Total: Fourth Quarter and Full-year 2020 Results

Total resists crisis and accelerates its transformation
Total will propose to shareholders changing its name to TotalEnergies

PARIS--()-- 

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

 

4Q20

Change
vs 4Q19

2020

Change
vs 2019

 

 

 

 

 

Oil price - Brent ($/b)

44.2

-30%

41.8

-35%

European gas price - NBP ($/Mbtu)

5.6

+10%

3.3

-31%

Adjusted net income (Group share)

 

 

 

 

- in billions of dollars (B$)

1.30

-59%

4.06

-66%

- in dollars per share

0.46

-61%

1.43

-67%

 

 

 

 

 

DACF1 (B$)

4.9

-33%

17.6

-37%

Cash Flow from operations (B$)

5.7

-14%

14.8

-40%

 

 

 

 

 

       
Net income (Group share) of 891 M$ in 4Q20
Net-debt-to-capital ratio of 21.7% at December 31, 2020 vs. 22.0% at September 30, 20202
Hydrocarbon production of 2,841 kboe/d in 4Q20, a decrease of 9% compared to 4Q19
Fourth quarter 2020 dividend set at 0.66 €/share
         

Total SE’s Board of Directors met on February 8, 2021, under the chairmanship of CEO Patrick Pouyanné to approve the Group’s 2020 financial statements. On this occasion, Patrick Pouyanné said:

“The Group’s fourth quarter results rebounded from the previous quarter in a context where oil prices stabilized above $40 per barrel, thanks to strong OPEC+ discipline, and where gas prices rose sharply in Europe and Asia, but where refining margins remained depressed, still affected by low demand and high inventories. In this context, the Group demonstrates its ability to benefit from an overall more favorable environment with adjusted net income up by more than 50% to $1.3 billion and cash flow (DACF) of $4.9 billion.

Total faced two major crises in 2020: the Covid-19 pandemic that severely affected global energy demand, and the oil crisis that drove the Brent price below $20 per barrel in the second quarter. In this particularly difficult context, the Group implemented an immediate action plan and proved its resilience thanks to the quality of its portfolio (production cost of $5.1 per boe, the lowest among its peers) and its integrated model with cash flow (DACF) generation of nearly $18 billion. It posted adjusted net income of $4.1 billion and, thanks to strong discipline on investments ($13 billion, down 26%) and costs ($1.1 billion in savings), the organic cash breakeven was $26 per barrel. Consistent with its climate ambition, the Group recorded exceptional asset impairments of $10 billion, notably on Canadian oil sands assets, most of which were recorded in its accounts at the end of June, leading to an IFRS loss for the year of $7.2 billion.

2020 represents a pivoting year for the Group’s strategy with the announcement of its ambition to get to Net Zero, together with society. The Group affirms its plan to transform itself into a broad energy company to meet the dual challenge of the energy transition: more energy, less emissions. Thus, the Group’s profile will be transformed over the 2020-30 decade: the growth of energy production will be based on two pillars, LNG and Renewables & Electricity, while oil products are expecting to fall from 55% to 30% of sales. To anchor this transformation, the Group will propose to its shareholders at the Annual General Meeting on May 28, 2021, changing its name to TotalEnergies. They will hence have the opportunity to endorse this strategy and the underlying ambition to transition to carbon neutrality.

In 2020, Total secured its investments in Renewables & Electricity ($2 billion) and accelerated the implementation of its strategy to grow renewables, adding 10 GW to its portfolio. With the acquisition at the start of 2021 of a 20% stake in Adani Green Energy Limited (AGEL), the largest solar developer in the world, and of portfolios of projects in the United States, the Group now has a portfolio of gross installed capacity, under construction and in development of 35 GW by 2025 with more than 20 GW already benefiting from long-term power purchase agreements.

Total preserves its financial strength with a gearing of 21.7% at the end of 2020. Confident in the Group’s fundamentals, the Board of Directors confirms its policy of supporting the dividend through economic cycles. Therefore, it will propose at the Annual General Meeting of Shareholders on May 28, 2021, the distribution of a final dividend of 0.66 € per share, equal to the previous three quarters, and set the dividend for 2020 at 2.64 € per share.”

Highlights3

Sustainability

  • Strengthened the Group’s commitment to reduce methane emissions with initiative OGMP 2.0
  • Withdrew from the American Petroleum Institute
  • Total once again selected in 2020 in the Dow Jones Sustainability Indices

Renewables and electricity

Renewables

  • Acquired in India a 20% minority interest in Adani Green Energy Limited (AGEL), the largest solar developer in the world
  • Acquired Fonroche Biogaz in France, making Total the leader in renewable gas production in France
  • Agreed with 174 Power Global, a subsidiary of Hanwha, to develop a portfolio of 1.6 GW of solar and energy storage projects in the United States
  • Acquired a 2.2 GW portfolio of solar and energy storage projects in Texas
  • Developing the largest site in France for the production of green hydrogen based 100% on renewable electricity with Engie
  • Issued € 3 billion of hybrid bonds dedicated to financing the strategy to grow renewables

Electricity

  • Acquired portfolio of 2 million residential customers and 2 CCGT with cumulative capacity of 850 MW from Energías de Portugal in Spain
  • Won the City of Paris concession tender to operate 2,300 charge points of the Bélib’ network
  • Acquired Charging Solutions to become operator of 2,000 charge point network in Germany

LNG

  • Finalized 16.6% participation in Energia Costa Azul LNG project on the Pacific coast of Mexico
  • Delivered first carbon neutral LNG cargo to CNOOC (China)
  • Completed first LNG bunkering for CMA CGM in Port of Rotterdam
  • Chartered four new LNG-powered Aframax vessels to reduce maritime transport emissions

Upstream

  • Fourth hydrocarbon discovery on Block 58 in Suriname
  • Second gas and condensate discovery on Block 11B/12B in South Africa
  • Entered new offshore exploration permit as operator in Egypt
  • Sold Group’s 10% interest in onshore OML 17 block in Nigeria

CCUS

  • Approval from Norwegian government of final investment decision for Northern Lights CO2 sequestration project in Northern North Sea
  • Signed with ADNOC strategic framework agreement on CO2 emission reduction and CCUS in Abu Dhabi
  • Announced world first sustainable packaging from captured and recycled carbon emissions by Lanzatech, Total and L’Oréal in France 

Key figures from Total’s consolidated financial statements4

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

In millions of dollars, except effective tax rate,
earnings per share and number of shares

2020

2019

2020
 vs
2019

1,824

1,459

3,879

-53%

Adjusted net operating income from business segments

6,404

14,554

-56%

1,068

801

2,031

-47%

Exploration & Production

2,363

7,509

-69%

254

285

794

-68%

Integrated Gas, Renewables & Power

1,778

2,389

-26%

170

(88)

580

-71%

Refining & Chemicals

1,039

3,003

-65%

332

461

474

-30%

Marketing & Services

1,224

1,653

-26%

367

352

668

-45%

Contribution of equity affiliates to adjusted net income

1,388

2,260

-39%

14.9%

45.7%

31.8%

 

Group effective tax rate5

27.8%

34.1%

 

1,304

848

3,165

-59%

Adjusted net income (Group share)

4,059

11,828

-66%

0.46

0.29

1.19

-61%

Adjusted fully-diluted earnings per share (dollars)6

1.43

4.38

-67%

0.39

0.24

1.07

-64%

Adjusted fully-diluted earnings per share (euros)*

1.25

3.92

-68%

2,645

2,637

2,607

+1%

Fully-diluted weighted-average shares (millions)

2,621

2,618

-

 

 

 

 

 

 

 

 

891

202

2,600

-66%

Net income (Group share)

(7,242)

11,267

ns

 

 

 

 

 

 

 

 

3,432

2,184

4,291

-20%

Organic investments7

10,339

13,397

-23%

1,099

(272)

(80)

ns

Net acquisitions8

2,650

4,052

-35%

4,531

1,912

4,211

+8%

Net investments9

12,989

17,449

-26%

4,498

3,791

6,793

-34%

Operating cash flow before working capital changes**10

15,697

26,111

-40%

4,933

4,281

7,326

-33%

Operating cash flow before working capital changes
w/o financial charges (DACF)11

17,635

28,180

-37%

5,674

4,351

6,599

-14%

Cash flow from operations

14,803

24,685

-40%

Data take into account the impact of the IFRS16 “Leases” rule, effective January 1, 2019.
* Average €-$ exchange rate: 1.1929 in the fourth quarter 2020 and 1.1422 in 2020.
** 4Q19 and 2019 data restated10

Key figures of environment and Group production

> Environment* – liquids and gas price realizations, refining margins

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

 

2020

2019

2020
 vs
2019

44.2

42.9

63.1

-30%

Brent ($/b)

41.8

64.2

-35%

2.8

2.1

2.4

+15%

Henry Hub ($/Mbtu)

2.1

2.5

-16%

5.6

2.9

5.1

+10%

NBP ($/Mbtu)

3.3

4.9

-31%

8.0

3.6

5.8

+39%

JKM ($/Mbtu)

4.4

5.5

-20%

41.0

39.9

59.1

-31%

Average price of liquids ($/b)
Consolidated subsidiaries

37.0

59.8

-38%

3.31

2.52

3.76

-12%

Average price of gas ($/Mbtu)
Consolidated subsidiaries

2.96

3.88

-24%

4.90

3.57

6.52

-25%

Average price of LNG ($/Mbtu)
Consolidated subsidiaries and equity affiliates 

4.83

6.31

-24%

 

 

 

 

 

 

 

 

4.6

-2.7

30.2

-85%

Variable cost margin - Refining Europe, VCM ($/t)

11.5

34.9

-67%

* The indicators are shown on page 16.

