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

February 2005

TOTAL S.A.

(Translation of registrant’s name into English)

2, place de la Coupole
92078 Paris La Défense Cedex
France

(Address of principal executive offices)

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

Form 20-F  x Form 40-F  o

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

Yes  o No  x

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

TABLE OF CONTENTS

EX-99.1: YEMEN LNG

EX-99.2: MEETING OF THE BOARD OF DIRECTORS

EX-99.3: Q4 2004 AND FULL YEAR 2004 RESULTS

EX-99.4: Q4 & FY 2004 CONSOLIDATED ACCOUNTS, F GAAP

EX-99.5: 2004 RESULTS & OUTLOOK

EX-99.6: MOROCCO

EX-99.7: QATAR

EX-99.8: TOTAL LUBRIFIN IN ROMANIA

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: March 7th, 2005	By:	/s/ Charles Paris de Bollardière
		Name:	Charles PARIS de BOLLARDIERE
		Title:	Treasurer

EXHIBIT INDEX

•	EXHIBIT 99.1:	Yemen LNG signs three agreements for the sale of Liquefied Natural Gas (February 16, 2005).
•	EXHIBIT 99.2:	Minutes of the Meeting of the Board of Directors, February 16, 2005 (February 17, 2005).
•	EXHIBIT 99.3:	Q4 2004 and Full Year 2004 Results (February 17, 2005).
•	EXHIBIT 99.4:	Total’s Fourth Quarter and Full Year 2004 Consolidated Accounts, French GAAP (February 17, 2005).
•	EXHIBIT 99.5:	2004 Results & Outlook (February 17, 2004).
•	EXHIBIT 99.6:	Morocco Awards Contract to Total Energie, Total and EDF to Equip a Further 37,000 Households with Solar Power (February 22, 2005).
•	EXHIBIT 99.7:	Qatar: Total signs a Heads of Agreement for the acquisition of a 16.7% equity participation in Train II of the Qatargas 2 project and for the purchase of LNG (February 28, 2005).
•	EXHIBIT 99.8:	Creation of Total Lubrifin in Romania (March 3, 2005).

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 6 326 791 340 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

Yemen LNG signs three agreements for the sale of
Liquefied Natural Gas

Paris, February 16, 2005 – Total announces that the Yemen LNG Company has signed three Heads of Agreement (HOA) for sale of liquefied natural gas (LNG). The first HOA, signed with Tractebel EGI (Suez), governs the purchase of 2.5 million tons of LNG per year while the second, signed with Total Gas & Power Ltd., is for the sale of 2 million tons per year. LNG from both sales is destined for the United States beginning in 2009 for a duration of 20 years. The third HOA, signed with Kogas, is for the purchase of between 1.3 and 2 million tons of LNG per year by Korea starting end 2008 and for a period of 20 years.

The Yemen LNG project, for which Total is the leader, calls for the construction of two liquefaction trains with a total capacity of 6.7 million tons of LNG per year. Located at the port of Balhaf on the southern coast of Yemen, the plant should enter into production by the end of 2008.

The feed gas for the plant will come from already developed fields situated in the Marib region, in central Yemen. It will be transported to the plant by a 320 kilometre pipeline.

Tenders for the construction of the plant, the pipeline as well as LNG tankers were launched early February by Yemen LNG.

The final investment decision is planned for mid-2005 following the tendering process.

“These agreements mark an important step in the development of the Yemen LNG project. The launch of this project will reinforce Total’s position as one of the leaders in LNG, a sector in which the Group has a stake in six LNG plants and four ragazification terminals under development worldwide,” says Christophe de Margerie, President of Exploration and Production at Total.

The shareholders of the Yemen LNG Company are Yemen Gas Company (23.10%), Total (42.90%), Hunt Oil Company (18%) and two Korean companies, SK Corporation (10%) and Hyundai Corporation (6%).

* * * * *

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-99.2

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

TOTAL S.A.
Capital 6 350 151 080 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

Minutes of the Meeting of the Board of Directors, February 16, 2005

_______________

Paris, February 17, 2005 - At the meeting of the Board of Directors of Total on February 16, 2005, chaired by Thierry Desmarest, the Board reviewed the Group’s financial statements for the fourth quarter 2004, established the consolidated financial statements and the parent company financial statements for 2004 and established the dividend proposal to be submitted at the shareholders’ meeting.

These actions were published by way of a press release on the same day.

The Board also resolved to propose to the shareholders’ meeting, to by held in Paris on May 17, 2005, the renomination as members of the Board of Directors of Messrs Paul Desmarais Jr., Bertrand Jacquillatt and Maurice Lippens, each for a three-year term, as well as the nomination as a member of the Board of Directors of the Rt Hon Lord Levene of Portsoken KBE, Chairman of Lloyd’s, also for a three-year term.

* * * * *

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 6 326 791 340 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

February 17, 2005

2004 Record Results

Total reports sharply higher 2004 results:

•   +23% to 9.04 billion euros for adjusted net income¹

•   +27% to 14.68 euros for adjusted earnings per share

•   +35% to 11.2 billion for adjusted net income expressed in dollars²

•   +40% to 18.26 for adjusted earnings per share expressed in dollars

Proposed 2004 dividend of 5.40 euros per share, a 15% increase

•   Results expressed in dollars^2-3

4th quarter 2004				Full year 2004
3.27 B$	+57	%	Adjusted net income1	11.2 B$	+35	%
5.36 $/share	+62	%		18.26 $/share	+40	%
4.20 B$	+122	%	Net income	12.0 B$	+50	%

•   Results in euros³

4th quarter 2004				Full year 2004
2.52 B€	+44	%	Adjusted net income1	9.04 B€	+23	%
4.13 €/share	+48	%		14.68 €/share	+27	%
3.24 B€	+104	%	Net income	9.61 B€	+37	%

1	adjusted net income = net income (Group share) adjusted for special items and excluding Total’s equity share of amortization of goodwill and intangible assets related to the Sanofi-Aventis merger (153 M€ for the fourth quarter and full year 2004)
2	dollar amounts represent euro accounts converted at the average €/$ exchange rate for the period (1.2977 dollars per euro in the fourth quarter 2004, 1.1891 in the fourth quarter 2003, 1.2439 for the full year 2004, and 1.1312 for the full year 2003)
3	percent change relative to the same 2003 period

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 6 350 151 080 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

Paris, February 17, 2005 - The Board of Directors of Total, chaired by CEO Thierry Desmarest, met on February 16, 2005 to review the fourth quarter 2004 results and to close the 2004 consolidated and parent company accounts.

Commenting on the results, Thierry Desmarest said :

« The 2004 market environment has been favorable for the oil industry. The combination of very high oil prices, a sharp increase in refining margins and a rebound in petrochemical margins during the second half of the year allowed the Group to reach a new record level of earnings, 9.04 billion euros for adjusted net income, or an increase of 23% compared to 2003, despite the decline in the dollar.

Thanks to the commitment of our teams, we enjoyed solid operational performance by the business segments, particularly the continued growth of Upstream production, as well as ongoing productivity programs, which made significant contributions to the results.

Adjusted earnings per share increased by 27% to 14.68 euros. Expressed in dollars, the increase was 40%.

Total pursued a large investment program of more than 8.7 billion euros, while offering, through a combination of dividends and buybacks, the best return to shareholders among the major oil companies.

Total is confident that it can extend its long-term profitable growth largely through exploration successes and through giant projects currently being negotiated.»

•   Total – consolidated accounts

4Q04		4Q03		%		in millions of euros	2004		2003		%
	34,832		27,533		+27%	Sales		122,700		104,652		+17%
	5,077		3,209		+58%	Operating income from business segments adjusted for special items		17,123		13,004		+32%
	3,460		2,652		+30%	• Upstream		12,820		10,476		+22%
	1,192		400		+198%	• Downstream		3,217		1,970		+63%
	425		157		+171%	• Chemicals		1,086		558		+95%
	2,504		1,633		+53%	Net operating income from business segments adjusted for special items		8,792		6,973		+26%
	2,366		1,747		+35%	Net income adjusted for special items		8,886		7,344		+21%
	2,519		1,747		+44%	Adjusted net income*		9,039		7,344		+23%
	3,237		1,590		+104%	Net income		9,612		7,025		+37%
	4.13		2.79		+48%	Adjusted earnings per share (euros)		14.68		11.56		+27%
	3,192		2,810		+14%	Investments		8,668		7,728		+12%
	654		578		+13%	Divestments at selling price		1,192		1,878		-37%
	3,688		2,282		+62%	Cash flow from operating activities**		14,429		12,487		+16%

*	adjusted for special items and excluding Total’s equity share of amortization of goodwill and intangible assets related to the Sanofi-Aventis merger
**	includes disbursements related to the Toulouse-AZF reserve of 29 M€ in the fourth quarter 2004, 85 M€ in the fourth quarter 2003, 316 M€ for the full year 2004 and 719 M€ for the full year 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 6 350 151 080 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

•   Number of shares

4Q04		4Q03		%		millions	2004		2003		%
	609.4		625.6		-3%	Fully-diluted weighted-average shares		615.9		635.1		-3%

•   Market environment

4Q04		4Q03		%			2004		2003		%
	1.30		1.19		-8%*	€/$		1.24		1.13		-9%*
	44.0		29.4		+50%	Brent ($/b)		38.3		28.8		+33%
	42.4		18.9		+124%	European refining margins TRCV ($/t)		32.8		20.9		+57%

* change in the dollar versus the euro

•   Special items

4Q04			4Q03			in millions of euros	2004			2003
	(847	)		(25	)	Impact of special items on operating income from business segments		(847	)		(25	)
	(119	)		(1	)	• Restructuring charges		(119	)		(1	)
	(631	)a		(17	)	• Impairments		(631	)a		(17	)
	(97	)b		(7	)	• Other		(97	)b		(7	)
	871			(157	)	Impact of special items on net income		726			(319	)
	1,690			—		• Gain on dilution from the Sanofi-Aventis merger net of Total’s share of special items related to purchase accounting		1,690			—
	53			(8	)	• Gain/(loss) on asset sales		53			22
	—			—		• Additional Toulouse-AZF reserve		(98	)		—
	(100	)		(110	)	• Restructuring charges and early retirement plans		(143	)		(144	)
	(688	)c		(11	)	• Impairments		(688	)c		(11	)
	(84	)		(28	)	• Other		(88	)		(186	)d

•   Adjustment for amortization of Sanofi-Aventis merger-related intangibles

4Q04			4Q03		in millions of euros	2004			2003
	(153	)		—	Impact on equity income from Total’s share* of amortization of goodwill and intangible assets related to Sanofi-Aventis merger		(153	)		—

* based on 13% ownership of Sanofi-Aventis at December 31, 2004

3

a	including (597) M€ in the Chemicals segment
b	including (92) M€ for a provision for environmental remediation in the Chemicals segment
c	including (553) M€ in the Chemicals segment
d	including (155) M€ for a provision for alleged anti-competitive practices in the Chemicals segment

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 6 350 151 080 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

•   Total’s fourth quarter 2004 results

>    Operating income

Compared to the fourth quarter 2003, the fourth quarter 2004 was marked by sharp increases in crude oil prices and refining margins. The Brent price rose by 50% to an average of 44.0 $/b. European refining margins (TRCV) hit a record high of 42.4 $/t on average for the quarter. Over the same period, petrochemical margins rebounded.

The positive impact of the improved oil and chemicals environment was partially offset by the 8% decrease in the dollar relative to the euro.

In this context, the operating income from the business segments adjusted for special items increased by 58% to 5,077 million euros (M€) in the fourth quarter 2004 from 3,209 M€ in the fourth quarter 2003.

