FORM 6-K

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, S7l+Xl/EDU55nYVJD2v08hLdQc4YpJV/Nmg9ZmvkTUQvZl4TA7dgrsJtrVrDodkH X4Q6WICUXjJtDb8lYC2ocA== 0000950123-06-007066.txt : 20060530 0000950123-06-007066.hdr.sgml : 20060529 20060530060822 ACCESSION NUMBER: 0000950123-06-007066 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20060529 FILED AS OF DATE: 20060530 DATE AS OF CHANGE: 20060530 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOTAL SA CENTRAL INDEX KEY: 0000879764 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10888 FILM NUMBER: 06871992 BUSINESS ADDRESS: STREET 1: 2 PLACE DE LA COUPOLE STREET 2: LA DEFENSE 92078 CITY: PARIS FRANCE STATE: I0 ZIP: 00000 BUSINESS PHONE: 2129693300 MAIL ADDRESS: STREET 1: 2 PLACE DE LA COUPOLE STREET 2: LA DEFENSE 92078 CITY: PARIS FRANCE STATE: I0 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA ELF SA DATE OF NAME CHANGE: 20001010 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA SA DATE OF NAME CHANGE: 19990713 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL DATE OF NAME CHANGE: 19960103 6-K 1 y01401e6vk.htm FORM 6-K FORM 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 months of

April—May 2006

TOTAL S.A.

(Translation of registrant’s name into English)

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

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

Form 20-F þ Form 40-F o

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

Yes o No þ

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

TABLE OF CONTENTS

SIGNATURES
EXHIBIT INDEX


EX 99.1 :		Sale of Interests in Gaz de Strasbourg and Gaz de Bordeaux
EX 99.2 :		Results from Gulf of Mexico Exploration Well
EX 99.3 :		Gas Discovery, Timimou Perimeter, Algeria
EX 99.4 :		1^st Quarter 2006 Results
EX 99.5 :		2006 General Meeting Report
EX 99.6 :		Zimbo Program, Angola
EX 99.7 :		New Memorandum of Understanding with Saudi Aramco

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: May 30, 2006		By : /s/ Charles Paris de Bollardière

		Name : Charles PARIS de BOLLARDIERE

		Title : Treasurer

EXHIBIT INDEX


Ø	EXHIBIT 99.1:	Total Sells Interests in Gaz de Strasbourg and Gaz de Bordeaux (April 26, 2006).

Ø	EXHIBIT 99.2:	Total Announces Successful Results from Gulf of Mexico Exploration Well (April 27, 2006).

Ø	EXHIBIT 99.3:	Gas Discovery in the Timimoun Perimeter in Algeria (May 3, 2006).

Ø	EXHIBIT 99.4:	First Quarter 2006 Results (May 4, 2006).

Ø	EXHIBIT 99.5:	2006 General Meeting Report (May 12, 2006).

Ø	EXHIBIT 99.6:	Total Launches the Zimbo Program to Support Small Businesses in Angola (May 18, 2006).

Ø	EXHIBIT 99.7:	Saudi Aramco and Total sign Memorandum of Understanding for Proposed Jubail Export Refinery (May 21, 2006).

EX-99.1 2 y01401exv99w1.htm EX-99.1: SALE OF INTERESTS IN GAZ DE STRASBOURG AND GAZ DE BORDEAUX 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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

Total Sells Interests in Gaz de Strasbourg and Gaz de Bordeaux

Paris – April 26, 2006 — Total has signed two agreements to sell to Caisse des Dépôts et Consignations its 25% interest in Gaz de Strasbourg and its 16% interest in La Société du Gaz de Bordeaux, two local distribution companies that serve manufacturers and consumers in the municipalities of Strasbourg and Bordeaux. Finalisation of these transactions is subject to the exercise of any applicable approval and pre-emptive rights.

Total produces, transports and markets natural gas, both on a wholesale basis and directly to industrial and commercial customers. Following the separation of Total and Gaz de France’s cross-shareholdings in their joint transmission and marketing subsidiaries, the sale of these assets, which are not strategic to Total’s local gas operations, further clarifies and aligns the Group’s positions in France, where it is a key operator.

Total’s French transmission and storage operations are now consolidated in a Total subsidiary “Total Infrastructures Gaz France” (TIGF), which operates a 4,905 kilometre network of pipelines and two underground storage facilities with a combined capacity of 2.4 billion cubic metres, representing around 22% of total French capacity. In 2005, Total sold 7.4 billion cubic metres of gas in France through its newly established subsidiary, Total Energie Gaz (TEGAZ).

* * * * * *

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 111,000 employees worldwide. More information can be found on the company’s website: www.total.com

EX-99.2 3 y01401exv99w2.htm EX-99.2: RESULTS FROM GULF OF MEXICO EXPLORATION WELL EX-99.2





Exhibit 99.2

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

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

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

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

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

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

Mary DWYER
Tel.: 33 (1) 47 44 21 19

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

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

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

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

TOTAL S.A.
Capital 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

TOTAL ANNOUNCES SUCCESSFUL RESULTS
FROM GULF OF MEXICO EXPLORATION WELL

Paris, April 27, 2006 – Total announces successful results from its Alaminos Canyon Block 856 No. 1 well in the Gulf of Mexico. The block is located approximately 140 miles east of the Texas coast.

Drilled in 7,600 feet of water to a total depth of 14,600 feet, the well encountered approximately 290 feet of pay in two oil-bearing zones. An appraisal well will be drilled to further assess the extent of the accumulation.

Total E&P USA, Inc., a wholly owned subsidiary of Total S.A., is the operator with a 70 percent interest. Nexen Inc. holds the remaining 30 percent.

* * * * * *

EX-99.3 4 y01401exv99w3.htm EX-99.3: GAS DISCOVERY,TIMIMOU PERIMETER, ALGERIA 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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

Gas Discovery in the Timimoun Perimeter in Algeria

Paris, May 3, 2006 — Total has made a discovery in the Timimoun gas perimeter in southwestern Algeria, which it operates with a 63.75% interest alongside state oil and gas company Sonatrach (25%) and Cepsa (11.25%).

The MJB-3 exploration well tested at 235,000 cubic meters of gas per day. The find is currently being evaluated, while the exploration and appraisal program continues in the Timimoun perimeter.

Present in Algeria for more than 50 years, Total has four main centers of operation — Hamra, Tin Fouyé Tabankort, Béchar and Timimoun — as well as interests in the Rhourde El Khrouf and Ourhoud fields through its stake in Cepsa. Total is also a partner in the planned Medgaz pipeline between Algeria and Spain.

