EX 99.11

News Release
Communiqué de Presse

Exhibit 99.11

TOTAL
2, place de la Coupole
La Défense 6
92400 Courbevoie France
Tél. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24

Jérôme SCHMITT
Laurent WOLFFSHEIM
Philippe HERGAUX
Sandrine SABOUREAU

Robert HAMMOND (US)
Tél. : (1) 201 626 3500
Fax : (1) 201 626 4004

TOTAL S.A.
Capital 5 981 907 383 euros
542 051 180 R.C.S. Nanterre

www.total.com

Fourth quarter 2006 adjusted net income¹ of 2.74 billion euros

Full year 2006 adjusted net income of 12.6 billion euros

Investments of 14 billion dollars excluding acquisitions in 2006²

Proposed 2006 dividend of 1.87 euros per share,
an increase of 15% (+18% expressed in dollars³)

Main results


• *Fourth quarter 2006 adjusted net income*⁴	2.74 billion euros	-10	%
	3.53 billion dollars	-3	%
	1.20 euros per share	-8	%
	1.54 dollars per share	-
• *2006 adjusted net income*⁵	12.6 billion euros	+5	%
	15.8 billion dollars	+6	%
	5.44 euros per share	+7	%
	6.83 dollars per share	+8	%
• *2006 net income*⁵	11.8 billion euros	-4	%

Highlights since the start of the fourth quarter 2006

•

Upstream production of 2,403 kboe/d in the fourth quarter 2006

	§		5% increase compared to the third quarter 2006

	§		2.5% decrease compared to the fourth quarter 2005

•		*Dalia field in Angola started producing and is ramping up as expected*

•		*New exploration successes*

	§		Discoveries in the United Kingdom, Angola, Indonesia and Thailand

	§		New permits in Australia, Gabon and Netherlands

	§		Launching development study for Egina in deep-offshore Nigeria

•

Finalized participation in Qatargas II LNG project


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		dollar amounts represent euro amounts converted at the average €/$ exchange rate for the period (1.2887 $/€ in the fourth quarter 2006, 1.1884 $/€ in the fourth quarter 2005, 1.2743 $/€ in the third quarter 2006, 1.2556 $/€ for 2006, and 1.2441 $/€ for 2005).

³		based on 1€ = $1.25 on the payment date for the final dividend expressed in dollars.

⁴		percent changes are relative to the fourth quarter 2005.

⁵		percent changes are relative to 2005.

TOTAL
2, place de la Coupole
La Défense 6
92400 Courbevoie France
Tél. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24

Jérôme SCHMITT
Laurent WOLFFSHEIM
Philippe HERGAUX
Sandrine SABOUREAU

Robert HAMMOND (US)
Tél. : (1) 201 626 3500
Fax : (1) 201 626 4004

TOTAL S.A.
Capital 5 981 907 383 euros
542 051 180 R.C.S. Nanterre

www.total.com

•

Divested power generation assets in Argentina

Paris, February 14, 2007 -— The Board of Directors of Total, led by Chairman Thierry Desmarest, met on February 13, 2007 to review the consolidated accounts for the fourth quarter 2006 and to close the consolidated and parent company accounts.
Adjusted net income rose to 12,585 million euros (M€) in 2006, an increase of 5% compared to 2005. Commenting on the results, Thierry Desmarest said :

“Conditions in the oil market remained globally favorable in 2006. Crude oil prices, on average, increased relative to 2005, driven by robust demand and sustained production capacity utilization rates. Refinery margins, while significantly lower than in 2005, remained on average at satisfactory levels.

Earnings per share expressed in dollars increased by 8%, benefiting from the oil environment, despite pressure from rising costs and the 5% decrease in production. Profitability at the business segment level was 29%, reflecting the company’s portfolio quality and investment discipline.

Excluding acquisitions, the Group invested 14 billion dollars in 2006, more than 75% of that in the Upstream. The successful start-up of the Dalia field at year-end confirmed the outlook for a return to a period of strong growth for hydrocarbon production. Equally important, exploration success combined with our entry into Brass LNG and Ichthys LNG allow us to further strengthen the long-term growth potential for Total.

In 2006, the return to shareholders from both dividends and share buybacks represented close to 6.5% of the end-2005 market capitalization. The spin-off of Arkema represented an additional 1.5% return to shareholders. The proposal to increase the 2006 dividend by 15% demonstrates the confidence of the Group in its ability to pursue its profitable growth strategy.”

•

Key figures and consolidated accounts of Total⁶


					4Q06							2006
					vs		in millions of euros,					vs
4Q06	3Q06		4Q05		4Q05		except earnings per share and number of shares	2006		2005		2005

36,433		38,357		38,565	-6	%	Sales		153,802		137,607	+12	%

5,454		6,352		6,368	-14	%	Adjusted operating income from business segments		25,166		23,468	+7	%

2,689		3,079		3,253	-17	%	Adjusted net operating income from business segments		12,377		11,912	+4	%

1,885		2,033		2,132	-12	%	• Upstream		8,709		8,029	+8	%
549		798		799	-31	%	• Downstream		2,784		2,916	-5	%
255		248		322	-21	%	• Chemicals		884		967	-9	%

2,737		3,111		3,052	-10	%	Adjusted net income		12,585		12,003	+5	%

1.20		1.35		1.30	-8	%	Adjusted fully-diluted earnings per share (euros)⁷		5.44		5.08	+7	%

2,288.1		2,302.3		2,345.9	-2	%	Fully-diluted weighted-average shares (millions)⁷		2,312.3		2,362.0	-2	%



2,225		2,419		2,341	-5	%	Net income (Group share)		11,768		12,273	-4	%



3,656		2,667		3,799	-4	%	Investments		11,852		11,195	+6	%

1,071		186		250	+328	%	Divestments		2,278		1,088	+109	%

2,123		5,053		3,171	-33	%	Cash flow from operations		16,061		14,669	+9	%

3,454		4,397		4,459	-23	%	Adjusted cash flow from operations		16,816		17,406	-3	%


⁶		adjusted 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 16.

		Reminder : under IFRS rules for discontinued operations, the historical statements (4Q05 and 2005) of income with the exception of net income, have been restated to exclude the contribution of Arkema.

⁷		adjusted retroactively to take into account the 4-for-1 stock split completed on May 18, 2006.

TOTAL
2, place de la Coupole
La Défense 6
92400 Courbevoie France
Tél. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24

Jérôme SCHMITT
Laurent WOLFFSHEIM
Philippe HERGAUX
Sandrine SABOUREAU

Robert HAMMOND (US)
Tél. : (1) 201 626 3500
Fax : (1) 201 626 4004

TOTAL S.A.
Capital 5 981 907 383 euros
542 051 180 R.C.S. Nanterre

www.total.com

•

Fourth quarter 2006 results

> Operating income

In the fourth quarter 2006, the average Brent price rose to 59.6 $/b, an increase of 5% compared to the fourth quarter 2005 but a decrease of 14% compared to the third quarter 2006. The TRCV European refining margin indicator fell to 22.8 $/t on average over the fourth quarter, a decrease of 50% compared to the fourth quarter 2005, during which margins were driven higher by hurricanes in the Gulf of Mexico, and a decrease of 21% compared to the third quarter 2006.

Petrochemical margins in Europe were higher in the fourth quarter 2006 than the levels reached a year ago and in the preceding quarter.

The euro/dollar exchange rate was 1.29 $/€ in the fourth quarter 2006 compared to 1.19 $/€ in the fourth quarter 2005 and 1.27 $/€ in the third quarter 2006.

In this context, the adjusted operating income from the business segments was 5,454 M€, a decrease of 14% compared to the fourth quarter 2005⁸.

Adjusted net operating income from the business segments was 2,689 M€ compared to 3,253 M€ in the fourth quarter 2005, a decrease of 17%.
This decrease, which is larger than the percentage decrease for operating income, is due notably to the increase in the effective tax rate for the Upstream segment between the two periods.

> Net income

Adjusted net income was 2,737 M€ compared to 3,052 M€ in the fourth quarter 2005. This excludes the after-tax inventory effect, special items and the Group’s equity share of the amortization of intangibles related to the Sanofi-Aventis merger.

The after-tax inventory effect (FIFO vs. replacement cost) had a negative effect of 436 M€ in the fourth quarter 2006 compared to a negative effect of 430 M€ in the fourth quarter 2005.

Special items had a negative impact on net income of 18 M€ in the fourth quarter 2006 and were composed mainly, on one side of restructuring charges in the Chemicals segment and the Group’s share of special items recorded by Sanofi-Aventis, and on the other side of gains on asset sales.
In the fourth quarter 2005, special items had a negative impact on net income of 193 M€ and were composed mainly of restructuring charges in the Chemicals segment.

The Group’s share of the amortization of intangibles related to the Sanofi-Aventis merger had a negative impact on net income of 58 M€ in the fourth quarter 2006 and 88 M€ in the fourth quarter 2005.

Reported net income was 2,225 M€ compared to 2,341 M€ in the fourth quarter 2005.

The effective tax rate⁹ for the Group increased to 57% in the fourth quarter 2006 from 53% in the fourth quarter 2005, mainly due to the Upstream segment representing a larger proportion of the results and having a higher effective tax rate. The higher rate reflects mainly an increase in UK petroleum taxes and the effect of higher oil and gas prices. The effective tax rate was 56% in the third quarter 2006.

In the fourth quarter 2006, the Group bought back 13.9 million of its shares for 746 M€.

Adjusted fully-diluted earnings per share, based on 2,288.1 million fully-diluted weighted-average shares, was 1.20 euros in the fourth quarter 2006 compared to 1.30 euros in the


⁸		special items affecting operating income from business segments in the fourth quarter 2006 and the fourth quarter 2005 included restructuring charges in the Chemicals segment.