Special items had a negative impact of 847 M€ on fourth quarter 2004 operating income from the business segments, primarily due to the impairment of assets in the vinyl products and polyethylene activities in Europe.

In the fourth quarter 2003, special items had a negative impact of 25 M€ on operating income from the business segments.

Net operating income adjusted for special items increased by 53% to 2,504 M€ in the fourth quarter 2004 from 1,633 M€ in the fourth quarter 2003. The lower percentage increase, relative to the increase in operating income, is due primarily to a higher effective tax rate in the fourth quarter 2004.

>    Net income

Net income adjusted for special items rose to 2,366 M€ in the fourth quarter 2004 from 1,747 M€ in the fourth quarter 2003.

Special items had a net positive impact of 871 M€ on fourth quarter 2004 net income and were comprised mainly of :

•   positive impacts primarily from the gain on dilution related to the merger of Sanofi and Aventis, net of the impact on equity income of Total’s share of items recorded by Sanofi-Aventis as part of the merger (restructuring charges, write-offs of certain in-progress R&D costs, and charges resulting from the adjustment of inventories to market value);

•   partially offsetting the above were negative impacts primarily from the after-tax effect of the special items affecting operating income, notably the asset impairments related to the vinyl products and polyethylene activities in Europe, as well as impairments of goodwill in the Chemicals and Upstream segments.

In the fourth quarter 2003, special items had a negative impact on net income of 157 M€.

Fourth quarter 2004 net income includes a net negative impact of 153 M€ on equity income from affiliates for Total’s share of the amortization of goodwill and intangible assets related to the Sanofi-Aventis merger.

Adjusted net income, which excludes this 153 M€ negative impact as well as the special items, rose to 2,519 M€ in the fourth quarter 2004, an increase of 44% compared to the fourth quarter 2003.

During the fourth quarter 2004, the Group bought back 6.05 million of its shares for 1.0 billion euros (B€).

Adjusted earnings per share, based on 609.4 million fully-diluted weighted-average shares, increased to 4.13 euros from 2.79 euros in the fourth quarter 2003, an increase of 48%, which is a higher percentage increase than for the adjusted net income thanks to the accretive effect of share buybacks during 2004.

Net income rose to 3,237 M€ in the fourth quarter 2004 from 1,590 M€ in the fourth quarter 2003.

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 6 350 151 080 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

>    Cash flow

Cash flow from operating activities increased to 3,688 M€, a 62% increase compared to the fourth quarter 2003. Excluding disbursements related to the Toulouse-AZF reserve of 29 M€ in the fourth quarter 2004 and 85 M€ in the fourth quarter 2003, the increase in cash flow from operating activities would have been 57%.

Investments rose to 3,192 M€, or about 4.1 B$, including 0.6 B$ of assets received in a swap with Gaz de France involving the gas transmission and supply companies Gaz du Sud-Ouest (GSO) and Compagnie Francaise du Methane (CFM).

Divestments in the fourth quarter 2004 were 654 M€, or about 0.8 B$, including assets transferred to Gaz de France as part of a swap (approximately 0.2 B$) and the sale of some financial participations.

Net cash flow⁴ was 1,150 M€ in the fourth quarter 2004 compared to 50 M€ in the fourth quarter 2003.

⁴ net cash flow = cash flow from operating activities + divestments - investments

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 6 350 151 080 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

•   Upstream

>    Results

4Q04		4Q03		%		in millions of euros	2004		2003		%
	3,460		2,652		+30%	Operating income adjusted for special items		12,820		10,476		+22%
	1,422		1,395		+2%	Net operating income adjusted for special items		5,834		5,259		+11%
	2,246		1,748		+28%	Investments		6,170		5,302		+16%
	322		119		+171%	Divestments at selling price		637		428		+49%
	3,077		2,190		+41%	Cash flow from operating activities		10,316		9,214		+12%

Operating income from the Upstream segment adjusted for special items increased by 30% to 3,460 M€ in the fourth quarter 2004 from 2,652 M€ in the fourth quarter 2003.

Fourth quarter 2004 net operating income from the Upstream segment adjusted for special items was 1,422 M€, an increase of 2%.

This increase, which is significantly lower than the percentage increase for operating income, is due primarily to two factors:

•   a higher average tax rate in the fourth quarter 2004 compared to the fourth quarter 2003, due mainly to an increase in production taxed at higher-than-average rates (Nigerian concessions) and to the temporary decrease in production that is taxed at lower-than-average rates (shut-down of the Sincor upgrader in Venezuela and suspended Gulf of Mexico production following Hurricane Ivan),

•   the impact of reallocating the full-year 2003 contribution of Cepsa in the fourth quarter 2003 ; if the reallocation had been made since the beginning of 2003, the increase in the fourth quarter 2004 Upstream net operating income would have been 10%.

The strong increase in cash flow from Upstream operating activities was related primarily to the fourth quarter 2004 decrease in working capital.

>    Production

4Q04		4Q03		%		Upstream production	2004		2003		%
	2,628		2,588		+2%	Hydrocarbon production (kboe/d)		2,585		2,539		+21%
	1,684		1,697		-1%	• Liquids (kb/d)		1,695		1,661		+2%
	5,323		4,865		+9%	• Gas (Mcfd)		4,894		4,786		+2%

Hydrocarbon production rose to 2,628 thousand equivalent barrels per day (kboe/d) in the fourth quarter 2004 compared to 2,588 kboe/d in the fourth quarter 2003, representing an increase of 1.5%.

Adjusted for the negative impact of higher oil and gas prices on entitlement volumes from production sharing and buy-back contracts⁵ (« price effect »), the underlying increase in production was 4%.

The main contributions to the production growth came from Nigeria, notably the Amenam field, Libya, Angola and Indonesia.

⁵ approximately 27% of Total’s 2004 production was covered by production sharing and buy-back contracts

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 6 350 151 080 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

For the full year 2004, hydrocarbon production increased by 2%. Liquids production increased by 2% to 1,695 kb/d, and gas production also increased by 2%.

Adjusted for the price effect, 2004 hydrocarbon production growth was 3.7% in 2004.

In addition to numerous start-ups during the year, notably Yucal Placer in Venezuela, Skirne Byggve in Norway, and Peciko Phase III in Indonesia (where operated production set a new record high), production ramp-ups on fields launched in 2003, including Amenam in Nigeria, Matterhorn in the US and Jasmin in Angola, contributed strongly to 2004 production growth.

>    12/31/04 Reserves

Reserves at December 31	2004		2003		%
Hydrocarbon reserves (Mboe)		11,148		11,401		-2%
• Liquids (Mb)		7,003		7,323		-4%
• Gas (Bcf)		22,785		22,267		+2%

Proved reserves, calculated according to SEC rules, were 11,148 Mboe at December 31, 2004. At the current production rate, the reserve life is 11.8 years. The negative impact on proved reserves related to the application of high year-end prices as required by the SEC (Brent at 40.47 $/b on 12/31/2004) was approximately 270 Mboe.

The reserve replacement rate⁶ for the 2002-2004 period, based on SEC rules, was 120% for the consolidated subsidiaries only and 106% for the Group.

Excluding the impact of changes in year-end prices and using a Brent 25 $/b scenario, the reserve replacement rate for the 2002-2004 period would be 131% for the consolidated subsidiaries only and 116% for the Group.

Over the same period, for consolidated subsidiaries only, the finding cost⁷ was 0.8 $/boe and the reserve replacement cost⁸ was 5.4 $/boe.

As of year-end 2004, Total’s portfolio of proved and probable reserves⁹ is solid and diversified, representing close to 20 years of production at the current rate¹⁰.

>    Recent highlights

Successful exploration in the fourth quarter 2004 included discoveries, such as in Nigeria west of the Usan field (Total-operated, 20%), in Bolivia on the Ipati block (Total-operated, 80%) and in Algeria on the Timimoun permit (Total-operated, 63.75%).

In addition, Total announced that it entered the Béchar permit in Algeria with an 80% interest.

Since the start of 2005, Total has announced a new extension of the Usan discovery in Nigeria, the acquisition of a 49% interest in Block 4 of Plataforma Deltana in Venezuela, participation in two exploration blocks in the Australian deep offshore and on two blocks in Mauritania.

Also during the fourth quarter 2004, in Venezuela the Sincor upgrader was debottlenecked, increasing its capacity to 215 kb/d. The upgrader was restarted early in December as expected.

 

6	ratio of changes in reserves excluding production (i.e. revisions, discoveries, extensions, acquisitions, sales of reserves) divided by production
7	(explorations costs + unproved property acquisition) / (revisions + discoveries, extensions of reserves)
8	(exploration and development costs + proved and unproved acquisitions) / (revisions + discoveries, extensions + acquisitions of reserves)
9	see disclaimer on page 16
10	limited to proved and probable reserves covered by E&P contracts on fields that have been drilled and for which technical studies have demonstrated economic development in a Brent 25 $/b environment

7

2, place de la Coupole
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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 6 350 151 080 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

In Upstream LNG, sales¹¹ grew by 7% in 2004, and the Group took important new steps, notably signing an agreement in Iran to set the general framework for the Pars LNG project (Total 30%).

At the beginning of 2005, Yemen LNG (Total 42.9%, project leader) signed three heads of agreements to sell LNG over 20 years to Tractebel (2.5 Mt/y), Total (2 Mt/y) and Kogas (1.3 to 2 Mt/y). Calls for tenders on the development of the project have been issued.

In mid-stream gas, Total and Gaz de France signed the final agreements to swap interests in GSO and CFM and giving the Group access to regasification capacity of 2.25 Bm³/year¹² in the Fos Cavaou terminal currently under development in the south of France.

In addition, Total has secured regasification capacity of 10 Bm³/year, over a period of 20 years starting in 2009, at the Sabine Pass LNG receiving terminal, which is under development in Louisiana (US).

11	Total share, excluding trading
12	1 Bm3/y = approx. 0.1 Bcfd

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 6 350 151 080 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

•      Downstream

>    Results

4Q04		4Q03			%		in millions of euros	2004		2003		%
	1,192		400			+198%	Operating income adjusted for special items		3,217		1,970		+63%
	834		182			+358%	Net operating income adjusted for special items		2,302		1,460		+58%
	623		704			-12%	Investments		1,516		1,235		+23%
	73		346			-79%	Divestments at selling price		200		466		-57%
	159		(213	)	ns		Cash flow from operating activities		3,111		3,099		—

Operating income from the Downstream segment adjusted for special items increased by 198% to 1,192 M€ from 400 M€ in the fourth quarter 2003.

The increase was due mainly to a sharp improvement in the refining environment during the fourth quarter 2004, despite a decline in the dollar. Strong distillate demand in Europe combined with an increase in the price differential between heavy and light grades of crude created favorable market conditions that were only partially reflected by the increase in TRCV margins.

Downstream results also continued to benefit from self-help programs.

Net operating income from the Downstream segment adjusted for special items rose to 834 M€ in the fourth quarter 2004 from 182 M€ in the fourth quarter 2003.

The larger increase, relative to the increase in operating income, is due mainly to the negative impact on the Downstream segment of allocating the full-year 2003 contribution of Cepsa among the operating segments starting in the fourth quarter 2003, versus the former practice of including the entire Cepsa contribution in the Downstream segment only.

>    Refinery throughput

4Q04		4Q03		%		Refinery throughput (kb/d)	2004		2003		%
	2,485		2,602		-4%	Total refinery throughput*		2,496		2,481		+1%
	951		1,069		-11%	France		995		968		+3%
	1,202		1,199		—	Rest of Europe*		1,188		1,200		-1%
	332		334		-1%	Rest of world		313		313		—

* includes share of Cepsa

Refinery throughput was 2,485 kb/d in the fourth quarter 2004. The utilization rate was 92% despite major turnarounds for maintenance at refineries in Dunkirk, Vlissingen and Antwerp.