* * * * * *

EX-99.4 5 y01401exv99w4.htm EX-99.4: 1ST QUARTER 2006 RESULTS EX-99.4





Exhibit 99.4

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

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

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

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

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

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

Mary DWYER
Tel.: 33 (1) 47 44 21 19

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

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

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

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

TOTAL S.A.
Capital 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

Total reports first quarter 2006 results
New steps toward long-term growth

Main results


• *Adjusted net income*^1-2	3.38 billion euros	+16%
	4.06 billion dollars³	+ 6%
	5.78 euros per share	+18%
	6.95 dollars per share	+ 8%
• *Increased investments*	3.31 billion dollars	+41%

Recent highlights

•

Ongoing exploration success

	•		Positive results in Angola, Yemen, Libya, Congo, Algeria and US Gulf of Mexico

	•		New acreage in Norway, Australia, Cameroon, Bangladesh and Canada

•

Agreement to enter into the Sulige field in China and the Tahiti field in the US Gulf of Mexico

•

Launching development of Tyrihans in Norway

•

Production start-ups at Glenelg (United Kingdom) and Belize (Angola)

•

Preparation of the Arkema spin-off on May 18

•

Satisfactory outcome to Cepsa arbitration

•

Proposed 2005 dividend of 6.48 euros per share and four-for-one stock split submitted for approval at the May 12 Annual Meeting


¹		adjusted net income = net income using replacement cost (Group share) adjusted for special items and excluding Total’s share of amortization of intangibles related to the Sanofi-Aventis merger

²		percent changes are relative to the first quarter 2005

³		dollar amounts represent euro amounts converted at the average €/$ exchange rate for the period (1.2023 $/€ in the first quarter 2006, 1.3113 $/€ in the first quarter 2005 and 1.1884 $/€ in the fourth quarter 2005)

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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

Paris, May 4, 2006 -— The Board of Directors of Total, chaired by CEO Thierry Desmarest, met on May 3, 2006 to review the first quarter 2006 results. Commenting on the results, Thierry Desmarest said:

« In the first quarter 2006, demand for oil continued to be strong while supplies were subject to serious disruptions, notably in Nigeria. In this context, oil prices continued to rise, while refining margins retreated from their 2005 average. The environment for Chemicals was more mixed, with higher raw material costs putting pressure on petrochemicals.

Adjusted net income increased by 16% to 3,376 million euros from 2,919 million euros in the first quarter 2005. Adjusted fully-diluted earnings per share rose to 5.78 euros, an increase of 18%. The Group’s profitability over the past four quarters rose to 28%, at the level of the best in the industry, thanks notably to strict control of technical costs, which are the lowest among the major oils.

Total is continuing to implement its strategy of long-term growth, mainly through an active investment program, which in dollar terms increased by 41% compared to the first quarter 2005. Since the beginning of the year, we made significant progress, notably through ongoing exploration success and the agreement to enter into the Sulige field in China.»

• Key figures from the consolidated accounts of Total⁴


in millions of euros,							1Q06 vs
except earnings per share and number of shares	1Q06		4Q05		1Q05		1Q05

Sales		39,605		39,942		31,739		+25	%

Adjusted operating income from business segments		6,767		6,330		5,456		+24	%

Adjusted net operating income from business segments		3,269		3,095		2,877		+14	%
• Upstream		2,400		2,132		1,808		+33	%
• Downstream		650		799		678		-4	%
• Chemicals		219		164		391		-44	%

Adjusted net income		3,376		3,052		2,919		+16	%

Adjusted fully-diluted earnings per share (euros)		5.78		5.20		4.90		+18	%

Fully-diluted weighted-average shares (millions)		584.0		586.5		596.1		-2	%

Net income (Group share)		3,683		2,341		3,208		+15	%

Investments		2,750		3,799		1,784		+54	%

Divestments (at selling price)		397		250		213		+86	%

Cash flow from operations		4,839		3,171		4,037		+20	%

Adjusted cash flow from operations		4,287		4,459		4,247		+1	%

⁴

adjusted income (adjusted operating income, adjusted net operating income, adjusted net income) is defined as income using replacement cost, adjusted for special items and excluding Total’s equity share of amortization of intangibles related to the Sanofi-Aventis merger. Adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost). Adjustment items are listed on page 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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

•

First quarter 2006 results

> Operating income

In the first quarter 2006, the average Brent oil price rose to 61.8 $/b, an increase of 30% compared to the first quarter 2005 and 9% compared to the fourth quarter 2005. The TRCV European refining margin indicator was 25.8 $/t on average over the quarter, a 19% decrease compared to the first quarter 2005 and a 43% decrease compared to the fourth quarter 2005, a period marked by high refining margins in the aftermath of hurricanes in the Gulf of Mexico.

Petrochemical margins in the Atlantic Basin were at a level comparable to the fourth quarter 2005 but were substantially lower compared to the first quarter 2005. The euro/dollar exchange rate was 1.20 $/€ compared to 1.31 $/€ in the first quarter 2005 and 1.19 $/€ in the fourth quarter 2005.

In this context, the adjusted operating income from the business segments increased by 24% to 6,767 million euros (M€) in the first quarter 2006 from 5,456 M€ in the first quarter 2005⁵.

Adjusted net operating income from the business segments was 3,269 M€ compared to 2,877 M€ in the first quarter 2005, an increase of 14%. The lower percentage increase relative to the increase in operating income is a function of the Upstream segment having a higher effective tax rate and a larger proportion of the results in the first quarter 2006 compared to the first quarter 2005. Sequentially, the change in adjusted net operating income is in line with the change in adjusted operating income.

> Net income

Adjusted net income increased by 16% to 3,376 M€ in the first quarter 2006 from 2,919 M€ in the first quarter 2005. This excludes the after-tax inventory effect, special items, and the Group’s equity share of amortization of intangibles related to the Sanofi-Aventis merger.

The after-tax inventory effect (FIFO vs. replacement cost) had a positive impact of 280 M€ in the first quarter 2006 and 496 M€ in the first quarter 2005. Special items had a positive impact on net income of 110 M€ in the first quarter 2006 and were composed mainly of the gain on the sale of Upstream assets in the US. In the first quarter 2005, special items had a negative impact on net income of 125 M€ and were composed mainly of restructuring charges in the Chemicals. The Group’s equity share of amortization of intangibles related to the Sanofi-Aventis merger had a negative impact on net income of 83 M€ in the first quarter 2006 and 82 M€ in the first quarter 2005.

Reported net income was 3,683 M€ compared to 3,208 M€ in the first quarter 2005.

The effective tax rate⁶ for the Group was 55% in the first quarter 2006 compared to 55% in the fourth quarter 2005 and 51% in the first quarter 2005.

In the first quarter 2006, the Group bought back 5.5 million of its shares for 1,190 M€. As of March 31, 2006 there were 583.4 million fully-diluted shares compared to 586.0 million at December 31, 2005 and 594.9 million at March 31, 2005. In April 2006, the Group bought back 0.5 million shares for 110 M€, bringing the cumulative buyback since the start of the year to nearly 1% of the capital.

Adjusted fully-diluted earnings per share, based on 584.0 million fully-diluted weighted-average shares, rose to 5.78 euros in the first quarter 2006 from 4.90 euros in the first quarter 2005, an increase of 18%, which is a higher percentage increase than shown for the adjusted net income thanks to the accretive effect of share buybacks.


⁵		special items in the first quarter 2006 included a charge related to the spin-off of Arkema for 5 M€. There were no special items affecting first quarter 2005 operating income.

⁶		defined as : (tax on net adjusted operating income) / (net adjusted operating income — income from equity affiliates, dividends received from investments and impairments of acquisition goodwill + tax on adjusted net operating income)

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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

> Investments — divestments

Investments in the first quarter 2006 were 2,750 M€ compared to 1,784 M€ in the first quarter 2005. Expressed in dollars, investments increased by 41% to 3.31 billion.

