Total: Fourth Quarter and Full-Year 2016 Results

PARIS--()--Regulatory News:

    4Q16  

Change vs
4Q15

  2016  

Change vs
2015

       
Adjusted net income1
- in billions of dollars (B$) 2.4 +16% 8.3 -21%
- in dollars per share 0.96 +9% 3.38 -25%
 

Operating cash flow
before working capital changes1 (B$)

4.8 +9% 17.0 -12%
                 
Net income2 of 6.2 B$ in 2016, a 22% increase compared to 2015
Net-debt-to-equity ratio of 27% at December 31, 2016
Hydrocarbon production of 2,452 kboe/d in 2016, a 4.5% increase compared to 2015
Fourth quarter 2016 dividend of 0.62 €/share, a 1.6% increase compared to the
previous three interim dividends, payable in June 20173

Total’s (Paris:FP) (LSE:TTA) (NYSE:TOT) Board of Directors met on February 8, 2017, to review the Group’s 2016 accounts. Commenting on the results, Chairman and CEO Patrick Pouyanné said:
“After falling from 100 $/b in 2014 to 52 $/b on average in 2015, Brent prices were highly volatile in 2016, fluctuating between 27 $/b and 58 $/b, with an average of 44 $/b for the year. In this difficult environment, the Group demonstrated its resilience by generating adjusted net income of $8.3 billion and had the highest profitability among the majors due to the strength of its integrated model and commitment of its teams to reduce the breakeven.
The Group’s resilience was supported by outstanding production growth over the past two years (14.3%, including 4.5% in 2016). In the Upstream, the Group strengthened its position in the Middle East by entering the Al Shaheen field in Qatar, and in the US with the acquisition of shale gas assets. The Group is preparing future growth with the signing of major deals in Brazil with Petrobras, in Uganda and in Iran on the giant South Pars 11 project. The Group renewed its reserves with a replacement rate of 136% at constant prices and delivered promising exploration results, with two major discoveries in the US (North Platte) and Nigeria (Owowo).
Despite lower refining margins, the Downstream once again achieved its objectives and thereby demonstrated that its results are sustainable, with operating cash flow before working capital changes of $7 billion and ROACE above 30%, the highest among the majors.
Results from the Refining & Chemicals segment were underpinned by the strong performance of its Asia and Middle East integrated platforms, while Marketing & Services results were driven by growth in retail and lubricants.
Financial discipline was successfully maintained across all business segments both for investments ($18.3 billion including resource acquisitions) and operating costs, with savings of $2.8 billion in 2016, exceeding the objective of $2.4 billion. Production costs were reduced to 5.9 $/boe in 2016, compared to 9.9 $/boe in 2014.
The $10 billion asset sale program is around 80% complete following the closing of the Atotech sale, and this contributed to the Group’s financial strength with gearing at 27%, lower than it was in 2014.
In this context, the Board of Directors proposes to increase the dividend, despite the volatility of hydrocarbon prices, to 2.45 €/share, corresponding to a fourth quarter dividend of 0.62 €/share, a 1.6% increase compared to the previous three quarterly dividends. This demonstrates the Board’s confidence in the strength of the Group’s results and balance sheet as well as its prospects for cash flow growth.”

Key figures4

4Q16   3Q16   4Q15   4Q16

vs

4Q15

  In millions of dollars, except effective tax rate,

earnings per share and number of shares

  2016   2015  

2016 vs
2015

42,275   37,412   37,749   +12%   Sales   149,743   165,357   -9%
2,942   2,237   2,093   +41%   Adjusted operating income from business segments   8,928   12,672   -30%
2,680   2,339   2,285   +17%   Adjusted net operating income from business segments   9,420   11,362   -17%
1,131   877   748   +51%   Upstream   3,633   4,774   -24%
1,138   917   1,007   +13%   Refining & Chemicals   4,201   4,889   -14%
411   545   530   -22%   Marketing & Services   1,586   1,699   -7%
720   515   610   +18%   Contribution of equity affiliates to adjusted net income5   2,531   2,414   +5%
31.3%   21.5%   20.0%       Group effective tax rate6   25.0%   33.1%    
2,407   2,070   2,075   +16%   Adjusted net income   8,287   10,518   -21%
0.96   0.84   0.88   +9%   Adjusted fully-diluted earnings per share (dollars)7   3.38   4.51   -25%
0.89   0.76   0.80   +11%   Adjusted fully-diluted earnings per share (euros)*   3.06   4.07   -25%
2,433   2,404   2,329   +4%   Fully-diluted weighted-average shares (millions)   2,390   2,304   +4%
                             
548   1,954   (1,626)   n/a   Net income (Group share)   6,196   5,087   +22%
                             
5,855   5,201   6,594   -11%   Investments8   20,530   28,033   -27%
927   192   2,297   -60%   Divestments   2,877   7,584   -62%
4,928   5,116   4,289   +15%   Net investments9   17,757   20,360   -13%
4,728   4,082   6,365   -26%   Organic investments10   17,484   22,976   -24%
4,758   4,522   4,365   +9%   Operating cash flow before working capital changes11   16,988   19,376   -12%
7,018   4,740   4,838   +45%   Cash flow from operations   16,521   19,946   -17%

* Average €-$ exchange rate: 1.0789 in the fourth quarter 2016 and 1.1069 for the full-year 2016.

Highlights since the beginning of the fourth quarter 201612

  • Successful North Platte appraisal in US Gulf of Mexico
  • Obtained exploration licenses on three deep-offshore blocks in Mexico
  • Signed agreement to develop the Absheron discovery in Azerbaijan
  • Signed HoA to develop phase 11 of the giant South Pars gas field in Iran
  • Entered into Upstream-Downstream strategic alliance with Petrobras to acquire portfolio of assets in Brazil (lara and Lapa giant pre-salt fields and gas and power assets) for $2.2 billion
  • Signed agreement to acquire additional 21.6% interest in the Lake Albert project in Uganda
  • Obtained 34% interest in LNG import terminal project operated by Total in Ivory Coast with 3 Mt/y capacity
  • Acquired a 23% share in Tellurian, a company created to develop an integrated gas project in the US
  • Created joint venture with Corbion (50/50) to produce and market bioplastics
  • Sold 15% interest in the Gina Krog field in Norway
  • Sold specialty chemicals affiliate Atotech for $3.2 billion
  • Sold 29% interest in French pipeline company Société du Pipeline Méditerranée Rhône (SPMR)

Analysis of business segments

Upstream

> Environment – liquids and gas price realizations*

4Q16   3Q16   4Q15   4Q16

vs

4Q15

    2016   2015  

2016 vs
2015

49.3   45.9   43.8   +13%   Brent ($/b)   43.7   52.4   -17%
46.1   41.4   38.1   +21%   Average liquids price ($/b)   40.3   47.4   -15%
3.89   3.45   4.45   -13%   Average gas price ($/Mbtu)   3.56   4.75   -25%
35.6   32.4   33.1   +8%   Average hydrocarbon price ($/boe)   31.9   39.2   -19%

* Consolidated subsidiaries, excluding fixed margins.

> Production

4Q16   3Q16   4Q15   4Q16

vs

4Q15

  Hydrocarbon production   2016   2015  

2016 vs
2015

2,462   2,443   2,352   +4.7%   Combined production (kboe/d)   2,452   2,347   +4.5%
1,257   1,290   1,251   -   Liquids (kb/d)   1,271   1,237   +3%
6,597   6,286   5,993   +10%   Gas (Mcf/d)   6,447   6,054   +6%

Hydrocarbon production was 2,462 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2016, an increase of 4.7% compared to the fourth quarter 2015, due to the following:

  • +7% due to new start ups and ramp ups, notably Laggan-Tormore, Surmont Phase 2, Kashagan, Incahuasi, Moho Phase 1b, Angola LNG and Vega Pleyade;
  • +1% due to the acquisition of an additional 75% interest in the Barnett field in the US;
  • -3% due to natural field decline and maintenance operations.

For the full-year 2016, hydrocarbon production was 2,452 kboe/d, an increase of 4.5% compared to 2015, due to the following:

  • +6% due to new start ups and ramp ups, notably Laggan-Tormore, Surmont Phase 2, Termokarstovoye, Gladstone LNG, Moho Phase 1b, and Vega Pleyade, and Incahuasi;
  • -1.5% due to the security situation in Nigeria and Yemen, and wild fires in Canada;
  • Natural field decline was offset by PSC price effect and portfolio effects.