For the full year 2004, refinery throughput increased by 1% to 2,496 kb/d compared to 2,481 kb/d in 2003. The utilization rate rose to 93% in 2004 from 92% in 2003.

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 6 350 157 080 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

>    Recent highlights

Total announced in October the signing of a joint venture with Sinochem for the creation of a network of 200 service stations in northern China, where the two companies are already working together at the Dalian refinery.

In November, Total acquired a service station network in Puerto Rico that has about a 6% market share.

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 6 350 151 080 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

•   Chemicals

>    Results

4Q04		4Q03		%		in millions of euros	2004		2003		%
	5,245		4,335		+21%	Sales		20,042		17,260		+16%
	425		157		+171%	Operating income adjusted for special items		1,086		558		+95%
	248		56		+343%	Net operating income adjusted for special items		656		254		+158%
	292		327		-11%	Investments		905		1,115		-19%
	54		94		-43%	Divestments at selling price		122		891		-86%
	327		172		+90%	Cash flow from operating activities		556		268		+107%

* includes disbursements related to the Toulouse-AZF reserve of 29 M€ in the fourth quarter 2004, 85 M€ in the fourth quarter 2003, 316 M€ for the full year 2004 and 719 M€ for the full year 2003

Chemicals sales increased by 21% to 5,245 M€ in the fourth quarter 2004 from 4,335 M€ in the fourth quarter 2003.

Operating income adjusted for special items increased sharply to 425 M€ from 157 M€ in the fourth quarter 2003.

This performance was due mainly to a higher contribution from base chemicals, reflecting the rebound in petrochemicals that began in the third quarter 2004. The improvement in the utilization rate of the steamcrackers compared to the fourth quarter 2003 allowed the Group to benefit fully from the favorable market conditions.

In the fourth quarter 2004, margins for the Intermediates improved despite the weakness of the dollar and an increase in raw material costs.

Specialties continued to perform well in terms of results and cash flow.

Net operating income from the Chemicals segment adjusted for special items rose to 248 M€ in the fourth quarter 2004 from 56 M€ in the fourth quarter 2003.

>    Recent highlights

Arkema, an entity comprised of three activities (Vinyl Products, Industrial Chemicals and Performance Polymers) was created on October 1, 2004. Its management team is building an organization that will allow Arkema to be spun-off as an independent entity in 2006¹³.

In January 2005, Arkema announced a plan to restructure its vinyl products business in France, to improve the performance of its chlorochemicals chain.

 

¹³ subject to market conditions and after informing/consulting with labor representatives

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 6 350 151 080 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

•   Total’s full year 2004 results

Consolidated sales increased by 17% to 122,700 M€ in 2004 from 104,652 M€ in 2003.

>    Operating income

Operating income from the business segments adjusted for special items increased by 32% to 17,123 M€ from 13,004 M€ in 2003.

The 4.1 B€ increase from 2003 to 2004 in operating income from business segments adjusted for special items is due primarily to the 3.7 B€ improvement in the market environment, which includes:

•   + 3.1 B€ higher oil and gas prices¹⁴

•   + 1.5 B€ stronger refining environment, including benefits not reflected in the higher TRCV margin¹⁵

•   - 1.1 B€ decline in the dollar relative to the euro

•   + 0.3 B€ better market conditions for Chemicals

•   - 0.2 B€ weaker environment for marketing

•   + 0.1 B€ stronger environment for shipping

In the Upstream segment, the benefit of 3.7% underlying production growth was partially offset by
an increase in technical costs to 8.0 $/boe in 2004. More than half of the 0.7 $/boe increase in
technical costs compared to 2003 is due to the impacts of foreign exchange and of the price effect
on production volumes (production sharing and buy-back contracts).

In the Downstream segment, self-help programs contributed 0.15 B€ to the improvement in 2004
operating income.

In the Chemicals segment, the 12% increase in olefin production (which includes the integration of
the Total-Samsung JV in South Korea) and ongoing self-help programs contributed 0.2 B€ to the
improvement in operating income.

Special items had a negative impact of 847 M€¹⁶ on operating income from the business segments in 2004.

In 2003, special items had a negative impact of 25 M€¹⁶ on operating income from the business segments.

Net operating income from the business segments adjusted for special items increased by 26% to 8,792 M€ in 2004 from 6,973 M€ in 2003. The lower percentage increase, relative to the increase in operating income, is due primarily to a higher effective tax rate in 2004.

>    Net income

Net income adjusted for special items increased to 8,886 M€ from 7,344 M€ in 2003.

Special items had a positive effect on net income of 726 M€¹⁶ in 2004. In 2003, special items had a negative effect on net income of 319 M€¹⁶.

Adjusted net income for 2004, which excludes the negative impact of 153 M€ on equity income for Total’s share of the amortization of goodwill and intangible assets related to the Sanofi-Aventis merger as well as special items, showed an increase of 23% to 9,039 M€ as compared to 7,344 M€ in 2003.

In 2004, the Group bought back 22.55 million of its shares for 3.55 B€. In January 2005, the Group bought back 1.5 million of its shares for 0.24 B€.

At December 31, 2004, there were 607.4 million fully-diluted shares compared to 625.1 million fully-diluted shares at the end of 2003.

 

14	this amount takes into account the fact that the change in the average gas price realization between 2003 and 2004 was smaller than the change in the average liquids price realization ; in 2004, the average gas price increased by 14% to 3.74 $/Mbtu while the average liquids price increased by 31% to 36.8 $/b
15	mainly on the valorization of products and the cost of feedstock
16	special items are shown in the table on page 3

12

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

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

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

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

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

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 6 350 151 080 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

Adjusted earnings per share, calculated based on 615.9 million fully-diluted shares in 2004, was 14.68 euros compared to 11.56 euros in 2003, an increase of 27%, reflecting the accretive effect of the share buyback.

Reported net income increased to 9,612 M€ in 2004 from 7,025 M€ in 2003.

>    Cash flow

Cash flow from operating activities rose to 14,429 M€ in 2004, a 16% increase compared to 2003. Excluding disbursements related to the reserve for Toulouse-AZF of 316 M€ in 2004 and 719 M€ in 2003, cash flow from operations increased by 12%.

In 2004, investments were 8,668 M€, or about 10.7 B$, in line with estimates made using an exchange rate assumption of 1.1 dollars per euro.

Divestments in 2004 were 1,192 M€, including sales of financial participations and, in the Upstream segment, sales of non-strategic assets and asset swaps with Gaz de France involving GSO and CFM in France.

Net cash flow was 6,953 M€ in 2004 compared to 6,637 M€ in 2003.

The net-debt-to-equity ratio was 26.7% at December 31, 2004 compared to 25.9% at December 31, 2003.

13

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

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

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

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

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

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 6 350 151 080 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

•   2005 Sensitivities

			Sensitivities 2005(e)17
	Change		Operating income		Net income
€/$		+ 0.1 $/€		- 1.05 B€		- 0.60 B€
Brent		+ 1 $/b		+ 0.45 B€		+ 0.20 B€
Refining margins TRCV		+ 1 $/t		+ 0.09 B€		+ 0.06 B€

•   Total S.A. parent company accounts and proposed dividend

The parent company, Total S.A., reported net earnings of 3,443 M€ in 2004 compared to 3,272 M€ in 2003. The Board of Directors, after closing the accounts, decided to propose at the May 17, 2005 Annual General Meeting a dividend of 5.40 euros per share for 2004, a 15% increase compared to 2003.

The pay-out ratio for Total in 2004, based on adjusted net income, would be 37%, above the average of the other majors¹⁸.

Taking into account the interim dividend payment of 2.40 euros per share made on November 24, 2004, the remaining dividend payable of 3 euros per action will be paid on May 24, 2005.

•   Adoption of IFRS accounting

As indicated in the September 5, 2004 presentation, impacts related to the adoption of International Financial Reporting Standards (IFRS), effective as of January 1, 2004 for the balance sheet and 2004 results, will be published in April 2005. There will be a conference call on April 13, 2005 to review the main elements of the change to IFRS.

 

17	based on reference environment : Brent = 25 $/b ; TRCV = 15 $/t ; €/$ = 1.25
18	ExxonMobil, BP, RD/Shell, ChevronTexaco

14

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 6 350 151 080 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

•   Summary and outlook

The return on average capital employed (ROACE¹⁹) for Total was 24% in 2004, which was at the highest level among the majors. Profitability increased in 2004 for all business segments :

•   Upstream ROACE increased to 35% from 29% in 2003.
Recalculated using the reference environment²⁰, 2004 ROACE was 21%.

•   Downstream ROACE increased to 25% from 15% in 2003.
Recalculated using the reference environment²⁰, 2004 ROACE was 13%.

•   Chemicals ROACE increased to 8.5% from 3.5% in 2003. Excluding Arkema, the 2004 Chemicals ROACE would have been 10%.
Recalculated using the reference environment²⁰, ROACE was 8.5% in 2004 compared to 7% in 2003.

Return on equity in 2004 was 31% compared to 26% in 2003.

The implementation of Total’s strategy requires a sustained investment program. Based on an exchange rate of €/$ 1.25, the 2005 Capex budget is approximately 12 B$, including 0.9 B$ for the proposed acquisition of a 25% stake in Novatek.

The net-debt-to-equity ratio for the Group is targeted to remain at around 25% to 30%.

Total intends to pursue a dynamic dividend policy with a target pay-out ratio of 50% over the medium term.

Since the beginning of 2005, the oil market environment has remained favorable with high oil prices, refining margins that are still strong despite a retreat from the level of the fourth quarter, and an overall favorable environment for Chemicals, although the dollar remains weak.

u u u

To listen to the presentation to financial analysts by CEO Thierry Desmarest today at 11:00 (Paris time), please visit the Group’s website www.total.com or call +44 (0) 207 162 0185 from Europe or +1 334 323 6203 from the US (code: Total). For a replay, access the website or call +44 (0)207 031 4064 from Europe or +1 954 334 0342 from the US (access code 640 029).

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.

 

19	adjusted for special items and excluding Total’s equity share of amortization of goodwill and intangible assets related to the Sanofi-Aventis merger
20	Brent = 25 $/b ; TRCV = 15 $/t ; €/$ = 1.25 ; inventory at replacement cost. Downstream ROACE calculated in this reference environment is comparable to the ROACE calculated in the former reference environment (TRCV = 12 $/t ; €/$ = 1.10)

15

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 6 350 151 080 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

Cautionary Note to U.S. Investors — The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as proved and probable reserves, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, place de la Coupole — La Défense 6 - 92078 Paris la Défense cedex — France. You can also obtain this form from the SEC by calling 1-800-SEC-0330.