⁹		defined as : (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates, dividends received from investments and impairments of acquisition goodwill + tax on adjusted net operating income).

TOTAL
2, place de la Coupole
La Défense 6
92400 Courbevoie France
Tél. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24

Jérôme SCHMITT
Laurent WOLFFSHEIM
Philippe HERGAUX
Sandrine SABOUREAU

Robert HAMMOND (US)
Tél. : (1) 201 626 3500
Fax : (1) 201 626 4004

TOTAL S.A.
Capital 5 981 907 383 euros
542 051 180 R.C.S. Nanterre

www.total.com

> Investments – divestments

Investments in the fourth quarter 2006 were 3,656 M€ (approximately 4.7 billion dollars (B$)) compared to 3,799 M€ in the fourth quarter 2005. The fourth quarter 2006 includes 302 M€ of acquisitions compared to 288 M€ in the fourth quarter 2005.

Divestments in the fourth quarter 2006 were 1,071 M€ and included sales of non-strategic financial assets.

> Cash flow

Cash flow from operations in the fourth quarter 2006 was 2,123 M€. The accounting presentation for exploration costs directly charged to expense was changed¹⁰.

Adjusted cash flow from operations (cash flow from operations before changes in working capital at replacement cost), was 3,454 M€, a decrease of 23%. Excluding the change described above, adjusted cash flow from operations was 3,826 M€, a 14% decrease.

Net cash flow¹¹ was a negative 462 M€ compared to a negative 378 M€ in the fourth quarter 2005.


¹⁰		effective in the fourth quarter 2006, and retroactively for the first three quarters of 2006, some exploration costs directly charged to expense, mainly geological and geophysical costs, are no longer added back in the calculation of cash flow from operations. Cash flow used in investing activities has been reduced by the same amount. The impact for 2006 was 372 M€. The entire adjustment was reflected in the fourth quarter 2006 cash flow from operations.

¹¹		net cash flow = cash flow from operations + divestments – investments.

TOTAL
2, place de la Coupole
La Défense 6
92400 Courbevoie France
Tél. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24

Jérôme SCHMITT
Laurent WOLFFSHEIM
Philippe HERGAUX
Sandrine SABOUREAU

Robert HAMMOND (US)
Tél. : (1) 201 626 3500
Fax : (1) 201 626 4004

TOTAL S.A.
Capital 5 981 907 383 euros
542 051 180 R.C.S. Nanterre

www.total.com

•

Full-year 2006 results

> Operating income

Compared to 2005, the average oil market environment in 2006 was marked by higher oil prices (+19% for Brent to 65.1 $/b) and lower refining margins (-31% for the TRCV European refining margin indicator to 28.9 $/t).

The environment for Chemicals is generally comparable for the two years.

The euro/dollar exchange rate was 1.26 $/€ in 2006 compared to 1.24 $/€ in 2005.

In this context, the adjusted operating income from the business segments rose to 25,166 M€ in 2006, an increase of 7% compared to 2005.

Special items affecting operating income from the business segments had a negative impact of 177 M€¹² in 2006 and a negative impact of 97 M€¹² in 2005.

Adjusted net operating income from the business segments was 12,377 M€ in 2006 compared to 11,912 M€ in 2005, an increase of 4%. The lower percentage increase relative to the increase in operating income is mainly a function of the Upstream segment having a higher effective tax rate and representing a larger proportion of the results in 2006 compared to 2005.

> Net income

Adjusted net income increased by 5% to 12,585 M€ from 12,003 M€ in 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 negative impact of 358 M€ in 2006 and a positive impact of 1,072 M€ in 2005.

Special items affecting net income had a negative impact of 150 M€ in 2006 and a negative impact of 467 M€ in 2005¹².

The Group’s equity share of amortization of intangibles related to the Sanofi-Aventis merger had an impact on net income that was a negative 309 M€ in 2006 and a negative 335 M€ in 2005.

Reported net income was 11,768 M€ in 2006 compared to 12,273 M€ in 2005.

The effective tax rate for the Group was 56% in 2006 compared to 53% in 2005. The higher rate was mainly due to the increase in UK petroleum tax, higher hydrocarbon prices, and the larger share of the Upstream segment in the results.

In 2006, the Group bought back 75.9 million of its shares¹³ for 3,975 M€. The number of fully-diluted shares at December 31, 2006 was 2,285.2 million compared to 2,344.1 million at December 31, 2005.

Adjusted fully-diluted earnings per share, based on 2,312.3 million fully-diluted weighted-average shares rose to 5.44 euros in 2006 from 5.08 euros in 2005, an increase of 7%, which is a higher percentage increase than shown for the adjusted net income thanks to the accretive effect of the share buybacks.


¹²		details of these elements shown on page 16.

¹³		excludes 2.3 million shares reserved for share grants as per the decision of the Board on July 18, 2006.

TOTAL
2, place de la Coupole
La Défense 6
92400 Courbevoie France
Tél. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24

Jérôme SCHMITT
Laurent WOLFFSHEIM
Philippe HERGAUX
Sandrine SABOUREAU

Robert HAMMOND (US)
Tél. : (1) 201 626 3500
Fax : (1) 201 626 4004

TOTAL S.A.
Capital 5 981 907 383 euros
542 051 180 R.C.S. Nanterre

www.total.com

> Investments – divestments

Investments were 11,852 M€ in 2006 compared to 11,195 M€ in 2005. Expressed in dollars, investments increased by 7% to 14.9 B$¹⁴.

Excluding acquisitions (Ichthys LNG, Tahiti...), investments were 13.9 B$ in 2006 compared to 12.1 B$ in 2005.

Divestments in 2006 were 2,278 M€ compared to 1,088 M€ in 2005 and include the sale of Upstream assets in the US and in France as well as the reimbursement of carried investments on Akpo in Nigeria and the sale of non-strategic assets.

Net investments (investments minus divestments) were 12 B$ in 2006, a decrease of 4% compared to 2005.

> Cash flow

Cash flow from operations was 16,061 M€ in 2006.

Adjusted cash flow (cash flow from operations before changes in working capital at replacement cost) was 16,816 M€, a decrease of 3% compared to 2005. Excluding the change in accounting presentation for exploration costs directly charged to expense, adjusted cash flow was 17,188 M€, a decrease of 1% compared to 2005.

Net cash flow was 6,487 M€ in 2006 compared to 4,562 M€ in 2005. Expressed in dollars, net cash flow was 8.1 B$, an increase of 44%.

The net-debt-to-equity ratio was 34% at December 31, 2006 compared to 32% at December 31, 2005¹⁵.


¹⁴		excluding the change in accounting presentation for exploration costs directly charged to expense, the increase was 10%.

¹⁵		calculations detailed on page 17.

TOTAL
2, place de la Coupole
La Défense 6
92400 Courbevoie France
Tél. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24

Jérôme SCHMITT
Laurent WOLFFSHEIM
Philippe HERGAUX
Sandrine SABOUREAU

Robert HAMMOND (US)
Tél. : (1) 201 626 3500
Fax : (1) 201 626 4004

TOTAL S.A.
Capital 5 981 907 383 euros
542 051 180 R.C.S. Nanterre

www.total.com

•

Analysis of segment results

Upstream

> Environment – liquids and gas price realizations*

4Q06

2006

4Q06

3Q06

4Q05

2006

2005

59.6

69.5

56.9

+5%

Brent ($/b)

65.1

54.5

+19%

57.1

65.4

54.5

+5%

Average liquids price ($/b)

61.8

51.0

+21%

6.16

5.59

5.68

+8%

Average gas price ($/Mbtu)

5.91

4.77

+24%


*		consolidated subsidiaries, excluding fixed margin and buy-back contracts

The increase in Total’s average liquids price was globally in line with the increase in the Brent price for both the fourth quarter and full year comparisons.
Total’s average gas price increased by more than its liquids price, due to the lag effect on long-term contracts for gas, mainly in Europe, and strong LNG prices in Asia.

> Production


					4Q06						2006
					vs						vs
4Q06	3Q06		4Q05		4Q05	Hydrocarbon production	2006		2005		2005

2,403		2,294		2,463	-2%	Combined production (kboe/d)		2,356		2,489	-5%

1,513		1,485		1,592	-5%	• Liquids (kb/d)		1,506		1,621	-7%
4,989		4,411		4,896	+2%	• Gas (Mcfd)		4,674		4,780	-2%

Hydrocarbon production was 2,403 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2006 compared to 2,463 kboe/d in the fourth quarter 2005, a decrease of 2.5%, mainly as a result of :

	•		-1.5% due to the price effect¹⁶,

	•		-1% due to changes in the portfolio, notably the divestment of onshore US assets,

	•		-2% due to shut-downs in the Niger Delta area because of security issues,

	•		+2% due to the positive impact of new field start-ups, which was partially offset by normal declines and reduced OPEC quotas.

For the full year 2006, hydrocarbon production was 2,356 kboe/d compared to 2,489 kboe/d in 2005, a decrease of 5% due to the following elements :

	•		-2% due to the price effect¹⁶,

	•		-1% due to changes in the portfolio,

	•		-2% due to shut-downs in the Niger Delta area because of security issues.

Excluding these items, the positive impact of new field start-ups was offset by normal declines and shut-downs in the North Sea.


¹⁶		impact of hydrocarbon prices on entitlement volumes from production sharing and buy-back contracts.

