investments excluding acquisitions*

20,641

15,768

+31%

442

405

628

-30%

-- Capitalized exploration

1,495

1,381

+8%

329

131

(427)

n/a

-- Change in non-current loans**

472

107

2,505

629

1,318

+90%

Acquisitions

12,305

4,660

9,549

5,360

6,009

+59%

Investments including acquisitions*

32,946

20,428

+61%

1,633

7,000

1,008

+62%

Asset sales

10,725

4,576

7,917

(1,640)

5,001

+58%

Net investments

22,220

15,851

+40%

* includes changes in non-current loans.
** includes net investments in equity affiliates and non-consolidatedÂ companies + net financing for employees related stock purchase plans.
*** dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the period.

Net-debt-to-equity ratio
	Â		Â		Â
in millions of euros	Â	12/31/2011	Â	9/30/2011	Â	12/31/2010
Current borrowings		9,675		10,406		9,653
Net current financial assets		(533)		(923)		(1,046)
Non-current financial debt		22,557		22,415		20,783
Hedging instruments of non-current debt		(1,976)		(2,012)		(1,870)
Cash and cash equivalents	Â	(14,025)	Â	(19,942)	Â	(14,489)
Net debt	Â	15,698	Â	9,944	Â	13,031
Â	Â	Â	Â	Â	Â	Â
Shareholdersâ€™ equity		68,037		65,290		60,414
Estimated dividend payable		(1,255)		(1,254)		(2,553)
Minority interests	Â	1,352	Â	1,467	Â	857
Equity	Â	68,134	Â	65,503	Â	58,718
Â	Â	Â	Â	Â	Â	Â
Net-debt-to-equity ratio	Â	23.0%	Â	15.2%	Â	22.2%

									Â
2012 Sensitivities*
	Â		Â		Â		Â
Â	Â	Scenario	Â	Change	Â	Impact on adjusted operating income(e)	Â	Impact on adjusted net operating income(e)
Dollar	Â	1.40 $/â‚¬	Â	+0.1 $ per â‚¬	Â	-1.8 Bâ‚¬	Â	-0.95 Bâ‚¬
Brent	Â	100 $/b	Â	+1 $/b	Â	+0.25 Bâ‚¬ / 0.35 B$	Â	+0.11 Bâ‚¬ / 0.15 B$
European refining margins (ERMI)	Â	25 $/t	Â	+1 $/t	Â	+0.06 Bâ‚¬ / 0.08 B$	Â	+0.04 Bâ‚¬ / 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 adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 80% and 75% respectively, and the remaining impact of the â‚¬-$ sensitivity is essentially in the Downstream segment.

Return on average capital employed

Full year 2011

in millions of euros	Â	Upstream	Â	Downstream	Â	Chemicals	Â	Segments	Â	Group
Adjusted net operating income	Â	10,405	Â	1,083	Â	775	Â	12,263		12,045
Capital employed at 12/31/2010*		43,972		15,561		7,312		66,845		70,866
Capital employed at 12/31/2011*	Â	58,939	Â	13,801	Â	7,473	Â	80,213		81,066
ROACE	Â	20.2%	Â	7.4%	Â	10.5%	Â	16.7%		15.9%

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

Twelve months ended September 30, 2011

in millions of euros	Â	Upstream	Â	Downstream	Â	Chemicals	Â	Segments	Â	Group
Adjusted net operating income	Â	9,929	Â	1,127	Â	894	Â	11,950		11,828
Capital employed at 9/30/2010*		41,629		15,379		7,232		64,240		68,242
Capital employed at 9/30/2011*	Â	51,851	Â	12,691	Â	7,194	Â	71,736		72,764
ROACE	Â	21.2%	Â	8.0%	Â	12.4%	Â	17.6%		16.8%