> Results

4Q16   3Q16   4Q15   4Q16

vs

4Q15

  In millions of dollars, except effective tax rate   2016   2015  

2016 vs
2015

1,234   781   405   +205%   Adjusted operating income*   2,737   4,925   -44%
44.5%   28.1%   55.1%       Effective tax rate**   26.6%   45.5%    
1,131   877   748   +51%   Adjusted net operating income*   3,633   4,774   -24%
446   260   415   +7%   including income from equity affiliates***   1,427   1,723   -17%
                             
4,611   3,648   5,293   -13%   Investments   16,035   24,270   -34%
839   129   1,402   -40%   Divestments   2,331   3,215   -27%
3,552   3,356   5,108   -30%   Organic investments   14,316   20,508   -30%
3,049   2,751   2,514   +21%   Operating cash flow before working capital changes   9,912   11,179   -11%
4,199   2,380   2,624   +60%   Cash flow from operations   9,675   11,182   -13%

* Details on adjustment items are shown in the business segment information annex to financial statements.
** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments- impairment of goodwill + tax on adjusted net operating income).
*** Includes foreign exchange effect on Yamal LNG financing, which is reversed for total adjusted net operating income.

In the fourth quarter 2016, Upstream operating cash flow before working capital changes was 3,049 M$, an increase of 21% compared to 2015, notably due to a combination of increase in production, decrease in operating costs and higher hydrocarbon prices. Cash flow from operating activities increased by 76% compared to the third quarter 2016, essentially due to a reduction in working capital requirements of nearly $1.2 billion since the end of the third quarter 2016.

For the full-year 2016, Upstream operating cash flow before working capital changes was 9,912 M$, a decrease of 11% compared to 2015, essentially due to the decrease in hydrocarbon prices, partially offset by the increase in production and decrease in operating costs.

Upstream adjusted net operating income was:

  • 1,131 M$ in the fourth quarter 2016, an increase of 51% compared to the fourth quarter 2015, essentially due to the increase in production, decrease in operating costs, and higher hydrocarbon prices.
    The effective tax rate increased compared to the third quarter 2016, linked to the rise in hydrocarbon prices.
  • 3,633 M$ for the full-year 2016, a decrease of 24% compared to 2015. The increase in production combined with the decrease in operating costs as well as the lower effective tax rate partially offset the impact of lower hydrocarbon prices.

Technical costs for consolidated affiliates, calculated in accordance with ASC 93210, were reduced to 20.4 $/boe in 2016 compared to 23.0 $/boe in 2015. This decrease was essentially due to the reduction in operating costs from 7.4 $/boe in 2015 to 5.9 $/boe in 2016.

Refining & Chemicals

> Refinery throughput and utilization rates*

4Q16   3Q16   4Q15   4Q16

vs

4Q15

    2016   2015  

2016 vs
2015

2,010   1,947   2,012   -   Total refinery throughput (kb/d)   1,965   2,023   -3%
717   681   682   +5%   France   669   674   -1%
787   771   831   -5%   Rest of Europe   802   849   -6%
506   495   499   +1%   Rest of world   494   500   -1%
                Utlization rates**            
87%   85%   87%       Based on crude only   85%   86%    
89%   87%   88%       Based on crude and other feedstock   87%   88%    

* Includes share of TotalErg, as well as refineries in Africa and the French Antilles that are reported in the Marketing & Services segment. The condensate splitters at Port Arthur and Daesan are also included and 2015 figures have been restated.
** Based on distillation capacity at the beginning of the year.

Refinery throughput:

  • was stable in the fourth quarter 2016 compared to the fourth quarter 2015. Good operational performance of the platforms led to high utilization rates;
  • decreased by 3% for the full-year 2016 compared to 2015, notably due to shutdowns in Europe and the US in the second quarter and the sale of the Schwedt refinery in Germany.

> Results

4Q16   3Q16   4Q15   4Q16

vs

4Q15

  In millions of dollars

except the ERMI

  2016   2015  

2016 vs
2015

41.0   25.5   38.1   +8%   European refining margin indicator - ERMI ($/t)   34.1   48.5   -30%
                             
1,220   891   997   +22%   Adjusted operating income*   4,373   5,649   -23%
1,138   917   1,007   +13%   Adjusted net operating income*   4,201   4,889   -14%
165   150   117   +41%   including Specialty Chemicals**   581   496   +17%
                             
560   550   586   -4%   Investments   1,849   1,843   -
13   21   836   -98%   Divestments   86   3,488   -98%
548   399   494   +11%   Organic investments   1,636   827   +98%
1,369   1,052   1,042   +31%   Operating cash flow before working capital changes   4,878   5,785   -16%
1,750   1,698   2,127   -18%   Cash flow from operations   4,587   6,432   -29%

* Details on adjustment items are shown in the business segment information annex to financial statements.
** Hutchinson and Atotech. Bostik until February 2015.

In the fourth quarter 2016, the Group’s European refining margin indicator (ERMI) was 41 $/t given high levels of maintenance across the industry. The ERMI average was 34 $/t for the full-year 2016, a decrease of 30% compared to the high level of 2015, in the context of high inventories of refined products. Petrochemicals continued to benefit from a favorable environment in 2016.

Refining & Chemicals adjusted net operating income was:

  • 1,138 M$ in the fourth quarter 2016, an increase of 13% compared to the fourth quarter 2015. The segment took advantage of a favorable environment with a strong operational performance of its platforms.
  • 4,201 M$ for the full-year 2016, a decrease of 14% compared to 2015, essentially due to the decrease in refining margins. Petrochemicals continued to generate good results, notably due to the strong contribution from the Group’s major integrated platforms in Asia and the Middle East.

Marketing & Services

> Petroleum product sales

4Q16   3Q16   4Q15   4Q16

vs

4Q15

  Sales in kb/d**   2016   2015  

2016 vs
2015

1,808   1,814   1,797   +1%   Total Marketing & Services sales   1,793   1,818   -1%
1,123   1,113   1,065   +5%   Europe   1,093   1,092   -
685   701   732   -6%   Rest of world   700   726   -4%

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

Petroleum product sales increased in the fourth quarter 2016 compared to the fourth quarter 2015 due to the strong performance of retail networks and heating oil sales in Europe, offsetting the impact from the divestment of the retail network in Turkey.

For the full-year 2016, refined product sales decreased slightly compared to 2015, essentially due to the sale of the retail network in Turkey. Excluding portfolio effects, retail network sales increased by around 4%. Sales of land-based lubricants also increased by around 4%.

> Results

4Q16   3Q16   4Q15   4Q16

vs

4Q15

  In millions of dollars   2016   2015  

2016 vs
2015

18,719   17,964   18,326   +2%   Sales   69,421   77,887   -11%
488   565   691   -29%   Adjusted operating income*   1,818   2,098   -13%
411   545   530   -22%   Adjusted net operating income*   1,586   1,699   -7%
5   100   277   -98%   including New Energies   26   108   -76%
                             
602   1,175   689   -13%   Investments   2,506   1,841   +36%
73   40   56   +30%   Divestments   446   856   -48%
560   322   736   -24%   Organic investments   1,432   1,569   -9%
358   600   598   -40%   Operating cash flow before working capital changes   1,831   2,065   -11%
903   495   289   +212%   Cash flow from operations   1,623   2,323   -30%

* Details on adjustment items are shown in the business segment information annex to financial statements.

Marketing & Services adjusted net operating income was:

  • 411 M$ in the fourth quarter 2016, a 22% decrease compared to 2015. The contribution from New Energies was particularly high in the fourth quarter 2015 due to the delivery of the Quinto solar farm in the US. The retail network sector benefited from growing sales and strong margins;
  • 1,586 M$ for the full-year 2016, a 7% decrease compared to 2015. Excluding New Energies, net operating income was stable despite asset sales (retail network in Turkey).

Group results

> Net operating income from business segments

Adjusted net operating income from the business segments was:

  • 2,680 M$ in the fourth quarter 2016, an increase of 17% compared to the fourth quarter 2015, mainly due to the strong operating performance of the Upstream combined with a more favorable price environment;
  • 9,420 M$ for the full-year 2016, a decrease of 17% compared to 2015. Production growth and lower costs partially offset the 19% decrease in hydrocarbon prices and 30% decrease in refining margins.

