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

July 2004

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  þ 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  þ

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b): 82-__________.)

TABLE OF CONTENTS

EX-99.1: DISCOVERY IN KAZAKHSTAN

EX-99.2: NIGERIA: LIQUEFACTION TRAIN

EX-99.3: INDONESIA: DEEP OFFSHORE

EX-99.4: 2ND QUARTER AND FIRST HALF 2004 RESULTS

EX-99.5: CONSOLIDATED ACCOUNTS & THE NOTES THERETO

EX-99.6: SALES IN THE 1ST HALF OF 2004

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:  August 6th, 2004	By :	/s/ Charles Paris de Bollardière Name : Charles PARIS de BOLLARDIERE Title :   Treasurer

EXHIBIT INDEX

Ø	EXHIBIT 99.1:	Caspian Sea: hydrocarbon discovery in the Kairan structure in Kazakhstan (July 27, 2004).
Ø	EXHIBIT 99.2:	Sixth Gas Liquefaction Train for Nigeria’s Bonny Plant (July 30, 2004).
Ø	EXHIBIT 99.3:	Total Acquires Interest in an Exploration Block Deep Offshore Indonesia (August 5, 2004).
Ø	EXHIBIT 99.4:	2004 Second Quarter and First Half Results (August 5, 2004).
Ø	EXHIBIT 99.5:	Total S.A.’s Consolidated Accounts for the Three Months and Six Months Ended June 30, 2004, together with the Notes thereto (French GAAP) (August 5, 2004).
Ø	EXHIBIT 99.6:	Total’s Sales in the First Half of 2004 (August 5, 2004).

EX-99.1

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

Bertille ARON
Tel 33 (1) 47 44 67 12

Mary DWYER
Tel.: 33 (1) 47 44 21 19

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 6 525 530 660 euros
542 051 180 R.C.S. Nanterre

www.total.com

Exhibit 99.1

FOR IMMEDIATE RELEASE

Caspian Sea: hydrocarbon discovery
in the Kairan structure in Kazakhstan

Paris, July 27, 2004 - Total announces the successful drilling and testing of its first exploration well on Kairan. The well is located in the Kazakhstan sector of the Caspian Sea approximately 40 kilometres east of the Kashagan field. The development plan and the launch of the first phase of investment were approved last February.

Kairan-1 was drilled from an artificial island to a total depth of 3 850 metres and encountered an hydrocarbon accumulation in the Permian carbonate reservoir. The well was tested at a rate of 4,100 barrels of oil per day. An evaluation is currently underway to determine the potential of this discovery.

Kairan is the fifth discovery in the blocks attributed to the consortium holding a production sharing contract in the northern area of the Caspian Sea, the others being Kashagan, Kalamkas, Kashagan Southwest, and Aktote.

Total is a partner in the consortium operated by Agip KCO that groups seven international companies: BG (sale of interest pending closing), ConocoPhilipps, Eni, ExxonMobil, Inpex, Shell and 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 more than 110,000 employees worldwide. More information can be found on the company’s website: www.total.com

EX-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

Bertille ARON
Tel. : 33 (1) 47 44 67 12

Mary DWYER
Tel.: 33 (1) 47 44 21 19

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

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
 
 
TOTAL S.A.
Capital 6 525 530 660 euros
542 051 180 R.C.S. Nanterre

www.total.com

Exhibit 99.2

FOR IMMEDIATE RELEASE

Sixth Gas Liquefaction Train for Nigeria’s Bonny Plant

Paris, July 30, 2004 — Total announces that the shareholders in Nigeria LNG Limited (NLNG) have approved the construction of a sixth train at the Bonny Island gas liquefaction plant.

Train 6, which will come on stream in late 2007, will have a capacity of 4.1 million metric tons a year of liquefied natural gas (LNG), raising NLNG’s total production capacity to 22 million metric tons a year of LNG and 4.6 million metric tons a year of liquefied petroleum gas (LPG) and condensate.

Following the expansion, the Bonny Island gas liquefaction plant will be one of the largest in the world. Three liquefaction trains are currently in production, while trains 4 and 5 are under construction and scheduled to come on stream next year.

Total will supply approximately an additional 1 billion cubic meters a year of equity gas to the plant to feed train 6 and will lift, through wholly-owned subsidiary Total Gas & Power Ltd., 1.2 billion cubic meters a year of LNG, on top of the 0.3 billion from trains 4 and 5. The LNG will be marketed by Total in a number of European and North American gas markets.

Total has a 15% interest in NLNG, alongside state-owned Nigerian National Petroleum Corporation (49%), Shell (25.6%) and ENI (10.4%).

Total is a world-class liquefied natural gas operator with equity sales of 6.5 million metric tons in 2003. The Group has interests in six liquefaction plants worldwide.

* * * * *

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 more than 110,000 employees worldwide. More information can be found on the company’s website: www.total.com

EX-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

Bertille ARON
Tel 33 (1) 47 44 67 12

Mary DWYER
Tel.: 33 (1) 47 44 21 19

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

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
 
 
TOTAL S.A.
Capital 6 525 530 660 euros
542 051 180 R.C.S. Nanterre

www.total.com

Exhibit 99.3

FOR IMMEDIATE RELEASE

Total Acquires Interest in an Exploration Block Deep Offshore Indonesia

Paris, August 5, 2004 - Total has signed an agreement with Australia’s Santos to acquire a 39.9% interest with the right, subject to certain conditions, to obtain a further 10.1% interest in an offshore exploration block located north of Bali, Indonesia.

Water depths range from 100 to 970 meters in the 3,450-square-kilometer North Bali 1 PSC, originally awarded to Santos subsidiary, Santos (Nth Bali I) Pty Ltd, in October 2003 under a tender issued by the Indonesian government.

2D seismic was shot last January and an exploration well is scheduled to be drilled by year-end. Total subsidiary, Total E&P North Bali I, will become operator after the first exploration period.

The new agreement is in line with Total’s strategy of expanding its deep offshore operations, in particular in a region where it is already a major operator.

Total is the leading gas producer in Indonesia and supplies more than 65% of the gas liquefied at the Bontang liquefaction plant, on behalf of the association which operates the Mahakam permit.

* * * * *

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 more than 110,000 employees worldwide. More information can be found on the company’s website: www.total.com

EX-99.4

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

Bertille ARON
Tel 33 (1) 47 44 67 12

Mary DWYER
Tel.: 33 (1) 47 44 21 19

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

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 525 530 660 euros
542 051 180 R.C.S. Nanterre

www.total.com

Exhibit 99.4

Paris, August 5, 2004

Second quarter 2004 net income adjusted for special items sharply higher compared to second quarter 2003 :

• +22% to 2.16 billion for net income in euros

• +26% to 3.49 for earnings per share in euros

• +30% to 2.60 billion for net income expressed in dollars*

• +34% to 4.21 for earnings per share expressed in dollars*

4% hydrocarbon production growth in the second quarter 2004

Results expressed in dollars*

Net income adjusted for special items

2nd quarter 2004			1st half 2004
2.60 billion dollars	(+30	%)	5.08 billion dollars	(+18	%)
4.21 dollars per share	(+34	%)	8.19 dollars per share	(+22	%)

Net income

2.47 billion dollars (+35 %) 4.92 billion dollars (+19 %)

Results in euros

Net income adjusted for special items

2nd quarter 2004			1st half 2004
2.16 billion euros	(+22	%)	4.14 billion euros	(+7	%)
3.49 euros per share	(+26	%)	6.67 euros per share	(+10	%)

Net income

2.05 billion euros (+27 %) 4.01 billion euros (+8 %)

* dollar amounts represent euro amounts converted at the average €/$ exchange rate for the period

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

Bertille ARON
Tel 33 (1) 47 44 67 12

Mary DWYER
Tel.: 33 (1) 47 44 21 19

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

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
 
 
TOTAL S.A.
Capital 6 525 530 660 euros
542 051 180 R.C.S. Nanterre

www.total.com

Total’s net income adjusted for special items increased by 22% to 2,162 million euros (M€) in the second quarter 2004. Compared to the same quarter last year, the environment was marked by sharply higher oil prices and refining margins, a moderate decline in the dollar against the euro, and further weakness in European petrochemical margins.