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

Full year 2010

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

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

Total Financial Statements

Fourth quarter and full year 2011 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME	Â		Â		Â
TOTAL
							Â
(unaudited)
							Â
(Mâ‚¬) ^(a)	Â	4^th quarter 2011	Â	3^rd quarter 2011	Â	4^th quarter 2010
Sales		47,492		46,163		40,157
Excise taxes		(4,534)		(4,638)		(4,397)
Revenues from sales		42,958		41,525		35,760
Purchases, net of inventory variation		(29,233)		(29,018)		(23,623)
Other operating expenses		(5,276)		(5,061)		(4,749)
Exploration costs		(339)		(242)		(197)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,416)		(1,873)		(3,160)
Other income		281		1,334		582
Other expense		(838)		(212)		(513)
Financial interest on debt		(156)		(262)		(126)
Financial income from marketable securities & cash equivalents		57		114		43
Cost of net debt		(99)		(148)		(83)
Other financial income		91		108		118
Other financial expense		(102)		(115)		(114)
Equity in net income (loss) of affiliates		478		497		515
Income taxes	Â	(3,121)	Â	(3,448)	Â	(2,455)
Consolidated net income	Â	2,384	Â	3,347	Â	2,081
Group share		2,290		3,314		2,030
Non-controlling interests	Â	94	Â	33	Â	51
Earnings per share (â‚¬)	Â	1.02	Â	1.47	Â	0.91
Fully-diluted earnings per share (â‚¬)	Â	1.01	Â	1.47	Â	0.90
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME			Â		Â
TOTAL	Â
(unaudited)
							Â
(Mâ‚¬)	Â	4^th quarter 2011	Â	3^rd quarter 2011	Â	4^th quarter 2010
Consolidated net income	Â	2,384	Â	3,347	Â	2,081
Other comprehensive income
Currency translation adjustment		1,833		2,309		762
Available for sale financial assets		296		(389)		(52)
Cash flow hedge		5		(54)		9
Share of other comprehensive income of associates, net amount		219		(131)		27
Other		2		(2)		(1)
							Â
Tax effect	Â	(108)	Â	82	Â	(3)
Total other comprehensive income (net amount)	Â	2,247	Â	1,815	Â	742
Â	Â	Â	Â	Â	Â	Â
Comprehensive income	Â	4,631	Â	5,162	Â	2,823
- Group share		4,478		5,077		2,757
- Non-controlling interests		153		85		66

CONSOLIDATED STATEMENT OF INCOME	Â		Â
TOTAL
Â
					Â
(Mâ‚¬) ^(a)	Â	Year 2011	Â	Year 2010
Sales		184,693		159,269
Excise taxes		(18,143)		(18,793)
Revenues from sales		166,550		140,476
Purchases, net of inventory variation		(113,892)		(93,171)
Other operating expenses		(19,843)		(19,135)
Exploration costs		(1,019)		(864)
Depreciation, depletion and amortization of tangible assets and mineral interests		(7,506)		(8,421)
Other income		1,946		1,396
Other expense		(1,247)		(900)
Financial interest on debt		(713)		(465)
Financial income from marketable securities & cash equivalents		273		131
Cost of net debt		(440)		(334)
Other financial income		609		442
Other financial expense		(429)		(407)
Equity in net income (loss) of affiliates		1,925		1,953
Income taxes	Â	(14,073)	Â	(10,228)
Consolidated net income	Â	12,581	Â	10,807
Group share		12,276		10,571
Non-controlling interests	Â	305	Â	236
Earnings per share (â‚¬)	Â	5.46	Â	4.73
Fully-diluted earnings per share (â‚¬)	Â	5.44	Â	4.71
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME			Â
TOTAL	Â
Â
					Â
(Mâ‚¬)	Â	Year 2011	Â	Year 2010
Consolidated net income	Â	12,581	Â	10,807
Other comprehensive income
Currency translation adjustment		1,498		2,231
Available for sale financial assets		337		(100)
Cash flow hedge		(84)		(80)
Share of other comprehensive income of associates, net amount		(15)		302
Other		(2)		(7)
					Â
Tax effect	Â	(55)	Â	28
Total other comprehensive income (net amount)	Â	1,679	Â	2,374
Â	Â	Â	Â	Â
Comprehensive income	Â	14,260	Â	13,181
- Group share		13,911		12,936
- Non-controlling interests		349		245

