Exhibit 99.6

Total financial statements

First quarter 2004 consolidated accounts, French GAAP

CONSOLIDATED STATEMENTS OF INCOME

Total

	First quarter			First quarter
Amounts in millions of euros (1)	2004			2003
	(unaudited)			(unaudited)
Total sales		27,860			28,303
Operating expenses		(23,161	)		(23,210	)
Depreciation, depletion, and amortization of tangible assets		(1,193	)		(1,229	)
Operating income
Corporate		(58	)		(55	)
Business segments *		3,564			3,919
Total operating income		3,506			3,864
Interest expense, net		(40	)		(42	)
Dividend income on non-consolidated subsidiaries		15			5
Dividends on subsidiaries’ redeemable preferred shares		(1	)		(2	)
Other income (expense), net		(23	)		(263	)
Provision for income taxes		(1,682	)		(1,597	)
Equity in income (loss) of affiliates		276			251
Income before amortization of acquisition goodwill		2,051			2,216
Amortization of acquisition goodwill		(30	)		(30	)
Consolidated net income		2,021			2,186
of which minority interest		60			66
NET INCOME **		1,961			2,120
Earnings per share (euros) ***		3.15			3.28
*Operating income from business segments, adjusted for special items		3,564			3,919
Net operating income from business segments, adjusted for special items		1,924			2,051
**Net income (Group share), adjusted for special items		1,978			2,120
***Earnings per share, adjusted for special items (euros)		3.18			3.28

(1) Except for earnings per share

CONSOLIDATED BALANCE SHEET
Total

	Amounts in millions of euros
	31/03/2004			31/12/2003			31/03/2003
	(unaudited)						(unaudited)
ASSETS
NON-CURRENT ASSETS
Intangible assets, net		2,031			2,017			2,248
Property, plant, and equipment, net		37,300			36,286			37,773
Equity affiliates : investments and loans		8,224			7,833			7,857
Other investments		1,170			1,162			1,221
Other non-current assets		3,286			3,152			3,851
Total non-current assets		52,011			50,450			52,950
CURRENT ASSETS
Inventories, net		6,067			6,137			5,982
Accounts receivable, net		14,278			12,357			13,498
Prepaid expenses and other current assets		4,746			4,779			4,637
Short-term investments		1,393			1,404			1,489
Cash and cash equivalents		16,175			4,836			13,117
Total current assets		42,659			29,513			38,723
TOTAL ASSETS		94,670			79,963			91,673
LIABILITIES & SHAREHOLDERS’ EQUITY
SHAREHOLDERS’ EQUITY
Common shares		6,497			6,491			6,874
Paid-in surplus and retained earnings		32,402			30,408			32,689
Cumulative translation adjustment		(2,636	)		(3,268	)		(1,463	)
Treasury shares		(3,858	)		(3,225	)		(6,001	)
Total shareholders’ equity		32,405			30,406			32,099
SUBSIDIARIES’ REDEEMABLE PREFERRED SHARES		409			396			459
MINORITY INTEREST		715			664			715
LONG-TERM LIABILITIES
Deferred income taxes		5,622			5,443			6,121
Employee benefits		3,903			3,818			3,931
Other liabilities		6,375			6,344			6,708
Total long-term liabilities		15,900			15,605			16,760
LONG-TERM DEBT		11,023			9,783			10,728
CURRENT LIABILITIES
Accounts payable		11,212			10,304			9,961
Other creditors and accrued liabilities		10,868			8,970			10,444
Short-term borrowings and bank overdrafts		12,138			3,835			10,507
Total current liabilities		34,218			23,109			30,912
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		94,670			79,963			91,673

