Exhibit 99.8

CONSOLIDATED STATEMENT OF INCOME

TotalFinaElf

	1st quarter			1st quarter
Amounts in millions of euros (1)	2003			2002
	(unaudited)			(unaudited)
Sales		28.303			23.784
Operating expenses		(23.210	)		(20.122	)
Depreciation, depletion, and amortization		(1.229	)		(1.296	)
Operating income
Corporate		(55	)		(66	)
Business segments *		3.919			2.432
Total operating income		3.864			2.366
Interest expense, net		(42	)		(35	)
Dividend income on non-consolidated subsidiaries		5			6
Dividends on subsidiaries’ redeemable preferred shares		(2	)		(2	)
Other income (expense), net		(263	)		(14	)
Provision for income taxes		(1.597	)		(1.049	)
Equity in income (loss) of affiliates		251			241
Income before amortization of acquisition goodwill		2.216			1.513
Amortization of acquisition goodwill		(30	)		(36	)
Consolidated net income		2.186			1.477
of which minority interest		66			48
NET INCOME **		2.120			1.429
Earnings per share (euro)***		3.28			2.13
* Operating income from business segments, excluding non-recurring items		3.919			2.432
Net operating income from business segments, excluding non-recurring items		2.051			1.356
** Net income (Group share), excluding non-recurring items		2.120			1.419
*** Earnings per share, excluding non-recurring items (euro)		3.28			2.12

(1) Except for earnings per share

CONSOLIDATED BALANCE SHEET

TotalFinaElf

	Amounts in millions of euros
	March 31, 2003			December 31, 2002			March 31, 2002
	(unaudited)						(unaudited)
ASSETS
NON-CURRENT ASSETS:
Intangible assets		2.248			2.752			3.232
Property, plant, and equipment, net		37.773			38.592			41.833
Equity affiliates: investments and loans		7.857			7.710			7.952
Other investments		1.221			1.221			1.424
Other non-current assets		3.851			3.735			3.101
Total non-current assets		52.950			54.010			57.542
CURRENT ASSETS:
Inventories		5.982			6.515			6.416
Accounts receivable		13.498			13.087			14.784
Prepaid expenses and other current assets		4.637			5.243			7.138
Short-term investments		1.489			1.508			966
Cash and cash equivalents		13.117			4.966			8.891
Total current assets		38.723			31.319			38.195
TOTAL ASSETS		91.673			85.329			95.737
LIABILITIES & SHAREHOLDERS’ EQUITY
SHAREHOLDERS’ EQUITY:
Common shares		6.874			6.872			7.061
Paid-in surplus and retained earnings		32.689			30.514			31.986
Cumulative translation adjustment		(1.463	)		(830	)		1.365
Treasury shares		(6.001	)		(4.410	)		(5.331	)
Total shareholders’ equity		32.099			32.146			35.081
SUBSIDIARIES’ REDEEMABLE PREFERRED SHARES		459			477			573
MINORITY INTEREST		715			724			929
LONG-TERM LIABILITIES:
Deferred income taxes		6.121			6.390			6.567
Employee benefits		3.931			4.103			3.352
Other liabilities		6.708			6.150			6.289
Total long-term liabilities		16.760			16.643			16.208
LONG-TERM DEBT		10.728			10.157			12.047
CURRENT LIABILITIES:
Accounts payable		9.961			10.236			10.564
Other creditors and accrued liabilities		10.444			9.850			12.653
Short-term borrowings and bank overdafts		10.507			5.096			7.682
Total current liabilities		30.912			25.182			30.899
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		91.673			85.329			95.737

