-----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, D2ZkNub0EP0ny8oHo66LIYdLlf7bZgByktE+Dk9O0hZUvy4hU2R8oAer2lAfjWiM tvWG8D1FFnqp10baRMOvGQ== 0000950123-10-024518.txt : 20100315 0000950123-10-024518.hdr.sgml : 20100315 20100315115847 ACCESSION NUMBER: 0000950123-10-024518 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20100312 FILED AS OF DATE: 20100315 DATE AS OF CHANGE: 20100315 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: 10680317 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 y03233e6vk.htm FORM 6-K e6vk
Table of Contents

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13-a16 OR 15-d16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the months of: February 3, 2010 to March 11, 2010
Commission File Number: 1-10888
TOTAL S.A.
(Translation of registrant’s name into English)
2 place Jean Millier
La Défense 6
92400 Courbevoie
France
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F þ       Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):      
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):      
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
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: Minutes of the Board of Directors' Meeting held on February 10, 2010
EX-99.2: 2009 Results
EX-99.3: Creation of a Public Affairs Division
EX-99.4: Total Senior Management Meets with Labor Unions on February 21, 2010, Makes Proposals
EX-99.5: The Total Downstream Central Works Council Meeting Brought Forward to March 8 from March 29
EX-99.6: EDF and Total Sign an agreement in the Planned Dunkirk LNG Terminal
EX-99.7: Total Announces of a Plan to Repurpose its Dunkirk Refinery


Table of Contents

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
         
  TOTAL S.A.
 
 
Date: March 12, 2010  By:   /s/ Jérôme Schmittt    
    Name:   Jérôme SCHMITT   
    Title:   Treasurer   
 

 


Table of Contents

EXHIBIT INDEX
         
Ø
  EXHIBIT 99.1   Minutes of the Board of Directors’ Meeting held on February 10, 2010 (February 10, 2010)
 
       
Ø
  EXHIBIT 99.2   2009 Results (February 11, 2010)
 
       
Ø
  EXHIBIT 99.3:   Total Creates a Public Affairs Division (February 15, 2010)
 
       
Ø
  EXHIBIT 99.4:   Total Senior Management Meets with Labor Unions on February 21, 2010, Makes Proposals (February 21, 2010)
 
       
Ø
  EXHIBIT 99.5:   The Total Downstream Central Works Council Meeting Brought Forward to March 8 from March 29 (February 22, 2010)
 
       
Ø
  EXHIBIT 99.6:   EDF and Total Sign an agreement in the Planned Dunkirk LNG Terminal (March 8, 2010)
 
       
Ø
  EXHIBIT 99.7:   Total Announces Plan to Repurpose its Dunkirk Refinery Site (March 8, 2010)

 

EX-99.1 2 y03233exv99w1.htm EX-99.1: MINUTES OF THE BOARD OF DIRECTORS' MEETING HELD ON FEBRUARY 10, 2010 exv99w1
Exhibit 99.1
(TOTAL LOGO)       (NEWS RELEASE LOGO)

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Minutes of the Board of Directors’ Meeting held on February 10, 2010
Paris, February 10, 2010 - The Board of Directors of Total met on February 10, 2010 under the chairmanship of Thierry Desmarest. It reviewed the Group’s accounts for the fourth quarter of 2009 and approved the 2009 consolidated financial statements, as well as the parent company financial statements and the proposed dividend to be submitted to the Annual Shareholders’ Meeting for approval.
This information will be disclosed in a press release issued at 8:00 Paris time on the morning of February 11, 2010.
The Board decided to ask shareholders at the Annual Meeting, to be held in Paris on May 21, 2010, to re-elect Thierry Desmarest and Thierry de Rudder to new three-year terms as directors.
The Board decided to ask shareholders at the May 21, 2010 Annual Meeting to elect Gunnar Brock, former Chief Executive Officer of Atlas Copco, to a three-year term as director of the Company and to elect a representative of employee shareholders to a similar term as director of the Company.
Moreover, the Board has agreed in principle to the attribution of stock grants in 2010 to all personnel within the limit of 25 shares per employee.
* * * * *
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 97,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas & power and trading. 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-99.2 3 y03233exv99w2.htm EX-99.2: 2009 RESULTS exv99w2
Exhibit 99.2
(TOTAL LOGO)       (NEWS RELEASE LOGO)
Paris, February 11, 2010          

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Fourth quarter 2009 adjusted net income of 2.1 billion euros
Full-year 2009 adjusted net income of 7.8 billion euros

Proposed 2009 dividend of 2.28 euros per share
Main results1-2

         
Fourth quarter adjusted net income3
  2.1 billion euros   -28% 
 
  3.1 billion dollars   -19% 
 
 
  0.93 euros per share   -28% 
 
  1.37 dollars per share   -19% 
 
2009 adjusted net income
  7.8 billion euros   -44% 
 
  10.9 billion dollars   -47% 
 
2009 net income (Group share)
  8.4 billion euros   -20% 
Highlights since the beginning of the fourth quarter 2009

  Fourth quarter 2009 Upstream production of 2,377 kboe/d
 
  Started up Yemen LNG first train in October
 
  Acquired a 25% interest in Chesapeake’s Barnett Shale unconventional gas portfolio in Texas
 
  Launched the Canadian heavy oil project Surmont Phase II
 
  New oil discoveries in offshore Angola on blocks 17/06 and 15/06, in Nigeria on OPL 223 and in Vietnam on block 15-1/05
 
  Acquired a 47% interest in Algeria’s Ahnet permit, a 25% interest to explore the Guyane Maritime Permit off French Guiana, and signed a cooperation agreement for the development of the Khvalynskoye gas field in the Caspian Sea
 
  Signed an agreement to develop Iraq’s giant Halfaya field in partnership with CNPC and Petronas
 
  Merged the refining and marketing assets of Total and ERG in Italy into a joint company that is 49% held by Total
 
  Started up a pilot project for CO2 capture and storage at Lacq in France
 
1   percent changes are relative to the same period 2008.
 
2   dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period : 1.4779 $/€ in the fourth quarter 2009, 1.3180 $/€ in the fourth quarter 2008, 1.4303 $/€ in the third quarter 2009, 1.3948 $/€ in 2009 and 1.4708 $/€ in 2008.
 
3   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, and, from 2009, selected items related to Sanofi-Aventis. Net income (Group share) for the fourth quarter 2009 was 2,065 M€. Detail of adjustment items shown on page 18.


 


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
The Board of Directors of Total, led by Chairman Thierry Desmarest, met on February 10, 2010 to review the Group’s fourth quarter 2009 accounts and to close the parent company and consolidated accounts for 2009. Adjusted net income was 7.8 billion euros (B€), a 44% decrease compared to 2008. Expressed in dollars, adjusted net income was 10.9 billion dollars (B$), a decrease of 47%.
The Board of Directors decided to propose at its annual meeting on May 21, 2010, a dividend of 2.28 €/share, stable in euros compared to 2008 and, expressed in dollars4, an increase of 9%.
Commenting on the results, CEO Christophe de Margerie said :
«The 2009 oil and gas market environment was marked by a sharp decline in the demand for oil, natural gas and refined products. Crude oil prices, nonetheless, rebounded during the year to average 61.7 $/b thanks to the support from OPEC reductions and the anticipation by the market of an economic recovery. In contrast, natural gas spot prices remained depressed and refining margins fell to historically low levels, under pressure from significant overcapacity. In Chemicals, despite strong demand for polymers in China, the environment was hurt by low margins and a sharp drop in demand in OECD markets.
In this context, Total’s 2009 adjusted net income was 10.9 B$, a decrease of 47% compared to 2008. The Group’s results for the year were among the most resilient of the major oils. In the fourth quarter, thanks to a 6% increase in Upstream production, higher oil prices and Downstream results that remained slightly positive despite very weak refining margins, adjusted net income rose to 3.1 B$, an increase of 15% compared to the third quarter.
With its strong balance sheet and financial flexibility, Total has been able to continue its investment program and dividend policy in 2009, while keeping its net-debt-to-equity ratio, in line with its objectives, at 27% at the end of December 2009.
In the Upstream, in 2009 five major projects started production in Nigeria, the Gulf of Mexico, Angola, Qatar and Yemen. The Group also approved the investment to launch the Surmont Phase II project in Canada, and, to further strengthen its portfolio, entered into a number of joint ventures, notably with Chesapeake and Cobalt in the United States, Novatek in Russia, and Sonatrach in Algeria. These additions were made within the framework of the company’s strict financial criteria. In addition, cost reduction plans launched in late 2008 led to an 8% reduction in operating costs and allowed the company to maintain its technical costs at 15.4 $/boe, the same level as in 2008.
The Downstream and Chemicals segments continued to implement plans to adapt to the particularly difficult conditions they faced in 2009 that included reducing capacity to restore profitability to these activities in an environment undergoing profound transformation. The measures taken in the modernization of the refining and petrochemicals site at Normandy demonstrate the Group’s will to be socially responsible as it adapts its industrial operations to structural changes in the market.
In addition, outlays for research and development rose to 650 million euros in 2009, an increase of 6% compared to 2008. In particular, this allowed the Group to start up this year the pilot project for CO2 capture and storage at Lacq, which illustrates its commitment to the fight against global climate change.
In reaffirming the priority of safety and the environment and by building on its investment discipline, its high-quality portfolio and its recognized expertise, Total is confident in its ability to pursue its strategy of profitable and responsible growth to create value for all of its stakeholders».
¨ ¨ ¨
 