Commenting on the results, Chairman and CEO Thierry Desmarest said :

« Net income adjusted for special items and expressed in dollars reached a new record level of 2.60 billion dollars, an increase of 30% compared to the second quarter 2003. In addition to the favorable impact of the environment, this performance reflects the ongoing internal efforts of the Group, notably the continued hydrocarbon production growth. In this context, our return on average capital employed over the past twelve months reached 20%.

Earnings per share adjusted for special items and expressed in dollars increased by 34%, reflecting the accretive impact of our share buyback program over the past year.

For the first half 2004, earnings per share adjusted for special items and expressed in dollars increased by 22%, compared to the first half of last year, reaching a record high of $8.19 per share. »

Total – consolidated accounts

2Q04		2Q03		%		in millions of euros	1H04		1H03		%
	28,897		24,347		+19%	Sales		56,757		52,650		+8%
	4,009		2,937		+36%	Operating income from business segments adjusted for special items		7,573		6,856		+10%
	3,135		2,297		+36%	Upstream		5,954		5,322		+12%
	727		456		+59%	Downstream		1,273		1,235		+3%
	147		184		-20%	Chemicals		346		299		+16%
	2,119		1,719		+23%	Net operating income from business segments adjusted for special items		4,043		3,770		+7%
	2,162		1,767		+22%	Net income adjusted for special items		4,140		3,887		+7%
	2,046		1,605		+27%	Net income		4,007		3,725		+8%
	3.49		2.77		+26%	Earnings per share (euros) adjusted for special items		6.67		6.05		+10%
	1,938		1,508		+29%	Investments		3,549		3,002		+18%
	171		157		+9%	Divestments at selling price		353		1,150		-69%
	2,623		3,134		-16%	Cash flow from operating activities*		6,706		6,956		-4%

* includes disbursements related to the Toulouse-AZF reserve of 92 M€ in the second quarter 2004, 150 M€ in the second quarter 2003, 222 M€ in the first half 2004 and 332 M€ in the first half 2003

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

Bertille ARON
Tel 33 (1) 47 44 67 12

Mary DWYER
Tel.: 33 (1) 47 44 21 19

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

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
 
 
TOTAL S.A.
Capital 6 525 530 660 euros
542 051 180 R.C.S. Nanterre

www.total.com

Special items

2Q04			2Q03			in millions of euros	1H04			1H03
						Impact of special items on operating income
	—			—		Total		—			—
						Impact of special items on net income
	—			30		Gains on asset sales		—			30
	(98	)		—		Additional Toulouse-AZF reserve		(98	)		—
	(14	)		(34	)	Restructuring charges and early retirement plans		(31	)		(34	)
	—			—		Impairments		—			—
	(4	)		(158	) *	Other		(4	)		(158	) *
	(116	)		(162	)	Total		(133	)		(162	)

* includes (155) M€ provision for Chemicals

Number of shares

2Q04		2Q03		%		millions	1H04		1H03		%
	618.7		637.8		-3%	Fully-diluted weighted- average shares		620.7		642.1		-3%

Market environment

2Q04		2Q03		%				1H04		1H03		%
	1.20		1.14		-5%	*	€/$		1.23		1.10		-11%	*
	35.4		26.0		+36%		Brent ($/b)		33.7		28.7		+17%
	34.4		17.6		+95%		European refining margins TRCV ($/t)		28.0		24.9		+12%

* change in the dollar versus the euro

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

Bertille ARON
Tel 33 (1) 47 44 67 12

Mary DWYER
Tel.: 33 (1) 47 44 21 19

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

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
 
 
TOTAL S.A.
Capital 6 525 530 660 euros
542 051 180 R.C.S. Nanterre

www.total.com

Second quarter 2004 results

Consolidated sales increased by 19% to 28,897 M€ from 24,347 M€ in the second quarter 2003.

The market environment was generally more favorable in the second quarter 2004 than in the second quarter 2003. The Brent oil price increased by 36% to 35.4 $/b from 26.0 $/b in the second quarter 2003. European refining margins (TRCV) rose to 34.4 $/t, nearly double the margins in the second quarter 2003, mainly due to strong gasoline demand in the Atlantic Basin and low refined product inventory levels.

Despite the improved economic conditions, increased raw material costs put pressure on margins in Chemicals.

The weaker dollar had a negative impact on the results of all the segments.

In this context, operating income from the business segments adjusted for special items increased by 36% to 4,009 M€.

Due to a higher effective tax rate in the second quarter 2004 compared to the second quarter 2003, net operating income from the business segments adjusted for special items increased by 23% to 2,119 M€.

Net income adjusted for special items increased to 2,162 M€ in the second quarter 2004, an increase of 22% compared to the same quarter last year.

The impact of special items on net income in the second quarter 2004 was a negative 116 M€, primarily for an increase in the Toulouse-AZF reserve. Special items in the second quarter 2003 had a negative impact of 162 M€.

Earnings per share adjusted for special items, based on 618.7 million fully-diluted weighted-average shares, increased by 26% to 3.49 euros in the second quarter 2004 from 2.77 euros in the second quarter 2003.

Net income was 2,046 M€ in the second quarter 2004 compared to 1,605 M€ in the same quarter last year.

During the second quarter 2004, the Group bought back 8.1 million of its shares, or about 1.2% of the share capital, for 1.3 billion euros. At June 30, 2004 there were 616.9 million fully-diluted shares compared to 621.1 million at March 31, 2004 and 634.7 million at June 30, 2003.

After paying the 2003 annual dividend on May 24, 2004, the net-debt-to-equity ratio was 28.5% at June 30, 2004 compared to 18.7% at March 31, 2004 and 27.1% at June 30, 2003.

Cash flow from operating activities was 2,623 M€, a 16% decline compared to the same quarter last year, and reflects primarily the impact of changes in working capital in the second quarter 2004.

Investments were 1,938 M€ (69% allocated to the Upstream segment) compared to 1,508 M€ in the second quarter 2003. Investments increased in all business segments.

Divestments, based on selling price, were 171 M€ compared to 157 M€ in the second quarter 2003.

Net cash flow¹ was 856 M€ compared to 1,783 M€ in the same quarter last year.

¹ net cash flow = cash flow from operating activities + divestments - investments

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

Bertille ARON
Tel 33 (1) 47 44 67 12

Mary DWYER
Tel.: 33 (1) 47 44 21 19

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

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
 
 
TOTAL S.A.
Capital 6 525 530 660 euros
542 051 180 R.C.S. Nanterre

www.total.com

Upstream

2Q04		2Q03		%		Upstream key figures	1H04		1H03		%
	2,601		2,509		+4%	Hydrocarbon production (kboe/d)		2,617		2,513		+4%
	1,698		1,681		+1%	• Liquids (kb/d)		1,710		1,647		+4%
	4,915		4,522		+9%	• Gas (Mcf/d)		4,933		4,723		+4%
	3,135		2,297		+36%	Operating income (M€) adjusted for special items		5,954		5,322		+12%
	1,496		1,218		+23%	Net operating income2 (M€) adjusted for special items		2,885		2,623		+10%
	1,331		1,130		+18%	Investments (M€)		2,543		2,296		+11%
	102		44		+132%	Divestments (M€) at selling price		201		224		-10%
	2,644		1,884		+40%	Cash flow from operating activities (M€)		4,974		4,455		+12%

Operating income from the Upstream segment adjusted for special items was 3,135 M€, an increase of 36% compared to the second quarter 2003.

The sharp increase reflects the positive impacts of higher hydrocarbon prices and growing production volumes, slightly offset by the lower dollar.

Net operating income from the Upstream segment adjusted for special items rose by 23% to 1,496 M€. This more moderate increase is due to a higher average tax rate in the second quarter 2004 than in the second quarter 2003, which reflects, in particular, the higher relative contribution of volumes from Nigerian concessions.

Hydrocarbon production increased by 3.7% to 2,601 thousand barrels of oil equivalent per day (kboe/d) from 2,509 kboe/d in the second quarter 2003, despite the negative effect of high oil prices on volumes from production sharing contracts (PSC) and buy-back contracts.