Divestments in the first quarter 2006 were 397 M€ and included the sale of Upstream assets in the US.

> Cash flow

Cash flow from operations increased by 20% in the first quarter 2006 to 4,839 M€ from 4,037 M€ in the first quarter 2005.

Adjusted cash flow (cash flow from operations before changes in working capital at replacement cost) was 4,287 M€ in the first quarter 2006, an increase of 1% compared to the first quarter 2005.

Net cash flow⁷ was 2,486 M€ compared to 2,466 M€ in the first quarter 2005.

The net-debt-to-equity ratio was 26% at March 31, 2006 compared to 32% at December 31, 2005 and 24% at March 31, 2005⁸.


⁷		net cash flow = cash flow from operations + divestments — investments

⁸		calculations detailed on page 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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

• Upstream

> Environment — liquids and gas price realizations*

1Q06 vs

1Q06

4Q05

1Q05

Brent ($/b)

61.8

56.9

47.6

+30

Average liquids price ($/b)

58.8

54.5

44.1

+33

Average gas price ($/Mbtu)

6.16

5.68

4.40

+40

consolidated subsidiaries, excluding fixed margin and buy-back contracts

Total’s average liquids price increased by more than the benchmark Brent price, reflecting mainly the lower price differential between light and heavy crude oil. Total’s average gas price benefited from the lag effect and higher spot market prices, notably in Europe.

> Production


							1Q06 vs
Hydrocarbon production	1Q06		4Q05		1Q05		1Q05

Combined production (kboe/d)		2,440		2,463		2,562		-5	%

• Liquids (kb/d)		1,560		1,592		1,657		-6	%
• Gas (Mcfd)		4,795		4,896		4,945		-3	%

Hydrocarbon production declined by 4.8% to 2,440 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2006 from 2,562 kboe/d in the first quarter 2005, mainly due to the price effect⁹, which accounts for more than half of the decline, and the effects of divestments in the US and disruptions in Nigeria.

Compared to the fourth quarter 2005, production declined by about 1%, due to the price effect. The benefit of new production (mainly from fourth quarter 2005 start-ups, such as Bonga in Nigeria and Forvie in the UK) was offset by disruptions in Nigeria, unscheduled maintenance in Norway as well as by the impacts of divesting onshore US assets and natural declines on mature fields.

> Results


							1Q06 vs
in millions of euros	1Q06		4Q05		1Q05		1Q05

Adjusted operating income*		5,601		5,000		4,010		+40	%

Adjusted net operating income*		2,400		2,132		1,808		+33	%
• Income from equity affiliates		143		107		117		+22	%

Investments		2,081		2,521		1,363		+53	%

Divestments at selling price		353		141		128		+176	%

Cash flow from operations		3,831		2,374		2,188		+75	%

detail of adjustment items shown in business segment information

Adjusted net operating income for the Upstream segment increased by 33% to 2,400 M€ in the first quarter 2006 from 1,808 M€ in the first quarter 2005.


⁹		impact of hydrocarbon prices on entitlement volumes from production sharing and buy-back contracts

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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

This increase reflects essentially the benefit of higher oil and gas prices, which was slightly offset by a decrease in volumes sold and an increase in production costs.

Income from equity affiliates increased mainly due to the stronger oil market environment and in particular includes the growing contribution from trains 4 and 5 at Nigeria LNG.

The average Upstream tax rate increased to 60% in the first quarter 2006 from 58% in the first quarter 2005. This change is essentially related to higher oil and gas prices. The tax rate remained stable from the fourth quarter 2005 to the first quarter 2006, as the effect of higher oil and gas prices was offset by a decrease in the proportion of income derived from heavily-taxed countries, such as Nigeria and Norway.

The return on average capital employed (ROACE¹⁰) for the Upstream segment for the twelve months ended March 31, 2006 was 42% compared to 40% for the full year 2005.

The Upstream investment program for 2006 is progressing as planned.


¹⁰		calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 14

2, place de la Coupole
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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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

l Downstream

> Refinery throughput


							1Q06 vs
Refinery throughput (kb/d)	1Q06		4Q05		1Q05		1Q05

Total refinery throughput*		2,421		2,420		2,626		-8	%

• France		899		928		1,049		-14	%
• Rest of Europe*		1,217		1,204		1,252		-3	%
• Rest of world		305		288		325		-6	%

* includes share of Cepsa

The refinery utilization rate was 86% compared to 89% in the fourth quarter 2005 and 95% in the first quarter 2005.

The first quarter 2006 utilization rate reflected among other things the impact of a turnaround at the Provence refinery and nearly three weeks of repair and maintenance at the Flanders refinery after an electrical fire.

Turnaround activity was particularly low in the first quarter 2005 (only the Grandpuits refinery was turned around at the end of the quarter).

In the fourth quarter 2005, the Port Arthur refinery was shut down (due to hurricanes) as was the Normandy refinery (due to strikes).

> Results


							1Q06 vs
	1Q06		4Q05		1Q05		1Q05

TRCV – European refining margin indicator ($/t)		25.8		45.5		31.7		-19	%



Adjusted operating income* (M€)		856		1,083		891		-4	%

Adjusted net operating income* (M€)		650		799		678		-4	%

• Income from equity affiliates		80		97		85		-6	%



Investments (M€)		321		710		217		+48	%

Divestments (M€) at selling price		13		80		45		-71	%

Cash flow from operations (M€)		1,201		211		1,689		-29	%

Adjusted cash flow from operations (M€)		831		1,168		748		+11	%

* detail of adjustment items shown in business segment information

Adjusted net operating income for the Downstream segment was 650 M€ compared to 678 M€ in the first quarter 2005, a decrease of 4%.

The first quarter 2006 refining environment in Europe was less favorable than in the first quarter 2005. This trend, combined with lower throughput, was only partially offset by an improved marketing environment, better refining margins in the US, the increase in the dollar and the impact of self-help programs.

The ROACE for the Downstream for the twelve months ended March 31, 2006 was 29% compared to 28% for the full year 2005.

2, place de la Coupole
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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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

l Chemicals

> Results


									1Q06 vs
in millions of euros	1Q06			4Q05			1Q05		1Q05

Sales		6,191			5,671			5,518		+12	%

• Base chemicals		2,863			2,641			2,587		+11	%
• Specialties		1,826			1,653			1,568		+16	%
• Arkema		1,502			1,377			1,360		+10	%
• Corporate — Chemicals		—			—			3	ns

Adjusted operating income*		310			247			555		-44	%

Adjusted net operating income*		219			164			391		-44	%

• Base chemicals		78			78			254		-69	%
• Specialties		103			84			70		+47	%
• Arkema		37			4			62		-40	%
• Corporate — Chemicals		1			(2	)		5	ns



Investments		324			437			158		+105	%

Divestments at selling price		28			29			22		+27	%

Cash flow from operations		(37	)		161			82	ns

Adjusted cash flow from operations		305			164			544		-44	%

* detail of adjustment items shown in business segment information

Sales for the Chemicals segment increased by 12% to 6,191 M€ in the first quarter 2006 from 5,518 M€ in the first quarter 2005.