TOTAL
2, place de la Coupole
La Défense 6
92400 Courbevoie France
Tél. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24

Jérôme SCHMITT
Laurent WOLFFSHEIM
Philippe HERGAUX
Sandrine SABOUREAU

Robert HAMMOND (US)
Tél. : (1) 201 626 3500
Fax : (1) 201 626 4004

TOTAL S.A.
Capital 5 981 907 383 euros
542 051 180 R.C.S. Nanterre

www.total.com

> Year-end 2006 reserves


Reserves at December 31	2006		2005		%

Hydrocarbon reserves (Mboe)		11,120		11,106		—

• Liquids (Mb)		6,471		6,592		-2	%
• Gas (Bcf)		25,539		24,750		+3	%

Proved reserves calculated according to SEC rules were 11,120 Mboe at December 31, 2006, representing close to 13 years of production at the current rate.

Based on proved reserves calculated according to SEC rules, the 2006 reserve replacement rate¹⁷ was 102% for the Group (consolidated subsidiaries and equity affiliates). Excluding changes in the portfolio, it was 108%.

Excluding the impact of changing oil prices, (Brent constant at 40 $/b), the Group’s 3-year average reserve replacement rate would be 110% for the 2004-2006 period.

At year-end 2006, Total had a solid and diversified portfolio of proved plus probable reserves representing 20.5 Bboe, or more than 23 years of production at the current rate¹⁸.

> Results


					4Q06							2006
					vs							vs
4Q06	3Q06		4Q05		4Q05		In millions of euros	2006		2005		2005

4,330		5,000		5,000	-13	%	Adjusted operating income*		20,307		18,421	+10	%

1,885		2,033		2,132	-12	%	Adjusted net operating income*		8,709		8,029	+8	%
176		172		106	+66	%	•Income from equity affiliates		645		435	+48	%



2,638		2,073		2,521	+5	%	Investments		9,001		8,111	+11	%

523		80		141	+271	%	Divestments at selling price		1,458		692	+111	%

1,788		2,534		2,374	-25	%	Cash flow		11,524		10,111	+14	%


*		detail of adjustment items shown in business segment information

Adjusted net operating income for the Upstream segment was 1,885 M€ in the fourth quarter 2006 compared to 2,132 M€ in the fourth quarter 2005, a decrease of 12%.

The positive effect of higher oil and gas prices was more than offset by the negative impacts of the depreciation of the dollar, higher exploration and production expenses and higher taxes.

The average Upstream tax rate increased to 62% in the fourth quarter 2006 from 60% in the fourth quarter 2005, essentially due to the increase in the UK petroleum taxes.

For the full year 2006, adjusted net operating income for the Upstream segment was 8,709 M€ compared to 8,029 M€ in 2005, an increase of 8%.
The contribution of income from equity affiliates rose sharply, reflecting mainly the growth in LNG activities, particularly the larger contribution from trains 4 and 5 at Nigeria LNG.


¹⁷		change in reserves excluding production (revisions + discoveries, extensions + acquisitions – divestments) / production for the period.

¹⁸		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 40 $/b environment, including the portion of heavy oil in the Joslyn field developed by mining.

TOTAL
2, place de la Coupole
La Défense 6
92400 Courbevoie France
Tél. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24

Jérôme SCHMITT
Laurent WOLFFSHEIM
Philippe HERGAUX
Sandrine SABOUREAU

Robert HAMMOND (US)
Tél. : (1) 201 626 3500
Fax : (1) 201 626 4004

TOTAL S.A.
Capital 5 981 907 383 euros
542 051 180 R.C.S. Nanterre

www.total.com

Expressed in dollars, the 2006 adjusted net operating income for the Upstream segment was 10.9 B$, an increase of 0.9 B$ compared to 2005, composed mainly of the 2.5 B$ positive effect of higher hydrocarbon prices, which was partially offset by the negative impact of lower production volumes and changes in the portfolio (approx 0.6 B$), higher production costs (approx 0.5 B$, including 0.2 B$ for exploration) and the impact of changes in tax terms (approx 0.5 B$).

Technical costs (FAS 69, consolidated subsidiaries only) increased to 9.9 $/boe in 2006 from 8.5 $/boe in 2005, mainly due to an increase in exploration (approx +0.4 $/boe) and cost inflation.

The return on average capital employed (ROACE¹⁹) for the Upstream segment was 35% in 2006 compared to 40% in 2005. The decline was mainly due to an increase in the level of capital employed for work-in-progress assets, which reflects the sustained level of investments being made to fuel future growth.


¹⁹		calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 18.

TOTAL
2, place de la Coupole
La Défense 6
92400 Courbevoie France
Tél. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24

Jérôme SCHMITT
Laurent WOLFFSHEIM
Philippe HERGAUX
Sandrine SABOUREAU

Robert HAMMOND (US)
Tél. : (1) 201 626 3500
Fax : (1) 201 626 4004

TOTAL S.A.
Capital 5 981 907 383 euros
542 051 180 R.C.S. Nanterre

www.total.com

Downstream

> Refinery throughput


						4Q06								2006
						vs								vs
4Q06		3Q06		4Q05		4Q05			Refinery throughput (kb/d)	2006		2005		2005

	2,435		2,533		2,420		+1	%	Total refinery throughput*		2,454		2,410		+2	%

	971		976		928		+5	%	• France		933		939		-1	%
	1,210		1,257		1,204		—		• Rest of Europe*		1,224		1,158		+6	%
	254		300		288		-12	%	• Rest of world		297		313		-5	%

* includes share of Cepsa

The refinery utilization rate based on crude oil processed was 86% in the fourth quarter 2006 (90% based on crude oil and other inputs) compared to 89% in the fourth quarter 2005 and 92% in the third quarter 2006.

In the fourth quarter 2006, crude throughput was temporarily reduced in response to negative topping margins, and there was a major turnaround of the cracker at the Port Arthur refinery.

The fourth quarter 2005 was affected by the aftermath of Hurricane Rita in the US and a strike at the Normandy refinery.

> Results


						4Q06								2006
						vs			In millions of euros					vs
4Q06		3Q06		4Q05		4Q05			except the TRCV refining margin indicator	2006		2005		2005

	22.8		28.7		45.5		-50	%	TRCV — European refining margin indicator ($/t)		28.9		41.6		-31	%



	750		1,002		1,083		-31	%	Adjusted operating income*		3,644		3,899		-7	%

	549		798		799		-31	%	Adjusted net operating income*		2,784		2,916		-5	%
	63		62		70		-10	%	• Income from equity affiliates		269		280		-4	%



	703		383		710		-1	%	Investments		1,775		1,779		—

	275		90		80		+244	%	Divestments at selling price		428		204		+110	%

	261		1,180		211		+24	%	Cash flow		3,626		2,723		+33	%

	844		1,142		1,168		-28	%	Adjusted cash flow		3,904		3,688		+6	%

* detail of adjustment items shown in business segment information

Adjusted net operating income for the Downstream segment was 549 M€ in the fourth quarter 2006 compared to 799 M€ in the fourth quarter 2005, a decrease of 31%, mainly due to a collapse in distillation refining margins brought on by exceptionally mild winter weather conditions.

For the full year 2006, adjusted net operating income for the Downstream segment was 2,784 M€ compared to 2,916 M€ in 2005, a decrease of 5%.
Expressed in dollars, adjusted net operating income for the Downstream segment was 3.5 B$, a decrease of 0.1 B$ compared to 2005. The decrease was due to a weaker refining environment, partially offset by favorable market effects, which had a negative impact estimated at 0.65 B$. Performance improvement contributed 0.3 B$ and volumes recuperated from losses in 2005 (strikes in France and aftermath of Hurricane Rita in the US) added an estimated 0.25 B$.

The ROACE for the Downstream segment was 23% in 2006 compared to 28% in 2005. The decrease is due notably to weaker refining margins.

TOTAL
2, place de la Coupole
La Défense 6
92400 Courbevoie France
Tél. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24

Jérôme SCHMITT
Laurent WOLFFSHEIM
Philippe HERGAUX
Sandrine SABOUREAU

Robert HAMMOND (US)
Tél. : (1) 201 626 3500
Fax : (1) 201 626 4004

TOTAL S.A.
Capital 5 981 907 383 euros
542 051 180 R.C.S. Nanterre
www.total.com

Chemicals

> Results

Under IFRS rules for discontinued operations, the historical statements on income and ROACE have been restated to exclude the contribution of Arkema.


							4Q06									2006
							vs									vs
4Q06		3Q06		4Q05			4Q05			In millions of euros	2006		2005			2005

	4,610		4,849		4,294			+7	%	Sales		19,113		16,765			+14	%
	2,891		3,135		2,641			+9	%	• Base chemicals		12,011		10,245			+17	%
	1,719		1,713		1,653			+4	%	• Specialties		7,101		6,520			+9	%



	374		350		285			+31	%	Adjusted operating income*		1,215		1,148			+6	%

	255		248		322	**		-21	%	Adjusted net operating income*		884		967	**		-9	%
	168		155		78			+115	%	• Base chemicals		486		447			+9	%
	82		87		84			-2	%	• Specialties		381		345			+10	%



	293		202		437			-33	%	Investments		995		1,115			-11	%

	29		4		29			—		Divestments at selling price		128		59			+117	%

	725		291		161			+350	%	Cash flow		972		946			+3	%

	331		329		164			+102	%	Adjusted cash flow		1,220		1,271			-4	%

* detail of adjustment items shown in business segment information

** includes 151 M€ deferred tax credits related to Arkema activities

Sales for the Chemicals segment increased by 7% to 4,610 M€ in the fourth quarter 2006 from 4,294 M€ in the fourth quarter 2005.

Adjusted net operating income for the Chemicals segment was 255 M€, a decrease of 21% compared to the fourth quarter 2005. However, excluding the deferred tax credits related to Arkema activities recorded in the fourth quarter 2005, it increased by 49%.
In a context of solid market demand, European petrochemical margins benefited from a decrease in naphtha prices.

Specialties continue to benefit from global economic growth and have performed well.

