TOTAL SA:Â Second Quarter and First Half 2013 R...

TOTAL SA:Â Second Quarter and First Half 2013 Results¹

TOTAL

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

Â
Â	Â	2Q13	Â	Change vs 2Q12	Â	1H13	Â	Change vs 1H12
	Â		Â		Â		Â
Adjusted net income²
								Â
-- in billion euros (Bâ‚¬)		2.7		-3%		5.6		-5%
-- in billion dollars (B$)		3.5		-1%		7.3		-4%
								Â
-- in euros per share		1.19		-4%		2.45		-6%
-- in dollars per share		1.55		-2%		3.22		-4%
								Â
Â	Â	Â	Â	Â	Â	Â	Â	Â
								Â
Net income³ of 2.5 Bâ‚¬ in 2Q13 and 4.1 Bâ‚¬ in 1H13 Net-debt-to-equity ratio of 27.6 % at June 30, 2013 Hydrocarbon production of 2,290 kboe/d in 2Q13 Interim dividend for 2Q13 of 0.59 â‚¬/share payable in December 2013⁴

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

Â«Â With adjusted net income of 2.7 billion euros this quarter, the Group demonstrated its strong resilience in the Upstream despite lower hydrocarbon prices.

The restart of production at Elgin/Franklin in the UK and the first cargo from Angola LNG were notable events of the quarter. Regarding our Upstream projects, the launch of the Egina deep-offshore project and the progress on Yamal LNG illustrate our ability to prepare for the future in a sustainable manner by developing competitive and diverse projects. In this way, the Group expects to benefit from an extended series of start-ups over the next several years.

The Downstream reaped the initial benefits of the restructuring program even though further changes are still necessary to strengthen our position. The modernization of the Antwerp platform announced this quarter is yet another step in this program and demonstrates again that our economic performance is inextricably linked with our social and environmental commitments. Â»

Key figures⁵

2Q13

1Q13

2Q12

2Q13
vs
2Q12

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

1H13

1H12

1H13
vs
1H12

46,973

48,130

49,135

-4%

Sales

95,103

100,303

-5%

5,084

5,779

5,698

-11%

Adjusted operating income from business segments

10,863

12,486

-13%

3,025

3,114

3,060

-1%

Adjusted net operating income from business segments

6,139

6,322

-3%

2,325

2,466

2,505

-7%

-- Upstream

4,791

5,562

-14%

370

383

378

-2%

-- Refining & Chemicals

753

442

+70%

330

265

177

+86%

-- Marketing & Services

595

318

+87%

2,699

2,863

2,791

-3%

Adjusted net income

5,562

5,871

-5%

1.19

1.26

1.23

-4%

Adjusted fully-diluted earnings per share (euros)

2.45

2.59

-6%

2,274

2,269

2,264

Fully-diluted weighted-average shares (millions)

2,272

2,264

2,537

1,537

1,518

+67%

Net income (Group share)

4,074

5,186

-21%

5,712

5,984

4,964

+15%

Investments⁶

11,696

10,904

+7%

1,334

616

980

+36%

Divestments

1,950

2,670

-27%

4,378

5,368

3,984

+10%

Net investments

9,746

8,234

+18%

3,706

3,718

6,167

-40%

Cash flow from operations

7,424

11,434

-35%

5,019

5,209

4,768

+5%

Adjusted cash flow from operations

10,228

9,863

+4%

2Q13

1Q13

2Q12

2Q13
vs
2Q12

in millions of dollars⁷
except earnings per share and number of shares

1H13

1H12

1H13
vs
1H12

61,356

63,560

62,962

-3%

Sales

124,908

130,043

-4%

6,641

7,632

7,301

-9%

Adjusted operating income from business segments

14,267

16,188

-12%

3,951

4,112

3,921

+1%

Adjusted net operating income from business segments

8,063

8,196

-2%

3,037

3,257

3,210

-5%

-- Upstream

6,292

7,211

-13%

483

506

484

-- Refining & Chemicals

989

573

+73%

431

350

227

+90%

-- Marketing & Services

781

412

+90%

3,525

3,781

3,576

-1%

Adjusted net income

7,305

7,612

-4%

1.55

1.67

1.58

-2%

Adjusted fully-diluted earnings per share (dollars)

3.22

3.36

-4%

2,274

2,269

2,264

Fully-diluted weighted-average shares (millions)

2,272

2,264

3,314

2,030

1,945

+70%

Net income (Group share)

5,351

6,724

-20%

7,461

7,902

6,361

+17%

Investments⁶

15,362

14,137

+9%

1,742

813

1,256

+39%

Divestments

2,561

3,462

-26%

5,719

7,089

5,105

+12%

Net investments

12,800

10,675

+20%

4,841

4,910

7,902

-39%

Cash flow from operations

9,751

14,824

-34%

6,556

6,879

6,110

+7%

Adjusted cash flow from operations

13,433

12,787

+5%

Highlights since the beginning of the second quarter 2013
- Start-up of Angola LNG, in which the Group has a 13.6% interest
- Closing the sale of a 25% interest in the Tempa Rossa field in Italy in the Upstream and the sale of the fertilizer business in Europe in the Downstream
- Signed a framework agreement with Qatar Petroleum International (QPI) whereby QPI will acquire a 15% stake in Total E&P Congo
- Launched the development of Egina in deep-offshore Nigeria
- Encountered a horizon of high-quality oil during exploration drilling in offshore block CI-100 in Ivory Coast
- Expanded exploration acreage, notably with 10 new exploration licenses in Brazil
- Launched a project to modernize the Antwerp refining and petrochemical platform
- Completed the modernization of the Port Arthur steam cracker in the United States to capitalize on competitively priced ethane
Second quarter 2013 results

> Operating income from business segments

In the second quarter 2013, the Brent price averaged 102.4 $/b, a decrease of 5% compared to the second quarter 2012. The European refining margin indicator (ERMI) averaged 24 $/t, a decrease of 37% compared to the second quarter 2012. The environment for petrochemicals was stable in Europe and improved slightly in the United States compared to the same period last year.

The euro-dollar exchange rate averaged 1.31 $/â‚¬ in the second quarter 2013, compared to 1.28 $/â‚¬ in the second quarter 2012.

In this environment, the adjusted operating income⁸ from business segments was 5,084Â Mâ‚¬, a decrease of 11% compared to the second quarter 2012. Expressed in dollars, the decrease was 9%.

The effective tax rate⁹ for the business segments was 53.5% in the second quarter 2013 compared to 55.5% in the second quarter 2012, essentially due to an increased contribution of Downstream activities to the pre-tax results of the Group.

Adjusted net operating income from the business segments was 3,025 Mâ‚¬ for the second quarter 2013 compared toÂ 3,060Â Mâ‚¬ in the second quarter 2012, a decrease of 1%.

Expressed in dollars, the adjusted net operating income from the business segments was 4.0 B$, an increase of 1% compared to the second quarter 2012. This increase is the result of an increased contribution from Marketing & Services being partially offset by a lower contribution from the Upstream.

> Net income (Group share)

Adjusted net income was 2,699 Mâ‚¬ in the second quarter 2013 compared to 2,791 Mâ‚¬ in the second quarter 2012, a decrease of 3%. Expressed in dollars, adjusted net income decreased by 1%.

Adjusted net income excludes the after-tax inventory effect, the effect of changes in fair value, and special items¹⁰:

The after-tax inventory effect had a negative impact on net income of 400 Mâ‚¬ in the second quarter 2013 and a negative impact of 959 Mâ‚¬ in the second quarter 2012.
Changes in fair value had a negative impact on net income of 24 Mâ‚¬ in the second quarterÂ 2013 compared to a positive impact of 9 Mâ‚¬ in the second quarter 2012.
Special items¹¹ had a positive impact on net income of 262 Mâ‚¬ in the second quarterÂ 2013, comprised essentially of gains relating to the sale of Upstream assets in Italy. In the second quarter 2012, special items had a negative impact of 323 Mâ‚¬.

Net income (Group share) was 2,537 Mâ‚¬ compared to 1,518 Mâ‚¬ in the second quarter 2012.

The effective tax rate for the Group was 55.6% in the second quarter 2013.

Adjusted fully-diluted earnings per share, based on 2,274 million fully-diluted weighted-average shares, was â‚¬1.19, compared to â‚¬1.23 in the second quarter 2012, a decrease of 4%.

Expressed in dollars, adjusted fully-diluted earnings per share decreased by 2% to $1.55 per share.

> Investments â€“ Divestments¹²

Investments, excluding acquisitions and including changes in non-current loans, wereÂ 4.9Â Bâ‚¬ (6.5 B$) in the second quarter 2013, compared to 4.4 Bâ‚¬ (5.6 B$) in the second quarter 2012.

Acquisitions were 500 Mâ‚¬ in the second quarter 2013, comprised essentially of the acquisition of an additional stake in Novatek, the carry agreement for the liquids-rich Utica gas field in the United States, and bonus payments for exploration permits.