Liquids production rose by 1% to 1,698 thousand barrels per day (kb/d) from 1,681 kb/d in the second quarter 2003.

Gas production grew by 9% to 4,915 million cubic feet per day (Mcf/d) from 4,522 Mcf/d in the second quarter of 2003.

The production growth came primarily from start-ups and build-ups at Amenam in Nigeria and Matterhorn in the US, as well as higher production from Norway, Netherlands, Indonesia, Venezuela and Argentina.

In Venezuela, the first phase of development for the 100 Mcf/d capacity Yucal Placer gas field (Total, 69.5%) started production.

Second quarter 2004 exploration highlights included the announcement of the second discovery, Canela-1, on Block 32 (Total-operated, 30%) in Angola. In Norway, Total obtained a new permit in the Haltenbanken and will be the operator with a 40% interest. Since June 30, 2004, the Group has announced a discovery on the Kairan structure in Kazakhstan and has taken a 39.9% interest in a deep-offshore exploration block in North Bali in Indonesia.

In addition, Nigeria LNG (Total, 15%) approved in late July the construction of the sixth liquefaction train at the Bonny facility.

²  2Q04 and 1H04 include the equity share of Cepsa’s « Exploration & Production » results; 2Q03 and
1H03 included the entire equity share of Cepsa’s results in Downstream net operating income.

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

Bertille ARON
Tel 33 (1) 47 44 67 12

Mary DWYER
Tel.: 33 (1) 47 44 21 19

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

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
 
 
TOTAL S.A.
Capital 6 525 530 660 euros
542 051 180 R.C.S. Nanterre

www.total.com

Downstream

2Q04		2Q03		%		Downstream key figures	1H04		1H03		%
	2,494		2,383		+5%	Refinery throughput* (kb/d)		2,494		2,409		+4%
	727		456		+59%	Operating income (M€) adjusted for special items		1,273		1,235		+3%
	536		406		+32%	Net operating income3 (M€) adjusted for special items		947		991		-4%
	316		194		+63%	Investments (M€)		542		319		+70%
	39		13		+200%	Divestments (M€) at selling price		82		57		+44%
	414		1,483		-72%	Cash flow from operating activities (M€)		2,124		3,043		-30%

* includes share of Cepsa

Operating income from the Downstream segment adjusted for special items increased by 59% to 727 M€ from 456 M€ in the second quarter 2003.

The second quarter 2004 environment was marked by a sharp increase in European refining margins in a market context of strong gasoline demand in the Atlantic Basin. This positive effect was slightly offset by the weaker dollar relative to the euro and a squeeze on marketing margins from higher refined product prices. In addition, ongoing productivity programs have also contributed to the improvement in Downstream results.

Refinery throughput rose by 5% to 2,494 kb/d from 2,383 kb/d in the second quarter 2003. The refinery utilization rate was 92% in the second quarter 2004.

Net operating income adjusted for special items from the Downstream segment increased to 536 M€ from 406 M€ in the same period last year. This increase of 32%, which is lower than the increase in operating income adjusted for special items, is due primarily to the reallocation of Cepsa’s results across the business segments³.

The decrease in Downstream cash flow from operating activities reflects primarily the impact of changes in working capital in the second quarter 2004.

³  2Q04 and 1H04 include the equity share of Cepsa’s « Refining & Marketing » results; 2Q03 and
1H03 included the entire equity share of Cepsa’s results in Downstream net operating income.

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

Bertille ARON
Tel 33 (1) 47 44 67 12

Mary DWYER
Tel.: 33 (1) 47 44 21 19

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

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
 
 
TOTAL S.A.
Capital 6 525 530 660 euros
542 051 180 R.C.S. Nanterre

www.total.com

Chemicals

2Q04			2Q03			%		Chemicals key figures (M€)	1H04			1H03			%
	4,896			4,190			+17%	Sales		9,569			8,743			+9%
	147			184			-20%	Operating income adjusted for special items		346			299			+16%
	87			95			-8%	Net operating income4 adjusted for special items		211			156			+35%
	251			160			+57%	Investments		413			335			+23%
	30			32			-6%	Divestments at selling price		49			787		ns
	22	*		(104	)**	ns		Cash flow from operating activities		(60	)***		(185	)****	ns

*	this amount would be 114 M€ excluding disbursements of 92 M€ related to the Toulouse-AZF reserve
**	this amount would be 46 M€ excluding disbursements of 150 M€ related to the Toulouse-AZF reserve
***	this amount would be 162 M€ excluding disbursements of 222 M€ related to the Toulouse-AZF reserve
****	this amount would be 147 M€ excluding disbursements of 332 M€ related to the Toulouse-AZF reserve

Sales for the Chemicals segment increased by 17% to 4,896 M€ from 4,190 M€ in the second quarter 2003.

Operating income from the Chemicals segment adjusted for special items decreased by 20% to 147 M€ from 184 M€ in the second quarter 2003. Base chemicals were impacted by the strong increase in the price of naphtha. Intermediates continue to be penalized by the weakness in the dollar, which more than offset the positive impact of internal programs. Operating income from Specialties increased substantially, thanks to growth and productivity gains.

Net operating income adjusted for special items was 87 M€ compared to 95 M€ in the same period last year.

During the second quarter 2004, progress on the project to create the “CIP” entity, which will be made up of the chlorochemicals, intermediates and performance polymers activities, included the completion of the information/consultation process with labor representatives, the nomination of senior management and the announcement of the new organization.

Establishing the legal structure of the new entity is progressing as planned and will be accompanied by the launch of a corporate identity program.

⁴  2Q04 and 1H04 include the equity share of Cepsa’s « Derivative chemicals » results; 2Q03 and
1H03 included the entire equity share of Cepsa’s results in Downstream net operating income.

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

Bertille ARON
Tel 33 (1) 47 44 67 12

Mary DWYER
Tel.: 33 (1) 47 44 21 19

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

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
 
 
TOTAL S.A.
Capital 6 525 530 660 euros
542 051 180 R.C.S. Nanterre

www.total.com

First half 2004 results

The first half 2004 market environment was marked by a 17% increase in the Brent oil price to 33.7 $/b from 28.7 $/b in the first half 2003. Refining margins rose by 12% to 28.0 $/t from 24.9 $/t. The dollar weakened by 11% relative to the euro, with the euro/dollar exchange rate settling at 1.23 from 1.10 in the first half last year. The situation for Chemicals remained difficult, with negative impacts from the weaker dollar and higher naphtha prices more than offsetting the benefits of an improved economic environment.

In an overall more favorable environment relative to the first half 2003, operating income from the business segments adjusted for special items increased by 10% to 7,573 M€ in the first half 2004 from 6,856 M€ in the same period last year. The increase was due to the more favorable market environment, which had a positive impact of 0.3 billion euros (B€), and the contribution from growth and productivity programs, which had a combined impact of 0.4 B€.

The overall positive impact of 0.3 B€ from the improved environment breaks down as follows:

• + 0.9 B€ due to sharply higher oil prices and moderately higher gas prices,

• + 0.2 B€ due to the increase in refining margins,

• - 0.7 B€ due to the depreciation of the dollar relative to the euro,

• - 0.1 B€ due to a weaker marketing environment.

Net operating income from the business segments adjusted for special items increased by 7% to 4,043 M€ in the first half 2004 compared to 3,770 M€ in the first half 2003.

Net income adjusted for special items rose to 4,140 M€, an increase of 7% compared to the first half 2003. The impact of special items on net income was -133 M€ in the first half 2004 compared to -162 M€ in the first half 2003.

Earnings per share, based on 620.7 million fully-diluted weighted-average shares, rose to 6.67 euros in the first half 2004 from 6.05 euros in the first half 2003, an increase of 10%, which is larger than the increase in net income due to the accretive impact of the share repurchases made by the Group.

During the first half 2004, the Group bought back 12.4 million of its shares, or 1.9% of its share capital, for 1.9 B€.

Net income rose to 4,007 M€ in the first half 2004 compared to 3,725 M€ in the first half 2003.