For the full year 2006, adjusted net operating income for the Chemicals segment decreased by 9% to 884 M€ from 967 M€ in 2005. However, excluding the deferred tax credits related to Arkema activities, it increased by 8%. Expressed in dollars, the corresponding 0.1 B$ increase reflects the positive effects of growth and productivity programs.

The ROACE for the Chemicals segment was 13% in 2006 compared to 15% in 2005 (12% in 2005 excluding the deferred tax credits related to Arkema).

TOTAL
2, place de la Coupole
La Défense 6
92400 Courbevoie France
Tél. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24

Jérôme SCHMITT
Laurent WOLFFSHEIM
Philippe HERGAUX
Sandrine SABOUREAU

Robert HAMMOND (US)
Tél. : (1) 201 626 3500
Fax : (1) 201 626 4004

TOTAL S.A.
Capital 5 981 907 383 euros
542 051 180 R.C.S. Nanterre

www.total.com

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

Net income for Total S.A., the parent company, was 5,252 M€ in 2006 compared to 4,143 M€ in 2005. After reviewing the accounts, the Board of Directors decided to propose at the May 11, 2007 Annual Meeting a dividend of 1.87 euros per share for 2006, an increase of 15% compared to the previous year.

The pay-out ratio for Total, based on adjusted net income, would be 34%.

Taking into account the interim dividend of 0.87 euros per share paid on November 17, 2006, the remaining 1.00 euro per share will be paid on May 18, 2007.

• Summary and outlook

The ROACE for the Group was 26% in 2006 (29% for the business segments), at the level of the best in the industry.

Return on equity was 33% in 2006 compared to 35% in 2005.

In the Upstream, Total intends to pursue its strategy of profitable organic growth and increase hydrocarbon production by more than 5% per year on average over the period 2006 to 2010²⁰, including production growth of 6% in 2007²¹, which takes into account a reduction of 1% for the estimated impact of OPEC quotas. This growth will be particularly sensitive to the LNG activities, which are expected to grow by 13% per year on average. Through 2010, Total’s portfolio of projects offers strong visibility, notably due to the number of exploration successes in recent years and to major new projects in LNG and heavy oil.

In the Downstream, the Group is pursuing a strategy to upgrade its refining system by adding conversion and desulphurization projects, as well as through programs to modernize and improve the reliability of its units.

In petrochemicals, Total’s objective is to continue to increase its polymers production, particularly in Asia and the Middle East, while improving the competitiveness of its operations in mature markets.

Implementing the Group’s growth strategy depends on a sustained investment program. The 2007 budget for investments is approximately 16 B$²², 75% of it for the Upstream.

The Group maintains its net-debt-to-equity ratio target at around 25% to 30%.

Total intends to pursue a dynamic dividend policy, in line with its strategy for profitable growth over the long term. Cash flow remaining after investments and the payment of the dividend will be available for share buybacks.

Highlights of 2007 should include the ramp up of production at Dalia in Angola and the distillate hydrocracker at Normandy as well as the start-up of major Upstream projects like Rosa in Angola and Dolphin in Qatar.

Since the beginning of 2007, the oil market environment has remained generally favorable with oil and gas prices at relatively high levels and refining margins in Europe comparable to the average level of 2006.

¨ ¨ ¨

To listen to the presentation to financial analysts by Chairman Thierry Desmarest and CEO Christophe de Margerie today at 11:00 (Paris time) please log on to www.total.com or call +44 (0)161 601 8912 in Europe or +1 866 793 4277 in the US (access code : Total) . For a replay, please consult the website or call +44 (0)207 075 3214 in Europe or 1 866 828 2261 in the US (code : 191 534).


²⁰		based on Brent at 60 $/b in 2007 and 40 $/b thereafter.

²¹		excluding the effect of portfolio changes.

²²		excluding acquisitions and based on 1€ = 1.25 $.

TOTAL
2, place de la Coupole
La Défense 6
92400 Courbevoie France
Tél. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24

Jérôme SCHMITT
Laurent WOLFFSHEIM
Philippe HERGAUX
Sandrine SABOUREAU

Robert HAMMOND (US)
Tél. : (1) 201 626 3500
Fax : (1) 201 626 4004

TOTAL S.A.
Capital 5 981 907 383 euros
542 051 180 R.C.S. Nanterre

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 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.

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 20F, 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.

TOTAL
2, place de la Coupole
La Défense 6
92400 Courbevoie France
Tél. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24

Jérôme SCHMITT
Laurent WOLFFSHEIM
Philippe HERGAUX
Sandrine SABOUREAU

Robert HAMMOND (US)
Tél. : (1) 201 626 3500
Fax : (1) 201 626 4004

TOTAL S.A.
Capital 5 981 907 383 euros
542 051 180 R.C.S. Nanterre

www.total.com

Operating information by segment
Fourth quarter and full year 2006

l Upstream


			4Q06					2006
			vs		Combined liquids and gas production			vs
4Q06	3Q06	4Q05	4Q05		by region (kboe/d)	2006	2005	2005

752	674	759	-1	%	Europe	728	770	-5	%
729	716	756	-4	%	Africa	720	776	-7	%
28	17	33	-15	%	North America	16	41	-61	%
258	250	247	+4	%	Far East	253	248	+2	%
416	396	410	+1	%	Middle East	406	398	+2	%
211	234	249	-15	%	South America	226	247	-9	%
9	7	9	—		Rest of world	7	9	-22	%

2,403	2,294	2,463	-2	%	Total production	2,356	2,489	-5	%


			4Q06					2006
			vs					vs
4Q06	3Q06	4Q05	4Q05		Liquids production by region (kb/d)	2006	2005	2005

371	354	381	-3	%	Europe	365	390	-6	%
633	620	678	-7	%	Africa	628	696	-10	%
17	7	3	x5,7		North America	7	9	-22	%
28	28	26	+8	%	Far East	29	29	—
353	345	359	-2	%	Middle East	351	346	+1	%
103	124	137	-25	%	South America	119	143	-17	%
8	7	8	—		Rest of world	7	8	-13	%

1,513	1,485	1,592	-5	%	Total production	1,506	1,621	-7	%

TOTAL
2, place de la Coupole
La Défense 6
92400 Courbevoie France
Tél. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24

Jérôme SCHMITT
Laurent WOLFFSHEIM
Philippe HERGAUX
Sandrine SABOUREAU

Robert HAMMOND (US)
Tél. : (1) 201 626 3500
Fax : (1) 201 626 4004

TOTAL S.A.
Capital 5 981 907 383 euros
542 051 180 R.C.S. Nanterre

www.total.com


			4Q06					2006
			vs					vs
4Q06	3Q06	4Q05	4Q05		Gas production by region (Mcfd)	2006	2005	2005

2,073	1,738	2,048	+1	%	Europe	1,970	2,063	-5	%
510	509	412	+24	%	Africa	486	422	+15	%
55	48	156	-65	%	North America	50	174	-71	%
1,417	1,240	1,366	+4	%	Far East	1,282	1,254	+2	%
334	272	274	+22	%	Middle East	292	279	+5	%
598	602	638	-6	%	South America	592	586	+1	%
2	2	2	—		Rest of world	2	2	—

4,989	4,411	4,896	+2	%	Total production	4,674	4,780	-2	%

l Downstream


			4Q06				2006
			vs				vs
4Q06	3Q06	4Q05	4Q05	Refined product sales by region (kb/d)*	2006	2005	2005

2,720	2,688	2,696	+1%	Europe	2,690	2,649	+2%
343	353	337	+2%	Africa	332	336	-1%
480	583	571	-16%	Americas	573	623	-8%
185	147	208	-11%	Rest of world	191	184	+4%

3,728	3,771	3,812	-2%	Total	3,786	3,792	—


*		includes trading and equity share of Cepsa

TOTAL
2, place de la Coupole
La Défense 6
92400 Courbevoie France
Tél. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24

Jérôme SCHMITT
Laurent WOLFFSHEIM
Philippe HERGAUX
Sandrine SABOUREAU

Robert HAMMOND (US)
Tél. : (1) 201 626 3500
Fax : (1) 201 626 4004

TOTAL S.A.
Capital 5 981 907 383 euros
542 051 180 R.C.S. Nanterre

www.total.com

Adjustment items

l Adjustments to operating income from business segments


4Q06		3Q06		4Q05		in millions of euros	2006		2005

—		(122	)	(86	)	Special items affecting operating income from business segments	(177	)	(97	)

8		(10	)	(19	)	* Restructuring charges	(25	)	(19	)
(11	)	(50	)	(60	)	* Impairments	(61	)	(71	)
3		(62	)	(7	)	* Other	(91	)	(7	)

(389	)	(681	)	(914	)	Pre-tax inventory effect : FIFO vs. replacement cost	(314	)	1,265



(389	)	(803	)	(1,000	)	Total adjustments affecting operating income from business segments	(491	)	1,168

l Adjustments to net income (Group share)


4Q06		3Q06		4Q05		in millions of euros	2006		2005

(18	)	(132	)	(193	)	Special items affecting net income (Group share)	(150	)	(467	)

(46	)	(2	)	(42	)	* Equity share of special items recorded by Sanofi-Aventis	(81	)	(207	)
174		—		—		* Gain on asset sales	304		—
(15	)	(80	)	(40	)	* Restructuring charges	(154	)	(130	)
(8	)	(32	)	(207	)	* Impairments	(40	)	(215	)
(123	)	(18	)	96		* Other	(179	)	85

						Adjustment related to the Sanofi-Aventis merger*
(58	)	(82	)	(88	)	(share of amortization of intangible assets)	(309	)	(335	)

(436	)	(478	)	(430	)	After-tax inventory effect : FIFO vs. replacement cost	(358	)	1,072