Asset sales in the second quarter 2013 increased to 1,061 Mâ‚¬, including mainly the sale of an interest in the Tempa Rossa field in Italy.

Net investments¹³ were 4.4 Bâ‚¬ (5.7 B$) in the second quarter 2013 compared toÂ 4.0 Bâ‚¬ (5.1 B$) in the second quarter 2012.

> Cash flow

Cash flow from operations was 3,706 Mâ‚¬ in the second quarter 2013, compared to 6,167 Mâ‚¬ in the second quarter 2012. This decrease was mainly due to changes in the working capital of the Upstream between the two periods.

Adjusted cash flow from operations¹⁴ was 5,019 Mâ‚¬, an increase of 5% compared to the second quarter 2012. Expressed in dollars, adjusted cash flow from operations was 6.6Â B$, an increase of 7% compared to the second quarter 2012.

The Groupâ€™s net cash flow¹⁵ was negative 672 Mâ‚¬ in the second quarter 2013, compared to positive 2,183 Mâ‚¬ in the second quarter 2012. Expressed in dollars, the Groupâ€™s net cash flow was negative 0.9 B$ in the second quarterÂ 2013, compared to positive 2.8 B$ in the second quarter 2012. This decrease was mainly due to changes in the working capital of the Upstream between the two periods.

First half 2013 results

> Operating income from business segments

Compared to the first half 2012, the average Brent price decreased by 5% to 107.5Â $/b in the first half 2013. The European refining margin indicator (ERMI) averaged 25.5 $/t compared to 29.5 $/t in the first half 2012, a decrease of 14%. During the same period, however, the petrochemicals environment on balance improved in Europe and the United States.

The euro-dollar exchange rate averaged 1.31 $/â‚¬ compared to 1.30 $/â‚¬ in the first half 2012.

In this environment, the adjusted operating income from the business segments was 10,863Â Mâ‚¬, a decrease of 13% compared to the first half 2012¹⁶.

The effective tax rate for the business segments was 55.9% in the first half 2013 compared to 58.0% in the first half 2012.

Adjusted net operating income from the business segments was 6,139 Mâ‚¬ compared to 6,322Â Mâ‚¬ in the first half 2012, a decrease of 3%.

Expressed in dollars, adjusted net operating income from the business segments decreased by 2%. This decrease is mainly due to a decrease in Upstream results which was almost completely offset by an increased contribution from the Downstream.

> Net income (Group share)

Adjusted net income was 5,562 Mâ‚¬ in the first half 2013, compared to 5,871 Mâ‚¬ in the first half 2012, a decrease of 5%. Expressed in dollars, adjusted net income decreased by 4%.

Adjusted net income excludes the after-tax inventory effect, special items and the effect of changes in fair value¹⁷:

The after-tax inventory effect had a negative impact on net income of 451 Mâ‚¬ in the first half 2013 and a negative impact of 369Â Mâ‚¬ in the first half 2012.
Changes in fair value had a negative impact on net income of 23 Mâ‚¬ in the first half 2013 and a negative impact of 11 Mâ‚¬ in the first half 2012.
Special items had a negative impact on net income of 1,014 Mâ‚¬ in the first half 2013, mainly due to a loss on the sale of the Groupâ€™s interest in the Voyageur upgrader project in Canada, which was partially offset by a gain on the sale of an Upstream asset in Italy. Special items had a negative impact on net income of 305 Mâ‚¬ in the first half 2012.

Net income (Group share) was 4,074 Mâ‚¬ compared to 5,186 Mâ‚¬ in the first half 2012.

On June 30, 2013, there were 2,277 million fully-diluted shares compared to 2,264 million on June 30, 2012.

Adjusted fully-diluted earnings per share, based on 2,272 million fully-diluted weighted-average shares, was â‚¬2.45, a decrease of 6% compared to the first half 2012.

Expressed in dollars, adjusted fully-diluted earnings per share was $3.22 compared to $3.36 in the first half 2012, a decrease of 4%.

> Investments â€“ divestments¹⁸

Investments, excluding acquisitions and including changes in non-current loans, were 9.8Â Bâ‚¬ (12.9 B$) in the first half 2013, compared to 8.3Â Bâ‚¬ (10.7 B$) in the first half 2012.

Acquisitions were 1.4 Bâ‚¬ (1.9 B$) in the first half 2013, comprised mainly of the acquisition of an additional 6% interest in the Ichthys project in Australia, an additional 0.7% stake in Novatek¹⁹, the carry agreement for the liquids-rich Utica gas project in the United States, and bonus payments for exploration permits.

Asset sales in the first half 2013 were 1.5 Bâ‚¬ (1.9 B$)²⁰, comprised mainly of the sale of an interest in the Tempa Rossa field in Italy and all of the Groupâ€™s 49% interest in the Voyageur upgrader project in Canada.

Net investments were 9.7 Bâ‚¬ (12.8 B$) in the first half 2013, compared to 8.2 Bâ‚¬ (10.7Â B$) in the first half 2012.

> Cash flow

Cash flow from operations was 7,424 Mâ‚¬ in the first half 2013, a decrease of 35% compared to the first half 2012, mainly due to an unfavorable change in working capital.

Adjusted cash flow from operations²¹ was 10,228 Mâ‚¬, an increase of 4%. Expressed in dollars, adjusted cash flow from operationswas 13.4 B$, an increase of 5%.

The Groupâ€™s net cash flow²² was negative 2,322 Mâ‚¬ in the first half 2013, compared to positive 3,200 Mâ‚¬ in the first half 2012. Expressed in dollars, the Groupâ€™s net cash flowwas negative 3.0 B$ in the first half 2013.

The net-debt-to-equity ratio was 27.6% on June 30, 2013, compared to 21.9% on June 30, 2012²³.

Analysis of business segment results

Upstream

Effective July 1, 2012, the Upstream segment no longer includes the activities of New Energies, which are now reported with Marketing & Services. As a result, certain information has been restated according to the new organization.

> Environment â€“ liquids and gas price realizations*

2Q13

1Q13

2Q12

2Q13
vs
2Q12

1H13

1H12

1H13
vs
1H12

102.4

112.6

108.3

-5%

Brent ($/b)

107.5

113.6

-5%

96.6

106.7

101.6

-5%

Average liquids price ($/b)

101.7

108.3

-6%

6.62

7.31

7.10

-7%

Average gas price ($/Mbtu)

6.97

7.10

-2%

69.8

77.4

76.0

-8%

Average hydrocarbon price ($/boe)

73.6

79.0

-7%

* consolidated subsidiaries, excluding fixed margins.

> Production

2Q13

1Q13

2Q12

2Q13
vs
2Q12

Hydrocarbon production

1H13

1H12

1H13
vs
1H12

2,290

2,323

2,261

+1%

Combined production (kboe/d)

2,306

2,317

1,160

1,193

1,218

-5%

-- Liquids (kb/d)

1,176

1,224

-4%

6,169

6,137

5,722

+8%

-- Gas (Mcf/d)

6,153

5,974

+3%

Hydrocarbon production was 2,290 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2013, an increase of 1% compared to the second quarter 2012, essentially as a result of:

+2% for growth from new projects,
-3% for normal decline and scheduled maintenance,
+2% for the restart of production from Elgin/Franklin in the UK North Sea and from Ibewa in Nigeria,
Overall, increased production relating to the improvement of security conditions in Yemen was offset by increased theft and acts of sabotage in Nigeria this quarter.

In the first half 2013, hydrocarbon production was 2,306 kboe/d, stable compared to the first half 2012, essentially as a result of:

+3% for growth from new projects,
-2% for normal decline and scheduled maintenance,
-1% for incidents in 2012 in the UK North Sea and in Nigeria,
Overall, increased production relating to the improvement of security conditions in Yemen was offset by increased theft and acts of sabotage in Nigeria during the first half of 2013.

Results

2Q13

1Q13

2Q12

2Q13
vs
2Q12

in millions of euros

1H13

1H12

1H13
vs
1H12

4,308

4,960

4,948

-13%

Adjusted operating income*

9,268

11,456

-19%

2,325

2,466

2,505

-7%

Adjusted net operating income *

4,791

5,562

-14%

527

633

433

+22%

includes income from equity affiliates

1,160

928

+25%

5,056

5,255

4,227

+20%

Investments

10,311

9,533

+8%

1,112

543

234

Divestments

1,655

982

+69%

2,128

4,150

5,298

-60%

Cash flow from operating activities

6,278

11,064

-43%

4,283

4,186

3,994

+7%

Adjusted cash flow

8,469

8,707

-3%

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

Adjusted net operating income from the Upstream segment was 2,325 Mâ‚¬ in the second quarter 2013 compared to 2,505 Mâ‚¬ in the second quarter 2012, a decrease of 7%. Expressed in dollars, the decrease of 5% is explained principally by the change in hydrocarbon prices between the two periods.

The effective tax rate for the Upstream segment was 58.3% in the second quarter 2013, basically identical to that in the second quarter 2012.