16

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 6 350 151 080 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

Main operating information by segment
Fourth quarter and full year 2004

•   Upstream

						Combined liquids and gas
4Q04		4Q03		%		production by region (kboe/d)	2004		2003		%
	858		891		-4%	Europe		832		880		-5%
	840		770		+9%	Africa		813		723		+12%
	37		56		-34%	North America		61		59		+3%
	255		232		+10%	Far East		245		232		+6%
	442		414		+7%	Middle East		412		441		-7%
	187		214		-13%	South America		213		196		+9%
	9		11		-18%	Rest of world		9		8		+13%
	2,628		2,588		+2%	Total*		2,585		2,539		+2%

* including production from consolidated subsidiaries of 2,253 kboe/d in 2004 and 2,210 kboe/d in 2003

4Q04		4Q03		%		Liquids production by region (kb/d)	2004		2003		%
	442		458		-3%	Europe		424		460		-8%
	720		697		+3%	Africa		730		646		+13%
	2		4		-50%	North America		16		4		x4
	29		25		+16%	Far East		31		25		+24%
	382		361		+6%	Middle East		357		388		-8%
	100		141		-29%	South America		128		130		-2%
	9		11		-18%	Rest of world		9		8		+13%
	1,684		1,697		-1%	Total*		1,695		1,661		+2%

* including production from consolidated subsidiaries of 1,411 kb/d in 2004 and 1,379 kb/d in 2003

17

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 6 350 151 080 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

4Q04		4Q03		%		Gas production by region (Mcfd)	2004		2003		%
	2,267		2,373		-4%	Europe		2,218		2,286		-3%
	640		371		+73%	Africa		444		404		+10%
	181		267		-32%	North America		241		294		-18%
	1,394		1,137		+23%	Far East		1,224		1,156		+6%
	324		297		+9%	Middle East		293		283		+4%
	517		420		+23%	South America		474		363		+31%
	—		—		—	Rest of world		—		—		—
	5,323		4,865		+9%	Total*		4,894		4,786		+2%

* including production from consolidated subsidiaries of 4,636 Mcfd in 2004 and 4,540 Mcfd in 2003

•    Downstream

Refined product sales by region (kb/d)	2004		2003		%
Europe		2,693		2,744		-2%
Africa		306		282		+9%
Americas		605		525		+15%
Middle East		65		60		+8%
Far East		73		29		+152%
Rest of world		29		12		+142%
Total		3,771		3,652		+3%

* includes trading and share of Cepsa

18

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 6 350 151 080 euros
542 051 180 R.C.S. Nanterre
 
www.total.com

•   Chemicals

4Q04			4Q03			%		Key figures - Chemicals (B€)	2004			2003			%
	5.25			4.34			+21%	Sales		20.04			17.26			+16%
	2.85			2.11			+35%	• Base chemicals and polymers		10.30			7.91			+30%
	0.91			0.83			+10%	• Intermediates		3.71			3.60			+3%
	1.50			1.40			+7%	• Specialties		6.02			5.74			+5%
	(0.01	)		0.00		ns		• Corporate — Chemicals		0.01			0.01			—
	0.43			0.16			+169%	Operating income adjusted for special items		1.09			0.56			+95%
	0.27			0.05			+440%	• Base chemicals and polymers		0.49			0.10			+390%
	0.04			0.02			+100%	• Intermediates		0.14			0.13			+8%
	0.12			0.12			—	• Specialties		0.49			0.43			+14%
	0.00			(0.03	)	ns		• Corporate — Chemicals		(0.03	)		(0.10	)	ns

19

EX-99.4

Exhibit 99.4

Total financial statements

Fourth quarter and full year 2004 consolidated accounts, French GAAP

CONSOLIDATED STATEMENTS OF INCOME
Total

							For the year			For the year
Fourth quarter		Fourth quarter					ended 31,			ended 31,
2004		2003				Amounts in millions of euros (1)	December			December
(unaudited	)	(unaudited			)		2004			2003
34,832			27,533			Sales		122,700			104,652
(28,883	)		(23,090	)		Operating expenses		(101,141	)		(86,905	)
(1,794	)		(1,305	)		Depreciation, depletion, and amortization of tangible assets		(5,498	)		(4,977	)
						Operating income
(75	)		(46	)		Corporate		(215	)		(209	)
4,230			3,184			Business segments *		16,276			12,979
4,155			3,138			Total operating income		16,061			12,770
(118	)		(121	)		Interest expense, net		(234	)		(232	)
29			56			Dividend income on non-consolidated subsidiaries		164			152
(3	)		(1	)		Dividends on subsidiaries’ redeemable preferred shares		(6	)		(5	)
2,578			(432	)		Other income (expense), net		2,174			(1,060	)
(2,427	)		(1,185	)		Provision for income taxes		(8,316	)		(5,353	)
(675	)		218			Equity in income (loss) of affiliates		337			1,086
3,539			1,673			Income before amortization of acquisition goodwill		10,180			7,358
(225	)		(41	)		Amortization of acquisition goodwill		(308	)		(139	)
3,314			1,632			Consolidated net income		9,872			7,219
77			42			of which minority interest		260			194
3,237			1,590			NET INCOME **		9,612			7,025
5.31			2.54			Earnings per share (euros) ***		15.61			11.06
5,077			3,209			*Operating income from business segments, adjusted for special items		17,123			13,004
2,504			1,633			Net operating income from business segments, adjusted for special items		8,792			6,973
2,366			1,747			**Net income, adjusted for special items		8,886			7,344
3.88			2.79			***Earnings per share, adjusted for special items (euros)		14.43			11.56
2,519			1,747			**Adjusted net income (2)		9,039			7,344
4.13			2.79			***Adjusted earnings per share (euros) (2)		14.68			11.56

 (1) Except for earnings per share

 (2) Net income, adjusted for special items and excluding equity share of amortization of goodwill and intangible assets related to the Sanofi-Aventis merger

CONSOLIDATED BALANCE SHEET
Total

	Amounts in millions of euros
	31/12/2004			30/09/2004			31/12/2003
				(unaudited)
ASSETS
NON-CURRENT ASSETS
Intangible assets, net		1,908			2,056			2,017
Property, plant, and equipment, net		36,422			37,398			36,286
Equity affiliates : investments and loans		9,874			8,420			7,833
Other investments		1,090			1,207			1,162
Other non-current assets		3,239			3,059			3,152
Total non-current assets		52,533			52,140			50,450
CURRENT ASSETS
Inventories, net		7,053			7,044			6,137
Accounts receivable, net		14,025			14,646			12,357
Prepaid expenses and other current assets		5,363			4,660			4,779
Short-term investments		1,350			1,356			1,404
Cash and cash equivalents		3,837			12,523			4,836
Total current assets		31,628			40,229			29,513
TOTAL ASSETS		84,161			92,369			79,963
LIABILITIES & SHAREHOLDERS’ EQUITY
SHAREHOLDERS’ EQUITY
Common shares		6,350			6,543			6,491
Paid-in surplus and retained earnings		33,266			34,307			30,408
Cumulative translation adjustment		(4,653	)		(2,997	)		(3,268	)
Treasury shares		(3,703	)		(5,788	)		(3,225	)
Total shareholders’ equity		31,260			32,065			30,406
SUBSIDIARIES’ REDEEMABLE PREFERRED SHARES		147			403			396
MINORITY INTEREST		629			674			664
LONG-TERM LIABILITIES
Deferred income taxes		6,063			5,591			5,443
Employee benefits		3,600			3,833			3,818
Other liabilities		6,449			6,225			6,344
Total long-term liabilities		16,112			15,649			15,605
LONG-TERM DEBT		9,734			10,666			9,783
CURRENT LIABILITIES
Accounts payable		11,672			12,052			10,304
Other creditors and accrued liabilities		11,084			10,753			8,970
Short-term borrowings and bank overdrafts		3,523			10,107			3,835
Total current liabilities		26,279			32,912			23,109
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		84,161			92,369			79,963

CONSOLIDATED STATEMENTS OF CASH FLOWS
Total

							For the year			For the year
Fourth quarter		Fourth quarter					ended 31,			ended 31,
2004		2003				Amounts in millions of euros	December			December
(unaudited	)	(unaudited			)		2004			2003
						CASH FLOW FROM OPERATING ACTIVITIES
3,314			1,632			Consolidated net income		9,872			7,219
2,115			1,401			Depreciation, depletion, and amortization		6,090			5,305
479			201			Long-term liabilities, valuation allowances, and deferred taxes		466			(208	)
(181	)		(170	)		Impact of coverage of pension benefit plans		(181	)		(170	)
151			108			Unsuccessful exploration costs		414			359
(2,936	)		55			(Gains)/Losses on sales of assets		(3,078	)		182
707			(114	)		Equity in income of affiliates (in excess of)/less than dividends received		216			(603	)
16			12			Other changes, net		158			21
3,665			3,125			Cash flow from operating activities before changes in working capital		13,957			12,105
23			(843	)		(Increase)/Decrease in operating assets and liabilities		472			382
3,688			2,282			CASH FLOW FROM OPERATING ACTIVITIES (1)		14,429			12,487
						CASH FLOW USED IN INVESTING ACTIVITIES
(2,670	)		(2,450	)		Intangible assets and property, plant, and equipment additions		(7,167	)		(6,365	)
(136	)		(109	)		Exploration expenditures charged to expenses		(374	)		(343	)
(94	)		(84	)		Acquisitions of subsidiaries, net of cash acquired		(131	)		(421	)
(101	)		(43	)		Investments in equity affiliates and other securities		(209	)		(123	)
(191	)		(124	)		Increase in long-term loans		(787	)		(476	)
(3,192	)		(2,810	)		Total expenditures		(8,668	)		(7,728	)
54			167			Proceeds from sale of intangible assets and property, plant, and equipment		225			315
—			86			Proceeds from sale of subsidiaries, net of cash sold		1			820
359			129			Proceeds from sale of non-current investments		408			218
241			196			Repayment of long-term loans		558			525
654			578			Total divestitures		1,192			1,878
6			8			(Increase)/Decrease in short-term investments		55			116
(2,532	)		(2,224	)		CASH FLOW USED IN INVESTING ACTIVITIES		(7,421	)		(5,734	)
						CASH FLOW USED IN FINANCING ACTIVITIES
						Issuance and repayment of shares:
—			—			Parent company’s shareholders		371			69
(991	)		(478	)		Purchase of treasury shares		(3,554	)		(3,994	)
44			39			Minority shareholders		162			76
(241	)		—			Subsidiaries’ redeemable preferred shares		(241	)		—
						Cash dividends paid:
(1,440	)		—			— Parent company’s shareholders		(4,293	)		(2,571	)
(62	)		(10	)		— Minority shareholders		(207	)		(124	)
549			830			Net issuance/(repayment) of long-term debt		2,249			2,108
(7,384	)		(5,223	)		Increase/(Decrease) in short-term borrowings and bank overdrafts		(2,195	)		(2,153	)
(4	)		(1	)		Other changes, net		(6	)		(5	)
(9,529	)		(4,843	)		CASH FLOW USED IN FINANCING ACTIVITIES		(7,714	)		(6,594	)
(8,373	)		(4,785	)		Net increase/decrease in cash and cash equivalents		(706	)		159
(313	)		(55	)		Effect of exchange rates and changes in reporting entity on cash and cash equivalents		(293	)		(289	)
12,523			9,676			Cash and cash equivalents at the beginning of the year		4,836			4,966
3,837			4,836			CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR		3,837			4,836

(1) Including payments relating to the Toulouse AZF plant explosion, offset by a long-term liability write-back of 29 million of euros for the fourth quarter 2004, 316 million of euros for the year ended December 31, 2004.