The effective tax rate14 for the business segments was:

  • 33.0% in the fourth quarter 2016 compared to 28.4% in the fourth quarter 2015, essentially due to the relative weight of the Upstream, taxed at a higher rate than other sectors of the Group;
  • 25.8% for the full-year 2016 compared to 33.9% in 2015, due to the relative weight and lower tax rates in the Upstream in a lower hydrocarbon price environment.

> Net income (Group share)

Evolving in line with net operating income, adjusted net income was:

  • 2,407 M$ in the fourth quarter 2016 compared to 2,075 M$ in the fourth quarter 2015, an increase of 16%;
  • 8,287 M$ for the full-year 2016 compared to 10,518 M$ in 2015, a decrease of 21%.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value15.

Total adjustments affecting net income (Group share)16 were:

  • -1,859 M$ in the fourth quarter 2016, mainly due to the inventory effect and impairments on Gladstone LNG in Australia, Angola LNG, and Laggan-Tormore in the United Kingdom, reflecting the decrease in gas price assumptions for the coming years;
  • -2,091 M$ for the full-year 2016, for the same reasons.

> Adjusted net income per share

Adjusted fully-diluted earnings per share, based on 2,390 million fully-diluted weighted average shares, was 3.38 dollars in 2016 compared to 4.51 dollars in 2015.

The number of fully-diluted shares was 2,436 million on December 31, 2016, compared to 2,336 million on December 31, 2015.

> Divestments – acquisitions

Asset sales were:

  • 416 M$ in the fourth quarter 2016, mainly comprised of the sale of a 15% interest in the Gina Krog field in Norway.
  • 1,864 M$ for the full-year 2016, mainly comprised of the sale of a 15% interest in the Gina Krog field in Norway, the retail network in Turkey, and the FUKA gas pipeline network in the North Sea.

Acquisitions, including resource acquisitions,were:

  • 616 M$ in the fourth quarter 2016, mainly comprised of the acquisition of the additional 75% interest in the Barnett shale gas field in the US;
  • 2,033 M$ for the full-year 2016, mainly comprised of the additional 75% interest in the Barnett shale gas field, and the acquisitions of Saft, Lampiris and a retail network in the Dominican Republic.

Resource acquisitions were:

  • 650 M$ in the fourth quarter 2016, mainly due to the additional 75% interest in the Barnett shale gas field in the US;
  • 780 M$ for the full-year 2016, comprised mainly of the additional 75% interest in the Barnett shale gas field. These acquisitions, at a cost of less than one dollar per barrel, enabled the Group to achieve its objective of adding one billion barrels of resources in 2016.
  • Organic investments and resource acquisitions were 18,264 M$ in 2016.

> Net cash flow

The Group’s net cash flow17 was:

  • -170 M$ in the fourth quarter 2016 compared to 76 M$ in the fourth quarter 2015. Although net cash flow benefited from a 9% increase in operating cash flow before working capital changes and a 11% decrease in investments, assets sales were lower in the fourth quarter 2016 compared to the fourth quarter 2015. The sale of Atotech for $3.2 billion was closed on January 31, 2017.
  • -769 M$ for the full-year 2016 compared to -984 M$ in 2015, an improvement despite a nearly 10 $/b decrease in the Brent price in 2016 compared to 2015. The decrease in investments was able to offset the decrease in operating cash flow before working capital changes mainly caused by the decrease in hydrocarbon prices and European refining margins.

> Return on equity

Return on equity from January 1, 2016 to December 31, 2016 was 8.7%18, an increase compared to the period from October 1, 2015 to September 30, 2016, due to strong results in the fourth quarter 2016.

TOTAL S.A., parent company accounts

Net income for TOTAL S.A., the parent company, was €4,142 million in 2016 compared to €11,067 million in 2015. During 2015, a strong volume of dividends was paid by affiliates of TOTAL S.A. to the parent company.

Proposed dividend

The Board of Directors met on February 8, 2017 and decided to propose to the Combined Shareholders’ Meeting, which will be held on May 26, 2017, an annual dividend of 2.45 €/share for 2016, an increase compared to 2015. Given the three previous 2016 interim quarterly dividends of 0.61 €/share, a fourth quarter 2016 dividend of 0.62 €/share is therefore proposed, representing an increase of 1.6% compared to the previous three interim dividends.

The Board of Directors also decided to propose to the Combined Shareholders’ Meeting the alternative for shareholders to receive the fourth quarter 2016 dividend in cash or in new shares of the company with a discount that will be set between 0% and 10%. Subject to approval at the Combined Shareholders’ Meeting, the ex-dividend date for the fourth quarter dividend will be June 5, 2017, and the payment of the dividend in cash or the delivery of the shares issued in lieu of the dividend in cash is set for June 22, 2017.

Summary and outlook

Since end 2016, Brent increased to around 55 $/b with the announced production cuts agreed by OPEC and non-OPEC countries, including Russia. However, inventory levels are high and prices are likely to remain volatile. In this context, the Group is continuing to cut costs with the objective of achieving $3.5 billion of cost savings in 2017 and bringing production costs down to 5.5 $/boe for the year. Investments are moving into the sustainable range needed to deliver profitable future growth and are expected to be between $16 and $17 billion in 2017 including resource acquisitions.

In the Upstream, production is set to grow by more than 4% in 2017, supporting the objective of increasing production on average by 5% per year from 2014 to 2020. As a result of this growth, the sensitivity of the portfolio to Brent increases to $2.5 billion for a 10 $/b change in Brent in 2017. The Group plans to take advantage of the favorable cost environment by launching around 10 projects over the next 18 months and adding attractive resources to the portfolio.

The Downstream is expected to continue generating stable operating cash flows of around $7 billion per year thanks to its diverse portfolio of activities. Refining & Chemicals’ performance has been strengthened by the restructuring and the segment will continue to benefit from the quality of its integrated platforms, notably in Antwerp, in the United States, in Asia and in the Middle East. The final investment decision to launch the Port Arthur side-cracker is expected to be taken in 2017. The Marketing & Services segment is pursuing its cash generation growth strategy by leveraging its strong position in high-potential retail and lubricant markets.

In 2017, the Group’s breakeven will continue to fall, reaching less than 40 $/b pre-dividend. Cash flow from operations is expected to cover investments and the cash portion of the dividend at 50 $/b. TOTAL confirms its objective to achieve a net-debt-to-equity ratio of 20%.

The Group is committed to maintaining attractive returns for its shareholders and will eliminate the discount on the scrip dividend with Brent at 60 $/b.

-- -- --

To listen to the presentation made by Chairman and CEO Patrick Pouyanné and CFO Patrick de La Chevardière to financial analysts today at 14:00 (London time) please log on to total.com or call +44 (0)203 427 1912 in Europe or +1 646 254 3367 in the United States (access code: 7820602). For a replay, please consult the website or call +44 (0)203 427 0598 in Europe or +1 347 366 9565 in the United States (access code: 7820602).

Operating information by segment

Upstream*

4Q16   3Q16   4Q15   4Q16

vs

4Q15

  Combined liquids and gas

production by region (kboe/d)

  2016   2015  

2016 vs
2015

752   720   681   +10%   Europe and Central Asia   757   664   +14%
625   649   638   -2%   Africa   634   639   -1%
503   529   503   -   Middle East and North Africa   517   531   -3%
319   285   255   +25%   Americas   279   255   +9%
263   261   275   -4%   Asia Pacific   265   258   +2%
2,462   2,443   2,352   +5%   Total production   2,452   2,347   +4%
561   592   544   +3%   including equity affiliates   600   559   +7%
                             
4Q16   3Q16   4Q15   4Q16

vs

4Q15

  Liquids production by region (kb/d)   2016   2015  

2016 vs
2015

258   238   227   +14%   Europe and Central Asia   249   215   +16%
483   524   526   -8%   Africa   509   521   -2%
365   380   361   +1%   Middle East and North Africa   373   372   -
121   118   100   +21%   Americas   109   95   +15%
30   29   37   -18%   Asia Pacific   31   34   -10%
1,257   1,290   1,251   -   Total production   1,271   1,237   +3%
233   249   220   +6%   including equity affiliates   247   219   +13%
                             
4Q16   3Q16   4Q15   4Q16

vs

4Q15

  Gas production by region (Mcf/d)   2016   2015  

2016 vs
2015

2,665   2,594   2,435   +9%   Europe and Central Asia   2,737   2,413   +13%
710   617   545   +30%   Africa   621   581   +7%
767   813   779   -2%   Middle East and North Africa   795   874   -9%
1,108   927   869   +28%   Americas   944   896   +5%
1,347   1,335   1,365   -1%   Asia Pacific   1,350   1,290   +5%
6,597   6,286   5,993   +10%   Total production   6,447   6,054   +6%
1,779   1,831   1,739   +2%   including equity affiliates   1,894   1,828   +4%
                             
4Q16   3Q16   4Q15   4Q16

vs

4Q15

  Liquefied natural gas   2016   2015  

2016 vs
2015

2.75   2.74   2.48   +11%   LNG sales** (Mt)   10.99   10.22   +8%

* The regional reporting has been changed to reflect the Company’s internal organization. Historical data is available at total.com.
** Sales, Group share, excluding trading; 2016 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2016 SEC coefficient.