(512	)	(692	)	(711	)	Total adjustments to net income	(817	)	270


*		based on 13% participation in Sanofi-Aventis at 12/31/2006, 9/30/2006, and 12/31/2005

TOTAL
2, place de la Coupole
La Défense 6
92400 Courbevoie France
Tél. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24

Jérôme SCHMITT
Laurent WOLFFSHEIM
Philippe HERGAUX
Sandrine SABOUREAU

Robert HAMMOND (US)
Tél. : (1) 201 626 3500
Fax : (1) 201 626 4004

TOTAL S.A.
Capital 5 981 907 383 euros
542 051 180 R.C.S. Nanterre

www.total.com

Net-debt-to-equity ratio


in millions of euros	12/31/2006			09/30/2006			12/31/2005

Current borrowings		5,858			11,426			3,920

Net current financial instruments		(3,833	)		(10,899	)		(301	)

Non-current financial debt		14,174			12,994			13,793

Hedging instruments of non-current debt		(486	)		(526	)		(477	)

Cash and cash equivalents		(2,493	)		(2,575	)		(4,318	)

Net debt		13,220			10,420			12,617



Shareholders equity		40,321			41,761			40,645

Accrued dividend payable based on shares at the close of the period*		(2,258	)		(2,756	)		(2,006	)

Minority interests		827			863			838

Equity		38,890			39,868			39,477



Net-debt-to-equity ratio		34.0	%		26.1	%		32.0	%


*		based on the distribution of the 2006 dividend of 1.87 euros per share of 2.5 € of par value taking into account the interim amount of 1,977 M€ paid in November 2006

Effective tax rates


4Q06	3Q06	4Q05	Effective tax rates*	2006	2005

62.1%	63.7%	60.4%	Upstream	61.4%	59.4%

56.6%	55.6%	52.9%	Group	55.7%	53.3%


*		tax on adjusted net operating income / (adjusted net operating income — income from affiliates, dividends received from investments, and impairments of acquisition goodwill + tax on adjusted net operating income)

2007 Sensitivities*

Scenario

Change

Impact on operating

Impact on net

income (e)

operating income (e)

€/ $

1.25 $/€

+0.1 € par $

+2.2 B€

+1.1 B€

Brent

60 $/b

+1 $/b

+0.38 B€

+0.15 B€

TRCV — European refining margin indicator

30 $/t

+1 $/t

+0.09 B€

+0.06 B€


*		sensitivities revised once per year upon publication of the previous year fourth quarter results

TOTAL
2, place de la Coupole
La Défense 6
92400 Courbevoie France
Tél. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24

Jérôme SCHMITT
Laurent WOLFFSHEIM
Philippe HERGAUX
Sandrine SABOUREAU

Robert HAMMOND (US)
Tél. : (1) 201 626 3500
Fax : (1) 201 626 4004

TOTAL S.A.
Capital 5 981 907 383 euros
542 051 180 R.C.S. Nanterre

www.total.com

Return on average capital employed

l For the full year 2006


in millions of euros	Upstream			Downstream			Chemicals**			Segments			Group

Adjusted net operating income		8,709			2,784			884			12,377			13,162

Capital employed at December 31, 2005*		23,522			11,421			6,885			41,828			49,341
Capital employed at December 31, 2006*		25,543			12,384			6,920			44,847			52,263


ROACE		35.5	%		23.4	%		12.8	%		28.6	%		25.9	%


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

**		capital employed for Chemicals reduced for Arkema by 2,235 M€ at 12/31/2005 and for the Toulouse-AZF provision of 133 M€ pre-tax at 12/31/2005 and 176 M€ pre-tax at 12/31/2006

l For the twelve months ended September 30, 2006


in millions of euros	Upstream			Downstream			Chemicals**			Segments			Group

Adjusted net operating income		8,956			3,034			951			12,941			13,680

Capital employed at September 30, 2005*		21,663			10,017			6,837			38,517			45,273
Capital employed at September 30, 2006*		24,561			11,431			7,257			43,249			50,371


ROACE		38.8	%		28.3	%		13.5	%		31.7	%		28.6	%


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

**		capital employed for Chemicals reduced for Arkema by 2,268 M€ at 9/30/2005 and for the Toulouse-AZF provision of 45 M€ pre-tax at 9/30/2005 and 85 M€ pre-tax at 9/30/2006

l For the full year 2005


in millions of euros	Upstream			Downstream			Chemicals**			Segments			Group

Adjusted net operating income		8,029			2,916			967			11,912			12,586

Capital employed at December 31, 2004*		16,280			9,654			6,205			32,139			38,314
Capital employed at December 31, 2005*		23,522			11 421			6,885			41,828			49,341


ROACE		40.3	%		27.7	%		14.8	%		32.2	%		28.7	%


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

**		capital employed for Chemicals reduced for Arkema by 2,058 M€ at 12/31/2004 and 2,235 M€ at 12/31/2005 and for the Toulouse-AZF provision of 110 M€ pre-tax at 12/31/2004 and 133 M€ pre-tax at 12/31/2005

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)


	4^th quarter			3^rd quarter			4^th quarter
Amounts in millions of euros (1)	2006			2006			2005

Sales		36,433			38,357			38,565
Excise taxes		(6,536	)		(4,829	)		(5,047	)
Revenues from sales		29,897			33,528			33,518

Purchases, net of inventory variation		(18,863	)		(21,642	)		(22,071	)
Other operating expenses		(4,613	)		(5,001	)		(4,735	)
Unsuccessful exploration costs		(214	)		(159	)		(154	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		(1,313	)		(1,299	)		(1,403	)


Operating income
Corporate		(171	)		(122	)		(213	)
Business segments *		5,065			5,549			5,368

Total operating income		4,894			5,427			5,155


Other income		400			56			86
Other expense		(299	)		(161	)		(350	)

Financial interest on debt		(471	)		(545	)		(370	)
Financial income from marketable securities and cash equivalents		375			381			277
Cost of net debt		(96	)		(164	)		(93	)

Other financial income		141			144			99
Other financial expense		(83	)		(74	)		(66	)
Income taxes		(3,001	)		(3,262	)		(2,183	)
Equity in income (loss) of affiliates		344			529			285

Consolidated net income from continuing operations (Group without Arkema)		2,300			2,495			2,933

Consolidated net income from discontinued operations (Arkema)		—			(13	)		(492	)

Consolidated net income		2,300			2,482			2,441

Group share **		2,225			2,419			2,341
Minority interests and dividends on subsidiaries’ redeemable preferred shares		75			63			100

Earnings per share (euro)		0.98			1.06			1.01

Fully-diluted earnings per share (euro) ***		0.97			1.05			1.00



* Adjusted operating income from business segments		5,454			6,352			6,368

Adjusted net operating income from business segments		2,689			3,079			3,253

** Adjusted net income		2,737			3,111			3,052

*** Adjusted fully-diluted earnings per share (euro)		1.20			1.35			1.30


(1)		Except for earnings per share

CONSOLIDATED STATEMENT OF INCOME

TOTAL


	For the year			For the year
	ended			ended
	December 31,			December 31,
Amounts in millions of euros (1)	2006			2005

Sales		153,802			137,607
Excise taxes		(21,113	)		(20,550	)
Revenues from sales		132,689			117,057

Purchases, net of inventory variation		(83,334	)		(70,291	)
Other operating expenses		(19,536	)		(17,159	)
Unsuccessful exploration costs		(634	)		(431	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		(5,055	)		(5,007	)


Operating income
Corporate		(545	)		(467	)
Business segments *		24,675			24,636

Total operating income		24,130			24,169


Other income		789			174
Other expense		(703	)		(455	)

Financial interest on debt		(1,731	)		(1,214	)
Financial income from marketable securities and cash equivalents		1,367			927
Cost of net debt		(364	)		(287	)

Other financial income		592			396
Other financial expense		(277	)		(260	)
Income taxes		(13,720	)		(11,806	)
Equity in income (loss) of affiliates		1,693			1,173

Consolidated net income from continuing operations (Group without Arkema)		12,140			13,104

Consolidated net income from discontinued operations (Arkema)		(5	)		(461	)

Consolidated net income		12,135			12,643

Group share **		11,768			12,273
Minority interests and dividends on subsidiaries’ redeemable preferred shares		367			370

Earnings per share (euro)		5.13			5.23

Fully-diluted earnings per share (euro) ***		5.09			5.20



* Adjusted operating income from business segments		25,166			23,468

Adjusted net operating income from business segments		12,377			11,912

** Adjusted net income		12,585			12,003

*** Adjusted fully-diluted earnings per share (euro)		5.44			5.08


(1)		Except for earnings per share

CONSOLIDATED BALANCE SHEET

TOTAL


	Amounts in millions of euros
	December 31,			September 30,			December 31,
	2006			2006			2005
	(unaudited)

ASSETS

NON-CURRENT ASSETS
Intangible assets, net		4,705			4,608			4,384
Property, plant and equipment, net		40,576			39,809			40,568
Equity affiliates : investments and loans		13,331			13,275			12,652
Other investments		1,250			1,635			1,516
Hedging instruments of non-current financial debt		486			526			477
Other non-current assets		2,088			2,204			2,794

TOTAL NON-CURRENT ASSETS		62,436			62,057			62,391


CURRENT ASSETS
Inventories, net		11,746			11,531			12,690
Accounts receivable, net		17,393			16,981			19,612
Prepaid expenses and other current assets		7,247			7,182			6,799
Current financial assets		3,908			10,930			334
Cash and cash equivalents		2,493			2,575			4,318

TOTAL CURRENT ASSETS		42,787			49,199			43,753

TOTAL ASSETS		105,223			111,256			106,144


LIABILITIES & SHAREHOLDERS’ EQUITY

SHAREHOLDERS’ EQUITY
Common shares		6,064			6,063			6,151
Paid-in surplus and retained earnings		41,460			41,367			37,504
Cumulative translation adjustment		(1,383	)		(501	)		1,421
Treasury shares		(5,820	)		(5,168	)		(4,431	)

SHAREHOLDERS’ EQUITY — GROUP SHARE		40,321			41,761			40,645

Minority interests and subsidiaries’ redeemable preferred shares		827			863			838

TOTAL SHAREHOLDERS’ EQUITY		41,148			42,624			41,483


NON-CURRENT LIABILITIES
Deferred income taxes		7,139			7,133			6,976
Employee benefits		2,773			3,076			3,413
Other non-current liabilities		6,467			6,108			7,051

TOTAL NON-CURRENT LIABILITIES		16,379			16,317			17,440

NON-CURRENT FINANCIAL DEBT		14,174			12,994			13,793


CURRENT LIABILITIES
Accounts payable		15,080			13,338			16,406
Other creditors and accrued liabilities		12,509			14,526			13,069
Current borrowings		5,858			11,426			3,920
Other current financial liabilities		75			31			33

TOTAL CURRENT LIABILITIES		33,522			39,321			33,428

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		105,223			111,256			106,144

The comparative balance sheet as of December 31, 2005 includes the sub-group Arkema which was spun-off on May 18, 2006.