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
Fourth quarter 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		6,448			23,139			5,245			—						34,832
Intersegment sales		3,792			802			188			55			(4,837	)		—
Total sales		10,240			23,941			5,433			55			(4,837	)		34,832
Depreciation, depletion, and amortization of tangible assets		(736	)		(278	)		(775	)		(5	)					(1,794	)
Operating income		3,460			1,108			(338	)		(75	)					4,155
Amortization of intangible assets and acquisition goodwill		(73	)		(28	)		(197	)		(6	)					(304	)
Equity in income (loss) of affiliates and other items		(175	)		18			(85	)		2,200						1,958
Tax on net operating income		(1,938	)		(341	)		156			(320	)					(2,443	)
Net operating income		1,274			757			(464	)		1,799						3,366
Net cost of net debt																	(49	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(80	)
Net income																	3,237

Fourth quarter 2004
(special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany	Total
Non-Group sales
Intersegment sales
Total sales
Depreciation, depletion, and amortization of tangible assets		—			(34	)		(593	)		—				(627	)
Operating income		—			(84	)		(763	)		—				(847	)
Amortization of intangible assets and acquisition goodwill		(68	)		—			(155	)		—				(223	)
Equity in income (loss) of affiliates and other items		(104	)		(25	)		(73	)		2,200				1,998
Tax on net operating income		24			32			279			(383	)			(48	)
Net operating income		(148	)		(77	)		(712	)		1,817				880
Net cost of net debt															—
Minority interests and dividends on subsidiaries’ redeemable preferred shares															(9	)
Net income															871

Fourth quarter 2004
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		6,448			23,139			5,245			—						34,832
Intersegment sales		3,792			802			188			55			(4,837	)		—
Total sales		10,240			23,941			5,433			55			(4,837	)		34,832
Depreciation, depletion, and amortization of tangible assets		(736	)		(244	)		(182	)		(5	)					(1,167	)
Operating income		3,460			1,192			425			(75	)					5,002
Amortization of intangible assets and acquisition goodwill		(5	)		(28	)		(42	)		(6	)					(81	)
Equity in income (loss) of affiliates and other items		(71	)		43			(12	)		—						(40	)
Tax on net operating income		(1,962	)		(373	)		(123	)		63						(2,395	)
Net operating income		1,422			834			248			(18	)					2,486
Net cost of net debt																	(49	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(71	)
Net income																	2,366
Sanofi-Aventis merger accounting adjustments
Adjustment for equity share of amortization of goodwill and intangible assets																	153
Adjusted net income																	2,519

Fourth quarter 2004	Upstream		Downstream		Chemicals		Corporate		Intercompany	Total
Total expenditures		2,246		623		292		31			3,192
Divestitures at selling price		322		73		54		205			654
Cash flow from operating activities (1)		3,077		159		327		125			3,688

(1) In the Chemicals segment, this figure amounts to 356 millions of euros excluding an amount of 29 millions of euros paid relating to the Toulouse AZF plant explosion.

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
Fourth quarter 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		5,151			18,041			4,335			6						27,533
Intersegment sales		2,896			577			176			34			(3,683	)		—
Total sales		8,047			18,618			4,511			40			(3,683	)		27,533
Depreciation, depletion, and amortization of tangible assets		(842	)		(228	)		(225	)		(10	)					(1,305	)
Operating income		2,652			400			132			(46	)					3,138
Amortization of intangible assets and acquisition goodwill		(11	)		(26	)		(45	)		(6	)					(88	)
Equity in income (loss) of affiliates and other items		70			(124	)		(225	)		123						(156	)
Tax on net operating income		(1,316	)		(68	)		37			139						(1,208	)
Net operating income		1,395			182			(101	)		210						1,686
Net cost of net debt																	(53	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(43	)
Net income																	1,590

Fourth quarter 2003
(special items)	Upstream		Downstream		Chemicals			Corporate		Intercompany	Total
Non-Group sales
Intersegment sales
Total sales
Depreciation, depletion, and amortization of tangible assets		—		—		(17	)		—			(17	)
Operating income		—		—		(25	)		—			(25	)
Amortization of intangible assets and acquisition goodwill		—		—		—			—			—
Equity in income (loss) of affiliates and other items		—		—		(217	)		—			(217	)
Tax on net operating income		—		—		85			—			85
Net operating income		—		—		(157	)		—			(157	)
Net cost of net debt												—
Minority interests and dividends on subsidiaries’ redeemable preferred shares												—
Net income												(157	)

Fourth quarter 2003
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		5,151			18,041			4,335			6						27,533
Intersegment sales		2,896			577			176			34			(3,683	)		—
Total sales		8,047			18,618			4,511			40			(3,683	)		27,533
Depreciation, depletion, and amortization of tangible assets		(842	)		(228	)		(208	)		(10	)					(1,288	)
Operating income		2,652			400			157			(46	)					3,163
Amortization of intangible assets and acquisition goodwill		(11	)		(26	)		(45	)		(6	)					(88	)
Equity in income (loss) of affiliates and other items		70			(124	)		(8	)		123						61
Tax on net operating income		(1,316	)		(68	)		(48	)		139						(1,293	)
Net operating income		1,395			182			56			210						1,843
Net cost of net debt																	(53	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(43	)
Net income																	1,747

Fourth quarter 2003	Upstream		Downstream			Chemicals		Corporate		Intercompany	Total
Total expenditures		1,748		704			327		31			2,810
Divestitures at selling price		119		346			94		19			578
Cash flow from operating activities (1)		2,190		(213	)		172		133			2,282

(1) In the Chemicals segment, this figure amounts to 257 millions of euros excluding an amount of 85 millions of euros paid relating to the Toulouse AZF plant explosion.

BUSINESS SEGMENTS INFORMATION
Total

	Amounts in millions of euros
For the year ended 31, December 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		21,995			80,640			20,042			23						122,700
Intersegment sales		14,208			2,836			699			183			(17,926	)		—
Total sales		36,203			83,476			20,741			206			(17,926	)		122,700
Depreciation, depletion, and amortization of tangible assets		(3,196	)		(918	)		(1,353	)		(31	)					(5,498	)
Operating income		12,820			3,133			323			(215	)					16,061
Amortization of intangible assets and acquisition goodwill		(89	)		(112	)		(284	)		(33	)					(518	)
Equity in income (loss) of affiliates and other items		228			170			(265	)		2,691						2,824
Tax on net operating income		(7,273	)		(966	)		23			(152	)					(8,368	)
Net operating income		5,686			2,225			(203	)		2,291						9,999
Net cost of net debt																	(121	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(266	)
Net income																	9,612

For the year ended 31, December 2004
(special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany	Total
Non-Group sales
Intersegment sales
Total sales
Depreciation, depletion, and amortization of tangible assets		—			(34	)		(593	)		—				(627	)
Operating income		—			(84	)		(763	)		—				(847	)
Amortization of intangible assets and acquisition goodwill		(68	)		—			(155	)		—				(223	)
Equity in income (loss) of affiliates and other items		(104	)		(25	)		(293	)		2,200				1,778
Tax on net operating income		24			32			352			(383	)			25
Net operating income		(148	)		(77	)		(859	)		1,817				733
Net cost of net debt															—
Minority interests and dividends on subsidiaries’ redeemable preferred shares															(7	)
Net income															726

For the year ended 31, December 2004
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		21,995			80,640			20,042			23						122,700
Intersegment sales		14,208			2,836			699			183			(17,926	)		—
Total sales		36,203			83,476			20,741			206			(17,926	)		122,700
Depreciation, depletion, and amortization of tangible assets		(3,196	)		(884	)		(760	)		(31	)					(4,871	)
Operating income		12,820			3,217			1,086			(215	)					16,908
Amortization of intangible assets and acquisition goodwill		(21	)		(112	)		(129	)		(33	)					(295	)
Equity in income (loss) of affiliates and other items		332			195			28			491						1,046
Tax on net operating income		(7,297	)		(998	)		(329	)		231						(8,393	)
Net operating income		5,834			2,302			656			474						9,266
Net cost of net debt																	(121	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(259	)
Net income																	8,886
Sanofi-Aventis merger accounting adjustments
Adjustment for equity share of amortization of goodwill and intangible assets																	153
Adjusted net income																	9,039

For the year ended 31, December 2004	Upstream		Downstream		Chemicals		Corporate		Intercompany	Total
Total expenditures		6,170		1,516		905		77			8,668
Divestitures at selling price		637		200		122		233			1,192
Cash flow from operating activities (1)		10,316		3,111		556		446			14,429

(1) In the Chemicals segment, this figure amounts to 872 millions of euros excluding an amount of 316 millions of euros paid relating to the Toulouse AZF plant explosion.

Balance sheet as of December 31, 2004	Upstream		Downstream		Chemicals		Corporate		Intercompany	Total
Property, plant, and equipment, net		24,143		6,904		5,188		187			36,422
Intangible assets, net		263		566		1,020		59			1,908
Investments in equity affiliates		1,430		1,241		554		5,772			8,997
Total non-current assets		27,715		10,046		7,744		7,028			52,533
Capital employed (2)		16,442		9,623		8,338		5,703			40,106

(2) After taking into account, in the Chemicals segment, a pre-tax contingency reserve (civil liability) of 110 million of euros related to Toulouse AZF plant explosion.

BUSINESS SEGMENTS INFORMATION
Total

	Amounts in millions of euros
For the year ended 31, December 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		18,704			68,658			17,260			30						104,652
Intersegment sales		11,546			2,289			590			115			(14,540	)		—
Total sales		30,250			70,947			17,850			145			(14,540	)		104,652
Depreciation, depletion, and amortization of tangible assets		(3,289	)		(880	)		(773	)		(35	)					(4,977	)
Operating income		10,476			1,970			533			(209	)					12,770
Amortization of intangible assets and acquisition goodwill		(22	)		(98	)		(151	)		(22	)					(293	)
Equity in income (loss) of affiliates and other items		265			109			(614	)		569						329
Tax on net operating income		(5,460	)		(521	)		137			424						(5,420	)
Net operating income		5,259			1,460			(95	)		762						7,386
Net cost of net debt																	(162	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(199	)
Net income																	7,025

For the year ended 31, December 2003
(special items)	Upstream		Downstream		Chemicals			Corporate			Intercompany	Total
Non-Group sales
Intersegment sales
Total sales
Depreciation, depletion, and amortization of tangible assets		—		—		(17	)		—				(17	)
Operating income		—		—		(25	)		—				(25	)
Amortization of intangible assets and acquisition goodwill		—		—		—			—				—
Equity in income (loss) of affiliates and other items		—		—		(430	)		40				(390	)
Tax on net operating income		—		—		106			(10	)			96
Net operating income		—		—		(349	)		30				(319	)
Net cost of net debt													—
Minority interests and dividends on subsidiaries’ redeemable preferred shares													—
Net income													(319	)

For the year ended 31, December 2003
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		18,704			68,658			17,260			30						104,652
Intersegment sales		11,546			2,289			590			115			(14,540	)		—
Total sales		30,250			70,947			17,850			145			(14,540	)		104,652
Depreciation, depletion, and amortization of tangible assets		(3,289	)		(880	)		(756	)		(35	)					(4,960	)
Operating income		10,476			1,970			558			(209	)					12,795
Amortization of intangible assets and acquisition goodwill		(22	)		(98	)		(151	)		(22	)					(293	)
Equity in income (loss) of affiliates and other items		265			109			(184	)		529						719
Tax on net operating income		(5,460	)		(521	)		31			434						(5,516	)
Net operating income		5,259			1,460			254			732						7,705
Net cost of net debt																	(162	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(199	)
Net income																	7,344

For the year ended 31, December 2003	Upstream		Downstream		Chemicals		Corporate			Intercompany	Total
Total expenditures		5,302		1,235		1,115		76				7,728
Divestitures at selling price		428		466		891		93				1,878
Cash flow from operating activities (1)		9,214		3,099		268		(94	)			12,487

(1) In the Chemicals segment, this figure amounts to 987 millions of euros excluding an amount of 719 millions of euros paid relating to the Toulouse AZF plant explosion.