CONSOLIDATED BALANCE SHEET	Â		Â		Â
TOTAL
							Â
							Â
(Mâ‚¬)	Â	December 31, 2011	Â	September 30, 2011 (unaudited) Â	Â	December 31, 2010
ASSETS
Non-current assets
Intangible assets, net		12,413		10,280		8,917
Property, plant and equipment, net		64,457		59,729		54,964
Equity affiliates : investments and loans		12,995		11,455		11,516
Other investments		3,674		3,767		4,590
Hedging instruments of non-current financial debt		1,976		2,012		1,870
Other non-current assets	Â	4,871	Â	4,248	Â	3,655
Total non-current assets	Â	100,386	Â	91,491	Â	85,512
Current assets
Inventories, net		18,122		16,024		15,600
Accounts receivable, net		20,049		18,786		18,159
Other current assets		10,767		7,938		7,483
Current financial assets		700		1,172		1,205
Cash and cash equivalents	Â	14,025	Â	19,942	Â	14,489
Total current assets	Â	63,663	Â	63,862	Â	56,936
Assets classified as held for sale	Â	-	Â	1,630	Â	1,270
Total assets		164,049		156,983		143,718
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares		5,909		5,909		5,874
Paid-in surplus and retained earnings		66,506		65,862		60,538
Currency translation adjustment		(988)		(3,091)		(2,495)
Treasury shares	Â	(3,390)	Â	(3,390)	Â	(3,503)
Total shareholders' equity - Group Share	Â	68,037	Â	65,290	Â	60,414
Non-controlling interests	Â	1,352	Â	1,467	Â	857
Total shareholders' equity	Â	69,389	Â	66,757	Â	61,271
Non-current liabilities
Deferred income taxes		12,260		10,601		9,947
Employee benefits		2,232		2,180		2,171
Provisions and other non-current liabilities		10,909		8,920		9,098
Non-current financial debt	Â	22,557	Â	22,415	Â	20,783
Total non-current liabilities	Â	47,958	Â	44,116	Â	41,999
Current liabilities
Accounts payable		22,086		18,753		18,450
Other creditors and accrued liabilities		14,774		16,361		11,989
Current borrowings		9,675		10,406		9,653
Other current financial liabilities	Â	167	Â	249	Â	159
Total current liabilities	Â	46,702	Â	45,769	Â	40,251
Liabilities directly associated with the assets classified as held for sale	Â	-	Â	341	Â	197
Total liabilities and shareholders' equity		164,049		156,983		143,718

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â		Â
TOTAL
(unaudited)
							Â
(Mâ‚¬)	Â	4^th quarter 2011	Â	3^rd quarter 2011	Â	4^th quarter 2010
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		2,384		3,347		2,081
Depreciation, depletion and amortization		3,037		2,062		3,338
Non-current liabilities, valuation allowances and deferred taxes		505		312		199
Impact of coverage of pension benefit plans		-		-		(60)
(Gains) losses on sales of assets		(73)		(1,282)		(429)
Undistributed affiliates' equity earnings		50		(34)		(133)
(Increase) decrease in working capital		(3,129)		1,501		(1,658)
Other changes, net	Â	20	Â	58	Â	49
Cash flow from operating activities		2,794		5,964		3,387
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(5,559)		(3,802)		(4,477)
Acquisitions of subsidiaries, net of cash acquired		(45)		170		(6)
Investments in equity affiliates and other securities		(1,235)		(69)		(256)
Increase in non-current loans	Â	(528)	Â	(220)	Â	(287)
Total expenditures		(7,367)		(3,921)		(5,026)
Proceeds from disposal of intangible assets and property, plant and equipment		600		213		538
Proceeds from disposal of subsidiaries, net of cash sold		5		399		-
Proceeds from disposal of non-current investments		606		4,343		204
Repayment of non-current loans	Â	284	Â	127	Â	602
Total divestments	Â	1,495	Â	5,082	Â	1,344
Cash flow used in investing activities		(5,872)		1,161		(3,682)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		-		77		27
- Treasury shares		-		-		-
Dividends paid:
- Parent company shareholders		(1,285)		(1,283)		(2,550)
- Non-controlling interests		(75)		(35)		(62)
Other transactions with non-controlling interests		(632)		-		21
Net issuance (repayment) of non-current debt		129		1,034		57
Increase (decrease) in current borrowings		(1,617)		(2,541)		(1,490)
Increase (decrease) in current financial assets and liabilities		531		1,999		474
Cash flow used in financing activities	Â	(2,949)	Â	(749)	Â	(3,523)
Net increase (decrease) in cash and cash equivalents		(6,027)		6,376		(3,818)
Effect of exchange rates		110		179		60
Cash and cash equivalents at the beginning of the period	Â	19,942	Â	13,387	Â	18,247
Cash and cash equivalents at the end of the period	Â	14,025	Â	19,942	Â	14,489

