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