Downstream (Refining & Chemicals and Marketing & Services)

4Q16   3Q16   4Q15   4Q16

vs

4Q15

  Petroleum product sales by region (kb/d)*   2016   2015  

2016 vs
2015

2,330   2,430   2,298   +1%   Europe   2,355   2,184   +8%
569   537   547   +4%   Africa   551   619   -11%
313   627   489   -36%   Americas   517   570   -9%
997   567   620   +61%   Rest of world   760   632   +20%
4,209   4,161   3,954   +6%   Total consolidated sales   4,183   4,005   +4%
678   706   688   -1%   Including bulk sales   700   649   +8%
1,723   1,641   1,469   +17%   Including trading   1,690   1,538   +10%

*Includes share of TotalErg.

Adjustment items

> Adjustments to operating income

4Q16   3Q16   4Q15   In millions of dollars   2016   2015
(2,177)   (115)   (5,677)   Special items affecting operating income   (3,389)   (8,182)
(3)   (15)   (48)   Restructuring charges   (37)   (48)
(2,029)   -   (4,933)   Impairments   (2,229)   (6,877)
(145)   (100)   (696)   Other   (1,123)   (1,257)
347   (47)   (464)   Pre-tax inventory effect: FIFO vs. replacement cost   652   (1,113)
17   (18)   -   Effect of changes in fair value   (4)   (16)
                     
(1,813)   (180)   (6,141)   Total adjustments affecting operating income   (2,741)   (9,311)

> Adjustment to net income (Group share)

4Q16   3Q16   4Q15   In millions of dollars   2016   2015
(2,133)   (98)   (3,386)   Special items affecting net income (Group share)   (2,567)   (4,675)
(45)   (32)   579   Gain (loss) on asset sales   267   1,810
(10)   (18)   (29)   Restructuring charges   (32)   (72)
(1,886)   (33)   (3,443)   Impairments   (2,097)   (5,447)
(192)   (15)   (493)   Other   (705)   (966)
262   (5)   (315)   After-tax inventory effect: FIFO vs. replacement cost   479   (747)
12   (13)   -   Effect of changes in fair value   (3)   (9)
                     
(1,859)   (116)   (3,701)   Total adjustments affecting net income   (2,091)   (5,431)

2017 Sensitivities*

    Scenario   Change  

Estimated impact
on adjusted

net operating
income

 

Estimated
impact on
cash flow

Dollar   1.1 $/€   -0.1 $ per €   +0.1 B$   ~0 B$
Brent   50 $/b   +10 $/b   +2 B$   +2.5 B$
European refining margin indicator (ERMI)   35 $/t   +10 $/t   +0.5 B$   +0.6 B$

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2017. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is mainly attributable to Refining & Chemicals.

Investments - Divestments

4Q16   3Q16   4Q15   4Q16

vs

4Q15

  In millions of dollars   2016   2015  

2016 vs
2015

4,728   4,082   6,365   -26%   Organic investments   17,484   22,976   -24%
119   136   232   -49%   capitalized exploration   655   1,198   -45%
157   135   553   -72%   increase in non-current loans   1,121   2,260   -50%
(511)   (101)   (196)   +161%   repayment of non-current loans   (1,013)   (1,616)   -37%
616   1,018   33   18.7 x   Acquisitions   2,033   3,441   -41%
416   91   2,101   -80%   Asset sales   1,864   5,968   -69%
-   (107)   8   -100%   Other transactions with non-controlling interests   (104)   89   -217%
4,928   5,116   4,289   +15%   Net investments   17,757   20,360   -13%

Net-debt-to-equity ratio

In millions of dollars   12/31/2016   9/30/2016   12/31/2015
Current borrowings   13,920   13,383   12,488
Net current financial assets   (4,221)   (1,375)   (6,019)
Net financial assets classified as held for sale   (140)   (81)   141
Non-current financial debt   43,067   44,450   44,464
Hedging instruments of non-current debt   (908)   (1,089)   (1,219)
Cash and cash equivalents   (24,597)   (24,801)   (23,269)
Net debt   27,121   30,487   26,586
             
Shareholders’ equity - Group share   98,680   98,168   92,494
Estimated dividend payable   (1,556)   (1,629)   (1,545)
Non-controlling interests   2,894   2,948   2,915
Adjusted shareholders' equity   100,018   99,487   93,864
             
Net-debt-to-equity ratio   27.1%   30.6%   28.3%

Return on equity

In millions of dollars  

January 1, 2016 to
December 31, 2016

 

October 1, 2015 to
September 30, 2016

 

January 1, 2015 to
December 31, 2015

Adjusted net income   8,447   8,207   10,698
Average adjusted shareholders' equity   96,941   98,538   92,854
Return on equity (ROE)   8.7%   8.3%   11.5%

Return on average capital employed

> Twelve months ended December 31, 2016

In millions of dollars   Upstream  

Refining &
Chemicals

 

Marketing
& Services

      Group
Adjusted net operating income  

3 633

 

4 201

 

1 586

9 274

Capital employed at 12/31/2015*  

105 580

 

10 407

 

8 415

121 143

Capital employed at 12/31/2016*  

108 713

 

11 618

 

9 701

127 423

ROACE  

3,4%

 

38,1%

 

17,5%

7,5%

> Twelve months ended September 30, 2016

In millions of dollars   Upstream  

Refining &
Chemicals

 

Marketing
& Services

      Group
Adjusted net operating income   3,250   4,070   1,705 8,968

Capital employed at 09/30/2015*

  108,425   11,319   7,865 123,904

Capital employed at 09/30/2016*

  110,590   12,030   10,316 130,534
ROACE   3.0%   34.9%   18.8% 7.0%

> Twelve months ended December 31, 2015

In millions of dollars   Upstream  

Refining &
Chemicals

 

Marketing
& Services

      Group
Adjusted net operating income   4,774   4,889   1,699 11,400
Capital employed at 12/31/2014*   100,497   13,451   8,825 120,526
Capital employed at 12/31/2015*   105,580   10,407   8,415 121,143
ROACE   4.6%   41.0%   19.7% 9.4%

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

This press release presents the results for the full-year 2016 from the consolidated financial statements of TOTAL S.A. as of December 31, 2016. The audit procedures by the Statutory Auditors are underway. This document does not constitute the Annual Financial Report (Rapport Financier Annuel) within the meaning of article L. 451-1-2 of the French monetary and financial Code (Code monétaire et financier).

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 Company’s financial results or the Group’s activities is provided in the most recent Registration Document, the French language version of which is filed by the Company with the French Autorité des Marchés Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).

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

In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE) and net-debt-to-equity ratio. These indicators are meant to facilitate the analysis of the financial performance of TOTAL and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of the Group.

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 segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differentials between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.
Furthermore, TOTAL, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.

The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.

Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.

1 Definition on page 2.
2 Group share.
3 The ex-dividend date will be June 5, 2017, and the payment date will be set for June 22, 2017.
4 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 11.
5 Includes foreign exchange effect on Yamal LNG financing, which is reversed for total adjusted net operating income.
6 Tax on adjusted net operating income / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).
7 In accordance with IFRS norms, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the perpetual subordinated bond coupon
8 Including investments and increase in non-current loans.
9 Net investments = investments - divestments - repayment of non-current loans - other operations with non-controlling interests.
10 Organic investments = net investments excluding acquisitions, asset sales, and other operations with non-controlling interests.
11 Operating cash flow before working capital changes, previously referred to as adjusted cash flow from operations, is defined as cash flow from operating activities before changes in working capital at replacement cost. The inventory valuation effect is explained on page 14.
12 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.
13 FASB Accounting Standards Codification Topic 932, Extractive industries – Oil and Gas.
14 Tax on adjusted net operating income / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).
15 Details shown on page 11.
16 Details shown on page 11 and in the annex to the financial statements.
17 Net cash flow = operating cash flow before working capital changes at replacement cost - net investments (including other transactions with non-controlling interests).
18 Details shown on page 13.