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â
TOTAL
Â
					Â
(Mâ‚¬)	Â	Year 2011	Â	Year 2010
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		12,581		10,807
Depreciation, depletion and amortization		8,628		9,117
Non-current liabilities, valuation allowances and deferred taxes		1,665		527
Impact of coverage of pension benefit plans		-		(60)
(Gains) losses on sales of assets		(1,590)		(1,046)
Undistributed affiliates' equity earnings		(107)		(470)
(Increase) decrease in working capital		(1,739)		(496)
Other changes, net	Â	98	Â	114
Cash flow from operating activities		19,536		18,493
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(17,950)		(13,812)
Acquisitions of subsidiaries, net of cash acquired		(854)		(862)
Investments in equity affiliates and other securities		(4,525)		(654)
Increase in non-current loans	Â	(1,212)	Â	(945)
Total expenditures		(24,541)		(16,273)
Proceeds from disposal of intangible assets and property, plant and equipment		1,439		1,534
Proceeds from disposal of subsidiaries, net of cash sold		575		310
Proceeds from disposal of non-current investments		5,691		1,608
Repayment of non-current loans	Â	873	Â	864
Total divestments	Â	8,578	Â	4,316
Cash flow used in investing activities		(15,963)		(11,957)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		481		41
- Treasury shares		-		49
Dividends paid:
- Parent company shareholders		(5,140)		(5,098)
- Non controlling interests		(172)		(152)
Other transactions with non-controlling interests		(573)		(429)
Net issuance (repayment) of non-current debt		4,069		3,789
Increase (decrease) in current borrowings		(3,870)		(731)
Increase (decrease) in current financial assets and liabilities		896		(817)
Cash flow used in financing activities	Â	(4,309)	Â	(3,348)
Net increase (decrease) in cash and cash equivalents		(736)		3,188
Effect of exchange rates		272		(361)
Cash and cash equivalents at the beginning of the period	Â	14,489	Â	11,662
Cash and cash equivalents at the end of the period	Â	14,025	Â	14,489

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	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
(Mâ‚¬)	Â	Number	Â	Amount	Â	Â	Â	Â	Â	Number	Â	Amount	Â	Â	Â	Â	Â	Â
As of January 1, 2010	Â	2,348,422,884	Â	5,871	Â	55,372	Â	(5,069)	Â	(115,407,190)	Â	(3,622)	Â	52,552	Â	987	Â	53,539
Net income 2010		-		-		10,571		-		-		-		10,571		236		10,807
Other comprehensive Income		-		-		(216)		2,581		-		-		2,365		9		2,374
Comprehensive Income		-		-		10,355		2,581		-		-		12,936		245		13,181
Dividend		-		-		(5,098)		-		-		-		(5,098)		(152)		(5,250)
Issuance of common shares		1,218,047		3		38		-		-		-		41		-		41
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares ⁽¹⁾		-		-		(70)		-		2,919,511		119		49		-		49
Share-based payments		-		-		140		-		-		-		140		-		140
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		(199)		(7)		-		-		(206)		(223)		(429)
Other items		-		-		-		-		-		-		-		-		-
As of December 31, 2010	Â	2,349,640,931	Â	5,874	Â	60,538	Â	(2,495)	Â	(112,487,679)	Â	(3,503)	Â	60,414	Â	857	Â	61,271
Net income 2011		-		-		12,276		-		-		-		12,276		305		12,581
Other comprehensive Income		-		-		231		1,404		-		-		1,635		44		1,679
Comprehensive Income		-		-		12,507		1,404		-		-		13,911		349		14,260
Dividend		-		-		(6,457)		-		-		-		(6,457)		(172)		(6,629)
Issuance of common shares		14,126,382		35		446		-		-		-		481		-		481
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares ⁽¹⁾		-		-		(113)		-		2,933,506		113		-		-		-
Share-based payments		-		-		161		-		-		-		161		-		161
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		(553)		103		-		-		(450)		(123)		(573)
Other items		-		-		(23)		-		-		-		(23)		441		418
As of December 31, 2011	Â	2,363,767,313	Â	5,909	Â	66,506	Â	(988)	Â	(109,554,173)	Â	(3,390)	Â	68,037	Â	1,352	Â	69,389
																			Â
(1) Treasury shares related to the stock option purchase plans and restricted stock grants

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4^th quarter 2011

(Mâ‚¬)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

Non-Group sales

6,716

36,367

4,412

(3)

47,492

Intersegment sales

7,450

1,284

349

(9,139)

