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

October 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: TOTAL AND SINOCHEM

EX-99.2: FIRST GAS DISCOVERY IN BOLIVIA

EX-99.3: TOTAL SEPARATES ITS CROSS-SHAREHOLDINGS

EX-99.4: SERVICE STATIONS IN PUERTO RICO

EX-99.5: SABINE PASS TERMINAL PROJECT

EX-99.6: TOTAL REPORTS THIRD QUARTER 2004 RESULTS

EX-99.7: CONSOLIDATED ACCOUNTS & THE NOTES THERETO

EX-99.8: SALES FOR 1ST NINE MONTHS 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: November 16th, 2004	By:	/s/ Charles Paris de Bollardière
		Name:	Charles PARIS de BOLLARDIERE
		Title:	Treasurer

EXHIBIT INDEX

Ø	EXHIBIT 99.1:	Joint Venture Project between Total and Sinochem to set up a Service Station Network in Northern China (October 9, 2004).
Ø	EXHIBIT 99.2:	First Gas Discovery in Bolivia’s Ipati Block (October 11, 2004).
Ø	EXHIBIT 99.3:	France: Total Separates its Cross-Shareholdings with Gaz de France in GSO and CMF and Confirms its access to Capacity as well as Acquisition of an Interest in the Fos Cavaou LNG Terminal (October 18, 2004).
Ø	EXHIBIT 99.4:	Total acquires a hundred service stations in Puerto Rico (November 2, 2004).
Ø	EXHIBIT 99.5:	Total acquires LNG regasification capacity rights at the US Sabine Pass terminal project (November 9, 2004).
Ø	EXHIBIT 99.6:	Total reports third quarter 2004 results (November 10, 2004).
Ø	EXHIBIT 99.7:	Total S.A.’s Consolidated Accounts for the First Nine Months Ended September 30, 2004, together with the Notes thereto (November 10, 2004).
Ø	EXHIBIT 99.8:	Total’s sales for first nine months 2004

EX-99.1

Exhibit 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

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

Joint Venture Project between Total and Sinochem
to set up a Service Station Network in Northern China

Paris and Beijing — October 9th, 2004 - Total and Sinochem signed today a joint venture agreement to set up a network of 200 service stations around Bohai Sea in Northern China, with a global investment of around $120 million. This joint venture, 49% Total and 51% Sinochem, is subject to the approval of the Chinese authorities.

Total and Sinochem have been associated for more than 10 years in one of the country’s main refineries, located in Dalian, in the North. This new association aims to develop a high-potential network around Beijing and Tianjin and in the Hebei and Liaoning provinces, an area with some 133 million inhabitants.

Sinochem, as one of the Chinese oil companies, is specialized in oil refining, logistics and trading, as well as chemicals manufacturing and trading.

“This investment is in line with Total’s strategy of expanding its oil distribution operations in China, with a medium term objective of integration between its refining and marketing activities”, said Thierry Desmarest, Chairman and CEO of Total, when the agreement was signed in Beijing. In addition to its interest in the Dalian refinery, Total is already present in the oil downstream with service stations in Wuhan (Hubei province), Elf and Total-branded lubricants, liquid petroleum gas, special fluids, petrochemicals and specialty chemicals.

* * * * *

Total is the 4th 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 and gas industry: exploration, oil and gas production, refining and marketing, trading and power generation. The Group is also a major player in chemicals. Total has more than 110,000 employees worldwide. More information can be found on the company’s website: www.total.com

Sinochem Corp. is a large state-owned Chinese enterprise and one of the four national oil companies. It is also the country’s largest fertilizer importer and phosphate and compound fertilizer producer. To learn more, go to: www.sinochem.com

Media Relations:
Total
Paris	Christine de Champeaux, Tel.: +33 (0)1 47 44 47 49 or +33 (0)6 82 82 71 71, Fax: +33 (0)1 47 44 68 21
Beijing	Jean-Louis Petit General Manager of Total China Tel.: +8610 6505 2921 (ext 701/702) Fax: +8610 6505 1881
Sinochem
Beijing	ZHANG Xinghua, Sinochem Chairman assistant Tel.: +8610 8807 8895 Fax: +8610 8807 8890

EX-99.2

Exhibit 99.2

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

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

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

Paul FLOREN
Tel.: 33 (1) 47 44 45 91

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

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 Gas Discovery in Bolivia’s Ipati Block

Paris, October 11, 2004 — Total announces a significant gas discovery in Bolivia’s Ipati Block, 300 kilometers south of Santa Cruz. The Group entered on this permit in March 2003.

Drilled to a depth of 5,150 meters, the Incahuasi X1 exploratory well tested at more than 1 million cubic meters of gas per day through a 44/64-inch choke. It is the first discovery on the Ipati permit. The well and its potential are currently being appraised.

Total Exploration & Production Bolivia, a Total subsidiary, operates the Ipati block with an interest of 80%, while Argentina’s Tecpetrol owns the remaining 20% interest. The two companies are also partners in the adjacent Aquio block, under the same terms.

The discovery strengthens Total’s position as a gas operator in Bolivia. Present in the country since 1996, the Group discovered the Itau gas field in 1999 in the XX Block, which it operates with a 45% interest. Total also has a 15% interest in the San Alberto and San Antonio fields, which have supplied gas to Brazil since 1999 and to Argentina since 2004.

* * * * *

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

EX-99.3

Exhibit 99.3

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

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

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

Paul FLOREN
Tel.: 33 (1) 47 44 45 91

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

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

FOR IMMEDIATE RELEASE

France: Total Separates Its Cross-Shareholdings with Gaz de
France in GSO and CFM and Confirms its Access to Capacity as
well as Acquisition of an Interest in the Fos Cavaou LNG Terminal

Paris — October 18, 2004 — Total and Gaz de France have signed agreements to terminate their long-standing contracts and separate their cross-shareholdings in Gaz du Sud-Ouest (GSO) and Compagnie Française du Méthane (CFM), their jointly-owned gas transmission and supply subsidiaries in France. These agreements close the process begun when the two companies signed a protocol of intent on November 19, 2003.

Total thereby becomes the sole shareholder in GSO, while Gaz de France becomes the sole shareholder in CFM. In addition, Total will acquire a part of CFM’s trading operations. Previously, Gaz de France held a 30% interest in GSO and Total a 45% interest in CFM.

Total will now be able to unbundle its gas transmission and trading operations, in line with the requirements of the Second E.U. Gas Directive. The Group will have two subsidiaries, Total Infrastructure Gaz France (TIGF), responsible for transmission and trading, and Total Energie Gaz (TEGAZ), responsible for supplying end-customers.

The logistics component of the agreements enables Total to take control of the Izaute storage facility and gas pipelines (notably the Lacal interconnector with Spain) in southwestern France.

Lastly, Total, within the framework of a partnership, will have access to a regasification capacity of 2.25 billion cubic meters in the planned Fos Cavaou terminal near Marseille and will have the possibility to acquire an interest of around one-third in the company that will operate the facility. The liquefied natural gas (LNG) receiving terminal is under construction and scheduled for start-up in 2007. It will have an initial capacity of 8.25 billion cubic meters, which could subsequently be expanded.

