6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C.

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13-a16 OR 15-d16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of

November 2003

TOTAL S.A.
(Translation of registrant’s name into English)

2, place de la Coupole
92078 Paris La Défense Cedex
France
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.

Form 20-F  x Form 40-F  o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also
thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.

Yes  o No  x

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule
12g3-
s(b) : 82-________.)

TABLE OF CONTENTS

EX-99.1: NOTICE TO NYSE

EX-99.2: INDIA: AGREEMENT

EX-99.3: TOTAL REPORTS THIRD QUARTER 2003 RESULTS

EX-99.4: CONSOLIDATED ACCOUNTS & THE NOTES THERETO

EX-99.5: U.S. GULF OF MEXICO

EX-99.6: TOTAL INAUGERATES FIRST WIND POWER PLANT

EX-99.7: TOTAL SIGNS AGREEMENT (RUB AL-KHALI)

EX-99.8: COMMISSIONING OF PILOT DIMETHYL ETHER

EX-99.9: NIGERIA: TOTAL SIGNS A NEW CONTRACT

EX-99.10: TOTAL AND GAZ DE FRANCE (GSO, CMF)

EX-99.11: KAZAKHSTAN: HYDROCARBON DISCOVERIES

EX-99.12: TOTAL AND L'OREAL (SANOFI-SYNTHELABO)

EX-99.13: PRODUCTION START-UP OF JASMIN

EX-99.14: SALES FOR 2003 1ST NINE MONTHS

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TOTAL S.A.
Date :  December 3rd, 2003	By :	/s/ Charles Paris de Bollardière
	Name : Charles PARIS de BOLLARDIERE   Title : Treasurer

EXHIBIT INDEX

Ø	EXHIBIT 99.1	Notice of Repurchase of Ordinary Shares of Total (October, 1st 2003).
Ø	EXHIBIT 99.2 :	India : Agreement Signed to Build a Liquefied Petroleum Gas Import and Storage Terminal (November 6, 2003).
Ø	EXHIBIT 99.3 :	Total reports third quarter 2003 results (November 7, 2003).
Ø	EXHIBIT 99.4 :	Total S.A.’s Consolidated Accounts for the First Nine Months Ended September 30, 2003, together with the Notes thereto (November 7, 2003).
Ø	EXHIBIT 99.5 :	U.S. Gulf of Mexico : Start-up of Matterhorn (November 12, 2003).
Ø	EXHIBIT 99.6 :	Total Inaugurates First Wind Power Plant at the Les Flandres Refinery in Mardyck, France (November 14, 2003).
Ø	EXHIBIT 99.7 :	Total Signs Agreement to Explore the Southern Part of the Rub Al-Khali (November 15, 2003).
Ø	EXHIBIT 99.8 :	Commissioning of Pilot Dimethyl Ether Production Plant in Japan (November 18, 2003).
Ø	EXHIBIT 99.9 :	Nigeria : Total Signs a new Production Sharing Contract for Deep Offshore Concession in Nigeria (November 20, 2003).
Ø	EXHIBIT 99.10 :	France : Total and Gaz de France Separate Their Cross-Shareholdings in GSO and CFM and Total to Acquire an Interest in the Fos Cavaou LNG Terminal (November 24, 2003).
Ø	EXHIBIT 99.11 :	Kazakhstan : Hydrocarbon discoveries on Aktote and Kashagan SouthWest (November 25, 2003).
Ø	EXHIBIT 99.12 :	Total and L’Oréal will not renew their Sanofi-Synthélabo shareholders’ agreement (November 28, 2003).
Ø	EXHIBIT 99.13 :	Production Start-up of Jasmim, Offshore Angola (December 2, 2003).
Ø	EXHIBIT 99.14 :	Total’s sales for 2003 first nine months

EX-99.1

Exhibit 99.1

DIRECTION FINANCIERE DF/FT/Dpt. Financement et Bourse VB n° 543/A
	The New York Stock Exchange, Inc. Dennis Dunn Esq. 20 Broad Street New York, NY 1005 USA
Transmitted by facsimile to : 212 656 5893 Number of pages : 1
	Paris, 1st October 2003

Re : Notice of Repurchase of Ordinary Shares of Total

Dear Sirs,

Please be advised that in connection with Total’s share repurchase program, TOTAL S.A. reacquired 7,100,000 of its ordinary shares, nominal value 10 euros per share, during the three month period ending September 30^th, 2003, through trades executed on the Paris Bourse. Further more, TOTAL S.A. cancelled 9,900,000 of its ordinary shares on July 16^th, 2003.

Before these operations, TOTAL S.A. held 41,493,235 shares in treasury. In addition, at September 30^th, 2003, 25,082,817 shares were held by various subsidiaries. As a result, Total held an aggregate of 63,776,052 of its ordinary shares at a such date.

Very truly yours,

C. PARIS de BOLLARDIERE
Treasurer

EX-99.2

Exhibit 99.2

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

 
Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 
TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

FOR IMMEDIATE RELEASE

India: Agreement Signed to Build a Liquefied Petroleum Gas Import
and Storage Terminal

Paris, November 6, 2003 — Total announces that it has signed an agreement with Hindustan Petroleum Company Ltd., India’s third largest refiner, concerning the construction of a liquefied petroleum gas (LPG) import and underground storage terminal in Visakhapatnam, in the eastern Indian state of Andhra Pradesh.

The two partners each own a 50% interest in South Asia LPG Ltd., the company that will build and run the terminal.

With a storage capacity of 60,000 metric tons, the terminal will be the largest such facility on India’s east coast and the first of its type in a country where demand for LPG is experiencing strong growth. Construction will begin in December 2003, with commercial start-up scheduled for third-quarter 2006.

The agreement strengthens the Group’s strategy of expanding in high-potential Asia markets, particularly in the area of specialty products. Total is already present in India in LPG marketing, lubricants and specialty chemicals.

* * * * *

Total is the fourth largest oil and gas company in the world with operations in more than 120 countries. Total’s activities cover the whole energy chain of the petroleum industry: exploration, oil and gas production, refining and marketing, trading and power generation. The Group is also a major player in chemicals through its chemicals branch, Atofina. Total has 121,000 employees worldwide. More information can be found on the company’s website: www.total.com

EX-99.3 5 y00733exv99w3.htm EX-99.3: TOTAL REPORTS THIRD QUARTER 2003 RESULTS

Exhibit 99.3

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

 
Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 
TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

FOR IMMEDIATE RELEASE

Total reports third quarter 2003 results
		Net income: 1.71 billion euros (+7%*) Earnings per share: 2.71 euros (+13%*) Earnings per share: 3.05 dollars (+30%*)
	First nine months 2003 results excluding non-recurring items
		Net income: 5.60 billion euros (+20%) Earnings per share: 8.77 euros (+26%) Earnings per share: 9.75 dollars (+51%)

Paris, November 7, 2003 — The Board of Directors of Total, chaired by CEO Thierry Desmarest, met on November 6, 2003 to review the third quarter 2003 accounts, which, for the first time, have been the subject of a limited quarterly review by the company’s auditors.

Net income rose to 1,710 million euros (M€) in the third quarter 2003, an increase of 7%* compared to the third quarter 2002.

Commenting on the results, Thierry Desmarest said :

“Looking at the third quarter 2003, our self-help efforts, notably our strong production growth, led to the increase in our euro-denominated earnings, given that the market environment was actually less favorable as compared to the third quarter 2002. In effect, the negative impacts of the falling dollar and the poor conditions for the chemicals were only partially offset by the higher oil prices and refining margins.

Strong cash flow after financing investments allowed Total to continue buying back shares under favorable conditions. As a result, third quarter earnings per share increased by 13%, which is above the rate of increase for net income.

Expressed in dollars, earnings per share rose by 30% to $3.05 per share in the third quarter 2003 from $2.35 a year ago.”

* compared to the same period 2002 excluding non-recurring items. There were no non-recurring items in the third quarter 2003.

1

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

 
Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 
TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

Total — consolidated accounts

3Q03		3Q02		%		in millions of euros	9M03		9M02		%
	24,469		25,423		-4%	Sales		77,119		75,642		+2%
	2,939		2,824		+4%	Operating income from business segments (excl non-recurring items)		9,795		8,101		+21%
	2,502		2,448		+2%	Upstream		7,824		6,789		+15%
	335		107		+213%	Downstream		1,570		680		+131%
	102		269		-62%	Chemicals		401		632		-37%
	1,570		1,525		+3%	Net operating income from business segments (excl non-recurring items)		5,340		4,407		+21%
	1,710		1,600		+7%	Net income excluding non-recurring items		5,597		4,651		+20%
	1,710		1,637		+4%	Net income		5,435		4,569		+19%
	2.71		2.40		+13%	Earnings per share (euros) excluding non-recurring items		8.77		6.94		+26%
	1,916		2,125		-10%	Investments		4,918		6,334		-22%
	150		464		-68%	Divestments at selling price		1,300		1,513		-14%
	3,249		3,465		-6%	Cash flow from operating activities*		10,205		8,773		+16%

* includes payments relating to the Toulouse-AZF plant explosion, offset by a long-term liability write-back of 302 M€ for the third quarter 2003 and 634 M€ for the first nine months of 2003

Non-recurring items

3Q03		3Q02			in millions of euros	9M03			9M02
				Impact of non-recurring items on operating income
	—		(8	)	Restructuring charges		—			(24	)
	—		(1	)	Impairments		—			(22	)
	—		76		Other		—			67
	—		67		Total		—			21
				Impact of non-recurring items on net income
	—		62		Gains on asset sales		30			339
	—		1		Toulouse-AZF plant impact		—			(148	)
	—		(1	)	Restructuring charges and early retirement plans		(34	)		(77	)
	—		(1	)	Impairments		—			(15	)
	—		(24	)	Other		(158	)*		(181	)**
	—		37		Total		(162	)		(82	)

*	includes (155) M€ provision for Chemicals
**	includes (151) M€ related UK tax changes

2

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

 
Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 
TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

Number of shares

3Q03		3Q02		%		millions	9M03		9M02		%
	630.5		667.9		-6%	Fully-diluted weighted-average shares		638.0		669.7		-5%

Market environment

3Q03		3Q02		%			9M03		9M02		%
	1.12		0.98		-13%*	€/$		1.11		0.93		-16%*
	28.4		27.0		+5%	Brent ($/b)		28.6		24.4		+17%
	14.6		8.6		+70%	European refining margins TRCV($/t)		21.5		5.3		x4.1

* change in the dollar versus the euro

Third quarter 2003 results

Higher hydrocarbon prices and better refining margins in Europe and the US led to a more favorable oil market environment in the third quarter 2003 as compared to the third quarter 2002. However, these changes could not offset the negative impact of the sharp decline in the dollar relative to the euro and the difficult market conditions for chemicals, particularly in Europe.