Adjusted net operating income for the Chemicals segment was 219 M€, a decrease of 44% compared to the first quarter 2005.

In a context of higher raw material prices, petrochemical margins in the first quarter 2006, particularly in Europe, were substantially lower than in the first quarter 2005, which was a peak of the cycle. Compared to the fourth quarter 2005, margins were slightly lower but polymer sales were higher.

In a generally favorable environment, notably in Europe, results for the Specialties sector increased sharply, particularly in the electroplating and resins sectors.

The decrease in the results of Arkema relative to the first quarter 2005 was due essentially to a less favorable environment for vinyl products and acrylics.
Preparations continued for the May 18, 2006 Arkema spin-off, which will be voted on at the May 12, 2006 Annual Meeting. One important step was obtaining the visa for the Arkema prospectus from the French market authorities on April 5.

The ROACE for the Chemicals segment for the twelve months ended March 31, 2006 was 8.5% compared to 11% for the full year 2005.

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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

l Summary and outlook

The ROACE for the Group was 28% for the 12 months ended March 31, 2006 compared to 27% for the full year 2005.

The return on equity calculated for the twelve months ended March 31, 2006 was 34%.

The investment program is proceeding as expected, with the priority being Upstream growth and increased investments for refining.

The Group maintains its net-debt-to-equity ratio in its target range of about 25% to 30%.

Subject to shareholder approval at the May 12, 2006 Annual Meeting, Total will proceed on May 18, 2006 to split the 10 € par value shares four-for-one, pay the balance of the 2005 dividend¹¹, and spin-off Arkema at the rate of one Arkema share for every ten Total shares held on May 17, 2006.

The spin-off of Arkema will represent the completion of a project initiated more than two years ago, and it will have the effect of reducing the weight of Chemicals in the capital employed of the Group while creating an independent integrated player that will rank among the leaders of its markets.

Since the beginning of the second quarter 2006, the perceived risks to the oil supply have pushed prices to new records, and refining margins have increased slightly from first quarter levels.

¨ ¨ ¨

To listen to the conference call with CFO Robert Castaigne and financial analysts today at 16:30 (Paris time) please call +44 (0)20 7162 0125 in Europe or +1 334 323 6203 in the US (access code : Total) or log on to the company website www.total.com. For a replay, dial +44 (0)207 031 4064 in Europe or 1 954 334 0342 (code :696 767).

The March 31, 2006 notes to the consolidated accounts are available on the Total web site (www.total.com). 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. 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.

In accordance with IAS 2, the Group values inventories of crude oil and petroleum products in the financial statements in accordance with the FIFO (First in, First out) method and other inventories using the weighted-average cost method. However, in the note setting forth information by business segment, the Group continues to present the results for the Downstream segment according to the replacement cost method and those of the Chemicals segment according to the LIFO (Last in, First out) method in order to ensure the comparability of the Group’s results with those of its main competitors, notably from North America. The inventory valuation effect is the difference between the results according to the FIFO method and the results according to the replacement cost or LIFO method.

In this framework, performance measures such as adjusted operating income, adjusted net operating income and adjusted net income are defined as incomes using replacement cost, adjusted for special items and excluding Total’s equity share of the amortization of intangibles related to the Sanofi-Aventis merger. They are meant to facilitate the analysis of the financial performance and the comparison of income between periods.


¹¹		taking into account the November 2005 interim dividend of 3 €, the balance of the 2005 dividend will be 3.48 € for the 10 € par value shares

Operating information by segment
First quarter 2006

2, place de la Coupole
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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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

l Upstream


							1Q06 vs
Combined liquids and gas production by region (kboe/d)	1Q06		4Q05		1Q05		1Q05

Europe		778		759		830		-6	%

Africa		742		756		804		-8	%

North America		13		33		37		-65	%

Far East		253		247		256		-1	%

Middle East		411		410		394		+4	%

South America		236		249		232		+2	%

Rest of world		7		9		9		-22	%


Total production		2,440		2,463		2,562		-5	%


							1Q06 vs
Liquids production by region (kb/d)	1Q06		4Q05		1Q05		1Q05

Europe		378		381		415		-9	%

Africa		656		678		720		-9	%

North America		2		3		6		-67	%

Far East		29		26		30		-3	%

Middle East		357		359		339		+5	%

South America		131		137		139		-6	%

Rest of world		7		8		8		-13	%


Total liquids production		1,560		1,592		1,657		-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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com


							1Q06 vs
Gas production by region (Mcfd)	1Q06		4Q05		1Q05		1Q05

Europe		2,172		2,048		2,258		-4	%

Africa		457		412		450		+2	%

North America		63		156		165		-62	%

Far East		1,238		1,366		1,257		-2	%

Middle East		284		274		296		-4	%

South America		579		638		517		+12	%

Rest of world		2		2		2		—


Total gas production		4,795		4,896		4,945		-3	%

l Downstream


								1Q06 vs
Refined product sales by region (kb/d)*	1Q06		4Q05			1Q05		1Q05

Europe		2,689		2,755	**		2,858		-6	%

Africa		319		337			318		—

Americas		626		571			591		+6	%

Rest of world		230		208			223		+3	%


Total		3,864		3,871	**		3,990		-3	%


*		includes trading and equity share of Cepsa

**		after correcting a reporting difference

Adjustment items

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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

l Adjustments to operating income from business segments


in millions of euros	1Q06			4Q05			1Q05

Special items affecting operating income from business segments		(5	)		(400	)		—

• Restructuring charges		—			(26	)		—
• Impairments		—			(238	)		—
• Other		(5	)		(136	)		—


Pre-tax inventory effect : FIFO vs. replacement cost		373			(914	)		722



Total adjustments affecting operating income from business segments		368			(1,314	)		722

l Adjustments to net income (Group share)


in millions of euros	1Q06			4Q05			1Q05

Special items affecting net income (Group share)		110			(193	)		(125	)

• Equity share of special items recorded by Sanofi-Aventis		2			(42	)		(42	)
• Gain on asset sales		130			—			—
• Restructuring charges		(15	)		(40	)		(83	)
• Impairments		—			(207	)		—
• Other		(7	)		96			—

Adjustment related to the Sanofi-Aventis merger*
(share of amortization of intangible assets)		(83	)		(88	)		(82	)


After-tax inventory effect : FIFO vs. replacement cost		280			(430	)		496



Total adjustments to net income		307			(711	)		289


*		based on 13% participation in Sanofi-Aventis at 31/03/2005, 31/12/2005 and 31/03/2006

Net-debt-to-equity ratio

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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com


in millions of euros	Mar 31, 2006			Dec 31, 2005			Mar 31, 2005

Current borrowings		12,618			3,920			9,915

Net current financial instruments		(95	)		(301	)		(203	)

Non-current financial debt		13,491			13,793			12,223

Hedging instruments of non-current debt		(453	)		(477	)		(1,428	)

Cash and cash equivalents		(14,816	)		(4,318	)		(12,548	)


Net debt		10,745			12,617			7,959




Shareholders equity		43,170			40,645			35,052

Accrued dividend payable based on shares at the close of the period*		(2,941	)		(2,006	)		(2,557	)