“This is a critical step forward in the liberalization of the French natural gas market,” said Yves-Louis Darricarrère, President, Gas & Power at Total. “Already leading European gas producer, Total will now be a fully independent competitor in France. We have high ambitions in the years to come with plans to substantially grow our industrial and commercial market share, near to 10% today. Geographically well positioned in regard with our significant gas reserves in the Middle East and West Africa, the Fos Cavaou terminal will enable us to supply the French market from the south.”

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

The agreements, which are subject to the approval of the competent authorities, are expected to be fully implemented on January 1, 2005.

The French natural gas market has been liberalized for all industrial and non-residential customers since July 1, 2004. Deregulation will be completed on July 1, 2007, with the opening of the market to residential customers.

* * * * *

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

EX-99.4

Exhibit 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

FOR IMMEDIATE RELEASE

Total acquires a hundred service stations in Puerto Rico

Paris, November 2, 2004 — Total has finalized an agreement to acquire one hundred service stations on the island of Puerto Rico. The GPR- and CITGO-branded retail outlets are spread widely across this island and they will be branded in the Total colours by the end of 2005. With this agreement Total has acquired 6% of the retail market.

This acquisition reinforce Total’s development strategy in the Caribbean, an area of rapidly growing consumption. In spring 2004, Total set up a distribution network in Jamaica, an addition to its presence in the French Caribbean islands.

* * * * *

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

EX-99.5

Exhibit 99.5

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

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

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

Paul FLOREN
Tel.: 33 (1) 47 44 45 91

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

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

FOR IMMEDIATE RELEASE

Total acquires LNG regasification capacity rights
at the US Sabine Pass terminal project

Paris, November 9, 2004 — Total LNG USA, Inc., a fully-owned subsidiary of Total, has acquired liquefied natural gas (LNG) regasification capacity rights for the Sabine Pass LNG regasification terminal to be built in Louisiana by Sabine Pass LNG, L.P., a fully owned limited partnership of Cheniere Energy, Inc.

Under the terms of the agreement, Total will have the right to one billion cubic feet per day (around 10 billion cubic meters per year) of regasification capacity for a period of 20 years beginning in 2009. The agreement is pending approval by the Federal Energy Regulatory Commission to build the Pass terminal.

The LNG will come from Total’s interests in several projects worldwide and notably from the Middle East and West Africa.

“The strong expansion of our natural gas trading and marketing activities in the North American gas market will be increasingly based on the importation of LNG,” said Yves-Louis Darricarrère, President Gas and Power at Total. “This capacity at the Sabine Pass regasification terminal, by assuring a market access for the Group’s production, provides another opportunity for Total to grow our global LNG business,” he added.

Total has a major presence in the global LNG markets, with equity sales of 7 million metric tons in 2003, and has interests in six liquefaction plants worldwide. Moreover, the Group holds interests in three LNG regasification terminal projects: the Altamira project on the eastern coast of Mexico near Tampico; the Hazira project on the northwest coast of India in the Gujarat State; and the Fos Cavaou project in southern France.

* * * * *

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

EX-99.6

Exhibit 99.6

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

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

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

Paul FLOREN
Tel.: 33 (1) 47 44 45 91

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

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

Paris, November 10, 2004

Net income adjusted for special items sharply higher in third quarter 2004 compared to third quarter 2003:

• +39% to 2.38 billion for results in euros

• +43% to 3.87 for earnings per share in euros

• +51% to 2.91 billion for results expressed in dollars*

• +55% to 4.73 for earnings per share expressed in dollars*

Interim dividend of 2.40 euros per share payable November 24, 2004

Results expressed in dollars*

3rd quarter 2004					9 months 2004
	2.91 B$	+51	%	Net income		7.99 B$	+28	%
4.73 $/share		+55	%	adjusted for special items	12.92 $/share		+32	%
	2.89 B$	+50	%	Net income		7.81 B$	+29	%

Results expressed in euros

3rd quarter 2004					9 months 2004
	2.38 B€	+39	%	Net income		6.52 B€	+16	%
3.87 €/share		+43	%	adjusted for special items	10.54 €/share		+20	%
	2.37 B€	+38	%	Net income		6.38 B€	+17	%

* 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

Paris, November 10, 2004 — The Board of Directors of Total, chaired by CEO Thierry Desmarest met on November 9, 2004 to review the consolidated accounts for the third quarter 2004.

Net income adjusted for special items rose to 2,380 million euros (M€) in the third quarter 2004, an increase of 39% compared to the third quarter 2003. Expressed in dollars, the increase was 51%.

Commenting on the results, Thierry Desmarest said:

« In the third quarter 2004, growing concern over the tight supply-demand situation drove oil prices to new highs. European refining margins increased sharply compared to the third quarter last year, mainly because of strong fuel demand in the Atlantic Basin. In addition, the market conditions for petrochemicals improved despite the high price of raw materials.

The strong increase in Total’s results reflects primarily an improvement in the market environment affecting the company. The benefit of the underlying 4% production growth for the quarter was largely offset by the scheduled summer shut-down program in the North Sea. The Downstream and Chemicals segments continued to grow their activities and implement self-help programs.

Our strong earnings and profitability performance, which continues to be among the best in the industry, demonstrates the capacity of Total to fully benefit from this environment of high oil prices and from the strong production growth over the past five years.

Over the first nine months of 2004, Total invested 6.7 billion dollars, an increase in investment in line with its target for the year. »

Total — consolidated accounts

3Q04		3Q03		%			in millions of euros	9M04		9M03		%
	31,111		24,469		+27	%	Sales		87,868		77,119		+14	%
	4,473		2,939		+52	%	Operating income from business		12,046		9,795		+23	%
							segments adjusted for special items
	3,406		2,502		+36	%	Upstream		9,360		7,824		+20	%
	752		335		+124	%	Downstream		2,025		1,570		+29	%
	315		102		+209	%	Chemicals		661		401		+65	%
	2,245		1,570		+43	%	Net operating income from business		6,288		5,340		+18	%
							segments adjusted for special items
	2,380		1,710		+39	%	Net income		6,520		5,597		+16	%
							adjusted for special items
	2,368		1,710		+38	%	Net income		6,375		5,435		+17	%
	3.87		2.71		+43	%	Earnings per share (euros)		10.54		8.77		+20	%
							adjusted for special items
	1,927		1,916		+1	%	Investments		5,476		4,918		+11	%
	185		150		+23	%	Divestments		538		1,300		–59	%
							at selling price
	4,035		3,249		+24	%	Cash flow from operating activities*		10,741		10,205		+5	%

* includes disbursements related to the Toulouse-AZF reserve of 65 M€ in the third quarter 2004, 302 M€ in the third quarter 2003, 287 M€ for the first nine months of 2004 and 634 M€ for the first nine months of 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

3Q04			3Q03		in millions of euros	9M04			9M03
					Impact of special items on operating income
	—			—			—			—
					Impact of special items on net income
	—			—	Gains on asset sales		—			30
	—			—	Additional Toulouse-AZF reserve		(98	)		—
	(12	)		—	Restructuring charges and early retirement plans		(43	)		(34	)
	—			—	Impairments		—			—
	—			—	Other		(4	)		(158	)*
	(12	)		—	Total		(145	)		(162	)

* includes (155) M€ provision for Chemicals

Number of shares

3Q04		3Q03		%			millions	9M04		9M03		%
	614.2		630.5		–3	%	Fully-diluted weighted-average shares		618.5		638.0		–3	%

Market environment

3Q04		3Q03		%				9M04		9M03		%
	1.22		1.12		–8	%*	€/$		1.23		1.11		–10	%*
	41.5		28.4		+46	%	Brent ($/b)		36.4		28.6		+27	%
	32.9		14.6		+125	%	European refining margins TRCV ($/t)		29.6		21.5		+38	%

* 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

Third quarter 2004 results

Compared to the third quarter 2003, the third quarter 2004 oil market environment was marked by a sharp increase in the price of crude oil (+46% for Brent) and European refining margins (+125% for TRCV). Market conditions for petrochemicals improved despite the high price of raw materials. The 8% decrease in the value of the dollar relative to the euro partially offset the positive impact of the improved market environment on the results of the business segments.