CONSOLIDATED STATEMENTS OF CASH FLOWS
Total

	First quarter			First quarter
Amounts in millions of euros	2004			2003
	(unaudited)			(unaudited)
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		2,021			2,186
Depreciation, depletion, and amortization		1,268			1,298
Long-term liabilities, valuation allowances, and deferred taxes		(11	)		(406	)
Unsuccessful exploration costs		73			60
(Gains)/Losses on sales of assets		(74	)		204
Equity in income of affiliates (in excess of)/less than dividends received		(228	)		(178	)
Other changes, net		11			2
Cash flow from operating activities before changes in working capital		3,060			3,166
(Increase)/Decrease in operating assets and liabilities		1,023			656
CASH FLOW FROM OPERATING ACTIVITIES (1)		4,083			3,822
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant, and equipment additions		(1,269	)		(1,211	)
Exploration expenditures charged to expenses		(73	)		(53	)
Acquisitions of subsidiaries, net of cash acquired		—			—
Investments in equity affiliates and other securities		(31	)		(5	)
Increase in long-term loans		(238	)		(225	)
Total expenditures		(1,611	)		(1,494	)
Proceeds from sale of intangible assets and property, plant, and equipment		74			77
Proceeds from sale of subsidiaries, net of cash sold		1			733
Proceeds from sale of non-current investments		26			2
Repayment of long-term loans		81			181
Total divestitures		182			993
(Increase)/Decrease in short-term investments		12			19
CASH FLOW USED IN INVESTING ACTIVITIES		(1,417	)		(482	)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance and repayment of shares:
Parent company’s shareholders		—			1
Purchase of treasury shares		(633	)		(1,591	)
Minority shareholders		39			7
Subsidiaries’ redeemable preferred shares		—			—
Cash dividends paid:
— Parent company’s shareholders		—			—
— Minority shareholders		(4	)		(12	)
Net issuance/(repayment) of long-term debt		1,225			992
Increase/(Decrease) in short-term borrowings and bank overdrafts		7,661			5,445
Other changes, net		(1	)		(2	)
CASH FLOW FROM FINANCING ACTIVITIES		8,287			4,840
Net increase/decrease in cash and cash equivalents		10,953			8,180
Effect of exchange rates and changes in reporting entity on cash and cash equivalents		386			(29	)
Cash and cash equivalents at the beginning of the year or period		4,836			4,966
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD		16,175			13,117

(1) Including payments relating to the Toulouse AZF plant explosion, offset by a long-term liability write-back of 130 million euros for the first quarter 2004 and 182 million euros for the first quarter 2003.

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
First quarter 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		5,930			17,245			4,673			12						27,860
Intersegment sales		3,062			579			142			41			(3,824	)		—
Total sales		8,992			17,824			4,815			53			(3,824	)		27,860
Depreciation, depletion, and amortization of tangible assets		(778	)		(213	)		(194	)		(8	)					(1,193	)
Operating income		2,819			546			199			(58	)					3,506
Amortization of intangible assets and acquisition goodwill		(4	)		(21	)		(32	)		(8	)					(65	)
Equity in income (loss) of affiliates and other items		117			51			(6	)		145						307
Tax on net operating income		(1,543	)		(165	)		(54	)		68						(1,694	)
Net operating income		1,389			411			107			147						2,054
Net cost of net debt																	(32	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(61	)
Net income																	1,961

First quarter 2004
(special items)	Upstream		Downstream		Chemicals			Corporate		Intercompany		Total
Non-Group sales		—		—		—			—				—
Intersegment sales											—		—
Total sales		—		—		—			—		—		—
Depreciation, depletion, and amortization of tangible assets		—		—		—			—				—
Operating income		—		—		—			—				—
Amortization of intangible assets and acquisition goodwill		—		—		—			—				—
Equity in income (loss) of affiliates and other items		—		—		(26	)		—				(26	)
Tax on net operating income		—		—		9			—				9
Net operating income		—		—		(17	)		—				(17	)
Net cost of net debt													—
Minority interests and dividends on subsidiaries’ redeemable preferred shares													—
Net income													(17	)

First quarter 2004
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		5,930			17,245			4,673			12			—			27,860
Intersegment sales		3,062			579			142			41			(3,824	)		—
Total sales		8,992			17,824			4,815			53			(3,824	)		27,860
Depreciation, depletion, and amortization of tangible assets		(778	)		(213	)		(194	)		(8	)					(1,193	)
Operating income		2,819			546			199			(58	)					3,506
Amortization of intangible assets and acquisition goodwill		(4	)		(21	)		(32	)		(8	)					(65	)
Equity in income (loss) of affiliates and other items		117			51			20			145						333
Tax on net operating income		(1,543	)		(165	)		(63	)		68						(1,703	)
Net operating income		1,389			411			124			147						2,071
Net cost of net debt																	(32	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(61	)
Net income																	1,978

First quarter 2004	Upstream		Downstream		Chemicals			Corporate		Intercompany	Total
Total expenditures		1,212		226		162			11			1,611
Divestitures at selling price		99		43		19			21			182
Cash flow from operating activities (1)		2,330		1,710		(82	)		125			4,083

(1) In the Chemicals segment, this figure amounts to 48 million euros excluding an amount of 130 million euros paid relating to the Toulouse AZF plant explosion.