4   based on 1€=$1.40 on the payment date for the remainder of the 2009 dividend


2


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
l Key figures5
                                                         
 
                        4Q09                       2009
                        vs   in millions of euros                   vs
4Q09   3Q09   4Q08   4Q08   except earnings per share and number of shares   2009   2008   2008
 
  36,228       33,628       38,714       -6 %  
Sales
    131,327       179,976       -27 %
 
  3,985       3,510       5,126       -22 %  
Adjusted operating income from business segments
    14,154       28,114       -50 %
 
  2,071       1,808       2,942       -30 %  
Adjusted net operating income from business segments
    7,607       13,961       -46 %
 
  1,948       1,501       1,995       -2 %  
Upstream
    6,382       10,724       -40 %
  51       146       770       -93 %  
Downstream
    953       2,569       -63 %
  72       161       177       -59 %  
Chemicals
    272       668       -59 %
 
  2,081       1,869       2,873       -28 %  
Adjusted net income
    7,784       13,920       -44 %
 
  0.93       0.84       1.29       -28 %  
Adjusted fully-diluted earnings per share (euros)
    3.48       6.20       -44 %
 
  2,241.4       2,236.8       2,235.5          
Fully-diluted weighted-average shares (millions)
    2,237.2       2,246.7        
 
                               
 
                       
 
  2,065       1,923       -794       n/a    
Net income (Group share)
    8,447       10,590       -20 %
 
                               
 
                       
 
  3,524       3,256       4,758       -26 %  
Investments6
    13,349       13,640       -2 %
 
  3,419       3,169       4,565       -25 %  
Investments including net investments in equity affiliates and non-consolidated companies6
    13,003       12,444       +4 %
 
  944       807       943          
Divestments
    3,081       2,585       +19 %
 
  1,889       4,538       4,093       -54 %  
Cash flow from operations
    12,360       18,669       -34 %
 
  3,408       3,454       4,830       -29 %  
Adjusted cash flow from operations
    13,471       19,601       -31 %
 
                                                         
 
                        4Q09                       2009
                        vs   in millions of dollars 7                   vs
4Q09   3Q09   4Q08   4Q08   except earnings per share and number of shares   2009   2008   2008
 
  53,541       48,098       51,025       +5 %  
Sales
    183,175       264,709       -31 %
 
  5,889       5,020       6,756       -13 %  
Adjusted operating income from business segments
    19,742       41,350       -52 %
 
  3,061       2,586       3,878       -21 %  
Adjusted net operating income from business segments
    10,610       20,534       -48 %
 
  2,879       2,147       2,629       +10 %  
Upstream
    8,902       15,773       -44 %
  75       209       1,015       -93 %  
Downstream
    1,329       3,778       -65 %
  106       230       233       -55 %  
Chemicals
    379       982       -61 %
 
  3,076       2,673       3,787       -19 %  
Adjusted net income
    10,857       20,474       -47 %
 
  1.37       1.20       1.69       -19 %  
Adjusted fully-diluted earnings per share (dollars)
    4.85       9.11       -47 %
 
  2,241.4       2,236.8       2,235.5          
Fully-diluted weighted-average shares (millions)
    2,237.3       2,246,7        
 
                               
 
                       
 
  3,052       2,750       -1,046       n/a    
Net income (Group share)
    11,782       15,576       -24 %
 
                               
 
                       
 
  5,208       4,657       6,271       -17 %  
Investments6
    18,619       20,062       -7 %
 
  5,053       4,533       6,017       -16 %  
Investments including net investments in equity affiliates and non-consolidated companies6
    18,137       18,303       -1 %
 
  1,395       1,154       1,243       +12 %  
Divestments
    4,297       3,802       +13 %
 
  2,792       6,491       5,395       -48 %  
Cash flow from operations
    17,240       27,458       -37 %
 
  5,037       4,940       6,366       -21 %  
Adjusted cash flow from operations
    18,789       28,829       -35 %
 
 
5   adjusted income (adjusted operating income, adjusted net operating income and adjusted net income) is defined as income using replacement cost, adjusted for special items and excluding Total’s equity share of adjustments and, from 2009, selected items related to Sanofi-Aventis; adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 18.
 
6   including acquisitions.
 
7   dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.


3


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
l Fourth quarter 2009
   > Operating income
In the fourth quarter 2009, Total’s indicator for realized liquids prices averaged 70.6 $/b, an increase of 43% compared to the fourth quarter 2008 and 8% compared to the third quarter 2009. In contrast, Total’s indicator for realized natural gas prices averaged 5.07 $/Mbtu, a decrease of 33% compared to the fourth quarter 2008 and an increase of 4% compared to the third quarter 2009. The European refining margin indicator (ERMI8) was 11.7 $/t on average in the fourth quarter 2009, a decrease of 71% compared to the fourth quarter 2009 and 3% compared to the third quarter 2009.
The euro-dollar exchange rate averaged 1.48 $/€ in the fourth quarter 2009 compared to 1.32 $/€ in the fourth quarter 2008 and 1.43 $/€ in the third quarter 2009.
In this context, the adjusted operating income from the business segments was 3,985 M€, a decrease of 22% compared to the fourth quarter 20089. Expressed in dollars, the decrease was 13%.
The effective tax rate10 for the business segments was 57% in the fourth quarter 2009 compared to 51% in the fourth quarter 2008, essentially reflecting the larger contribution of Upstream to the Group’s results in the fourth quarter 2009 compared to the fourth quarter 2008.
Adjusted net operating income from the business segments was 2,071 M€ compared to 2,942 M€ in the fourth quarter 2008, a decrease of 30%.
Expressed in dollars, adjusted net operating income from the business segments was 3.1 billion dollars (B$), a decrease of 21% compared to the fourth quarter 2008.
   > Net income
Adjusted net income was 2,081 M€ compared to 2,873 M€ in the fourth quarter 2008, a decrease of 28%. Expressed in dollars, adjusted net income decreased by 19%. It excludes the after-tax inventory effect, special items, and the Group’s equity share of adjustments and selected items related to Sanofi-Aventis.
  The after-tax inventory effect had a positive impact on net income of 296 M€ in the fourth quarter 2009 and a negative effect of 3,128 M€ in the fourth quarter 2008.
 
  The Group’s share of adjustments and selected items related to Sanofi-Aventis had a negative impact on net income of 48 M€ in the fourth quarter 2009 and a negative impact of 166 M€ in the fourth quarter 2008.
 
  Other special items had a negative impact on net income of 264 M€ in the fourth quarter 2009, comprised essentially of impairments in the Downstream, and a negative impact of 373 M€11 in the fourth quarter 2008.
Reported net income (Group share) was 2,065 M€ in the fourth quarter 2009. In the fourth quarter 2008, the Group reported a net loss of 794 M€.
The effective tax rate for the Group was 55% in the fourth quarter 2009.
The Group did not buy back shares in the fourth quarter 2009.
Adjusted fully-diluted earnings per share, based on 2,241.4 million fully-diluted weighted-average shares, was 0.93 euros compared to 1.29 euros in the fourth quarter 2008, a decrease of 28%.
Expressed in dollars, adjusted fully-diluted earnings per share fell by 19% to $1.37.
 
8   ERMI has replaced TRCV as the European refining margin indicator, as announced by Total on January 15, 2010 in the publication of its 4th quarter indicators. In view of market changes over the past years (particularly in terms of refinery complexity, crude feedstocks and product runs) the ERMI should be more representative of the margin on average variable costs for a theoretical European refinery.
 
9   special items affecting operating income from the business segments had a negative impact of 411 M€ in the 4th quarter 2009 and a negative impact of 375 M€ in the 4th quarter 2008.
 
10   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).
 
11   detail shown on page 18.