In this more favorable context, operating income from the business segments adjusted for special items increased by 52% to 4,473 M€ compared to 2,939 M€ in the third quarter 2003. There were no special items affecting operating income from the business segments for the two periods.

Net operating income from the business segments adjusted for special items rose to 2,245 M€, a 43% increase from 1,570 M€ in the third quarter 2003. Compared to the increase in operating income, this lesser increase is due to a higher effective tax rate in the third quarter 2004 compared to the third quarter 2003.

Net income adjusted for special items was 2,380 M€, a 39% increase from 1,710 M€ in the third quarter 2003. Special items affecting net income in the third quarter 2004 were related to restructuring charges in the Chemicals for 12 M€. There were no special items in the third quarter 2003.

During the third quarter 2004, the Group bought back 4.1 million of its shares for 0.7 billion euros. At September 30, 2004 there were 613.3 million fully-diluted shares compared to 627.9 million a year ago and 616.9 million at June 30, 2004.

Earnings per share adjusted for special items, based on 614.2 million fully-diluted weighted-average shares, rose to 3.87 euros in the third quarter 2004 from 2.71 euros in the third quarter 2003, an increase of 43%, which is a higher percentage increase than for net income thanks to the accretive impact of share buybacks over the past twelve months.

Reported net income rose to 2,368 M€ from 1,710 M€ in the third quarter 2003.

The net-debt-to-equity ratio was 22.2% at September 30, 2004 compared to 28.5% at June 30, 2004 and 25.6% at September 30, 2003.

Cash flow from operating activities rose to 4,035 M€, an increase of 24% compared to the third quarter 2003. Excluding disbursements related to the Toulouse-AZF reserve of 65 M€ in the third quarter 2004 and 302 M€ in the third quarter 2003, cash flow from operating activities increased by 15%.

Investments were 1,927 M€, or approximately 2.4 B$. Divestments in the third quarter 2004, based on selling price, were 185 M€.

Net cash flow¹ was 2,293 M€ compared to 1,483 M€ for the same period 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

3Q04		3Q03		%			Upstream - key figures	9M04		9M03		%
	2,479		2,542		–2	%	Hydrocarbon production (kboe/d)		2,571		2,522		+2	%
	1,674		1,654		+1	%	• Liquids (kb/d)		1,698		1,649		+3	%
	4,386		4,831		–9	%	• Gas (Mcf/d)		4,749		4,759		—
	3,406		2,502		+36	%	Operating income (M€)		9,360		7,824		+20	%
							adjusted for special items
	1,527		1,241		+23	%	Net operating income2 (M€)		4,412		3,864		+14	%
							adjusted for special items
	1,381		1,258		+10	%	Investments (M€)		3,924		3,554		+10	%
	114		85		+34	%	Divestments (M€)		315		309		+2	%
							at selling price
	2,265		2,569		–12	%	Cash flow from operating activities (M€)		7,239		7,024		+3	%

Operating income from the Upstream segment adjusted for special items increased by 36% to 3,406 M€ in the third quarter 2004 from 2,502 M€ in the third quarter 2003. This strong performance reflects the positive impact of higher hydrocarbon prices, more so for oil than for gas, which was partially offset by further weakness in the dollar relative to the euro.

Net operating income from the Upstream segment adjusted for special items increased by 23% to 1,527 M€. This more moderate increase, relative to the increase in operating income, is due to an increase in the average tax rate compared to the third quarter 2003. The higher rate stems primarily from an increase in the share of production coming from concessions in Nigeria and a decrease in the share of production from the UK North Sea related to larger shut-downs in the third quarter 2004.

The decrease in Upstream cash flow from operating activities was due mainly to changes in working capital in the third quarter 2004.

Hydrocarbon production was 2,479 thousand barrels of oil equivalent per day (kboe/d), a decrease of 2.5% compared to 2,542 kboe/d in the third quarter 2003. Production was affected by scheduled North Sea shut-downs, which had a larger impact in 2004 than in 2003, and, to a lesser extent, hurricane damage in the Gulf of Mexico. Reported production also includes the negative impact on entitlement volumes of higher hydrocarbon prices on production sharing contracts.

Excluding these two elements, underlying production growth was about 4%, thanks to increases at Amenam in Nigeria and Matterhorn in the Gulf of Mexico as well as higher production in Libya, Algeria, Bolivia, Venezuela and Qatar.

Liquids production increased by 1% to 1,674 thousand barrels per day (kb/d) in the third quarter 2004 from 1,654 kb/d in the same quarter last year.

Gas production decreased by 9% to 4,386 million cubic feet per day (Mcf/d) in the third quarter 2004 from 4,831 Mcf/d in the third quarter 2003, essentially as a result of scheduled shut-downs in the North Sea.

² 3Q04 and the first nine months 2004 include the equity share of Cepsa’s « Exploration & Production » results ; 3Q03 and the first nine months 2003 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

Several exploration successes were announced in the third quarter 2004, including a discovery on the Kairan structure (Total 20.4%³) in the Caspian Sea offshore Kazakhstan, the Laggan gas field (Total-operated 50%) in the UK North Sea, the Mer Très Profonde Sud permit (Total-operated 40%) in the Republic of Congo, a discovery west of the Usan field (Total-operated 20%) offshore Nigeria, and the discovery of gas on the Ipati block (Total-operated 80%) in Bolivia. In addition, Total acquired a 39.9% interest in a North Bali deep-offshore exploration block in Indonesia as well as three new permits near the Laggan discovery in the UK North Sea.

The third development phase of the Al Khalij oil field in Qatar started production (Total-operated, 100%).

In Angola, development of the Rosa field on Block 17 (Total-operated, 40%) was launched. Production start-up is expected in the first half of 2007, which will increase and extend the production plateau of the Girassol FPSO. Efforts to expand Total’s LNG business progressed with the decision by the shareholders of Nigeria LNG (Total, 15%) to build the sixth train, with liquefaction capacity of 4.1 million tons per year (Mt/y), at the Bonny plant.

During the third quarter, Total announced an agreement to acquire 25% plus one share of Novatek, the second-largest gas producer in Russia. This acquisition will allow Total to move forward with its strategy to participate in the development of the Russian resource base.