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
First quarter 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		5,022			18,718			4,553			10			—			28,303
Intersegment sales		3,164			700			151			29			(4,044	)		—
Total sales		8,186			19,418			4,704			39			(4,044	)		28,303
Depreciation, depletion, and amortization of tangible assets		(829	)		(210	)		(180	)		(10	)					(1,229	)
Operating income		3,025			779			115			(55	)					3,864
Amortization of intangible assets and acquisition goodwill		(3	)		(18	)		(33	)		(6	)					(60	)
Equity in income (loss) of affiliates and other items		64			63			(193	)		110						44
Tax on net operating income		(1,681	)		(239	)		172			131						(1,617	)
Net operating income		1,405			585			61			180						2,231
Net cost of net debt																	(43	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(68	)
Net income																	2,120

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

First quarter 2003
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		5,022			18,718			4,553			10			—			28,303
Intersegment sales		3,164			700			151			29			(4,044	)		—
Total sales		8,186			19,418			4,704			39			(4,044	)		28,303
Depreciation, depletion, and amortization of tangible assets		(829	)		(210	)		(180	)		(10	)					(1,229	)
Operating income		3,025			779			115			(55	)					3,864
Amortization of intangible assets and acquisition goodwill		(3	)		(18	)		(33	)		(6	)					(60	)
Equity in income (loss) of affiliates and other items		64			63			(193	)		110						44
Tax on net operating income		(1,681	)		(239	)		172			131						(1,617	)
Net operating income		1,405			585			61			180						2,231
Net cost of net debt																	(43	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(68	)
Net income																	2,120

First quarter 2003	Upstream		Downstream		Chemicals			Corporate			Intercompany	Total
Total expenditures		1,166		125		175			28				1,494
Divestitures at selling price		180		44		755			14				993
Cash flow from operating activities		2,571		1,560		(81	)		(228	)			3,822

(1) In the Chemicals segment, this figure amounts to 101 million euros excluding an amount of 182 million euros paid relating to the Toulouse AZF plant explosion.

CONSOLIDATED STATEMENTS OF INCOME (Impact of special items)
Total

	First quarter						First quarter
	2004						2003
Amounts in millions of euros	Adjusted for			Special items			Consolidated			Adjusted for
	special items						statement of			special items
							income
Total sales		27,860			—			27,860			28,303
Operating expenses		(23,161	)		—			(23,161	)		(23,210	)
Depreciation, depletion, and amortization of tangible assets		(1,193	)		—			(1,193	)		(1,229	)
Operating income
Corporate		(58	)		—			(58	)		(55	)
Business segments		3,564			—			3,564			3,919
Total operating income		3,506			—			3,506			3,864
Interest expense, net		(40	)		—			(40	)		(42	)
Dividend income on non-consolidated subsidiaries		15			—			15			5
Dividends on subsidiaries’ redeemable preferred shares		(1	)		—			(1	)		(2	)
Other income (expense), net		3			(26	)		(23	)		(263	)
Provision for income taxes		(1,691	)		9			(1,682	)		(1,597	)
Equity in income (loss) of affiliates		276			—			276			251
Income before amortization of acquisition goodwill		2,068			(17	)		2,051			2,216
Amortization of acquisition goodwill		(30	)		—			(30	)		(30	)
Consolidated net income		2,038			(17	)		2,021			2,186
of which minority interest		60			—			60			66
NET INCOME		1,978			(17	)		1,961			2,120

TOTAL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR

THE FIRST THREE MONTHS OF 2004

(unaudited)

I.     ACCOUNTING POLICIES

The consolidated financial statements of TOTAL and its subsidiaries (together, the Company or Group) have been prepared in accordance with generally accepted accounting principles in France (French “GAAP”) and comply with the principles and methodology relative to consolidated financial statements, Regulation No. 99-02 approved by the decree dated June 22, 1999 of the French Accounting Regulations Committee.

Furthermore, the Company applies the standards issued by the Financial Accounting Standard Board (FASB) which are compatible with the French Regulations and which contribute, in their current wording, to better reflect the assets and liabilities of the Company and the best comparability with the other oil majors, namely those from North America. The exceptions to the use of FASB standards are presented in the Annual Report as well as in the Annual Report under US Generally Accepted Accounting Principles (Form 20-F).

The accounting policies applied for the consolidated financial statements as of March 31, 2004 are the same as those used for the Financial Statements as of December 31, 2003.

II.     CHANGES IN THE GROUP STRUCTURE

There were no major changes in the Group structure during the first three months of 2004.

III.     SPECIAL ITEMS

For the first three months of 2004

Special items of operating income

There were no special items affecting the operating income during the first quarter of 2004.