Adjusted net operating income from the Upstream segment in the first half 2013 was 4,791 Mâ‚¬ compared to 5,562Â Mâ‚¬ in the first half 2012, a decrease of 14%. Expressed in dollars, adjusted net operating income from the Upstream segment was 6,292 M$, a decrease of 13% compared to the first half 2012, explained principally by a decrease in average hydrocarbon prices and an increase in technical costs between the two periods.

The return on average capital employed (ROACE²⁴) for the Upstream segment was 16% for the twelve months ended June 30, 2013, compared to 17% for the twelve months ended March 31, 2013, and 18% for the full year 2012.

Refining & Chemicals

> Refinery throughput and utilization rates*

2Q13

1Q13

2Q12

2Q13
vs
2Q12

1H13

1H12

1H13
vs
1H12

1,772

1,763

1,878

-6%

Total refinery throughput (kb/d)

1,769

1,855

-5%

729

627

752

-3%

-- France

678

722

-6%

781

866

876

-11%

-- Rest of Europe

824

878

-6%

262

270

250

+5%

-- Rest of world

267

255

+5%

Utlization rates**

83%

83%

86%

-- Based on crude only

83%

84%

87%

86%

90%

-- Based on crude and other feedstock

86%

89%

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

In the second quarter 2013, refinery throughput decreased by 6% compared to the second quarter 2012. The decrease was mainly due to scheduled turnaround at Antwerp and maintenance at Donges this quarter, as well as the closure of the Rome refinery at the end of the third quarter 2012.

In the first half 2013, refinery throughput decreased by 5% compared to the first half 2012, reflecting essentially scheduled turnarounds at the Antwerp and Normandy platforms in 2013, increased maintenance at Donges, as well as the closure of the Rome refinery at the end of the third quarter 2012.

> Results

2Q13

1Q13

2Q12

2Q13
vs
2Q12

in millions of euros
(except the ERMI)

1H13

1H12

1H13 vs 1H12

24.1

26.9

38.2

-37%

European refining margin

indicator - ERMI ($/t)

25.5

29.5

-14%

357

410

458

-22%

Adjusted operating income*

767

415

+85%

370

383

378

-2%

Adjusted net operating income*

753

442

+70%

113

100

+13%

contribution of specialty chemicals**

203

191

+6%

382

533

501

-24%

Investments

915

930

-2%

208

x30

Divestments

235

148

+59%

1,303

(288)

625

Cash flow from operating activities

1,015

589

+72%

572

563

599

-5%

Adjusted cash flow

1,135

727

+56%

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

The European refining margin indicator (ERMI) averaged 24.1 $/t in the second quarter 2013, a decrease of 37% compared to the average of the second quarter 2012. Petrochemical margins were on balance stable in Europe and continued to improve in the United States compared to the same period last year.

Adjusted net operating income from the Refining & Chemicals segment was 370 Mâ‚¬ in the second quarter 2013, compared to 378 Mâ‚¬ in the second quarter 2012. Expressed in dollars, adjusted net operating income was 483 M$, stable compared to the same period last year. A more favorable petrochemicals environment in the United States and the initial benefits of the efficiencies and synergies program compensated for lower utilization rates and less favorable refining margins.

Adjusted net operating income from the Refining & Chemicals segment in the first half 2013 was 753Â Mâ‚¬, an increase of 70% compared to the first half 2012. Expressed in dollars, adjusted net operating income was 989 M$, an increase of 73% compared to the first half 2012, even while refining margins were declining. This increase was mainly due to an improved petrochemicals environment and the initial benefits of the efficiencies and synergies program.

The ROACE for the Refining & Chemicals segment was 11% for the twelve months ended June 30, 2013, compared to 10% for the twelve months ended March 31, 2013, and 9% for the full year 2012.

Marketing & Services

Effective July 1, 2012, Marketing & Services now includes the activities of New Energies. As a result, certain information has been restated according to the new organization.

> Refined product sales

2Q13

1Q13

2Q12

2Q13
vs
2Q12

Sales in kb/d*

1H13

1H12

1H13 vs 1H12

1,150

1,108

1,166

-1%

Europe

1,129

1,189

-5%

633

607

524

+21%

Rest of world

620

526

+18%

1,783

1,715

1,690

+6%

Total sales volumes

1,749

1,715

+2%

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

In the second quarter 2013, sales increased by 6% compared to the second quarter 2012. This increase was driven by sales outside Europe, particularly sales in the Americas, Africa and Asia.

Sales volumes for the first half 2013 increased by 2% compared to first half 2012, mainly due to growth outside Europe, particularly in the Americas, Africa and Asia. Sales volumes in Europe declined by 5%, notably due to lower sales volumes in Italy in connection with the closure of the Rome refinery.

> Results

2Q13

1Q13

2Q12

2Q13
vs
2Q12

in millions of euros

1H13

1H12

1H13
vs
1H12

20,561

20,999

21,519

-4%

Sales

41,560

43,371

-4%

419

409

292

+43%

Adjusted operating income*

828

615

+35%

330

265

177

+86%

Adjusted net operating income*

595

318

+87%

(13)

(59)

contribution of New Energies

(13)

(175)

242

187

212

+14%

Investments

429

410

+5%

-40%

Divestments

-23%

414

(93)

(140)

Cash flow from operating activities

321

(584)

525

434

367

+43%

Adjusted cash flow

959

637

+51%

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

Marketing & Services sales were 20.6 Bâ‚¬, a decline of 4% compared to the second quarter 2012.

Adjusted net operating income from the Marketing & Services segment was 330 Mâ‚¬ in the second quarter 2013, an increase of 86% compared to the second quarter 2012, mainly due to increased sales volumes of refined products and an improved contribution from New Energies.

Adjusted net operating income from the Marketing & Services segment was 595 Mâ‚¬ in the first half 2013, an increase of 87% compared to the first half 2012. This increase was mainly due to an improved contribution from New Energies (which was negative in first half 2012) and an overall improvement in the Marketing division, particularly in emerging markets.

The ROACE for the Marketing & Services segment was 14% for the twelve months ended June 30, 2013, compared to 13% for the twelve months ended March 31, 2013, and 12% for the full-year 2012.

TOTAL S.A. parent company accounts

Net income for TOTAL S.A., the parent company, was 3,876 Mâ‚¬ in the first half 2013, compared to 3,116 Mâ‚¬ in the first half 2012.

Summary and outlook

The ROACE for the Group for the twelve months ended June 30, 2013, was 15% compared to 15% for the twelve months ended March 31, 2013, and 16% for the full year 2012.

Return on equity for the twelve months ended June 30, 2013, was 17%.

The second half of 2013 will be highlighted by Totalâ€™s progress on executing its major projects. In the Upstream, following the recent start-up of Angola LNG, the Group should see first oil from the giant Kashagan project in Kazakhstan, as well as benefit from gas and liquids production from the extension of OML 58 in Nigeria. In addition, following the launch of two new deep-offshore projects in 2013, Moho Nord in Congo and Egina in Nigeria, the Group is studying the launch of two additional major projects before year-end: the long-plateau projects of Yamal LNG in Russia and the Fort Hills mining project in Canada.

In the downstream, the commissioning of the Satorp platform in Jubail should be completed by year-end. Together with its partner Saudi Aramco, Total should have one of the most modern and competitive refining and petrochemicals platforms in the world.

At the same time, the Group continues to optimize its portfolio through its asset sale program with, notably, the pending closings of the sale of TIGF in France and the sale of block OML 138 in Nigeria. Based on agreements signed and in negotiation, the Group is confident in its ability to achieve its target of 15-20 B$ in asset sales during 2012-14.

As approved by the Board of Directors on April 25, 2013, Total will pay a first quarter 2013 interim dividend of 0.59 â‚¬/share on September 27, 2013.²⁵

At the end of September, the Group will present its strategy and outlook at its annual Investors Day, a part of which will be dedicated to CSR topics.

â– â– â–

To listen to CFO Patrick de La ChevardiÃ¨reâ€™s conference call with financial analysts today at 15:00 (Paris time) please log on to www.total.com or call +44Â (0)203 367 9457 in Europe or +1Â 855Â 402 7764 in the United States. For a replay, please consult the website or call +44(0)203Â 367 9460 in Europe or +1Â 877Â 642 3018 in the United States (code: 282 163).

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

This press release presents the first half 2013 results from the consolidated financial statements of TOTAL S.A. as of June 30, 2013. The notes to these consolidated financial statements are available on the TOTAL website www.total.com.

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

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

Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Companyâ€™s financial results or the Groupâ€™s activities is provided in the most recent Registration Document filed by the Company with the French AutoritÃ© des MarchÃ©s Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (â€œSECâ€).

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL. Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods. These adjustment items include:

(i) Special items
Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segmentsâ€™ performance and facilitate the comparability of the segmentsâ€™ performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end 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
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.

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.

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€“ Arche Nord Coupole/Regnault - 92078 Paris-La DÃ©fense Cedex, France, or at our website: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SECâ€™s website: www.sec.gov.