Hydrocarbon production increased by 4.1% to 2,617 kboe/d in the first half 2004 from 2,513 kboe/d in the same period last year. Refinery throughput increased by 4% to 2,494 kb/d from 2,409 kb/d in the first half 2003. Sales for the Chemicals segment rose by 9% to 9,569 M€ from 8,743 M€ in the first half 2003.

In the first half 2004, investments were 3,549 M€ (72% allocated to the Upstream segment), an increase of 18% compared to the first half 2003 and in line with the planned investment level for the year.

Divestments, based on selling price, were 353 M€ in the first half 2004 compared to 1,150 M€ in the first half 2003.

Net cash flow in the first half 2004 was 3,510 M€ compared to 5,104 M€ in the same period last year.

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

Bertille ARON
Tel 33 (1) 47 44 67 12

Mary DWYER
Tel.: 33 (1) 47 44 21 19

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

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 525 530 660 euros
542 051 180 R.C.S. Nanterre

www.total.com

Parent company accounts

The parent company, TOTAL S.A., reported net earnings of 2,103 M€ in the first half 2004 compared to 2,119 M€ in the first half 2003.

Summary and outlook

The Group’s return on average capital employed (ROACE) for the period July 1, 2003 to June 30, 2004 was 20%. Return on equity (ROE) was 26% for the same period. The annualized second quarter 2004 ROACE was 23%.

Year-to-date investments are in line with the 2004 Capex budget of 10 B$, which remains heavily weighted toward Upstream growth projects.

The Group continued to buy back shares and in July 2004 acquired 1.3 million shares for 0.2 B€, bringing the total shares bought back so far this year to 13.7 million or 2.1% of the share capital.

Since the beginning of the third quarter 2004, petroleum product demand has remained strong and concerns about supply have persisted, keeping oil prices and refining margins at high levels. In this favorable environment, the Group has continued to pursue its policy of strict financial discipline for profitable growth combined with strong shareholder returns.

Interim dividend

In accordance with the new distribution policy announced at the May 14, 2004 Annual Meeting, an interim dividend will be paid, in the fourth quarter of each year, except under exceptional circumstances, equal to about 50% of the annual dividend paid for the previous year. After reviewing the September 30 accounts on November 9, the Board of Directors will set the exact amount of the interim dividend to be paid on November 24, 2004.

u u u

The June 30, 2004 notes to the consolidated accounts are available on the Total web site (www.total.com). The interim 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 Autorité des Marchés Financiers and the US Securities and Exchange Commission.

The business segment information is presented in accordance with the Group internal reporting system used by the Chief operating decision maker to measure performance and allocate resources internally. Due to their particular nature or significance, certain transactions qualified as “special items” are monitored at the Group level and excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, certain transactions such as restructuring costs or assets disposals, which are not considered to be representative of normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to recur within following years. Performance measures excluding special items such as operating income, net operating income and net income adjusted for special items, are meant to facilitate the analysis of the financial performance and the comparison of income between periods.

To listen to the conference call with CFO Robert Castaigne and financial analysts today at 16:30 (Paris time), please call +44 (0)20 7162 0025 (access code: Total) from Europe or +1 334 323 6201 (access code: Total) from the US. For a replay, please dial +44 (0)208 288 4459 (access code: 364092) from Europe or 1 334 323 6222 (access code: 364092 ) from the US.

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

Bertille ARON
Tel 33 (1) 47 44 67 12

Mary DWYER
Tel.: 33 (1) 47 44 21 19

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

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 525 530 660 euros
542 051 180 R.C.S. Nanterre

www.total.com

OPERATING INFORMATION BY SEGMENT
FOR THE SECOND QUARTER
AND FIRST HALF 2004

Upstream

Combined liquids and gas production by region

2Q04		2Q03		%		in kboe/d	1H04		1H03		%
	880		832		+6%	Europe		885		897		-1%
	794		716		+11%	Africa		795		698		+14%
	78		57		+37%	North America		72		60		+20%
	233		229		+2%	Far East		239		222		+8%
	382		461		-17%	Middle East		400		457		-12%
	226		208		+9%	South America		218		173		+26%
	8		6		+33%	Rest of world		8		6		+33%
	2,601		2,509		+4%	Total		2,617		2,513		+4%

Liquids production by region

2Q04		2Q03		%		in kb/d	1H04		1H03		%
	439		451		-3%	Europe		444		471		-6%
	723		638		+13%	Africa		722		623		+16%
	25		4	ns		North America		21		4	ns
	31		25		+24%	Far East		31		24		+29%
	332		411		-19%	Middle East		347		403		-14%
	140		146		-4%	South America		137		116		+18%
	8		6		+33%	Rest of world		8		6		+33%
	1,698		1,681		+1%	Total		1,710		1,647		+4%

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

Bertille ARON
Tel 33 (1) 47 44 67 12

Mary DWYER
Tel.: 33 (1) 47 44 21 19

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

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 525 530 660 euros
542 051 180 R.C.S. Nanterre

www.total.com

Gas production by region

2Q04		2Q03		%		in Mcf/d	1H04		1H03		%
	2,395		2,072		+16%	Europe		2,404		2,316		+4%
	378		413		-8%	Africa		384		399		-4%
	280		289		-3%	North America		269		303		-11%
	1,124		1,148		-2%	Far East		1,152		1,113		+4%
	267		263		+2%	Middle East		285		281		+1%
	471		337		+40%	South America		439		311		+41%
	—		—		—	Rest of world		—		—		—
	4,915		4,522		+9%	Total		4,933		4,723		+4%

Downstream

Refinery throughput by region

2Q04		2Q03		%		in kb/d	1H04		1H03		%
	1,000		885		+13%	France		1,017		893		+14%
	1,180		1,184		—	Rest of Europe		1,181		1,214		-3%
	314		314		—	Rest of world		296		302		-2%
	2,494		2,383		+5%	Total*		2,494		2,409		+3%

* includes share of Cepsa

Chemicals

2Q04			2Q03			%		Chemicals — key figures (B€)	1H04			1H03			%
	4.90			4.19			+17%	Sales		9.57			8.74			+9%
	2.37			1.77			+34%	• Base chemicals and polymers		4.64			3.90			+19%
	0.96			0.95			+1%	• Intermediates		1.89			1.89		ns
	1.56			1.47			6%	• Specialties*		3.03			2.95			+3%
	0.01			—		ns		• Chemicals Corporate		0.01			—		ns
	0.15			0.18			-17%	Operating income*		0.35			0.30			+17%
	(0.01	)		0.05		ns		• Base chemicals and polymers		0.05			0.03			+67%
	0.04			0.05			-20%	• Intermediates		0.08			0.10			-20%
	0.13			0.11			+18%	• Specialties		0.25			0.21			+19%
	(0.01	)		(0.03	)	ns		• Chemicals Corporate		(0.03	)		(0.04	)	ns

* adjusted for special items

11

EX-99.5

Exhibit 99.5

CONSOLIDATED STATEMENTS OF INCOME
Total

2nd quarter			2nd quarter				1st half			1st half
2004			2003			Amounts in millions of euros (1)	2004			2003
(unaudited)			(unaudited)				(unaudited)			(unaudited)
	28,897			24,347		Sales		56,757			52,650
	(23,707	)		(20,298	)	Operating expenses		(46,868	)		(43,508	)
	(1,231	)		(1,179	)	Depreciation, depletion, and amortization of tangible assets		(2,424	)		(2,408	)
						Operating income
	(50	)		(67	)	Corporate		(108	)		(122	)
	4,009			2,937		Business segments *		7,573			6,856
	3,959			2,870		Total operating income		7,465			6,734
	(43	)		(42	)	Interest expense, net		(83	)		(84	)
	79			71		Dividend income on non-consolidated subsidiaries		94			76
	(2	)		(1	)	Dividends on subsidiaries’ redeemable preferred shares		(3	)		(3	)
	(230	)		(231	)	Other income (expense), net		(253	)		(494	)
	(1,949	)		(1,254	)	Provision for income taxes		(3,631	)		(2,851	)
	313			275		Equity in income (loss) of affiliates		589			526
	2,127			1,688		Income before amortization of acquisition goodwill		4,178			3,904
	(27	)		(36	)	Amortization of acquisition goodwill		(57	)		(66	)
	2,100			1,652		Consolidated net income		4,121			3,838
	54			47		of which minority interest		114			113
	2,046			1,605		NET INCOME **		4,007			3,725
	3.31			2.52		Earnings per share (euros) ***		6.46			5.80
	4,009			2,937		* Operating income from business segments, adjusted for special items		7,573			6,856
	2,119			1,719		Net operating income from business segments, adjusted for special items		4,043			3,770
	2,162			1,767		** Net income (Group share), adjusted for special items		4,140			3,887
	3.49			2.77		*** Earnings per share, adjusted for special items (euros)		6.67			6.05