4


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
   > Investments – divestments12
Investments excluding acquisitions and including net investments in equity affiliates and non-consolidated companies were 3.3 B€ (4.9 B$) in the fourth quarter 2009 compared to 4.1 B€ (5.3 B$) in the fourth quarter 2008.
Acquisitions were 112 M€ in the fourth quarter 2009.
Asset sales in the fourth quarter 2009 were 821 M€, consisting essentially of Sanofi-Aventis shares.
Net investments13 were 2.6 B€ (3.8 B$) in the fourth quarter 2009 compared to 3.8 B€ (5.0 B$) in the fourth quarter 2008.
   > Cash flow
Cash flow from operating activities was 1,889 M€ in the fourth quarter 2009 compared to 4,093 M€ in the fourth quarter 2008. The 54% decrease was mainly due to changes in working capital requirements.
Adjusted cash flow14 was 3,408 M€, a decrease of 29% compared to the fourth quarter 2008. Expressed in dollars, adjusted cash flow was 5.0 B$, a decrease of 21%.
Net cash flow15 for the Group was a negative 691 M€ compared to a positive 278 M€ in the fourth quarter 2008, mainly due to an increase in working capital. Expressed in dollars, net cash flow for the Group was a negative 1.0 B$ in the fourth quarter 2009.
 
12   detail shown on page 19.
 
13   net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.
 
14   cash flow from operations at replacement cost before changes in working capital.
 
15   net cash flow = cash flow from operations + divestments – gross investments.


5


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
l Results for the full year 2009
   > Operating income
Using Total’s market indicators and comparing 2009 to 2008, the environment was marked by a 36% decrease in the average realized liquids price and a 30% decrease in the average realized natural gas price. The ERMI refining margin indicator for Europe fell by 65% to 17.8 $/t. The Chemicals environment was marked by a drop in demand for polymers and specialty chemicals.
The euro-dollar exchange rate was 1.39 $/€ in 2009 compared to 1.47 $/€ in 2008.
In this context, the adjusted operating income from the business segments was 14,154 M€, a decrease of 50% compared to the 200816. Expressed in dollars, adjusted operating income from the business segments was 19.7 B$, a decrease of 52% compared to 2008.
The effective tax rate17 for the business segments was 55% compared to 56% in 2008.
Adjusted net operating income from the business segments was 7,607 M€ compared to 13,961 M€ in 2008, a decrease of 46%. The smaller decrease, relative to the one in adjusted operating income, is essentially due to the more limited decrease in the contribution from equity affiliates.
Expressed in dollars, adjusted net operating income from the business segments fell by 48%.
   > Net income
Adjusted net income decreased by 44% to 7,784 M€ in 2009 from 13,920 M€ in 2008. It excludes the after-tax inventory effect, special items, and the Group’s equity share of adjustments and selected items related to Sanofi-Aventis.
  The after-tax inventory effect had a positive impact on net income of 1,533 M€ in 2009 compared to a negative impact of 2,452 M€ in 2008.
  The Group’s share of adjustments and selected items related to Sanofi-Aventis had a negative impact on net income of 300 M€ in 2009 and a negative impact on net income of 393 M€ in 2008.
  Other special items had a negative impact on net income of 570 M€ in 2009 compared to a negative impact of 485 M€ in 200818.
Reported net income (Group share) was 8,447 M€ compared to 10,590 M€ in 2008.
The effective tax rate for the Group was 55% in 2009 compared to 56% in 2008.
The Group did not buy back shares in 2009. On December 31, 2009, there were 2,243.7 million fully-diluted shares compared to 2,235.3 million fully-diluted shares on December 31, 2008.
Adjusted fully-diluted earnings per share, based on 2,237.3 million weighted-average shares was 3.48 euros compared to 6.20 euros in 2008, a decrease of 44%.
Expressed in dollars, the adjusted fully-diluted earnings per share was 4.85 compared to 9.11 in 2008, a decrease of 47%.
 
16   special items affecting operating income from the business segments had a negative impact of 711 M€ in 2009 and a negative impact of 375 M€ in 2008.
 
17   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).
 
18   detail shown on page 18.


6


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
   > Investments – divestments19
Investments excluding acquisitions and including net investments in equity affiliates and non-consolidated companies were 12.3 B€ (17.1 B$) in 2009 compared to 11.4 B€ (16.8 B$) in 2008.
Acquisitions were 743 M€ in 2009.
Asset sales in 2009 were 2,663 M€, consisting essentially of Sanofi-Aventis shares.
Net investments20 were 10.3 B€ in 2009 compared to 11.1 B€ in 2008. Expressed in dollars, net investments in 2009 were 14.3 B$, a decrease of 12% compared to the 16.3 B$ of net investments in 2008.
   > Cash flow
Cash flow from operating activities was 12,360 M€, a decrease of 34% compared to 2008.
Adjusted cash flow21 was 13,471 M€, a decrease of 31%, reflecting mainly the decrease in adjusted net income. Expressed in dollars, adjusted cash flow was 18.8 B$, a decrease of 35%.
Net cash flow22 for the Group was 2,092 M€ compared to 7,614 M€ in 2008, essentially due to an increase in working capital requirements. Expressed in dollars, net cash flow for the Group was 2.9 B$ in 2009.
The net-debt-to-equity ratio was 26.6% on December 31, 2009 compared to 22.5% on December 31, 200823.
 
19   detail shown on page 19.
 
20   net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.
 
21   cash flow from operations at replacement cost before changes in working capital.
 
22   net cash flow = cash flow from operations + divestments – gross investments.
 
23   detail shown on page 20.


7


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
l Analysis of business segment results
Upstream
   > Environment – liquids and gas price realizations*
                                                         
 
                        4Q09                       2009
                        vs                       vs
4Q09   3Q09   4Q08   4Q08       2009   2008   2008
 
  74.5       68.1       55.5       +34 %  
Brent ($/b)
    61.7       97.3       -37 %
 
  70.6       65.1       49.4       +43 %  
Average liquids price ($/b)
    58.1       91.1       -36 %
  5.07       4.89       7.57       -33 %  
Average gas price ($/Mbtu)
    5.17       7.38       -30 %
 
  54.4       50.7       47.1       +15 %  
Average hydrocarbons price ($/boe)
    47.1       72.1       -35 %
 
* consolidated subsidiaries, excluding fixed margin and buy-back contracts.
In the fourth quarter 2009, Total’s average realized liquids price increased by 43% compared to the fourth quarter 2008. For the full year, Total’s average realized liquids price decreased by 36%.
The average realized price for Total’s natural gas decreased by 33% in the fourth quarter 2009 compared to the fourth quarter 2008. Total’s average natural gas price decreased by 30% compared to 2008.
   > Production
                                                         
 
                        4Q09                       2009
                        vs                       vs
4Q09   3Q09   4Q08   4Q08   Hydrocarbon production   2009   2008   2008
 
  2,377       2,243       2,354       +1 %  
Combined production
(kboe/d)
    2,281       2,341       -3 %
 
  1,404       1,379       1,434       -2 %  
Liquids (kb/d)
    1,381       1,456       -5 %
  5,320       4,726       5,127       +4 %  
Gas (Mcf/d)
    4,923       4,837       +2 %
 
Hydrocarbon production was 2,377 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2009, an increase of 1% compared to the fourth quarter 2008 and 6% compared to the third quarter 2009.
Compared to the fourth quarter 2008, production increased mainly as a result of:
  +6.5% for ramp-ups and start-ups of new fields net of the normal decline,
  -2% for the price effect 24,
  -1.5% for OPEC reductions,
  -0.5% for disruptions in Nigeria related to security issues,
  -1.5% for changes in the portfolio, mainly in Venezuela. The impact of terminating the Hamra concession in Algeria was offset in the quarter by the start of the contract on the Tabiyeh field in Syria.
Excluding the impact of OPEC reductions, production growth was 2.5% compared to the fourth quarter 2008.
For the full year 2009, hydrocarbon production was 2,281 kboe/d, a decrease of 2.6% compared to 2008, mainly as a result of:
  +2% for ramp-ups and start-ups of new fields net of the normal decline,
  +1.5% for the price effect24,
  -3% for OPEC reductions and lower gas demand,
  -1% for disruptions in Nigeria related to security issues,
  -2% for changes in the portfolio, essentially in Venezuela and Libya.
Excluding the impact of OPEC reductions, production was stable compared to 2008.
 
24   impact of changing hydrocarbon prices on entitlement volumes.