Balance sheet as of December 31, 2003	Upstream		Downstream		Chemicals		Corporate		Intercompany	Total
Property, plant, and equipment, net		23,443		6,750		5,867		226			36,286
Intangible assets, net		196		496		1,281		44			2,017
Investments in equity affiliates		1,564		1,057		545		3,703			6,869
Total non-current assets		27,104		9,586		8,482		5,278			50,450
Capital employed (2)		16,777		9,064		8,702		4,301			38,844

(2) After taking into account, in the Chemicals segment, a pre-tax contingency reserve (civil liability) of 276 million of euros related to Toulouse AZF plant explosion.

CONSOLIDATED STATEMENTS OF INCOME (Impact of special items)
Total

	For the year ended 31, December 2004									For the year ended
										31, December 2003
							Consolidated
Amounts in millions of euros	Adjusted for						statement of			Adjusted for
	special items			Special items			income			special items
Total sales		122,700			—			122,700			104,652
Operating expenses		(100,921	)		(220	)		(101,141	)		(86,897	)
Depreciation, depletion, and amortization of tangible assets		(4,871	)		(627	)		(5,498	)		(4,960	)
Operating income
Corporate		(215	)		—			(215	)		(209	)
Business segments		17,123			(847	)		16,276			13,004
Total operating income		16,908			(847	)		16,061			12,795
Interest expense, net		(234	)		—			(234	)		(232	)
Dividend income on non-consolidated subsidiaries		164			—			164			152
Dividends on subsidiaries’ redeemable preferred shares		(6	)		—			(6	)		(5	)
Other income (expense), net		(403	)		2,577			2,174			(670	)
Provision for income taxes		(8,341	)		25			(8,316	)		(5,449	)
Equity in income (loss) of affiliates		1,164			(827	)		337			1,086
Income before amortization of acquisition goodwill		9,252			928			10,180			7,677
Amortization of acquisition goodwill		(113	)		(195	)		(308	)		(139	)
Consolidated net income		9,139			733			9,872			7,538
of which minority interest		253			7			260			194
NET INCOME		8,886			726			9,612			7,344

				Fourth quarter						Fourth quarter
				2004						2003
				(unaudited)						(unaudited)
							Consolidated
Amounts in millions of euros	Adjusted for						statement of			Adjusted for
	special items			Special items			income			special items
Total sales		34,832			—			34,832			27,533
Operating expenses		(28,663	)		(220	)		(28,883	)		(23,082	)
Depreciation, depletion, and amortization of tangible assets		(1,167	)		(627	)		(1,794	)		(1,288	)
Operating income
Corporate		(75	)		—			(75	)		(46	)
Business segments		5,077			(847	)		4,230			3,209
Total operating income		5,002			(847	)		4,155			3,163
Interest expense, net		(118	)		—			(118	)		(121	)
Dividend income on non-consolidated subsidiaries		29			—			29			56
Dividends on subsidiaries’ redeemable preferred shares		(3	)		—			(3	)		(1	)
Other income (expense), net		(219	)		2,797			2,578			(215	)
Provision for income taxes		(2,379	)		(48	)		(2,427	)		(1,270	)
Equity in income (loss) of affiliates		152			(827	)		(675	)		218
Income before amortization of acquisition goodwill		2,464			1,075			3,539			1,830
Amortization of acquisition goodwill		(30	)		(195	)		(225	)		(41	)
Consolidated net income		2,434			880			3,314			1,789
of which minority interest		68			9			77			42
NET INCOME		2,366			871			3,237			1,747

EX-99.5

2004 Results & Outlook Investor Relations - www.total.com February 2005 Exhibit 99.5

Strong 2004 performance Favorable environment Brent +33% to 38.3 $/b TRCV +57% to 32.8 $/t Rebound in petrochemical margins Negative impact from weaker dollar Solid operating performance Successful exploration program Hydrocarbon production +3.7% (excl. price effect) Refinery utilization rate 93% Olefin production +12% Large investment program 8.7 B€ or 10.7 B$ Record results* Adjusted net income: 9 B€ ROACE: 24% 1 * results adjusted for special items and excluding Total's equity share of amortization of goodwill and intangible assets related to the Sanofi-Aventis merger Usan Block 32 Laggan Al Khalij Peciko Sincor Upgrade Pars LNG Novatek LNG Terminals Rosa Kashagan Bonny T6 DHC China

* crude oil, source: IEA Global production capacity* Production Declining spare oil capacity creating strong tensions Concern over spare capacity and geopolitical uncertainties in 2004 Medium-term crude price linked mainly to development of new production capacity in OPEC countries and to strength of demand growth in Asia Spare capacity (OPEC) Global demand growth* Foresee medium-term Brent price above 25 $/b Maintaining a prudent 21 $/b scenario to evaluate long-term projects Rest of world Asia North America Europe 2 50 60 70 80 2002 2003 2004 Mb/d 0 1 2 3 Mb/d 2002 2003 2004 2005(e)

Refining-Petrochemicals : favorable market trends Convergence of factors supporting refining margins Higher conversion premium driven by growing demand for light products Reduction in availability of light, low-sulfur crude More stringent operating constraints: sulfur, aromatics, CO2 emissions Recent petrochemical rebound above mid-cycle Improved operating rates Favorable outlook for demand growth, mainly in Asia Annual change in European demand* Diesel Heavy fuel * source: IEA, Total estimates Global steamcracker operating rate* 3 - -3 - -1 1 3 % 2000-2005(e) 2005-2010(e) 85% 87% 89% 91% 2000 2002 2004 2006(e)

Results

2003 2004 % in billions of euros 4Q03 4Q04 % Record results for 4Q and full-year 2004 Operating income from business segmentsa 5.08 3.21 +58% 17.1 13.0 +32% Adjusted net incomeb 2.52 1.75 +44% 9.04 7.34 +23% Adjusted earnings per shareb (€) 4.13 2.79 +48% 14.7 11.6 +27% a adjusted for special items b adjusted for special items and excluding Total's equity share of amortization of goodwill and intangible assets related to the Sanofi-Aventis merger c dollar amounts converted from euro accounts using the average €/$ exchange rate for the period 2003 2004 % in billions of dollarsc 4Q03 4Q04 % Operating income from business segmentsa 6.59 3.82 +73% 21.3 14.7 +45% Adjusted net incomeb 3.27 2.08 +57% 11.2 8.31 +35% Adjusted earnings per shareb ($) 5.36 3.32 +62% 18.3 13.1 +40% 4

adjusted for special items Strong performance by business segments in 2004 Impact of higher oil & gas prices Production growth Higher average tax rate in 2004 Strong increase in refining margins Resilient marketing results Benefit from self-help programs Rebound in petrochemicals Negative impact of weakness in the dollar Specialties performed well Operating income Net operating income 5 Downstream +80% 4.0 2.9 2003 2004 Chemicals +114% 1.4 0.8 2003 2004 Upstream B$ 15.9 7.3 +35% 2003 2004 16 14 12 10 8 6 4 2

Profitability increased in all segments 2004 Capex in line with forecast: 8.7 B€ (10.7 B$), 71% allocated to the Upstream Impact of weaker dollar on Upstream capital employed Provisions and impairments in Chemicals for 0.9 B€ Average capital employed* (B€) Upstream Downstream Chemicals* adjusted for special items * capital employed for Chemicals excludes the contingency reserve related to Toulouse AZF (0.1 B€ at end 2004 versus 0.3 B€ at end 2003) 17.9 16.6 9.6 9.3 9.7 8.7 Profitability by segment (ROACE) 6 29% 35% 2004 2003 3.5% 8.5% 2004 2003 15% 25% 2004 2003

Total: among the best performers since 2000 Upstream: sustained production growth, low breakeven point Downstream and Chemicals: ongoing self-help programs, targeted growth and capital discipline ROACE* * adjusted results, estimates for the other majors EPS* ($) 2000 2001 2002 2003 2004 Bas 18 15 10 16 19 Haut 21 20 15 19 25 Total 20 18 15 19 24 majors Total base 2000 2001 2002 2003 2004 ChevronTexaco 100 85 55 93 151 BP 100 91 68 99 135 Shell 100 86 74 97 136 ExxonMobil 100 94 71 107 167 Total 100 97 89 131 183 Total ExxonMobil BP RD Shell ChevronTexaco % 7

2004 cash flow allocation Cash flow and investments by segment (B$) Substantial Capex program combined with the highest return to shareholders among the majors in 2004 * excludes 0.3 B€ disbursement related to Toulouse-AZF reserve and 0.2 B€ externalization of Arkema pension ** estimates of dividends paid in 2004 + share buybacks, as a % of December 31, 2003 market capitalization, calculated based on dollars 2004 return to shareholders** Dividends Share buybacks Upstream Downstream Chemicals Net cash flow Cash flow from operating activities Investments Divestments 8 13.6 7.7 5.9 2.2 4.1 1.9 1.5* 1.1 0.4 8.2% 6.8% 4.9% 5.9% 6.3% Total XOM RDS BP CVX

Dividend - Total Dividend increase: +15% to 5.40 € per share for 2004 Dividend increase expressed in dollars*: +22% Continue strong dividend increase Total's 2004 dividend pending approval at the May 17, 2005 AGM * based on €/$ 1.25 for the payment of the remaining balance of the dividend (3€ on May 24, 2005 for Total) ** 2004 pay-out: dividend declared for 2004 / 2004 adjusted EPS, estimates for the other majors Dividend - Majors 2004 Pay-out** - Majors BP ($) ExxonMobil ($) Total (€) ChevronTexaco ($) Total ($)* 9 Royal Dutch ($)* €/share +64% 2000 2001 2002 2003 2004 Total euros 100 115 124 142 164 Shell dollars 100 107 129 149 158 bp 100 107 117 127 144 xom 100 103 105 111 120 cvx 100 102 108 110 118 Total dollars 100 113 152 181 223 200 base 100 150 2000 2002 2003 2004 2001 4.10 4.70 5.40 3.80 2000 2002 2003 2004 2001 3.30 Total RD BP XOM CVX 37% 44% 39% 27% average 27%

Upstream

Benefiting fully from 2004 growth and favorable environment Technical costs* Technical costs: 8.0 $/boe + 0.7 $/boe vs. 2003 including 0.4 $/boe for exchange rate impact and price effect on volumes * consolidated subsidiaries (FAS 69) High valorization for production Context of increasing light-heavy differential Gas: +14% to 3.74 $/MBtu Valorization liquids vs. Brent Underlying growth: + 3.7% Price effect on entitlement volumes: - 1.9% 27% of production under PSC and buy-back Reported growth: + 1.8% Production 2004 Upstream ROACE: 35% Profitability recalculated based on a 25 $/b Brent environment: 21% 10 Total other majors 2001 2002 2003 2004 - -4 $/b Brent - -2 $/b 2000 2.3 2.5 2.8 Mboe/d + 3.7% 2003 2004 Price effect

Appraisal Bolivia Incahuasi Ipati 80% ? Kazakhstan Kairan 1 North Caspian 20.4% Angola Canela Block 32 30% ? Venus Block 31 5% Nigeria Preowei OPL 246 24% ? Congo Pegase Nord MTPS 40% ? Libya H1 - NC 186 Murzuk 24% UK 206-1-a-D Laggan 50% ? Nigeria Usan 5 OPL 222 20% ? Egina OPL 246 24% ? Angola Acacia Block 17 40% ? Congo Mobi Marine 1 Moho Bilondo 51% ? Algeria Irharen Timimoun 63.8% ? Established track record of exploration success Cumulative 2000-2004 contribution of exploration to reserve replacement potential 2004 addition: 0.9 Bboe Discovered new, very promising structures Appraisal drilling confirmed reserve potential of earlier discoveries Main 2004 successes Discoveries Share Oper. Permits Wells Principal permits taken since the start of 2004: Indonesia, United Kingdom, Norway, Algeria, Venezuela, Australia, Mauritania Share Permits Wells Oper. 11 addition during the year Bboe 1 2 3 4 5 2000 2001 2002 2003 2004