Despite the overall less favorable environment, operating income from the business segments excluding non-recurring items rose by 4% to 2,939 M€ in the third quarter 2003 from 2,824 M€ in the same quarter last year primarily due to the positive effects of self-help programs, notably the growth in Upstream production.

Net operating income excluding non-recurring items increased by 3% to 1,570 M€ in the third quarter 2003 from 1,525 M€ in the third quarter 2002. There were no non-recurring items in the third quarter 2003.

Net income excluding non-recurring items rose by 7% to 1,710 M€ in the third quarter 2003 from 1,600 M€ in the third quarter 2002. The larger percentage increase relative to net operating income is primarily due to the lower net cost of net debt.

Reported net income was 1,710 M€ in the third quarter 2003 compared to 1,637 M€ in the third quarter 2002, which includes net positive impact from non-recurring items of 37 M€.

Third quarter 2003 earnings per share, based on 630.5 million fully-diluted weighted-average shares, was 2.71 euros, an increase of 13% compared to the third quarter 2002 earnings per share excluding non-recurring items of 2.40 euros. Earnings per share increased by more than net income as a result of the large share buyback program over the past year.

During the third quarter 2003, Total bought back 7.1 million of its shares for 0.97 billion euros (B€). The number of fully-diluted shares at September 30, 2003 was 627.9 million.

The net-debt-to-equity ratio was 25.6% at September 30, 2003 compared to 27.1% at June 30, 2003.

3

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

 
Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 
TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

Cash flow from operating activities decreased by 6% to 3,249 M€ for the third quarter 2003. Excluding third quarter 2003 payments of 302 M€ made from the reserve established for the Toulouse-AZF plant explosion, cash flow from operating activities increased by 2%.

During the third quarter 2003 investments were 1,916 M€, 10% lower than in the same period last year; however, expressed in dollars, investments increased by 3%.

Divestments in the third quarter 2003, based on selling price, were 150 M€.

Free cash flow was 1,483 M€ in the third quarter 2003 compared to 1,804 M€ in the third quarter 2002.

Upstream

3Q03		3Q02		%		Upstream key figures	9M03		9M02		%
	2,542		2,351		+8	Hydrocarbon production (kboe/d)		2,522		2,379		+6
	1,654		1,604		+3%	•  Liquids (kb/d)		1,649		1,580		+4%
	4,831		4,102		+18%	•  Gas (Mcfd)		4,759		4,382		+9%
	2,502		2,448		+2%	Operating income (M€) excluding non-recurring items		7,824		6,789		+15%
	1,241		1,185		+5%	Net operating income (M€) excluding non-recurring items		3,864		3,452		+12%
	1,258		1,430		-12%	Investments (M€)		3,554		4,629		-23%
	85		141		-40%	Divestments (M€) at selling price		309		470		-34%
	2,569		2,214		+16%	Cash flow — operating activities (M€)		7,024		5,611		+25%

Operating income from the Upstream segment excluding non-recurring items rose by 2% to 2,502 M€ in the third quarter 2003 from 2,448 M€ in the third quarter 2002. Strong production growth coupled with higher oil and gas prices offset the negative impact of the depreciation of the dollar relative to the euro.

Net operating income from the Upstream segment excluding non-recurring items rose by 5% to 1,241 M€ in the third quarter 2003.

Hydrocarbon production grew by 8% to 2,542 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2003 from 2,351 kboe/d in the third quarter 2002. The high growth rate is linked to recent start-ups and production ramp-ups at new fields; in addition, it also reflects the lower level of summer shut-downs in the North Sea during the third quarter 2003 as compared to the same quarter last year.

Liquids production rose by 3% to 1,654 thousand barrels per day (kb/d) in the third quarter 2003 from 1,604 kb/d in the third quarter 2002. The increase stems primarily from production at the South Pars and Balal fields in Iran, the start-up of the Amenam field in Nigeria, the ramp up of production at Sincor in Venezuela, and the contribution of fields in the UK North Sea.

Gas production grew by 18% to 4,831 million cubic feet per day (Mcfd) in the third quarter 2003 from 4,102 Mcfd in the third quarter 2002. The main contributors to the increase are fields in the North Sea, the Peciko field in Indonesia and Canyon Express in the Gulf of Mexico.

4

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

 
Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 
TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

Exploration & Production highlights for the third quarter 2003 included two start-ups: the Amenam/Kpono field (Total-operated 30.4%) in Nigeria which is expected to plateau at 125 kb/d and the Al Jurf field (Total-operated 37.5%) in Libya which is expected to plateau at 40 kb/d.

Total took an important step in further developing its strategy in the Middle East by signing an agreement with Saudi Arabia to form a joint venture with the national oil company Saudi Aramco for the exploration of gas in the southern part of the country. In addition, for the Balal field (Total 46.75%) in Iran, Total achieved the production plateau of 40 kb/d and then transferred operatorship of the field to the National Iranian Oil Company (NIOC) as per the terms of the contract.

In Pakistan, Total signed two production sharing contracts on offshore blocks G and H (Total-operated 40%).

In the Gulf of Mexico, Total was the high bidder on 18 deep-water exploration blocks in the August 20 lease sale.

Gas and power highlights included signing a sales and purchase agreement with Nigeria LNG Ltd. This agreement, which relates to the supply of LNG starting in 2007, is part of Total’s strategy to develop its Atlantic basin LNG marketing activities. Also within the framework of this strategy, Total signed an agreement with Shell to acquire a 25% share in the Mexican Altamira re-gasification terminal project.

Downstream

3Q03		3Q02		%		Downstream key figures	9M03		9M02		%
	2,503		2,331		+7%	Refinery throughput* (kb/d)		2,441		2,394		+2%
	335		107		+213%	Operating income (M€) excluding non-recurring items		1,570		680		+131%
	287		134		+114%	Net operating income (M€) excluding non-recurring items		1,278		602		+112%
	212		287		-26%	Investments (M€)		531		647		-18%
	63		87		-28%	Divestments (M€) at selling price		120		169		-29%
	269		249		+8%	Cash flow — operating activities (M€)		3,312		1,635		+103%

* includes share of Cepsa

Operating income from the Downstream segment excluding non-recurring items rose to 335 M€ in the third quarter 2003 from 107 M€ in the third quarter 2002. The rebound in refining margins from the low level of the third quarter 2002 and the small increase in marketing margins more than offset the weakness of the dollar relative to the euro.

Self-help programs and the substantially higher refinery throughput in the third quarter 2003 also contributed to the increase in operating income.

Refinery throughput rose by 7% to 2,503 kb/d in the third quarter 2003 from 2,331 kb/d in the third quarter 2002, which was impacted by a high level of turnarounds. The third quarter 2003 utilization rate improved to 94%.

Net operating income from the Downstream segment excluding non-recurring items increased to 287 M€ in the third quarter 2003 from 134 M€ in the third quarter 2002.

5

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

 
Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 
TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

Chemicals

3Q03			3Q02		%		Chemicals key figures (M€)	9M03			9M02		%
	4,182			4,825		-13%	Sales		12,925			14,730		-12%
	102			269		-62%	Operating income excluding non-recurring items		401			632		-37%
	42			206		-80%	Net operating income excluding non-recurring items		198			353		-44%
	453			326		+39%	Investments		788			866		-9%
	10			62	ns		Divestments at selling price		797			103	ns
	281	*		379		-26%	Cash flow from operating activities		96	**		417		-77%

the paints business was sold in February 2003
*	this amount would be 583 M€ excluding disbursements of 302 M€ related to the Toulouse-AZF reserve
**	this amount would be 730 M€ excluding disbursements of 634 M€ related to the Toulouse-AZF reserve

Sales for the Chemicals segment fell by 13% to 4,182 M€ in the third quarter 2003 from 4,825 M€ in the third quarter 2002.

Operating income from the Chemicals segment excluding non-recurring items fell by 62% to 102 M€ in the third quarter 2003 from 269 M€ in the third quarter 2002 due notably to the divestiture of the paints activity. The third quarter 2003 results include the contribution from the Total-Samsung joint venture since August 1, 2003.

The Base chemicals & polymers sector faced a depressed market environment marked by high feedstock prices and weak polymers demand, notably in chlorochemicals.

The Intermediates sector was penalized by weak economic conditions in Europe and rising raw material prices.

Most of the Specialties continued to resist well the difficult economic conditions.

Implementation of self-help programs partially offset the negative impact of the weak environment.

Net operating income from the Chemicals segment excluding non-recurring items fell to 42 M€ in the third quarter 2003 from 206 M€ in the third quarter 2002.