The average LNG sales price rebounded by 37% in the quarter compared to the previous quarter, due to the seasonality of demand and the delayed impact of higher oil prices in the third quarter 2020 on long-term LNG contracts.

> Production*

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

 

2020

2019

2020
 vs
2019

2,841

2,715

3,113

-9%

Hydrocarbon production (kboe/d)

2,871

3,014

-5%

1,238

1,196

1,452

-15%

Oil (including bitumen) (kb/d)

1,298

1,431

-9%

1,603

1,519

1,661

-3%

Gas (including condensates and associated NGL) (kboe/d)

1,573

1,583

-1%

 

 

 

 

 

 

 

 

2,841

2,715

3,113

-9%

Hydrocarbon production (kboe/d)

2,871

3,014

-5%

1,483

1,437

1,714

-13%

Liquids (kb/d)

1,543

1,672

-8%

7,406

6,973

7,563

-2%

Gas (Mcf/d)**

7,246

7,309

-1%

* Group production = EP production + iGRP production.
** 4Q19 and 2019 data restated

Hydrocarbon production was 2,841 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2020, a decrease of 9% year-on-year, comprised of:

  • -5% due to compliance with OPEC+ quotas, notably in Nigeria, the United Arab Emirates and Kazakhstan, as well as voluntary reductions in Canada and disruptions in Libya.
  • -1% due to portfolio effect, notably linked to the sale of assets in the United Kingdom and Block CA1 in Brunei.
  • +3% due to the start-up and ramp-up of new projects, notably North Russkoye in Russia, Tempa Rossa in Italy, Johan Sverdrup in Norway, Iara in Brazil and Culzean in the United Kingdom.
  • -3% due to the natural decline of fields.
  • -3% due to maintenance and unplanned outages, notably in Norway.

Hydrocarbon production was 2,871 kboe/d for the year 2020, a decrease of 5% compared to the previous year, comprised of:

  • -5% due to compliance with OPEC+ quotas, notably in Nigeria, the United Arab Emirates and Kazakhstan, as well as voluntary reductions in Canada and disruptions in Libya.
  • +5% due to the ramp-up of recently started projects, notably Culzean in the United Kingdom, Johan Sverdrup in Norway, Iara in Brazil, Tempa Rossa in Italy and North Russkoye in Russia.
  • -3% due to the natural decline of fields.
  • -2% due to maintenance, and unplanned outages, notably in Norway.

Analysis of business segments

Integrated Gas, Renewables & Power (iGRP)

> Production and sales of Liquefied natural gas (LNG) and electricity

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

Hydrocarbon production for LNG

2020

2019

2020
 vs
2019

532

518

624

-15%

iGRP (kboe/d)

530

560

-5%

65

70

74

-12%

Liquids (kb/d)

69

71

-4%

2,549

2,445

2,939

-13%

Gas (Mcf/d)*

2,519

2,656

-5%

 

 

 

 

 

 

 

 

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

Liquefied Natural Gas in Mt

2020

2019

2020
 vs
2019

10.0

8.1

10.6

-6%

Overall LNG sales

38.3

34.3

+12%

4.3

4.3

4.2

+2%

incl. Sales from equity production**

17.6

16.3

+8%

8.0

6.6

9.6

-17%

incl. Sales by Total from equity production and third party purchases

31.1

27.9

+12%

* 4Q19 and 2019 data restated
** The Group's equity production may be sold by Total or by the joint ventures.

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

Renewables & Electricity

2020

2019

2020
 vs
2019

7.0

5.1

3.0

x2,4

Gross renewables installed capacity (GW)*

7.0

3.0

x2,4

17.5

14.2

 

 

Gross renewables installed or in development capacity
with PPA (GW)*

17.5

 

 

4.3

4.1

3.5

+20%

Net power production (TWh)**

14.1

11.4

+24%

1.2

1.0

0.6

+87%

incl. Power production from renewables

4.0

2.0

+97%

5.6

4.4

4.1

+37%

Clients power - BtB and BtC (Million)*

5.6

4.1

+37%

2.7

1.7

1.7

+59%

Clients gas - BtB and BtC (Million)*

2.7

1.7

+59%

13.5

10.2

12.9

+5%

Sales power - BtB and BtC (TWh)

47.3

46.0

+3%

31.5

13.5

29.4

+7%

Sales gas - BtB and BtC (TWh)

95.8

95.0

+1%

* Capacity at end of period.
** Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT) plants.

Hydrocarbon production for LNG in the fourth quarter decreased by 15% compared to a year ago, notably due to the shutdown of Snøhvit LNG following a fire at the end of September 2020.

Total LNG sales increased by 12% in 2020 compared to 2019 thanks to the start-up of three trains at Cameron LNG in the United States, the ramp-up of Yamal LNG in Russia and Ichthys LNG in Australia and the increase in trading activities.

Gross installed renewable power generation capacity more than doubled during the year to reach 7 GW at the end of the fourth quarter, notably thanks to the acquisition in India of 50% of a 3 GWp portfolio from the Adani Group.

The Group continues to implement its strategy to integrate along the electricity and gas chain in Europe and has increased the number of its electricity and gas customers by 1.5 million and 1 million, respectively, notably thanks to the finalization of the acquisition in the fourth quarter of a portfolio of customers from Energías de Portugal in Spain.

Net electricity production was 4.3 TWh in the fourth quarter, an increase of 20% compared to last year, notably due to the doubling of renewable electricity production and the acquisition of four CCGT (combined cycle gas turbine) power stations in France and Spain.

Sales of electricity and gas in the fourth quarter increased by 5% and 7%, respectively, compared to a year ago thanks to the growth in the number of customers.

> Results

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

In millions of dollars

2020

2019

2020
 vs
2019

254

285

794

-68%

Adjusted net operating income*

1,778

2,389

-26%

97

99

353

-73%

including income from equity affiliates

375

1,009

-63%

 

 

 

 

 

 

 

 

1,007

450

684

+47%

Organic investments

2,720

2,259

+20%

577

36

(13)

ns

Net acquisitions

2,183

3,921

-44%

1,584

486

671

x2,4

Net investments

4,903

6,180

-21%

 

 

 

 

 

 

 

 

1,072

695

1,356

-21%

Operating cash flow before working capital changes **

3,418

3,409

-

575

654

1,527

-62%

Cash flow from operations ***

2,129

3,461

-38%

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases. 4Q19 and 2019 data restated. (see note 10 page 3)
*** Excluding financial charges, except those related to leases.

Adjusted net operating income for the iGRP segment was $254 million in the fourth quarter 2020 compared to $794 million in the fourth quarter 2019, and $1,778 million for 2020, a decrease of 26% for the year, mainly due to the decrease in the LNG price.

Operating cash flow before working capital changes was $1,072 million in the fourth quarter, a decrease of 21% compared to a year ago, due to the decrease in the price of LNG partially offset by a positive and increasing contribution from Renewables & Electricity. For the year, operating cash flow before working capital changes was stable in 2020 compared to the previous year at $3,418 million.

Exploration & Production

> Production

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

Hydrocarbon production

2020

2019

2020
 vs
2019

2,309

2,197

2,489

-7%

EP (kboe/d)

2,341

2,454

-5%

1,418

1,367

1,640

-14%

Liquids (kb/d)

1,474

1,601

-8%

4,857

4,528

4,624

+5%

Gas (Mcf/d)

4,727

4,653

+2%

> Results

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

In millions of dollars, except effective tax rate

2020

2019

2020
 vs
2019

1,068

801

2,031

-47%

Adjusted net operating income*

2,363

7,509

-69%

222

268

247

-10%

including income from equity affiliates

928

996

-7%

19.8%

32.9%

38.0%

 

Effective tax rate**

29.4%

41.5%

 

 

 

 

 

 

 

 

 

1,569

1,266

2,617

-40%

Organic investments

5,519

8,635

-36%

548

(309)

(224)

ns

Net acquisitions

544

14

x38,9

2,117

957

2,393

-12%

Net investments 

6,063

8,649

-30%

 

 

 

 

 

 

 

 

2,652

2,646

4,451

-40%

Operating cash flow before working capital changes ***

9,684

18,030

-46%

3,046

2,043

4,206

-28%

Cash flow from operations ***

9,922

16,917

-41%

* 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).
*** Excluding financial charges, except those related to leases.

Exploration & Production adjusted net operating income was:

  • $1,068 million in the fourth quarter compared to $2,031 million a year ago due to the sharp drop in oil and gas prices and lower production.
  • $2,363 million in 2020 versus $7,509 million in 2019 for the same reasons.

Operating cash flow before working capital changes was $2,652 million in the fourth quarter, down 40% year-on-year, and $9,684 million in 2020, down 46%.

Downstream (Refining & Chemicals and Marketing & Services)

> Results

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

In millions of dollars

2020

2019

2020
 vs
2019

502

373

1,054

-52%

Adjusted net operating income*

2,263

4,656

-51%

 

 

 

 

 

 

 

 

840

449

950

-12%

Organic investments

2,023

2,395

-16%

80

2

158

-49%

Net acquisitions

32

118

-73%

920

451

1,108

-17%

Net investments

2,055

2,513

-18%

 

 

 

 

 

 

 

 

1,129

971

1,505

-25%

Operating cash flow before working capital changes **

4,652

6,617

-30%

2,162

2,060

1,420

+52%

Cash flow from operations **

4,539

6,441

-30%

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.

Refining & Chemicals

> Refinery and petrochemicals throughput and utilization rates

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

Refinery throughput and utilization rate*

2020

2019

2020
 vs
2019

1,262

1,212

1,509

-16%

Total refinery throughput (kb/d)

1,292

1,671

-23%

247

267

282

-12%

France

244

456

-46%

582

540

756

-23%

Rest of Europe

618

754

-18%

433

405

471

-8%

Rest of world

430

462

-7%

60%

57%

71%

 

Utlization rate based on crude only**

61%

80%

 

* Includes refineries in Africa reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year.