Total

Tel. : (33) 1 47 44 58 53

Fax : (33) 1 47 44 58 24

Martin DEFFONTAINES

Matthieu GOT

Karine KACZKA

Magali PAILHE

Robert HAMMOND (U.S.)

Robert PERKINS (U.S.)

Tel. : (1) 713-483-5070

Fax : (1) 713-483-5629

Operating information by segment
for second quarter and first half 2013

Upstream

2Q13

1Q13

2Q12

2Q13 vs 2Q12

Combined liquids and gas production by region (kboe/d)

1H13

1H12

1H13 vs 1H12

383

392

429

-11%

Europe

388

464

-16%

688

692

706

-3%

Africa

690

707

-2%

527

542

477

+10%

Middle East

535

494

+8%

+1%

North America

+3%

171

172

187

-9%

South America

172

185

-7%

229

236

213

+8%

Asia-Pacific

232

213

+9%

222

218

180

+23%

CIS

218

185

+18%

2,290

2,323

2,261

+1%

Total production

2,306

2,317

678

681

578

+17%

Includes equity affiliates

679

603

+13%

2Q13

1Q13

2Q12

2Q13 vs 2Q12

Liquids production by region (kboe/d)

1H13

1H12

1H13 vs 1H12

154

166

199

-23%

Europe

160

212

-25%

542

552

573

-5%

Africa

547

570

-4%

320

329

310

+3%

Middle East

324

305

+6%

+8%

North America

+8%

-8%

South America

-8%

+16%

Asia-Pacific

+20%

+27%

CIS

+23%

1,160

1,193

1,218

-5%

Total production

1,176

1,224

-4%

323

325

311

+4%

Includes equity affiliates

324

305

+6%

2Q13

1Q13

2Q12

2Q13 vs 2Q12

Gas production by region (Mcf/d)

1H13

1H12

1H13 vs 1H12

1,285

1,215

1,264

+2%

Europe

1,250

1,378

-9%

741

707

674

+10%

Africa

724

702

+3%

1,105

1,165

916

+21%

Middle East

1,135

1,029

+10%

242

250

253

-4%

North America

246

249

-1%

649

637

759

-14%

South America

643

711

-10%

1,121

1,151

1,019

+10%

Asia-Pacific

1,136

1,046

+9%

1,026

1,012

837

+23%

CIS

1,019

859

+19%

6,169

6,137

5,722

+8%

Total production

6,153

5,974

+3%

1,900

1,922

1,445

+31%

Includes equity affiliates

1,911

1,609

+19%

2Q13

1Q13

2Q12

2Q13 vs 2Q12

Liquefied natural gas

1H13

1H12

1H13 vs 1H12

2.86

2.90

2.55

+12%

LNG sales* (Mt)

5.76

5.77

* Sales, Group share, excluding trading; 2012 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2012 SEC coefficient

Downstream (Refining & Chemicals and Marketing & Services)

2Q13

1Q13

2Q12

2Q13vs 2Q12

Refined product sales by region (kb/d)*

1H13

1H12

1H13vs 1H12

1,973

1,978

2,060

-4%

Europe

1,975

2,064

-4%

442

448

401

+10%

Africa

445

397

+12%

544

481

509

+7%

Americas

513

475

+8%

520

505

508

+2%

Rest of world

513

538

-5%

3,479

3,412

3,478

Total consolidated sales

3,446

3,473

-1%

534

521

542

-1%

Includes bulk sales

528

522

+1%

1,162

1,176

1,246

-7%

Includes trading

1,169

1,236

-5%

* includes share of TotalErg.

Adjustment items

Adjustments to operating income

2Q13	Â	1Q13	Â	2Q12	Â	in millions of euros	Â	1H13	Â	1H12
(37)	Â	(6)	Â	(89)	Â	Special items affecting operating income	Â	(43)	Â	(154)
-	Â	(2)	Â	(48)	Â	-- Restructuring charges	Â	(2)	Â	(48)
-		(4)		-		-- Impairments		(4)		-
(37)	Â	-	Â	(41)	Â	-- Other	Â	(37)	Â	(106)
(581)	Â	(88)	Â	(1,384)	Â	Pre-tax inventory effect : FIFO vs. replacement cost	Â	(669)	Â	(538)
(32)	Â	2	Â	11	Â	Effect of changes in fair value	Â	(30)	Â	(14)
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(650)	Â	(92)	Â	(1,462)	Â	Total adjustments affecting operating income	Â	(742)	Â	(706)

Adjustments to net income (Group share)

2Q13	Â	1Q13	Â	2Q12	Â	in millions of euros	Â	1H13	Â	1H12
262	Â	(1,276)	Â	(323)	Â	Special items affecting operating income (Group share)	Â	(1,014)	Â	(305)
287	Â	(1,247)	Â	73	Â	-- Gain (loss) on asset sales	Â	(960)	Â	153
-	Â	(26)	Â	(40)	Â	-- Restructuring charges	Â	(26)	Â	(40)
-		(3)		(18)		-- Impairments		(3)		(38)
(25)	Â	-	Â	(338)	Â	-- Other	Â	(25)	Â	(380)
(400)	Â	(51)	Â	(959)	Â	After-tax inventory effect: FIFO vs. replacement cost	Â	(451)	Â	(369)
(24)	Â	1	Â	9	Â	Effect of changes in fair value	Â	(23)	Â	(11)
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(162)	Â	(1,326)	Â	(1,273)	Â	Total adjustments affecting net income	Â	(1,488)	Â	(685)

Effective tax rates

2Q13	Â	1Q13	Â	2Q12	Â	Effective tax rate*	Â	1H13	Â	1H12
58.3%	Â	62.7%	Â	58.4%	Â	Upstream	Â	60.6%	Â	59.9%
55.6%	Â	58.8%	Â	56.5%	Â	Group	Â	57.3%	Â	58.8%

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

Investments - Divestments

2Q13

1Q13

2Q12

2Q13 vs 2Q12

in millions of euros

1H13

1H12

1H13 vs 1H12

4,939

4,854

4,381

+13%

Investments excluding acquisitions*

9,793

8,254

+19%

397

362

319

+24%

Capitalized exploration

759

669

+13%

277

231

-96%

Change in non-current loans**

286

390

-27%

500

934

437

+14%

Acquisitions

1,434

2,270

-37%

5,439

5,788

4,818

+13%

Investments including acquisitions*

11,227

10,523

+7%

1,061

420

834

+27%

Asset sales

1,481

2,289

-35%

4,378

5,368

3,984

+10%

Net investments**

9,746

8,234

+18%

2Q13

1Q13

2Q12

2Q13 vs 2Q12

in millions of dollars***

1H13

1H12

1H13 vs 1H12

6,451

6,410

5,614

+15%

Investments excluding acquisitions*

12,862

10,701

+20%

519

478

409

+27%

Capitalized exploration

997

867

+15%

366

296

-96%

Change in non-current loans**

376

506

-26%

653

1,233

560

+17%

Acquisitions

1,883

2,943

-36%

7,104

7,644

6,174

+15%

Investments including acquisitions*

14,746

13,643

+8%

1,386

555

1,069

+30%

Asset sales

1,945

2,968

-34%

5,719

7,089

5,105

+12%

Net investments**

12,800

10,675

+20%

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

Net-debt-to-equity ratio

in millions of euros	Â	06/30/2013	Â	03/31/2013	Â	06/30/2012
Current borrowings	Â	10,030	Â	10,739	Â	10,642
Net current financial assets		(465)		(535)		(1,552)
Net financial assets classified as held for sale		775		682		-
Non-current financial debt		22,595		22,875		23,260
Hedging instruments of non-current debt		(1,306)		(1,472)		(1,886)
Cash and cash equivalents	Â	(11,558)	Â	(13,415)	Â	(14,998)
Net debt	Â	20,071	Â	18,874	Â	15,466
Â	Â	Â	Â	Â	Â	Â
Shareholdersâ€™ equity		72,461		73,846		70,665
Estimated dividend payable		(1,313)		(2,666)		(1,299)
Non-controlling interests	Â	1,701	Â	1,785	Â	1,256
Equity	Â	72,849	Â	72,965	Â	70,622
Â	Â	Â	Â	Â	Â	Â
Net-debt-to-equity ratio	Â	27.6%	Â	25.9%	Â	21.9%

2013 Sensitivities*

Â	Â	Scenario	Â	Change	Â	Impact on adjusted operating income (e)	Â	Impact on adjusted net operating income (e)
Dollar	Â	1.30 $/â‚¬	Â	+0.1 $ per â‚¬	Â	-2.2 Bâ‚¬	Â	-0.95 Bâ‚¬
Brent	Â	100 $/b	Â	+1 $/b	Â	+0.24 Bâ‚¬ / 0.31 B$	Â	+0.11 Bâ‚¬ / 0.14 B$
European refining margins (ERMI)	Â	30 $/t	Â	+1 $/t	Â	+0.08 Bâ‚¬ / 0.1 B$	Â	+0.05 Bâ‚¬ / 0.06 B$

* Sensitivities are revised once per year upon publication of the previous yearâ€™s fourth quarter results. Sensitivities are estimates based on assumptions of the Groupâ€™s portfolio in 2013. Actual results could vary significantly from estimates based on the application of these sensitivities.