CONSOLIDATED STATEMENT OF CASH FLOWS

TOTAL

(unaudited)


	4^th quarter			3^rd quarter			4^th quarter
Amounts in millions of euros	2006			2006			2005

CASH FLOW FROM OPERATING ACTIVITIES

Consolidated net income		2,300			2,482			2,441
Depreciation, depletion and amortization		1,210			1,502			1,891
Non-current liabilities, valuation allowances and deferred taxes		357			67			(555	)
Impact of coverage of pension benefit plans		(142	)		—			(23	)
(Gains) Losses on sales of assets		(400	)		(56	)		(26	)
Undistributed affiliates equity earnings		(308	)		(380	)		(261	)
(Increase) Decrease in operating assets and liabilities		(942	)		1,337			(374	)
Other changes, net		48			101			78

CASH FLOW FROM OPERATING ACTIVITIES		2,123			5,053			3,171


CASH FLOW USED IN INVESTING ACTIVITIES

Intangible assets and property, plant and equipment additions		(3,041	)		(2,275	)		(2,951	)
Acquisitions of subsidiaries, net of cash acquired		(22	)		(25	)		(213	)
Investments in equity affiliates and other securities		(202	)		(77	)		(146	)
Increase in non-current loans		(391	)		(290	)		(489	)

Total expenditures		(3,656	)		(2,667	)		(3,799	)
Proceeds from sale of intangible assets and property, plant and equipment		84			20			49
Proceeds from sale of subsidiaries, net of cash sold		18			—			—
Proceeds from sale of non-current investments		535			75			23
Repayment of non-current loans		434			91			178

Total divestitures		1,071			186			250

CASH FLOW USED IN INVESTING ACTIVITIES		(2,585	)		(2,481	)		(3,549	)


CASH FLOW FROM FINANCING ACTIVITIES

Issuance (repayment) of shares:
Parent company’s shareholders		23			10			8
Treasury shares		(659	)		(1,085	)		(515	)
Minority shareholders		2			2			4
Subsidiaries’ redeemable preferred shares		—			—			—
Cash dividends paid:
- Parent company’s shareholders		(1,977	)		—			(1,745	)
- Minority shareholders		(96	)		—			(85	)
Net issuance (repayment) of non-current debt		1,915			682			643
Increase (Decrease) in current borrowings		(5,917	)		(3,662	)		(8,384	)
Increase (Decrease) in current financial assets and liabilities		7,295			(95	)		—
Other changes, net		—			—			—

CASH FLOW FROM / (USED IN) FINANCING ACTIVITIES		586			(4,148	)		(10,074	)

Net increase (decrease) in cash and cash equivalents		124			(1,576	)		(10,452	)
Effect of exchange rates and changes in reporting entity		(206	)		245			(219	)
Cash and cash equivalents at the beginning of the period		2,575			3,906			14,989

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD		2,493			2,575			4,318

The fourth quarter 2005 comparative consolidated statement of cash flows includes the sub-group Arkema which was spun-off on May 18, 2006.

CONSOLIDATED STATEMENT OF CASH FLOWS

TOTAL


	For the year			For the year
	Ended			ended
	December 31,			December 31,
Amounts in millions of euros	2006			2005

CASH FLOW FROM OPERATING ACTIVITIES

Consolidated net income		12,135			12,643
Depreciation, depletion and amortization		5,555			6,083
Non-current liabilities, valuation allowances and deferred taxes		601			515
Impact of coverage of pension benefit plans		(179	)		(23	)
(Gains) Losses on sales of assets		(789	)		(99	)
Undistributed affiliates equity earnings		(952	)		(596	)
(Increase) Decrease in operating assets and liabilities		(441	)		(4,002	)
Other changes, net		131			148

CASH FLOW FROM OPERATING ACTIVITIES		16,061			14,669


CASH FLOW USED IN INVESTING ACTIVITIES

Intangible assets and property, plant and equipment additions		(9,910	)		(8,848	)
Acquisitions of subsidiaries, net of cash acquired		(127	)		(1,116	)
Investments in equity affiliates and other securities		(402	)		(280	)
Increase in non-current loans		(1,413	)		(951	)

Total expenditures		(11,852	)		(11,195	)
Proceeds from sale of intangible assets and property, plant and equipment		413			274
Proceeds from sale of subsidiaries, net of cash sold		18			11
Proceeds from sale of non-current investments		699			135
Repayment of non-current loans		1,148			668

Total divestitures		2,278			1,088

CASH FLOW USED IN INVESTING ACTIVITIES		(9,574	)		(10,107	)


CASH FLOW FROM FINANCING ACTIVITIES

Issuance (repayment) of shares:
Parent company’s shareholders		511			17
Treasury shares		(3,830	)		(3,189	)
Minority shareholders		17			83
Subsidiaries’ redeemable preferred shares		—			(156	)
Cash dividends paid:
- Parent company’s shareholders		(3,999	)		(3,510	)
- Minority shareholders		(326	)		(237	)
Net issuance (repayment) of non-current debt		3,722			2,878
Increase (Decrease) in current borrowings		(6	)		(951	)
Increase (Decrease) in current financial assets and liabilities		(3,496	)		—
Other changes, net		—			(1	)

CASH FLOW FROM / (USED IN) FINANCING ACTIVITIES		(7,407	)		(5,066	)

Net increase (decrease) in cash and cash equivalents		(920	)		(504	)
Effect of exchange rates and changes in reporting entity		(905	)		962
Cash and cash equivalents at the beginning of the period		4,318			3,860

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD		2,493			4,318


The comparative consolidated statement of cash flows for the year ended December 31,2005 includes the sub-group Arkema which was spun-off on May 18, 2006

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

TOTAL


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

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 2005		—			—			12,273			—			—			—			12,273			1			369			12,643

Items recognized directly in equity		—			—			418			2,850			—			—			3,268			8			43			3,319

Total excluding transactions with shareholders		—			—			12,691			2,850			—			—			15,541			9			412			15,962

Cash dividend		—			—			(3,510	)		—			—			—			(3,510	)		—			(237	)		(3,747	)

Issuance of common shares		1,176,756			12			88			—			—			—			100			—			—			100

Purchase of treasury shares		—			—			—			—			(18,318,500	)		(3,485	)		(3,485	)		—			—			(3,485	)

Sale of treasury shares (1)		—			—			34			—			2,066,087			226			260			—			—			260

Repayment of subsidiaries’ redeemable preferred shares		—			—			—			—			—			—			—			(156	)		—			(156	)

Share-based payments		—			—			131			—			—			—			131			—			—			131

Transactions with shareholders		1,176,756			12			(3,257	)		—			(16,252,413	)		(3,259	)		(6,504	)		(156	)		(237	)		(6,897	)

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 2006		—			—			11,768			—			—			—			11,768			—			367			12,135

Items recognized directly in equity		—			—			(37	)		(2,595	)		—			—			(2,632	)		—			(44	)		(2,676	)

Total excluding transactions with shareholders		—			—			11,731			(2,595	)		—			—			9,136			—			323			9,459

Four-for-one split of shares par value		1,845,348,888			—			—			—			(102,747,996	)		—			—			—			—			—

Spin-off of Arkema		—			—			(2,061	)		(209	)		—			16			(2,254	)		—			(8	)		(2,262	)

Cash dividend		—			—			(3,999	)		—			—			—			(3,999	)		—			(326	)		(4,325	)

Issuance of common shares		12,322,769			30			469			—			—			—			499			—			—			499

Purchase of treasury shares		—			—			—			—			(78,220,684	)		(4,095	)		(4,095	)		—			—			(4,095	)

Sale of treasury shares (1)		—			—			—			—			6,997,305			232			232			—			—			232

Share-based payments		—			—			157			—			—			—			157			—			—			157

Transactions with shareholders		1,857,671,657			30			(5,434	)		(209	)		(173,971,375	)		(3,847	)		(9,460	)		—			(334	)		(9,794	)

Cancellation of repurchased shares		(47,020,000	)		(117	)		(2,341	)		—			47,020,000			2,458			—			—			—			—

As of December 31, 2006		2,425,767,953			6,064			41,460			(1,383	)		(161,200,707	)		(5,820	)		40,321			—			827			41,148


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

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)


	Amounts in millions of euros
4^th quarter 2006	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		4,960			26,861			4,610			2						36,433
Intersegment sales		4,982			1,044			212			50			(6,288	)		—
Excise taxes		—			(6,536	)		—			—			—			(6,536	)