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

Petrochemicals production and utilization rate

2020

2019

2020
 vs
2019

1,486

1,255

1,431

+4%

Monomers* (kt)

5,519

5,219

+6%

1,291

1,248

1,169

+10%

Polymers  (kt)

4,934

4,862

+1%

90%

75%

92%

 

Vapocracker utilization rate**

83%

83%

 

* Olefins.
** Based on olefins production from steamcrackers and their treatment capacity at the start of the year.

Refinery throughput volumes:

  • Decreased by 16% in the fourth quarter 2020 compared to the previous year, mainly due to high inventories of refined products and the drop in demand which notably led to the economic shutdown of the Donges refinery.
  • Decreased by 23% in 2020 year-on-year for the same reasons as well as the prolonged shutdown of the distillation unit at the Normandy platform following the incident that occurred at the end of 2019.

Monomer production:

  • Increased 4% in the fourth quarter 2020 year-on-year to 1,486 kt
  • Increased 6% in 2020 year-on-year, supported by demand, and notably as a result of 2019 planned maintenance on the steamcracker at Daesan in South Korea.

Polymer production:

  • Increased by 10% in the fourth quarter 2020 year-on-year to 1,291 kt, supported by demand, and due to planned maintenance in the fourth quarter 2019.
  • Stable in 2020 compared to 2019

> Results

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

In millions of dollars

2020

2019

2020
 vs
2019

170

(88)

580

-71%

Adjusted net operating income*

1,039

3,003

-65%

 

 

 

 

 

 

 

 

448

291

479

-6%

Organic investments

1,209

1,426

-15%

(2)

(1)

118

ns

Net acquisitions

(54)

(44)

ns

446

290

597

-25%

Net investments

1,155

1,382

-16%

 

 

 

 

 

 

 

 

560

242

789

-29%

Operating cash flow before working capital changes **

2,472

4,072

-39%

1,514

1,027

1,142

+33%

Cash flow from operations **

2,438

3,837

-36%

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.

Refining & Chemicals adjusted net operating income was:

  • Down year-on-year to $170 million in the fourth quarter 2020. The decrease was due to depressed refining margins resulting from weak demand, notably for distillates as a result of reduced air traffic.
  • Down 65% year-on-year to $1,039 million in 2020, due to refining margin deterioration, partially offset by resilient petrochemical margins and outperformance of the trading activities.

Operating cash flow before working capital changes fell to $560 million in the fourth quarter 2020, down 29% compared to a year ago, and to $2,472 million in 2020, down by 39%.

Marketing & Services

> Petroleum product sales

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

Sales in kb/d*

2020

2019

2020
 vs
2019

1,509

1,442

1,835

-18%

Total Marketing & Services sales

1,477

1,845

-20%

828

819

1,033

-20%

Europe

823

1,021

-19%

681

623

801

-15%

Rest of world

654

824

-21%

* Excludes trading and bulk refining sales

Petroleum product sales volumes decreased by 18% in the fourth quarter compared to a year ago and by 20% in 2020 compared to 2019, in response to the significant slowdown in global activity related to the Covid-19 pandemic. Aviation and marine activities remain severely affected in this context; however, the decline in retail sales was mitigated by network growth in Angola, Saudi Arabia, Brazil and Mexico.

> Results

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

In millions of dollars

2020

2019

2020
 vs
2019

332

461

474

-30%

Adjusted net operating income*

1,224

1,653

-26%

 

 

 

 

 

 

 

 

392

158

471

-17%

Organic investments

814

969

-16%

82

3

40

x2,1

Net acquisitions

86

162

-47%

474

161

511

-7%

Net investments

900

1,131

-20%

 

 

 

 

 

 

 

 

569

729

716

-21%

Operating cash flow before working capital changes **

2,180

2,546

-14%

648

1,033

278

x2,3

Cash flow from operations **

2,101

2,604

-19%

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases

Adjusted net operating income was $332 million in the fourth quarter 2020, a decrease of 30% compared to a year ago, essentially due to lower volumes and a revaluation of futures contracts in the fourth quarter 2019. Adjusted net operating income was $1,224 million for the year 2020.

Operating cash flow before working capital changes was $569 million in the fourth quarter 2020 and $2,180 million for the full year, decreases of 21% and 14%, respectively, compared to the previous year.

Group results

> Adjusted net operating income from business segments

Adjusted net operating income from the business segments was:

  • $1,824 million in the fourth quarter 2020, a decrease of 53% compared to a year ago, due to lower Brent prices, natural gas prices and refining margins.
  • $6,404 million in 2020, a decrease of 56% year-on-year for the same reasons. 

> Adjusted net income (Group share)

Adjusted net income (Group share) was:

  • $1,304 million in the fourth quarter 2020, compared to $3,165 million in the fourth quarter 2019, due to lower Brent prices, natural gas prices and refining margins.
  • $4,059 million in 2020, a decrease of 66% year-on-year, for the same reasons.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of effects of changes in fair value12.

Total net income adjustments13 were

  • -$413 million in the fourth quarter 2020, including close to $200 million related to the conversion of the Grandpuits refinery in France.
  • -$11,301 million in 2020, including $8.5 billion of impairments, notably on oil sands assets in Canada.

> Adjusted earnings per share

Adjusted fully-diluted earnings per share was:

  • $0.46 in the fourth quarter 2020, calculated based on a weighted average of 2,645 million fully-diluted shares, compared to $1.19 in the same period last year.
  • $1.43 in 2020, calculated based on a weighted average of 2,621 million fully-diluted shares, compared to $4.38 in 2019.

The number of fully-diluted shares was 2,647 million on December 31, 2020.

> Acquisitions - asset sales

Finalized acquisitions were:

  • $1,538 million in the fourth quarter 2020, comprised notably of the acquisition of Tullow’s entire interest in the Lake Albert project in Uganda, and the acquisition of CCGT assets and of a portfolio of customers from Energías de Portugal in Spain.
  • $4.2 billion in 2020, comprised of the items mentioned above as well as the acquisition in India of 50% of a portfolio of installed solar activities from Adani Green Energy Limited, the finalization of the acquisition of 37.4% stake in Adani Gas Ltd, the acquisition of interests in Blocks 20 and 21 in Angola, and the payment for a second bonus tranche linked to taking the 10% stake in the Arctic LNG 2 project in Russia.

Finalized asset sales were:

  • $439 million in the fourth quarter 2020, comprised notably of the sale of Enphase shares by SunPower and the sale of the Group’s corporate offices in Brussels.
  • $1.5 billion in 2020, comprised notably ofthe sale mentioned above, as well as notably the sale of non-strategic assets in the UK North Sea, closing the sale of Block CA1 in Brunei, the sale of the Group’s interest in the Fos Cavaou regasification terminal in France, and the sale of 50% of a portfolio of solar and wind assets from Total Quadran in France.

> Net cash flow

Net cash flow14 for the Group was:

  • -$33 million in the fourth quarter 2020 compared to $2,582 million in the fourth quarter 2019, due to a decrease in operating cash flow before working capital changes from $6,793 million to $4,498 million and stable net investments of $4,531 million versus $4,211 million.
  • $2.7 billion in 2020 compared to $8.7 billion in 2019, due to the decrease of $10.4 billion in operating cash flow before working capital changes, partially offset by a reduction in net investments of $4.5 billion.

> Profitability

In millions of dollars

January 1, 2020

October 1, 2019

January 1, 2019

December 31, 2020

September 30, 2020

December 31, 2019

Adjusted net income

4,067

5,960

12,090

Average adjusted shareholders' equity

110,643

108,885

116,766

Return on equity (ROE)

3.7%

5.5%

10.4%

The return on equity was 3.7% for the twelve months ended December 31, 2020.

In millions of dollars

January 1, 2020

October 1, 2019

January 1, 2019

December 31, 2020

September 30, 2020

December 31, 2019

Adjusted net operating income

5,806

7,801

14,073

Average capital employed

145,723

144,060

143,674

ROACE

4.0%

5.4%

9.8%

The return on average capital employed was 4.0% for the twelve months ended December 31, 2020.

Total SE accounts

Net income for Total SE, the parent company, was €7,238 million in 2020 compared to €7,039 million a year ago.

2021 Sensitivities*

 

Change

Estimated impact on adjusted
net operating income

Estimated impact on
cash flow from operations

Dollar 

+/- 0.1 $ per €

-/+ 0.1 B$

~0 B$

Average liquids price**

+/- 10 $/b

+/- 2.7 B$

+/- 3.2 B$

European gas price - NBP ($/Mbtu)

+/- 1 $/Mbtu

+/- 0.3 B$

+/- 0.25 B$

Variable cost margin, European refining (VCM)

+/- 10 $/t

+/- 0.4 B$

+/- 0.5 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 2021. 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 essentially attributable to Refining & Chemicals. Please find the indicators detailed page 16.
** In a 50 $/b Brent environment.

Summary and outlook

Supported by OPEC+ quota compliance, oil prices have remained above 50 $/b since the beginning of 2021. However, the oil environment remains uncertain and dependent on the recovery of global demand, still affected by the Covid-19 pandemic.

In a context of disciplined OPEC+ quota implementation, the Group anticipates 2021 production will be stable compared to 2020, benefiting from the resumption of production in Libya.

The Group continues its profitable growth in LNG with sales expected to increase by 10% in 2021 compared to 2020, notably due to the ramp-up of Cameron LNG.