(1) Except for earnings per share

CONSOLIDATED BALANCE SHEET
Total

	Amounts in millions of euros
	June 30, 2004			March 31, 2004			December 31, 2003			June 30, 2003
	(unaudited)			(unaudited)						(unaudited)
ASSETS
NON-CURRENT ASSETS
Intangible assets, net		2,089			2,031			2,017			2,205
Property, plant, and equipment, net		37,547			37,300			36,286			36,661
Equity affiliates : investments and loans		8,215			8,224			7,833			7,738
Other investments		1,196			1,170			1,162			1,235
Other non-current assets		3,317			3,286			3,152			3,669
Total non-current assets		52,364			52,011			50,450			51,508
CURRENT ASSETS
Inventories, net		6,263			6,067			6,137			5,980
Accounts receivable, net		14,214			14,278			12,357			12,418
Prepaid expenses and other current assets		4,710			4,746			4,779			4,950
Short-term investments		1,369			1,393			1,404			1,663
Cash and cash equivalents		11,310			16,175			4,836			9,532
Total current assets		37,866			42,659			29,513			34,543
TOTAL ASSETS		90,230			94,670			79,963			86,051
LIABILITIES & SHAREHOLDERS’ EQUITY
SHAREHOLDERS’ EQUITY
Common shares		6,538			6,497			6,491			6,881
Paid-in surplus and retained earnings		31,917			32,402			30,408			31,776
Cumulative translation adjustment		(2,626	)		(2,636	)		(3,268	)		(1,946	)
Treasury shares		(5,133	)		(3,858	)		(3,225	)		(6,960	)
Total shareholders’ equity		30,696			32,405			30,406			29,751
SUBSIDIARIES’ REDEEMABLE PREFERRED SHARES		411			409			396			438
MINORITY INTEREST		625			715			664			620
LONG-TERM LIABILITIES
Deferred income taxes		5,665			5,622			5,443			6,106
Employee benefits		3,870			3,903			3,818			3,896
Other liabilities		6,426			6,375			6,344			6,462
Total long-term liabilities		15,961			15,900			15,605			16,464
LONG-TERM DEBT		10,759			11,023			9,783			9,906
CURRENT LIABILITIES
Accounts payable		11,214			11,212			10,304			9,256
Other creditors and accrued liabilities		10,012			10,868			8,970			10,331
Short-term borrowings and bank overdafts		10,552			12,138			3,835			9,285
Total current liabilities		31,778			34,218			23,109			28,872
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		90,230			94,670			79,963			86,051

CONSOLIDATED STATEMENTS OF CASH FLOWS
Total

2nd quarter			2nd quarter				1st half			1st half
2004			2003			Amounts in millions of euros	2004			2003
(unaudited)			(unaudited)				(unaudited)			(unaudited)
						CASH FLOW FROM OPERATING ACTIVITIES
	2,100			1,652		Consolidated net income		4,121			3,838
	1,329			1,266		Depreciation, depletion, and amortization		2,597			2,564
	47			240		Long-term liabilities, valuation allowances, and deferred taxes		36			(166	)
	109			101		Unsuccessful exploration costs		182			161
	(72	)		(49	)	(Gains)/Losses on sales of assets		(146	)		155
	69			(13	)	Equity in income of affiliates (in excess of)/less than dividends received		(159	)		(191	)
	10			1		Other changes, net		21			3
	3,592			3,198		Cash flow from operating activities before changes in working capital		6,652			6,364
	(969	)		(64	)	(Increase)/Decrease in operating assets and liabilities		54			592
	2,623			3,134		CASH FLOW FROM OPERATING ACTIVITIES (1)		6,706			6,956
						CASH FLOW USED IN INVESTING ACTIVITIES
	(1,580	)		(1,320	)	Intangible assets and property, plant, and equipment additions		(2,849	)		(2,531	)
	(85	)		(89	)	Exploration expenditures charged to expenses		(158	)		(142	)
	(9	)		8		Acquisitions of subsidiaries, net of cash acquired		(9	)		8
	(58	)		(33	)	Investments in equity affiliates and other securities		(89	)		(38	)
	(206	)		(74	)	Increase in long-term loans		(444	)		(299	)
	(1,938	)		(1,508	)	Total expenditures		(3,549	)		(3,002	)
	69			49		Proceeds from sale of intangible assets and property, plant, and equipment		143			126
	—			2		Proceeds from sale of subsidiaries, net of cash sold		1			735
	15			66		Proceeds from sale of non-current investments		41			68
	87			40		Repayment of long-term loans		168			221
	171			157		Total divestitures		353			1,150
	24			(174	)	(Increase)/Decrease in short-term investments		36			(155	)
	(1,743	)		(1,525	)	CASH FLOW USED IN INVESTING ACTIVITIES		(3,160	)		(2,007	)
						CASH FLOW FROM FINANCING ACTIVITIES
						Issuance and repayment of shares:
	371			44		Parent company’s shareholders		371			45
	(1,275	)		(959	)	Purchase of treasury shares		(1,908	)		(2,550	)
	43			16		Minority shareholders		82			23
	—			—		Subsidiaries’ redeemable preferred shares		—			—
						Cash dividends paid:
	(2,853	)		(2,571	)	— Parent company’s shareholders		(2,853	)		(2,571	)
	(137	)		(96	)	— Minority shareholders		(141	)		(108	)
	15			417		Net issuance/(repayment) of long-term debt		1,240			1,409
	(1,792	)		(1,938	)	Increase/(Decrease) in short-term borrowings and bank overdrafts		5,869			3,507
	(2	)		(1	)	Other changes, net		(3	)		(3	)
	(5,630	)		(5,088	)	CASH FLOW FROM FINANCING ACTIVITIES		2,657			(248	)
	(4,750	)		(3,479	)	Net increase/decrease in cash and cash equivalents		6,203			4,701
	(115	)		(106	)	Effect of exchange rates and changes in reporting entity on cash and cash equivalents		271			(135	)
	16,175			13,117		Cash and cash equivalents at the beginning of the year or period		4,836			4,966
	11,310			9,532		CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD		11,310			9,532

(1) including payments relating to the Toulouse AZF plant explosion, offset by a long-term liability write-back of 92 millions of euros for the second quarter 2004, 222 millions of euros for the first half 2004.

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
2nd quarter 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		4,718			19,277			4,896			6						28,897
Intersegment sales		3,370			617			149			12			(4,148	)		—
Total sales		8,088			19,894			5,045			18			(4,148	)		28,897
Depreciation, depletion, and amortization of tangible assets		(810	)		(215	)		(197	)		(9	)					(1,231	)
Operating income		3,135			727			147			(50	)					3,959
Amortization of intangible assets and acquisition goodwill		(6	)		(32	)		(27	)		(9	)					(74	)
Equity in income (loss) of affiliates and other items		154			65			(163	)		142						198
Tax on net operating income		(1,787	)		(224	)		12			42						(1,957	)
Net operating income		1,496			536			(31	)		125						2,126
Net cost of net debt																	(24	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(56	)
Net income																	2,046
2nd quarter 2004
(special 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		—			—			(176	)		—						(176	)
Tax on net operating income		—			—			58			—						58
Net operating income		—			—			(118	)		—						(118	)
Net cost of net debt																	—
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	2
Net income																	(116	)
2nd quarter 2004
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		4,718			19,277			4,896			6						28,897
Intersegment sales		3,370			617			149			12			(4,148	)		—
Total sales		8,088			19,894			5,045			18			(4,148	)		28,897
Depreciation, depletion, and amortization of tangible assets		(810	)		(215	)		(197	)		(9	)					(1,231	)
Operating income		3,135			727			147			(50	)					3,959
Amortization of intangible assets and acquisition goodwill		(6	)		(32	)		(27	)		(9	)					(74	)
Equity in income (loss) of affiliates and other items		154			65			13			142						374
Tax on net operating income		(1,787	)		(224	)		(46	)		42						(2,015	)
Net operating income		1,496			536			87			125						2,244
Net cost of net debt																	(24	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(58	)
Net income																	2,162
2nd quarter 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Total expenditures		1,331			316			251			40						1,938
Divestitures at selling price		102			39			30			—						171
Cash flow from operating activities (1)		2,644			414			22			(457	)					2,623

(1) In the Chemicals segment, this figure amounts to 114 millions of euros excluding an amount of 92 millions of euros paid relating to the Toulouse AZF plant explosion, offset by a long-term liability write-back.