Excise taxes

(4,534)

Revenues from sales

14,166

33,117

4,761

(9,139)

42,958

Operating expenses

(6,626)

(32,344)

(4,800)

(217)

9,139

(34,848)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,455)

(825)

(127)

(9)

(2,416)

Operating income

6,085

(52)

(166)

(173)

5,694

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

(142)

(42)

(90)

Tax on net operating income

(3,303)

120

(26)

(3,148)

Net operating income

2,640

(53)

(157)

2,456

Net cost of net debt

(72)

Non-controlling interests

(94)

Net income

2,290

4^th quarter 2011 (adjustments) ^(a)

(Mâ‚¬)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

238

(129)

109

Depreciation, depletion and amortization of tangible assets and mineral interests

(532)

(3)

(535)

Operating income^(b)

(294)

(132)

(396)

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

(460)

(95)

(22)

(556)

Tax on net operating income

294

193

(7)

530

Net operating income^(b)

(136)

(196)

(104)

(422)

Net cost of net debt

Non-controlling interests

(13)

Net income

(435)

(a) Adjustments include special items, inventory valuation effect and, as from January 1^st, 2011, the effect of changes in fair value.

(b) Of which inventory valuation effect

On operating income

170

(112)

On net operating income

140

(78)

4^thquarter 2011 (adjusted)

(Mâ‚¬) ^(a)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

Non-Group sales

6,686

36,367

4,412

(3)

47,462

Intersegment sales

7,450

1,284

349

(9,139)

Excise taxes

(4,534)

Revenues from sales

14,136

33,117

4,761

(9,139)

42,928

Operating expenses

(6,626)

(32,582)

(4,671)

(217)

9,139

(34,957)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,455)

(293)

(124)

(9)

(1,881)

Adjusted operating income

6,055

242

(34)

(173)

6,090

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

318

466

Tax on net operating income

(3,597)

(73)

(19)

(3,678)

Adjusted net operating income

2,776

222

(171)

2,878

Net cost of net debt

(72)

Non-controlling interests

(81)

Ajusted net income

2,725

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

1.20

(a) Except for per share amounts.

4^thquarter 2011

(Mâ‚¬)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

Total expenditures

6,300

704

299

7,367

Total divestments

447

493

511

1,495

Cash flow from operating activities

3,648

(775)

159

(238)

2,794

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

3^rd quarter 2011

(Mâ‚¬)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

Non-Group sales

5,272

36,220

4,669

46,163

Intersegment sales

6,571

1,582

243

(8,441)

Excise taxes

(4,638)

Revenues from sales

11,843

33,164

4,912

(8,441)

41,525

Operating expenses

(5,443)

(32,559)

(4,624)

(136)

8,441

(34,321)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,281)

(464)

(119)

(9)

(1,873)

Operating income

5,119

141

169

(98)

5,331

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

922

347

319

1,612

Tax on net operating income

(3,401)

(58)

(45)

(3,463)

Net operating income

2,640

430

443

(33)

3,480

Net cost of net debt

(133)

Non-controlling interests

(33)

Net income

3,314

3^rd quarter 2011 (adjustments) ^(a)

(Mâ‚¬)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

Non-Group sales

(14)

Intersegment sales

Excise taxes

Revenues from sales

(14)

Operating expenses

(173)

(19)

(192)

Depreciation, depletion and amortization of tangible assets and mineral interests

(75)

(168)

(3)

(246)

Operating income^(b)

(89)

(341)

(22)

(452)

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

530

339

243

1,127

Tax on net operating income

(124)

(17)

(71)

(168)

Net operating income^(b)

317

204

(56)

507

Net cost of net debt

Non-controlling interests

Net income

513

(a) Adjustments include special items, inventory valuation effect and, as from January 1^st, 2011, the effect of changes in fair value.

(b) Of which inventory valuation effect

On operating income

(100)

(12)

On net operating income

(83)

(7)

3^rdquarter 2011 (adjusted)

(Mâ‚¬) ^(a)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

Non-Group sales

5,286

36,220

4,669

46,177

Intersegment sales

6,571

1,582

243

(8,441)

Excise taxes

(4,638)

Revenues from sales

11,857

33,164

4,912

(8,441)

41,539

Operating expenses

(5,443)

(32,386)

(4,605)

(136)

8,441

(34,129)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,206)

(296)

(116)

(9)

(1,627)

Adjusted operating income

5,208

482

191

(98)

5,783

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

392

485

Tax on net operating income

(3,277)

(102)

(28)

112

(3,295)

Adjusted net operating income

2,323

388

239

2,973

Net cost of net debt

(133)

Non-controlling interests

(39)

Ajusted net income

2,801

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

1.24

(a) Except for per share amounts.