European refining margins remain fragile, with low demand for jet fuel weighing on the recovery of distillates. However, thanks to the resilience of Marketing & Services, the Group expects Downstream to contribute more than $5 billion of cash flow in 2021, assuming refining margins of 25 $/t.

Faced with uncertainties in the environment, net investments are projected at $12 billion in 2021, while preserving the flexibility to mobilize additional investments should the oil and gas environment strengthen. After reducing operating costs by $1.1 billion in 2020 compared to 2019, the Group maintains strong discipline on spending and targets additional savings of $0.5 billion in 2021.

The Group’s teams are fully committed to the four priorities of HSE, operational excellence, cost reduction and cash flow generation.

The Group maintains its priorities for cash flow allocation: investing in profitable projects to implement the Group’s transformation strategy, support the dividend and maintain a strong balance sheet.

Already in 2021, in renewables, the Group has announced more than 10 GW of additional projects through the acquisition of a 20% stake in Adani Green Energy Limited (AGEL), the world’s leading solar developer, a partnership with Hanwha in the United States with a 1.6 GW portfolio, and the acquisition of a 2.2 GW portfolio of projects in Texas. Total will allocate in 2021 more than 20% of its net investments to Renewables and Electricity.

* * * * *

To listen to the presentation in English with CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 14:00 (Paris time) please log on to total.com or call +44 (0) 207 192 8338 in Europe or +1 646 741 3167 in the United States (code: 3971718).

The conference replay will be available on total.com after the event.

* * * * *

Operating information by segment

> Group production (Exploration & Production + iGRP)

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

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

2020

2019

2020
 vs
2019

1,059

969

1,102

-4%

Europe and Central Asia

1,039

1,023

+2%

566

598

703

-19%

Africa

629

705

-11%

598

576

701

-15%

Middle East and North Africa

624

702

-11%

382

343

368

+4%

Americas

353

365

-3%

236

229

239

-1%

Asia-Pacific

226

219

+3%

2,841

2,715

3,113

-9%

Total production

2,871

3,014

-5%

727

667

768

-5%

includes equity affiliates

712

731

-3%

 

 

 

 

 

 

 

 

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

Liquids production by region (kb/d)

2020

2019

2020
 vs
2019

378

359

373

+1%

Europe and Central Asia

380

355

+7%

427

458

560

-24%

Africa

488

558

-13%

454

432

560

-19%

Middle East and North Africa

474

548

-13%

181

144

171

+6%

Americas

158

168

-6%

43

44

50

-13%

Asia-Pacific

43

44

-2%

1,483

1,437

1,714

-13%

Total production

1,543

1,672

-8%

200

197

212

-6%

includes equity affiliates

202

216

-6%

 

 

 

 

 

 

 

 

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

Gas production by region (Mcf/d)

2020

2019

2020
 vs
2019

3,666

3,284

3,887

-6%

Europe and Central Asia

3,547

3,596

-1%

701

713

686

+2%

Africa*

717

737

-3%

809

801

792

+2%

Middle East and North Africa

835

857

-3%

1,126

1,115

1,109

+2%

Americas

1,095

1,110

-1%

1,104

1,060

1,089

+1%

Asia-Pacific*

1,052

1,009

+4%

7,406

6,973

7,563

-2%

Total production*

7,246

7,309

-1%

2,851

2,540

2,961

-4%

includes equity affiliates*

2,748

2,780

-1%

* 4Q19 and 2019 data restated

> Downstream (Refining & Chemicals and Marketing & Services)

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

Petroleum product sales by region (kb/d)

2020

2019

2020
 vs
2019

1,651

1,475

1,993

-17%

Europe

1,586

2,008

-21%

628

541

737

-15%

Africa

579

706

-18%

794

673

763

+4%

Americas

773

842

-8%

547

460

526

+4%

Rest of world

471

555

-15%

3,619

3,149

4,019

-10%

Total consolidated sales

3,410

4,110

-17%

458

417

508

-10%

Includes bulk sales

434

536

-19%

1,652

1,290

1,676

-1%

Includes trading

1,498

1,730

-13%

 

 

 

 

 

 

 

 

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

Petrochemicals production* (kt)

2,020

2019

2020
 vs
2019

1,381

1,274

1,253

10%

Europe

5,202

5,364

-3%

662

513

630

+5%

Americas

2,475

2,367

+5%

735

716

717

+2%

Middle-East and Asia

2,775

2,350

+18%

* Olefins, polymers

Adjustment items to net income (Group share)

Investments - Divestments

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

In millions of dollars

2020

2019

2020
 vs
2019

3,432

2,184

4,291

-20%

Organic investments ( a )

10,339

13,397

-23%

214

148

136

+58%

capitalized exploration

659

705

-6%

355

290

319

+11%

increase in non-current loans

1,657

1,061

+56%

(212)

(330)

(102)

ns

repayment of non-current loans,
excluding organic loan repayment from equity affiliates*

(717)

(551)

ns

(46)

(11)

-

ns

change in debt from renewable projects (Group share)

(209)

(109)

ns

1,538

150

266

x5,8

Acquisitions ( b )

4,189

5,980

-30%

439

422

357

+23%

Asset sales ( c )

1,539

1,939

-21%

15

7

-

ns

change in debt from renewable projects (partner share)  

105

105

-

-

-

(11)

ns

Other transactions with non-controlling interests ( d )

-

(11)

ns

4,531

1,912

4,211

+8%

Net investments ( a + b - c - d )

12,989

17,449

-26%

(77)

(1)

(275)

ns

Organic loan repayment from equity affiliates* ( e )

(111)

(475)

ns

61

18

-

ns

Change in debt from renewable projects financing ** ( f )

314

214

+47%

39

28

-

ns

Capex linked to capitalized leasing contracts ( g )

113

-

ns

4,476

1,901

3,925

+14%

Cash flow used in investing activities ( a + b - c + e + f -g)

13,079

17,177

-24%

* Effective second quarter 2019, organic loan repayments from equity affiliates are defined as loan repayments from equity affiliates coming from their cash flow from operations.
** Change in debt from renewable projects (Group share and partner share).

Cash flow

4Q20

3Q20

4Q19

4Q20
 vs
4Q19

In millions of dollars

2020

2019

2020
 vs
2019

4,933

4,281

7,326

-33%

Operating cash flow before working capital changes
w/o financials charges (DACF)

17,635

28,180

-37%

(436)

(491)

(533)

ns

Financial charges

(1,938)

(2,069)

ns

4,498

3,791

6,793

-34%

Operating cash flow before working capital changes ( a ) *

15,697

26,111

-40%

976

475

92

x10,6

(Increase) decrease in working capital **

753

(1,397)

ns

308

90

(11)

ns

Inventory effect

(1,440)

446

ns

(32)

(4)

-

ns

capital gain from renewable projects sale

(96)

-

ns

(77)

(1)

(275)

ns

Organic loan repayment from equity affiliates

(111)

(475)

ns

5,674

4,351

6,599

-14%

Cash flow from operations

14,803

24,685

-40%

 

 

 

 

 

 

 

 

3,432

2,184

4,291

-20%

Organic investments ( b )

10,339

13,397

-23%

1,066

1,607

2,502

-57%

Free cash flow after organic investments,
w/o net asset sales ( a - b )

5,358

12,714

-58%

 

 

 

 

 

 

 

 

4,531

1,912

4,211

+8%

Net investments ( c )

12,989

17,449

-26%

(33)

1,879

2,582

ns

Net cash flow ( a - c )

2,708

8,662

-69%

* Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP’s contracts and including capital gain from renewable projects sale (effective first quarter 2020).
Historical data have been restated to cancel the impact of fair valuation of iGRP sector’s contracts.
*
* Changes in working capital are presented excluding the mark-to-market effect of iGRP’s contracts.

Gearing ratio

In millions of dollars

12/31/2020

09/30/2020

12/31/2019

Current borrowings

17,099

14,980

14,819

Net current financial assets

(4,427)

(5,815)

(3,505)

Net financial assets classified as held for sale

313

5

301

Non-current financial debt

60,203

61,477

47,773

Non-current financial assets

(4,781)

(3,155)

(912)

Cash and cash equivalents

(31,268)

(30,593)

(27,352)

Net debt (a)

37,139

36,899

31,124

of which leases

7,812

7,499

7,156

 

 

 

Shareholders’ equity - Group share

103,702

102,234

116,778

Non-controlling interests

2,383

2,177

2,527

Shareholders' equity (b)

106,085

104,411

119,305

 

 

 

 

Net-debt-to-capital ratio = a / (a + b) *

25.9%

26.1%

20.7%

 

 

 

Net-debt-to-capital ratio excluding leases

21.7%

22.0%

16.7%

* The net-debt-to-capital ratios include the impact of the IFRS 16 rule, effective January 1, 2019.

Return on average capital employed

> Twelve months ended December 31, 2020

In millions of dollars

Integrated Gas,
Renewables & Power

Exploration &
Production

Refining &
Chemicals

Marketing &
Services

 

Group

Adjusted net operating income

1,778

2,363

1,039

1,224

 

5,806

Capital employed at 12/31/2019*

41,549

88,844

12,228

8,371

 

148,828

Capital employed at 12/31/2020*

45,611

78,928

11,375

8,793

 

142,617

ROACE

4.1%

2.8%

8.8%

14.3%

 

4.0%

> Twelve months ended September 30, 2020

In millions of dollars

Integrated Gas,
Renewables & Power

Exploration &
Production

Refining &
Chemicals

Marketing &
Services

 

Group

Adjusted net operating income

2,318

3,326

1,449

1,366

 

7,801

Capital employed at 09/30/2019*

41,516

88,560

11,658

7,570

 

147,145

Capital employed at 09/30/2020*

43,799

78,548

11,951

8,211

 

140,976

ROACE

5.4%

4.0%

12.3%

17.3%

 

5.4%

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

This press release presents the results for the full-year 2020 from the consolidated financial statements of TOTAL SE as of December 31, 2020 (unaudited). The audit procedures by the Statutory Auditors are underway. The consolidated financial statements (unaudited) are available on the Total website total.com. 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 statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business activities and industrial strategy of TOTAL. This document may also contain statements regarding the perspectives, objectives and goals of the Group, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by the Group, it being specified that the means to be deployed do not depend solely on TOTAL. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by the Group as of the date of this document.