Maintain competitive reserve replacement rate Reserve replacement 2002-2004* Consolidated subsidiaries: 120 % Total Group: 106 % 2004 year-end reserves*: 11.15 Bboe Successful appraisal program and performance of producing fields in line with expectations Negative impact of approx. 270 Mboe on 2004 reserves from applying year-end prices Reserve replacement 2002-2004 excluding price effect** (based on 25 $/b) Consolidated subsidiaries : 131 % Total Group: 116 % * 2004 reserves calculated according to SEC rules (Brent = 40.47 $/b on December 31, 2004) ** reserve replacement rate for 2004, based on 25 $/b, was 107% for consolidated subsidiaries and 102% for the Group 1999-2001 2000-2002 2001-2003 2002-2004 Bas 0.63 0.7 0.6 Haut 2.45 2.22 2.63 Total 0.63 0.7 0.72 0.82 Finding costs (FAS 69) majors Total 99-01 00-02 01-03 02-04 $/boe 12

Solid and diversified portfolio of proved and probable reserves Proved and probable reserves at year-end 2004* between 500 Mboe and 1 Bboe more than 1 Bboe * limited to proved and probable reserves covered by E&P contracts on fields that have been drilled and for which technical studies have demonstrated economic development in a Brent 25 $/b environment less than 500 Mboe Reserve life close to 20 years based on current production rate 66% Oil / 34% Gas United Kingdom Norway Kazakhstan Indonesia Angola Venezuela Qatar Abu Dhabi Congo Nigeria Exploration: primary means for reserve replacement Large new gas ventures close to finalization 13

Targeted growth through 2010 of 4 % per year on average* Maintain Upstream ROACE above 20 % (Brent 25 $/b) Target rate for production growth extended through 2010 * scenario for production growth based on Brent at 25 $/b Production 2010(e) 2005-2010 growth: main projects Surmont Phase I North America Ekofisk Growth Glenelg Kristin Forvie North Snohvit Tempa Rossa Europe Trinidad Block 2c Carina Aries Yucal Placer Phase II Sincor South America Bonga BBTL Dalia / Rosa Moho Bilondo Akpo Africa CIS Peciko - Tunu Sisi/Nubi Asia Dolphin Yemen LNG Pars LNG Qatargas II Middle East oil Usan Block 17, Pole III Tyrihans Shah Deniz Kashagan gas New projects close to finalization Conventional gas Heavy oil Deep offshore Conventional oil LNG 14 Novatek Yurkharov Tarkosale East Khanchey

2011-2015: capitalize on existing base to sustain future growth Gas / LNG Deep offshore West Africa Block 17 satellites Block 32 OPL 246 OPL 222 Pegase Kashagan full field Kairan, Aktote Associated gas Sincor II Surmont full field Demonstrated expertise as operator under a variety of conditions Leverage technology and marketing to access new reserves Expansions and new giant projects Valorizing discoveries Leverage technology and integration with Downstream Ramp up major projects Pars T3 Bonny T7, T8 Angola LNG Extension Dolphin Southern Cone Novatek 15 Heavy oil Caspian Sea

40% - operator 51% - operator 24% - operator 40% - operator 40% - operator 20% - operator 20% West Africa: seven giant projects ensure future growth Rosa Moho Bilondo Akpo B17 - Pole III Dalia Usan Satellite, 150 kb/d under construction 2007(e) FPU, 75 kb/d launch in 2005 2008(e) FPSO, 175 kb/d launch in 2005 2008(e) FPSO, 240 kb/d under construction 2006(e) Development study in progress 2009-2010(e) Development study in progress 2009-2010(e) BBTL CPT, 200 kb/d under construction 2006(e) future production estimated based on Brent at 25 $/b Dalia and Rosa developments in line with forecasts Launching Moho Bilondo and Akpo developments in 2005 Preparing Usan and Block 17 Pole III for development Production - West Africa 2004 2010(e) Mboe/d 2004 base 7 major projects others 0.5 1 Total: largest international producer in Africa 16

Largest independent gas producer in Russia Young assets, operated according to international standards Projected to double production by 2010 Valorization based on domestic gas price 3 giant fields representing about 4 Bboe of proved and probable reserves Project to acquire 25% of capital Approx. 0.9 B$, or 0.8 $/boe Participation in management and operations Exploration upside Russia: acquiring a stake in Novatek Western Siberia: Largest gas province in the world 2004 Novatek production* = 435 kboe/d project pending approval from Russian anti-trust authorities * source Novatek Yamalo-Nenets Producing since 2001 Khanchey Producing since1998 Tarkosale East Tambey Upside to evaluate Producing since 2002 Yurkharov 17

Second-largest international producer in the region Demonstrated technological expertise (North Field, South Pars 2&3) Long-time player in Middle East LNG (Qatargas, Adgas, Oman LNG) Access to new large reserves 4 giant gas projects with 20-30 year production plateaus Middle East: outstanding portfolio of large, long-term gas projects future production estimated based on Brent at 25 $/b * share before entry of potential partners (LNG buyers) 0,8 2004 2010(e) liquids gas Saudi Arabia Iraq Syria Iran Oman UAE Yemen Presence of Total Participation of Total being finalized Qatargas II Yemen LNG (42.9%)* 2 trains, 3.3 Mt/y each Operator Launch project in 2005(e) 2 trains, 5 Mt/y each Engineering underway Pars LNG (30%)* South Pars 11 (60%)* Offshore gas: 2 Bcfd Operator Engineering underway Dolphin (24.5%) Qatar / UAE: 2 Bcfd Under construction Development in line with forecast Start up year-end 2006(e) 18 Kuwait Qatar Middle East production

Mt/y 5 10 15 2004 2010(e) LNG: growth of more than 10% per year on average through 2010 LNG production growth of 7% in 2004 Well balanced between plant expansions and new projects Nearly 40% of Total's gas production dedicated to LNG by 2010 Preparing several projects for 2011-2015 Pars T3, Bonny T7 & T8, Angola LNG * Total share, excluding trading ** close to finalization LNG sales* Strengthening Group's long-term production base 19 Bontang (8 trains) Qatargas (3 trains) Bonny (3 trains) Oman (2 trains) Adgas (1 train) Pars T1 & 2** 2010(e) Qatargas II** 2009(e) Yemen T1 & 2 2009(e) Bonny T6 2008 Snohvit 2007 Oman T3 2006 Bonny T4 & 5 2005

Strong development of midstream gas in 2004 Four re-gas terminal projects launched* Increase sales in the US gas market from 10 Bm3 in 2003 to 15 Bm3 in 2004 European customer base** increased from 7 Bm3/y in 2003 to 13 Bm3/y in 2004 Market access: leverage for LNG production growth Available long-term LNG resources(e) Reserved re-gas capacity 5 10 15 2004 2007(e) 2010(e) 5 10 Bm3/y Mt/y 1 Bm3/y = approx. 0.1 Bcfd * Total's share of regasification capacity ** excludes long-term sales contracts for equity gas Sabine Pass 10 Bm3/y Signed Nov. 2004 Start-up 2009(e) 2.3 Bm3/y Signed Dec. 2004 Start-up 2007(e) Fos Cavaou 0.9 Bm3/y Signed March 2004 Start-up 2005(e) Hazira Altamira 1.7 Bm3/y Signed Oct. 2003 Start-up 2006(e) 20 Secured access to markets

Downstream

Downstream results sharply higher in 2004 Refining environment favorable despite weakness in the dollar Marketing resilient given the context of high product prices Contribution of self-help programs adjusted for special items * improvement in refining environment not reflected in TRCV (mainly valorization of products and cost of feedstock) Change in Downstream operating income (B€) 2004 Downstream ROACE: 25% Recalculated with TRCV at 15 $/t and €/$ at 1.25: 13% 21 2003 2004 2.0 3.2 Productivity + 0.15 TRCV sensitivity Market effect* Shipping: + 0.1 Marketing: - 0.2 environment €/$ Improved environment for refining: + 1.15 1.5 Net operating income 2.3 Operating income

Adapting the refining system to market trends Additional investments to create value Increase capacity to refine high-sulfur crude Add production capacity for naphtha and diesel: Normandy DHC Reduce energy consumption and limit CO2 emission Progressive reduction of investments required to meet new product specifications Program 60% complete at end of 2004, close to 90% complete in 2006(e) Investments in refining* Adapting to new product specs * excludes impact of capitalizing turnarounds under IFRS, approx. 1.3 €/t/year over the period 2005-2008(e) Energy efficiency Emission reduction Performance Valorization Investments raised to 5 €/t/year* on average over the period 2005-2008(e) Safety Maintenance 22 1 2 3 4 5 2001-2004 2005-2008(e) €/t/y

Competitive advantages of refining-petrochemical integration Integration reduces investment required to meet new product specifications Status of integration efforts Operational platforms: Feyzin, Antwerp, Normandy, Port Arthur Under construction: integrating Provence and Naphtachimie (operational in 2006) Additional studies underway: Feyzin, Normandy, Port Arthur propylene naphta, butane, FCC gasoline butene hydrogen aromatics steamcracker gasoline Integrated management of gasoline pool Better valorization of aromatics Supply synergies Economies of scale Refining-Petrochemicals main product flow Refining Steamcracker Aromatics Polyethylene Polypropylene Styrene 23

Marketing : low volatility and potential to increase returns Robust marketing results in a volatile Downstream environment Benefit from brand loyalty and market segmentation strategy Diversification of network revenues Regular contributions from specialties (lubes, LPG...) and overseas marketing* Ongoing self-help programs Network rationalization Reducing fixed costs 24 Capital discipline Reduction of capital employed in mature areas Targeted investments in growth areas: Caribbean, Asia and Africa Lower working capital: customer credit reduced from 27 to 23 days over 4 years Marketing capital employed at 12/31 Growth areas Mature areas * Africa-Mediterranean Rim, Caribbean and French Polynesia 50 base 100 2002 2004 2006(e) 2008(e)

Downstream : maintain best profitability among the majors * Brent = 25 $/b, TRCV = 15 $/t ; €/$ = 1.25 ; inventory at replacement cost ; Downstream ROACE calculated based on the new reference environment is equivalent to the ROACE based on the previous reference environment (TRCV=12 $/t ; €/$=1.10) Downstream ROACE Total's Downstream ROACE in reference environment* (TRCV = 15 $/t ; €/$ = 1.25) Continuing self-help programs over the period 2004-2007 Improve valorization of production and operational performance of refineries Rationalization of European network in a very competitive environment Strengthen positions in Africa and growth areas Recurring impact on operating income : +500 M€(e) per year by 2007 Increase value-creating investments without substantially changing capital employed 25 % Total majors(e) 20 15 10 5 25 2001 2002 2003 2004 15% Impact of self-help programs 13% Target 2007/2009 2004

Chemicals

Chemicals results recover in 2004 Operating income* * adjusted for special items, paints divested early 2003, created Total-Samsung JV in August 2003 ** 2004 environment very close to mid-cycle for petrochemicals Base chemicals Intermediates Specialties Chemicals ROACE rose to 8.5% in 2004** (10% excluding Arkema) Base chemicals increased sharply Steamcracker margins rebounded in Europe and US in second half 2004 Strong performance by Total-Samsung JV in South Korea Intermediates affected by decline in dollar Specialties improved across all activities in 2004 1H00 2H00 1H01 2H04 2H01 1H03 2H03 1H04 1H02 2H02 26