CONSOLIDATED STATEMENT OF CASH FLOW

TotalFinaElf

		1st quarter			1st quarter
Amounts in millions of euros		2003			2002
		(unaudited)			(unaudited)
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income			2.186			1.477
Depreciation, depletion, and amortization			1.298			1.377
Long-term liabilities, valuation allowances, and deferred taxes			(406	)		52
Unsuccessful exploration costs			60			124
(Gains)/Losses on sales of assets			204			(233	)
Equity in income of affiliates (in excess of)/less than dividends received			(178	)		(203	)
Other changes, net			2			2
Cash flow from operating activities before changes in working capital			3.166			2.596
(Increase)/Decrease in operating assets and liabilities			656			(138	)
CASH FLOW FROM OPERATING ACTIVITIES (1)			3.822			2.458
CASH FLOW FROM INVESTING ACTIVITIES
Intangible assets and property, plant, and equipment additions			(1.211	)		(1.617	)
Exploration expenditures charged to expenses			(53	)		(107	)
Acquisitions of subsidiaries, net of cash acquired			—			(55	)
Investments in equity affiliates and other securities			(5	)		(47	)
Increase in long-term loans			(225	)		(283	)
Total expenditures			(1.494	)		(2.109	)
Proceeds from sale of intangible assets and property, plant, and equipment			77			78
Proceeds from sale of subsidiaries, net of cash sold			733			—
Proceeds from sale of non-current investments			2			313
Repayment of long-term loans			181			195
Total divestitures			993			586
(Increase)/Decrease in short-term investments			19			38
CASH FLOW FROM INVESTING ACTIVITIES			(482	)		(1.485	)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance and repayment of shares :
Parent company’s shareholders			1			6
Share buy back			(1.591	)		(408	)
Minority shareholders			7			10
Subsidiaries’ redeemable preferred shares			—			—
Cash dividends paid :
	- Parent company’s shareholders		—			—
	- Minority shareholders		(12	)		(3	)
Net issuance/(repayment) of long-term debt			992			839
Increase/(Decrease) in short-term borrowings and bank overdrafts			5.445			3.827
Other changes, net			(2	)		(2	)
CASH FLOW FROM FINANCING ACTIVITIES			4.840			4.269
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			8.180			5.242
Effect of exchange rates and changes in reporting entity on cash & cash equivalents			(29	)		75
Cash and cash equivalents at the beginning of the year or period			4.966			3.574
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD			13.117			8.891

(1) including 182 millions of euros paid relating to the Toulouse AZF plant explosion, offset by a long-term liability write-back.

BUSINESS SEGMENTS INFORMATION
TotalFinaElf
(unaudited)

																In millions of euros
1st quarter 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		5.022			18.718			4.553			10			—			28.303
- Intersegment sales		3.164			700			151			29			(4.044	)		—
Total sales		8.186			19.418			4.704			39			(4.044	)		28.303
Depreciation, depletion, and amortization of tangible assets		(829	)		(210	)		(180	)		(10	)					(1.229	)
Operating income		3.025			779			115			(55	)					3.864
Amortization of intangible assets and acquisition goodwill																	(60	)
Equity in income (loss) of affiliates																	251
Other items in net operating income																	(207	)
Tax on net operating income																	(1.617	)
Net operating income		1.405			585			61			180						2.231
Net cost of net debt																	(43	)
Minority interests and dividends on subsidiaries redeemable preferred shares																	(68	)
Net income																	2.120

1st quarter 2003
(non-recurring items)	Upstream		Downstream		Chemicals		Corporate		Intercompany	Total
- Non-Group sales
- Intersegment sales
Total sales
Depreciation, depletion, and amortization of tangible assets		—		—		—		—			—
Operating income		—		—		—		—			-
Amortization of intangible assets and acquisition goodwill											—
Equity in income (loss) of affiliates											—
Other items in net operating income											—
Tax on net operating income											—
Net operating income		—		—		—		—			-
Net cost of net debt											—
Minority interests and dividends on subsidiaries redeemable preferred shares											—
Net income											-

1st quarter 2003
(excluding non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		5.022			18.718			4.553			10			—			28.303
- Intersegment sales		3.164			700			151			29			(4.044	)		—
Total sales		8.186			19.418			4.704			39			(4.044	)		28.303
Depreciation, depletion, and amortization of tangible assets		(829	)		(210	)		(180	)		(10	)					(1.229	)
Operating income		3.025			779			115			(55	)					3.864
Amortization of intangible assets and acquisition goodwill																	(60	)
Equity in income (loss) of affiliates																	251
Other items in net operating income																	(207	)
Tax on net operating income																	(1.617	)
Net operating income		1.405			585			61			180						2.231
Net cost of net debt																	(43	)
Minority interests and dividends on subsidiaries redeemable preferred shares																	(68	)
Net income																	2.120