These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, as well as economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences including those due to epidemics such as Covid-19. Additionally, 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 Group’s business, financial condition, including its operating income and cash flow, reputation or outlook is provided in the most recent version of the Universal Registration Document which is filed by the Company with the French Autorité des Marchés Financiers and the annual report on Form 20-F/A 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), gearing ratio and operating cash flow before working capital changes. 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.

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.

Furthermore, TOTAL enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.

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/A, 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 page 3.
2 Excluding leases.
3 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.
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 13.
5 Group effective tax rate = (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).
6 In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bond
7 Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.
8 Net acquisitions = acquisitions – assets sales – other transactions with non-controlling interests (see page 13).
9 Net investments = organic investments + net acquisitions (see page 13).
10 Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP’s contracts and including capital gain from renewable projects sale (effective first quarter 2020).
The inventory valuation effect is explained on page 15. The reconciliation table for different cash flow figures is on page 13.
11 DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges.
12 Adjustment items shown on page 15.
13 Details shown on page 13 and in the appendix to the financial statements.
14 Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).

-----------------------------------------------------------------------------

Total financial statements
______________________

Fourth quarter and full-year 2020 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)

(M$) (a) 4th quarter
2020
3rd quarter
2020
4th quarter
2019
Sales

37,943

33,142

49,280

Excise taxes

(5,595)

(5,925)

(5,895)

Revenues from sales

32,348

27,217

43,385

Purchases, net of inventory variation

(20,508)

(16,885)

(28,212)

Other operating expenses

(6,663)

(5,610)

(7,090)

Exploration costs

(338)

(139)

(231)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,543)

(3,493)

(4,431)

Other income

838

457

428

Other expense

(697)

(281)

(235)

Financial interest on debt

(501)

(547)

(606)

Financial income and expense from cash & cash equivalents

53

89

51

Cost of net debt

(448)

(458)

(555)

Other financial income

173

134

143

Other financial expense

(183)

(165)

(203)

Net income (loss) from equity affiliates

73

94

502

Income taxes

(149)

(690)

(852)

Consolidated net income

903

181

2,649

Group share

891

202

2,600

Non-controlling interests

12

(21)

49

Earnings per share ($)

                  0.31

                  0.04

                  0.98

Fully-diluted earnings per share ($)

                  0.31

                  0.04

                  0.97

(a) Except for per share amounts.  

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL 
(unaudited)

(M$) 4th quarter
2020
3rd quarter
2020
4th quarter
2019
Consolidated net income

903

181

2,649

Other comprehensive income      
       
Actuarial gains and losses

17

(6)

(138)

Change in fair value of investments in equity instruments

386

221

16

Tax effect

(21)

-

40

Currency translation adjustment generated by the parent company

4,074

3,663

2,461

Items not potentially reclassifiable to profit and loss

4,456

3,878

2,379

Currency translation adjustment

(1,875)

(1,830)

(654)

Cash flow hedge

617

363

(24)

Variation of foreign currency basis spread

(7)

(35)

(49)

Share of other comprehensive income of equity affiliates, net amount

(100)

(804)

82

Other

(4)

(7)

1

Tax effect

(180)

(115)

26

Items potentially reclassifiable to profit and loss

(1,549)

(2,428)

(618)

Total other comprehensive income (net amount)

2,907

1,450

1,761

       
Comprehensive income

3,810

1,631

4,410

Group share

3,576

1,536

4,319

Non-controlling interests

234

95

91

CONSOLIDATED STATEMENT OF INCOME
TOTAL

(M$) (a) Year
2020
(unaudited)
Year
2019

Sales

140,685

200,316

Excise taxes

(20,981)

(24,067)

Revenues from sales

119,704

176,249

Purchases, net of inventory variation

(77,486)

(116,221)

Other operating expenses

(25,538)

(27,255)

Exploration costs

(731)

(785)

Depreciation, depletion and impairment of tangible assets and mineral interests

(22,264)

(15,731)

Other income

2,237

1,163

Other expense

(1,506)

(1,192)

Financial interest on debt

(2,147)

(2,333)

Financial income and expense from cash & cash equivalents

37

(19)

Cost of net debt

(2,110)

(2,352)

Other financial income

914

792

Other financial expense

(690)

(764)

Net income (loss) from equity affiliates

452

3,406

Income taxes

(318)

(5,872)

Consolidated net income

(7,336)

11,438

Group share

(7,242)

11,267

Non-controlling interests

(94)

171

Earnings per share ($)

                 (2.90)

                  4.20

Fully-diluted earnings per share ($)

                 (2.90)

                  4.17

(a) Except for per share amounts.  

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL 

(M$) Year
2020
(unaudited)
Year
2019

Consolidated net income

(7,336)

11,438

Other comprehensive income    
     
Actuarial gains and losses

(212)

(192)

Change in fair value of investments in equity instruments

533

142

Tax effect

65

53

Currency translation adjustment generated by the parent company

7,541

(1,533)

Items not potentially reclassifiable to profit and loss

7,927

(1,530)

Currency translation adjustment

(4,645)

740

Cash flow hedge

(313)

(599)

Variation of foreign currency basis spread

28

1

Share of other comprehensive income of equity affiliates, net amount

(1,831)

408

Other

(8)

(3)

Tax effect

72

202

Items potentially reclassifiable to profit and loss

(6,697)

749

Total other comprehensive income (net amount)

1,230

(781)

     
Comprehensive income

(6,106)

10,657

Group share

(6,312)

10,418

Non-controlling interests

206

239

CONSOLIDATED BALANCE SHEET
TOTAL

(M$) December 31,
2020
(unaudited)
September 30,
2020
(unaudited)
December 31,
2019
ASSETS      
Non-current assets      
Intangible assets, net

33,528

33,145

33,178

Property, plant and equipment, net

108,335

104,355

116,408

Equity affiliates : investments and loans

27,976

27,386

27,122

Other investments

2,007

1,822

1,778

Non-current financial assets

4,781

3,155

912

Deferred income taxes

7,016

6,952

6,216

Other non-current assets

2,810

2,570

2,415

Total non-current assets

186,453

179,385

188,029

Current assets      
Inventories, net

14,730

12,373

17,132

Accounts receivable, net

14,068

12,893

18,488

Other current assets

13,428

14,637

17,013

Current financial assets

4,630

6,011

3,992

Cash and cash equivalents

31,268

30,593

27,352

Assets classified as held for sale

1,555

1,090

1,288

Total current assets

79,679

77,597

85,265

Total assets

266,132

256,982

273,294

LIABILITIES & SHAREHOLDERS' EQUITY      
Shareholders' equity      
Common shares

8,267

8,267

8,123

Paid-in surplus and retained earnings

107,078

107,632

121,170

Currency translation adjustment

(10,256)

(12,275)

(11,503)

Treasury shares

(1,387)

(1,390)

(1,012)

Total shareholders' equity - Group share

103,702

102,234

116,778

Non-controlling interests

2,383

2,177

2,527

Total shareholders' equity

106,085

104,411

119,305

Non-current liabilities      
Deferred income taxes

10,326

10,367

11,858

Employee benefits

3,917

3,719

3,501

Provisions and other non-current liabilities

20,925

19,351

20,613

Non-current financial debt

60,203

61,477

47,773

Total non-current liabilities

95,371

94,914

83,745

Current liabilities      
Accounts payable

23,574

18,880

28,394

Other creditors and accrued liabilities

22,465

22,806

25,749

Current borrowings

17,099

14,980

14,819

Other current financial liabilities

203

196

487

Liabilities directly associated with the assets classified as held for sale

1,335

795

795

Total current liabilities

64,676

57,657

70,244

Total liabilities & shareholders' equity

266,132

256,982

273,294

CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)

(M$) 4th quarter
2020
3rd quarter
2020
4th quarter
2019
CASH FLOW FROM OPERATING ACTIVITIES      
Consolidated net income

903

181

2,649

Depreciation, depletion, amortization and impairment

3,796

3,634

4,624

Non-current liabilities, valuation allowances and deferred taxes

(237)

(88)

(672)

(Gains) losses on disposals of assets

(260)

(309)

(176)

Undistributed affiliates' equity earnings

379

178

267

(Increase) decrease in working capital

1,342

980

46

Other changes, net 

(249)

(225)

(139)

Cash flow from operating activities

5,674

4,351

6,599

CASH FLOW USED IN INVESTING ACTIVITIES      
Intangible assets and property, plant and equipment additions

(3,834)

(2,157)

(4,015)

Acquisitions of subsidiaries, net of cash acquired

(778)

-

(155)

Investments in equity affiliates and other securities

(221)

(229)

(170)

Increase in non-current loans

(355)

(301)

(319)

Total expenditures

(5,188)

(2,687)

(4,659)

Proceeds from disposals of intangible assets and property, plant and equipment

114

363

301

Proceeds from disposals of subsidiaries, net of cash sold

124

4

13

Proceeds from disposals of non-current investments

186

77

43

Repayment of non-current loans

288

342

377

Total divestments

712

786

734

Cash flow used in investing activities

(4,476)

(1,901)

(3,925)

CASH FLOW USED IN FINANCING ACTIVITIES      
Issuance (repayment) of shares:      
   - Parent company shareholders