MMPS		—			—			117

Minority interests		913			838			729




Equity		41,142			39,477			33,341




Net-debt-to-equity ratio		26.1	%		32.0	%		23.9	%


*		for March 31, 2006, this represents a distribution of a dividend equal to 6.48 € /share for each 10€ par value share after deducting the interim dividend of 1,746 M€ paid in November 2005

Return on average capital employed

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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

l For the 12 months ended March 31, 2006


in millions of euros	Upstream			Downstream			Chemicals**			Segments			Group

Adjusted net operating income		8,621			2,888			785			12,294			13,032

Capital employed at March 31, 2005*		17,877			8,735			8,807			35,419			41,907
Capital employed at March 31, 2006*		23,282			11,296			9,593			44,171			52,021


ROACE		41.9	%		28.8	%		8.5	%		30.9	%		27.7	%


*		at replacement cost (excluding after-tax inventory effect)

**		capital employed for Chemicals reduced for the Toulouse-AZF provision of 100 M€ pre-tax at March 31, 2005 and 122 M€ pre-tax at March 31, 2006

l For the 12 months ended March 31, 2005


in millions of euros	Upstream			Downstream			Chemicals **			Segments			Group

Adjusted net operating income		6,268			2,584			1,016			9,868			10,530

Capital employed at March 31, 2004*		17,307			8,052			9,174			34,533			38,475
Capital employed at March 31, 2005*		17,877			8,735			8,807			35,419			41,907


ROACE		35.6	%		30.8	%		11.3	%		28.2	%		26.2	%


*		at replacement cost (excluding after-tax inventory effect)

**		capital employed for Chemicals reduced for the Toulouse-AZF provision of 146 M€ pre-tax at March 31, 2004 and 100 M€ pre-tax at March 31, 2005

l For the full year 2005


in millions of euros	Upstream			Downstream			Chemicals**			Segments			Group

Adjusted net operating income		8,029			2,916			957			11,902			12,576

Capital employed at December 31, 2004*		16,280			9,654			8,263			34,197			40,372
Capital employed at December 31, 2005*		23,522			11,421			9,120			44,063			51,576


ROACE		40.3	%		27.7	%		11.0	%		30.4	%		27.4	%


*		at replacement cost (excluding after-tax inventory effect)

**		capital employed for Chemicals reduced for the Toulouse-AZF provision of 110 M€ pre-tax at December 31, 2004 and 133 M€ pre-tax at December 31, 2005

CONSOLIDATED STATEMENT OF INCOME

Total

(unaudited)


	1^st quarter			1^st quarter
Amounts in millions of euros (1)	2006			2005

Sales		39,605			31,739
Excise taxes		(4,607	)		(5,051	)
Revenues from sales		34,998			26,688

Purchases, net of inventory variation		(21,066	)		(14,877	)
Other operating expenses		(5,495	)		(4,435	)
Unsuccessful exploration costs		(115	)		(72	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		(1,285	)		(1,191	)


Operating income
Corporate		(98	)		(65	)
Business segments *		7,135			6,178

Total operating income		7,037			6,113


Other income		261			4
Other expense		(119	)		(172	)

Financial interest on debt		(332	)		(254	)
Financial income from marketable securities and cash equivalents		272			184
Cost of net debt		(60	)		(70	)

Other financial income		106			88
Other financial expense		(54	)		(66	)
Income taxes		(3,844	)		(2,899	)
Equity in income (loss) of affiliates		444			295

Consolidated net income		3,771			3,293

Group share **		3,683			3,208
Minority interests and dividends on subsidiaries’ redeemable preferred shares		88			85

Earnings per share (euros)		6.36			5.40

Fully-diluted earnings per share (euros) ***		6.30			5.38





* Adjusted operating income from business segments		6,767			5,456

Adjusted net operating income from business segments		3,269			2,877

** Adjusted net income		3,376			2,919

*** Adjusted fully-diluted earnings per share (euros)		5.78			4.90


(1)		except for earnings per share

CONSOLIDATED BALANCE SHEET

Total


	Amounts in millions of euros
	March 31, 2006			December 31,			March 31, 2005
	(unaudited)			2005			(unaudited)

ASSETS

NON-CURRENT ASSETS
Intangible assets, net		4,836			4,384			3,274
Property, plant and equipment, net		40,244			40,568			36,184
Equity affiliates: investments and loans		13,059			12,652			11,298
Other investments		1,689			1,516			1,156
Hedging instruments of non-current financial debt		453			477			1,428
Other non-current assets		3,180			2,794			2,033

Total non-current assets		63,461			62,391			55,373


CURRENT ASSETS
Inventories, net		12,672			12,690			10,459
Accounts receivable, net		19,642			19,612			16,593
Prepaid expenses and other current assets		6,969			6,799			5,258
Current financial instruments		204			334			257
Cash and cash equivalents		14,816			4,318			12,548

Total current assets		54,303			43,753			45,515

TOTAL ASSETS		117,764			106,144			100,488


LIABILITIES & SHAREHOLDERS’ EQUITY

SHAREHOLDERS’ EQUITY
Common shares		6,179			6,151			6,358
Paid-in surplus and retained earnings		41,809			37,504			35,023
Cumulative translation adjustment		744			1,421			(481	)
Treasury shares		(5,562	)		(4,431	)		(5,848	)

SHAREHOLDERS’ EQUITY — GROUP SHARE		43,170			40,645			35,052

Minority interests and subsidiaries’ redeemable preferred shares		913			838			846

TOTAL SHAREHOLDERS’ EQUITY		44,083			41,483			35,898


NON-CURRENT LIABILITIES
Deferred income taxes		7,228			6,976			6,700
Employee benefits		3,269			3,413			3,592
Other non-current liabilities		7,030			7,051			6,497

Total non-current liabilities		17,527			17,440			16,789

Non-current financial debt		13,491			13,793			12,223


CURRENT LIABILITIES
Accounts payable		15,559			16,406			13,080
Other creditors and accrued liabilities		14,377			13,069			12,529
Current borrowings		12,618			3,920			9,915
Current financial instruments		109			33			54

Total current liabilities		42,663			33,428			35,578

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		117,764			106,144			100,488

CONSOLIDATED STATEMENT OF CASH FLOWS

Total

(unaudited)


	1^st quarter			1^st quarter
Amounts in millions of euros	2006			2005

CASH FLOW FROM OPERATING ACTIVITIES

Consolidated net income		3,771			3,293
Depreciation, depletion, and amortization		1,329			1,243
Non-current liabilities, valuation allowances, and deferred taxes		94			549
Unsuccessful exploration costs		115			72
(Gains) Losses on sales of assets		(261	)		(4	)
Undistributed affiliates equity earnings		(375	)		(195	)
(Increase) Decrease in operating assets and liabilities		179			(932	)
Other changes, net		(13	)		11

CASH FLOW FROM OPERATING ACTIVITIES		4,839			4,037


CASH FLOW USED IN INVESTING ACTIVITIES

Intangible assets and property,plant and equipment additions		(2,051	)		(1,513	)
Exploration costs charged directly to expense		(110	)		(71	)
Acquisitions of subsidiaries, net of cash acquired		(69	)		—
Investments in equity affiliates and other securities		(59	)		(15	)
Increase in non-current loans		(461	)		(185	)