3^rdquarter 2011

(Mâ‚¬)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

Total expenditures

3,289

440

168

3,921

Total divestments

953

2,691

1,094

344

5,082

Cash flow from operating activities

3,158

1,775

359

672

5,964

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4^th quarter 2010

(Mâ‚¬)

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

(7,216)

Excise taxes

(4,397)

Revenues from sales

10,863

27,612

4,449

(7,216)

35,760

Operating expenses

(4,891)

(26,577)

(4,113)

(204)

7,216

(28,569)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,465)

(1,544)

(140)

(11)

(3,160)

Operating income

4,507

(509)

196

(163)

4,031

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

640

(115)

588

Tax on net operating income

(2,750)

240

(47)

(2,480)

Net operating income

2,397

(384)

198

(72)

2,139

Net cost of net debt

(58)

Non-controlling interests

(51)

Net income

2,030

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

(Mâ‚¬)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

409

485

Depreciation, depletion and amortization of tangible assets and mineral interests

(188)

(1,192)

(13)

(1,393)

Operating income^(b)

(188)

(783)

(908)

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

244

(192)

(32)

Tax on net operating income

325

(3)

(1)

362

Net operating income^(b)

(650)

(522)

Net cost of net debt

Non-controlling interests

(4)

Net income

(526)

(a) Adjustments include special items and inventory valuation effect.

(b) Of which inventory valuation effect

On operating income

299

On net operating income

197

4^thquarter 2010 (adjusted)

(Mâ‚¬) ^(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

(7,216)

Excise taxes

(4,397)

Revenues from sales

10,863

27,612

4,449

(7,216)

35,760

Operating expenses

(4,891)

(26,986)

(4,189)

(204)

7,216

(29,054)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,277)

(352)

(127)

(11)

(1,767)

Adjusted operating income

4,695

274

133

(163)

4,939

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

396

564

Tax on net operating income

(2,791)

(85)

(44)

(2,842)

Adjusted net operating income

2,300

266

170

(75)

2,661

Net cost of net debt

(58)

Non-controlling interests

(47)

Ajusted net income

2,556

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

1.14

(a) Except for per share amounts.

4^thquarter 2010

(Mâ‚¬)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

Total expenditures

3,942

757

292

5,026

Total divestments

771

433

117

1,344

Cash flow from operating activities

3,908

(955)

332

102

3,387

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

Year 2011

(Mâ‚¬)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

Non-Group sales

23,298

141,907

19,477

184,693

Intersegment sales

27,301

5,983

1,234

185

(34,703)

Excise taxes

(18,143)

Revenues from sales

50,599

129,747

20,711

196

(34,703)

166,550

Operating expenses

(23,079)

(126,145)

(19,566)

(667)

34,703

(134,754)

Depreciation, depletion and amortization of tangible assets and mineral interests

(5,076)

(1,908)

(487)

(35)

(7,506)

Operating income

22,444

1,694

658

(506)

24,290

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

1,596

401

471

336

2,804

Tax on net operating income

(13,506)

(409)

(225)

(38)

(14,178)

Net operating income

10,534

1,686

904

(208)

12,916

Net cost of net debt

(335)

Non-controlling interests

(305)

Net income

12,276

Year 2011 (adjustments) ^(a)

(Mâ‚¬)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

1,156

(33)

1,123

Depreciation, depletion and amortization of tangible assets and mineral interests

(75)

(700)

(6)

(781)

Operating income^(b)

(30)

456

(39)

387

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

191

256

209

746

Tax on net operating income

(32)

(109)

(41)

(80)

(262)

Net operating income^(b)

129

603

129

871

Net cost of net debt

Non-controlling interests

(19)

Net income

852

(a) Adjustments include special items, inventory valuation effect and, as from January 1^st, 2011, the effect of changes in fair value.