-

-

1

   - Treasury shares

-

-

(620)

Dividends paid:      
   - Parent company shareholders

(2,053)

(825)

(1,876)

   - Non-controlling interests

(5)

(103)

(1)

Net issuance (repayment) of perpetual subordinated notes

-

331

-

Payments on perpetual subordinated notes

(62)

(22)

(56)

Other transactions with non-controlling interests

(59)

(75)

160

Net issuance (repayment) of non-current debt

104

224

84

Increase (decrease) in current borrowings

(339)

(2,343)

(1,131)

Increase (decrease) in current financial assets and liabilities

1,212

730

(168)

Cash flow from (used in) financing activities

(1,202)

(2,083)

(3,607)

Net increase (decrease) in cash and cash equivalents

(4)

367

(933)

Effect of exchange rates

679

499

831

Cash and cash equivalents at the beginning of the period

30,593

29,727

27,454

Cash and cash equivalents at the end of the period

31,268

30,593

27,352

CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL

(M$) Year
2020
(unaudited)
Year
2019

CASH FLOW FROM OPERATING ACTIVITIES    
Consolidated net income

(7,336)

11,438

Depreciation, depletion, amortization and impairment

22,861

16,401

Non-current liabilities, valuation allowances and deferred taxes

(1,782)

(58)

(Gains) losses on disposals of assets

(909)

(614)

Undistributed affiliates' equity earnings

948

(1,083)

(Increase) decrease in working capital

1,869

(1,718)

Other changes, net 

(848)

319

Cash flow from operating activities

14,803

24,685

CASH FLOW USED IN INVESTING ACTIVITIES    
Intangible assets and property, plant and equipment additions

(10,764)

(11,810)

Acquisitions of subsidiaries, net of cash acquired

(966)

(4,748)

Investments in equity affiliates and other securities

(2,120)

(1,618)

Increase in non-current loans

(1,684)

(1,061)

Total expenditures

(15,534)

(19,237)

Proceeds from disposals of intangible assets and property, plant and equipment

740

527

Proceeds from disposals of subsidiaries, net of cash sold

282

158

Proceeds from disposals of non-current investments

578

349

Repayment of non-current loans

855

1,026

Total divestments

2,455

2,060

Cash flow used in investing activities

(13,079)

(17,177)

CASH FLOW USED IN FINANCING ACTIVITIES    
Issuance (repayment) of shares:    
   - Parent company shareholders

374

452

   - Treasury shares

(611)

(2,810)

Dividends paid:    
   - Parent company shareholders

(6,688)

(6,641)

   - Non-controlling interests

(184)

(115)

Net issuance (repayment) of perpetual subordinated notes

331

-

Payments on perpetual subordinated notes

(315)

(371)

Other transactions with non-controlling interests

(204)

10

Net issuance (repayment) of non-current debt

15,800

8,131

Increase (decrease) in current borrowings

(6,501)

(5,829)

Increase (decrease) in current financial assets and liabilities

(604)

(536)

Cash flow from (used in) financing activities

1,398

(7,709)

Net increase (decrease) in cash and cash equivalents

3,122

(201)

Effect of exchange rates

794

(354)

Cash and cash equivalents at the beginning of the period

27,352

27,907

Cash and cash equivalents at the end of the period

31,268

27,352

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL                
(Unaudited: Year 2020)

  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, 2019

2,640,602,007

8,227

120,569

(11,313)

(32,473,281)

(1,843)

115,640

2,474

118,114

Net income 2019

-

-

11,267

-

-

-

11,267

171

11,438

Other comprehensive Income

-

-

(659)

(190)

-

-

(849)

68

(781)

Comprehensive Income

-

-

10,608

(190)

-

-

10,418

239

10,657

Dividend

-

-

(7,730)

-

-

-

(7,730)

(115)

(7,845)

Issuance of common shares

26,388,503

74

1,265

-

-

-

1,339

-

1,339

Purchase of treasury shares

-

-

-

-

(52,389,336)

(2,810)

(2,810)

-

(2,810)

Sale of treasury shares (1)

-

-

(219)

-

4,278,948

219

-

-

-

Share-based payments

-

-

207

-

-

-

207

-

207

Share cancellation

(65,109,435)

(178)

(3,244)

-

65,109,435

3,422

-

-

-

Net issuance (repayment) of perpetual subordinated notes

-

-

(4)

-

-

-

(4)

-

(4)

Payments on perpetual subordinated notes

-

-

(353)

-

-

-

(353)

-

(353)

Other operations with non-controlling interests

-

-

55

-

-

-

55

(42)

13

Other items

-

-

16

-

-

-

16

(29)

(13)

As of December 31, 2019

2,601,881,075

8,123

121,170

(11,503)

(15,474,234)

(1,012)

116,778

2,527

119,305

Net income 2020

-

-

(7,242)

-

-

-

(7,242)

(94)

(7,336)

Other comprehensive Income

-

-

(321)

1,251

-

-

930

300

1,230

Comprehensive Income

-

-

(7,563)

1,251

-

-

(6,312)

206

(6,106)

Dividend

-

-

(7,899)

-

-

-

(7,899)

(234)

(8,133)

Issuance of common shares

51,242,950

144

1,470

-

-

-

1,614

-

1,614

Purchase of treasury shares

-

-

-

-

(13,236,044)

(611)

(611)

-

(611)

Sale of treasury shares (1)

-

-

(236)

-

4,317,575

236

-

-

-

Share-based payments

-

-

188

-

-

-

188

-

188

Share cancellation

-

-

-

-

-

-

-

-

-

Net issuance (repayment) of perpetual subordinated notes

-

-

331

-

-

-

331

-

331

Payments on perpetual subordinated notes

-

-

(308)

-

-

-

(308)

-

(308)

Other operations with non-controlling interests

-

-

(61)

(4)

-

-

(65)

(117)

(182)

Other items

-

-

(14)

-

-

-

(14)

1

(13)

As of December 31, 2020

2,653,124,025

8,267

107,078

(10,256)

(24,392,703)

(1,387)

103,702

2,383

106,085

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

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)

4th quarter 2020
(M$)
Exploration &
Production
Integrated Gas,
Renewables &
Power
Refining &
Chemicals
Marketing &
Services
Corporate Intercompany Total
Non-Group sales

1,257

5,231

15,052

16,393

10

-

37,943

Intersegment sales

5,574

628

4,160

98

140

(10,600)

-

Excise taxes

-

-

(628)

(4,967)

-

-

(5,595)

Revenues from sales

6,831

5,859

18,584

11,524

150

(10,600)

32,348

Operating expenses

(3,489)

(5,569)

(17,989)

(10,776)

(286)

10,600

(27,509)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,500)

(354)

(412)

(241)

(36)

-

(3,543)

Operating income

842

(64)

183

507

(172)

-

1,296

Net income (loss) from equity affiliates and other items

6

149

(54)

(9)

112

-

204

Tax on net operating income

91

7

(93)

(169)

(72)

-

(236)

Net operating income

939

92

36

329

(132)

-

1,264

Net cost of net debt            

(361)

Non-controlling interests            

(12)

Net income - group share            

891

               
4th quarter 2020 (adjustments) (a)
(M$)
Exploration
&
Production
Integrated Gas,
Renewables &
Power
Refining &
Chemicals
Marketing &
Services
Corporate Intercompany Total
Non-Group sales

-

3

-

-

-

-

3

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

3

-

-

-

-

3

Operating expenses

(49)

(56)

133

17

31

-

76

Depreciation, depletion and impairment of tangible assets and mineral interests

(355)

-

(16)

-

-

-

(371)

Operating income (b)

(404)

(53)

117

17

31

-

(292)

Net income (loss) from equity affiliates and other items

(25)

(26)

(191)

(13)

107

-

(148)

Tax on net operating income

300

(83)

(60)

(7)

(157)

-

(7)

Net operating income (b)

(129)

(162)

(134)

(3)

(19)

-

(447)

Net cost of net debt            

10

Non-controlling interests            

24

Net income - group share            

(413)

(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

-

-

265

43

-

   
On net operating income

-

-

192

32

-

   
               
4th quarter 2020 (adjusted)
(M$)
Exploration
&
Production
Integrated Gas,
Renewables &
Power
Refining &
Chemicals
Marketing &
Services
Corporate Intercompany Total
Non-Group sales

1,257

5,228

15,052

16,393

10

-

37,940

Intersegment sales

5,574

628

4,160

98

140

(10,600)

-

Excise taxes

-

-

(628)

(4,967)

-

-

(5,595)

Revenues from sales

6,831

5,856

18,584

11,524

150

(10,600)

32,345

Operating expenses

(3,440)

(5,513)

(18,122)

(10,793)

(317)

10,600

(27,585)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,145)

(354)

(396)

(241)

(36)

-

(3,172)

Adjusted operating income

1,246

(11)

66

490

(203)

-

1,588

Net income (loss) from equity affiliates and other items

31

175

137

4

5

-

352

Tax on net operating income

(209)

90

(33)

(162)

85

-

(229)

Adjusted net operating income

1,068

254

170

332

(113)

-

1,711

Net cost of net debt            

(371)

Non-controlling interests            

(36)

Adjusted net income - group share            

1,304

               
               
               
4th quarter 2020
(M$)
Exploration
&
Production
Integrated Gas,
Renewables &
Power
Refining &
Chemicals
Marketing &
Services
Corporate Intercompany Total
Total expenditures

2,226

1,895

475

533

59

-

5,188

Total divestments

132

339

31

61

149

-

712

Cash flow from operating activities

3,046

575

1,514

648

(109)

-

5,674

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)

3rd quarter 2020
(M$)
Exploration
&
Production
Integrated Gas,
Renewables &
Power