Revenues from sales		9,942			21,369			4,822			52			(6,288	)		29,897

Operating expenses		(4,746	)		(20,592	)		(4,425	)		(215	)		6,288			(23,690	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		(866	)		(305	)		(134	)		(8	)					(1,313	)

Operating income		4,330			472			263			(171	)					4,894

Equity in income (loss) of affiliates and other items		324			151			(177	)		205						503
Tax on net operating income		(2,769	)		(264	)		(38	)		14						(3,057	)

Net operating income		1,885			359			48			48						2,340

Net cost of net debt																	(40	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(75	)

Net income from continuing operations Group share																	2,225

Net income from discontinued operations Group share																	—

Net income Group share																	2,225


4^th quarter 2006
*(adjustments) ()**	Upstream		Downstream			Chemicals			Corporate			Intercompany	Total

Non-Group sales
Intersegment sales
Excise taxes

Revenues from sales

Operating expenses		—		(278	)		(100	)		(7	)			(385	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		—		—			(11	)		—				(11	)

Operating income (1)		—		(278	)		(111	)		(7	)			(396	)

Equity in income (loss) of affiliates and other items (2)		—		155			(178	)		(104	)			(127	)
Tax on net operating income		—		(67	)		82			(11	)			4

Net operating income (1)		—		(190	)		(207	)		(122	)			(519	)

Net cost of net debt														—
Minority interests and dividends on subsidiaries’ redeemable preferred shares														7

Net income from continuing operations Group share														(512	)

Net income from discontinued operations Group share														—

Net income Group share														(512	)

(*) 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	—	(278	)	(111	)	—
On net operating income	—	(364	)	(77	)	—
(2) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger	—	—		—		(58	)


4^th quarter 2006
(adjusted)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		4,960			26,861			4,610			2						36,433
Intersegment sales		4,982			1,044			212			50			(6,288	)		—
Excise taxes		—			(6,536	)		—			—			—			(6,536	)

Revenues from sales		9,942			21,369			4,822			52			(6,288	)		29,897

Operating expenses		(4,746	)		(20,314	)		(4,325	)		(208	)		6,288			(23,305	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		(866	)		(305	)		(123	)		(8	)					(1,302	)

Operating income		4,330			750			374			(164	)					5,290

Equity in income (loss) of affiliates and other items		324			(4	)		1			309						630
Tax on net operating income		(2,769	)		(197	)		(120	)		25						(3,061	)

Net operating income		1,885			549			255			170						2,859

Net cost of net debt																	(40	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(82	)

Net income from continuing operations Group share																	2,737

Net income from discontinued operations Group share																	—

Net income Group share																	2,737
2,737


4^th quarter 2006	Upstream		Downstream		Chemicals		Corporate			Intercompany		Total

Total expenditures		2,638		703		293		22			—		3,656
Divestitures at selling price		523		275		29		244			—		1,071
Cash flow from operating activities		1,788		261		725		(651	)		—		2,123

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)


	Amounts in millions of euros
3^th quarter 2006	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		4,684			28,818			4,849			6						38,357
Intersegment sales		4,782			1,292			362			40			(6,476	)		—
Excise taxes		—			(4,829	)		—			—			—			(4,829	)

Revenues from sales		9,466			25,281			5,211			46			(6,476	)		33,528

Operating expenses		(3,631	)		(24,665	)		(4,823	)		(159	)		6,476			(26,802	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		(835	)		(272	)		(183	)		(9	)					(1,299	)

Operating income		5,000			344			205			(122	)					5,427

Equity in income (loss) of affiliates and other items		252			84			(94	)		252						494
Tax on net operating income		(3,304	)		(94	)		(25	)		108						(3,315	)

Net operating income		1,948			334			86			238						2,606

Net cost of net debt																	(111	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(63	)

Net income from continuing operations Group share																	2,432

Net income from discontinued operations Group share																	(13	)

Net income Group share																	2,419


3^th quarter 2006
*(adjustments) ()**	Upstream			Downstream			Chemicals			Corporate			Intercompany	Total

Non-Group sales
Intersegment sales
Excise taxes

Revenues from sales

Operating expenses		—			(658	)		(95	)		(9	)			(762	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		—			—			(50	)		—				(50	)

Operating income (1)		—			(658	)		(145	)		(9	)			(812	)

Equity in income (loss) of affiliates and other items (2)		—			(5	)		(99	)		12				(92	)
Tax on net operating income		(85	)		199			82			2				198

Net operating income (1)		(85	)		(464	)		(162	)		5				(706	)

Net cost of net debt															—
Minority interests and dividends on subsidiaries’ redeemable preferred shares															14

Net income from continuing operations Group share															(692	)

Net income from discontinued operations Group share															—

Net income Group share															(692	)

(*) 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	—	(658	)	(23	)	—
On net operating income	—	(464	)	(14	)	—
(2) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger	—	—		—		(83	)


3^th quarter 2006
(adjusted)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		4,684			28,818			4,849			6						38,357
Intersegment sales		4,782			1,292			362			40			(6,476	)		—
Excise taxes		—			(4,829	)		—			—						(4,829	)

Revenues from sales		9,466			25,281			5,211			46			(6,476	)		33,528

Operating expenses		(3,631	)		(24,007	)		(4,728	)		(150	)		6,476			(26,040	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		(835	)		(272	)		(133	)		(9	)					(1,249	)

Operating income		5,000			1,002			350			(113	)					6,239

Equity in income (loss) of affiliates and other items		252			89			5			240						586
Tax on net operating income		(3,219	)		(293	)		(107	)		106						(3,513	)

Net operating income		2,033			798			248			233						3,312

Net cost of net debt																	(111	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(77	)

Net income from continuing operations Group share																	3,124

Net income from discontinued operations Group share																	(13	)

Net income Group share																	3,111


3^th quarter 2006	Upstream		Downstream		Chemicals		Corporate		Intercompany		Total

Total expenditures		2,073		383		202		9		—		2,667
Divestitures at selling price		80		90		4		12		—		186
Cash flow from operating activities		2,534		1,180		291		1,048		—		5,053

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)


	Amounts in millions of euros
4^th quarter 2005	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		6,808			27,463			4,294			—						38,565
Intersegment sales		5,203			1,158			76			62			(6,499	)		—
Excise taxes		—			(5,047	)		—			—						(5,047	)

Revenues from sales		12,011			23,574			4,370			62			(6,499	)		33,518

Operating expenses		(6,091	)		(23,127	)		(3,975	)		(266	)		6,499			(26,960	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		(920	)		(280	)		(194	)		(9	)					(1,403	)

Operating income		5,000			167			201			(213	)					5,155

Equity in income (loss) of affiliates and other items		194			128			(387	)		119						54
Tax on net operating income		(3,062	)		71			101			677						(2,213	)

Net operating income		2,132			366			(85	)		583						2,996

Net cost of net debt																	(63	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(104	)

Net income from continuing operations Group share																	2,829

Net income from discontinued operations Group share																	(488	)

Net income Group share
2,341


4^th quarter 2005
*(adjustments) ()**	Upstream		Downstream			Chemicals			Corporate			Intercompany	Total

Non-Group sales
Intersegment sales
Excise taxes

Revenues from sales

Operating expenses		—		(916	)		(17	)		—				(933	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		—		—			(67	)		—				(67	)

Operating income (1)		—		(916	)		(84	)		—				(1,000	)

Equity in income (loss) of affiliates and other items (2)		—		28			(391	)		(131	)			(494	)
Tax on net operating income		—		455			68			590				1,113

Net operating income (1)		—		(433	)		(407	)		459				(381	)

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

Net income from continuing operations Group share														(380	)

Net income from discontinued operations Group share														(331	)

Net income Group share														(711	)

(*) 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	—	(916	)	2	—
On net operating income	—	(433	)	2	—
(2) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger	—	—		—	(88	)


4^th quarter 2005
(adjusted)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		6,808			27,463			4,294			—						38,565
Intersegment sales		5,203			1,158			76			62			(6,499	)		—
Excise taxes		—			(5,047	)		—			—						(5,047	)

Revenues from sales		12,011			23,574			4,370			62			(6,499	)		33,518

Operating expenses		(6,091	)		(22,211	)		(3,958	)		(266	)		6,499			(26,027	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		(920	)		(280	)		(127	)		(9	)					(1,336	)

Operating income		5,000			1,083			285			(213	)					6,155

Equity in income (loss) of affiliates and other items		194			100			4			250						548
Tax on net operating income		(3,062	)		(384	)		33			87						(3,326	)

Net operating income		2,132			799			322			124						3,377

Net cost of net debt																	(63	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(105	)

Net income from continuing operations Group share																	3,209

Net income from discontinued operations Group share																	(157	)

Net income Group share																	3,052


4^th quarter 2005	Upstream		Downstream		Chemicals		Corporate		Intercompany	Total

Total expenditures		2,521		710		437		131			3,799
Divestitures at selling price		141		80		29		—			250
Cash flow from operating activities		2,374		211		161		425			3,171

BUSINESS SEGMENT INFORMATION

TOTAL


							Amounts in millions of euros
For the year ended December 31, 2006	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		20,782			113,887			19,113			20						153,802
Intersegment sales		20,603			4,927			1,169			177			(26,876	)		—
Excise taxes		—			(21,113	)		—			—						(21,113	)

Revenues from sales		41,385			97,701			20,282			197			(26,876	)		132,689

Operating expenses		(17,759	)		(93,209	)		(18,706	)		(706	)		26,876			(103,504	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		(3,319	)		(1,120	)		(580	)		(36	)					(5,055	)