Atlantic petrochemical indicator* Total's olefin production growing as margins rebound Continue to grow olefin production through 2008 Ramp up production, debottleneck and expand capacity (Port Arthur, QAPCO, Samsung JV) Objective to increase utilization rate of crackers Difficult situation for European polyethylene market Concentrating investments for expansion in Asia and Middle East 1T02 2T02 3T02 4T02 1T03 2T03 3T03 4T03 1T04 2T04 3T04 4T04 GI Atlantique 371 464 515 456 434 582 444 458 501 492 541 710 mid cycle1,1 540 540 540 540 540 540 540 540 540 540 540 540 mid cycle 1,25 550 550 550 550 550 550 550 550 550 550 550 550 2002 451 451 451 451 2003 480 480 480 480 2004 561 561 561 561 561 Total's olefin production mid-cycle €/$ = 1.25 $/t Asia / Middle East Capital employed in petrochemicals at 01/01 2004 2009(e) Europe / US 2002 2004 2003 800 600 400 * Atlantic petrochemical indicator = 50% Europe + 50% US 27 2.5 5 Mt 2008(e) 2002 2003 2004

Specialties : profitable growth and capital efficiency Sales growth of 5% in 2004 Operating income increased by 14% despite decline in dollar 2004 ROACE above 10% Strong cash flow generation Strategy for profitable growth Substantial R&D effort Expanding in growth areas, notably Asia Cash flow from Specialties Strong creation of value Cash flow from operations Investments Capital employed at 12/31* * excluding paints, divested early 2003 28 0.5 1 1.5 Cumul 2002-2004 B€ 1 2 3 2002 2003 2004 B€

Arkema: 2006 target for spin-off confirmed* Breakeven at mid-cycle Increased volumes while maintaining margins Difficult to pass on higher costs * subject to market conditions and after informing / consulting with labor representatives Restructuring to breakeven at the bottom of the cycle Debottlenecking and starting up new units Objective to restore margins Activities showed recovery starting in late 2004 despite weakness in the dollar Feb. 2004 Planned spin-off announced June 2004 Management put in place Oct. 2004 Arkema created 2005 : Preparing for spin-off Fine tune organization and systems Continue self-help programs Prepare market operation Vinyl products Industrial chemicals Performance products Mixed 2004 results 2005 Outlook 29

Maintaining ambitious profitability target Petrochemicals Arkema Petrochemicals Specialties Specialties Chemicals - capital employed Chemicals ROACE in reference environment ** Self-help programs * at 12/31/2004 ** Brent = 25 $/b ; TRCV = 15 $/t ; €/$ = 1.25 ; mid-cycle for petrochemicals Continuing to improve performance, control capital employed and rebalance portfolio Change in portfolio 30 2004* 2007/2009 5 10 2003 Target 2007/2009 7% 12% 2004 8.5% %

Outlook

2005 investment program provides for strong development * Capex based on €/$ = 1.25 versus €/$ = 1.10 in the previous reference environment Continue development of major projects: Kashagan, Dolphin, Dalia, Snohvit, Ekofisk Growth, Tunu... Pending acquisition: 25% of Novatek (~0.9 B$) Upstream: priority to growth 2006-2009(e) Capex: 10 to 11 B$ per year In-line with earlier estimates Takes into account new €/$* assumption and capitalization of turnaround costs under IFRS 2005 Capex budget: 12 B$ Refining: peak year for DHC project plus impact of IFRS on capitalizing turnarounds Marketing: developing new positions Downstream: peak in Capex Chemicals: investment discipline 31 70% 20% 10%

Cash flow allocation policy Average annual available cash flow 2005-2009(e) * based on €/$ = 1.25 and excluding sales of Sanofi-Aventis shares Brent ($/b) and TRCV ($/t) Investments Cash flow available before dividend* Large investment program Net-debt-to-equity ratio around 25-30% under IFRS Sales of Sanofi-Aventis shares not planned for the short term (valued at 10B€ at beginning of 2005) Cash flow after Capex and dividend available for share buyback 32 In 2004, pay-out ratio for Total above the average of the majors Maintain target pay-out ratio of 50% for the medium term 16 12 25 15 30 30 B$ 20 8 4 20 15

Continuity of growth strategy well adapted to changing environment 2005-2006 milestones 12 new start-ups: 300 kboe/d (net) at plateau Launch development of giant projects to sustain long-term growth (West Africa, LNG...) Exploration in more than 25 countries Novatek Start up DHC at the Normandy refinery Rationalize European network Develop marketing in Africa and Asia Increase olefin production Grow in Asia Spin-off Arkema in 2006* Strong positions in high-growth areas and top-quartile profitability Upstream Strengthening leadership positions in Europe and Africa plus selective growth Rebalancing portfolio Downstream Chemicals 33 * subject to market conditions Continuing to combine growth and profitability at the highest level

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 Autorite des Marches 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. Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as proved & probable reserves, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20F, File N° 1-10888, available from us at 2, place de la Coupole - La Defense 6 - 92078 Paris la Defense cedex - France. You can also obtain this form from the SEC by calling 1- 800-SEC-0330. Disclaimer 34

EX-99.6

Exhibit 99.6

Total
France: Philippe Gateau
Tel.: +33 (0)1 47 44 47 05
philippe.gateau@total.com

Morocco: Total Maroc
Khalid El Malki
Tel.: +212 (0) 22 22 04 71

Total Energie
France: Samuel Faure
Tel.: +33 (0)4 78 48 88 50
s.faure@total-energie.fr

Morocco: Stéphane Maureau
Tel.: +212 (0)37 73 83 73
s.maureau@total-energie.fr

EDF
France: Fabien Renard
Tel.: +33 (0)1 40 42 44 19
fabien.renard@edf.fr

Morocco: EDF Maroc
Adil Lahlou
Tel.: +212 (0)22 94 95 25
edf@marocnet.net.ma

Temasol
Morocco: Stéphane Maureau
                 Khalid Semmaoui
Tel.: +212 (0)37 73 83 73
temasol@temasol.com

Morocco Awards Contract to Total Energie, Total and EDF to
Equip a Further 37,000 Households with Solar Power

Paris – February 22, 2005 — The Maroccan company Temasol has won a contract for a rural solar power electrification program for 37,000 households in Morocco. Temasol is jointly held by Total Energie, Total through its subsidiary Total Maroc, and Electricité de France (EDF).

This success was achieved after Morocco’s Office National d’Electricité (ONE) issued an international tender in early 2004. In 2002, the partners were already awarded a program to equip 16,000 households.

Implementation of the program will be completed by end-2007. Each household will be equipped with a solar panel and battery system to supply power for lighting and domestic appliances. Temasol will use Total Energie’s photovoltaic systems and will be responsible for managing the technical and financial aspects of the program. Under a ten-year contract, Temasol will perform maintenance and equipment replacement.

The project has an estimated budget of €21.2 million. ONE will provide €17.4 million, with the financial support of the Agence Française de Développement (AFD). Technical assistance was provided in the first phase by the Fonds Français pour l’Environnement Mondial (FFEM).

In synergy with the solar electrification program, Morocco’s Office National de l’Eau Potable

(ONEP) has asked Temasol to install and operate Total Energie photovoltaic pumps to provide drinking water to around 15 villages with close to 5,800 inhabitants. The contract for this program, which is also supported by AFD and FFEM, was signed on July 28, 2004.

Total Energie, Total and EDF are once again pooling their capabilities to successfully implement an environmentally friendly project that will promote economic and social growth in Morocco. The solar electrification program is fully in line with the partners’ sustainable development strategy.

EX-99.7

Exhibit 99.7

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

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

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

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

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

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 6 326 791 340 euros
542 051 180 R.C.S. Nanterre

www.total.com

Qatar: Total signs a Heads of Agreement for the acquisition of a 16.7%
equity participation in Train II of the Qatargas 2 project and
for the purchase of LNG

Paris, February 28, 2005 – Total, Qatar Petroleum and ExxonMobil announce today the signature of a Heads of Agreement (HOA) for the acquisition by Total of a 16.7% equity participating interest in Train II of Qatargas 2, and the purchase by Total of liquefied natural gas (LNG) from the Qatargas 2 project, in Qatar.

The acquisition by Total of such equity participating interest is subject to the approval of regulatory authorities.

Total will purchase up to 5.2 million tons of LNG per year from Qatargas 2 for a period of 25 years. Taking advantage of Total’s diversified and strong presence in the gas markets of the Atlantic basin, the LNG is primarily intended for deliveries in France, the United Kingdom and the United States.

Qatargas 2 is an integrated project covering the development of two new LNG trains, each with an annual capacity of 7.8 million tons with the feed gas coming from Qatar’s giant North Field. The LNG trains will be built at the Ras Laffan Industrial City in Qatar. After the agreements, the sponsors in Train II of the Qatargas 2 project will be Qatar Petroleum, ExxonMobil and Total. The start-up of Train II of the Qatargas 2 project is presently targeted for end 2008.

Thierry Desmarest, Chairman and Chief Executive Officer of Total, said: “The execution of this agreement, which is the result of a successful joint negotiation, is another important step in the fulfilment of Total’s continuing objective to grow its LNG portfolio. This agreement will strengthen the Group’s long term production growth profile. Total’s participation in Qatargas 2 reinforces its position in the State of Qatar where the Group has been present for 70 years”.

Total is one of the founding partners with 10% (20% of the upstream) of Qatargas, a company which owns and operates three LNG trains under production.

Total has already a large range of assets and projects in Qatar where it operates the Al Khalij oil field and has activities in the petrochemical sector with Qapco, QVC and the Qatofin project. Total has also a 24.5 % interest in the Dolphin project, which is presently under construction and will produce by the end of 2006, two billion cubic feet per day (bcf/d) of natural gas to be transported to the United Arab Emirates.

* * * * *

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-99.8

Exhibit 99.8

NEWS RELEASE

Creation of Total Lubrifin in Romania

Brasov, March 3, 2005 – Total and Lubrifin, a major producer and distributor of lubricants and greases in the Romanian market, have reached an agreement to create a joint venture, Total Lubrifin. Owned 51% by Total and 49% by Lubrifin, Total Lubrifin SA will begin operations in the first half of 2005.

Under the trademarks of both partners, Total Lubrifin will market a complete range of lubricants and greases in Romania for the automotive and industrial markets.Total Lubrifin will build a grease unit next to the lubricant plant recently built by Lubrifin near Brasov.

Ideally situated at the heart of Central and Eastern Europe, a strategic development area, Total Lubrifin will also contribute to the growth of Total’s lubricant and grease businesses in the region.

* * * * *

Total is the world’s fourth-largest international oil and gas company, with operations spanning the entire oil and gas chain, from exploration and production to refining and marketing, trading and gas and power. The Group is also a world-class chemicals manufacturer. Total employs more than 110,000 people in over 130 countries worldwide.
Total produces and sells a wide range of lubricants and greases for automotive, two-wheeler, transportation, agricultural, fishing, construction, marine and industrial applications. For more information, go to the website at www.total.com and www.lubricants.total.com

Lubrifin, based in Brasov, has been producing and selling lubricants and greases since 1935. In Romania, Lubrifin is the second-ranked lubricants operator, with a market share of 10%, and the leader in greases with a 65% market share.
For more information, go to the website at www.lubrifin.ro

Contacts:
Total
France   Christine de Champeaux Tel +33 (0)1 47 44 47 49 – christine.de-champeaux@total.com
              Bruno Viroulet Tel.: +33 (0)1 41 35 39 61 – bruno.viroulet@total.com

Lubrifin
Romania   Mihaï Costea, Tel.: +40 (268) 33 34 50 – costea@lubrifin.ro