Refining &
Chemicals

Marketing &
Services
Corporate Intercompany Total
Non-Group sales

1,142

1,995

13,607

16,397

1

-

33,142

Intersegment sales

4,248

480

4,167

63

24

(8,982)

-

Excise taxes

-

-

(658)

(5,267)

-

-

(5,925)

Revenues from sales

5,390

2,475

17,116

11,193

25

(8,982)

27,217

Operating expenses

(2,435)

(1,880)

(16,799)

(10,301)

(201)

8,982

(22,634)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,187)

(342)

(678)

(270)

(16)

-

(3,493)

Operating income

768

253

(361)

622

(192)

-

1,090

Net income (loss) from equity affiliates and other items

251

225

(247)

14

(4)

-

239

Tax on net operating income

(243)

(266)

(51)

(187)

3

-

(744)

Net operating income

776

212

(659)

449

(193)

-

585

Net cost of net debt            

(404)

Non-controlling interests            

21

Net income - group share            

202

               
3rd quarter 2020 (adjustments) (a)
(M$)
Exploration &
Production
Integrated Gas,
Renewables &
Power
Refining &
Chemicals
Marketing &
Services
Corporate Intercompany Total
Non-Group sales

-

33

-

-

-

-

33

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

33

-

-

-

-

33

Operating expenses

(51)

(49)

(48)

(6)

-

-

(154)

Depreciation, depletion and impairment of tangible assets and mineral interests

-

-

(290)

-

-

-

(290)

Operating income (b)

(51)

(16)

(338)

(6)

-

-

(411)

Net income (loss) from equity affiliates and other items

8

(64)

(215)

(6)

-

-

(277)

Tax on net operating income

18

7

(18)

-

-

-

7

Net operating income (b)

(25)

(73)

(571)

(12)

-

-

(681)

Net cost of net debt            

29

Non-controlling interests            

6

Net income - group share            

(646)

(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

-

-

95

(5)

-

   
On net operating income

-

-

14

(6)

-

   
               
3rd quarter 2020 (adjusted)
(M$)
Exploration &
Production
Integrated Gas,
Renewables &
Power
Refining &
Chemicals
Marketing &
Services
Corporate Intercompany Total
Non-Group sales

1,142

1,962

13,607

16,397

1

-

33,109

Intersegment sales

4,248

480

4,167

63

24

(8,982)

-

Excise taxes

-

-

(658)

(5,267)

-

-

(5,925)

Revenues from sales

5,390

2,442

17,116

11,193

25

(8,982)

27,184

Operating expenses

(2,384)

(1,831)

(16,751)

(10,295)

(201)

8,982

(22,480)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,187)

(342)

(388)

(270)

(16)

-

(3,203)

Adjusted operating income

819

269

(23)

628

(192)

-

1,501

Net income (loss) from equity affiliates and other items

243

289

(32)

20

(4)

-

516

Tax on net operating income

(261)

(273)

(33)

(187)

3

-

(751)

Adjusted net operating income

801

285

(88)

461

(193)

-

1,266

Net cost of net debt            

(433)

Non-controlling interests            

15

Adjusted net income - group share            

848

               
               
               
3rd quarter 2020
(M$)
Exploration &
Production
Integrated Gas,
Renewables &
Power
Refining &
Chemicals
Marketing &
Services
Corporate Intercompany Total
Total expenditures

1,291

874

317

185

20

-

2,687

Total divestments

362

380

17

25

2

-

786

Cash flow from operating activities

2,043

654

1,027

1,033

(406)

-

4,351

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)

4th quarter 2019
(M$)
Exploration &
Production

Integrated Gas,

Renewables &
Power

Refining &
Chemicals
Marketing &
Services
Corporate Intercompany Total
Non-Group sales

1,563

4,292

22,040

21,379

6

-

49,280

Intersegment sales

8,266

993

7,739

203

47

(17,248)

-

Excise taxes

-

-

(765)

(5,130)

-

-

(5,895)

Revenues from sales

9,829

5,285

29,014

16,452

53

(17,248)

43,385

Operating expenses

(4,156)

(4,471)

(28,084)

(15,714)

(356)

17,248

(35,533)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,307)

(488)

(351)

(263)

(22)

-

(4,431)

Operating income

2,366

326

579

475

(325)

-

3,421

Net income (loss) from equity affiliates and other items

166

391

57

15

6

-

635

Tax on net operating income

(893)

104

(3)

(100)

(39)

-

(931)

Net operating income

1,639

821

633

390

(358)

-

3,125

Net cost of net debt            

(476)

Non-controlling interests            

(49)

Net income - group share            

2,600

               
4th quarter 2019 (adjustments) (a)
(M$)
Exploration &
Production
Integrated Gas,
Renewables &
Power
Refining &
Chemicals
Marketing &
Services
Corporate Intercompany Total
Non-Group sales

-

10

-

-

-

-

10

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

10

-

-

-

-

10

Operating expenses

(45)

(87)

44

(102)

(112)

-

(302)

Depreciation, depletion and impairment of tangible assets and mineral interests

(525)

(136)

(9)

-

-

-

(670)

Operating income (b)

(570)

(213)

35

(102)

(112)

-

(962)

Net income (loss) from equity affiliates and other items

(22)

(38)

(13)

(23)

-

-

(96)

Tax on net operating income

200

278

31

41

(73)

-

477

Net operating income (b)

(392)

27

53

(84)

(185)

-

(581)

Net cost of net debt            

(3)

Non-controlling interests            

19

Net income - group share            

(565)

(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

-

-

85

(96)

-

   
On net operating income

-

-

117

(60)

-

   
               
4th quarter 2019 (adjusted)
(M$)
Exploration &
Production
Integrated Gas,
Renewables &
Power
Refining &
Chemicals
Marketing &
Services
Corporate Intercompany Total
Non-Group sales

1,563

4,282

22,040

21,379

6

-

49,270

Intersegment sales

8,266

993

7,739

203

47

(17,248)

-

Excise taxes

-

-

(765)

(5,130)

-

-

(5,895)

Revenues from sales

9,829

5,275

29,014

16,452

53

(17,248)

43,375

Operating expenses

(4,111)

(4,384)

(28,128)

(15,612)

(244)

17,248

(35,231)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,782)

(352)

(342)

(263)

(22)

-

(3,761)

Adjusted operating income

2,936

539

544

577

(213)

-

4,383

Net income (loss) from equity affiliates and other items

188

429

70

38

6

-

731

Tax on net operating income

(1,093)

(174)

(34)

(141)

34

-

(1,408)

Adjusted net operating income

2,031

794

580

474

(173)

-

3,706

Net cost of net debt            

(473)

Non-controlling interests            

(68)

Adjusted net income - group share            

3,165

               
               
               
4th quarter 2019
(M$)
Exploration &
Production
Integrated Gas,
Renewables &
Power
Refining &
Chemicals

Marketing &
Services

Corporate Intercompany Total
Total expenditures

2,633

747

664

571

44

-

4,659

Total divestments

256

342

69

62

5

-

734

Cash flow from operating activities 

4,206

1,527

1,142

278

(554)

-

6,599

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)

Year 2020
(M$)
Exploration &
Production
Integrated Gas,
Renewables &
Power
Refining &
Chemicals
Marketing &
Services
Corporate Intercompany Total
Non-Group sales

4,973

15,629

56,615

63,451

17

-

140,685

Intersegment sales

18,483

2,003

17,378

357

223

(38,444)

-

Excise taxes

-

-

(2,405)

(18,576)

-

-

(20,981)

Revenues from sales

23,456

17,632

71,588

45,232

240

(38,444)

119,704

Operating expenses

(11,972)

(15,847)

(70,524)

(42,807)

(1,049)

38,444

(103,755)

Depreciation, depletion and impairment of tangible assets and mineral interests

(16,998)

(2,312)

(1,878)

(984)

(92)

-

(22,264)

Operating income

(5,514)

(527)

(814)

1,441

(901)

-

(6,315)

Net income (loss) from equity affiliates and other items

697

794

(393)

37

272

-

1,407

Tax on net operating income

(208)

71

59

(515)

(67)

-

(660)

Net operating income

(5,025)

338

(1,148)

963

(696)

-

(5,568)

Net cost of net debt            

(1,768)

Non-controlling interests            

94

Net income - group share            

(7,242)

               
Year 2020 (adjustments) (a)
(M$)
Exploration &
Production
Integrated Gas,
Renewables &
Power
Refining &
Chemicals
Marketing &
Services
Corporate Intercompany Total
Non-Group sales

-

20

-

-

-

-

20

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

20

-

-

-

-

20

Operating expenses

(137)

(423)

(1,552)

(330)

(60)

-

(2,502)

Depreciation, depletion and impairment of tangible assets and mineral interests

(7,693)

(953)

(306)

-

-

-

(8,952)

Operating income (b)

(7,830)

(1,356)

(1,858)

(330)

(60)

-

(11,434)

Net income (loss) from equity affiliates and other items

54

(382)

(677)

(24)

107

-

(922)

Tax on net operating income

388

298

348

93

(145)

-

982

Net operating income (b)

(7,388)

(1,440)

(2,187)

(261)

(98)

-

(11,374)

Net cost of net debt

-

-

-

-

-

-

(29)

Non-controlling interests

-

-

-

-

-

-

102

Net income - group share

-

-

-

-

-

-

(11,301)

(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

-

-

(1,244)

(196)

-

   
On net operating income

-

-

(1,165)

(137)

-

   
               
Year 2020 (adjusted)
(M$)
Exploration &
Production
Integrated Gas,
Renewables &
Power
Refining &
Chemicals
Marketing &
Services
Corporate Intercompany Total
Non-Group sales