Total financial statements

____________________

Fourth quarter and full year 2016 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME      
TOTAL
(unaudited)
 
(M$) (a)   4th quarter

2016

  3rd quarter

2016

  4th quarter

2015

Sales 42,275 37,412 37,749
Excise taxes (5,408) (5,587) (5,457)
Revenues from sales 36,867 31,825 32,292
Purchases, net of inventory variation (23,967) (21,223) (21,874)
Other operating expenses (6,791) (5,469) (6,248)
Exploration costs (260) (274) (727)
Depreciation, depletion and impairment of tangible assets and mineral interests (4,939) (2,936) (7,672)
Other income 337 290 833
Other expense (473) (351) (298)
Financial interest on debt (299) (268) (241)
Financial income and expense from cash & cash equivalents (2) (5) 25
Cost of net debt (301) (273) (216)
Other financial income 203 265 300
Other financial expense (161) (154) (171)
Equity in net income (loss) of affiliates 409 531 600
Income taxes   (437)   (251)   1,381
Consolidated net income   487   1,980   (1,800)
Group share 548 1,954 (1,626)
Non-controlling interests   (61)   26   (174)
Earnings per share ($)   0.20   0.79   (0.72)
Fully-diluted earnings per share ($)   0.20   0.79   (0.71)

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME      
TOTAL
(unaudited)
 
(M$)  

4th quarter

2016

  3rd quarter

2016

  4th quarter

2015

Consolidated net income   487   1,980   (1,800)
Other comprehensive income
 
Actuarial gains and losses 205 (363) 358
Tax effect (64) 47 (140)
Currency translation adjustment generated by the parent company   (3,515)   439   (2,171)
Items not potentially reclassifiable to profit and loss   (3,374)   123   (1,953)
Currency translation adjustment 619 (362) 604
Available for sale financial assets 3 15 16
Cash flow hedge 94 113 4
Share of other comprehensive income of equity affiliates, net amount 458 123 (95)
Other 1 (3) -
Tax effect   (32)   (41)   (7)
Items potentially reclassifiable to profit and loss   1,143   (155)   522
Total other comprehensive income (net amount)   (2,231)   (32)   (1,431)
             
Comprehensive income   (1,744)   1,948   (3,231)
Group share (1,676) 1,909 (3,033)
Non-controlling interests (68) 39 (198)
CONSOLIDATED STATEMENT OF INCOME    
TOTAL
 
 
(M$) (a)   Year

2016

  Year

2015

Sales 149,743 165,357
Excise taxes (21,818) (21,936)
Revenues from sales 127,925 143,421
Purchases, net of inventory variation (83,377) (96,671)
Other operating expenses (24,302) (24,345)
Exploration costs (1,264) (1,991)
Depreciation, depletion and impairment of tangible assets and mineral interests (13,523) (17,720)
Other income 1,299 3,606
Other expense (1,027) (1,577)
Financial interest on debt (1,108) (967)
Financial income and expense from cash & cash equivalents 4 94
Cost of net debt (1,104) (873)
Other financial income 971 882
Other financial expense (636) (654)
Equity in net income (loss) of affiliates 2,214 2,361
Income taxes   (970)   (1,653)
Consolidated net income   6,206   4,786
Group share 6,196 5,087
Non-controlling interests   10   (301)
Earnings per share ($)   2.52   2.17
Fully-diluted earnings per share ($)   2.51   2.16

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME    
TOTAL
 
 
(M$)   Year

2016

  Year

2015

Consolidated net income   6,206   4,786
Other comprehensive income
 
Actuarial gains and losses (371) 557
Tax effect 55 (278)
Currency translation adjustment generated by the parent company   (1,548)   (7,268)
Items not potentially reclassifiable to profit and loss   (1,864)   (6,989)
Currency translation adjustment (1,098) 2,456
Available for sale financial assets 4 9
Cash flow hedge 239 (185)
Share of other comprehensive income of equity affiliates, net amount 935 120
Other 1 1
Tax effect   (76)   53
Items potentially reclassifiable to profit and loss   5   2,454
Total other comprehensive income (net amount)   (1,859)   (4,535)
         
Comprehensive income   4,347   251
Group share 4,336 633
Non-controlling interests 11 (382)
CONSOLIDATED BALANCE SHEET      
TOTAL

 

 
(M$)  

December 31,
2016

 

 

September 30,
2016
(unaudited)

 

 

December 31,
2015

 

ASSETS
Non-current assets
Intangible assets, net 15,362 14,916 14,549
Property, plant and equipment, net 111,971 113,433 109,518
Equity affiliates : investments and loans 20,576 20,870 19,384
Other investments 1,133 1,565 1,241
Non-current financial assets 908 1,089 1,219
Deferred income taxes 4,368 4,434 3,982
Other non-current assets   4,143   4,534   4,355
Total non-current assets   158,461   160,841   154,248
Current assets
Inventories, net 15,247 14,635 13,116
Accounts receivable, net 12,213 11,501 10,629
Other current assets 14,835 14,927 15,843
Current financial assets 4,548 1,755 6,190
Cash and cash equivalents 24,597 24,801 23,269
Assets classified as held for sale   1,077   1,045   1,189
Total current assets   72,517   68,664   70,236
Total assets 230,978 229,505 224,484
LIABILITIES & SHAREHOLDERS' EQUITY      

Shareholders' equity

Common shares

7,604 7,849 7,670
Paid-in surplus and retained earnings 105,547 106,189 101,528
Currency translation adjustment (13,871) (11,448) (12,119)
Treasury shares   (600)   (4,422)   (4,585)
Total shareholders' equity - Group share   98,680   98,168   92,494
Non-controlling interests   2,894   2,948   2,915
Total shareholders' equity   101,574   101,116   95,409
Non-current liabilities
Deferred income taxes 11,060 11,390 12,360
Employee benefits 3,746 4,247 3,774
Provisions and other non-current liabilities 16,846 17,320 17,502
Non-current financial debt   43,067   44,450   44,464
Total non-current liabilities   74,719   77,407   78,100
Current liabilities
Accounts payable 23,227 19,799 20,928
Other creditors and accrued liabilities 16,720 16,895 16,884
Current borrowings 13,920 13,383 12,488
Other current financial liabilities 327 380 171
Liabilities directly associated with the assets classified as held for sale   491   525   504
Total current liabilities   54,685   50,982   50,975
Total liabilities & shareholders' equity 230,978 229,505 224,484
CONSOLIDATED STATEMENT OF CASH FLOW      
TOTAL
(unaudited)
 
(M$)   4th quarter

2016

  3rd quarter

2016

  4th quarter

2015

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 487 1,980 (1,800)
Depreciation, depletion, amortization and impairment 5,030 3,297 8,278
Non-current liabilities, valuation allowances and deferred taxes (275) (539) (1,862)
(Gains) losses on disposals of assets 58 94 (665)
Undistributed affiliates' equity earnings 65 (192) 39
(Increase) decrease in working capital 1,913 265 937
Other changes, net   (260)   (165)   (89)
Cash flow from operating activities 7,018 4,740 4,838
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (5,742) (4,124) (5,919)
Acquisitions of subsidiaries, net of cash acquired 118 (1,119) (42)
Investments in equity affiliates and other securities (74) 177 (80)
Increase in non-current loans   (157)   (135)   (553)
Total expenditures (5,855) (5,201) (6,594)
Proceeds from disposals of intangible assets and property, plant and equipment 413 57 1,437
Proceeds from disposals of subsidiaries, net of cash sold - - 58
Proceeds from disposals of non-current investments 3 34 606
Repayment of non-current loans   511   101   196
Total divestments   927   192   2,297
Cash flow used in investing activities (4,928) (5,009) (4,297)

 