Special items of net income

(in millions of euros)	Upstream		Downstream		Chemicals			Corporate		Total
Restructuring charges		—		—		(17	)		—		(17	)
Asset impairment		—		—		—			—		—
Gain on assets’ sales		—		—		—			—		—
Other items		—		—		—			—		—
Total		—		—		(17	)		—		(17	)

For the first three months of 2003

There were no special items during the first quarter of 2003.

1

IV.     SHAREHOLDERS’ EQUITY

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

As of March 31, 2004, TOTAL S.A. held 16,201,889 of its own shares, representing 2.49% of its share capital, detailed as follows:

— 10,221,889 shares allocated to covering share purchase option plans for Company employees; these shares are recorded as short-term investments and maintained within the total assets,

— 5,980,000 shares, of which 1,680,000 shares were purchased in November and December 2003, and 4,300,000 during the first three months of 2004, pursuant to the authorization granted by the Ordinary and Extraordinary Shareholders’ Meeting held on May 6, 2003. These shares are deducted from the consolidated shareholders’ equity.

Shares held by the subsidiaries

As of March 31, 2004, TOTAL S.A. held indirectly, through its subsidiaries 25,082,817 of its own shares, representing 3.86% of its share capital:

— 505,918 shares held by a consolidated subsidiary, Total Nucléaire, indirectly controlled by TOTAL S.A. These shares were initially acquired in order to realize short-term cash investments and are recorded in short-term investments in the consolidated financial statements;

— 24,576,899 shares held by subsidiaries of Elf Aquitaine, Financière Valorgest, Sogapar and Fingestval. These shares were deducted from the consolidated shareholders’ equity.

2

Consolidated statements of changes in shareholders’ equity

					Paid-in
	Common shares issued				surplus and		Cumulative			Treasury shares
					retained		translation									Shareholders’
(in millions of euros)	Number		Amount		earnings		adjustments			Number			Amount			equity
As of December 31, 2003		649,118,236		6,491		30,408		(3,268	)		(26,256,899	)		(3,225	)		30,406
Cash dividend		—		—		—		—			—			—			—
Net income – 1st quarter 2003		—		—		1,961		—			—			—			1,961
Issuance of common shares		622,573		6		33		—			—			—			39
Purchase of treasury shares		—		—		—		—			(4,300,000	)		(633	)		(633	)
Cancellation of purchased treasury shares		—		—		—		—			—			—			—
Translation adjustments		—		—		—		632			—			—			632
Other changes, net		—		—		—		—			—			—			—
As of March 31, 2004		649,740,809		6,497		32,402		(2,636	)		(30,556,899	)		(3,858	)		32,405

					Paid-in
	Common shares issued				surplus and		Cumulative			Treasury shares
					retained		translation									Shareholders’
(in millions of euros)	Number		Amount		earnings		adjustments			Number			Amount			equity
As of December 31, 2002		687,190,510		6,872		30,514		(830	)		(35,026,899	)		(4,410	)		32,146
Cash dividend		—		—		—		—			—			—			—
Net income – 1st quarter 2002		—		—		2,120		—			—			—			2,120
Issuance of common shares		236,642		2		5		—			—			—			7
Purchase of treasury shares		—		—		—		—			(13,115,000	)		(1,591	)		(1,591	)
Cancellation of purchased treasury shares		—		—		—		—			—			—			—
Translation adjustments		—		—		—		(633	)		—			—			(633	)
Other changes, net (1)		—		—		50		—			—			—			50
As of March 31, 2003		687,427,152		6,874		32,689		(1,463	)		(48,141,899	)		(6,001	)		32,099

(1) The change in the category “Other” is primarily due to the effect of the first application of the standard FAS No. 143.

V.     SUBSIDIARIES’ REDEEMABLE PREFERRED SHARES

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

3

VI.     LONG-TERM DEBT

The Group has issued debenture loans through its subsidiary Total Capital during the first three months of 2004:

— Debenture 2.375% 2003-2010 (200 million CHF)

— Debenture 4.875% 2004-2010 (250 million GBP)

— Debenture 3.75% 2004-2010 (500 million EUR)

— Debenture 6% 2004-2009 (150 million AUD)

— Debenture 4.875% 2004-2010 (100 million GBP)

The Group has not reimbursed any debenture loan during the first three months of 2004.

In the context of its active cash management, the Group may increase temporarily its short-term borrowings, particularly in the form of commercial paper. The short-term borrowings and the cash and cash equivalents resulting from this cash management in the quarterly financial statements are not necessarily representative of a steady position.