8


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
   > Reserves
                         
 
Year-end reserves   2009   2008   %
 
Hydrocarbon reserves (Mboe)
    10,483       10,458        
 
Liquids (Mb)
    5,689       5,695        
Gas (Bcf)
    26,318       26,218        
 
Proved reserves based on SEC rules (59.91 $/b Brent) were 10,483 Mboe at December 31, 2009. At the 2009 average rate of production, the reserve life is more than 12 years.
The 2009 reserve replacement rate25, based on SEC rules, was 103%. Excluding acquisitions and divestments, the reserve replacement rate was 93%.
As of year-end 2009, Total has a solid and diversified portfolio of proved and probable reserves26 representing 20 Bboe, or more than a 20-year reserve life based on the 2009 average production rate, and resources27 representing more than a 40-year reserve life.
   > Results
                                                         
 
                        4Q09                       2009
                        vs                       vs
4Q09   3Q09   4Q08   4Q08   in millions of euros   2009   2008   2008
 
  3,908       3,236       3,727       +5 %  
Adjusted operating income*
    12,879       23,639       -46 %
 
  1,948       1,501       1,995       -2 %  
Adjusted net operating income*
    6,382       10,724       -40 %
  293       190       269       +9 %  
§ includes
   income from
   equity affiliates
    886       1,236       -28 %
 
                               
 
                       
 
  2,429       2,512       3,283       -26 %  
Investments
    9,855       10,017       -2 %
 
  77       87       270       -71 %  
Divestments
    398       1,130       -65 %
 
  2,825       2,854       2,139       +32 %  
Cash flow from operating activities
    10,200       13,765       -26 %
 
  3,168       2,939       2,849       +11 %  
Adjusted cash flow
    11,336       14,313       -21 %
 
* detail of adjustment items shown in business segment information.
Adjusted net operating income for the Upstream segment was 1,948 M€ in the fourth quarter 2009 compared to 1,995 M€ in the fourth quarter 2008, a decrease of 2%.
Expressed in dollars, adjusted net operating income for the Upstream segment increased by 10%, reflecting essentially the impact of higher hydrocarbon prices compared to the fourth quarter 2008.
The effective tax rate for the Upstream segment was 58% compared to 57% in the fourth quarter 2008 and 59% in the third quarter 2009.
 
25   change in reserves excluding production i.e. (revisions + discoveries, extensions + acquisitions – divestments) / production for the period. In an environment with a constant 36.55 $/b oil price, excluding acquisitions and divestments, the reserve replacement rate would be 97%.
 
26   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 60 $/b Brent environment, including projects developed by mining.
 
27   proved and probable reserves plus contingent resources (potential average recoverable reserves from known accumulations - - Society of Petroleum Engineers - 03/07).


9


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Over the full year 2009, adjusted net operating income for the Upstream segment was 6,382 M€ compared to 10,724 M€ in 2008, a decrease of 40%. Expressed in dollars, adjusted net operating income for the Upstream segment was 8.9 B$, a 44% decrease compared to 2008, essentially due to lower hydrocarbon prices.
Technical costs for consolidated subsidiaries, in accordance with ASC 93228 (previously FAS69) were 15.4 $/boe in 2009, stable compared to 2008, with a decrease of 8% in operating expenses per barrel offsetting an increase in depreciation, depletion and amortization (DD&A) charges related notably to the start-up of new projects.
The return on average capital employed (ROACE29) for the Upstream segment was 18% in 2009 compared to 36% in 2008.
 
28   FASB Accounting Standards Codification Topic 932, Extractive industries – Oil and Gas
 
29   calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 21.


10


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Downstream
     > Refinery throughput and utilization rates*
                                                         
 
                        4Q09                       2009
                        vs                       vs
4Q09   3Q09   4Q08   4Q08       2009   2008   2008
 
  2,055       2,142       2,371       -13 %  
Total refinery throughput (kb/d)
    2,151       2,362       -9 %
 
  701       828       944       -26 %  
France
    836       956       -13 %
  1,104       1,045       1,146       -4 %  
Rest of Europe
    1,065       1,134       -6 %
  250       269       281       -11 %  
Rest of world
    250       272       -8 %
 
                               
Utilization rates
                       
  75 %     78 %     90 %          
Based on crude
   only
    78 %     88 %        
  79 %     82 %     91 %          
Based on crude
   and other
   feedstock
    83 %     91 %        
 
*   includes share of CEPSA.
In the fourth quarter 2009, refinery throughput decreased by 13% compared to the fourth quarter 2008 and by 4% compared to the third quarter 2009.
In the fourth quarter 2009, most of the Group’s refineries continued to use voluntary throughput reductions to adjust to poor economic conditions. These reductions decreased the utilization rate for crude and other feedstocks to 79% from 91% in the fourth quarter 2008. Compared to the third quarter 2009, the decrease in the utilization for crude and other feedstocks rate from 82% to 79% was mainly due to shutting down production at the Flanders (Dunkirk) refinery in mid-September 2009.
For the full year 2009, the utilization rate based on crude was 78% (83% for crude and other feedstocks) compared to 88% in 2008 (91% for crude and other feedstocks) reflecting the voluntary throughput reductions in the Group’s refineries. Five refineries had scheduled turnarounds for maintenance in 2009 compared to six in 2008. Turnaround activity in 2010 is expected to be lower than in 2009.
     > Results
                                                         
 
                        4Q09                       2009
                        vs   in millions of euros                   vs
4Q09   3Q09   4Q08   4Q08   except ERMI* refining margins   2009   2008   2008
 
  11.7       12.0       40.9       -71 %  
European refining margin indicator – ERMI* ($/t)
    17.8       51.1       -65 %
 
                               
 
                       
 
  11       83       1,145       -99 %  
Adjusted operating income**
    1,026       3,602       -72 %
 
  51       146       770       -93 %  
Adjusted net operating income**
    953       2,569       -63 %
  19       75       21       -10 %  
includes income
  from equity
  affiliates
    155       77       x2  
 
                               
 
                       
 
  844       607       972       -13 %  
Investments
    2,771       2,418       +15 %
 
  48       23       18       x2.7    
Divestments
    133       216       -38 %
 
  (1,400 )     944       603       n/a    
Cash flow from operating activities
    1,164       3,111       -63 %
 
  199       229       1,409       -86 %  
Adjusted cash flow
    1,601       4,018       -60 %
 
*   ERMI has replaced TRCV as the European refining margin indicator, as announced by Total on January 15, 2010 in the publication of its 4th quarter indicators. In view of market changes over the past years (particularly in terms of refinery complexity, crude feedstocks and product runs) the ERMI should be more representative of the margin on average variable costs for a theoretical European refinery.
 
**   detail of adjustment items shown in business segment information.


11


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
The ERMI European refining margin indicator averaged 11.7 $/t in the fourth quarter 2009, a decrease of 71% compared to the fourth quarter 2008. For the full year 2009, the European refining margin indicator was 17.8 $/t, a decrease of 65% compared to 2008.
Adjusted net operating income for the Downstream segment was 51 M€ in the fourth quarter 2009, a decrease of 93% compared to the fourth quarter 2008, reflecting essentially the sharp decrease in refining margins and less favorable conditions for marketing and supply optimization.
Expressed in dollars, adjusted net operating income for the Downstream segment was 75 M$, a decrease of 93% compared to the fourth quarter 2008.
Adjusted net operating income for the Downstream segment for the full year 2009 was 953 M€, a decrease of 63% compared to 2008.
Expressed in dollars, adjusted net operating income for the Downstream segment was 1,329 M$ in 2009, a decrease of 65% compared to 3,778 M$ in 2008, reflecting essentially the significantly weaker refining environment.
The decreases in cash flow from operating activities and adjusted cash flow shown for the fourth quarter and full year 2009 were due to a large increase in working capital requirements and the decrease in adjusted net operating income.
The ROACE30 for the Downstream segment for the full year 2009 was 7% compared to 20% for 2008.
 
30   calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 21.