Total Expenditures		(2,750	)		(1,784	)
Proceeds from sale of intangible assets and property, plant and equipment		260			14
Proceeds from sale of subsidiaries, net of cash sold		—			11
Proceeds from sale of non-current investments		3			5
Repayment of non-current loans		134			183

Total divestitures		397			213

CASH FLOW USED IN INVESTING ACTIVITIES		(2,353	)		(1,571	)


CASH FLOW FROM FINANCING ACTIVITIES

Issuance (repayment) of shares:
Parent company’s shareholders		471			—
Treasury shares		(1,118	)		(808	)
Minority shareholders		12			62
Subsidiaries’ redeemable preferred shares		—			(38	)
Cash dividends paid:
- Parent company’s shareholders		(10	)		—
- Minority shareholders		(6	)		(28	)
Net issuance (repayment) of non-current debt		730			689
Increase (Decrease) in current borrowings		8,204			5,952
Other changes, net		—			(2	)

CASH FLOW FROM FINANCING ACTIVITIES		8,283			5,827

Net increase (decrease) in cash and cash equivalents		10,769			8,293
Effect of exchange rates and changes in reporting entity		(271	)		395
Cash and cash equivalents at the beginning of the period		4,318			3,860

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD		14,816			12,548

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

Total


							Paid-in															Subsidiaries’
							surplus and			Cumulative												redeemable
	Common shares issued						retained			translation			Treasury shares						Shareholders’			preferred			Minority			Total
(Amounts in millions of euros)	Number			Amount			earnings			adjustment			Number			Amount			equity			shares			interests			equity

As of January 1, 2005		635,015,108			6,350			31,717			(1,429	)		(39,072,487	)		(5,030	)		31,608			147			663			32,418

Net income for the first quarter		—			—			3,208			—			—			—			3,208			1			84			3,293

Items recognized directly in equity		—			—			10			948			—			—			958			7			10			975

Total excluding transactions with shareholders		—			—			3,218			948			—			—			4,166			8			94			4,268

Cash dividend		—			—			—			—			—			—			—			—			(28	)		(28	)

Issuance of common shares		821,475			8			55			—			—			—			63			—			—			63

Purchase of treasury shares		—			—			—			—			(4,870,000	)		(847	)		(847	)		—			—			(847	)

Sale of treasury shares (1)		—			—			10			—			321,340			29			39			—			—			39

Repayment of subsidiaries’ redeemable preferred shares		—			—			—			—			—			—			—			(38	)		—			(38	)

Share-based payments		—			—			23			—			—			—			23			—			—			23

Transactions with shareholders		821,475			8			88			—			(4,548,660	)		(818	)		(722	)		(38	)		(28	)		(788	)

Cancellation of repurchased shares		—			—			—			—			—			—			—			—			—			—

As of March 31, 2005		635,836,583			6,358			35,023			(481	)		(43,621,147	)		(5,848	)		35,052			117			729			35,898

Net income from April 1, 2005 to December 31, 2005		—			—			9,065			—			—			—			9,065			—			285			9,350

Items recognized directly in equity		—			—			408			1,902			—			—			2,310			1			33			2,344

Total excluding transactions with shareholders		—			—			9,473			1,902			—			—			11,375			1			318			11,694

Cash dividend		—			—			(3,510	)		—			—			—			(3,510	)		—			(209	)		(3,719	)

Issuance of common shares		355,281			4			33			—			—			—			37			—			—			37

Purchase of treasury shares		—			—			—			—			(13,448,500	)		(2,638	)		(2,638	)		—			—			(2,638	)

Sale of treasury shares (1)		—			—			24			—			1,744,747			197			221			—			—			221

Repayment of subsidiaries’ redeemable preferred shares		—			—			—			—			—			—			—			(118	)		—			(118	)

Share-based payments		—			—			108			—			—			—			108			—			—			108

Transactions with shareholders		355,281			4			(3,345	)		—			(11,703,753	)		(2,441	)		(5,782	)		(118	)		(209	)		(6,109	)

Cancellation of repurchased shares		(21,075,568	)		(211	)		(3,647	)		—			21,075,568			3,858			—			—			—			—

As of December 31, 2005		615,116,296			6,151			37,504			1,421			(34,249,332	)		(4,431	)		40,645			—			838			41,483

Net income for the first quarter		—			—			3,683			—			—			—			3,683			—			88			3,771

Items recognized directly in equity		—			—			155			(677	)		—			—			(522	)		—			(7	)		(529	)

Total excluding transactions with shareholders		—			—			3,838			(677	)		—			—			3,161			—			81			3,242

Cash dividend		—			—			(10	)		—			—			—			(10	)		—			(6	)		(16	)

Issuance of common shares		2,827,663			28			439			—			—			—			467			—			—			467

Purchase of treasury shares		—			—			—			—			(5,500,000	)		(1,190	)		(1,190	)		—			—			(1,190	)

Sale of treasury shares (1)		—			—			4			—			502,932			59			63			—			—			63

Repayment of subsidiaries’ redeemable preferred shares		—			—			—			—			—			—			—			—			—			—

Share-based payments		—			—			34			—			—			—			34			—			—			34

Transactions with shareholders		2,827,663			28			467			—			(4,997,068	)		(1,131	)		(636	)		—			(6	)		(642	)

Cancellation of repurchased shares		—			—			—			—			—			—			—			—			—			—

As of March 31, 2006		617,943,959			6,179			41,809			744			(39,246,400	)		(5,562	)		43,170			—			913			44,083


(1)		Treasury shares related to the stock option purchase plans

BUSINESS SEGMENT INFORMATION

Total

(unaudited)


	Amounts in millions of euros
1^st quarter 2006	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		5,714			27,692			6,191			8						39,605
Intersegment sales		5,400			1,335			283			43			(7,061	)		—
Excise taxes		—			(4,607	)		—			—						(4,607	)

Revenues from sales		11,114			24,420			6,474			51			(7,061	)		34,998

Operating expenses		(4,680	)		(22,931	)		(5,986	)		(140	)		7,061			(26,676	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		(833	)		(260	)		(183	)		(9	)					(1,285	)

Operating income		5,601			1,229			305			(98	)		—			7,037

Equity in income (loss) of affiliates and other items		383			74			(20	)		201						638
Tax on net operating income		(3,454	)		(373	)		(87	)		53						(3,861	)

Net operating income		2,530			930			198			156						3,814

Net cost of net debt																	(43	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(88	)

Net income																	3,683


1^st quarter 2006
*(adjustments) ()**	Upstream			Downstream			Chemicals			Corporate			Intercompany		Total

Non-Group sales		—			—			—			—			—		—
Intersegment sales		—			—			—			—			—		—
Excise taxes		—			—			—			—			—		—

Revenues from sales

Operating expenses		—			373			(5	)		—					368
Depreciation, depletion, and amortization of tangible assets and leasehold rights		—			—			—			—					—

Operating income (1)		—			373			(5	)		—					368

Equity in income (loss) of affiliates and other items (2)		195			18			(28	)		(81	)				104
Tax on net operating income		(65	)		(111	)		12			—					(164	)