Operating income		20,307			3,372			996			(545	)		—			24,130

Equity in income (loss) of affiliates and other items		1,211			384			(298	)		797						2,094
Tax on net operating income		(12,764	)		(1,125	)		(191	)		206						(13,874	)

Net operating income		8,754			2,631			507			458						12,350

Net cost of net debt																	(210	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(367	)

Net income from continuing operations Group share																	11,773

Net income from discontinued operations Group share																	(5	)

Net income Group share																	11,768


For the year ended December 31, 2006
*(adjustments) ()**	Upstream			Downstream			Chemicals			Corporate			Intercompany		Total

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

Revenues from sales																—

Operating expenses		—			(272	)		(158	)		(27	)				(457	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		—			—			(61	)		—					(61	)

Operating income (1)		—			(272	)		(219	)		(27	)				(518	)

Equity in income (loss) of affiliates and other items (2)		195			178			(327	)		(295	)				(249	)
Tax on net operating income		(150	)		(59	)		169			(5	)				(45	)

Net operating income (1)		45			(153	)		(377	)		(327	)				(812	)

Net cost of net debt																—
Minority interests and dividends on subsidiaries’ redeemable preferred shares																14

Net income from continuing operations Group share																(798	)

Net income from discontinued operations Group share																(19	)

Net income Group share																(817	)


(*)	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	—	(272	)	(42	)	—
	On net operating income	—	(327	)	(28	)	—
(2)	Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger	—	—		—		(311	)


For the year ended December 31, 2006
(adjusted)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		20,782			113,887			19,113			20						153,802
Intersegment sales		20,603			4,927			1,169			177			(26,876	)		—
Excise taxes		—			(21,113	)		—			—						(21,113	)

Revenues from sales		41,385			97,701			20,282			197			(26,876	)		132,689

Operating expenses		(17,759	)		(92,937	)		(18,548	)		(679	)		26,876			(103,047	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		(3,319	)		(1,120	)		(519	)		(36	)					(4,994	)

Operating income		20,307			3,644			1,215			(518	)					24,648

Equity in income (loss) of affiliates and other items		1,016			206			29			1,092						2,343
Tax on net operating income		(12,614	)		(1,066	)		(360	)		211						(13,829	)

Net operating income		8,709			2,784			884			785						13,162

Net cost of net debt		—			—			—			—						(210	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares		—			—			—			—						(381	)

Net income from continuing operations Group share		—			—			—			—						12,571

Net income from discontinued operations Group share		—			—			—			—						14

Net income Group share		—			—			—			—						12,585


For the year ended December 31, 2006	Upstream		Downstream		Chemicals		Corporate			Intercompany	Total

Total expenditures		9,001		1,775		995		81				11,852
Divestitures at selling price		1,458		428		128		264				2,278
Cash flow from operating activities		11,524		3,626		972		(61	)			16,061

BUSINESS SEGMENT INFORMATION
TOTAL


							Amounts in millions of euros

For the year ended December 31, 2005	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		20,888			99,934			16,765			20						137,607
Intersegment sales		19,139			4,293			602			170			(24,204	)		—
Excise taxes		—			(20,550	)		—			—						(20,550	)

Revenues from sales		40,027			83,677			17,367			190			(24,204	)		117,057

Operating expenses		(18,275	)		(77,517	)		(15,669	)		(624	)		24,204			(87,881	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		(3,331	)		(1,064	)		(579	)		(33	)					(5,007	)

Operating income		18,421			5,096			1,119			(467	)					24,169

Equity in income (loss) of affiliates and other items		587			422			(348	)		367						1,028
Tax on net operating income		(10,979	)		(1,570	)		(170	)		819						(11,900	)

Net operating income		8,029			3,948			601			719						13,297

Net cost of net debt																	(193	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(373	)

Net income from continuing operations Group share																	12,731

Net income from discontinued operations Group share																	(458	)

Net income Group share																	12,273


For the year ended December 31, 2005
*(adjustments) ()**	Upstream		Downstream			Chemicals			Corporate			Intercompany	Total

Non-Group sales
Intersegment sales
Excise taxes

Revenues from sales


Operating expenses		—		1,197			49			—				1,246
Depreciation, depletion, and amortization of tangible assets and leasehold rights		—		—			(78	)		—				(78	)

Operating income (1)		—		1,197			(29	)		—				1,168

Equity in income (loss) of affiliates and other items (2)		—		76			(386	)		(545	)			(855	)
Tax on net operating income		—		(241	)		49			590				398

Net operating income (1)		—		1,032			(366	)		45				711

Net cost of net debt														—
Minority interests and dividends on subsidiaries’ redeemable preferred shares														(8	)

Net income from continuing operations Group share														703

Net income from discontinued operations Group share														(433	)

Net income Group share														270


(*)	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	—	1,197	68	—
	On net operating income	—	1,032	50	—
(2)	Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger	—	—	—	(337	)


For the year ended December 31, 2005
(adjusted)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		20,888			99,934			16,765			20						137,607
Intersegment sales		19,139			4,293			602			170			(24,204	)		—
Excise taxes		—			(20,550	)		—			—						(20,550	)

Revenues from sales		40,027			83,677			17,367			190			(24,204	)		117,057

Operating expenses		(18,275	)		(78,714	)		(15,718	)		(624	)		24,204			(89,127	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		(3,331	)		(1,064	)		(501	)		(33	)					(4,929	)

Operating income		18,421			3,899			1,148			(467	)					23,001

Equity in income (loss) of affiliates and other items		587			346			38			912						1,883
Tax on net operating income		(10,979	)		(1,329	)		(219	)		229						(12,298	)

Net operating income		8,029			2,916			967			674						12,586

Net cost of net debt																	(193	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(365	)

Net income from continuing operations Group share																	12,028

Net income from discontinued operations Group share																	(25	)

Net income Group share																	12,003


For the year ended December 31, 2005	Upstream		Downstream		Chemicals		Corporate		Intercompany		Total

Total expenditures		8,111		1,779		1,115		190		—		11,195
Divestitures at selling price		692		204		59		133		—		1,088
Cash flow from operating activities		10,111		2,723		946		889		—		14,669

CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)

TOTAL


										For the year ended
	For the year ended December 31,									December 31,
				2006						2005
							Consolidated
Amounts in millions of euros	Adjusted			Adjustments			statement of income			Adjusted
Sales		153,802			—			153,802			137,607
Excise taxes		(21,113	)		—			(21,113	)		(20,550	)
Revenues from sales		132,689			—			132,689			117,057

Purchases, net of inventory variation		(83,020	)		(314	)		(83,334	)		(71,555	)
Other operating expenses		(19,393	)		(143	)		(19,536	)		(17,141	)
Unsuccessful exploration costs		(634	)		—			(634	)		(431	)

Depreciation, depletion, and amortization of tangible assets and leasehold rights		(4,994	)		(61	)		(5,055	)		(4,929	)



Operating income
Corporate		(518	)		(27	)		(545	)		(467	)
Business segments		25,166			(491	)		24,675			23,468


Total operating income		24,648			(518	)		24,130			23,001


Other income		423			366			789			174
Other expense		(330	)		(373	)		(703	)		(64	)

Financial interest on debt		(1,731	)		—			(1,731	)		(1,214	)
Financial income from marketable securities and cash equivalents		1,367			—			1,367			927
Cost of net debt		(364	)		—			(364	)		(287	)

Other financial income		592			—			592			396
Other financial expense		(277	)		—			(277	)		(260	)
Income taxes		(13,675	)		(45	)		(13,720	)		(12,204	)
Equity in income (loss) of affiliates		1,935			(242	)		1,693			1,637

Consolidated net income from continuing operations (Group without Arkema)		12,952			(812	)		12,140			12,393


Consolidated net income from discontinued operations (Arkema)		14			(19	)		(5	)		(28	)

Consolidated net income		12,966			(831	)		12,135			12,365

Group share		12,585			(817	)		11,768			12,003
Minority interests and dividends on subsidiaries’ redeemable preferred shares		381			(14	)		367			362


		4^th quarter								4^th quarter
		2006								2005
		(unaudited)								(unaudited)
							Consolidated
Amounts in millions of euros	Adjusted			Adjustments			statement of income			Adjusted
Sales		36,433			—			36,433			38,565
Excise taxes		(6,536	)		—			(6,536	)		(5,047	)
Revenues from sales		29,897			—			29,897			33,518

Purchases, net of inventory variation		(18,474	)		(389	)		(18,863	)		(21,156	)
Other operating expenses		(4,617	)		4			(4,613	)		(4,717	)
Unsuccessful exploration costs		(214	)		—			(214	)		(154	)
Depreciation, depletion, and amortization of tangible assets and leasehold rights		(1,302	)		(11	)		(1,313	)		(1,336	)


Operating income
Corporate		(164	)		(7	)		(171	)		(213	)
Business segments		5,454			(389	)		5,065			6,368

Total operating income		5,290			(396	)		4,894			6,155

Other income		229			171			400			86
Other expense		(128	)		(171	)		(299	)		41

Financial interest on debt		(471	)		—			(471	)		(370	)
Financial income from marketable securities and cash equivalents		375			—			375			277
Cost of net debt		(96	)		—			(96	)		(93	)

Other financial income		141			—			141			99
Other financial expense		(83	)		—			(83	)		(66	)
Income taxes		(3,005	)		4			(3,001	)		(3,296	)
Equity in income (loss) of affiliates		471			(127	)		344			388

Consolidated net income from continuing operations (Group without Arkema)		2,819			(519	)		2,300			3,314

Consolidated net income from discontinued operations (Arkema)		—			—			—			(161	)

Consolidated net income		2,819			(519	)		2,300			3,153

Group share		2,737			(512	)		2,225			3,052
Minority interests and dividends on subsidiaries’ redeemable preferred shares		82			(7	)		75			101