12


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Chemicals
                                                         
 
                        4Q09                       2009
                        vs                       vs
4Q09   3Q09   4Q08   4Q08   in millions of euros   2009   2008   2008
 
  3,932       3,892       4,012       -2 %  
Sales
    14,726       20,150       -27 %
  2,389       2,326       2,449       -2 %  
Base chemicals
    8,655       13,176       -34 %
  1,543       1,566       1,563       -1 %  
Specialties
    6,071       6,974       -13 %
 
                               
 
                       
 
  66       191       254       -74 %  
Adjusted operating
income*
    249       873       -71 %
 
  72       161       177       -59 %  
Adjusted net operating income*
    272       668       -59 %
  -16       53       109       n/a    
Base chemicals
    16       323       -95 %
  93       111       55       +69 %  
Specialties
    279       339       -18 %
 
                               
 
                       
 
  225       112       477       -53 %  
Investments
    631       1,074       -41 %
 
  20       13       20          
Divestments
    47       53       -11 %
 
  324       300       939       -65 %  
Cash flow from operating activities
    1,082       920       +18 %
 
  218       244       323       -33 %  
Adjusted cash flow
    442       1,093       -60 %
 
*   detail of adjustment items shown in business segment information.
In the fourth quarter and full year 2009, the environment for the Chemicals segment was affected by weak demand in the OECD countries.
Adjusted net operating income for the Chemicals segment was 72 M€ in the fourth quarter 2009, a decrease of 59% compared to the fourth quarter 2008 that was essentially due to the significantly weaker market conditions for Base chemicals.
For the full year 2009, adjusted net operating income for the Chemicals segment was 272 M€ compared to 668 M€ in 2008, a decrease of 59% that resulted from the significantly weaker environment for Base chemicals and, to a lesser degree, lower sales and results from the Specialties.
The ROACE31 for the Chemicals segment for the full year 2009 was 4% compared to 9% for 2008.
 
31   calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 21.


13


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 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 5,634 M€ in 2009 compared to 6,008 M€ in 2008. After closing the accounts, the Board of Directors decided to propose at the May 21, 2010 Annual Shareholders Meeting a dividend of 2.28 euros per share for 2009, stable in euros compared to the previous year.
Based on 2009 adjusted net income, Total’s pay-out ratio would be 66%.
Taking into account the interim dividend of 1.14 euros per share paid on November 18, 2009, the remaining 1.14 euros per share would be paid on June 1, 201032.
Summary and outlook
The ROACE for the full year 2009 was 13% for the Group and 13% for the business segments compared to 26% and 28%, respectively, for the full year 2008.
Return on equity was 16% in 2009 compared to 32% in 2008.
In the Upstream, 2010 production is expected to increase thanks to the ramp-up on projects started up in 2009. Total will continue to build on its large and diversified portfolio, its recognized expertise in project management and cost control. Following the launch of the Surmont Phase II project announced in January, Total expects to launch several other major projects, including CLOV in Angola, Laggan/Tormore in the United Kingdom, and Ofon II and Egina in Nigeria.
In the Downstream and Chemicals, the Group plans to continue to adapt its activities in mature areas and reinforce its portfolio in growing markets, notably with the construction of the Jubail refinery and the benefit from the start-up of a new ethane cracker in Qatar.
The Group is continuing to pursue its growth policy in 2010 with an investment budget of 18 billion dollars33, stable compared to the 2009 budget ; 80% of the investments will be dedicated to the Upstream. In addition, Total intends to divest non-strategic assets, in particular through the progressive sale of its shares in Sanofi-Aventis and a project to sell Mapa Spontex, a subsidiary in its Specialty chemicals sector. Based on this, the Group maintains its net-debt-to-equity ratio objective of around 25-to-30%. Total is confident in its ability to maintain its dividend policy.
Since the beginning of the first quarter 2010, the price of Brent has traded between 70 and 80 $/b and natural gas prices have recovered somewhat. The environment for refining and petrochemicals remains difficult.
¨ ¨ ¨
To listen to a presentation by CEO Christophe de Margerie to financial analysts today in Paris at 11:30 (Paris time) please log on to www.total.com or call +44 (0)203 367 9455 in Europe or +1 866 907 5925 in the U.S. For a replay through February 26, 2010 please consult the website or call +44 (0)203 367 9460 in Europe or +1 877 642 3018 in the US (code : 269 259).
To listen to a presentation by CEO Christophe de Margerie to financial analysts today in London at 16:30 (London time) please log on to www.total.com or call +44 (0)203 367 9457 in Europe or +1 866 907 5925 in the U.S. For a replay through February 26, 2010 please consult the website or call +44 (0)203 367 9460 in Europe or +1 877 642 3018 in the US (code : 269 261).
 
32   the ex-dividend date for the remainder of the 2009 dividend would be May 27, 2010.
 
33   including net investments in equity affiliates and non-consolidated companies, excluding acquisitions, based on 1€=$1.40 for 2010.


14


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
This document does not constitute the annual financial report that will be published separately in conformance with Article L.451-1-2 III of the Code monétaire et financier and will be available on the Group’s website www.total.com or by request from company’s headquarters.
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.
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.
The adjusted results of the Downstream and Chemical segments are also presented according to the replacement cost method. This method is used to assess the segments’ performance and ensure the comparability of the segments’ results with those of its competitors, mainly North American.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the income statement is determined by the average price of the period rather than the historical value. The inventory valuation effect is the difference between the results according to FIFO (First-In, First-Out) and replacement cost.
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 adjustments and, from 2009, selected items related to Sanofi-Aventis. They are meant to facilitate the analysis of the financial performance and the comparison of income between periods.
Dollar amounts presented herein represent euro amounts converted at the average euro-dollar exchange rate for the applicable period and are not the result of financial statements prepared in dollars.
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 separately disclose proved, probable and possible reserves that a company has determined in accordance with the SEC rules. We may use certain terms in this press release, such as resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 1-10888 available from us at 2, place Jean Millier — La Défense 6 — 92078 Paris La Défense Cedex, France or at our website: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website: www.sec.gov.


15


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Operating information by segment
Fourth quarter and full year 2009
Upstream
                                                         
 
                        4Q09                       2009
                        vs   Combined liquids and gas                   vs
4Q09   3Q09   4Q08   4Q08   production by region (kboe/d)   2009   2008   2008
 
  627       569       684       -8 %  
Europe
    613       616        
  780       762       746       +5 %  
Africa
    749       783       -4 %
  41       31       13       x3.2    
North America
    24       14       +71 %
  242       259       241          
Far East
    251       246       +2 %
  493       419       426       +16 %  
Middle East
    438       432       +1 %
  167       183       217       -23 %  
South America
    182       224       -19 %
  27       20       27          
Rest of world
    24       26       -8 %
 
  2,377       2,243       2,354       +1 %  
Total production
    2,281       2,341       -3 %
 
  393       351       400       -2 %  
Includes equity and non-consolidated affiliates
    359       403       -11 %
 
 
 
                        4Q09                       2009
                        vs                       vs
4Q09   3Q09   4Q08   4Q08   Liquids production by region (kb/d)   2009   2008   2008
 
  306       279       321       -5 %  
Europe
    295       302       -2 %
  648       647       618       +5 %  
Africa
    632       654       -3 %
  30       27       12       x2.5    
North America
    20       11       +82 %
  31       33       31          
Far East
    33       29       +14 %
  304       300       320       -5 %  
Middle East
    307       329       -7 %
  68       79       118       -42 %  
South America
    80       119       -33 %
  17       14       14       +21 %  
Rest of world
    14       12       +17 %
 
  1,404       1,379       1,434       -2 %  
Total production
    1,381       1,456       -5 %
 
  276       286       341       -19 %  
Includes equity and non-consolidated affiliates
    286       347       -18 %
 


16


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
                                                         
 
                        4Q09                       2009
                        vs                       vs
4Q09   3Q09   4Q08   4Q08   Gas production by region (Mcf/d)   2009   2008   2008
 
  1,736       1,580       1,957       -11 %  
Europe
    1,734       1,704       +2 %
  681       583       658       +3 %  
Africa
    599       659       -9 %
  53       19       8       x6.6    
North America
    22       15       +47 %
  1,196       1,276       1,280       -7 %  
Far East
    1,228       1,236       -1 %
  1,050       657       604       +74 %  
Middle East
    724       569       +27 %
  546       575       550       -1 %  
South America
    564       579       -3 %
  58       36       70       -17 %  
Rest of world
    52       75       -31 %
 
  5,320       4,726       5,127       +4 %  
Total production
    4,923       4,837       +2 %
 
  635       355       316       x2    
Includes equity and non-consolidated affiliates
    395       298       +33 %
 
 
 
                        4Q09                       2009
                        vs                       vs
4Q09   3Q09   4Q08   4Q08   Liquefied natural gas   2009   2008   2008
 
  2.35       2.18       2.38       -1 %  
LNG sales* (Mt)
    8.83       9.15       -3 %
 
 
*    sales, Group share, excluding trading ; 1 Mt/y = approx. 133 Mcf/d ; data from 2009 previous period have been restated to reflect volumes estimation for Bontang LNG in Indonesia based on the 2009 SEC coefficient.