The impact of the â‚¬-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 80% and 70% respectively. The remaining impact is essentially on the Refining & Chemicals segment.

Return on average capital employed

Twelve months ended June 30, 2013

in millions of euros	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Group
Adjusted net operating income	Â	10,374	Â	1,687	Â	1,107		12,679
Capital employed at 06/30/2012*		58,668		16,014		8,003		83,729
Capital employed at 06/30/2013*	Â	69,644	Â	15,998	Â	7,511		90,858
ROACE	Â	16.2%	Â	10.5%	Â	14.3%		14.5%

Twelve months ended March 31, 2013

in millions of euros	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Group
Adjusted net operating income	Â	10,554	Â	1,695	Â	954		12,764
Capital employed at 03/31/2012*		57,382		15,790		7,485		82,009
Capital employed at 03/31/2013*	Â	67,187	Â	17,096	Â	7,503		90,694
ROACE	Â	16.9%	Â	10.3%	Â	12.7%		14.8%

Full-year 2012

in millions of euros	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Group
Adjusted net operating income	Â	11,145	Â	1,376	Â	830		12,927
Capital employed at 12/31/2011*		56,910		15,454		6,852		79,976
Capital employed at 12/31/2012*	Â	63,862	Â	15,726	Â	6,986		84,152
ROACE	Â	18.5%	Â	8.8%	Â	12.0%		15.8%

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

Total financial statements
______________________
Second quarter 2013 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME	Â		Â		Â
TOTAL
(unaudited)
						Â
(Mâ‚¬) ^(a)	Â	2^nd quarter 2013	Â	1^st quarter 2013	Â	2^nd quarter 2012
Sales		46,973		48,130		49,135
Excise taxes		(4,469)		(4,196)		(4,559)
Revenues from sales		42,504		43,934		44,576
Purchases, net of inventory variation		(30,344)		(30,530)		(32,294)
Other operating expenses		(5,635)		(5,352)		(5,927)
Exploration costs		(272)		(307)		(269)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,941)		(2,160)		(2,028)
Other income		352		31		225
Other expense		(94)		(1,532)		(451)
Financial interest on debt		(182)		(169)		(170)
Financial income from marketable securities & cash equivalents		14		22		24
Cost of net debt		(168)		(147)		(146)
Other financial income		157		103		209
Other financial expense		(137)		(128)		(118)
Equity in net income (loss) of affiliates		609		718		436
Income taxes	Â	(2,456)	Â	(3,042)	Â	(2,668)
Consolidated net income	Â	2,575	Â	1,588	Â	1,545
Group share		2,537		1,537		1,518
Non-controlling interests	Â	38	Â	51	Â	27
Earnings per share (â‚¬)	Â	1.12	Â	0.68	Â	0.67
Fully-diluted earnings per share (â‚¬)	Â	1.12	Â	0.68	Â	0.67
^(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME			Â		Â
TOTAL	Â
(unaudited)
						Â
(Mâ‚¬)	Â	2^nd quarter 2013	Â	1^st quarter 2013	Â	2^nd quarter 2012
Consolidated net income	Â	2,575	Â	1,588	Â	1,545
Other comprehensive income
						Â
Actuarial gains and losses		(188)		169		(422)
Tax effect	Â	72	Â	(66)	Â	158
Items not potentially reclassifiable to profit and loss	Â	(116)	Â	103	Â	(264)
Currency translation adjustment		(1,111)		951		2,337
Available for sale financial assets		6		(4)		(93)
Cash flow hedge		61		11		(67)
Share of other comprehensive income of equity affiliates, net amount		(430)		94		(57)
Other		-		(8)		(7)
Tax effect	Â	(25)	Â	(2)	Â	46
Items potentially reclassifiable to profit and loss	Â	(1,499)	Â	1,042	Â	2,159
Total other comprehensive income (net amount)	Â	(1,615)	Â	1,145	Â	1,895
Â	Â	Â	Â	Â	Â	Â
Comprehensive income	Â	960	Â	2,733	Â	3,440
- Group share		978		2,649		3,363
- Non-controlling interests		(18)		84		77

CONSOLIDATED STATEMENT OF INCOME	Â		Â
TOTAL
(unaudited)
				Â
(Mâ‚¬) ^(a)	Â	1^st half 2013	Â	1^st half 2012
Sales		95,103		100,303
Excise taxes		(8,665)		(8,952)
Revenues from sales		86,438		91,351
Purchases, net of inventory variation		(60,874)		(64,335)
Other operating expenses		(10,987)		(11,007)
Exploration costs		(579)		(625)
Depreciation, depletion and amortization of tangible assets and mineral interests		(4,101)		(3,866)
Other income		383		514
Other expense		(1,626)		(547)
Financial interest on debt		(351)		(357)
Financial income from marketable securities & cash equivalents		36		59
Cost of net debt		(315)		(298)
Other financial income		260		294
Other financial expense		(265)		(254)
Equity in net income (loss) of affiliates		1,327		977
Income taxes	Â	(5,498)	Â	(6,979)
Consolidated net income	Â	4,163	Â	5,225
Group share		4,074		5,186
Non-controlling interests	Â	89	Â	39
Earnings per share (â‚¬)	Â	1.80	Â	2.30
Fully-diluted earnings per share (â‚¬)	Â	1.79	Â	2.29
^(a)Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	Â		Â
TOTAL
(unaudited)
				Â
(Mâ‚¬)	Â	1^st half 2013	Â	1^st half 2012
Consolidated net income	Â	4,163	Â	5,225
Other comprehensive income
				Â
Actuarial gains and losses		(19)		(423)
Tax effect	Â	6	Â	156
Items not potentially reclassifiable to profit and loss	Â	(13)	Â	(267)
Currency translation adjustment		(160)		1,289
Available for sale financial assets		2		(159)
Cash flow hedge		72		3
Share of other comprehensive income of equity affiliates, net amount		(336)		105
Other		(8)		(14)
Tax effect	Â	(27)	Â	35
Items potentially reclassifiable to profit and loss	Â	(457)	Â	1,259
Total other comprehensive income (net amount)	Â	(470)	Â	992
Â	Â	Â	Â	Â
Comprehensive income	Â	3,693	Â	6,217
- Group share		3,627		6,155
- Non-controlling interests		66		62

CONSOLIDATED BALANCE SHEET	Â		Â		Â		Â
TOTAL
								Â
								Â
(Mâ‚¬)	Â	June 30, 2013 (unaudited)	Â	March 31, 2013 (unaudited)	Â	December 31, 2012	Â	June 30, 2012 (unaudited)
ASSETS
Non-current assets
Intangible assets, net		13,322		13,552		12,858		13,847
Property, plant and equipment, net		71,397		70,680		69,332		69,868
Equity affiliates : investments and loans		14,555		15,139		13,759		13,911
Other investments		1,210		1,223		1,190		2,222
Hedging instruments of non-current financial debt		1,306		1,472		1,626		1,886
Deferred income taxes		2,842		2,568		2,279		1,758
Other non-current assets	Â	2,914	Â	2,846	Â	2,663	Â	2,535
Total non-current assets	Â	107,546	Â	107,480	Â	103,707	Â	106,027
Current assets
Inventories, net		15,441		17,095		17,397		17,111
Accounts receivable, net		19,563		21,995		19,206		19,768
Other current assets		11,353		10,898		10,086		10,435
Current financial assets		510		624		1,562		1,723
Cash and cash equivalents		11,558		13,415		15,469		14,998
Assets classified as held for sale	Â	3,902	Â	4,555	Â	3,797	Â	-
Total current assets	Â	62,327	Â	68,582	Â	67,517	Â	64,035
Total assets		169,873		176,062		171,224		170,062
								Â
LIABILITIES & SHAREHOLDERS' EQUITY
								Â
Shareholders' equity
Common shares		5,942		5,915		5,915		5,911
Paid-in surplus and retained earnings		71,785		71,751		70,116		67,776
Currency translation adjustment		(1,924)		(478)		(1,504)		368
Treasury shares	Â	(3,342)	Â	(3,342)	Â	(3,342)	Â	(3,390)
Total shareholders' equity - Group Share	Â	72,461	Â	73,846	Â	71,185	Â	70,665
Non-controlling interests	Â	1,701	Â	1,785	Â	1,280	Â	1,256
Total shareholders' equity	Â	74,162	Â	75,631	Â	72,465	Â	71,921
Non-current liabilities
Deferred income taxes		12,800		12,877		12,132		11,860
Employee benefits		3,633		3,503		3,744		3,406
Provisions and other non-current liabilities		11,059		11,554		11,585		11,264
Non-current financial debt	Â	22,595	Â	22,875	Â	22,274	Â	23,260
Total non-current liabilities	Â	50,087	Â	50,809	Â	49,735	Â	49,790
Current liabilities
Accounts payable		20,168		21,809		21,648		20,448
Other creditors and accrued liabilities		13,901		15,254		14,698		17,090
Current borrowings		10,030		10,739		11,016		10,642
Other current financial liabilities		45		89		176		171
Liabilities directly associated with the assets classified as held for sale	Â	1,480	Â	1,731	Â	1,486	Â	-
Total current liabilities	Â	45,624	Â	49,622	Â	49,024	Â	48,351
Total liabilities and shareholders' equity		169,873		176,062		171,224		170,062