Issuance (repayment) of shares:
- Parent company shareholders 60 36 31
- Treasury shares - - -
Dividends paid:
- Parent company shareholders (534) - (592)
- Non-controlling interests (16) (2) (3)
Issuance of perpetual subordinated notes 2,761 - -
Payments on perpetual subordinated notes - - -
Other transactions with non-controlling interests - (107) 8
Net issuance (repayment) of non-current debt (105) 3,127 2,039
Increase (decrease) in current borrowings (335) (909) (531)
Increase (decrease) in current financial assets and liabilities (3,006) 257 (3,320)
Cash flow used in financing activities   (1,175)   2,402   (2,368)
Net increase (decrease) in cash and cash equivalents 915 2,133 (1,827)
Effect of exchange rates (1,119) 15 (762)
Cash and cash equivalents at the beginning of the period   24,801   22,653   25,858
Cash and cash equivalents at the end of the period   24,597   24,801   23,269
CONSOLIDATED STATEMENT OF CASH FLOW    
TOTAL
 
 
(M$)   Year

2016

  Year

2015

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 6,206 4,786
Depreciation, depletion, amortization and impairment 14,423 19,334
Non-current liabilities, valuation allowances and deferred taxes (1,559) (2,563)
(Gains) losses on disposals of assets (263) (2,459)
Undistributed affiliates' equity earnings (643) (311)
(Increase) decrease in working capital (1,119) 1,683
Other changes, net   (524)   (524)
Cash flow from operating activities 16,521 19,946
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (18,106) (25,132)
Acquisitions of subsidiaries, net of cash acquired (1,123) (128)
Investments in equity affiliates and other securities (180) (513)
Increase in non-current loans   (1,121)   (2,260)
Total expenditures (20,530) (28,033)
Proceeds from disposals of intangible assets and property, plant and equipment 1,462 2,623
Proceeds from disposals of subsidiaries, net of cash sold 270 2,508
Proceeds from disposals of non-current investments 132 837
Repayment of non-current loans   1,013   1,616
Total divestments   2,877   7,584
Cash flow used in investing activities (17,653) (20,449)

 

Issuance (repayment) of shares:
- Parent company shareholders 100 485
- Treasury shares - (237)
Dividends paid:
- Parent company shareholders (2,661) (2,845)
- Non-controlling interests (93) (100)
Issuance of perpetual subordinated notes 4,711 5,616
Payments on perpetual subordinated notes (133) -
Other transactions with non-controlling interests (104) 89
Net issuance (repayment) of non-current debt 3,576 4,166
Increase (decrease) in current borrowings (3,260) (597)
Increase (decrease) in current financial assets and liabilities 1,396 (5,517)
Cash flow used in financing activities   3,532   1,060
Net increase (decrease) in cash and cash equivalents 2,400 557
Effect of exchange rates (1,072) (2,469)
Cash and cash equivalents at the beginning of the period   23,269   25,181
Cash and cash equivalents at the end of the period   24,597   23,269
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
 
TOTAL
 
  Common shares issued   Paid-in surplus and retained earnings   Currency translation adjustment   Treasury shares   Shareholders' equity -

Group share

 

Non-
controlling
interests

  Total shareholders' equity
(M$)   Number   Amount           Number   Amount            
As of January 1, 2015   2,385,267,525   7,518   94,646   (7,480)   (109,361,413)   (4,354)   90,330   3,201   93,531
Net income 2015 -   - 5,087 - -   - 5,087 (301) 4,786
Other comprehensive Income - - 185 (4,639) - - (4,454) (81) (4,535)
Comprehensive Income - - 5,272 (4,639) - - 633 (382) 251
Dividend - - (6,303) - - - (6,303) (100) (6,403)
Issuance of common shares 54,790,358 152 2,159 - - - 2,311 - 2,311

Purchase of treasury shares

- - - - (4,711,935) (237) (237) - (237)
Sale of treasury shares (1) - - (6) - 105,590 6 - - -
Share-based payments - - 101 - - - 101 - 101
Share cancellation - - - - - - - - -
Issuance of perpetual subordinated notes - - 5,616 - - - 5,616 - 5,616
Payments on perpetual subordinated notes - - (114) - - - (114) - (114)
Other operations with non-controlling interests - - 23 - - - 23 64 87
Other items - - 134 - - - 134 132 266
As of December 31, 2015   2,440,057,883   7,670   101,528   (12,119)   (113,967,758)   (4,585)   92,494   2,915   95,409
Net income 2016 - - 6,196 - - - 6,196 10 6,206
Other comprehensive Income - - (108) (1,752) - - (1,860) 1 (1,859)
Comprehensive Income - - 6,088 (1,752) - - 4,336 11 4,347
Dividend - - (6,512) - - - (6,512) (93) (6,605)
Issuance of common shares 90,639,247 251 3,553 - - - 3,804 - 3,804
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - (163) - 3,048,668 163 - - -
Share-based payments - - 112 - - - 112 - 112
Share cancellation (100,331,268) (317) (3,505) - 100,331,268 3,822 - - -
Issuance of perpetual subordinated notes - - 4,711 - - - 4,711 - 4,711
Payments on perpetual subordinated notes - - (203) - - - (203) - (203)
Other operations with non-controlling interests - - (98) - - - (98) (43) (141)
Other items - - 36 - - - 36 104 140
As of December 31, 2016   2,430,365,862   7,604   105,547   (13,871)   (10,587,822)   (600)   98,680   2,894   101,574

(1) Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
4th quarter 2016

(M$)

  Upstream  

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales 4,475 19,077 18,719 4 - 42,275
Intersegment sales 4,948 6,707 260 82 (11,997) -
Excise taxes   -   (784)   (4,624)   -   -   (5,408)
Revenues from sales 9,423 25,000 14,355 86 (11,997) 36,867
Operating expenses (5,730) (23,149) (13,841) (295) 11,997 (31,018)
Depreciation, depletion and impairment of tangible assets and mineral interests   (4,331)   (252)   (346)   (10)   -   (4,939)
Operating income (638) 1,599 168 (219) - 910
Equity in net income (loss) of affiliates and other items 37 169 (21) 130 - 315
Tax on net operating income   (90)   (394)   (98)   77   -   (505)
Net operating income (691) 1,374 49 (12) - 720
Net cost of net debt (233)
Non-controlling interests                       61
Net income 548
4th quarter 2016 (adjustments) (a)

(M$)

  Upstream  

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales   17   -   -   -   -   17
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales 17 - - - - 17
Operating expenses - 379 (180) - - 199
Depreciation, depletion and impairment of tangible assets and mineral interests   (1,889)   -   (140)   -   -   (2,029)
(a) Except for per share amounts. (1,872) 379 (320) - - (1,813)
Equity in net income (loss) of affiliates and other items (405) (28) (84) (4) - (521)
Tax on net operating income   455   (115)   42   1   -   383
Net operating income (b) (1,822) 236 (362) (3) - (1,951)
Net cost of net debt (6)
Non-controlling interests                       98
Net income (1,859)
(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 - 380 (33) -
On net operating income - 281 (14) -
4th quarter 2016 (adjusted)

(M$) (a)

  Upstream  

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales   4,458   19,077   18,719   4   -   42,258
Intersegment sales 4,948 6,707 260 82 (11,997) -
Excise taxes   -   (784)   (4,624)   -   -   (5,408)
Revenues from sales 9,406 25,000 14,355 86 (11,997) 36,850
Operating expenses (5,730) (23,528) (13,661) (295) 11,997 (31,217)
Depreciation, depletion and impairment of tangible assets and mineral interests   (2,442)   (252)   (206)   (10)   -   (2,910)
Adjusted operating income 1,234 1,220 488 (219) - 2,723
Equity in net income (loss) of affiliates and other items 442 197 63 134 - 836
Tax on net operating income   (545)   (279)   (140)   76   -   (888)
Adjusted net operating income 1,131 1,138 411 (9) - 2,671
Net cost of net debt (227)
Non-controlling interests                       (37)
Adjusted net income                       2,407
Adjusted fully-diluted earnings per share ($)                       0.96
4th quarter 2016

(M$)

  Upstream  

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Total expenditures   4,611   560   602   82   -   5,855
Total divestments 839 13 73 2 - 927
Cash flow from operating activities   4,199   1,750   903   166   -   7,018

BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
3rd quarter 2016

(M$)