The third quarter 2003 highlights included the finalization of the joint-venture agreement with Samsung Chemicals and the signing of a memorandum of understanding with ADNOC for the construction of a melamine plant in Abu Dhabi.

Nine months 2003 results

For the first nine months of 2003 compared to the first months of 2002, Total benefited from a more favorable market environment: a higher oil price and a sharp rebound in refining margins more than offset the depreciation of the dollar relative to the euro and the overall weakness in the Chemicals environment.

In this context, operating income from the business segments excluding non-recurring items rose by 21% to 9,795 M€ in the first nine months of 2003 from 8,101 M€ in the same period last year.

6

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Catherine ENCK
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Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 
TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

Net operating income from the business segments excluding non-recurring items rose by 21% to 5,340 M€ in the first nine months of 2003 from 4,407 M€ in the first nine months of 2002.

Net income excluding non-recurring items for the first nine months of 2003 increased by 20% to 5,597 M€ from 4,651 M€ in the first nine months of 2002.

Reported net income for the first nine months of 2003 was 5,435 M€ as compared to 4,569 M€ for the same period last year. These results include non-recurring items with a net negative impact of 162 M€ in 2003 and a net negative impact of 82 M€ in 2002.

For the first nine months of 2003, earnings per share excluding non-recurring items, calculated based on 638.0 million fully-diluted weighted-average shares, was 8.77 euros, an increase of 26% compared to the earnings per share excluding non-recurring items of 6.94 euros for the same period last year. Earnings per share increased by more than net income, reflecting the accretive impact of the share buyback program.

Key operational data the first nine months of 2003 include:

– hydrocarbon production rose by 6% to 2,522 kboe/d from 2,379 kboe/d,

– refinery throughput increased 2% to 2,441 kb/d from 2,394 kb/d,

– Chemical sales fell by 12% to 12,925 M€ from 14,730 M€ (excluding the impact of the recently divested paints activities, the decrease was only 4%).

For the first nine months of 2003, investments were 4,918 M€ (72% allocated to the Upstream) or 22% less than the same period last year. The lower level of euro-denominated investments is due primarily to the depreciation of the dollar relative to the euro.

Divestments for the first nine months of 2003, based on selling prices, amounted to 1,300 M€ and were comprised essentially of the disposal of the paints activity.

Free cash flow for the first nine months of 2003 was 6,587 M€ as compared to 3,952 M€ for the same period last year.

Cancellation of outstanding shares

The Board of Directors at the November 6, 2003 meeting decided to cancel 30.1 million shares effective November 21, 2003. As of that date, the share capital will be 6,480,261,540 euros representing 648,026,154 shares at 10 euros nominal value per share.

As a result of the share cancellation, Total will be able to continue its share buyback program over the coming months.

Summary and outlook

The return on average capital employed (ROACE) calculated for the period October 1, 2002 to September 30, 2003 was 18%. The return on equity (ROE) calculated for the same twelve month period was 24%.

Since the start of the fourth quarter, the oil market environment has remained favorable with oil prices slightly above the third quarter level and refining margins unchanged. The dollar remains weak relative to the euro and the Chemicals environment continues to be difficult.

Total is continuing to buy back shares and in October 2003 bought back 1.835 million shares for 0.25 B€.

7

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

 
Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 
TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

Year-to-date hydrocarbon production over the first nine months of 2003 and the sustained pace of operations since the start of the fourth quarter allow confirmation of the targeted 5% production growth for 2003.

u u u

The September 30, 2003 notes to the consolidated accounts are available on the Total web site (www.total.com). The quarterly accounts have been the subject of a limited review by the company’s auditors. This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, business, strategy and plans of Total. Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. The financial information contained in this document has been prepared in accordance with French GAAP, and certain elements would differ materially upon reconciliation to US GAAP. Total does not assume any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company’s financial results is provided in documents filed by the Group and its affiliates with the French Commission des Opérations de Bourse and the US Securities and Exchange Commission.

Total reports the impact on income of non-recurring items, consisting of incomes and charges for the period, which are unusual or significant in nature. Items from incomes from business segments excluding non-recurring items, and net income per share excluding non-recurring items, presented in financial communications (operating income from business segments excluding non-recurring items, net operating income from business segments excluding non-recurring items and net income excluding non-recurring items) and in the footnotes to the financial statements of the Group containing segment data are non-GAAP measures obtained by excluding the non-recurring items described above from the GAAP figures. They are presented in order to facilitate the analysis of financial performance and the comparison of income between periods.

To access the conference call in listen-only mode between Robert Castaigne, CFO of Total, and financial analysts today at 3:00 p.m (Paris time), please dial +44 207 162 0188 from Europe or 1-334-420-4950 from the US (access code: Total). For a replay, please dial +44 208 288 4459 from Europe (access code: 386062) or 1-334-323-6222 from the US (access code: 386062).

8

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

 
Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 
TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

OPERATING INFORMATION BY SEGMENT
THIRD QUARTER AND NINE MONTHS 2003

Upstream

Combined liquids and gas production by region

3Q03		3Q02		%		in kboe/d	9M03		9M02		%
	836		777		+8%	Europe		876		851		+3%
	724		650		+11%	Africa		707		664		+6%
	60		41		+46%	North America		60		42		+43%
	252		219		+15%	Far East		232		220		+5%
	437		474		-8%	Middle East		450		425		+6%
	224		186		+20%	South America		190		172		+10%
	9		4		n.m.	Rest of world		7		5		n.m
	2,542		2,351		+8%	Total		2,522		2,379		+6%

Liquids production by region

3Q03		3Q02		%		in kb/d	9M03		9M02		%
	441		437		+1%	Europe		461		454		+2%
	639		585		+9%	Africa		628		595		+6%
	3		4	ns		North America		4		5	ns
	26		22		+18%	Far East		25		23		+9%
	387		427		-9%	Middle East		397		382		+4%
	149		125		+19%	South America		127		116		+9%
	9		4		n.m.	Rest of world		7		5		n.m.
	1,654		1,604		+3%	Total		1,649		1,580		+4%

9

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

 
Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 
TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

Gas production by region

3Q03		3Q02		%		in Mcfd	9M03		9M02		%
	2,139		1,865		+15%	Europe		2,256		2,163		+4%
	447		345		+30%	Africa		415		369		+12%
	307		196		+57%	North America		304		198		+54%
	1,260		1,129		+12%	Far East		1,163		1,126		+3%
	270		238		+13%	Middle East		277		223		+24%
	408		329		+24%	South America		344		303		+14%
	—		—		—	Rest of world		—		—		—
	4,831		4,102		+18%	Total		4,759		4,382		+9%

Downstream

Refinery throughput by region

3Q03		3Q02		%		in kb/d	9M03		9M02		%
	1,015		922		+10%	France		934		917		+2%
	1,174		1,159		+1%	Rest of Europe		1,201		1,195		+1%
	314		250		+26%	Rest of world		306		282		+9%
	2,503		2,331		+7%	Total*		2,441		2,394		+2%

* includes share of Cepsa

Chemicals

3Q03			3Q02			%		Key figures (B€)	9M03			9M02			%
	4.18			4.82			-13%	Sales		12.93			14.73			-12%
	1.91			1.98			-4%	•  Base chemicals & polymers		5.81			5.77			+1%
	0.88			0.92			-4%	•  Intermediates		2.77			2.93			-5%
	1.39			1.92			-28%	•  Specialties*		4.34			6.00			-28%
	—			—		nm		•  Corporate — Chemicals		0.01			0.03		nm
	0.10			0.27			-63%	Operating Income**		0.40			0.63			-37%
	0.02			0.06			-67%	•  Base chemicals & polymers		0.05			—		nm
	0.01			0.06			-83%	•  Intermediates		0.11			0.24			-54%
	0.10			0.17			-41%	•  Specialties*		0.31			0.47			-34%
	(0.03	)		(0.02	)	nm		•  Corporate — Chemicals		(0.07	)		(0.08	)	nm

*	paints divested in February 2003
**	excluding non-recurring items

10 EX-99.4 6 y00733exv99w4.htm EX-99.4: CONSOLIDATED ACCOUNTS & THE NOTES THERETO

Exhibit 99.4

Total financial statements

Third quarter and first nine months 2003 consolidated accounts, French GAAP

CONSOLIDATED STATEMENTS OF INCOME
Total

Third quarter			Third quarter						9 months			9 months
2003			2002					Amounts in millions of euros (1)	2003			2002
(unaudited)			(unaudited)						(unaudited)			(unaudited)
	24,469			25,423				Sales		77,119			75,642
	(20,307	)		(21,331	)			Operating expenses		(63,815	)		(63,805	)
	(1,264	)		(1,257	)			Depreciation, depletion, and amortization		(3,672	)		(3,877	)
								Operating income
	(41	)		(56	)			Corporate		(163	)		(162	)
	2,939			2,891				Business segments*		9,795			8,122
	2,898			2,835				Total operating income		9,632			7,960
	(27	)		(60	)			Interest expense, net		(111	)		(127	)
	20			35				Dividend income on non-consolidated subsidiaries		96			119
	(1	)		(3	)			Dividends on subsidiaries’ redeemable preferred shares		(4	)		(8	)
	(134	)		81				Other income (expense), net		(628	)		100
	(1,317	)		(1,398	)			Provision for income taxes		(4,168	)		(3,884	)
	342			229				Equity in income (loss) of affiliates		868			644
	1,781			1,719				Income before amortization of acquisition goodwill		5,685			4,804
	(32	)		(34	)			Amortization of acquisition goodwill		(98	)		(118	)
	1,749			1,685				Consolidated net income		5,587			4,686
	39			48				of which minority interest		152			117
	1,710			1,637				NET INCOME**		5,435			4,569
	2.71			2.45				Earnings per share (euro)***		8.52			6.82
	2,939			2,824		*		Operating income from business segments, excluding non-recurring items		9,795			8,101
	1,570			1,525				Net operating income from business segments, excluding non-recurring items		5,340			4,407
	1,710			1,600		**		Net income (Group share), excluding non-recurring items		5,597			4,651
	2.71			2.40		***		Earnings per share, excluding non-recurring items (euro)		8.77			6.94
							(1)  Except for earnings per share