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â		Â
TOTAL
(unaudited)
						Â
(Mâ‚¬)	Â	2^nd quarter 2013	Â	1^st quarter 2013	Â	2^nd quarter 2012
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		2,575		1,588		1,545
Depreciation, depletion and amortization		2,114		2,306		2,164
Non-current liabilities, valuation allowances and deferred taxes		(101)		77		(32)
Impact of coverage of pension benefit plans		-		-		(362)
(Gains) losses on disposals of assets		(271)		1,418		(165)
Undistributed affiliates' equity earnings		70		(353)		193
(Increase) decrease in working capital		(732)		(1,403)		2,783
Other changes, net	Â	51	Â	85	Â	41
Cash flow from operating activities		3,706		3,718		6,167
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(5,232)		(4,913)		(4,128)
Acquisitions of subsidiaries, net of cash acquired		-		(16)		(4)
Investments in equity affiliates and other securities		(198)		(582)		(455)
Increase in non-current loans	Â	(282)	Â	(473)	Â	(377)
Total expenditures		(5,712)		(5,984)		(4,964)
Proceeds from disposals of intangible assets and property, plant and equipment		844		420		95
Proceeds from disposals of subsidiaries, net of cash sold		200		-		-
Proceeds from disposals of non-current investments		17		-		739
Repayment of non-current loans	Â	273	Â	196	Â	146
Total divestments	Â	1,334	Â	616	Â	980
Cash flow used in investing activities		(4,378)		(5,368)		(3,984)
						Â
CASH FLOW USED IN FINANCING ACTIVITIES
						Â
Issuance (repayment) of shares:
- Parent company shareholders		329		-		-
- Treasury shares		-		-		-
Dividends paid:
- Parent company shareholders		(1,356)		(1,333)		(1,284)
- Non-controlling interests		(70)		(2)		(96)
Other transactions with non-controlling interests		(3)		357		1
Net issuance (repayment) of non-current debt		575		2,850		1,409
Increase (decrease) in current borrowings		(698)		(3,232)		(693)
Increase (decrease) in current financial assets and liabilities		9		892		(10)
Cash flow used in financing activities	Â	(1,214)	Â	(468)	Â	(673)
Net increase (decrease) in cash and cash equivalents		(1,886)		(2,118)		1,510
Effect of exchange rates		29		64		158
Cash and cash equivalents at the beginning of the period	Â	13,415	Â	15,469	Â	13,330
Cash and cash equivalents at the end of the period	Â	11,558	Â	13,415	Â	14,998

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â
TOTAL
(unaudited)
				Â
(Mâ‚¬)	Â	1^st half 2013	Â	1^st half 2012
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		4,163		5,225
Depreciation, depletion and amortization		4,420		4,267
Non-current liabilities, valuation allowances and deferred taxes		(24)		326
Impact of coverage of pension benefit plans		-		(362)
(Gains) losses on disposals of assets		1,147		(446)
Undistributed affiliates' equity earnings		(283)		227
(Increase) decrease in working capital		(2,135)		2,109
Other changes, net	Â	136	Â	88
Cash flow from operating activities		7,424		11,434
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(10,145)		(9,355)
Acquisitions of subsidiaries, net of cash acquired		(16)		(125)
Investments in equity affiliates and other securities		(780)		(653)
Increase in non-current loans	Â	(755)	Â	(771)
Total expenditures		(11,696)		(10,904)
Proceeds from disposals of intangible assets and property, plant and equipment		1,264		662
Proceeds from disposals of subsidiaries, net of cash sold		200		34
Proceeds from disposals of non-current investments		17		1,593
Repayment of non-current loans	Â	469	Â	381
Total divestments	Â	1,950	Â	2,670
Cash flow used in investing activities		(9,746)		(8,234)
				Â
CASH FLOW USED IN FINANCING ACTIVITIES
				Â
Issuance (repayment) of shares:
- Parent company shareholders		329		31
- Treasury shares		-		-
Dividends paid:
- Parent company shareholders		(2,689)		(2,570)
- Non controlling interests		(72)		(98)
Other transactions with non-controlling interests		354		1
Net issuance (repayment) of non-current debt		3,425		3,073
Increase (decrease) in current borrowings		(3,930)		(1,794)
Increase (decrease) in current financial assets and liabilities		901		(939)
Cash flow used in financing activities	Â	(1,682)	Â	(2,296)
Net increase (decrease) in cash and cash equivalents		(4,004)		904
Effect of exchange rates		93		69
Cash and cash equivalents at the beginning of the period	Â	15,469	Â	14,025
Cash and cash equivalents at the end of the period	Â	11,558	Â	14,998

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY									Â		Â		Â		Â		Â
TOTAL	Â		Â		Â		Â
Â	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, 2012	Â	2,363,767,313	Â	5,909	Â	65,430	Â	(1,004)	Â	(109,554,173)	Â	(3,390)	Â	66,945	Â	1,352	Â	68,297
Net income of the first half		-		-		5,186		-		-		-		5,186		39		5,225
Other comprehensive Income		-		-		(396)		1,365		-		-		969		23		992
Comprehensive Income		-		-		4,790		1,365		-		-		6,155		62		6,217
Dividend		-		-		(2,570)		-		-		-		(2,570)		(98)		(2,668)
Issuance of common shares		779,653		2		29		-		-		-		31		-		31
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares ⁽¹⁾		-		-		-		-		10,295		-		-		-		-
Share-based payments		-		-		74		-		-		-		74		-		74
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		14		7		-		-		21		(20)		1
Other items		-		-		9		-		-		-		9		(40)		(31)
As of June 30, 2012	Â	2,364,546,966	Â	5,911	Â	67,776	Â	368	Â	(109,543,878)	Â	(3,390)	Â	70,665	Â	1,256	Â	71,921
Net income from July 1 to December 31, 2012		-		-		5,423		-		-		-		5,423		108		5,531
Other comprehensive Income		-		-		(373)		(1,871)		-		-		(2,244)		(63)		(2,307)
Comprehensive Income		-		-		5,050		(1,871)		-		-		3,179		45		3,224
Dividend		-		-		(2,667)		-		-		-		(2,667)		(6)		(2,673)
Issuance of common shares		1,386,180		4		(3)		-		-		-		1		-		1
Purchase of treasury shares		-		-		-		-		(1,800,000)		(68)		(68)		-		(68)
Sale of treasury shares ⁽¹⁾		-		-		(116)		-		2,952,239		116		-		-		-
Share-based payments		-		-		72		-		-		-		72		-		72
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		(3)		(1)		-		-		(4)		4		-
Other items		-		-		7		-		-		-		7		(19)		(12)
As of December 31, 2012	Â	2,365,933,146	Â	5,915	Â	70,116	Â	(1,504)	Â	(108,391,639)	Â	(3,342)	Â	71,185	Â	1,280	Â	72,465
Net income of the first half		-		-		4,074		-		-		-		4,074		89		4,163
Other comprehensive Income		-		-		(28)		(419)		-		-		(447)		(23)		(470)
Comprehensive Income		-		-		4,046		(419)		-		-		3,627		66		3,693
Dividend		-		-		(2,685)		-		-		-		(2,685)		(72)		(2,757)
Issuance of common shares		10,802,845		27		302		-		-		-		329		-		329
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares ⁽¹⁾		-		-		-		-		980		-		-		-		-
Share-based payments		-		-		74		-		-		-		74		-		74
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		(69)		(1)		-		-		(70)		424		354
Other items		-		-		1		-		-		-		1		3		4
As of June 30, 2013	Â	2,376,735,991	Â	5,942	Â	71,785	Â	(1,924)	Â	(108,390,659)	Â	(3,342)	Â	72,461	Â	1,701	Â	74,162
																		Â
⁽¹⁾ Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

2^nd quarter 2013

(Mâ‚¬)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

4,781

21,560

20,561

46,973

Intersegment sales

6,519

9,807

806

(17,159)

Excise taxes

(835)

(3,634)

(4,469)

Revenues from sales

11,300

30,532

17,733

(17,159)

42,504

Operating expenses

(5,512)

(30,413)

(17,273)

(212)

17,159

(36,251)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,512)

(298)

(123)

(8)

(1,941)

Operating income

4,276

(179)

337

(122)

4,312

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

774

887

Tax on net operating income

(2,421)

(100)

(44)

(2,485)

Net operating income

2,629

(47)

275

(143)

2,714

Net cost of net debt

(139)

Non-controlling interests

(38)

Net income

2,537

2^nd quarter 2013 (adjustments) ^(a)