In mid-stream gas activities, Total and Gaz de France announced on October 18 the finalization of agreements to unwind their cross-shareholding in Gaz du Sud-Ouest (GSO) and Compagnie France du Methane (CFM) and to give access to Total to 2.25 billion cubic meters per year (Bm3/y), or nearly 220 Mcf/d, of net regasification capacity in the Fos Cavaou terminal which is currently under construction in the south of France.

On November 9, Total announced that it has reserved regasification capacity of 10 Bm3/y (approximately 1 Bcf/d) over a period of 20 years starting in 2009 at the Sabine Pass LNG regasification terminal project on the Louisiana Gulf Coast.

³ pending final approval

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

Downstream

3Q04		3Q03		%			Downstream — key figures	9M04		9M03		%
	2,516		2,503		+1	%	Refinery throughput* (kb/d)		2,501		2,441		+2	%
	752		335		+124	%	Operating income (M€)		2,025		1,570		+29	%
							adjusted for special items
	521		287		+82	%	Net operating income4 (M€)		1,468		1,278		+15	%
							adjusted for special items
	351		212		+66	%	Investments (M€)		893		531		+68	%
	45		63		–29	%	Divestments (M€)		127		120		+6	%
							at selling price
	828		269		+208	%	Cash flow from operating activities (M€)		2,952		3,312		–11	%

* includes share of Cepsa

Operating income from the Downstream segment adjusted for special items increased by 124% to 752 M€ in the third quarter 2004 from 335 M€ in the third quarter 2003.

The increase was due primarily to the improvement in the Downstream environment. Continued tightness in the market for fuel products in the Atlantic Basin drove refining margins sharply higher throughout the region. Further weakness in the dollar against the euro and lower European marketing margins due to the strong and rapid increase in the price of refined products slightly offset the benefit of better refining margins.

Ongoing self-help programs continued to have a positive impact on Downstream results.

Refinery throughput increased to 2,516 kb/d, an increase of 1% compared to the third quarter 2003. The utilization rate was 93% in the third quarter 2004.

Turnarounds on five refineries, most of these being partial turnarounds, were launched in September and continued into the fourth quarter.

Net operating income from the Downstream segment adjusted for special items increased to 521 M€ in the third quarter 2004 from 287 M€ in the same quarter last year. The 82% increase is lower than the increase in operating income primarily because of the change in the method of allocating Cepsa’s results to all the business segments, instead of entirely to the Downstream segment, which began in the fourth quarter 2003. If the reallocation had taken place in the third quarter 2003, the increase would have been 114%.

In October, Total announced a joint-venture with Sinochem for the creation of a 200-station network in northern China where the two companies are already partners in the Dalian refinery.

As part of its strategy for targeted development in the Caribbean, Total acquired a network of service stations in Puerto Rico that represents about 6% market share.

⁴ 3Q04 and the first nine months 2004 include the equity share of Cepsa’s « Refining & Marketing » results ; 3Q03 and the first nine months 2003 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

Chemicals

3Q04		3Q03		%			Chemicals key figures (M€)	9M04		9M03		%
	5,228		4,182		+25	%	Sales		14,797		12,925		+14	%
	315		102		+209	%	Operating income		661		401		+65	%
							adjusted for special items
	197		42		+369	%	Net operating income5		408		198		+106	%
							adjusted for special items
	200		453		–56	%	Investments		613		788		–22	%
	19		10		+90	%	Divestments		68		797		–91	%
							at selling price
	289		281		+3	%	Cash flow from operating activities*		229		96		+139	%

* includes disbursements related to the Toulouse-AZF reserve of 65 M€ in the third quarter 2004, 302 M€ in the third quarter 2003, 287 M€ for the first nine months of 2004 and 634 M€ for the first nine months of 2003

Chemicals segment sales were 5,228 M€ compared to 4,182 M€ in the third quarter 2003, an increase of 25%.

Operating income adjusted for special items increased sharply to 315 M€ from 102 M€ in the third quarter 2003.

This performance is due primarily to an improvement in the environment for petrochemicals and to the positive impacts of increased sales volume and productivity programs implemented throughout the segment.

Base chemicals benefited from a rebound in petrochemical margins compared to the third quarter 2003, notably in Europe, and despite the high level of naphtha prices around the world. Improved product demand and a reduction in downtime led to higher utilization rates of the steamcrackers.

Intermediate activities began to show improvement despite higher raw material costs and the weaker dollar.

Specialties delivered solid results thanks to the benefits of growth and self-help programs.

Net operating income adjusted for special items rose to 197 M€ from 42 M€ in the same period last year.

Arkema, the new entity comprised of vinyl products, industrial chemicals, and performance products, was launched on October 1. Already Arkema has a dedicated management team and is expected to become an independent entity in 2006⁶.

5	3Q04 and the first nine months 2004 include the equity share of Cepsa’s « Derivative chemicals » results ; 3Q03 and the first nine months 2003 included the entire equity share of Cepsa’s results in Downstream net operating income.
6	depending on market conditions and the information/consultation process with labor representatives

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

Nine months 2004 results

For the first nine months of 2004, Total benefited from an overall more favorable environment as compared to last year.

Hydrocarbon prices increased, more for oil (+27% for Brent to 36.4 $/b) than for gas. European refining margins increased sharply (+38% for TRCV to 29.6 $/t). By contrast, the dollar declined relative to the euro by 10% to 1.23 $/€ on average compared to 1.11 $/€ on average for the first nine months of 2003.

The environment for the Chemicals improved progressively over the first nine months of 2004. In the third quarter, demand improved to a level that effectively offset the impact of high raw material prices and weakness in the dollar.

In this context, operating income from the business segments adjusted for special items increased by 23% to 12,046 M€ compared to the 9,795 M€ for the first nine months in 2003. There were no special items affecting operating income in either period.

Net operating income from the business segments adjusted for special items increased by 18% to 6,288 M€ in the first nine months of 2004 from 5,340 M€ in the first nine months of 2003.

Net income adjusted for special items was 6,520 M€, an increase of 16% compared to the same period last year. The impact of special items on net income was –145 M€ for the first nine months of 2004 and –162 M€ for the first nine months of 2003.

During the first nine months of 2004, the Group bought back 16.5 million of its shares, or about 2.5% of its capital, for 2.6 B€. In October, Total continued buying back shares, adding another 1.7 million shares for 0.28 B€.

For the first nine months of 2004, earnings per share adjusted for special items and based on 618.5 million fully-diluted weighted-average shares, rose to 10.54 euros from 8.77 euros in the same period last year, an increase of 20%, which reflects the accretive impact of the share repurchases by the Group.

Net income was 6,375 M€ compared to 5,435 M€ in the first nine months of 2003.

Key operational data for the first nine months of 2004 include:

• hydrocarbon production increased by 2% to 2,571 kboe/d from 2,522 kboe/d ; excluding the price effect and the impact of the larger shut-downs in the North Sea, the underlying growth rate for production was 5%,

• refinery throughput increased by 2% to 2,501 kb/d from 2,441 kb/d,

• Chemicals segment sales increased by 14% to 14,797 M€ from 12,925 M€.

Investments were 5,476 M€ (72% allocated for Upstream), or about 6.7 B$.

Divestments for the first nine months of 2004, based on selling price, were 538 M€ and included sales of non-strategic Upstream assets.

Net cash flow was 5,803 M€ in the first nine months of 2004.