Downstream
 
                        4Q09                       2009
                        vs                       vs
4Q09   3Q09   4Q08   4Q08   Refined products sales by region (kb/d)*   2009   2008   2008
 
  2,046       2,014       2,186       -6 %  
Europe
    2,053       2,123       -3 %
  295       278       281       +5 %  
Africa
    281       279       +1 %
  145       164       168       -14 %  
Americas
    165       170       -3 %
  158       134       156       +1 %  
Rest of world
    142       148       -4 %
 
  2,644       2,590       2,791       -5 %  
Total consolidated sales
    2,641       2,720       -3 %
 
  921       887       860       +7 %  
Trading
    975       938       +4 %
 
                               
 
                       
 
  3,565       3,477       3,651       -2 %  
Total refined product sales
    3,616       3,658       -1 %
 
*   includes share of CEPSA


17


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Adjustment items
Adjustments to operating income from business segments
                                         
 
4Q09   3Q09   4Q08   in millions of euros   2009   2008
 
  (411 )     (9 )     (375 )  
Special items affecting operating income from the business segments
    (711 )     (375 )
 
                 
Restructuring charges
           
  (283 )     (3 )     (177 )  
Impairments
    (391 )     (177 )
  (128 )     (6 )     (198 )  
Other
    (320 )     (198 )
 
  449       214       (4,372 )  
Pre-tax inventory effect : FIFO vs. replacement cost
    2,205       (3,503 )
 
                       
 
               
 
  38       205       (4,747 )  
Total adjustments affecting operating income from the business segments
    1,494       (3,878 )
 
Adjustments to net income (Group share)
                                         
 
4Q09   3Q09   4Q08   in millions of euros   2009   2008
 
  (264 )     2       (373 )  
Special items affecting net income (Group share)
    (570 )     (485 )
 
  92       46       17    
Gain on asset sales
    179       214  
  (17 )     (7 )     (21 )  
Restructuring charges
    (129 )     (69 )
  (260 )     (2 )     (171 )  
Impairments
    (333 )     (205 )
  (79 )     (35 )     (198 )  
Other
    (287 )     (425 )
 
  (48 )     (70 )     (166 )  
Equity shares of adjustments and, from 2009, selected items related to Sanofi-Aventis*
    (300 )     (393 )
 
  296       122       (3,128 )  
After-tax inventory effect : FIFO vs. replacement cost
    1,533       (2,452 )
 
                       
 
               
 
  (16 )     54       (3,667 )  
Total adjustments to net income
    663       (3,330 )
 
*   based on Total’s share in Sanofi-Aventis of 7.4% at 12/31/2009, 8.6% at 9/30/2009 and 11.4% at 12/31/2008, – selected items as from the year 2009.
Effective tax rates
                                         
 
4Q09   3Q09   4Q08   Effective tax rate*   2009   2008
 
  57.6 %     59.3 %     57.4 %  
Upstream
    58.3 %     61.0 %
  55.4 %     56.5 %     50.6 %  
Group
    55.0 %     56.3 %
 
*   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).


18


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Investments — Divestments
                                                         
 
                        4Q09                       2009
                        vs                       vs
4Q09   3Q09   4Q08   4Q08   in millions of euros   2009   2008   2008
 
  3,307       3,111       4,059       -19 %  
Investments excluding acquisitions*
    12,260       11,422       +7 %
  256       227       183       +40 %  
Capitalized exploration
    865       772       +12 %
  159       187       74       x2.1    
§ Net investments in
   equity affiliates and
   non-consolidated
   companies
    594       (392 )     n/a  
 
  112       58       506       -78 %  
Acquisitions
    743       1,022       -27 %
 
  3,419       3,169       4,565       -25 %  
Investments including acquisitions*
    13,003       12,444       +4 %
 
  821       702       732       +12 %  
Asset sales
    2,663       1,451       +84 %
 
  2,580       2,449       3,815       -32 %  
Net investments **
    10,268       11,055       -7 %
 
 
 
                        4Q09                       2009
                        vs                       vs
4Q09   3Q09   4Q08   4Q08   expressed in millions of dollars***   2009   2008   2008
 
  4,887       4,450       5,350       -9 %  
Investments excluding acquisitions*
    17,100       16,799       +2 %
  378       325       241       +57 %  
Capitalized exploration
    1,207       1,135       +6 %
  235       267       98       x2.4    
§ Net investments in
   equity affiliates and
   non-consolidated
   companies
    829       (577 )     n/a  
 
  166       83       667       -75 %  
Acquisitions
    1,036       1,503       -31 %
 
  5,053       4,533       6,017       -16 %  
Investments including acquisitions*
    18,137       18,303       -1 %
 
  1,213       1,004       965       +26 %  
Asset sales
    3,714       2,134       +74 %
 
  3,813       3,503       5,028       -24 %  
Net investments **
    14,322       16,260       -12 %
 
*   includes net investments in equity affiliates and non-consolidated companies.
 
**   net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.
 
***   dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.


19


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Net-debt-to-equity ratio
                         
 
in millions of euros   12/31/2009   9/30/2009   12/31/2008
 
Current borrowings
    6,994       6,012       7,722  
Net current financial assets
    (188 )     (160 )     (29 )
Non-current financial debt
    19,437       19,146       16,191  
Hedging instruments of non-current debt
    (1,025 )     (983 )     (892 )
Cash and cash equivalents
    (11,662 )     (13,775 )     (12,321 )
 
Net debt
    13,556       10,240       10,671  
 
 
                       
 
Shareholders’ equity
    52,552       49,620       48,992  
Estimated dividend payable*
    (2,546 )     (1,273 )     (2,540 )
Minority interests
    987       959       958  
 
Equity
    50,993       49,306       47,410  
 
 
                       
 
Net-debt-to-equity ratio
    26.6 %     20.8 %     22.5 %
 
*   based on a 2009 dividend equal to the 2008 dividend (2.28 €/share) less the interim dividend 1.14 €/share (2,545 M€) paid in November 2009.
2010 Sensitivities*
                                 
 
                    Impact on adjusted   Impact on adjusted
                    operating   net operating
    Scenario   Change   income(e)   income(e)
 
Dollar
  1.40 $/€   +0.1 $per €   -1.1 B€   -0.6 B€
Brent
  60 $/b   +1 $/b   +0.25 B€/ 0.35 B$   +0.11 B€/ 0.15 B$
 
European refining margins ERMI
  15 $/t   +1 $/t   +0.07 B€/ 0.10 B$   +0.05 B€/ 0.07 B$
 
*   sensitivities revised once per year upon publication of the previous year’s fourth quarter results. The impact of the €-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 80% and 75% respectively, and the remaining impact of the €-$ sensitivity is essentially in the Downstream segment.


20


 










TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Return on average capital employed
Full year 2009
                                         
     
in millions of euros   Upstream   Downstream   Chemicals**   Segments   Group***
     
Adjusted net operating income
    6,382       953       272       7,607       8,226  
Capital employed at 12/31/2008*
    32,681       13,623       7,417       53,721       59,764  
Capital employed at 12/31/2009*
    37,397       15,299       6,898       59,594       64,451  
       
 
                                       
ROACE
    18.2 %     6.6 %     3.8 %     13.4 %     13.2 %
       
*   at replacement cost (excluding after-tax inventory effect).
 
**   capital employed for Chemicals reduced for the Toulouse-AZF provision of 256 M€ pre-tax at 12/31/2008
Twelve months ended September 30, 2009
                                         
     
in millions of euros   Upstream   Downstream   Chemicals**   Segments   Group***
     
Adjusted net operating income
    6,429       1,672       377       8,478       9,096  
Capital employed at 9/30/2008*
    30,184       12,649       8,107       50,940       58,165  
Capital employed at 9/30/2009*
    35,514       13,513       6,845       55,872       61,030  
       
 
                                       
ROACE
    19.6 %     12.8 %     5.0 %     15.9 %     15.3 %
       
*   at replacement cost (excluding after-tax inventory effect).
 
**   capital employed for Chemicals reduced for the Toulouse-AZF provision of 121 M€ pre-tax at 9/30/2008
 
***   capital employed for the Group adjusted for the amount of the interim dividend payable approved in July 2009 (2,544 M€).
Full year 2008
                                         
     
in millions of euros   Upstream   Downstream   Chemicals**   Segments   Group
     
Adjusted net operating income
    10,724       2,569       668       13,961       14,664  
Capital employed at 12/31/2007*
    27,062       12,190       7,033       46,285       54,158  
Capital employed at 12/31/2008*
    32,681       13,623       7,417       53,721       59,764  
       
 
                                       
ROACE
    35.9 %     19.9 %     9.2 %     27.9 %     25.7 %
       
*   at replacement cost (excluding after-tax inventory effect).
 