(Mâ‚¬)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(32)

Intersegment sales

Excise taxes

Revenues from sales

(32)

Operating expenses

(536)

(82)

(618)

Depreciation, depletion and amortization of tangible assets and mineral interests

Operating income^(b)

(32)

(536)

(82)

(650)

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

252

(32)

221

Tax on net operating income

151

261

Net operating income^(b)

304

(417)

(55)

(168)

Net cost of net debt

Non-controlling interests

Net income

(162)

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

^(b)Of which inventory valuation effect

On operating income

(499)

(82)

On net operating income

(351)

(55)

2^ndquarter 2013 (adjusted)

(Mâ‚¬) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

4,813

21,560

20,561

47,005

Intersegment sales

6,519

9,807

806

(17,159)

Excise taxes

(835)

(3,634)

(4,469)

Revenues from sales

11,332

30,532

17,733

(17,159)

42,536

Operating expenses

(5,512)

(29,877)

(17,191)

(212)

17,159

(35,633)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,512)

(298)

(123)

(8)

(1,941)

Adjusted operating income

4,308

357

419

(122)

4,962

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

522

666

Tax on net operating income

(2,505)

(71)

(126)

(44)

(2,746)

Adjusted net operating income

2,325

370

330

(143)

2,882

Net cost of net debt

(139)

Non-controlling interests

(44)

Ajusted net income

2,699

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

1.19

(a) Except for earnings per share.

2^ndquarter 2013

(Mâ‚¬)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

5,056

382

242

5,712

Total divestments

1,112

208

1,334

Cash flow from operating activities

2,128

1,303

414

(139)

3,706

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

1^st quarter 2013

(Mâ‚¬)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

5,452

21,618

20,999

48,130

Intersegment sales

7,335

9,914

108

(17,408)

Excise taxes

(830)

(3,366)

(4,196)

Revenues from sales

12,787

30,702

17,741

112

(17,408)

43,934

Operating expenses

(6,115)

(30,067)

(17,208)

(207)

17,408

(36,189)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,710)

(298)

(145)

(7)

(2,160)

Operating income

4,962

337

388

(102)

5,585

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

(846)

(32)

(2)

(808)

Tax on net operating income

(2,896)

(79)

(115)

(3,069)

Net operating income

1,220

330

241

(83)

1,708

Net cost of net debt

(120)

Non-controlling interests

(51)

Net income

1,537

1^st quarter 2013 (adjustments) ^(a)

(Mâ‚¬)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

(69)

(21)

(90)

Depreciation, depletion and amortization of tangible assets and mineral interests

(4)

Operating income^(b)

(73)

(21)

(92)

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

(1,420)

(10)

(1,440)

Tax on net operating income

172

209

Net operating income^(b)

(1,246)

(53)

(24)

(1,323)

Net cost of net debt

Non-controlling interests

(3)

Net income

(1,326)

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

^(b)Of which inventory valuation effect

On operating income

(67)

(21)

On net operating income

(34)

(14)

1^stquarter 2013 (adjusted)

(Mâ‚¬) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

5,450

21,618

20,999

48,128

Intersegment sales

7,335

9,914

108

(17,408)

Excise taxes

(830)

(3,366)

(4,196)

Revenues from sales

12,785

30,702

17,741

112

(17,408)

43,932

Operating expenses

(6,115)

(29,998)

(17,187)

(207)

17,408

(36,099)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,710)

(294)

(145)

(7)

(2,156)

Adjusted operating income

4,960

410

409

(102)

5,677

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

574

(22)

(2)

632

Tax on net operating income

(3,068)

(109)

(122)

(3,278)

Adjusted net operating income

2,466

383

265

(83)

3,031

Net cost of net debt

(120)

Non-controlling interests

(48)

Ajusted net income

2,863

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

1.26

(a) Except for earnings per share.

1^stquarter 2013

(Mâ‚¬)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

5,255

533

187

5,984

Total divestments

543

616

Cash flow from operating activities

4,150

(288)

(93)

(51)

3,718

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

2^nd quarter 2012

(Mâ‚¬)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

4,977

22,592

21,519

49,135

Intersegment sales

7,751

10,474

222

(18,495)

Excise taxes

(874)

(3,686)

(4,559)

Revenues from sales

12,728

32,192

18,055

(18,495)

44,576

Operating expenses

(6,274)

(32,653)

(17,768)

(290)

18,495

(38,490)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,513)

(319)

(189)

(7)

(2,028)

Operating income

4,941

(780)

(201)

4,058

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

448

(14)

(156)

301

Tax on net operating income

(2,882)

258

(62)

(12)

(2,698)

Net operating income

2,507

(499)

(369)

1,661

Net cost of net debt

(116)

Non-controlling interests

(27)

Net income

1,518

2^nd quarter 2012 (adjustments) ^(a)

(Mâ‚¬)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

(18)

(1,238)

(148)

(23)

(1,427)

Depreciation, depletion and amortization of tangible assets and mineral interests

(46)

Operating income^(b)

(7)

(1,238)

(194)

(23)

(1,462)

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

(40)

(8)

(244)

(292)

Tax on net operating income

401

(9)

448

Net operating income^(b)

(877)

(155)

(276)

(1,306)

Net cost of net debt

Non-controlling interests

Net income

(1,273)

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

^(b)Of which inventory valuation effect

On operating income

(1,238)

(146)

On net operating income

(877)

(99)

2^ndquarter 2012 (adjusted)

(Mâ‚¬) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

4,966

22,592

21,519

49,124

Intersegment sales

7,751

10,474

222

(18,495)

Excise taxes

(874)

(3,686)

(4,559)

Revenues from sales

12,717

32,192

18,055

(18,495)

44,565

Operating expenses

(6,256)

(31,415)

(17,620)

(267)

18,495

(37,063)

Depreciation, depletion and amortization of tangible assets and mineral interests

(1,513)

(319)

(143)

(7)

(1,982)

Adjusted operating income

4,948

458

292

(178)

5,520

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

448

(6)

593

Tax on net operating income

(2,891)

(143)

(109)

(3)

(3,146)

Adjusted net operating income

2,505

378

177

(93)

2,967

Net cost of net debt

(116)

Non-controlling interests

(60)

Ajusted net income

2,791

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

1.23

(a) Except for earnings per share.

2^ndquarter 2012

(Mâ‚¬)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

4,227

501

212

4,964

Total divestments

234

719

980

Cash flow from operating activities

5,298

625

(140)

384

6,167

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

1^st half 2013

(Mâ‚¬)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

10,233

43,178

41,560

132

95,103

Intersegment sales

13,854

19,721

914

(34,567)

Excise taxes

(1,665)

(7,000)

(8,665)

Revenues from sales

24,087

61,234

35,474

210

(34,567)

86,438

Operating expenses

(11,627)

(60,480)

(34,481)

(419)

34,567

(72,440)

Depreciation, depletion and amortization of tangible assets and mineral interests

(3,222)

(596)

(268)

(15)

(4,101)

Operating income

9,238

158

725

(224)

9,897

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

(72)

124

Tax on net operating income

(5,317)

(215)

(23)

(5,554)

Net operating income

3,849

283

516

(226)

4,422

Net cost of net debt

(259)

Non-controlling interests

(89)

Net income

4,074

1^st half 2013 (adjustments) ^(a)

(Mâ‚¬)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(30)

Intersegment sales

Excise taxes

Revenues from sales

(30)

Operating expenses

(605)

(103)

(708)

Depreciation, depletion and amortization of tangible assets and mineral interests

(4)

Operating income^(b)

(30)

(609)

(103)

(742)

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

(1,168)

(42)

(9)

(1,219)

Tax on net operating income

256

181

470

Net operating income^(b)

(942)

(470)

(79)

(1,491)

Net cost of net debt

Non-controlling interests

Net income

(1,488)

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

^(b)Of which inventory valuation effect

On operating income

(566)

(103)

On net operating income

(385)

(69)

1^sthalf 2013 (adjusted)

(Mâ‚¬) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

10,263

43,178

41,560

132

95,133

Intersegment sales

13,854

19,721

914

(34,567)

Excise taxes

(1,665)

(7,000)

(8,665)

Revenues from sales

24,117

61,234

35,474

210

(34,567)

86,468

Operating expenses

(11,627)

(59,875)

(34,378)

(419)

34,567

(71,732)

Depreciation, depletion and amortization of tangible assets and mineral interests

(3,222)

(592)

(268)

(15)

(4,097)

Adjusted operating income

9,268

767

828

(224)

10,639

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

1,096

166

1,298

Tax on net operating income

(5,573)

(180)

(248)

(23)

(6,024)

Adjusted net operating income

4,791

753

595

(226)

5,913

Net cost of net debt

(259)

Non-controlling interests

(92)

Ajusted net income

5,562

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

2.45

(a) Except for earnings per share.