  Upstream  

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales 3,398 16,050 17,964 - - 37,412
Intersegment sales 4,701 5,072 147 74 (9,994) -
Excise taxes   -   (875)   (4,712)   -   -   (5,587)
Revenues from sales 8,099 20,247 13,399 74 (9,994) 31,825
Operating expenses (4,954) (19,101) (12,708) (197) 9,994 (26,966)
Depreciation, depletion and impairment of tangible assets and mineral interests   (2,480)   (251)   (194)   (11)   -   (2,936)
Operating income 665 895 497 (134) - 1,923
Equity in net income (loss) of affiliates and other items 213 227 57 84 - 581
Tax on net operating income   (40)   (196)   (138)   58   -   (316)
Net operating income 838 926 416 8 - 2,188
Net cost of net debt (208)
Non-controlling interests                       (26)
Net income 1,954
3rd quarter 2016 (adjustments) (a)

(M$)

  Upstream  

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales   (116)   -   -   -   -   (116)
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales (116) - - - - (116)
Operating expenses - 4 (68) - - (64)
Depreciation, depletion and impairment of tangible assets and mineral interests   -   -   -   -   -   -
(a) Except for per share amounts. (116) 4 (68) - - (180)
Equity in net income (loss) of affiliates and other items (123) 16 (67) - - (174)
Tax on net operating income   200   (11)   6   -   -   195
Net operating income (b) (39) 9 (129) - - (159)
Net cost of net debt (6)
Non-controlling interests                       49
Net income (116)
(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 - 4 (51) -
On net operating income - 21 (33) -
3rd quarter 2016 (adjusted)

(M$) (a)

  Upstream  

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales   3,514   16,050   17,964   -   -   37,528
Intersegment sales 4,701 5,072 147 74 (9,994) -
Excise taxes   -   (875)   (4,712)   -   -   (5,587)
Revenues from sales 8,215 20,247 13,399 74 (9,994) 31,941
Operating expenses (4,954) (19,105) (12,640) (197) 9,994 (26,902)
Depreciation, depletion and impairment of tangible assets and mineral interests   (2,480)   (251)   (194)   (11)   -   (2,936)
Adjusted operating income 781 891 565 (134) - 2,103
Equity in net income (loss) of affiliates and other items 336 211 124 84 - 755
Tax on net operating income   (240)   (185)   (144)   58   -   (511)
Adjusted net operating income 877 917 545 8 - 2,347
Net cost of net debt (202)
Non-controlling interests                       (75)
Adjusted net income                       2,070
Adjusted fully-diluted earnings per share ($)                       0.84

(a) Except for earnings per share.

3rd quarter 2016

(M$)

  Upstream  

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Total expenditures   3,648   550   1,175   (172)   -   5,201
Total divestments 129 21 40 2 - 192
Cash flow from operating activities   2,380   1,698   495   167   -   4,740
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
4th quarter 2015

(M$)

  Upstream  

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales 3,457 15,969 18,326 (3) - 37,749
Intersegment sales 4,342 5,532 215 59 (10,148) -
Excise taxes   -   (1,073)   (4,384)   -   -   (5,457)
Revenues from sales 7,799 20,428 14,157 56 (10,148) 32,292
Operating expenses (5,716) (19,606) (13,445) (230) 10,148 (28,849)
Depreciation, depletion and impairment of tangible assets and mineral interests   (7,189)   (293)   (183)   (7)   -   (7,672)
Operating income (5,106) 529 529 (181) - (4,229)
Equity in net income (loss) of affiliates and other items 571 759 (97) 31 - 1,264
Tax on net operating income   1,328   (74)   (135)   218   -   1,337
Net operating income (3,207) 1,214 297 68 - (1,628)
Net cost of net debt (172)
Non-controlling interests                       174
Net income (1,626)
4th quarter 2015 (adjustments) (a)

(M$)

  Upstream  

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales   (205)   -   -   -   -   (205)
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales (205) - - - - (205)
Operating expenses (413) (429) (161) - - (1,003)
Depreciation, depletion and impairment of tangible assets and mineral interests   (4,893)   (39)   (1)   -   -   (4,933)

Operating Income (b)

(5,511) (468) (162) - - (6,141)
Equity in net income (loss) of affiliates and other items (58) 596 (116) (19) - 403
Tax on net operating income   1,614   79   45   7   -   1,745
Net operating income (b) (3,955) 207 (233) (12) - (3,993)
Net cost of net debt (11)
Non-controlling interests                       303
Net income (3,701)
(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 - (359) (105) -
On net operating income - (247) (68) -
4th quarter 2015 (adjusted)

(M$) (a)

  Upstream  

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales   3,662   15,969   18,326   (3)   -   37,954
Intersegment sales 4,342 5,532 215 59 (10,148) -
Excise taxes   -   (1,073)   (4,384)   -   -   (5,457)
Revenues from sales 8,004 20,428 14,157 56 (10,148) 32,497
Operating expenses (5,303) (19,177) (13,284) (230) 10,148 (27,846)
Depreciation, depletion and impairment of tangible assets and mineral interests   (2,296)   (254)   (182)   (7)   -   (2,739)
Adjusted operating income 405 997 691 (181) - 1,912
Equity in net income (loss) of affiliates and other items 629 163 19 50 - 861
Tax on net operating income   (286)   (153)   (180)   211   -   (408)
Adjusted net operating income 748 1,007 530 80 - 2,365
Net cost of net debt (161)
Non-controlling interests                       (129)
Adjusted net income                       2,075
Adjusted fully-diluted earnings per share ($)                       0.88

(a) Except for earnings per share.

4th quarter 2015

(M$)

  Upstream  

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Total expenditures   5,293   586   689   26   -   6,594
Total divestments 1,402 836 56 3 - 2,297
Cash flow from operating activities   2,624   2,127   289   (202)   -   4,838
BUSINESS SEGMENT INFORMATION            
TOTAL
 
                         
Year 2016

(M$)

  Upstream  

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales 14,683 65,632 69,421 7 - 149,743
Intersegment sales 17,070 21,467 747 307 (39,591) -
Excise taxes   -   (3,544)   (18,274)   -   -   (21,818)
Revenues from sales 31,753 83,555 51,894 314 (39,591) 127,925
Operating expenses (20,438) (77,553) (49,538) (1,005) 39,591 (108,943)
Depreciation, depletion and impairment of tangible assets and mineral interests   (11,589)   (1,002)   (895)   (37)   -   (13,523)
Operating income (274) 5,000 1,461 (728) - 5,459
Equity in net income (loss) of affiliates and other items 1,489 833 84 415 - 2,821
Tax on net operating income   363   (1,245)   (506)   164   -   (1,224)
Net operating income 1,578 4,588 1,039 (149) - 7,056
Net cost of net debt (850)
Non-controlling interests                       (10)
Net income 6,196
Year 2016 (adjustments) (a)

(M$)

  Upstream  

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales   (231)   -   -   -   -   (231)
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales (231) - - - - (231)
Operating expenses (691) 627 (217) - - (281)
Depreciation, depletion and impairment of tangible assets and mineral interests   (2,089)   -   (140)   -   -   (2,229)

Operating income(b)

(3,011) 627 (357) - - (2,741)
Equity in net income (loss) of affiliates and other items (199) (39) (230) (4) - (472)
Tax on net operating income   1,155   (201)   40   1   -   995
Net operating income (b) (2,055) 387 (547) (3) - (2,218)
Net cost of net debt (23)
Non-controlling interests                       150
Net income (2,091)
(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 - 695 (43) -
On net operating income - 500 (13) -

Year 2016 (adjusted)

(M$) (a)

  Upstream  

Refining &
Chemicals

 

Marketing &
ervices

  Corporate   Intercompany   Total
Non-Group sales   14,914   65,632   69,421   7   -   149,974
Intersegment sales 17,070 21,467 747 307 (39,591) -
Excise taxes   -   (3,544)   (18,274)   -   -   (21,818)
Revenues from sales 31,984 83,555 51,894 314 (39,591) 128,156
Operating expenses (19,747) (78,180) (49,321) (1,005) 39,591 (108,662)
Depreciation, depletion and impairment of tangible assets and mineral interests   (9,500)   (1,002)   (755)   (37)   -   (11,294)
Adjusted operating income 2,737 4,373 1,818 (728) - 8,200
Equity in net income (loss) of affiliates and other items 1,688 872 314 419 - 3,293
Tax on net operating income   (792)   (1,044)   (546)   163   -   (2,219)
Adjusted net operating income 3,633 4,201 1,586 (146) - 9,274
Net cost of net debt (827)
Non-controlling interests                       (160)
Adjusted net income                       8,287
Adjusted fully-diluted earnings per share ($)                       3.38

(a) Except for earnings per share.