**   capital employed for Chemicals reduced for the Toulouse-AZF provision of 134 M€ pre-tax at 12/31/2007 and 256 M€ pre-tax at 12/31/2008.


21

EX-99.3 4 y03233exv99w3.htm EX-99.3: CREATION OF A PUBLIC AFFAIRS DIVISION exv99w3
Exhibit 99.3
     
(TOTAL LOGO)
  (NEWS RELEASE LOGO)
Paris, February 15, 2010          

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Total Creates a Public Affairs Division
On January 1, Total combined its Institutional Relations, International Relations and European Affairs Divisions into a new Public Affairs Division, reporting to the Chief Administrative Officer.
The Public Affairs Divisions includes the following divisions:
- Public Affairs, France and NGOs.
- International Public Affairs.
- European Public Affairs.
The new organization is designed to offer Total stakeholders improved transparency and dialogue on all issues related to Total’s activities and reputation in France and worldwide.
Hubert Loiseleur des Longchamps has been appointed Senior Vice President, Public Affairs. He is also responsible for International Public Affairs.

After a number of years in the French government and diplomatic service, Hubert Loiseleur des Longchamps joined the Group in 1994 as Middle East Coordinator.
Appointed Chief Executive Officer of the Cameroon subsidiary in 2000, he subsequently held the positions of President, Middle East, Gas & Power and Chief Executive Officer of Total E&P Angola before his appointment as Total’s Vice President, International Relations in 2005.
A graduate of Ecole Nationale d’Administration and Institut d’Etudes Politiques de Paris, Hubert Loiseleur des Longchamps holds a degree in public law.


 


 

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Thierry Reveau de Cyrières has been appointed Vice President, European Public Affairs.

Thierry Reveau de Cyrières graduated from Institut d’Etudes Politiques de Paris and has a postgraduate degree in corporate and commercial law.
He began his career with Exxon, working in legal positions in France, Brussels and the United States, before joining Total’s Group Law department in 1998.
He held the position of Deputy General Counsel of Total France from 2000 to 2002, and was head of the Holding Division Law Department and Company Secretary of Total S.A. from 2003 to 2009.
Jean-François Lassalle has been appointed Vice President, Public Affairs, France and NGOs.

Jean-François Lassalle joined Total’s Corporate Insurance Department in 1980 at headquarters and then in Norway, before being appointed oil contract negotiator for producing countries and oil partners in 1984.
From 1990 to 2004, he held various management positions at Total Exploration and Production in Cameroon and subsequently returned to headquarters to oversee the subsidiaries in Tunisia, Niger, Equatorial Guinea and Sudan.
From 2004 to 2009, he was in charge of Public Affairs for Total Exploration & Production.
Jean-François Lassalle holds degrees in law and international relations.
* * * * *
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 97,000 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-99.4 5 y03233exv99w4.htm EX-99.4: TOTAL SENIOR MANAGEMENT MEETS WITH LABOR UNIONS ON FEBRUARY 21, 2010, MAKES PROPOSALS exv99w4
     
Exhibit 99.4
   
(TOTAL LOGO)
  (NEWS RELEASE LOGO)
Paris, February 21, 2010          




TOTAL
2, place Jean Millier
La Défense 6
92400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle Desmet
Tel.: + 33 (0) 1 47 44 37 76
Paul Floren
Tel.: + 33 (0) 1 47 44 45 91
Sonia Cerqueira
Tel.: + 33 (0) 1 47 44 47 05
Michaël Crochet-Vourey
Tel.: + 33 (0) 1 47 44 81 33
Sandra Dante
Tel.: + 33 (0) 1 47 44 46 07
Florent Segura
Tel.: + 33 (0) 1 47 44 31 38
Phénélope Sémavoine
Tel.: + 33 (0) 1 47 44 76 29
Frédéric Texier
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Share Capital: €5,871,057,210
Registered in Nanterre: R.C.S 542 051 180
www.total.com
Total Senior Management Meets with Labor Unions
on February 21, 2010, Makes Proposals
Total’s senior management and labor unions met on February 21, 2010 to examine union conditions for ending the current strike.
Senior management reaffirmed that it understood the concerns of employees at the Dunkirk refinery, which has been shut down since September 2009, and of employees at other refineries in France.
To address these concerns, Total has made the following pledges:
1. Total will ask the prefect of the Nord-Pas-de-Calais region to organize a round table on the economic outlook for the Dunkirk region by the end of March and will participate in it.
The round table would consider the future of the Flandres refinery and its impact on local employment, the port, industrial activities and service provider jobs.
2. Total will ask that a round table be organized in the second quarter to discuss the future of the refining industry in France.
3. On March 4, Total will hold a meeting on the future of its refining operations in France. The five-year investment programs for each refinery will be presented and discussed at the meeting.
Total can already state that there are no plans to close or divest any of its other refineries in France, except for repurposing the Flandres refinery.
4. A presentation on the refining industry in Europe will be made at the European Works Council meeting on March 18, 2010.
An expert evaluation will also be conducted if the members of the Council so wish.
5. As part of the depot divestment project presented to the Downstream (Refining & Marketing) Central Works Council, Total has pledged to recommend that employees transferred to other companies be given priority for rehiring in the event their new employers encounter economic difficulties resulting in layoffs in the three years following the divestment.
This proposal will be presented to the Central Works Council’s Employment Committee.


 


 

TOTAL
2, place Jean Millier
La Défense 6
92400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle Desmet
Tel.: + 33 (0) 1 47 44 37 76
Paul Floren
Tel.: + 33 (0) 1 47 44 45 91
Sonia Cerqueira
Tel.: + 33 (0) 1 47 44 47 05
Michaël Crochet-Vourey
Tel.: + 33 (0) 1 47 44 81 33
Sandra Dante
Tel.: + 33 (0) 1 47 44 46 07
Florent Segura
Tel.: + 33 (0) 1 47 44 31 38
Phénélope Sémavoine
Tel.: + 33 (0) 1 47 44 76 29
Frédéric Texier
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Share Capital: €5,871,057,210
Registered in Nanterre: R.C.S 542 051 180
www.total.com
6. As part of the project for the Flandres refinery, Total is committed to:
  Guaranteeing each employee a job at Total that is a fit with his or her competencies.
  Ensuring that the Les Flandres refinery has a future within the Group.
  Continuing to be a major economic partner of the Dunkirk region, especially the port, through an interest in EDF’s planned LNG terminal, which would cement the region’s energy specialization.
  Helping to secure the future of local contractors.
  Working with all regional stakeholders.
At the close of the meeting, the labor unions stated that they would present these proposals to their constituents.
* * * * *
Total is a leading international oil and gas company with operations in more than 130 countries. Its 97,000 employees put their expertise to work in every part of the industry — exploration and production of oil and natural gas, refining and marketing, gas and power, and trading. Total is working to keep the world supplied with energy, both today and tomorrow. Total is also a world-class chemical producer. www.total.com


 

EX-99.5 6 y03233exv99w5.htm EX-99.5: THE TOTAL DOWNSTREAM CENTRAL WORKS COUNCIL MEETING BROUGHT FORWARD TO MARCH 8 FROM MARCH 29 exv99w5
     
Exhibit 99.5
   
(TOTAL LOGO)
  (NEWS RELEASE LOGO)
Paris — February 22, 2010          

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com

The Total Downstream Central Works Council Meeting
Brought Forward to March 8 from March 29
Total’s senior management has brought forward the Downstream (Refining & Marketing) Central Works Council meeting to March 8 from March 29, responding proactively to the expectations of Flandres refinery employees and labor unions, who would like to see the meeting held as soon as possible to end the current dispute.
The agenda for the rescheduled meeting comprises two items, a review of the situation of refineries in France today and information and discussion on the proposed repurposing of the Flandres refinery (financial package, support for employees, timetable).
It is unchanged from the agenda approved jointly by the Chairman and Secretary of the Central Works Council for the meeting originally scheduled for March 29.
*******
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 97,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas & power and trading. 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-99.6 7 y03233exv99w6.htm EX-99.6: EDF AND TOTAL SIGN AN AGREEMENT IN THE PLANNED DUNKIRK LNG TERMINAL exv99w6
(TOTAL LOGO)
PRESS RELEASE
EXHIBIT 99.6
EDF and Total Sign an agreement in the Planned Dunkirk LNG Terminal
(Paris — March 8th, 2010) — EDF and Total today announce the signature of an agreement whereby Total will reserve regasification capacity in the planned Dunkirk LNG terminal being developed by Dunkerque LNG, a wholly owned EDF subsidiary, and will also acquire an interest in the company. The agreement is part of EDF’s global search for partners to reserve regasification capacity in the terminal.
With regasification capacity of between 10 billion and 13 billion cubic meters per year, the terminal being developed by Dunkerque LNG would be able to meet more than 20% of French natural gas demand. Dunkerque LNG will make the final investment decision in summer 2010, with a view to commissioning in 2014. The project remains subject to the necessary regulatory approvals, successful marketing and construction calls for tenders.
Up to 1,200 people will work on the project during the construction phase. Terminal operation would create at least 50 direct jobs, along with an estimated 150 indirect jobs. The partners would provide expertise and personnel during the construction and operating phases.
EDF group is a major player in the European gas market with 29 billions cubic meters handled in 2008. Construction of an LNG terminal in Dunkirk is aligned with EDF’s strategy of strengthening and securing gas capacity to supply its own power plants and to market electricity and natural gas.
Growth in liquefied natural gas is a cornerstone of Total’s strategy. An interest in the Dunkirk LNG terminal would allow the Group to expand its portfolio of LNG regasification capacity reservations and consolidate its ability to supply markets in France and Europe.
Like other LNG terminal projects in France, the Dunkirk facility will contribute to the security of natural gas supply in Europe.