Net operating income (1)		130			280			(21	)		(81	)				308

Net cost of net debt																—
Minority interests and dividends on subsidiaries’ redeemable preferred shares																(1	)

Net income																307


(*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger

(1) Of which inventory valuation effect
On operating income		—			373			—			—
On net operating income		—			280			1			—
(2) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger		—			—			—			(83	)


1^st quarter 2006
(adjusted)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		5,714			27,692			6,191			8						39,605
Intersegment sales		5,400			1,335			283			43			(7,061	)		—
Excise taxes		—			(4,607	)		—			—						(4,607	)

Revenues from sales		11,114			24,420			6,474			51			(7,061	)		34,998

Operating expenses		(4,680	)		(23,304	)		(5,981	)		(140	)		7,061			(27,044	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		(833	)		(260	)		(183	)		(9	)					(1,285	)

Operating income		5,601			856			310			(98	)					6,669

Equity in income (loss) of affiliates and other items		188			56			8			282						534
Tax on net operating income		(3,389	)		(262	)		(99	)		53						(3,697	)

Net operating income		2,400			650			219			237						3,506

Net cost of net debt																	(43	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(87	)

Net income																	3,376


1^st quarter 2006	Upstream		Downstream		Chemicals			Corporate			Intercompany	Total

Total expenditures		2,081		321		324			24				2,750
Divestitures at selling price		353		13		28			3				397
Cash flow from operating activities		3,831		1,201		(37	)		(156	)			4,839

BUSINESS SEGMENT INFORMATION

Total

(unaudited)


	Amounts in millions of euros
1^st quarter 2005	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		4,805			21,416			5,518			—						31,739
Intersegment sales		4,226			1,029			352			58			(5,665	)		—
Excise taxes		—			(5,051	)		—			—						(5,051	)

Revenues from sales		9,031			17,394			5,870			58			(5,665	)		26,688

Operating expenses		(4,266	)		(15,600	)		(5,069	)		(114	)		5,665			(19,384	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		(755	)		(251	)		(176	)		(9	)					(1,191	)

Operating income		4,010			1,543			625			(65	)					6,113

Equity in income (loss) of affiliates and other items		77			115			(106	)		63						149
Tax on net operating income		(2,279	)		(530	)		(164	)		51						(2,922	)

Net operating income		1,808			1,128			355			49						3,340

Net cost of net debt																	(47	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(85	)

Net income																	3,208


1^st quarter 2005
*(adjustments) ()**	Upstream		Downstream			Chemicals			Corporate			Intercompany	Total

Non-Group sales
Intersegment sales
Excise taxes

Revenues from sales

Operating expenses		—		652			70			—				722
Depreciation, depletion, and amortization of tangible assets and leasehold rights		—		—			—			—				—

Operating income (1)		—		652			70			—				722

Equity in income (loss) of affiliates and other items (2)		—		13			(125	)		(124	)			(236	)
Tax on net operating income		—		(215	)		19			—				(196	)

Net operating income (1)		—		450			(36	)		(124	)			290

Net cost of net debt														—
Minority interests and dividends on subsidiaries’ redeemable preferred shares														(1	)

Net income														289


(*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger

(1) Of which inventory valuation effect
On operating income		—		652			70			—
On net operating income		—		450			47			—
(2) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger		—		—			—			(82	)


1^st quarter 2005
(adjusted)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		4,805			21,416			5,518			—						31,739
Intersegment sales		4,226			1,029			352			58			(5,665	)		—
Excise taxes		—			(5,051	)		—			—						(5,051	)

Revenues from sales		9,031			17,394			5,870			58			(5,665	)		26,688

Operating expenses		(4,266	)		(16,252	)		(5,139	)		(114	)		5,665			(20,106	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		(755	)		(251	)		(176	)		(9	)					(1,191	)

Operating income		4,010			891			555			(65	)					5,391

Equity in income (loss) of affiliates and other items		77			102			19			187						385
Tax on net operating income		(2,279	)		(315	)		(183	)		51						(2,726	)

Net operating income		1,808			678			391			173						3,050

Net cost of net debt																	(47	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(84	)

Net income																	2,919


1^st quarter 2005	Upstream		Downstream		Chemicals		Corporate		Intercompany	Total

Total expenditures		1,363		217		158		46			1,784
Divestitures at selling price		128		45		22		18			213
Cash flow from operating activities		2,188		1,689		82		78			4,037

CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)

Total

(unaudited)


	1^st quarter									1^st quarter
	2006									2005
							Consolidated
Amounts in millions of euros	Adjusted			Adjustments			statement of income			Adjusted

Sales		39,605			—			39,605			31,739
Excise taxes		(4,607	)		—			(4,607	)		(5,051	)
Revenues from sales		34,998			—			34,998			26,688

Purchases, net of inventory variation		(21,439	)		373			(21,066	)		(15,599	)
Other operating expenses		(5,490	)		(5	)		(5,495	)		(4,435	)
Unsuccessful exploration costs		(115	)		—			(115	)		(72	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		(1,285	)		—			(1,285	)		(1,191	)


Operating income
Corporate		(98	)		—			(98	)		(65	)
Business segments		6,767			368			7,135			5,456

Total operating income		6,669			368			7,037			5,391

Other income		66			195			261			4
Other expense		(89	)		(30	)		(119	)		(47	)
Financial interest on debt		(332	)		—			(332	)		(254	)
Financial income from marketable securities and cash equivalents		272			—			272			184
Cost of net debt		(60	)		—			(60	)		(70	)
Other financial income		106			—			106			88
Other financial expense		(54	)		—			(54	)		(66	)
Income taxes		(3,680	)		(164	)		(3,844	)		(2,703	)
Equity in income (loss) of affiliates		505			(61	)		444			406

Consolidated net income		3,463			308			3,771			3,003

Group share		3,376			307			3,683			2,919
Minority interests and dividends on subsidiaries’ redeemable preferred shares		87			1			88			84

EX-99.5 6 y01401exv99w5.htm EX-99.5: 2006 GENERAL MEETING REPORT EX-99.5

Exhibit 99.5

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

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

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

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

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

Bertille ARON
Tel 33 (1) 47 44 67 12

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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

May 12, 2006 Annual Meeting

Arkema spin-off approved

20% dividend increase

Pursuing a major investment program to develop the Upstream
and upgrade the refining system

Paris – May 12, 2006 – At the Annual Meeting held on May 12, 2006, chaired by CEO Thierry Desmarest, the shareholders of Total approved all the proposed resolutions recommended by the Board of Directors.

During his address, Thierry Desmarest said:

« Total delivered a strong performance in 2005. Adjusted net income increased by 31%, reflecting the Group’s ability to benefit from the stronger market environment, despite inflationary pressure from service companies. Total’s performance ranks among the best of the majors in terms of increase in adjusted earnings per share and in terms of return on capital employed, which rose to 27% in 2005, a performance obtained thanks to the contribution of the teams of the Group (...)

Continued exploration success, the launching of Yemen LNG and the acquisition of Deer Creek in Canada, among other things, have allowed us to increase the level of proved and probable reserves to 20 billion equivalent barrels at the end of 2005, which represents close to 22 years of production at the current rate (...)