CONSOLIDATED BALANCE SHEETS
Total

	Amounts in millions of euros
	30/09/2003			30/06/2003			31/12/2002			30/09/2002
	(unaudited)			(unaudited)						(unaudited)
ASSETS
NON-CURRENT ASSETS :
Intangible assets, net		2,089			2,205			2,752			3,001
Property, plant, and equipment, net		37,146			36,661			38,592			39,972
Equity affiliates : investments and loans		8,078			7,738			7,710			7,833
Other investments		1,228			1,235			1,221			1,241
Other non-current assets		3,527			3,669			3,735			3,130
Total non-current assets		52,068			51,508			54,010			55,177
CURRENT ASSETS :
Inventories, net		6,163			5,980			6,515			6,366
Accounts receivable, net		12,111			12,418			13,087			13,117
Prepaid expenses and other current assets		5,057			4,950			5,243			5,794
Short-term investments		1,413			1,663			1,508			1,426
Cash and cash equivalents		9,676			9,532			4,966			10,789
Total current assets		34,420			34,543			31,319			37,492
TOTAL ASSETS		86,488			86,051			85,329			92,669
LIABILITIES & SHAREHOLDERS’ EQUITY
SHAREHOLDERS’ EQUITY :
Common shares		6,788			6,881			6,872			7,103
Paid-in surplus and retained earnings		32,352			31,776			30,514			33,004
Cumulative translation adjustment		(2,197	)		(1,946	)		(830	)		(102	)
Treasury shares		(6,662	)		(6,960	)		(4,410	)		(6,451	)
Total shareholders’ equity		30,281			29,751			32,146			33,554
SUBSIDIARIES’ REDEEMABLE PREFERRED SHARES		429			438			477			507
MINORITY INTEREST		637			620			724			837
LONG-TERM LIABILITIES :
Deferred income taxes		5,628			6,106			6,390			6,586
Employee benefits		4,009			3,896			4,103			3,231
Other liabilities		6,623			6,462			6,150			5,957
Total long-term liabilities		16,260			16,464			16,643			15,774
LONG-TERM DEBT		9,849			9,906			10,157			10,989
CURRENT LIABILITIES :
Accounts payable		9,496			9,256			10,236			9,303
Other creditors and accrued liabilities		10,771			10,331			9,850			11,942
Short-term borrowings and bank overdrafts		8,765			9,285			5,096			9,763
Total current liabilities		29,032			28,872			25,182			31,008
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		86,488			86,051			85,329			92,669

CONSOLIDATED STATEMENTS OF CASH FLOWS
Total

Third quarter			Third quarter					9 months			9 months
2003			2002			Amounts in millions of euros		2003			2002
(unaudited)			(unaudited)					(unaudited)			(unaudited)
						CASH FLOW FROM OPERATING ACTIVITIES
	1,749			1,685		Consolidated net income			5,587			4,686
	1,340			1,337		Depreciation, depletion, and amortization			3,904			4,161
	(243	)		(235	)	Long-term liabilities, valuation allowances, and deferred taxes			(409	)		(110	)
	90			78		Unsuccessful exploration costs			251			322
	(28	)		(96	)	(Gains)/Losses on sales of assets			127			(504	)
	(298	)		(180	)	Equity in income of affiliates (in excess of)/less than dividends received			(489	)		(312	)
	6			3		Other changes, net			9			(8	)
	2,616			2,592		Cash flow from operating activities before changes in working capital			8,980			8,235
	633			873		(Increase)/Decrease in operating assets and liabilities			1,225			538
	3,249			3,465		CASH FLOW FROM OPERATING ACTIVITIES (1)			10,205			8,773
						CASH FLOW FROM INVESTING ACTIVITIES
	(1,384	)		(1,618	)	Intangible assets and property, plant, and equipment additions			(3,915	)		(4,968	)
	(92	)		(73	)	Exploration expenditures charged to expenses			(234	)		(286	)
	(345	)		—		Acquisitions of subsidiaries, net of cash acquired			(337	)		(105	)
	(42	)		(145	)	Investments in equity affiliates and other securities			(80	)		(252	)
	(53	)		(289	)	Increase in long-term loans			(352	)		(723	)
	(1,916	)		(2,125	)	Total expenditures			(4,918	)		(6,334	)
	22			63		Proceeds from sale of intangible assets and property, plant, and equipment			148			166
	(1	)		8		Proceeds from sale of subsidiaries, net of cash sold			734			13
	21			151		Proceeds from sale of non-current investments			89			803
	108			242		Repayment of long-term loans			329			531
	150			464		Total divestitures			1,300			1,513
	263			(143	)	(Increase)/Decrease in short-term investments			108			(422	)
	(1,503	)		(1,804	)	CASH FLOW FROM INVESTING ACTIVITIES			(3,510	)		(5,243	)
						CASH FLOW FROM FINANCING ACTIVITIES
						Issuance and repayment of shares :
	24			4		Parent company’s shareholders			69			447
	(966	)		(1,063	)	Purchase of treasury shares			(3,516	)		(1,528	)
	14			7		Minority shareholders			37			25
	—			—		Subsidiaries’ redeemable preferred shares			—			—
						Cash dividends paid :
	—			—			- Parent company’s shareholders		(2,571	)		(2,514	)
	(6	)		(9	)		- Minority shareholders		(114	)		(93	)
	(131	)		103		Net issuance/(repayment) of long-term debt			1,278			1,187
	(437	)		6,412		Increase/(Decrease) in short-term borrowings and bank overdrafts			3,070			6,017
	(1	)		(3	)	Other changes, net			(4	)		(8	)
	(1,503	)		5,451		CASH FLOW FROM FINANCING ACTIVITIES			(1,751	)		3,533
	243			7,112		Net increase/decrease in cash and cash equivalents			4,944			7,063
	(99	)		(186	)	Effect of exchange rates and changes in reporting entity on cash & cash equivalents			(234	)		152
	9,532			3,863		Cash and cash equivalents at the beginning of the year or period			4,966			3,574
	9,676			10,789		CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD			9,676			10,789
						(1)  including payments relating to the Toulouse AZF plant explosion, offset by a long-term liability write-back of 302 millions of euros for the third quarter 2003, 634 millions of euros for the first nine months of 2003.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER’S EQUITY
Total

							Paid-in
	Common shares issued						surplus and			Cumulative			Treasury shares
							retained			translation									Shareholders'
(Amounts in millions of euros)	Number			Amount			earnings			adjustments			Number			Amount			equity
As of December 31, 2001		705,934,959			7,059			30,544			1,252			(37,349,899	)		(4,923	)		33,932
Cash dividend		—			—			(2,514	)		—			—			—			(2,514	)
Net income for the 9 months		—			—			4,569			—			—			—			4,569
Elf and Petrofina transactions		491,492			5			16			—			—			—			21
Other issuance of common shares		3,898,466			39			408			—			—			—			447
Purchase of treasury shares		—			—			—			—			(10,670,245	)		(1,528	)		(1,528	)
Cancellation of repurchased shares		—			—			—			—			—			—			—
Translation adjustments		—			—			—			(1,354	)		—			—			(1,354	)
Other changes, net		—			—			(19	)		—			—			—			(19	)
As of September 30, 2002		710,324,917			7,103			33,004			(102	)		(48,020,144	)		(6,451	)		33,554
Cash dividend		—			—			—			—			—			—			—
Net income for the fourth quarter		—			—			1,372			—			—			—			1,372
Elf and Petrofina transactions		72,979			1			5			—			—			—			6
Other issuance of common shares		235,859			2			12			—			—			—			14
Purchase of treasury shares		—			—			—			—			(10,450,000	)		(1,417	)		(1,417	)
Cancellation of repurchased shares		(23,443,245	)		(234	)		(3,224	)		—			23,443,245			3,458			—
Translation adjustments		—			—			—			(728	)		—			—			(728	)
Other changes, net		—			—			(655	)		—			—			—			(655	)
As of December 31, 2002		687,190,510			6,872			30,514			(830	)		(35,026,899	)		(4,410	)		32,146
Cash dividend		—			—			(2,571	)		—			—			—			(2,571	)
Net income for the 9 months		—			—			5,435			—			—			—			5,435
Elf transactions		694,279			7			31			—			—			—			38
Other issuance of common shares		835,644			8			61			—			—			—			69
Purchase of treasury shares		—			—			—			—			(27,715,000	)		(3,516	)		(3,516	)
Cancellation of repurchased shares		(9,900,000	)		(99	)		(1,165	)		—			9,900,000			1,264			—
Translation adjustments		—			—			—			(1,367	)		—			—			(1,367	)
Other changes, net (1)		—			—			47			—			—			—			47
As of September 30, 2003		678,820,433			6,788			32,352			(2,197	)		(52,841,899	)		(6,662	)		30,281