1st quarter 2003	Upstream		Downstream		Chemicals			Corporate			Intercompany	Total
Gross expenditures		1.166		125		175			28				1.494
Divestitures at selling price		180		44		755			14				993
Cash flow from operating activities (1)		2.571		1.560		(81	)		(228	)			3.822

(1) In the Chemicals segment, positive cash flow from operating activities of 101 M€ excluding disbursements of 182 M€ related to the reserve established after the explosion at the Toulouse-AZF plant

BUSINESS SEGMENTS INFORMATION

TotalFinaElf
(unaudited)

	In millions of euros
1st quarter 2002	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		4.129			14.903			4.748			4			—			23.784
- Intersegment sales		2.620			365			75			24			(3.084	)		—
Total sales		6.749			15.268			4.823			28			(3.084	)		23.784
Depreciation, depletion, and amortization of tangible assets		(850	)		(229	)		(207	)		(10	)					(1.296	)
Operating income		2.016			295			121			(66	)					2.366
Amortization of intangible assets and acquisition goodwill																	(68	)
Equity in income (loss) of affiliates																	241
Other items in net operating income																	58
Tax on net operating income																	(1.078	)
Net operating income		1.066			250			(93	)		296						1.519
Net cost of net debt																	(40	)
Minority interests and dividends on subsidiaries redeemable preferred shares																	(50	)
Net income																	1.429

1st quarter 2002
(non-recurring items)	Upstream		Downstream		Chemicals			Corporate		Intercompany	Total
- Non-Group sales
- Intersegment sales
Total sales		—		—		—			—			-
Depreciation, depletion, and amortization of tangible assets		—		—		—			—			—
Operating income		—		—		—			—			-
Amortization of intangible assets and acquisition goodwill												—
Equity in income (loss) of affiliates												—
Other items in net operating income												(17	)
Tax on net operating income												27
Net operating income		—		—		(133	)		143			10
Net cost of net debt												—
Minority interests and dividends on subsidiaries redeemable preferred shares												—
Net income												-

1st quarter 2002
(excluding non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		4.129			14.903			4.748			4			—			23.784
- Intersegment sales		2.620			365			75			24			(3.084	)		—
Total sales		6.749			15.268			4.823			28			(3.084	)		23.784
Depreciation, depletion, and amortization of tangible assets		(850	)		(229	)		(207	)		(10	)					(1.296	)
Operating income		2.016			295			121			(66	)					2.366
Amortization of intangible assets and acquisition goodwill																	(68	)
Equity in income (loss) of affiliates																	241
Other items in net operating income																	75
Tax on net operating income																	(1.105	)
Net operating income		1.066			250			40			153						1.509
Net cost of net debt																	(40	)
Minority interests and dividends on subsidiaries redeemable preferred shares																	(50	)
Net income																	1.419

1st quarter 2002	Upstream		Downstream		Chemicals			Corporate		Intercompany	Total
Gross expenditures		1.643		132		256			78			2.109
Divestitures at selling price		223		35		32			296			586
Cash flow from operating activities		1.692		581		(10	)		195			2.458

TOTALFINAELF

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR
THE FIRST THREE MONTHS OF 2003

I. ACCOUNTING POLICIES

The consolidated financial statements of TotalFinaElf and its subsidiaries (together, the Company or Group) have been prepared in accordance with generally accepted accounting principles in France (French “GAAP”) and comply with the principles and methodology relative to consolidated financial statements, Regulation No. 99-02 approved by the decree dated June 22, 1999 of the French Accounting Regulation Committee.

Besides, the Company applies the standards issued by the Financial Accounting Standard Board which are compatible with the French Regulations and which enable, in their current wording, to ensure a true and fair view of the assets and liabilities of the Company and the best comparability with the other oil majors, namely those from North America.

The exceptions to the use of FAS standards are presented in the Annual Report of the Company, and in the Annual Report under US Generally Accepted Accounting Principles (Form 20F) and relate principally to the use of purchase accounting with respect to the business combinations between Total, PetroFina and Elf.