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

Cancellation of outstanding shares

The Board of Directors, meeting on November 9, 2004, approved the cancellation of 19,873,932 shares effective November 20, 2004. On that date the share capital will be adjusted as well to 6,326,791,340 euros represented by 632,679,134 shares with a nominal value of 10 euros. This cancellation restores the Group’s capacity for share buybacks.

Interim dividend

Net income for TOTAL S.A., the parent company, was 2,145 M€ for the first nine months of 2004 compared to 1,940 M€ for the same period last year. The Board of Directors met on November 9, 2004 and, after closing the accounts, approved an interim 2004 dividend in the amount of 2.40 euros payable on November 24, 2004, to which will be added the avoir fiscal (French tax credit) pursuant to the terms in force.

Summary and outlook

The return on average capital employed for the Group (ROACE) for the period October 1, 2003 to September 30, 2004 was 22%. Return on equity (ROE) was 28% for the same period. The annualized third quarter 2004 ROACE was 25%.

Total is pursuing its investment program in line with its 2004 budget of $10 billion, giving priority to the development of Upstream activities.

Since the beginning of the fourth quarter, the oil market environment has remained very tight. Oil prices and refining margins have stayed at high levels.

* * * * *

The September 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 (00) 44 (0) 208 288 4459 (access code 710312) from Europe or 1 334 323 6222 (access code: 710312 ) from the US.

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

OPERATING INFORMATION BY SEGMENT
FOR THE THIRD QUARTER
AND NINE MONTHS 2004

Upstream

Combined liquids and gas production by region

3Q04		3Q03		%			in kboe/d	9M04		9M03		%
	701		836		–16	%	Europe		824		876		–6	%
	821		724		+13	%	Africa		804		707		+14	%
	65		60		+8	%	North America		69		60		+15	%
	243		252		–4	%	Far East		240		232		+3	%
	408		437		–7	%	Middle East		403		450		–10	%
	231		224		+3	%	South America		222		190		+17	%
	10		9		+11	%	Rest of world		9		7	ns
	2,479		2,542		–2	%	Total		2,571		2,522		+2	%

Liquids production by region

3Q04		3Q03		%			in kb/d	9M04		9M03		%
	368		441		–17	%	Europe		418		461		–9	%
	752		639		+18	%	Africa		732		628		+17	%
	19		3	ns			North America		20		4	ns
	30		26		+15	%	Far East		31		25		+24	%
	356		387		–8	%	Middle East		350		397		–12	%
	139		149		–7	%	South America		138		127		+9	%
	10		9		+11	%	Rest of world		9		7	ns
	1,674		1,654		+1	%	Total		1,698		1,649		+3	%

11

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

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

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

Paul FLOREN
Tel.: 33 (1) 47 44 45 91

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

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

3Q04		3Q03		%			in Mcf/d	9M04		9M03		%
	1,801		2,139		–16	%	Europe		2,201		2,256		–2	%
	367		447		–18	%	Africa		378		415		–9	%
	245		307		–20	%	North America		261		304		–14	%
	1,196		1,260		–5	%	Far East		1,167		1,163		—
	279		270		+3	%	Middle East		283		277		+2	%
	498		408		+22	%	South America		459		344		+33	%
	—		—		—		Rest of world		—		—		—
	4,386		4,831		–9	%	Total		4,749		4,759		—

Downstream

Refinery throughput by region

3Q04		3Q03		%			in kb/d	9M04		9M03		%
	996		1,015		–2	%	France		1,010		934		+8	%
	1,191		1,174		+1	%	Rest of Europe		1,184		1,201		–1	%
	329		314		+5	%	Rest of world		307		306		—
	2,516		2,503		+1	%	Total*		2,501		2,441		+2	%

* includes share of Cepsa

Chemicals

3Q04			3Q03			%			Chemicals (B€)	9M04			9M03			%
	5.23			4.18			+25	%	Sales		14.80			12.93			+14	%
	2.82			1.91			+48	%	• Base chemicals and polymers		7.45			5.81			+28	%
	0.92			0.88			+5	%	• Intermediates		2.81			2.77			+1	%
	1.49			1.39			+7	%	• Specialties		4.52			4.34			+4	%
	—			—		ns			• Chemicals — Corporate		0.02			0.01		ns
	0.32			0.10			x3		Operating Income*		0.66			0.40			+65	%
	0.18			0.02			x9		• Base chemicals and polymers		0.22			0.05		ns
	0.03			0.01			x3		• Intermediates		0.10			0.11			–9	%
	0.12			0.10			+20	%	• Specialties		0.38			0.31			+23	%
	(0.01	)		(0.03	)	ns			• Chemicals — Corporate		(0.04	)		(0.07	)	ns

* adjusted for special items

12

EX-99.7

Exhibit 99.7

Total financial statements

Third quarter and first nine months 2004 consolidated accounts, French GAAP

CONSOLIDATED STATEMENTS OF INCOME
Total

Third quarter			Third quarter				9 months			9 months
2004			2003			Amounts in millions of euros (1)	2004			2003
(unaudited)			(unaudited)				(unaudited)			(unaudited)
	31,111			24,469		Total sales		87,868			77,119
	(25,390	)		(20,307	)	Operating expenses		(72,258	)		(63,815	)
	(1,280	)		(1,264	)	Depreciation, depletion, and amortization of tangible assets		(3,704	)		(3,672	)
						Operating income
	(32	)		(41	)	Corporate		(140	)		(163	)
	4,473			2,939		Business segments *		12,046			9,795
	4,441			2,898		Total operating income		11,906			9,632
	(33	)		(27	)	Interest expense, net		(116	)		(111	)
	41			20		Dividend income on non-consolidated subsidiaries		135			96
	—			(1	)	Dividends on subsidiaries’ redeemable preferred shares		(3	)		(4	)
	(151	)		(134	)	Other income (expense), net		(404	)		(628	)
	(2,258	)		(1,317	)	Provision for income taxes		(5,889	)		(4,168	)
	423			342		Equity in income (loss) of affiliates		1,012			868
	2,463			1,781		Income before amortization of acquisition goodwill		6,641			5,685
	(26	)		(32	)	Amortization of acquisition goodwill		(83	)		(98	)
	2,437			1,749		Consolidated net income		6,558			5,587
	69			39		of which minority interest		183			152
	2,368			1,710		NET INCOME **		6,375			5,435
	3.86			2.71		Earnings per share (euros) ***		10.31			8.52
	4,473			2,939		* Operating income from business segments, adjusted for special items		12,046			9,795
	2,245			1,570		Net operating income from business segments, adjusted for special items		6,288			5,340
	2,380			1,710		** Net income (Group share), adjusted for special items		6,520			5,597
	3.87			2.71		*** Earnings per share, adjusted for special items (euros)		10.54			8.77
						(1) Except for earnings per share