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

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
Third quarter 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		4,263			16,014			4,182			10			—			24,469
- Intersegment sales		2,860			561			165			23			(3,609	)		—
Total sales		7,123			16,575			4,347			33			(3,609	)		24,469
Depreciation, depletion, and amortization of tangible assets		(841	)		(228	)		(182	)		(13	)					(1,264	)
Operating income		2,502			335			102			(41	)					2,898
Amortization of intangible assets and acquisition goodwill		(3	)		(24	)		(37	)		(6	)					(70	)
Equity in income (loss) of affiliates and other items		36			77			6			148						267
Tax on net operating income		(1,294	)		(101	)		(29	)		103						(1,321	)
Net operating income		1,241			287			42			204						1,774
Net cost of net debt																	(24	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(40	)
Net income																	1,710
Third 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 and other items		—			—			—			—						—
Tax on net operating income		—			—			—			—						—
Net operating income		—			—			—			—						—
Net cost of net debt																	—
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	—
Net income																	—
Third quarter 2003
(excluding non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		4,263			16,014			4,182			10			—			24,469
- Intersegment sales		2,860			561			165			23			(3,609	)		—
Total sales		7,123			16,575			4,347			33			(3,609	)		24,469
Depreciation, depletion, and amortization of tangible assets		(841	)		(228	)		(182	)		(13	)					(1,264	)
Operating income		2,502			335			102			(41	)					2,898
Amortization of intangible assets and acquisition goodwill		(3	)		(24	)		(37	)		(6	)					(70	)
Equity in income (loss) of affiliates and other items		36			77			6			148						267
Tax on net operating income		(1,294	)		(101	)		(29	)		103						(1,321	)
Net operating income		1,241			287			42			204						1,774
Net cost of net debt																	(24	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(40	)
Net income																	1,710
Third quarter 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Gross expenditures		1,258			212			453			(7	)					1,916
Divestitures at selling price		85			63			10			(8	)					150
Cash flow from operating activities(1)		2,569			269			281			130						3,249

(1) In the Chemicals segment, this figure amounts to 583 millions of euros excluding an amount of 302 millions of euros paid relating to the Toulouse AZF plant explosion

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
Third quarter 2002	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		3,827			16,764			4,825			7			—			25,423
- Intersegment sales		3,202			828			101			28			(4,159	)		—
Total sales		7,029			17,592			4,926			35			(4,159	)		25,423
Depreciation, depletion, and amortization of tangible assets		(816	)		(226	)		(200	)		(15	)		—			(1,257	)
Operating income		2,523			99			269			(56	)		—			2,835
Amortization of intangible assets and acquisition goodwill		(5	)		(9	)		(44	)		(4	)					(62	)
Equity in income (loss) of affiliates and other items		80			72			82			200						434
Tax on net operating income		(1,436	)		(33	)		(98	)		103						(1,464	)
Net operating income		1,162			129			209			243						1,743
Net cost of net debt																	(55	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(51	)
Net income																	1,637
Third 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		(1	)														(1	)
Operating income		75			(8	)											67
Amortization of intangible assets and acquisition goodwill
Equity in income (loss) of affiliates and other items		(17	)					5			83						71
Tax on net operating income		(81	)		3			(2	)		(21	)					(101	)
Net operating income		(23	)		(5	)		3			62						37
Net cost of net debt
Minority interests and dividends on subsidiaries’ redeemable preferred shares
Net income																	37
Third quarter 2002
(excluding non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		3,827			16,764			4,825			7			—			25,423
- Intersegment sales		3,202			828			101			28			(4,159	)		—
Total sales		7,029			17,592			4,926			35			(4,159	)		25,423
Depreciation, depletion, and amortization of tangible assets		(815	)		(226	)		(200	)		(15	)					(1,256	)
Operating income		2,448			107			269			(56	)					2,768
Amortization of intangible assets and acquisition goodwill		(5	)		(9	)		(44	)		(4	)					(62	)
Equity in income (loss) of affiliates and other items		97			72			77			117						363
Tax on net operating income		(1,355	)		(36	)		(96	)		124						(1,363	)
Net operating income		1,185			134			206			181						1,706
Net cost of net debt																	(55	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(51	)
Net income																	1,600
Third quarter 2002	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Gross expenditures		1,430			287			326			82						2,125
Divestitures at selling price		141			87			62			174						464
Cash flow from operating activities		2,214			249			379			623						3,465

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
9 months 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		13,553			50,617			12,925			24						77,119
- Intersegment sales		8,650			1,712			414			81			(10,857	)		—
Total sales		22,203			52,329			13,339			105			(10,857	)		77,119
Depreciation, depletion, and amortization of tangible assets		(2,447	)		(652	)		(548	)		(25	)					(3,672	)
Operating income		7,824			1,570			401			(163	)					9,632
Amortization of intangible assets and acquisition goodwill		(11	)		(72	)		(106	)		(16	)					(205	)
Equity in income (loss) of affiliates and other items		195			233			(389	)		446						485
Tax on net operating income		(4,144	)		(453	)		100			285						(4,212	)
Net operating income		3,864			1,278			6			552						5,700
Net cost of net debt																	(109	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(156	)
Net income																	5,435
9 months 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 and other items		—			—			(213	)		40						(173	)
Tax on net operating income		—			—			21			(10	)					11
Net operating income		—			—			(192	)		30						(162	)
Net cost of net debt																	—
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	—
Net income																	(162	)
9 months 2003
(excluding non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		13,553			50,617			12,925			24			—			77,119
- Intersegment sales		8,650			1,712			414			81			(10,857	)		—
Total sales		22,203			52,329			13,339			105			(10,857	)		77,119
Depreciation, depletion, and amortization of tangible assets		(2,447	)		(652	)		(548	)		(25	)					(3,672	)
Operating income		7,824			1,570			401			(163	)					9,632
Amortization of intangible assets and acquisition goodwill		(11	)		(72	)		(106	)		(16	)					(205	)
Equity in income (loss) of affiliates and other items		195			233			(176	)		406						658
Tax on net operating income		(4,144	)		(453	)		79			295						(4,223	)
Net operating income		3,864			1,278			198			522						5,862
Net cost of net debt																	(109	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(156	)
Net income																	5,597
9 months 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Gross expenditures		3,554			531			788			45						4,918
Divestitures at selling price		309			120			797			74						1,300
Cash flow from operating activities (1)		7,024			3,312			96			(227	)					10,205

(1) In the Chemicals segment, this figure amounts to 730 millions of euros excluding an amount of 634 millions of euros paid relating to the Toulouse AZF plant explosion

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
9 months 2002	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		11,844			49,054			14,730			14			—			75,642
- Intersegment sales		8,665			1,561			282			81			(10,589	)		—
Total sales		20,509			50,615			15,012			95			(10,589	)		75,642
Depreciation, depletion, and amortization of tangible assets		(2,548	)		(679	)		(613	)		(37	)					(3,877	)
Operating income		6,834			656			632			(162	)					7,960
Amortization of intangible assets and acquisition goodwill		(16	)		(73	)		(147	)		(11	)					(247	)
Equity in income (loss) of affiliates and other items		308			192			(259	)		864						1,105
Tax on net operating income		(3,893	)		(189	)		(84	)		179						(3,987	)
Net operating income		3,233			586			142			870						4,831
Net cost of net debt																	(137	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(125	)
Net income																	4,569
9 months 2002
(non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales
- Intersegment sales
Total sales
Depreciation, depletion, and amortization of tangible assets		(22	)														(22	)
Operating income		45			(24	)											21
Amortization of intangible assets and acquisition goodwill
Equity in income (loss) of affiliates and other items		(17	)		—			(316	)		438						105
Tax on net operating income		(247	)		8			105			(99	)					(233	)
Net operating income		(219	)		(16	)		(211	)		339						(107	)
Net cost of net debt
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	25
Net income																	(82	)
9 months 2002
(excluding non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		11,844			49,054			14,730			14			—			75,642
- Intersegment sales		8,665			1,561			282			81			(10,589	)		—
Total sales		20,509			50,615			15,012			95			(10,589	)		75,642
Depreciation, depletion, and amortization of tangible assets		(2,526	)		(679	)		(613	)		(37	)					(3,855	)
Operating income		6,789			680			632			(162	)					7,939
Amortization of intangible assets and acquisition goodwill		(16	)		(73	)		(147	)		(11	)					(247	)
Equity in income (loss) of affiliates and other items		325			192			57			426						1,000
Tax on net operating income		(3,646	)		(197	)		(189	)		278						(3,754	)
Net operating income		3,452			602			353			531						4,938
Net cost of net debt																	(137	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(150	)
Net income																	4,651
9 months 2002	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Gross expenditures		4,629			647			866			192						6,334
Divestitures at selling price		470			169			103			771						1,513
Cash flow from operating activities		5,611			1,635			417			1,110						8,773

TOTAL

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

I. ACCOUNTING POLICIES

The consolidated financial statements of Total 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 September 30, 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 nine 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 half of 2003, is not material on the Group’s net income.

The Samsung-Atofina Co. Ltd joint-venture, that has been set up on the 1st of August, 2003, entered into the consolidation scope in the third quarter of 2003.

There were no other major changes in the Group structure during the first nine months of 2003.