The Company has adopted the Statement of Financial Accounting Standards No. 143 modifying the rules for accounting for asset retirement obligations. FASB No. 143 requires that the fair value of a liability for an asset retirement obligation be recognized in the period in which it is incurred, at its discounted value, and no longer at its present value. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived assets and depreciated over the life of the associated asset. The cumulative effect of the change in accounting principle, which is accounted for in the Group’s shareholders’ equity, has no material effect.

With the exception of the first application of FASB No. 143, the accounting policies applied for the consolidated financial statements as of March 31, 2003 are the same as those used for the Financial Statements as of December 31, 2002.

II. CHANGES IN THE GROUP STRUCTURE

During the first three months of 2003, the Company has finalized the sale of its Paints Business, run by Sigma Kalon. The effect of this divestment, accounted for during the first 3 months of 2003, is not material on the Group’s net income.

With the exception of the disposal of the Paints Business, the Group has not significantly modified its structure.

1

TOTAL FINA ELF

Notes to the consolidated financial statements for the first three months of 2003

III. NON-RECURRING ITEMS

For the first three months of 2003

There were no non-recurring items during the first three months of 2003.

For the first three months of 2002

Non-recurring items of operating income

There were no non-recurring items affecting the operating income during the first three months of 2002.

Non-recurring items of net income (in millions of euros)

	Upstream		Downstream		Chemicals			Corporate		Total
Restructuring charges		—		—		(31	)		—		(31	)
Asset impairment		—		—		—			—		—
Early retirement plan		—		—		—			—		—
Other items		—		—		—			—		—
Gain on assets’ sales		—		—		—			143		143
AZF plant explosion — Toulouse		—		—		(102	)		—		(102	)
TOTAL		—		—		(133	)		143		10

IV. SHAREHOLDERS’ EQUITY

Shares held by the parent company, TOTAL FINA ELF S.A.

As of March 31, 2003, TOTAL FINA ELF S.A. held 34,110,730 of its own shares, representing 4.96% of its share capital, detailed as follows :

– 10,545,730 shares allocated to covering share purchase option plans for Company employees ; these shares are recorded as short-term investments and maintained within the total assets,

– 23,565,000 shares, of which 10,450,000 shares were purchased in the last quarter 2002, and 13,115,000 during the first three months of 2003, pursuant to the authorization granted by the Ordinary and Extraordinary Shareholders’ Meeting held on May 7, 2002, and that are deducted from the consolidated shareholders’ equity.

Shares held by the subsidiaries

As of March 31, 2003, TOTAL FINA ELF S.A. held indirectly, through its subsidiaries 25,082,217 of its own shares, representing 3.65% of its share capital and unchanged since December 31, 2002, detailed as follows:

– 505,318 shares held by a consolidated subsidiary, Total Nucléaire, indirectly controlled by TOTAL FINA ELF S.A. These shares were initially acquired in order to realize short-term cash investments and are recorded in short-term investments in the consolidated financial statements;

– 24,576,899 shares held by subsidiaries of Elf Aquitaine, Financière Valorgest, Sogapar and Fingestval. These shares were deducted from the consolidated shareholders’ equity.

2

TOTAL FINA ELF

Notes to the consolidated financial statements for the first three months of 2003