- 1 -


 

(TOTAL LOGO)
About EDF Group
The EDF Group, one of the leaders in the energy market in Europe, is an integrated energy company active in all businesses: generation, transmission, distribution, energy supply and trading. The Group is the leading electricity producer in Europe. In France, it has mainly nuclear and hydraulic production facilities where 95% of the electricity output involves no CO2 emissions. EDF’s transport and distribution subsidiaries in France operate 1,285,000 km of low and medium voltage overhead and underground electricity lines and around 100,000 km of high and very high voltage networks. The Group is involved in supplying energy and services to around 38 million customers around the world, including close to 28 million in France. The Group generated consolidated sales of €66.3 billion in 2009, of which 49% in Europe excluding France. EDF is listed on the Paris Stock Exchange and is a member of the CAC 40 index.
About Total
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 97,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas & power and trading. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals.
Total is a leading producer in the LNG sector, with strong and diversified positions worldwide. Total is active in most of the major LNG — producing regions and main LNG markets.
The Group secured long-term access to LNG re-gasification capacity located in key LNG markets: North America (Sabine Pass in the United States and Altamira in Mexico), Europe (Fos Cavaou in the South of France and South Hook Terminal in the United Kingdom) and Asia (Hazira in India). The Group produces LNG in the United Arab Emirates, Indonesia, Nigeria, Norway, Oman, Qatar and Yemen. Angola LNG, which is currently under construction, will complement this portfolio in 2012.
 


     
 
 
 
   
 
  (LOGO)

- 2 -

EX-99.7 8 y03233exv99w7.htm EX-99.7: TOTAL ANNOUNCES OF A PLAN TO REPURPOSE ITS DUNKIRK REFINERY exv99w7
     
Exhibit 99.7
   
(TOTAL LOGO)
  (NEWS RELEASE LOGO)
Paris, March 8, 2010          

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Total Announces Plan to Repurpose its Dunkirk Refinery Site
In response to a structural decline in petroleum product demand, Total today presented the Central Works Council with a plan to permanently shut down refining operations at its Dunkirk site, which will be repurposed.
In order to ensure the site’s future and maintain jobs, Total will:
  Develop new refining operations support and petroleum logistics activities on the Dunkirk site.
 
  Partner French electric utility EDF in the implementation of the planned LNG terminal project for Dunkirk.
 
  Participate actively in local discussions on revitalizing the Dunkirk region’s economy.
There will be no lay-offs. All employees concerned are guaranteed jobs with Total.
Permanent Refinery Shutdown
The collapse in petroleum product demand in France, Europe and the United States has compelled Total to adjust its refining capacity, in particular in northern France.
The Flandres refinery reported a loss of more than €130 million in 2009. Production was halted in September 2009. Given the poor outlook, resuming refining operations at the site is no longer considered viable.
Under the plan, the Flandres refinery will be shut down permanently, resulting in a gradual dismantling of units that could continue to 2013.
Three New Businesses Activities
The refinery will be repurposed as an industrial and technical facility engaged in three new activities that will leverage the industry-specific expertise of employees. A total of 240 jobs will be maintained at the site, equivalent to two-thirds of the current workforce.
  A refining operations support center employing 180 people that will provide other Total refineries with technical support for routine operations and assistance with preparing, defining and organizing major maintenance and revamping projects. The center’s teams will also be responsible for static equipment inspection.


 


 

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
  A refining training center employing 25 people that will train Group employees in the technical competencies required for refining. Other Total Refining & Marketing and Total Petrochemicals businesses will also benefit from these services.
 
  A logistics depot employing 15 people, utilizing the refinery’s tank farm.
In addition, there will be administrative positions for a further 20 people involved in site management.
A Biofuel Cluster
Total and its partners will study the possibility of maintaining the existing ethyl tertiary butyl ether (ETBE) production unit at the Dunkirk site. ETBE is used in biofuels. In addition, it will offer the site to its BioTfueL project partners for a second-generation biofuel pilot unit.
The cluster would provide jobs for around 30 people.
Total’s Participation in EDF’s Planned LNG Terminal
Total and EDF have signed an agreement whereby Total reserves regasification capacity in the planned Dunkirk LNG terminal being developed by Dunkerque LNG, an EDF subsidiary in which it will acquire an interest.
With regasification capacity of between 10 billion and 13 billion cubic meters per year, the Dunkirk terminal would be able to meet more than 20% of French natural gas demand, which is equivalent to over 150% of the Flandres refinery’s energy production capacity. Dunkerque LNG will make the final investment decision by summer 2010, with a view to commissioning in 2014. The project remains subject to the necessary regulatory approvals, successful marketing and construction calls for tenders.
Up to 1,200 people will work on the project during the construction phase. Terminal operation will create at least 50 direct jobs, along with an estimated 150 indirect jobs. The partners would lend their expertise and staff during the construction and operating phases.
The letter of intent signed with EDF stipulates that Flandres refinery employees will be given priority consideration for the sustainable, direct jobs created.
Personalized Support and Solutions for Each Employee
The plan provides voluntary solutions for each employee.
The 370 people concerned by the refinery shutdown will be offered three options.
1)   They can stay in Dunkirk to:
 
  Work at the repurposed facility (240 people), in:
     - The refining operations support center (180 people).
     - The training center (25 people).
     - The depot (15 people).
     - Administration (20 people).
  Transfer to the LNG terminal project (50 people).
2)   They can transfer to another Total facility in France to:
  Work in other Total refineries (80 people).
  Work in other Total units (30 people).


 


 

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
3) Take early retirement (20 people).
Because of the unusual nature of the planned repurposing, each employee will be offered a choice of at least two jobs within the Group, which will set up an organization to help families move and offer financial support to employees who decide to set up their own businesses.
Ongoing Constructive Discussions
Total will continue to actively work with the public authorities and other businesses in the Dunkirk region.
In particular, it will leverage the experience of its subsidiary Total Développement Régional (TDR), which supports job creation by small and medium-sized regional businesses, in partnership with local socioeconomic stakeholders. In the last ten years, TDR has helped to create or maintain 25,000 jobs in France.
During the local Dunkirk round table discussions, TDR will share with the relevant public authorities the findings of a community and regional audit to identify the real impact of the planned repurposing on employment in the area, in the industry and by category.
Total has pledged to share all its tools and resources with Dunkirk stakeholders to help maintain jobs in the area.
Total’s Pledges
As a responsible corporate citizen, Total knows that it must adjust to declining oil consumption in Europe and the shift in demand to more environmentally friendly products.
The Group has made a number of firm pledges to address employee concerns and demonstrate to stakeholders its assertive commitment to working with them on innovative, sustainable solutions to maintain businesses and jobs in the region.
The pledges made by Total, reiterated on February 23 following talks with labor unions, are:
  To guarantee each employee a job at Total that fits with his or her competencies.
 
  To continue to be a major economic partner of the Dunkirk region, especially the port, by taking part in EDF’s LNG terminal project.
 
  To take an active part in regional dialogue: on March 10, Total will take part in a round table discussion of the economic outlook for the Dunkirk region that will consider the future of the Flandres refinery and its impact on local employment, the port, industrial activities and service provider jobs.
 
  To participate in national dialogue: on April 15, Total will take part in a national round table discussion on the future of the refining industry in France, sponsored by the Minister of Industry.
 
  Not to close or sell any French refinery over the next five years, with the exception of the planned repurposing of the Flandres refinery.
*******
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 97,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas & power and trading. 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


 

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-----END PRIVACY-ENHANCED MESSAGE-----