1

III. NON-RECURRING ITEMS

NON-RECURRING ITEMS OF OPERATING INCOME

(in millions of euros)		Upstream			Downstream			Chemicals			Corporate		Total
9 months 2003	Restructuring charges		—			—			—			—		—
	Asset impairment		—			—			—			—		—
	Early retirement plan		—			—			—			—		—
	Other items		—			—			—			—		—
	Gain on assets’ sales		—			—			—			—		—
Total			—			—			—			—		—
9 months 2002	Restructuring charges		—			(24	)		—			—		(24	)
	Asset impairment		(22	)		—			—			—		(22	)
	Early retirement plan		—			—			—			—		—
	Other items		67			—			—			—		67
	Gain on assets’ sales		—			—			—			—		—
Total			45			(24	)		—			—		21
NON-RECURRING ITEMS OF NET INCOME
(in millions of euros)		Upstream			Downstream			Chemicals			Corporate		Total
9 months 2003	Restructuring charges		—			—			(34	)		—		(34	)
	Asset impairment		—			—			—			—		—
	Early retirement plan		—			—			—			—		—
	Other items		—			—			(158	)		—		(158	)
	Gain on assets’ sales		—			—			—			30		30
	AZF plant explosion - Toulouse		—			—			—			—		—
Total			—			—			(192	)		30		(162	)
9 months 2002	Restructuring charges		—			(16	)		(61	)		—		(77	)
	Asset impairment		(15	)		—			—			—		(15	)
	Early retirement plan		—			—			—			—		—
	Other items		(179	)		—			(2	)		—		(181	)
	Gain on assets’ sales		—			—			—			339		339
	AZF plant explosion - Toulouse		—			—			(148	)		—		(148	)
Total			(194	)		(16	)		(211	)		339		(82	)

There were no non-recurring items during the third quarter of 2003.

The non-recurring items that had a positive impact in the first half of 2003 include gains on the sale of Sanofi-Synthélabo shares, while the negative impacts include, in the Chemicals segment, a restructuring charge and a 155 M€ provision related to investigations of anti-trust practices by the European Commission.

In the first nine months of 2002, the non-recurring items that had a positive impact were composed of gains on sales of financial participations. Those that were negative included primarily the deferred tax impact of the change in UK tax laws for exploration and production activities, restructuring charges in the Downstream and Chemicals segments and an increase in the provision related to the explosion at the Toulouse fertilizer plant.

2

IV. SHAREHOLDERS’ EQUITY

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

As of September 30, 2003, TOTAL S.A. held 38,677,130 of its own shares, representing 5.7% of its share capital, detailed as follows :

- 10,412,130 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,

- 28,265,000 shares, of which 10,450,000 shares were purchased in the last quarter 2002, and 27,715,000 during the first nine months of 2003, pursuant to the authorization granted by the Ordinaries and Extraordinaries Shareholders’ Meetings held on May 7, 2002 and on May 6, 2003, minus 9,900,000 Company shares cancelled following a reduction in the share capital. These shares are deducted from the consolidated shareholders’ equity.

Shares held by the subsidiaries

As of September 30, 2003, TOTAL S.A. held indirectly, through its subsidiaries 25,082,817 of its own shares, representing 3.7% of its share capital :

- 505,918 shares held by a consolidated subsidiary, Total Nucléaire, indirectly controlled by TOTAL 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.

3

Consolidated statements of changes in shareholders’ equity

							Paid-in
	Common shares issued						surplus and			Cumulative			Treasury shares
							retained			translation									Shareholders’
(Amounts in millions of euros)	Number			Amount			earnings			adjustments			Number			Amount			equity
As of December 31, 2001		705 934 959			7 059			30 544			1 252			(37 349 899	)		(4 923	)		33 932
Cash dividend		—			—			(2 514	)		—			—			—			(2 514	)
Net income for the 9 months		—			—			4 569			—			—			—			4 569
Elf and Petrofina transactions		491 492			5			16			—			—			—			21
Other issuance of common shares		3 898 466			39			408			—			—			—			447
Purchase of treasury shares		—			—			—			—			(10 670 245	)		(1 528	)		(1 528	)
Cancellation of repurchased shares		—			—			—			—			—			—			—
Translation adjustments		—			—			—			(1 354	)		—			—			(1 354	)
Other changes, net		—			—			(19	)		—			—			—			(19	)
As of September 30, 2002		710 324 917			7 103			33 004			(102	)		(48 020 144	)		(6 451	)		33 554
Cash dividend		—			—			—			—			—			—			—
Net income for the fourth quarter		—			—			1 372			—			—			—			1 372
Elf and Petrofina transactions		72 979			1			5			—			—			—			6
Other issuance of common shares		235 859			2			12			—			—			—			14
Purchase of treasury shares		—			—			—			—			(10 450 000	)		(1 417	)		(1 417	)
Cancellation of repurchased shares		(23 443 245	)		(234	)		(3 224	)		—			23 443 245			3 458			—
Translation adjustments		—			—			—			(728	)		—			—			(728	)
Other changes, net		—			—			(655	)		—			—			—			(655	)
As of December 31, 2002		687 190 510			6 872			30 514			(830	)		(35 026 899	)		(4 410	)		32 146
Cash dividend		—			—			(2 571	)		—			—			—			(2 571	)
Net income for the 9 months		—			—			5 435			—			—			—			5 435
Elf transactions		694 279			7			31			—			—			—			38
Other issuance of common shares		835 644			8			61			—			—			—			69
Purchase of treasury shares		—			—			—			—			(27 715 000	)		(3 516	)		(3 516	)
Cancellation of repurchased shares		(9 900 000	)		(99	)		(1 165	)		—			9 900 000			1 264			—
Translation adjustments		—			—			—			(1 367	)		—			—			(1 367	)
Other changes, net (1)		—			—			47			—			—			—			47
As of September 30, 2003		678 820 433			6 788			32 352			(2 197	)		(52 841 899	)		(6 662	)		30 281

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

V. SUBSIDIARIES’ REDEEMABLE PREFERRED SHARES

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

4

VI. LONG-TERM DEBT

The Group has issued debenture loans through its subsidiary Total Capital during the first nine 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)

- Debenture 3,5% 2003-2008 (100 million EUR)

- Debenture 3,5% 2003-2008 (150 million EUR)

- Debenture 2% 2003-2008 (300 million CHF)

The Group has reimbursed some debenture loans during the first nine months of 2003 :

- Debenture 2,25% 1998-2003 (200 million CHF), Total S.A.

- Debenture 2,25% 2000-2003 (150 million CHF), Total S.A.

- Debenture 6% 1998-2003 (10 billion GRD), Total S.A.

- Debenture 7,125% 1993-2003 (1 billion FRF), Elf Aquitaine S.A.

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.

5

INFORMATION BY BUSINESS SEGMENT

(unaudited)

	Amounts in millions of euros
9 months 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		13 553			50 617			12 925			24						77 119
- Intersegment sales		8 650			1 712			414			81			(10 857	)		—
Total sales		22 203			52 329			13 339			105			(10 857	)		77 119
Depreciation, depletion, and amortization of tangible assets		(2 447	)		(652	)		(548	)		(25	)					(3 672	)
Operating income		7 824			1 570			401			(163	)					9 632
Amortization of intangible assets and acquisition goodwill		(11	)		(72	)		(106	)		(16	)					(205	)
Equity in income (loss) of affiliates and other items		195			233			(389	)		446						485
Tax on net operating income		(4 144	)		(453	)		100			285						(4 212	)
Net operating income		3 864			1 278			6			552						5 700
Net cost of net debt																	(109	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(156	)
Net income																	5 435
9 months 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 and other items		—			—			(213	)		40						(173	)
Tax on net operating income		—			—			21			(10	)					11
Net operating income		—			—			(192	)		30						(162	)
Net cost of net debt																	—
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	—
Net income																	(162	)
9 months 2003
(excluding non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		13 553			50 617			12 925			24			—			77 119
- Intersegment sales		8 650			1 712			414			81			(10 857	)		—
Total sales		22 203			52 329			13 339			105			(10 857	)		77 119
Depreciation, depletion, and amortization of tangible assets		(2 447	)		(652	)		(548	)		(25	)					(3 672	)
Operating income		7 824			1 570			401			(163	)					9 632
Amortization of intangible assets and acquisition goodwill		(11	)		(72	)		(106	)		(16	)					(205	)
Equity in income (loss) of affiliates and other items		195			233			(176	)		406						658
Tax on net operating income		(4 144	)		(453	)		79			295						(4 223	)
Net operating income		3 864			1 278			198			522						5 862
Net cost of net debt																	(109	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(156	)
Net income																	5 597
9 months 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Gross expenditures		3 554			531			788			45						4 918
Divestitures at selling price		309			120			797			74						1 300
Cash flow from operating activities (1)		7 024			3 312			96			(227	)					10 205

(1) In the Chemicals segment, this figure amounts to 730 millions of euros excluding an amount of 634 millions of euros paid relating to the Toulouse AZF plant explosion

6

(unaudited)

	Amounts in millions of euros
9 months 2002	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		11 844			49 054			14 730			14			—			75 642
- Intersegment sales		8 665			1 561			282			81			(10 589	)		—
Total sales		20 509			50 615			15 012			95			(10 589	)		75 642
Depreciation, depletion, and amortization of tangible assets		(2 548	)		(679	)		(613	)		(37	)					(3 877	)
Operating income		6 834			656			632			(162	)					7 960
Amortization of intangible assets and acquisition goodwill		(16	)		(73	)		(147	)		(11	)					(247	)
Equity in income (loss) of affiliates and other items		308			192			(259	)		864						1 105
Tax on net operating income		(3 893	)		(189	)		(84	)		179						(3 987	)
Net operating income		3 233			586			142			870						4 831
Net cost of net debt																	(137	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(125	)
Net income																	4 569
9 months 2002
(non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales
- Intersegment sales
Total sales
Depreciation, depletion, and amortization of tangible assets		(22	)														(22	)
Operating income		45			(24	)											21
Amortization of intangible assets and acquisition goodwill
Equity in income (loss) of affiliates and other items		(17	)		—			(316	)		438						105
Tax on net operating income		(247	)		8			105			(99	)					(233	)
Net operating income		(219	)		(16	)		(211	)		339						(107	)
Net cost of net debt
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	25
Net income																	(82	)
9 months 2002
(excluding non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		11 844			49 054			14 730			14			—			75 642
- Intersegment sales		8 665			1 561			282			81			(10 589	)		—
Total sales		20 509			50 615			15 012			95			(10 589	)		75 642
Depreciation, depletion, and amortization of tangible assets		(2 526	)		(679	)		(613	)		(37	)					(3 855	)
Operating income		6 789			680			632			(162	)					7 939
Amortization of intangible assets and acquisition goodwill		(16	)		(73	)		(147	)		(11	)					(247	)
Equity in income (loss) of affiliates and other items		325			192			57			426						1 000
Tax on net operating income		(3 646	)		(197	)		(189	)		278						(3 754	)
Net operating income		3 452			602			353			531						4 938
Net cost of net debt																	(137	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(150	)
Net income																	4 651
9 months 2002	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Gross expenditures		4 629			647			866			192						6 334
Divestitures at selling price		470			169			103			771						1 513
Cash flow from operating activities		5 611			1 635			417			1 110						8 773

7 EX-99.5 7 y00733exv99w5.htm EX-99.5: U.S. GULF OF MEXICO

Exhibit 99.5

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

 
Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 
TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

FOR IMMEDIATE RELEASE

U.S. Gulf of Mexico: Start-up of Matterhorn

Paris, November 12, 2003 — Total announces the start-up of the Matterhorn field in Mississippi Canyon Block 243 in the deepwater U.S. Gulf of Mexico.