Consolidated statements of changes in shareholders’ equity

							Paid-in
	Common shares issued						surplus and			Cumulative			Treasury shares
							retained			translation									Shareholders’
(in millions of euros)	Nombre			Montant			earnings			adjustments			Nombre			Montant			equity
As of December 31, 2001		705 934 959			7 059			30 544			1 252			(37 349 899	)		(4 923	)		33 932
Cash dividend		—			—			—			—			—			—			—
Net income — 1st quarter 2002		—			—			1 429			—			—			—			1 429
Elf and PetroFina transactions		84 930			1			5			—			—			—			6
Other issuance of common shares		90 639			1			6			—			—			—			7
Purchase of treasury shares		—			—			—			—			(2 600 000	)		(408	)		(408	)
Cancellation of repurchased shares		—			—			—			—			—			—			—
Translation adjustments		—			—			—			113			—			—			113
Other changes, net		—			—			2			—			—			—			2
As of March 31, 2002		706 110 528			7 061			31 986			1 365			(39 949 899	)		(5 331	)		35 081
Cash dividend		—			—			(2 514	)		—			—			—			(2 514	)
Net income for April — Dec 2002		—			—			4 512			—			—			—			4 512
Elf and PetroFina transactions		479 541			5			16			—			—			—			21
Other issuance of common shares		4 043 686			40			414			—			—			—			454
Purchase of treasury shares		—			—			—			—			(18 520 245	)		(2 537	)		(2 537	)
Cancellation of repurchased shares		(23 443 245	)		(234	)		(3 224	)		—			23 443 245			3 458			—
Translation adjustments		—			—			—			(2 195	)		—			—			(2 195	)
Other changes, net		—			—			(676	)		—			—			—			(676	)
As of December 31, 2002		687 190 510			6 872			30 514			(830	)		(35 026 899	)		(4 410	)		32 146
Cash dividend		—			—			—			—			—			—			—
Net income — 1st quarter 2003		—			—			2 120			—			—			—			2 120
Elf and PetroFina transactions		235 296			2			5			—			—			—			7
Other issuance of common shares		1 346			—			—			—			—			—			—
Purchase of treasury shares		—			—			—			—			(13 115 000	)		(1 591	)		(1 591	)
Cancellation of repurchased shares		—			—			—			—			—			—			—
Translation adjustments		—			—			—			(633	)		—			—			(633	)
Other changes, net (1)		—			—			50			—			—			—			50
As of March 31, 2003		687 427 152			6 874			32 689			(1 463	)		(48 141 899	)		(6 001	)		32 099

(1) The change in the category “Other changes, net” is primarily due to the effect of the first application of the standard SFAS No.143.

V. SUBSIDIARIES’ REDEEMABLE PREFERRED SHARES

There were no operations on these preferred shares during the first three months of 2003.

3

TOTAL FINA ELF

Notes to the consolidated financial statements for the first three months of 2003

VI. LONG-TERM DEBT

The Group has issued debenture loans through its subsidiary TotalFinaElf Capital during the first three months of 2003 :

– Debenture 5% 2003-2007 (50 million GB Pounds)

– Debenture 5% 2003-2008 (100 million AUD)

– Debenture 3,5% 2003-2008 (500 million EUR)

– Debenture 4,25% 2003-2008 (100 million CAD)

– Debenture 3,25% 2003-2008 (250 million USD)

– Debenture 4,5% 2003-2013 (30 million USD)

– Debenture 5% 2003-2008 (100 million AUD)

The Group has not reimbursed any debenture loan during the first three months of 2003.

In the context of its active cash management, the Group may increase temporarily its short-term borrowings, particularly in the form of commercial paper. The short-term borrowings and the cash and cash equivalents resulting from this cash management in the quarterly financial statements are not necessarily representative of a steady position.

VII. INFORMATION BY BUSINESS SEGMENT

For the first three months of 2003

	1st quarter 2003
	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		5 022			18 718			4 553			10			—			28 303
- Intersegment sales		3 164			700			151			29			(4 044	)		—
Total sales		8 186			19 418			4 704			39			(4 044	)		28 303
Depreciation, depletion, and amortization of tangible assets		(829	)		(210	)		(180	)		(10	)					(1 229	)
Operating income		3 025			779			115			(55	)					3 864
Amortization of intangible assets and acquisition goodwill																	(60	)
Equity in income (loss) of affiliates																	251
Other items in net operating income																	(207	)
Tax on net operating income																	(1 617	)
Net operating income		1 405			585			61			180						2 231
Net cost of net debt																	(43	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(68	)
Net income																	2 120

4

TOTAL FINA ELF

Notes to the consolidated financial statements for the first three months of 2003

1st quarter 2003

(non-recurring items)