CONSOLIDATED BALANCE SHEET
Total

	Amounts in millions of euros
	September 30,			June 30,			December 31,			September 30,
	2004			2004			2003			2003
	(unaudited)			(unaudited)						(unaudited)
ASSETS
NON-CURRENT ASSETS
Intangible assets, net		2,056			2,089			2,017			2,089
Property, plant, and equipment, net		37,398			37,547			36,286			37,146
Equity affiliates: investments and loans		8,420			8,215			7,833			8,078
Other investments		1,207			1,196			1,162			1,228
Other non-current assets		3,059			3,317			3,152			3,527
Total non-current assets		52,140			52,364			50,450			52,068
CURRENT ASSETS
Inventories, net		7,044			6,263			6,137			6,163
Accounts receivable, net		14,646			14,214			12,357			12,111
Prepaid expenses and other current assets		4,660			4,710			4,779			5,057
Short-term investments		1,356			1,369			1,404			1,413
Cash and cash equivalents		12,523			11,310			4,836			9,676
Total current assets		40,229			37,866			29,513			34,420
TOTAL ASSETS		92,369			90,230			79,963			86,488
LIABILITIES & SHAREHOLDERS’ EQUITY
SHAREHOLDERS’ EQUITY
Common shares		6,543			6,538			6,491			6,788
Paid-in surplus and retained earnings		34,307			31,917			30,408			32,352
Cumulative translation adjustment		(2,997	)		(2,626	)		(3,268	)		(2,197	)
Treasury shares		(5,788	)		(5,133	)		(3,225	)		(6,662	)
Total shareholders’ equity		32,065			30,696			30,406			30,281
SUBSIDIARIES’ REDEEMABLE PREFERRED SHARES		403			411			396			429
MINORITY INTEREST		674			625			664			637
LONG-TERM LIABILITIES
Deferred income taxes		5,591			5,665			5,443			5,628
Employee benefits		3,833			3,870			3,818			4,009
Other liabilities		6,225			6,426			6,344			6,623
Total long-term liabilities		15,649			15,961			15,605			16,260
LONG-TERM DEBT		10,666			10,759			9,783			9,849
CURRENT LIABILITIES
Accounts payable		12,052			11,214			10,304			9,496
Other creditors and accrued liabilities		10,753			10,012			8,970			10,771
Short-term borrowings and bank overdrafts		10,107			10,552			3,835			8,765
Total current liabilities		32,912			31,778			23,109			29,032
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		92,369			90,230			79,963			86,488

CONSOLIDATED STATEMENTS OF CASH FLOWS
Total

Third quarter			Third quarter				9 months			9 months
2004			2003			Amounts in millions of euros	2004			2003
(unaudited)			(unaudited)				(unaudited)			(unaudited)
						CASH FLOW FROM OPERATING ACTIVITIES
	2,437			1,749		Consolidated net income		6,558			5,587
	1,378			1,340		Depreciation, depletion, and amortization		3,975			3,904
	(49	)		(243	)	Long-term liabilities, valuation allowances, and deferred taxes		(13	)		(409	)
	81			90		Unsuccessful exploration costs		263			251
	4			(28	)	(Gains)/Losses on sales of assets		(142	)		127
	(332	)		(298	)	Equity in income of affiliates (in excess of)/less than dividends received		(491	)		(489	)
	121			6		Other changes, net		142			9
	3,640			2,616		Cash flow from operating activities before changes in working capital		10,292			8,980
	395			633		(Increase)/Decrease in operating assets and liabilities		449			1,225
	4,035			3,249		CASH FLOW FROM OPERATING ACTIVITIES (1)		10,741			10,205
						CASH FLOW USED IN INVESTING ACTIVITIES
	(1,648	)		(1,384	)	Intangible assets and property, plant, and equipment additions		(4,497	)		(3,915	)
	(80	)		(92	)	Exploration expenditures charged to expenses		(238	)		(234	)
	(28	)		(345	)	Acquisitions of subsidiaries, net of cash acquired		(37	)		(337	)
	(19	)		(42	)	Investments in equity affiliates and other securities		(108	)		(80	)
	(152	)		(53	)	Increase in long-term loans		(596	)		(352	)
	(1,927	)		(1,916	)	Total expenditures		(5,476	)		(4,918	)
	28			22		Proceeds from sale of intangible assets and property, plant, and equipment		171			148
	—			(1	)	Proceeds from sale of subsidiaries, net of cash sold		1			734
	8			21		Proceeds from sale of non-current investments		49			89
	149			108		Repayment of long-term loans		317			329
	185			150		Total divestitures		538			1,300
	13			263		(Increase)/Decrease in short-term investments		49			108
	(1,729	)		(1,503	)	CASH FLOW USED IN INVESTING ACTIVITIES		(4,889	)		(3,510	)
						CASH FLOW FROM FINANCING ACTIVITIES
						Issuance and repayment of shares:
	—			24		Parent company’s shareholders		371			69
	(655	)		(966	)	Purchase of treasury shares		(2,563	)		(3,516	)
	36			14		Minority shareholders		118			37
	—			—		Subsidiaries’ redeemable preferred shares		—			—
						Cash dividends paid:
	—			—		— Parent company’s shareholders		(2,853	)		(2,571	)
	(4	)		(6	)	— Minority shareholders		(145	)		(114	)
	460			(131	)	Net issuance/(repayment) of long-term debt		1,700			1,278
	(680	)		(437	)	Increase/(Decrease) in short-term borrowings and bank overdrafts		5,189			3,070
	1			(1	)	Other changes, net		(2	)		(4	)
	(842	)		(1,503	)	CASH FLOW FROM FINANCING ACTIVITIES		1,815			(1,751	)
	1,464			243		Net increase/decrease in cash and cash equivalents		7,667			4,944
	(251	)		(99	)	Effect of exchange rates and changes in reporting entity on cash and cash equivalents		20			(234	)
	11,310			9,532		Cash and cash equivalents at the beginning of the year or period		4,836			4,966
	12,523			9,676		CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD		12,523			9,676

(1) Including payments relating to the Toulouse AZF plant explosion, offset by a long-term liability write-back of 65 millions of euros for the third quarter 2004, 287 millions of euros for the first nine months of 2004.

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
Third quarter 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		4,899			20,979			5,228			5						31,111
Intersegment sales		3,984			838			220			75			(5,117	)		—
Total sales		8,883			21,817			5,448			80			(5,117	)		31,111
Depreciation, depletion, and amortization of tangible assets		(872	)		(212	)		(187	)		(9	)					(1,280	)
Operating income		3,406			752			315			(32	)					4,441
Amortization of intangible assets and acquisition goodwill		(6	)		(31	)		(28	)		(10	)					(75	)
Equity in income (loss) of affiliates and other items		132			36			(11	)		204						361
Tax on net operating income		(2,005	)		(236	)		(91	)		58						(2,274	)
Net operating income		1,527			521			185			220						2,453
Net cost of net debt																	(16	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(69	)
Net income																	2,368
Third 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		—			—			(18	)		—						(18	)
Tax on net operating income		—			—			6			—						6
Net operating income		—			—			(12	)		—						(12	)
Net cost of net debt																	—
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	—
Net income																	(12	)
Third quarter 2004
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		4,899			20,979			5,228			5			—			31,111
Intersegment sales		3,984			838			220			75			(5,117	)		—
Total sales		8,883			21,817			5,448			80			(5,117	)		31,111
Depreciation, depletion, and amortization of tangible assets		(872	)		(212	)		(187	)		(9	)					(1,280	)
Operating income		3,406			752			315			(32	)					4,441
Amortization of intangible assets and acquisition goodwill		(6	)		(31	)		(28	)		(10	)					(75	)
Equity in income (loss) of affiliates and other items		132			36			7			204						379
Tax on net operating income		(2,005	)		(236	)		(97	)		58						(2,280	)
Net operating income		1,527			521			197			220						2,465
Net cost of net debt																	(16	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(69	)
Net income																	2,380
Third quarter 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Total expenditures		1,381			351			200			(5	)					1,927
Divestitures at selling price		114			45			19			7						185
Cash flow from operating activities (1)		2,265			828			289			653						4,035

(1) In the Chemicals segment, this figure amounts to 354 millions of euros excluding an amount of 65 millions of euros paid relating to the Toulouse AZF plant explosion.