The field, wholly owned and operated by Total E&P USA Inc., is located approximately 160 kilometers southeast of New Orleans in a water depth of 850 meters.

Matterhorn, discovered in 1999, was developed with a floating structure called a Tension Leg Platform, comprising the wellheads and the separation and treatment installations. The platform has throughput capacity of 33,000 barrels of oil per day and 55 million cubic feet per day. Production is transported to shore through flowlines connected to the existing pipeline network.

Following Virgo and Aconcagua, Matterhorn is the third field operated by Total E&P USA Inc. in the deepwater U.S. Gulf of Mexico. The Matterhorn field is in line with Total’s strategy of increasing production in the deepwater U.S. Gulf of Mexico where the company has been awarded 21 new exploration blocks in 2003.

* * * * *

Total is the fourth largest oil and gas company in the world with operations in more than 120 countries. Total’s activities cover the whole energy chain of the petroleum industry: exploration, oil and gas production, refining and marketing, trading and power generation. The Group is also a major player in chemicals through its chemicals branch, Atofina. Total has 121,000 employees worldwide. More information can be found on the company’s website: www.total.com

EX-99.6 8 y00733exv99w6.htm EX-99.6: TOTAL INAUGERATES FIRST WIND POWER PLANT

Exhibit 99.6

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

 
Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 
TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

FOR IMMEDIATE RELEASE

Total Inaugurates First Wind Power Plant
at the Les Flandres Refinery in Mardyck, France

Paris, November 14, 2003 - Thierry Desmarest, Chairman and CEO of Total, today inaugurated the Group’s first wind power plant.

The Total refinery complex in Mardyck, which is part of the Dunkirk Regional Municipality, is now home to five of the latest-generation wind turbines with a total installed capacity of 12 MW a year, equivalent to the household electricity consumption of 15,000 individuals. The large turbines have blades 40 to 50 meters long and are installed on masts 80 to 95 meters high. The three models selected combine high electrical output, a small footprint and low noise levels. For this pilot project it has been decided to compare three different manufacturers and to experiment these extremely powerful wind powers that prefigure in future major offshore and onshore developments.

The Mardyck wind power plant has been designed to supply electricity for several decades and must therefore blend into the regional fabric. Detailed studies concerning the environment, noise, visual integration, safety and local economic activity were conducted in cooperation with concerned regional stakeholders and authorities. Regular information meetings with the neighbors have been held since the project was launched and letters are sent to them at each project milestone.

The Mardyck wind power plant represents an investment of around €15 million. The output is sold to French electric utility Electricité de France, which distributes the power regionally via the public grid, under terms and conditions determined by the authorities for wind power.

Total, a multi-energy company focusing primarily on oil and natural gas, is also committed to developing renewable energy sources. The Group intends to rapidly capitalize on its experience in wind power by participating in future onshore and offshore projects. In this way, Total will contribute to helping European Union member States achieve their renewable energy targets.

* * * * *

Total is the fourth largest oil and gas company in the world with operations in more than 130 countries. Total’s activities cover the whole energy chain of the petroleum industry: exploration, oil and gas production, refining and marketing, trading and power generation. The Group is also a major player in chemicals through its chemicals branch, Atofina. Total has 121,500 employees worldwide. More information can be found on the company’s website: www.total.com

EX-99.7 9 y00733exv99w7.htm EX-99.7: TOTAL SIGNS AGREEMENT (RUB AL-KHALI)

Exhibit 99.7

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

 

Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 

TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

FOR IMMEDIATE RELEASE

Total Signs Agreement to Explore the Southern
Part of the Rub Al-Khali

Paris, November 15, 2003 — Total announces the official signature of the agreement under which a consortium comprising Saudi Aramco, Shell and Total will explore a gas area covering more than 200,000 square kilometers in the southern part of the Rub Al-Khali (Empty Quarter) in the Kingdom of Saudi Arabia.

The agreement was signed today in Riyadh by His Excellency Ali I. Al-Naimi, Saudi Arabia’s Minister of Petroleum and Mineral Resources, and the Chairmen of the three companies concerned.

Total, with a 30% interest, is partnered with Saudi Aramco (30%) and Shell (40%), leader of the joint venture that will be formed by year-end. Tenders for seismic surveying are expected to be issued in first-quarter 2004. In the event of a discovery, the gas produced will contribute to the industrial development of the Kingdom.

“Total is honored and delighted to have been chosen by Saudi Arabia to take part in the long-term development of its gas resources. This agreement will enable Total to further strengthen its long-standing cooperation with Saudi Aramco. Total will bring its experience, expertise and technology to the joint venture to ensure the project’s success,” commented Thierry Desmarest, Chairman and CEO of Total.

* * * * *

Total is the fourth largest oil and gas company in the world with operations in more than 130 countries. Total’s activities cover the whole energy chain of the petroleum industry: exploration, oil and gas production, refining and marketing, trading and power generation. The Group is also a major player in chemicals through its chemicals branch, Atofina. Total has 121,500 employees worldwide. More information can be found on the company’s website: www.total.com

EX-99.8 10 y00733exv99w8.htm EX-99.8: COMMISSIONING OF PILOT DIMETHYL ETHER

Exhibit 99.8

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

 
Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 
TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

FOR IMMEDIATE RELEASE

Commissioning of Pilot Dimethyl Ether Production Plant
in Japan

Paris, November 18, 2003 — Total announces the commissioning in Japan in early December of a pilot plant to produce dimethyl ether (DME) by direct synthesis of natural gas. The recently completed facility, located in Kishuro on Hokkaido Island, has a production capacity of 100 metric tons a day. It will be used to validate this new technology with a view to building a commercial 3,000-metric-ton-per day unit.

Total is working in partnership with nine Japanese companies to develop this clean, environmentally friendly fuel.

DME is a liquefied gas synthesized from natural gas or other gases. It has similar physical properties to liquefied petroleum gas. It does not generate sulfur oxides or particulates when burned, is transported as a liquid, and can be used as a transportation fuel and for power generation.

The plant’s commissioning is in line with Total’s commitment to conducting research and development into new divisions that would leverage its gas resources.

*****

Total is the fourth largest oil and gas company in the world with operations in more than 130 countries. Total’s activities cover the whole energy chain of the petroleum industry: exploration, oil and gas production, refining and marketing, trading and power generation. The Group is also a major player in chemicals through its chemicals branch, Atofina. Total has 121,500 employees worldwide. More information can be found on the company’s website: www.total.com

EX-99.9 11 y00733exv99w9.htm EX-99.9: NIGERIA: TOTAL SIGNS A NEW CONTRACT

Exhibit 99.9

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

 
Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 
TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

FOR IMMEDIATE RELEASE

Nigeria: Total Signs a new Production Sharing Contract for
Deep Offshore Concession in Nigeria

Paris, November 20, 2003 — Total announces that company’s Nigerian operating subsidiary, Elf Petroleum Nigeria Ltd (EPNL), has signed a Production Sharing Contract with the Nigerian National Petroleum Corporation (NNPC) for the Oil Prospecting License (OPL) 221 located in southeast Nigeria.

The deep offshore concession lies in water depths of between 200 and 1,000 meters. OPL 221 is in a high potential area just west of the OPL 222 where EPNL, as operator, has made significant commercial discoveries in the Ukot (1998) and Usan (2002) fields. Both fields are currently being considered for development.

While NNPC is the concession holder, EPNL is operator of the permit with a 100% stake. Exploration activities are planned to start immediately with the implementation of a seismic survey programme.

Nigeria is the Africa’s largest oil producer and will continue to be so as deepwater discoveries come on stream. The signing of this contract is an additional step that confirms Total’s determined growth strategy in Nigeria, and demonstrates its commitment to and confidence in the country’s oil and gas industry’s development potential.

*****

Total is the fourth largest oil and gas company in the world with operations in more than 130 countries. Total’s activities cover the whole energy chain of the petroleum industry: exploration, oil and gas production, refining and marketing, trading and power generation. The Group is also a major player in chemicals through its chemicals branch, Atofina. Total has 121,500 employees worldwide. More information can be found on the company’s website: www.total.com

EX-99.10 12 y00733exv99w10.htm EX-99.10: TOTAL AND GAZ DE FRANCE (GSO, CMF)

Exhibit 99.10

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

 
Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 
TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

FOR IMMEDIATE RELEASE

France: Total and Gaz de France Separate Their
Cross-Shareholdings in GSO and CFM and Total to Acquire an
Interest In the Fos Cavaou LNG Terminal

Paris, November 24, 2003 — Total and Gaz de France have signed a ‘protocol of intent’ to separate their cross-shareholdings in Gaz du Sud-Ouest (GSO) and Compagnie Française du Méthane (CFM), their jointly-owned gas transmission and supply subsidiaries in France.