The Group invested 13.9 billion dollars in 2005, a 26% increase compared to 2004. This represents a significant level of activity that we expect will continue at comparable levels from now through 2010 and should allow us mainly to increase production by close to 4% per year on average over the 2005-2010 period. It should also allow us to upgrade our refining system in Europe and the US to adapt to changes in the supply-demand balance as well as expand our petrochemical activities in Asia (...)

Total is confident in its ability to extend its long-term profitable growth through exploration success and the development of giant projects currently being negotiated. The year 2005 has been highlighted by significant progress in preparing for such long-term growth, notably through LNG projects in Yemen and in Qatar, and by the launch of the development of the giant Akpo field in Nigeria and Moho-Bilondo in Congo (...)

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

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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

In the first quarter 2006, demand for oil continued to be strong while supplies were subject to serious disruptions, notably in Nigeria. In this context, oil prices continued to rise, while refining margins retreated from their 2005 average. The environment for Chemicals was more mixed, with higher raw material costs putting pressure on petrochemicals. Adjusted net income increased by 16% to 3,376 million euros from 2,919 million euros in the first quarter 2005, thanks notably to strict control of technical costs, which are the lowest among the major oils (...)

Total is continuing to implement its strategy of long-term growth, mainly through an active investment program, which in dollar terms increased by 41% compared to the first quarter 2005. Since the beginning of the year 2006, we made significant progress, notably through ongoing exploration success and the agreement to enter into the Sulige field in China.»

Thierry Desmarest also emphasized that, in order to limit tensions on prices in the consuming countries, oil production capacities growth should be pursued and facilitated while energy consumption should be better managed throughout the world.

During his address, Thierry Desmarest presented a new organization for the Group that was proposed to and approved by the Board of Directors. In early 2007, the position of Chairman and CEO would be split. Christophe de Margerie, currently Executive Vice President in charge of Exploration and production, would become CEO of the Group and Thierry Desmarest would remain Chairman of the Board.

During the meeting, the resolution about the spin-off of Arkema and the allocation of Arkema shares to Total’s shareholders was approved.

The shareholders approved the 2005 accounts and the payment of a cash dividend of 6.48 euros per share, an increase of 20% from last year. Taking into account the interim dividend of 3 euros per share paid on November 24, 2005, the remaining balance of 3.48 euros per share will be paid on May 18, 2005.

The following resolutions were also approved at the Annual Meeting:

•

Renewal of the three-year term for the following Directors: Mrs Anne Lauvergeon, and Mr Daniel Bouton, Mr Bertrand Collomb, Mr Antoine Jeancourt-Galignani, Mr Michel Pébereau and Mr Pierre Vaillaud,

•

Appointment of Mr. Christophe de Margerie as Director for a three-year term,

•

Decision to split by four the par value of the shares comprising the share capital,

•

Authorization for the Board of Directors to trade the Company’s share, pursuant to the provisions of Article L. 225-209 of the French Code of Commerce.

* * * * * *

EX-99.6 7 y01401exv99w6.htm EX-99.6: ZIMBO PROGRAM, ANGOLA EX-99.6

Exhibit 99.6

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

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

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

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

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

Bertille ARON
Tel 33 (1) 47 44 67 12

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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

Total Launches the Zimbo Program
to Support Small Businesses in Angola

Paris – May 18, 2006 — Through Total Regional Development, Total has been supporting small and medium-sized businesses in host regions in France for more than 25 years. Over 3,000 companies with a combined 44,600 jobs have received assistance, designed to drive local economic growth.

With operations in nearly 130 countries, Total is now extending this commitment to supporting economic development to host communities outside France.

Following on initiatives in Cambodia, Madagascar, the Congo and South Africa, now Angola has its own program, Zimbo*, to help strengthen the local economy and promote job creation. Zimbo involves non-governmental organizations Clusa, Prestigio and SNV, Banco Totta de Angola and Total, through its subsidiary Total E&P Angola and the Total Regional Development team.

“Under the program, we set up a guarantee fund to facilitate access to loans for small Angolan businesses,” says Guy Sallavuard, Vice President, Total Regional Development. “We’re providing a counter-guarantee to minimize the credit risk for the bank, making it easier to grant affordable loans to small businesses.”

The projects supported will be selected collectively. The relevant business and financial analyses will be conducted by Total in close cooperation with Banco Totta de Angola, while the NGOs will publicize the program, prospect candidates, shortlist projects and follow them up.

“The program is intended for would-be businessmen and women with small investment projects of up to $30,000 in areas as varied as manufacturing, craft industry, farming and services. The program’s first phase will support around 60 projects,” adds Olivier de Langavant, General Manager of Total E&P Angola.

* Zimbo: A small shell formerly used as currency in West Africa.

* * * * * *

“Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 95,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas trading and electricity. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com”

EX-99.7 8 y01401exv99w7.htm EX-99.7: NEW MEMORANDUM OF UNDERSTANDING WITH SAUDI ARAMCO 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

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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

PRESS RELEASE

Saudi Aramco And Total Sign Memorandum Of Understanding For Proposed Jubail Export Refinery

DHAHRAN, SAUDI ARABIA — May 21, 2006 – The Saudi Arabian Oil Company (Saudi Aramco) and Total today signed a comprehensive Memorandum of Understanding (MOU) related to the planned development of a 400,000 barrel per day world-class, full-conversion refinery in Jubail, Saudi Arabia.

The proposed refinery will be designed to process Arabian Heavy crude and will produce high–quality refined products that meet current and future product specifications. The project is currently scheduled to start up in 2011.

“This proposed project represents an excellent opportunity to build on the Kingdom’s strategy of addressing global energy demand while attracting foreign investment to expand its economy,” said Abdallah S. Jum’ah, Saudi Aramco President & Chief Executive Officer. “I am proud that Saudi Aramco can support the Kingdom in this process, and I am gratified that our friends and colleagues from Total will be our partners in this world-class project.”

“Total is proud to have been chosen by Saudi Aramco to build an efficient and full conversion refinery that will provide the country with an increased capacity to meet different markets needs in refined petroleum products. This agreement reinforces our presence in Saudi Arabia and through this long term project strengthens our close cooperation with Saudi Aramco,” declared Thierry Desmarest, Total Chairman and Chief Executive Officer.

Agreement of the Parties

The MOU sets forth the agreement between Saudi Aramco and Total regarding the key parameters of the project, the project configuration, and a broad range of the major technical, commercial, legal, and financial terms.

To proceed as quickly as possible with the project, the parties have agreed to undertake without further delay a comprehensive joint Front-End Engineering and Design (FEED) study. The definitive documents to implement the project will be negotiated in parallel with the joint FEED study.

Commercial Structure

Saudi Aramco and Total have agreed to form a joint venture company, with Saudi Aramco and Total holding an ownership interest of 35% each. Subject to required regulatory approvals, the parties are planning to offer up to 30% interest in the project to the Saudi public. Saudi Aramco will supply the project with

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

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 6 179 016 260 euros
542 051 180 R.C.S. Nanterre

www.total.com

400,000 barrels per day of Arabian Heavy crude oil. Saudi Aramco and Total will share the marketing of the refinery production.

Note to editors: Additional information about Saudi Aramco or Total can be found on the following websites:
www.saudiaramco.com
www.total.com

******

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