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

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

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

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
9 months 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		15,547			57,501			14,797			23						87,868
Intersegment sales		10,416			2,034			511			128			(13,089	)		—
Total sales		25,963			59,535			15,308			151			(13,089	)		87,868
Depreciation, depletion, and amortization of tangible assets		(2,460	)		(640	)		(578	)		(26	)					(3,704	)
Operating income		9,360			2,025			661			(140	)					11,906
Amortization of intangible assets and acquisition goodwill		(16	)		(84	)		(87	)		(27	)					(214	)
Equity in income (loss) of affiliates and other items		403			152			(180	)		491						866
Tax on net operating income		(5,335	)		(625	)		(133	)		168						(5,925	)
Net operating income		4,412			1,468			261			492						6,633
Net cost of net debt																	(72	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(186	)
Net income																	6,375
9 months 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		—			—			(220	)		—						(220	)
Tax on net operating income		—			—			73			—						73
Net operating income		—			—			(147	)		—						(147	)
Net cost of net debt																	—
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	2
Net income																	(145	)
9 months 2004
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		15,547			57,501			14,797			23						87,868
Intersegment sales		10,416			2,034			511			128			(13,089	)		—
Total sales		25,963			59,535			15,308			151			(13,089	)		87,868
Depreciation, depletion, and amortization of tangible assets		(2,460	)		(640	)		(578	)		(26	)					(3,704	)
Operating income		9,360			2,025			661			(140	)					11,906
Amortization of intangible assets and acquisition goodwill		(16	)		(84	)		(87	)		(27	)					(214	)
Equity in income (loss) of affiliates and other items		403			152			40			491						1,086
Tax on net operating income		(5,335	)		(625	)		(206	)		168						(5,998	)
Net operating income		4,412			1,468			408			492						6,780
Net cost of net debt																	(72	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(188	)
Net income																	6,520
9 months 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Total expenditures		3,924			893			613			46						5,476
Divestitures at selling price		315			127			68			28						538
Cash flow from operating activities (1)		7,239			2,952			229			321						10,741

(1) In the Chemicals segment, this figure amounts to 516 millions of euros excluding an amount of 287 millions of euros paid relating to the Toulouse AZF plant explosion.

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

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

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

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

	9 months 2004						9 months 2003
							Consolidated
	Adjusted for						statement of			Adjusted for
Amounts in millions of euros	special items			Special items			income			special items
Total sales		87,868			—			87,868			77,119
Operating expenses		(72,258	)		—			(72,258	)		(63,815	)
Depreciation, depletion, and amortization of tangible assets		(3,704	)		—			(3,704	)		(3,672	)
Operating income
Corporate		(140	)		—			(140	)		(163	)
Business segments		12,046			—			12,046			9,795
Total operating income		11,906			—			11,906			9,632
Interest expense, net		(116	)		—			(116	)		(111	)
Dividend income on non-consolidated subsidiaries		135			—			135			96
Dividends on subsidiaries’ redeemable preferred shares		(3	)		—			(3	)		(4	)
Other income (expense), net		(184	)		(220	)		(404	)		(466	)
Provision for income taxes		(5,962	)		73			(5,889	)		(4,168	)
Equity in income (loss) of affiliates		1,012			—			1,012			868
Income before amortization of acquisition goodwill		6,788			(147	)		6,641			5,847
Amortization of acquisition goodwill		(83	)		—			(83	)		(98	)
Consolidated net income		6,705			(147	)		6,558			5,749
of which minority interest		185			(2	)		183			152
NET INCOME		6,520			(145	)		6,375			5,597
	Third quarter 2004						Third quarter 2003
							Consolidated
	Adjusted for						statement of			Adjusted for
Amounts in millions of euros	special items			Special items			income			special items
Total sales		31,111			—			31,111			24,469
Operating expenses		(25,390	)		—			(25,390	)		(20,307	)
Depreciation, depletion, and amortization of tangible assets		(1,280	)		—			(1,280	)		(1,264	)
Operating income
Corporate		(32	)		—			(32	)		(41	)
Business segments		4,473			—			4,473			2,939
Total operating income		4,441			—			4,441			2,898
Interest expense, net		(33	)		—			(33	)		(27	)
Dividend income on non-consolidated subsidiaries		41			—			41			20
Dividends on subsidiaries’ redeemable preferred shares		—			—			—			(1	)
Other income (expense), net		(133	)		(18	)		(151	)		(134	)
Provision for income taxes		(2,264	)		6			(2,258	)		(1,317	)
Equity in income (loss) of affiliates		423			—			423			342
Income before amortization of acquisition goodwill		2,475			(12	)		2,463			1,781
Amortization of acquisition goodwill		(26	)		—			(26	)		(32	)
Consolidated net income		2,449			(12	)		2,437			1,749
of which minority interest		69			—			69			39
NET INCOME		2,380			(12	)		2,368			1,710

TOTAL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR

THE FIRST NINE MONTHS 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 September 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 nine months of 2004.

III. SPECIAL ITEMS

Special items of operating income

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

Special items of net income

(in millions of euros)		Upstream		Downstream		Chemicals			Corporate		Total
9 months 2004	Restructuring charges		—		—		(43	)		—		(43	)
	Asset impairment		—		—		—			—		—
	Gain on assets’ sales		—		—		—			—		—
	Additional Toulouse- AZF reserve		—		—		(98	)		—		(98	)
	Other items		—		—		(4	)		—		(4	)
Total			—		—		(145	)		—		(145	)
9 months 2003	Restructuring charges		—		—		(34	)		—		(34	)
	Asset impairment		—		—		—			—		—
	Gain on assets’ sales		—		—		—			30		30
	Other items		—		—		(158	)		—		(158	)
Total			—		—		(192	)		30		(162	)

TOTAL
 
Notes to the consolidated financial statements for the first nine months of 2004
 

In the first nine months of 2004, the special items amount to (145) 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 nine months of 2003 include gains on the sale of Sanofi-Synthélabo shares, while the negative impacts include, in the Chemicals segment, a restructuring charge and a 155 M€ provision related to investigations of anti-trust practices by the European Commission.