Upstream

Downstream

Chemicals

Corporate

Intercompany

Total

- Non-Group sales

—

—

—

—

—

—

- Intersegment sales

—

—

—

—

—

—

Total sales

—

—

—

—

—

—

Depreciation, depletion, and amortization of tangible assets

—

Operating income

—

Amortization of intangible assets and acquisition goodwill

—

Equity in income (loss) of affiliates

—

Other items in net operating income

—

Tax on net operating income

—

Net operating income

—

—

—

—

—

Net cost of net debt

—

Minority interests and dividends on subsidiaries’ redeemable preferred shares

—

Net income

—

	1st quarter 2003
	(excluding non-recurring items)
	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		5 022			18 718			4 553			10			—			28 303
- Intersegment sales		3 164			700			151			29			(4 044	)		—
Total sales		8 186			19 418			4 704			39			(4 044	)		28 303
Depreciation, depletion, and amortization of tangible assets		(829	)		(210	)		(180	)		(10	)					(1 229	)
Operating income		3 025			779			115			(55	)					3864
Amortization of intangible assets and acquisition goodwill																	(60	)
Equity in income (loss) of affiliates																	251
Other items in net operating income																	(207	)
Tax on net operating income																	(1 617	)
Net operating income		1 405			585			61			180						2 231
Net cost of net debt																	(43	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(68	)
Net income																	2 120

	1st quarter 2003
	Upstream		Downstream		Chemicals			Corporate			Intercompany		Total
Gross expenditures		1 166		125		175			28			—		1 494
Divestitures at selling price		180		44		755			14			—		993
Cash flow from operating activities (1)		2 571		1 560		(81	)		(228	)		—		3 822

(1) In the Chemicals segment, this figure amounts to 101 millions of euros excluding an amount of 182 millions of euros paid relating to the Toulouse AZF plant explosion.

5

TOTAL FINA ELF

Notes to the consolidated financial statements for the first three months of 2003

For the first three months of 2002

	1st quarter 2002
	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		4 129			14 903			4 748			4			—			23 784
- Intersegment sales		2 620			365			75			24			(3 084	)		—
Total sales		6 749			15 268			4 823			28						23 784
Depreciation, depletion, and amortization of tangible assets		(850	)		(229	)		(207	)		(10	)					(1 296	)
Operating income		2 016			295			121			(66	)					2 366
Amortization of intangible assets and acquisition goodwill																	(68	)
Equity in income (loss) of affiliates																	241
Other items in net operating income																	58
Tax on net operating income																	(1 078	)
Net operating income		1 066			250			(93	)		296						1 519
Net cost of net debt																	(40	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(50	)
Net income																	1 429

	1st quarter 2002
	(non-recurring items)
	Upstream		Downstream		Chemicals			Corporate		Intercompany		Total
- Non-Group sales		—		—		—			—		—		—
- Intersegment sales		—		—		—			—		—		—
Total sales		—		—		—			—		—		—
Depreciation, depletion, and amortization of tangible assets													—
Operating income													—
Amortization of intangible assets and acquisition goodwill													—
Equity in income (loss) of affiliates													—
Other items in net operating income													(17	)
Tax on net operating income													27
Net operating income		—		—		(133	)		143				10
Net cost of net debt													—
Minority interests and dividends on subsidiaries’ redeemable preferred shares													—
Net income													—

6

TOTAL FINA ELF

Notes to the consolidated financial statements for the first three months of 2003

	1st quarter 2002
	(excluding non-recurring items)
	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		4 129			14 903			4 748			4			—			23 784
- Intersegment sales		2 620			365			75			24			(3 084	)		—
Total sales		6 749			15 268			4 823			28						23 784
Depreciation, depletion, and amortization of tangible assets		(850	)		(229	)		(207	)		(10	)					(1 296	)
Operating income		2 016			295			121			(66	)					2 366
Amortization of intangible assets and acquisition goodwill																	(68	)
Equity in income (loss) of affiliates																	241
Other items in net operating income																	75
Tax on net operating income																	(1 105	)
Net operating income		1 066			250			40			153						1 509
Net cost of net debt																	(40	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(50	)
Net income																	1 419

	1st quarter 2002
	Upstream		Downstream		Chemicals			Corporate		Intercompany		Total
Gross expenditures		1 643		132		256			78		—		2 109
Divestitures at selling price		223		35		32			296		—		586
Cash flow from operating activities		1 692		581		(10	)		195		—		2 458

7