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
2nd quarter 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		4,268			15,885			4,190			4						24,347
Intersegment sales		2,626			451			98			29			(3,204	)		—
Total sales		6,894			16,336			4,288			33			(3,204	)		24,347
Depreciation, depletion, and amortization of tangible assets		(777	)		(214	)		(186	)		(2	)					(1,179	)
Operating income		2,297			456			184			(67	)					2,870
Amortization of intangible assets and acquisition goodwill		(5	)		(30	)		(36	)		(4	)					(75	)
Equity in income (loss) of affiliates and other items		95			93			(202	)		188						174
Tax on net operating income		(1,169	)		(113	)		(43	)		51						(1,274	)
Net operating income		1,218			406			(97	)		168						1,695
Net cost of net debt																	(42	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(48	)
Net income																	1,605
2nd quarter 2003
(special 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	)

2nd quarter 2003
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		4,268			15,885			4,190			4						24,347
Intersegment sales		2,626			451			98			29			(3,204	)		—
Total sales		6,894			16,336			4,288			33			(3,204	)		24,347
Depreciation, depletion, and amortization of tangible assets		(777	)		(214	)		(186	)		(2	)					(1,179	)
Operating income		2,297			456			184			(67	)					2,870
Amortization of intangible assets and acquisition goodwill		(5	)		(30	)		(36	)		(4	)					(75	)
Equity in income (loss) of affiliates and other items		95			93			11			148						347
Tax on net operating income		(1,169	)		(113	)		(64	)		61						(1,285	)
Net operating income		1,218			406			95			138						1,857
Net cost of net debt																	(42	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(48	)
Net income																	1,767
2nd quarter 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Total expenditures		1,130			194			160			24						1,508
Divestitures at selling price		44			13			32			68						157
Cash flow from operating activities (1)		1,884			1,483			(104	)		(129	)					3,134

(1) In the Chemicals segment, this figure amounts to 46 millions of euros excluding an amount of 150 millions of euros paid relating to the Toulouse AZF plant explosion, offset by a long-term liability write-back.

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
1st half 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		10,648			36,522			9,569			18						56,757
Intersegment sales		6,432			1,196			291			53			(7,972	)		—
Total sales		17,080			37,718			9,860			71			(7,972	)		56,757
Depreciation, depletion, and amortization of tangible assets		(1,588	)		(428	)		(391	)		(17	)					(2,424	)
Operating income		5,954			1,273			346			(108	)					7,465
Amortization of intangible assets and acquisition goodwill		(10	)		(53	)		(59	)		(17	)					(139	)
Equity in income (loss) of affiliates and other items		271			116			(169	)		287						505
Tax on net operating income		(3,330	)		(389	)		(42	)		110						(3,651	)
Net operating income		2,885			947			76			272						4,180
Net cost of net debt																	(56	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(117	)
Net income																	4,007

1st half 2004
(special 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		—		—		(202	)		—			(202	)
Tax on net operating income		—		—		67			—			67
Net operating income		—		—		(135	)		—			(135	)
Net cost of net debt												—
Minority interests and dividends on subsidiaries’ redeemable preferred shares												2
Net income												(133	)

1st half 2004
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		10,648			36,522			9,569			18						56,757
Intersegment sales		6,432			1,196			291			53			(7,972	)		—
Total sales		17,080			37,718			9,860			71			(7,972	)		56,757
Depreciation, depletion, and amortization of tangible assets		(1,588	)		(428	)		(391	)		(17	)					(2,424	)
Operating income		5,954			1,273			346			(108	)					7,465
Amortization of intangible assets and acquisition goodwill		(10	)		(53	)		(59	)		(17	)					(139	)
Equity in income (loss) of affiliates and other items		271			116			33			287						707
Tax on net operating income		(3,330	)		(389	)		(109	)		110						(3,718	)
Net operating income		2,885			947			211			272						4,315
Net cost of net debt																	(56	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(119	)
Net income																	4,140

1st half 2004	Upstream		Downstream		Chemicals			Corporate			Intercompany	Total
Total expenditures		2,543		542		413			51				3,549
Divestitures at selling price		201		82		49			21				353
Cash flow from operating activities (1)		4,974		2,124		(60	)		(332	)			6,706

(1) In the Chemicals segment, this figure amounts to 162 millions of euros excluding an amount of 222 millions of euros paid relating to the Toulouse AZF plant explosion, offset by a long-term liability write-back.

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
1st half 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		9,290			34,603			8,743			14						52,650
Intersegment sales		5,790			1,151			249			58			(7,248	)		—
Total sales		15,080			35,754			8,992			72			(7,248	)		52,650
Depreciation, depletion, and amortization of tangible assets		(1,606	)		(424	)		(366	)		(12	)					(2,408	)
Operating income		5,322			1,235			299			(122	)					6,734
Amortization of intangible assets and acquisition goodwill		(8	)		(48	)		(69	)		(10	)					(135	)
Equity in income (loss) of affiliates and other items		159			156			(395	)		298						218
Tax on net operating income		(2,850	)		(352	)		129			182						(2,891	)
Net operating income		2,623			991			(36	)		348						3,926
Net cost of net debt																	(85	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(116	)
Net income																	3,725

1st half 2003
(special 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	)

1st half 2003
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		9,290			34,603			8,743			14						52,650
Intersegment sales		5,790			1,151			249			58			(7,248	)		—
Total sales		15,080			35,754			8,992			72			(7,248	)		52,650
Depreciation, depletion, and amortization of tangible assets		(1,606	)		(424	)		(366	)		(12	)					(2,408	)
Operating income		5,322			1,235			299			(122	)					6,734
Amortization of intangible assets and acquisition goodwill		(8	)		(48	)		(69	)		(10	)					(135	)
Equity in income (loss) of affiliates and other items		159			156			(182	)		258						391
Tax on net operating income		(2,850	)		(352	)		108			192						(2,902	)
Net operating income		2,623			991			156			318						4,088
Net cost of net debt																	(85	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(116	)
Net income																	3,887

1st half 2003	Upstream		Downstream		Chemicals			Corporate			Intercompany	Total
Total expenditures		2,296		319		335			52				3,002
Divestitures at selling price		224		57		787			82				1,150
Cash flow from operating activities (1)		4,455		3,043		(185	)		(357	)			6,956

(1) In the Chemicals segment, this figure amounts to 147 millions of euros excluding an amount of 332 millions of euros paid relating to the Toulouse AZF plant explosion, offset by a long-term liability write-back.