4

VII.     INFORMATION BY BUSINESS SEGMENT

	Amounts in millions of euros
First quarter 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		5,930			17,245			4,673			12						27,860
Intersegment sales		3,062			579			142			41			(3,824	)		—
Total sales		8,992			17,824			4,815			53			(3,824	)		27,860
Depreciation, depletion, and amortization of tangible assets		(778	)		(213	)		(194	)		(8	)					(1,193	)
Operating income		2,819			546			199			(58	)					3,506
Amortization of intangible assets and acquisition goodwill		(4	)		(21	)		(32	)		(8	)					(65	)
Equity in income (loss) of affiliates and other items		117			51			(6	)		145						307
Tax on net operating income		(1,543	)		(165	)		(54	)		68						(1,694	)
Net operating income		1,389			411			107			147						2,054
Net cost of net debt																	(32	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(61	)
Net income																	1,961

First quarter 2004
(special items)	Upstream		Downstream		Chemicals			Corporate		Intercompany		Total
Non-Group sales		—		—		—			—				—
Intersegment sales											—		—
Total sales		—		—		—			—		—		—
Depreciation, depletion, and amortization of tangible assets		—		—		—			—				—
Operating income		—		—		—			—				—
Amortization of intangible assets and acquisition goodwill		—		—		—			—				—
Equity in income (loss) of affiliates and other items		—		—		(26	)		—				(26	)
Tax on net operating income		—		—		9			—				9
Net operating income		—		—		(17	)		—				(17	)
Net cost of net debt													—
Minority interests and dividends on subsidiaries’ redeemable preferred shares													—
Net income													(17	)

First quarter 2004
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		5,930			17,245			4,673			12			—			27,860
Intersegment sales		3,062			579			142			41			(3,824	)		—
Total sales		8,992			17,824			4,815			53			(3,824	)		27,860
Depreciation, depletion, and amortization of tangible assets		(778	)		(213	)		(194	)		(8	)					(1,193	)
Operating income		2,819			546			199			(58	)					3,506
Amortization of intangible assets and acquisition goodwill		(4	)		(21	)		(32	)		(8	)					(65	)
Equity in income (loss) of affiliates and other items		117			51			20			145						333
Tax on net operating income		(1,543	)		(165	)		(63	)		68						(1,703	)
Net operating income		1,389			411			124			147						2,071
Net cost of net debt																	(32	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(61	)
Net income																	1,978

First quarter 2004	Upstream		Downstream		Chemicals			Corporate		Intercompany	Total
Total expenditures		1,212		226		162			11			1,611
Divestitures at selling price		99		43		19			21			182
Cash flow from operating activities (1)		2,330		1,710		(82	)		125			4,083

(1) In the Chemicals segment, this figure amounts to 48 million euros excluding an amount of 130 million euros paid relating to the Toulouse AZF plant explosion.

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	Amounts in millions of euros
First quarter 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		5,022			18,718			4,553			10			—			28,303
Intersegment sales		3,164			700			151			29			(4,044	)		—
Total sales		8,186			19,418			4,704			39			(4,044	)		28,303
Depreciation, depletion, and amortization of tangible assets		(829	)		(210	)		(180	)		(10	)					(1,229	)
Operating income		3,025			779			115			(55	)					3,864
Amortization of intangible assets and acquisition goodwill		(3	)		(18	)		(33	)		(6	)					(60	)
Equity in income (loss) of affiliates and other items		64			63			(193	)		110						44
Tax on net operating income		(1,681	)		(239	)		172			131						(1,617	)
Net operating income		1,405			585			61			180						2,231
Net cost of net debt																	(43	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(68	)
Net income																	2,120

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

First quarter 2003
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		5,022			18,718			4,553			10			—			28,303
Intersegment sales		3,164			700			151			29			(4,044	)		—
Total sales		8,186			19,418			4,704			39			(4,044	)		28,303
Depreciation, depletion, and amortization of tangible assets		(829	)		(210	)		(180	)		(10	)					(1,229	)
Operating income		3,025			779			115			(55	)					3,864
Amortization of intangible assets and acquisition goodwill		(3	)		(18	)		(33	)		(6	)					(60	)
Equity in income (loss) of affiliates and other items		64			63			(193	)		110						44
Tax on net operating income		(1,681	)		(239	)		172			131						(1,617	)
Net operating income		1,405			585			61			180						2,231
Net cost of net debt																	(43	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(68	)
Net income																	2,120

First quarter 2003	Upstream		Downstream		Chemicals			Corporate			Intercompany	Total
Total expenditures		1,166		125		175			28				1,494
Divestitures at selling price		180		44		755			14				993
Cash flow from operating activities		2,571		1,560		(81	)		(228	)			3,822

(1) In the Chemicals segment, this figure amounts to 101 million euros excluding an amount of 182 million euros paid relating to the Toulouse AZF plant explosion.

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