With this protocol, Total would thus become the sole shareholder in GSO while Gaz de France would thus become the sole shareholder of CFM. Furthermore, Total would directly acquire a part of CFM’s trading operations. The Group is pursuing its strategy of becoming a top-tier supplier of gas to industrial and commercial customers in France, a market in which it will thus have a market share of around 11% once restructuring has been completed.

Gaz de France currently holds a 30% interest in GSO and Total 45% in CFM.

This protocol reflects Total and Gaz de France’s shared commitment to adapting to the structural changes in the French gas market. From July 1, 2004, the industrial and non-residential markets will be open to competition. As of this date currently integrated gas utilities will unbundle their transmission and trading operations. From July 1, 2007 the market will be fully open for residential customers and liberalization will be achieved.

In addition, the same protocol will permit Total to acquire a one-third interest in the Fos Cavaou regasification terminal project in southern France. The liquefied natural gas receiving terminal is scheduled for commissioning in 2007. It will have an initial capacity of 8.25 billion cubic meters, which could subsequently be expanded.

“We have significant natural gas reserves, notably in the Middle East and West Africa, that are geographically well positioned to supply the French market,” says Yves-Louis Darricarrère, President Gas and Power at Total. “This market is a priority target. Total’s interest in the Fos Cavaou terminal, which will be a new supply point for this market, is a key step in achieving our goals.”

Implementation of the protocol remains subject to scrutiny by the competent authorities and other bodies.

* * * * *

EX-99.11 13 y00733exv99w11.htm EX-99.11: KAZAKHSTAN: HYDROCARBON DISCOVERIES

Exhibit 99.11

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

 
Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 
TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

FOR IMMEDIATE RELEASE

Kazakhstan: Hydrocarbon discoveries on Aktote
and Kashagan SouthWest

Paris, November 25, 2003 — Total announces the discovery of hydrocarbons with the successful completion of the offshore exploration wells on Aktote and Kashagan SouthWest prospects. The wells are located in the Kazakhstan sector of the Caspian Sea and are adjacent to the giant Kashagan field that was declared a commercial discovery in June 2002.

The Aktote-1 well was drilled from an artificial island to a total depth of 4,267 metres. The well was tested under restricted flow conditions at a rate of 1,550 barrels per day.

The Kashagan SouthWest-1 well was drilled to a total depth of 5,875 metres. The well was tested at a rate of 2,200 barrels per day.

An evaluation is currently underway to determine the potential of these discoveries.

The Aktote and Kashagan SouthWest discoveries are located on the blocks attributed to the consortium holding a production sharing contract in the northern area of the Caspian Sea (Total 20.37%*).

* Upon completion of the sale of BG International’s interest.

Total is a partner in the association operated by Agip KCO that groups six international companies: Eni, ExxonMobil, Shell, Total, ConocoPhillips and Inpex, after BG’s exit.

* * * * *

Total is the fourth largest oil and gas company in the world with operations in more than 130 countries. Total’s activities cover the whole energy chain of the petroleum industry: exploration, oil and gas production, refining and marketing, trading and power generation. The Group is also a major player in chemicals through its chemicals branch, Atofina. Total has 121,500 employees worldwide. More information can be found on the company’s website: www.total.com

EX-99.12 14 y00733exv99w12.htm EX-99.12: TOTAL AND L'OREAL (SANOFI-SYNTHELABO)

L’ORÉAL

Exhibit 99.12

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

 
Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 
TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

FOR IMMEDIATE RELEASE

Total and L’Oréal will not renew their Sanofi-Synthélabo
shareholders’ agreement

Paris, November 28, 2003 - Total and L’Oréal today notified the French Financial Markets Authority (A.M.F.) and Sanofi-Synthélabo of their decision not to renew beyond 2nd December 2004 the agreement between the two groups that has been in force since 9th April 1999.

Total and L’Oréal, whose cooperation has contributed to the success of Sanofi-Synthélabo, remain keenly interested in the continuing positive development of the company.

The current stakes of Total and L’Oréal in Sanofi-Synthélabo are 24.4% and 19.5% respectively.

*****

Total is the fourth largest oil and gas company in the world with operations in more than 130 countries. Total’s activities cover the whole energy chain of the petroleum industry: exploration, oil and gas production, refining and marketing, trading and power generation. The Group is also a major player in chemicals through its chemicals branch, Atofina. Total has 121,500 employees worldwide. More information can be found on the company’s website: www.total.com

EX-99.13 15 y00733exv99w13.htm EX-99.13: PRODUCTION START-UP OF JASMIN

Exhibit 99.13

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

 
Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

 
TOTAL S.A.
Capital 6 781 261 540 euros
542 051 180 R.C.S. Nanterre

www.total.com

FOR IMMEDIATE RELEASE

Production Start-up of Jasmim, Offshore Angola

Paris, December 2, 2003 — Sonangol, Sociedade Nacional de Combustíveis de Angola, and Total announce the start-up of Jasmim oil field production in Angola’s deepwater offshore Block 17.

Discovered in April 2000, Jasmim is one of fifteen fields found in Block 17 and the second to be brought on stream following Girassol, which started up in December of 2001. Located in 1,400 meters of water and approximately 150 kilometres offshore, Jasmim’s development requires eight sub-sea wells to be tied back five kilometres to the Girassol floating production, storage and offloading vessel (FPSO).

Jasmim’s start-up will increase oil flow to the FPSO to more than 230,000 barrels of oil a day and prolong the production plateau. It is an integral part of the growth strategy for Block 17 production, which was already evidenced this year by the decision for the development of the Dalia field, slated to come on stream in the second half of 2006.

Sonangol is the Block 17 Concessionaire. Total, the Operator, has a 40% participatory interest in Block 17, and has as partners Esso Exploration Angola (Block 17) Ltd. (20 %), BP Exploration (Angola) Ltd. (16.67%), Statoil Angola Block 17 AS (13.33%) and Norsk Hydro (10%).

* * * * *

Total is the fourth largest oil and gas company in the world with operations in more than 130 countries. Total’s activities cover the whole energy chain of the petroleum industry: exploration, oil and gas production, refining and marketing, trading and power generation. The Group is also a major player in chemicals through its chemicals branch, Atofina. Total has 121,500 employees worldwide. More information can be found on the company’s website: www.total.com

EX-99.14 16 y00733exv99w14.htm EX-99.14: SALES FOR 2003 1ST NINE MONTHS

TOTAL’s SALES FOR 2003 FIRST NINE MONTHS

Exhibit 99.14

1. CONSOLIDATED SALES

		2003		2002
		TOTAL		TOTAL
		(million euros)		(million euros)
UPSTREAM
	First quarter		8 186		6 749
	Second quarter		6 894		6 731
	Third quarter		7 123		7 029
			22 203		20 509
DOWNSTREAM
	First quarter		19 418		15 268
	Second quarter		16 336		17 755
	Third quarter		16 575		17 592
			52 329		50 615
CHEMICALS
	First quarter		4 704		4 823
	Second quarter		4 288		5 263
	Third quarter		4 347		4 926
			13 339		15 012
HOLDING
	First quarter		39		28
	Second quarter		33		32
	Third quarter		33		35
			105		95
Consolidation eliminations of internal sales
	First quarter		-4 044		-3 084
	Second quarter		-3 204		-3 346
	Third quarter		-3 609		-4 159
			-10 857		-10 589
CONSOLIDATED SALES
	First quarter		28 303		23 784
	Second quarter		24 347		26 435
	Third quarter		24 469		25 423
			77 119		75 642

2. PARENT COMPANY’s SALES

		2003		2002
		(million euros)		(million euros)
OIL & GAS SALES
	First quarter		1 230		935
	Second quarter		989		1 074
	Third quarter		1 022		1 098
			3 241		3 107
SERVICES PERFORMED
	First quarter		294		212
	Second quarter		289		305
	Third quarter		309		272
			892		789
GLOBAL AMOUNT
	First quarter		1 524		1 147
	Second quarter		1 278		1 379
	Third quarter		1 331		1 370
			4 133		3 896

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EX-99.3

EX-99.3: TOTAL REPORTS THIRD QUARTER 2003 RESULTS

EX-99.4

EX-99.4: CONSOLIDATED ACCOUNTS & THE NOTES THERETO

EX-99.5

EX-99.5: U.S. GULF OF MEXICO

EX-99.6

EX-99.6: TOTAL INAUGERATES FIRST WIND POWER PLANT

EX-99.7

EX-99.7: TOTAL SIGNS AGREEMENT (RUB AL-KHALI)

EX-99.8

EX-99.8: COMMISSIONING OF PILOT DIMETHYL ETHER

EX-99.9

EX-99.9: NIGERIA: TOTAL SIGNS A NEW CONTRACT

EX-99.10

EX-99.10: TOTAL AND GAZ DE FRANCE (GSO, CMF)

EX-99.11

EX-99.11: KAZAKHSTAN: HYDROCARBON DISCOVERIES

EX-99.12

EX-99.12: TOTAL AND L'OREAL (SANOFI-SYNTHELABO)

EX-99.13

EX-99.13: PRODUCTION START-UP OF JASMIN

EX-99.14

EX-99.14: SALES FOR 2003 1ST NINE MONTHS