IV. SHAREHOLDERS’ EQUITY

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

As of September 30, 2004, TOTAL S.A. held 27,945,307 of its own shares, representing 4.27% of its share capital, detailed as follows:

— 9,765,307 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,

— 18,180,000 shares, of which 1,680,000 shares were purchased in November and December 2003, and 16,500,000 during the first nine months 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 September 30, 2004, TOTAL S.A. held indirectly, through its subsidiaries 25,082,817 of its own shares, representing 3.83% 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 nine months of 2004
 

Consolidated statements of changes in shareholders’ equity

	Common shares issued						Paid-in surplus and retained			Cumulative translation			Treasury shares						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 for the 9 months		—			—			5,435			—			—			—			5,435
Issuance of common shares		1,529,923			15			92			—			—			—			107
Purchase of treasury shares		—			—			—			—			(27,715,000	)		(3,516	)		(3,516	)
Cancellation of repurchased shares		(9,900,000	)		(99	)		(1,165	)		—			9,900,000			1,264			—
Translation adjustments		—			—			—			(1,367	)		—			—			(1,367	)
Other changes, net		—			—			47			—			—			—			47
As of September 30, 2003		678,820,433			6,788			32,352			(2,197	)		(52,841,899	)		(6,662	)		30,281
Cash dividend		—			—			—			—			—			—			—
Net income for the fourth quarter		—			—			1,590			—			—			—			1,590
Issuance of common shares		397,803			4			21			—			—			—			25
Purchase of treasury shares		—			—			—			—			(3,515,000	)		(478	)		(478	)
Cancellation of repurchased shares		(30,100,000	)		(301	)		(3,614	)		—			30,100,000			3,915			—
Translation adjustments		—			—			—			(1,071	)		—			—			(1,071	)
Other changes, net		—			—			59			—			—			—			59
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 9 months		—			—			6,375			—			—			—			6,375
Issuance of common shares		5,195,630			52			445			—			—			—			497
Purchase of treasury shares		—			—			—			—			(16,500,000	)		(2,563	)		(2,563	)
Cancellation of repurchased shares		—			—			—			—			—			—			—
Translation adjustments		—			—			—			271			—			—			271
Other changes, net		—			—			(68	)		—			—			—			(68	)
As of September 30, 2004		654,313,866			6,543			34,307			(2,997	)		(42,756,899	)		(5,788	)		32,065

3

TOTAL
 
Notes to the consolidated financial statements for the first nine months of 2004
 

V. SUBSIDIARIES’ REDEEMABLE PREFERRED SHARES

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

VI. LONG-TERM DEBT

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

— Debenture 4.875% 2004-2011 (200 million CAD)

— Debenture 5% 2002-2007 (75 million GBP)

— Debenture 3.25% 2003-2008 (100 million USD)

— Debenture 3.25% 2003-2008 (50 million USD)

— Debenture 3.25% 2003-2008 (50 million USD)

The Group has reimbursed debenture loans during the first nine months 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.

VII. ACQUISITION OF AVENTIS BY SANOFI-SYNTHELABO

Following the acquisition of Aventis by Sanofi-Synthèlabo occurring in August 2004, Total’s share in Sanofi Aventis has been reduced to approximately 13.4%, leading to a dilutive gain estimated at 2.3 billion euros after tax. Considering that the current works aimed at determining precisely the impact of this transaction in the Sanofi-Synthèlabo’s accounts are yet in progress, Total has decided to defer the recording in its accounts until the 4^th quarter of 2004 in order to better assess the effects (dilutive gain and share of intermediate result). Consequently, the prior percentage for consolidation of Sanofi-Synthelabo has been maintained as of September 30, 2004 (25.6%).

4

TOTAL
 
Notes to the consolidated financial statements for the first nine months of 2004
 

VIII. INFORMATION BY BUSINESS SEGMENT

	Amounts in millions of euros
9 months 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		15,547			57,501			14,797			23						87,868
Intersegment sales		10,416			2,034			511			128			(13,089	)		—
Total sales		25,963			59,535			15,308			151			(13,089	)		87,868
Depreciation, depletion, and amortization of tangible assets		(2,460	)		(640	)		(578	)		(26	)					(3,704	)
Operating income		9,360			2,025			661			(140	)					11,906
Amortization of intangible assets and acquisition goodwill		(16	)		(84	)		(87	)		(27	)					(214	)
Equity in income (loss) of affiliates and other items		403			152			(180	)		491						866
Tax on net operating income		(5,335	)		(625	)		(133	)		168						(5,925	)
Net operating income		4,412			1,468			261			492						6,633
Net cost of net debt																	(72	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(186	)
Net income																	6,375
9 months 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		—			—			(220	)		—						(220	)
Tax on net operating income		—			—			73			—						73
Net operating income		—			—			(147	)		—						(147	)
Net cost of net debt																	—
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	2
Net income																	(145	)
9 months 2004
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		15,547			57,501			14,797			23						87,868
Intersegment sales		10,416			2,034			511			128			(13,089	)		—
Total sales		25,963			59,535			15,308			151			(13,089	)		87,868
Depreciation, depletion, and amortization of tangible assets		(2,460	)		(640	)		(578	)		(26	)					(3,704	)
Operating income		9,360			2,025			661			(140	)					11,906
Amortization of intangible assets and acquisition goodwill		(16	)		(84	)		(87	)		(27	)					(214	)
Equity in income (loss) of affiliates and other items		403			152			40			491						1,086
Tax on net operating income		(5,335	)		(625	)		(206	)		168						(5,998	)
Net operating income		4,412			1,468			408			492						6,780
Net cost of net debt																	(72	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(188	)
Net income																	6,520
9 months 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Total expenditures		3,924			893			613			46						5,476
Divestitures at selling price		315			127			68			28						538
Cash flow from operating activities (1)		7,239			2,952			229			321						10,741

(1) In the Chemicals segment, this figure amounts to 516 millions of euros excluding an amount of 287 millions of euros paid relating to the Toulouse AZF plant explosion.

5

TOTAL
 
Notes to the consolidated financial statements for the first nine months of 2004
 

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

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

6

EX-99.8

Exhibit 99.8

TOTAL’S SALES FOR FIRST NINE MONTHS 2004
 

1. CONSOLIDATED SALES

	2004		2003
	TOTAL		TOTAL
	(million euros)		(million euros)
UPSTREAM
First quarter		8,992		8,186
Second quarter		8,088		6,894
Third quarter		8,883		7,123
		25,963		22,203
DOWNSTREAM
First quarter		17,824		19,418
Second quarter		19,894		16,336
Third quarter		21,817		16,575
		59,535		52,329
CHEMICALS
First quarter		4,815		4,704
Second quarter		5,045		4,288
Third quarter		5,448		4,347
		15,308		13,339
HOLDING
First quarter		53		39
Second quarter		18		33
Third quarter		80		33
		151		105
Consolidation eliminations of internal sales
First quarter		–3,824		–4,044
Second quarter		–4,148		–3,204
Third quarter		–5,117		–3,609
		–13,089		–10,857
CONSOLIDATED SALES
First quarter		27,860		28,303
Second quarter		28,897		24,347
Third quarter		31,111		24,469
		87,868		77,119

2. PARENT COMPANY’S SALES

	2004		2003
	(million euros)		(million euros)
OIL & GAS SALES
First quarter		909		1,230
Second quarter		1,125		989
Third quarter		1,448		1,022
		3,482		3,241
SERVICES PERFORMED
First quarter		293		294
Second quarter		327		289
Third quarter		330		309
		950		892
GLOBAL AMOUNT
First quarter		1,202		1,524
Second quarter		1,452		1,278
Third quarter		1,778		1,331
		4,432		4,133