CONSOLIDATED STATEMENTS OF INCOME (Impact of special items)
Total
(unaudited)

	1st half									1st half
	2004									2003
							Consolidated
	Adjusted for						statement of			Adjusted for
Amounts in millions of euros	special items			Special items			income			special items
Total sales		56,757			—			56,757			52,650
Operating expenses		(46,868	)		—			(46,868	)		(43,508	)
Depreciation, depletion, and amortization of tangible assets		(2,424	)		—			(2,424	)		(2,408	)
Operating income
Corporate		(108	)		—			(108	)		(122	)
Business segments		7,573			—			7,573			6,856
Total operating income		7,465			—			7,465			6,734
Interest expense, net		(83	)		—			(83	)		(84	)
Dividend income on non-consolidated subsidiaries		94			—			94			76
Dividends on subsidiaries’ redeemable preferred shares		(3	)		—			(3	)		(3	)
Other income (expense), net		(51	)		(202	)		(253	)		(321	)
Provision for income taxes		(3,698	)		67			(3,631	)		(2,862	)
Equity in income (loss) of affiliates		589			—			589			526
Income before amortization of acquisition goodwill		4,313			(135	)		4,178			4,066
Amortization of acquisition goodwill		(57	)		—			(57	)		(66	)
Consolidated net income		4,256			(135	)		4,121			4,000
of which minority interest		116			(2	)		114			113
NET INCOME		4,140			(133	)		4,007			3,887

	2nd quarter						2nd quarter
	2004						2003
							Consolidated
	Adjusted for						statement of			Adjusted for
Amounts in millions of euros	special items			Special items			income			special items
Total sales		28,897			—			28,897			24,347
Operating expenses		(23,707	)		—			(23,707	)		(20,298	)
Depreciation, depletion, and amortization of tangible assets		(1,231	)		—			(1,231	)		(1,179	)
Operating income
Corporate		(50	)		—			(50	)		(67	)
Business segments		4,009			—			4,009			2,937
Total operating income		3,959			—			3,959			2,870
Interest expense, net		(43	)		—			(43	)		(42	)
Dividend income on non-consolidated subsidiaries		79			—			79			71
Dividends on subsidiaries’ redeemable preferred shares		(2	)		—			(2	)		(1	)
Other income (expense), net		(54	)		(176	)		(230	)		(58	)
Provision for income taxes		(2,007	)		58			(1,949	)		(1,265	)
Equity in income (loss) of affiliates		313			—			313			275
Income before amortization of acquisition goodwill		2,245			(118	)		2,127			1,850
Amortization of acquisition goodwill		(27	)		—			(27	)		(36	)
Consolidated net income		2,218			(118	)		2,100			1,814
of which minority interest		56			(2	)		54			47
NET INCOME		2,162			(116	)		2,046			1,767

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER’S EQUITY
Total

							Paid-in
	Common shares issued						surplus and			Cumulative			Treasury shares
							retained			translation									Shareholders’
(in millions of euros)	Number			Amount			earnings			adjustments			Number			Amount			equity
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 of the first half of 2003		—			—			3,725			—			—			—			3,725
Issuance of common shares		977,840			9			59			—			—			—			68
Purchase of treasury shares		—			—			—			—			(20,615,000	)		(2,550	)		(2,550	)
Cancellation of repurchased shares		—			—			—			—			—			—			—
Translation adjustments		—			—			—			(1,116	)		—			—			(1,116	)
Other changes, net		—			—			49			—			—			—			49
As of June 30, 2003		688,168,350			6,881			31,776			(1,946	)		(55,641,899	)		(6,960	)		29,751
Cash dividend		—			—			—			—			—			—			—
Net income from July 1st to December 31st		—			—			3,300			—			—			—			3,300
Issuance of common shares		949,886			10			54			—			—			—			64
Purchase of treasury shares		—			—			—			—			(10,615,000	)		(1,444	)		(1,444	)
Cancellation of repurchased shares		(40,000,000	)		(400	)		(4,779	)		—			40,000,000			5,179			—
Translation adjustments		—			—			—			(1,322	)		—			—			(1,322	)
Other changes, net		—			—			57			—			—			—			57
As of December 31, 2003		649,118,236			6,491			30,408			(3,268	)		(26,256,899	)		(3,225	)		30,406
Cash dividend		—			—			(2,853	)		—			—			—			(2,853	)
Net income of the first half of 2004		—			—			4,007			—			—			—			4,007
Issuance of common shares		4,651,571			47			410			—			—			—			457
Purchase of treasury shares		—			—			—			—			(12,400,000	)		(1,908	)		(1,908	)
Cancellation of repurchased shares		—			—			—			—			—			—			—
Translation adjustments		—			—			—			642			—			—			642
Other changes, net		—			—			(55	)		—			—			—			(55	)
As of June 30, 2004		653,769,807			6,538			31,917			(2,626	)		(38,656,899	)		(5,133	)		30,696

Total financial statements

Second quarter and first half 2004 consolidated accounts, French GAAP

TOTAL
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR
THE FIRST HALF OF 2004
(unaudited)

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 Regulations Committee.

Furthermore, the Company applies the standards issued by the Financial Accounting Standard Board (FASB) which are compatible with the French Regulations and which contribute, in their current wording, to better reflect 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 FASB standards are presented in the Annual Report as well as in the Annual Report under US Generally Accepted Accounting Principles (Form 20-F).

The accounting policies applied for the consolidated financial statements as of June 30, 2004 are the same as those used for the Financial Statements as of December 31, 2003.

II. CHANGES IN THE GROUP STRUCTURE

There were no major changes in the Group structure during the first half of 2004.

III. SPECIAL ITEMS

Special items of operating income

There were no special items affecting the operating income during the first half of 2004 and the first half of 2003.

Special items of net income

(in millions of euros)		Upstream		Downstream		Chemicals			Corporate		Total
1st half 2004	Restructuring charges		—		—		(31	)		—		(31	)
	Asset impairment		—		—		—			—		—
	Gain on assets’ sales		—		—		—			—		—
	Additional Toulouse — AZF reserve		—		—		(98	)		—		(98	)
	Other items		—		—		(4	)		—		(4	)
Total			—		—		(133	)		—		(133	)
1st half 2003	Restructuring charges		—		—		(34	)		—		(34	)
	Asset impairment		—		—		—			—		—
	Gain on assets’ sales		—		—		—			30		30
	Other items		—		—		(158	)		—		(158	)
Total			—		—		(192	)		30		(162	)

1

TOTAL

Notes to the consolidated financial statements for the first half of 2004

In the first half of 2004, the special items amount to (133) M€ and concern essentially an additional provision related to AZF plant explosion in Toulouse.

The special items that had a positive impact in the first half 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.

IV. SHAREHOLDERS’ EQUITY

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

As of June 30, 2004, TOTAL S.A. held 24,012,791 of its own shares, representing 3.67% of its share capital, detailed as follows:

— 9,932,791 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,

— 14,080,000 shares, of which 1,680,000 shares were purchased in November and December 2003, and 12,400,000 during the first half of 2004, pursuant to the authorization granted by the Ordinaries and Extraordinaries Shareholders’ Meetings held on May 6, 2003 and on May 14, 2004. These shares are deducted from the consolidated shareholders’ equity.

Shares held by the subsidiaries

As of June 30, 2004, TOTAL S.A. held indirectly, through its subsidiaries 25,082,817 of its own shares, representing 3.84% 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.

2

TOTAL

Notes to the consolidated financial statements for the first half of 2004

Consolidated statements of changes in shareholders’ equity

							Paid-in
	Common shares issued						surplus and			Cumulative			Treasury shares
							retained			translation									Shareholders’
(in millions of euros)	Number			Amount			earnings			adjustments			Number			Amount			equity
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 of the first half of 2003		—			—			3,725			—			—			—			3,725
Issuance of common shares		977,840			9			59			—			—			—			68
Purchase of treasury shares		—			—			—			—			(20,615,000	)		(2,550	)		(2,550	)
Cancellation of repurchased shares		—			—			—			—			—			—			—
Translation adjustments		—			—			—			(1,116	)		—			—			(1,116	)
Other changes, net		—			—			49			—			—			—			49
As of June 30, 2003		688,168,350			6,881			31,776			(1,946	)		(55,641,899	)		(6,960	)		29,751
Cash dividend		—			—			—			—			—			—			—
Net income from July 1st to December 31st		—			—			3,300			—			—			—			3,300
Issuance of common shares		949,886			10			54			—			—			—			64
Purchase of treasury shares		—			—			—			—			(10,615,000	)		(1,444	)		(1,444	)
Cancellation of repurchased shares		(40,000,000	)		(400	)		(4,779	)		—			40,000,000			5,179			—
Translation adjustments		—			—			—			(1,322	)		—			—			(1,322	)
Other changes, net		—			—			57			—			—			—			57
As of December 31, 2003		649,118,236			6,491			30,408			(3,268	)		(26,256,899	)		(3,225	)		30,406
Cash dividend		—			—			(2,853	)		—			—			—			(2,853	)
Net income of the first half of 2004		—			—			4,007			—			—			—			4,007
Issuance of common shares		4,651,571			47			410			—			—			—			457
Purchase of treasury shares		—			—			—			—			(12,400,000	)		(1,908	)		(1,908	)
Cancellation of repurchased shares		—			—			—			—			—			—			—
Translation adjustments		—			—			—			642			—			—			642
Other changes, net		—			—			(55	)		—			—			—			(55	)
As of June 30, 2004		653,769,807			6,538			31,917			(2,626	)		(38,656,899	)		(5,133	)		30,696

3

TOTAL

Notes to the consolidated financial statements for the first half of 2004

V. SUBSIDIARIES’ REDEEMABLE PREFERRED SHARES

There were no operations on these preferred shares during the first half of 2004.