(b) Of which inventory valuation effect

On operating income

1,224

(9)

On net operating income

859

Year 2011 (adjusted)

(Mâ‚¬)^(a)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

Non-Group sales

23,253

141,907

19,477

184,648

Intersegment sales

27,301

5,983

1,234

185

(34,703)

Excise taxes

(18,143)

Revenues from sales

50,554

129,747

20,711

196

(34,703)

166,505

Operating expenses

(23,079)

(127,301)

(19,533)

(667)

34,703

(135,877)

Depreciation, depletion and amortization of tangible assets and mineral interests

(5,001)

(1,208)

(481)

(35)

(6,725)

Adjusted operating income

22,474

1,238

697

(506)

23,903

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

1,405

145

262

246

2,058

Tax on net operating income

(13,474)

(300)

(184)

(13,916)

Adjusted net operating income

10,405

1,083

775

(218)

12,045

Net cost of net debt

(335)

Non-controlling interests

(286)

Ajusted net income

11,424

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

5.06

(a) Except for per share amounts.

Year 2011

(Mâ‚¬)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

Total expenditures

21,689

1,870

847

135

24,541

Total divestments

2,656

3,235

1,164

1,523

8,578

Cash flow from operating activities

17,054

2,165

512

(195)

19,536

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

Year 2010

(Mâ‚¬)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

Non-Group sales

18,527

123,245

17,490

159,269

Intersegment sales

22,540

4,693

981

186

(28,400)

Excise taxes

(18,793)

Revenues from sales

41,067

109,145

18,471

193

(28,400)

140,476

Operating expenses

(18,271)

(105,660)

(16,974)

(665)

28,400

(113,170)

Depreciation, depletion and amortization of tangible assets and mineral interests

(5,346)

(2,503)

(533)

(39)

(8,421)

Operating income

17,450

982

964

(511)

18,885

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

1,533

141

215

595

2,484

Tax on net operating income

(10,131)

(201)

(267)

263

(10,336)

Net operating income

8,852

922

912

347

11,033

Net cost of net debt

(226)

Non-controlling interests

(236)

Net income

10,571

Year 2010 (adjustments) ^(a)

(Mâ‚¬)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

923

1,015

Depreciation, depletion and amortization of tangible assets and mineral interests

(203)

(1,192)

(21)

(1,416)

Operating income^(b)

(203)

(269)

(401)

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

183

(126)

(16)

227

268

Tax on net operating income

275

149

(6)

418

Net operating income^(b)

255

(246)

221

285

Net cost of net debt

Non-controlling interests

(2)

Net income

283

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

(b) Of which inventory valuation effect

On operating income

863

130

On net operating income

640

113

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

(81)

Year 2010 (adjusted)

(Mâ‚¬) ^(a)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

Non-Group sales

18,527

123,245

17,490

159,269

Intersegment sales

22,540

4,693

981

186

(28,400)

Excise taxes

(18,793)

Revenues from sales

41,067

109,145

18,471

193

(28,400)

140,476

Operating expenses

(18,271)

(106,583)

(17,066)

(665)

28,400

(114,185)

Depreciation, depletion and amortization of tangible assets and mineral interests

(5,143)

(1,311)

(512)

(39)

(7,005)

Adjusted operating income

17,653

1,251

893

(511)

19,286

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

1,350

267

231

368

2,216

Tax on net operating income

(10,406)

(350)

(267)

269

(10,754)

Adjusted net operating income

8,597

1,168

857

126

10,748

Net cost of net debt

(226)

Non-controlling interests

(234)

Ajusted net income

10,288

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

4.58

(a) Except for per share amounts.