4,973

15,609

56,615

63,451

17

-

140,665

Intersegment sales

18,483

2,003

17,378

357

223

(38,444)

-

Excise taxes

-

-

(2,405)

(18,576)

-

-

(20,981)

Revenues from sales

23,456

17,612

71,588

45,232

240

(38,444)

119,684

Operating expenses

(11,835)

(15,424)

(68,972)

(42,477)

(989)

38,444

(101,253)

Depreciation, depletion and impairment of tangible assets and mineral interests

(9,305)

(1,359)

(1,572)

(984)

(92)

-

(13,312)

Adjusted operating income

2,316

829

1,044

1,771

(841)

-

5,119

Net income (loss) from equity affiliates and other items

643

1,176

284

61

165

-

2,329

Tax on net operating income

(596)

(227)

(289)

(608)

78

-

(1,642)

Adjusted net operating income

2,363

1,778

1,039

1,224

(598)

-

5,806

Net cost of net debt            

(1,739)

Non-controlling interests            

(8)

Adjusted net income - group share            

4,059

               
               
               
Year 2020
(M$)
Exploration &
Production
Integrated Gas,
Renewables &
Power
Refining &
Chemicals
Marketing &
Services
Corporate Intercompany Total
Total expenditures

6,782

6,230

1,325

1,052

145

-

15,534

Total divestments

819

1,152

149

158

177

-

2,455

Cash flow from operating activities 

9,922

2,129

2,438

2,101

(1,787)

-

14,803

BUSINESS SEGMENT INFORMATION
TOTAL

Year 2019
(M$)
Exploration &
Production
Integrated Gas,
Renewables &
Power
Refining &
Chemicals
Marketing &
Services
Corporate Intercompany Total
Non-Group sales

7,261

18,167

87,598

87,280

10

-

200,316

Intersegment sales

31,329

2,825

32,390

659

125

(67,328)

-

Excise taxes

-

-

(3,015)

(21,052)

-

-

(24,067)

Revenues from sales

38,590

20,992

116,973

66,887

135

(67,328)

176,249

Operating expenses

(16,389)

(18,316)

(112,104)

(63,855)

(925)

67,328

(144,261)

Depreciation, depletion and impairment of tangible assets and mineral interests

(11,659)

(1,492)

(1,527)

(980)

(73)

-

(15,731)

Operating income

10,542

1,184

3,342

2,052

(863)

-

16,257

Net income (loss) from equity affiliates and other items

610

2,330

322

101

42

-

3,405

Tax on net operating income

(4,572)

(741)

(470)

(598)

155

-

(6,226)

Net operating income

6,580

2,773

3,194

1,555

(666)

-

13,436

Net cost of net debt            

(1,998)

Non-controlling interests            

(171)

Net income - group share            

11,267

               
Year 2019 (adjustments) (a)
(M$)
Exploration &
Production
Integrated Gas,
Renewables &
Power
Refining &
Chemicals
Marketing &
Services
Corporate Intercompany Total
Non-Group sales

-

(64)

-

-

-

-

(64)

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

(64)

-

-

-

-

(64)

Operating expenses

(145)

(240)

397

(40)

(112)

-

(140)

Depreciation, depletion and impairment of tangible assets and mineral interests

(721)

(156)

(41)

(2)

-

-

(920)

Operating income (b)

(866)

(460)

356

(42)

(112)

-

(1,124)

Net income (loss) from equity affiliates and other items

(112)

974

(83)

(83)

-

-

696

Tax on net operating income

49

(130)

(82)

27

(73)

-

(209)

Net operating income (b)

(929)

384

191

(98)

(185)

-

(637)

Net cost of net debt            

(15)

Non-controlling interests            

91

Net income - group share            

(561)

(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

-

-

477

(31)

-

   
On net operating income

-

-

371

(14)

-

   
               
Year 2019 (adjusted)
(M$)
Exploration &
Production
Integrated Gas,
Renewables &
Power

Refining &

Chemicals

Marketing &
Services

Corporate Intercompany Total
Non-Group sales

7,261

18,231

87,598

87,280

10

-

200,380

Intersegment sales

31,329

2,825

32,390

659

125

(67,328)

-

Excise taxes

-

-

(3,015)

(21,052)

-

-

(24,067)

Revenues from sales

38,590

21,056

116,973

66,887

135

(67,328)

176,313

Operating expenses

(16,244)

(18,076)

(112,501)

(63,815)

(813)

67,328

(144,121)

Depreciation, depletion and impairment of tangible assets and mineral interests

(10,938)

(1,336)

(1,486)

(978)

(73)

-

(14,811)

Adjusted operating income

11,408

1,644

2,986

2,094

(751)

-

17,381

Net income (loss) from equity affiliates and other items

722

1,356

405

184

42

-

2,709

Tax on net operating income

(4,621)

(611)

(388)

(625)

228

-

(6,017)

Adjusted net operating income

7,509

2,389

3,003

1,653

(481)

-

14,073

Net cost of net debt            

(1,983)

Non-controlling interests            

(262)

Adjusted net income - group share            

11,828

               
               
               
Year 2019
(M$)
Exploration &
Production
Integrated Gas,
Renewables &
Power
Refining &
Chemicals
Marketing &
Services
Corporate Intercompany Total
Total expenditures

8,992

7,053

1,698

1,374

120

-

19,237

Total divestments

368

1,108

322

249

13

-

2,060

Cash flow from operating activities 

16,917

3,461

3,837

2,604

(2,134)

-

24,685

Reconciliation of the information by business segment with consolidated financial statements
TOTAL
(unaudited)

4th quarter 2020
(M$)
Adjusted Adjustments (a) Consolidated
statement of income
Sales

37,940

3

37,943

Excise taxes

(5,595)

-

(5,595)

Revenues from sales

32,345

3

32,348

Purchases, net of inventory variation

(20,781)

273

(20,508)

Other operating expenses

(6,466)

(197)

(6,663)

Exploration costs

(338)

-

(338)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,172)

(371)

(3,543)

Other income

275

563

838

Other expense

(280)

(417)

(697)

Financial interest on debt

(497)

(4)

(501)

Financial income and expense from cash & cash equivalents

32

21

53

Cost of net debt

(465)

17

(448)

Other financial income

173

-

173

Other financial expense

(183)

-

(183)

Net income (loss) from equity affiliates

367

(294)

73

Income taxes

(135)

(14)

(149)

Consolidated net income

1,340

(437)

903

Group share

1,304

(413)

891

Non-controlling interests

36

(24)

12

       
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.  
4th quarter 2019
(M$)
Adjusted Adjustments (a) Consolidated
statement of income
Sales

49,270

10

49,280

Excise taxes

(5,895)

-

(5,895)

Revenues from sales

43,375

10

43,385

Purchases, net of inventory variation

(28,126)

(86)

(28,212)

Other operating expenses

(6,874)

(216)

(7,090)

Exploration costs

(231)

-

(231)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,761)

(670)

(4,431)

Other income

256

172

428

Other expense

(133)

(102)

(235)

Financial interest on debt

(603)

(3)

(606)

Financial income and expense from cash & cash equivalents

51

-

51

Cost of net debt

(552)

(3)

(555)

Other financial income

143

-

143

Other financial expense

(203)

-

(203)

Net income (loss) from equity affiliates

668

(166)

502

Income taxes

(1,329)

477

(852)

Consolidated net income

3,233

(584)

2,649

Group share

3,165

(565)

2,600

Non-controlling interests

68

(19)

49

       
(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 2020
(M$)
(unaudited)
Adjusted Adjustments (a) Consolidated
statement of income
Sales

140,665

20

140,685

Excise taxes

(20,981)

-

(20,981)

Revenues from sales

119,684

20

119,704

Purchases, net of inventory variation

(75,672)

(1,814)

(77,486)

Other operating expenses

(24,850)

(688)

(25,538)

Exploration costs

(731)

-

(731)

Depreciation, depletion and impairment of tangible assets and mineral interests

(13,312)

(8,952)

(22,264)

Other income

1,405

832

2,237

Other expense

(689)

(817)

(1,506)

Financial interest on debt

(2,140)

(7)

(2,147)

Financial income and expense from cash & cash equivalents

68

(31)

37

Cost of net debt

(2,072)

(38)

(2,110)

Other financial income

914

-

914

Other financial expense

(689)

(1)

(690)

Net income (loss) from equity affiliates

1,388

(936)

452

Income taxes

(1,309)

991

(318)

Consolidated net income

4,067

(11,403)

(7,336)

Group share

4,059

(11,301)

(7,242)

Non-controlling interests

8

(102)

(94)

       
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.  
Year 2019
(M$)
Adjusted Adjustments (a) Consolidated
statement of income
Sales

200,380

(64)

200,316

Excise taxes

(24,067)

-

(24,067)

Revenues from sales

176,313

(64)

176,249

Purchases, net of inventory variation

(116,464)

243

(116,221)

Other operating expenses

(26,872)

(383)

(27,255)

Exploration costs

(785)

-

(785)

Depreciation, depletion and impairment of tangible assets and mineral interests

(14,811)

(920)

(15,731)

Other income

876

287

1,163

Other expense

(455)

(737)

(1,192)

Financial interest on debt

(2,318)

(15)

(2,333)

Financial income and expense from cash & cash equivalents

(19)

-

(19)

Cost of net debt

(2,337)

(15)

(2,352)

Other financial income

792

-

792

Other financial expense

(764)

-

(764)

Net income (loss) from equity affiliates

2,260

1,146

3,406

Income taxes

(5,663)

(209)

(5,872)

Consolidated net income

12,090

(652)

11,438

Group share

11,828

(561)

11,267

Non-controlling interests

262

(91)

171

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

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