1^sthalf 2013

(Mâ‚¬)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

10,311

915

429

11,696

Total divestments

1,655

235

1,950

Cash flow from operating activities

6,278

1,015

321

(190)

7,424

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

1^st half 2012

(Mâ‚¬)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

11,154

45,688

43,371

100,303

Intersegment sales

15,985

22,289

453

(38,820)

Excise taxes

(1,678)

(7,274)

(8,952)

Revenues from sales

27,139

66,299

36,550

183

(38,820)

91,351

Operating expenses

(12,809)

(65,706)

(35,755)

(517)

38,820

(75,967)

Depreciation, depletion and amortization of tangible assets and mineral interests

(2,906)

(633)

(311)

(16)

(3,866)

Operating income

11,424

(40)

484

(350)

11,518

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

991

115

(83)

(39)

984

Tax on net operating income

(6,871)

(218)

(10)

(7,056)

Net operating income

5,544

118

183

(399)

5,446

Net cost of net debt

(221)

Non-controlling interests

(39)

Net income

5,186

1^st half 2012 (adjustments) ^(a)

(Mâ‚¬)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(14)

Intersegment sales

Excise taxes

Revenues from sales

(14)

Operating expenses

(18)

(455)

(85)

(88)

(646)

Depreciation, depletion and amortization of tangible assets and mineral interests

(46)

Operating income^(b)

(32)

(455)

(131)

(88)

(706)

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

(17)

(29)

(134)

(180)

Tax on net operating income

148

(16)

171

Net operating income^(b)

(18)

(324)

(135)

(238)

(715)

Net cost of net debt

Non-controlling interests

Net income

(685)

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

^(b)Of which inventory valuation effect

On operating income

(455)

(83)

On net operating income

(324)

(59)

1^sthalf 2012 (adjusted)

(Mâ‚¬) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

11,168

45,688

43,371

100,317

Intersegment sales

15,985

22,289

453

(38,820)

Excise taxes

(1,678)

(7,274)

(8,952)

Revenues from sales

27,153

66,299

36,550

183

(38,820)

91,365

Operating expenses

(12,791)

(65,251)

(35,670)

(429)

38,820

(75,321)

Depreciation, depletion and amortization of tangible assets and mineral interests

(2,906)

(633)

(265)

(16)

(3,820)

Adjusted operating income

11,456

415

615

(262)

12,224

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

991

132

(54)

1,164

Tax on net operating income

(6,885)

(105)

(243)

(7,227)

Adjusted net operating income

5,562

442

318

(161)

6,161

Net cost of net debt

(221)

Non-controlling interests

(69)

Ajusted net income

5,871

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

2.59

(a) Except for earnings per share.

1^sthalf 2012

(Mâ‚¬)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

9,533

930

410

10,904

Total divestments

982

148

1,475

2,670

Cash flow from operating activities

11,064

589

(584)

365

11,434

Reconciliation of the information by business segment with consolidated financial statements					Â
TOTAL	Â		Â
(unaudited)
						Â
2^nd quarter 2013 (Mâ‚¬)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		47,005		(32)		46,973
Excise taxes		(4,469)		-		(4,469)
Revenues from sales		42,536		(32)		42,504
Purchases net of inventory variation		(29,763)		(581)		(30,344)
Other operating expenses		(5,598)		(37)		(5,635)
Exploration costs		(272)		-		(272)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,941)		-		(1,941)
Other income		100		252		352
Other expense		(77)		(17)		(94)
Financial interest on debt		(182)		-		(182)
Financial income from marketable securities & cash equivalents		14		-		14
Cost of net debt		(168)		-		(168)
Other financial income		157		-		157
Other financial expense		(137)		-		(137)
Equity in net income (loss) of affiliates		623		(14)		609
Income taxes	Â	(2,717)	Â	261	Â	(2,456)
Consolidated net income		2,743		(168)		2,575
Group share		2,699		(162)		2,537
Non-controlling interests		44		(6)		38
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
						Â
						Â
2^nd quarter 2012 (Mâ‚¬)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		49,124		11		49,135
Excise taxes		(4,559)		-		(4,559)
Revenues from sales		44,565		11		44,576
Purchases net of inventory variation		(30,910)		(1,384)		(32,294)
Other operating expenses		(5,884)		(43)		(5,927)
Exploration costs		(269)		-		(269)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,982)		(46)		(2,028)
Other income		126		99		225
Other expense		(108)		(343)		(451)
Financial interest on debt		(170)		-		(170)
Financial income from marketable securities & cash equivalents		24		-		24
Cost of net debt		(146)		-		(146)
Other financial income		209		-		209
Other financial expense		(118)		-		(118)
Equity in net income (loss) of affiliates		484		(48)		436
Income taxes	Â	(3,116)	Â	448	Â	(2,668)
Consolidated net income		2,851		(1,306)		1,545
Group share		2,791		(1,273)		1,518
Non-controlling interests		60		(33)		27
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Reconciliation of the information by business segment with consolidated financial statements
TOTAL	Â		Â		Â
(unaudited)
						Â
1^st half 2013 (Mâ‚¬)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		95,133		(30)		95,103
Excise taxes		(8,665)		-		(8,665)
Revenues from sales		86,468		(30)		86,438
Purchases net of inventory variation		(60,205)		(669)		(60,874)
Other operating expenses		(10,948)		(39)		(10,987)
Exploration costs		(579)		-		(579)
Depreciation, depletion and amortization of tangible assets and mineral interests		(4,097)		(4)		(4,101)
Other income		131		252		383
Other expense		(174)		(1,452)		(1,626)
Financial interest on debt		(351)		-		(351)
Financial income from marketable securities & cash equivalents		36		-		36
Cost of net debt		(315)		-		(315)
Other financial income		260		-		260
Other financial expense		(265)		-		(265)
Equity in net income (loss) of affiliates		1,346		(19)		1,327
Income taxes	Â	(5,968)	Â	470	Â	(5,498)
Consolidated net income		5,654		(1,491)		4,163
Group share		5,562		(1,488)		4,074
Non-controlling interests		92		(3)		89
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
						Â
						Â
1^st half 2012 (Mâ‚¬)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		100,317		(14)		100,303
Excise taxes		(8,952)		-		(8,952)
Revenues from sales		91,365		(14)		91,351
Purchases net of inventory variation		(63,797)		(538)		(64,335)
Other operating expenses		(10,899)		(108)		(11,007)
Exploration costs		(625)		-		(625)
Depreciation, depletion and amortization of tangible assets and mineral interests		(3,820)		(46)		(3,866)
Other income		305		209		514
Other expense		(200)		(347)		(547)
Financial interest on debt		(357)		-		(357)
Financial income from marketable securities & cash equivalents		59		-		59
Cost of net debt		(298)		-		(298)
Other financial income		294		-		294
Other financial expense		(254)		-		(254)
Equity in net income (loss) of affiliates		1,019		(42)		977
Income taxes	Â	(7,150)	Â	171	Â	(6,979)
Consolidated net income		5,940		(715)		5,225
Group share		5,871		(685)		5,186
Non-controlling interests		69		(30)		39
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

¹ Following the application of revised accounting standard IAS 19 effective January 1, 2013, the information for 2012 and 2011 has been restated; however, the impact on such restated results is not significant (see note 1 of the notes to the consolidated financial statements).
²Definition of adjusted results on page 2 â€“ dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the period: 1.3062 $/â‚¬ in 2Q13, 1.2814 $/â‚¬ in 2Q12, 1.3206 $/â‚¬ in 1Q13, 1.3134 $/â‚¬ in 1H13, and 1.2965 $/â‚¬ in 1H12.
³Group share.
⁴The ex-dividend date for the interim dividend will be December 16, 2013 and the payment date will be December 19, 2013.
⁵ Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. Adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 18 and the inventory valuation effect is explained on page 15.
⁶Including acquisitions.
⁷Dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the period.
⁸ Special items affecting operating income from the business segments had a negative impact of 37 Mâ‚¬ in 2Q13 and a negative impact of 66 Mâ‚¬ in 2Q12.
⁹ Defined as: (tax on adjusted net operating income) / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).
¹⁰ Adjustment items explained on page 15.
¹¹ Detail shown on page 18.
¹² Detail shown on page 19.
¹³ Net investments = investments including acquisitions and changes in non-current loans â€“ asset sales.
¹⁴ Cash flow from operations at replacement cost before changes in working capital.
¹⁵ Net cash flow = cash flow from operations - net investments.
¹⁶ Special items affecting operating income from the business segments had a negative impact of 43 Mâ‚¬ in the first half 2013 and a negative impact of 66 Mâ‚¬ in the first half 2012.
¹⁷ Adjustment items explained on page 15.
¹⁸ Detail shown on page 19.
¹⁹ As of June 30, 2013, the Group owns 16% of the share capital of Novatek.
²⁰ This amount does not include the sale of an interest in block 14 in Angola, which was reported in the cash flow statement of the first quarter 2013 as a transaction involving a non-controlling interest.
²¹ Cash flow from operations at replacement cost before changes in working capital.
²² Net cash flow = cash flow from operations - net investments.
²³ Detail shown on page 20.
²⁴ Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 21.
²⁵ The ex-dividend date will be September 24, 2013.

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