Year 2010

(Mâ‚¬)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

Total expenditures

13,208

2,343

641

16,273

Total divestments

2,067

499

347

1,403

4,316

Cash flow from operating activities

15,573

1,441

934

545

18,493

Reconciliation of the information by business segment with consolidated financial statements
TOTAL	Â		Â		Â
(unaudited)
							Â
4(th) quarter 2011		Adjusted		Adjustments ((a))		Consolidated
(Mâ‚¬)	Â	Â	Â	Â	Â	statement of income
Sales		47,462		30		47,492
Excise taxes		(4,534)		-		(4,534)
Revenues from sales		42,928		30		42,958
Purchases net of inventory variation		(29,291)		58		(29,233)
Other operating expenses		(5,327)		51		(5,276)
Exploration costs		(339)		-		(339)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,881)		(535)		(2,416)
Other income		252		29		281
Other expense		(312)		(526)		(838)
Financial interest on debt		(156)		-		(156)
Financial income from marketable securities & cash equivalents		57		-		57
Cost of net debt		(99)		-		(99)
Other financial income		91		-		91
Other financial expense		(102)		-		(102)
Equity in net income (loss) of affiliates		537		(59)		478
Income taxes	Â	(3,651)	Â	530	Â	(3,121)
Consolidated net income		2,806		(422)		2,384
Group share		2,725		(435)		2,290
Non-controlling interests		81		13		94
							Â
^(a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.
4(th) quarter 2010		Adjusted		Adjustments ((a))		Consolidated
(Mâ‚¬)	Â	Â	Â	Â	Â	statement of income
Sales		40,157		-		40,157
Excise taxes		(4,397)		-		(4,397)
Revenues from sales		35,760		-		35,760
Purchases net of inventory variation		(24,142)		519		(23,623)
Other operating expenses		(4,715)		(34)		(4,749)
Exploration costs		(197)		-		(197)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,767)		(1,393)		(3,160)
Other income		221		361		582
Other expense		(138)		(375)		(513)
Financial interest on debt		(126)		-		(126)
Financial income from marketable securities & cash equivalents		43		-		43
Cost of net debt		(83)		-		(83)
Other financial income		118		-		118
Other financial expense		(114)		-		(114)
Equity in net income (loss) of affiliates		477		38		515
Income taxes	Â	(2,817)	Â	362	Â	(2,455)
Consolidated net income		2,603		(522)		2,081
Group share		2,556		(526)		2,030
Non-controlling interests		47		4		51
							Â
^(a) Adjustments include special items and inventory valuation effect.

Reconciliation of the information by business segment with consolidated financial statements
TOTAL	Â		Â		Â
(unaudited)
							Â
Year 2011		Adjusted		Adjustments ((a))		Consolidated
(Mâ‚¬)	Â	Â	Â	Â	Â	statement of income
Sales		184,648		45		184,693
Excise taxes		(18,143)		-		(18,143)
Revenues from sales		166,505		45		166,550
Purchases net of inventory variation		(115,107)		1,215		(113,892)
Other operating expenses		(19,751)		(92)		(19,843)
Exploration costs		(1,019)		-		(1,019)
Depreciation, depletion and amortization of tangible assets and mineral interests		(6,725)		(781)		(7,506)
Other income		430		1,516		1,946
Other expense		(536)		(711)		(1,247)
Financial interest on debt		(713)		-		(713)
Financial income from marketable securities & cash equivalents		273		-		273
Cost of net debt		(440)		-		(440)
Other financial income		609		-		609
Other financial expense		(429)		-		(429)
Equity in net income (loss) of affiliates		1,984		(59)		1,925
Income taxes	Â	(13,811)	Â	(262)	Â	(14,073)
Consolidated net income		11,710		871		12,581
Group share		11,424		852		12,276
Non-controlling interests		286		19		305
							Â
^(a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.
Year 2010		Adjusted		Adjustments ((a))		Consolidated
(Mâ‚¬)	Â	Â	Â	Â	Â	statement of income
Sales		159,269		-		159,269
Excise taxes		(18,793)		-		(18,793)
Revenues from sales		140,476		-		140,476
Purchases net of inventory variation		(94,286)		1,115		(93,171)
Other operating expenses		(19,035)		(100)		(19,135)
Exploration costs		(864)		-		(864)
Depreciation, depletion and amortization of tangible assets and mineral interests		(7,005)		(1,416)		(8,421)
Other income		524		872		1,396
Other expense		(346)		(554)		(900)
Financial interest on debt		(465)		-		(465)
Financial income from marketable securities & cash equivalents		131		-		131
Cost of net debt		(334)		-		(334)
Other financial income		442		-		442
Other financial expense		(407)		-		(407)
Equity in net income (loss) of affiliates		2,003		(50)		1,953
Income taxes	Â	(10,646)	Â	418	Â	(10,228)
Consolidated net income		10,522		285		10,807
Group share		10,288		283		10,571
Non-controlling interests		234		2		236
							Â
^(a) Adjustments include special items, inventory valuation effect and, until June 30,2010, equity share of adjustments related to Sanofi.
							Â

TOTAL
Martin DEFFONTAINES
Laurent KETTENMEYER
Matthieu GOT
Karine KACZKA
Tel. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24
ou
Robert HAMMOND (U.S.)
Tel. : (1) 713-483-5070
FaxÂ : (1) 713-483-5629
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