VI. LONG-TERM DEBT

The Group has issued debenture loans through its subsidiary Total Capital during the first half of 2004 :

— Debenture 2.375% 2003-2010 (200 million CHF)

— Debenture 4.875% 2004-2010 (250 million GBP)

— Debenture 3.75% 2004-2010 (500 million EUR)

— Debenture 6% 2004-2009 (150 million AUD)

— Debenture 4.875% 2004-2010 (100 million GBP)

— Debenture 4.875% 2004-2010 (150 million GBP)

— Debenture 4% 2004-2010 (100 million CAD)

— Debenture 5.75% 2004-2011 (100 million AUD)

The Group has reimbursed debenture loans during the first half of 2004 :

— Debenture 4% 2000-2004 (100 million CHF)

— Debenture 4% 2000-2004 (150 million CHF)

— Debenture 4% 2000-2004 (200 million CHF)

— Debenture 6.875% 1997-2004 (300 million USD)

— Debenture 2.25% 1999-2004 (250 million CHF)

— Debenture 7% 1994-2004 (1,500 million FRF)

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.

4

TOTAL

Notes to the consolidated financial statements for the first half of 2004

VII — INFORMATION BY BUSINESS SEGMENT

	Amounts in millions of euros
1st half 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		10,648			36,522			9,569			18						56,757
Intersegment sales		6,432			1,196			291			53			(7,972	)		—
Total sales		17,080			37,718			9,860			71			(7,972	)		56,757
Depreciation, depletion, and amortization of tangible assets		(1,588	)		(428	)		(391	)		(17	)					(2,424	)
Operating income		5,954			1,273			346			(108	)					7,465
Amortization of intangible assets and acquisition goodwill		(10	)		(53	)		(59	)		(17	)					(139	)
Equity in income (loss) of affiliates and other items		271			116			(169	)		287						505
Tax on net operating income		(3,330	)		(389	)		(42	)		110						(3,651	)
Net operating income		2,885			947			76			272						4,180
Net cost of net debt																	(56	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(117	)
Net income																	4,007

1st half 2004
(special 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		—		—		(202	)		—			(202	)
Tax on net operating income		—		—		67			—			67
Net operating income		—		—		(135	)		—			(135	)
Net cost of net debt												—
Minority interests and dividends on subsidiaries’ redeemable preferred shares												2
Net income												(133	)

1st half 2004
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		10,648			36,522			9,569			18						56,757
Intersegment sales		6,432			1,196			291			53			(7,972	)		—
Total sales		17,080			37,718			9,860			71			(7,972	)		56,757
Depreciation, depletion, and amortization of tangible assets		(1,588	)		(428	)		(391	)		(17	)					(2,424	)
Operating income		5,954			1,273			346			(108	)					7,465
Amortization of intangible assets and acquisition goodwill		(10	)		(53	)		(59	)		(17	)					(139	)
Equity in income (loss) of affiliates and other items		271			116			33			287						707
Tax on net operating income		(3,330	)		(389	)		(109	)		110						(3,718	)
Net operating income		2,885			947			211			272						4,315
Net cost of net debt																	(56	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(119	)
Net income																	4,140

1st half 2004	Upstream		Downstream		Chemicals			Corporate			Intercompany	Total
Total expenditures		2,543		542		413			51				3,549
Divestitures at selling price		201		82		49			21				353
Cash flow from operating activities (1)		4,974		2,124		(60	)		(332	)			6,706

(1) In the Chemicals segment, this figure amounts to 162 millions of euros excluding an amount of 222 millions of euros paid relating to the Toulouse AZF plant explosion, offset by a long-term liability write-back.

5

TOTAL

Notes to the consolidated financial statements for the first half of 2004

	Amounts in millions of euros
1st half 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		9,290			34,603			8,743			14						52,650
Intersegment sales		5,790			1,151			249			58			(7,248	)		—
Total sales		15,080			35,754			8,992			72			(7,248	)		52,650
Depreciation, depletion, and amortization of tangible assets		(1,606	)		(424	)		(366	)		(12	)					(2,408	)
Operating income		5,322			1,235			299			(122	)					6,734
Amortization of intangible assets and acquisition goodwill		(8	)		(48	)		(69	)		(10	)					(135	)
Equity in income (loss) of affiliates and other items		159			156			(395	)		298						218
Tax on net operating income		(2,850	)		(352	)		129			182						(2,891	)
Net operating income		2,623			991			(36	)		348						3,926
Net cost of net debt																	(85	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(116	)
Net income																	3,725

1st half 2003
(special 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	)

1st half 2003
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		9,290			34,603			8,743			14						52,650
Intersegment sales		5,790			1,151			249			58			(7,248	)		—
Total sales		15,080			35,754			8,992			72			(7,248	)		52,650
Depreciation, depletion, and amortization of tangible assets		(1,606	)		(424	)		(366	)		(12	)					(2,408	)
Operating income		5,322			1,235			299			(122	)					6,734
Amortization of intangible assets and acquisition goodwill		(8	)		(48	)		(69	)		(10	)					(135	)
Equity in income (loss) of affiliates and other items		159			156			(182	)		258						391
Tax on net operating income		(2,850	)		(352	)		108			192						(2,902	)
Net operating income		2,623			991			156			318						4,088
Net cost of net debt																	(85	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(116	)
Net income																	3,887

1st half 2003	Upstream		Downstream		Chemicals			Corporate			Intercompany	Total
Total expenditures		2,296		319		335			52				3,002
Divestitures at selling price		224		57		787			82				1,150
Cash flow from operating activities (1)		4,455		3,043		(185	)		(357	)			6,956

(1) In the Chemicals segment, this figure amounts to 147 millions of euros excluding an amount of 332 millions of euros paid relating to the Toulouse AZF plant explosion, offset by a long-term liability write-back.

6

EX-99.6

TOTAL’s SALES IN THE FIRST HALF OF 2004

Exhibit 99.6

1. CONSOLIDATED SALES

	2004		2003
	TOTAL		TOTAL
	(million euros)		(million euros)
UPSTREAM
First quarter		8 992		8 186
Second quarter		8 088		6 894
		17 080		15 080
DOWNSTREAM
First quarter		17 824		19 418
Second quarter		19 894		16 336
		37 718		35 754
CHEMICALS
First quarter		4 815		4 704
Second quarter		5 045		4 288
		9 860		8 992
HOLDING
First quarter		53		39
Second quarter		18		33
		71		72
Consolidation eliminations of internal sales
First quarter		-3 824		-4 044
Second quarter		-4 148		-3 204
		-7 972		-7 248
CONSOLIDATED SALES
First quarter		27 860		28 303
Second quarter		28 897		24 347
		56 757		52 650

2. PARENT COMPANY’s SALES

	2004		2003
	(million euros)		(million euros)
OIL & GAS SALES
First quarter		909		1 230
Second quarter		1 125		989
		2 034		2 219
SERVICES PERFORMED
First quarter		293		294
Second quarter		327		289
		620		583
GLOBAL AMOUNT
First quarter		1 202		1 524
Second quarter		1 452		1 278
		2 654		2 802