Year 2016

(M$)

  Upstream  

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Total expenditures   16,035   1,849   2,506   140   -   20,530
Total divestments 2,331 86 446 14 - 2,877
Cash flow from operating activities   9,675   4,587   1,623   636   -   16,521
BUSINESS SEGMENT INFORMATION            
TOTAL
 
                         
Year 2015

(M$)

  Upstream  

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales 16,840 70,623 77,887 7 - 165,357
Intersegment sales 17,927 26,794 911 218 (45,850) -
Excise taxes   -   (4,107)   (17,829)   -   -   (21,936)
Revenues from sales 34,767 93,310 60,969 225 (45,850) 143,421
Operating expenses (21,851) (87,674) (58,467) (865) 45,850 (123,007)
Depreciation, depletion and impairment of tangible assets and mineral interests   (15,857)   (1,092)   (744)   (27)   -   (17,720)
Operating income (2,941) 4,544 1,758 (667) - 2,694
Equity in net income (loss) of affiliates and other items 2,019 1,780 297 522 - 4,618
Tax on net operating income   (294)   (1,105)   (585)   171   -   (1,813)
Net operating income (1,216) 5,219 1,470 26 - 5,499
Net cost of net debt (713)
Non-controlling interests                       301
Net income 5,087
Year 2015 (adjustments) (a)

(M$)

  Upstream  

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales   (519)   -   -   -   -   (519)
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales (519) - - - - (519)
Operating expenses (564) (1,035) (316) - - (1,915)
Depreciation, depletion and impairment of tangible assets and mineral interests   (6,783)   (70)   (24)   -   -   (6,877)

Operating income (b)

(7,866) (1,105) (340) - - (9,311)
Equity in net income (loss) of affiliates and other items (264) 1,172 24 (19) - 913
Tax on net operating income   2,140   263   87   7   -   2,497
Net operating income (b) (5,990) 330 (229) (12) - (5,901)
Net cost of net debt (11)
Non-controlling interests                       481
Net income (5,431)

(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 - (859) (254) -
On net operating income - (590) (169) -
Year 2015 (adjusted)

(M$) (a)

  Upstream  

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales   17,359   70,623   77,887   7   -   165,876
Intersegment sales 17,927 26,794 911 218 (45,850) -
Excise taxes   -   (4,107)   (17,829)   -   -   (21,936)
Revenues from sales 35,286 93,310 60,969 225 (45,850) 143,940
Operating expenses (21,287) (86,639) (58,151) (865) 45,850 (121,092)
Depreciation, depletion and impairment of tangible assets and mineral interests   (9,074)   (1,022)   (720)   (27)   -   (10,843)
Adjusted operating income 4,925 5,649 2,098 (667) - 12,005
Equity in net income (loss) of affiliates and other items 2,283 608 273 541 - 3,705
Tax on net operating income   (2,434)   (1,368)   (672)   164   -   (4,310)
Adjusted net operating income 4,774 4,889 1,699 38 - 11,400
Net cost of net debt (702)
Non-controlling interests                       (180)
Adjusted net income                       10,518
Adjusted fully-diluted earnings per share ($)                       4.51

(a) Except for earnings per share.

Year 2015

(M$)

  Upstream  

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Total expenditures   24,270   1,843   1,841   79   -   28,033
Total divestments 3,215 3,488 856 25 - 7,584
Cash flow from operating activities   11,182   6,432   2,323   9   -   19,946
Reconciliation of the information by business segment with consolidated financial statements
TOTAL      
(unaudited)
 

4th quarter 2016

(M$)

  Adjusted   Adjustments (a)   Consolidated statement of income
Sales 42,258 17 42,275
Excise taxes (5,408) - (5,408)
Revenues from sales 36,850 17 36,867
Purchases, net of inventory variation (24,253) 286 (23,967)
Other operating expenses (6,704) (87) (6,791)
Exploration costs (260) - (260)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,910) (2,029) (4,939)
Other income 337 - 337
Other expense (263) (210) (473)
Financial interest on debt (293) (6) (299)
Financial income and expense from cash & cash equivalents (2) - (2)
Cost of net debt (295) (6) (301)
Other financial income 203 - 203
Other financial expense (161) - (161)
Equity in net income (loss) of affiliates 720 (311) 409
Income taxes   (820)   383   (437)
Consolidated net income 2,444 (1,957) 487
Group share 2,407 (1,859) 548
Non-controlling interests 37 (98) (61)

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

4th quarter 2015

(M$)

  Adjusted   Adjustments (a)  

Consolidated
statement of income

Sales   37,954   (205)   37,749
Excise taxes (5,457) - (5,457)
Revenues from sales 32,497 (205) 32,292
Purchases, net of inventory variation (21,410) (464) (21,874)
Other operating expenses (6,063) (185) (6,248)
Exploration costs (373) (354) (727)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,739) (4,933) (7,672)
Other income 169 664 833
Other expense (47) (251) (298)
Financial interest on debt (230) (11) (241)
Financial income and expense from cash & cash equivalents 25 - 25
Cost of net debt (205) (11) (216)
Other financial income 300 - 300
Other financial expense (171) - (171)
Equity in net income (loss) of affiliates 610 (10) 600
Income taxes   (364)   1,745   1,381
Consolidated net income 2,204 (4,004) (1,800)
Group share 2,075 (3,701) (1,626)
Non-controlling interests 129 (303) (174)

(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      
 
 

Year 2016

(M$)

  Adjusted   Adjustments (a)  

Consolidated
statement of income

Sales 149,974 (231) 149,743
Excise taxes (21,818) - (21,818)
Revenues from sales 128,156 (231) 127,925
Purchases, net of inventory variation (83,916) 539 (83,377)
Other operating expenses (23,832) (470) (24,302)
Exploration costs (914) (350) (1,264)
Depreciation, depletion and impairment of tangible assets and mineral interests (11,294) (2,229) (13,523)
Other income 964 335 1,299
Other expense (537) (490) (1,027)
Financial interest on debt (1,085) (23) (1,108)
Financial income and expense from cash & cash equivalents 4 - 4
Cost of net debt (1,081) (23) (1,104)
Other financial income 971 - 971
Other financial expense (636) - (636)
Equity in net income (loss) of affiliates 2,531 (317) 2,214
Income taxes   (1,965)   995   (970)
Consolidated net income 8,447 (2,241) 6,206
Group share 8,287 (2,091) 6,196
Non-controlling interests 160 (150) 10

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

Year 2015

(M$)

  Adjusted   Adjustments (a)  

Consolidated
statement of income

Sales   165,876   (519)   165,357
Excise taxes (21,936) - (21,936)
Revenues from sales 143,940 (519) 143,421
Purchases, net of inventory variation (95,558) (1,113) (96,671)
Other operating expenses (23,984) (361) (24,345)
Exploration costs (1,550) (441) (1,991)
Depreciation, depletion and impairment of tangible assets and mineral interests (10,843) (6,877) (17,720)
Other income 1,468 2,138 3,606
Other expense (405) (1,172) (1,577)
Financial interest on debt (956) (11) (967)
Financial income and expense from cash & cash equivalents 94 - 94
Cost of net debt (862) (11) (873)
Other financial income 882 - 882
Other financial expense (654) - (654)
Equity in net income (loss) of affiliates 2,414 (53) 2,361
Income taxes   (4,150)   2,497   (1,653)
Consolidated net income 10,698 (5,912) 4,786
Group share 10,518 (5,431) 5,087
Non-controlling interests 180 (481) (301)

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

Contacts

TOTAL S.A.
Mike SANGSTER
Nicolas FUMEX
Kim HOUSEGO
Romain RICHEMONT
Tel. : + 44 (0)207 719 7962
Fax : + 44 (0)207 719 7959
or
Robert HAMMOND (U.S.)
Tel. : +1 713-483-5070
Fax : +1 713-483-5629

Contacts

TOTAL S.A.
Mike SANGSTER
Nicolas FUMEX
Kim HOUSEGO
Romain RICHEMONT
Tel. : + 44 (0)207 719 7962
Fax : + 44 (0)207 719 7959
or
Robert HAMMOND (U.S.)
Tel. : +1 713-483-5070
Fax : +1 713-483-5629