6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

February 14, 2012

Commission File Number 001-10888

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  x            Form 40-F  ¨

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

Yes  ¨             No  x

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

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM F-3 (NOS. 333-159335, 333-159335-01, 333-159335-02 AND 333-159335-03) OF TOTAL S.A., TOTAL CAPITAL, TOTAL CAPITAL CANADA LTD. AND TOTAL CAPITAL INTERNATIONAL AND TO BE PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

TOTAL S.A. is providing on this Form 6-K its results for the fourth quarter of 2011 and the year ended December 31, 2011, and a description of certain recent developments relating to its business, as well as a capitalization table as of December 31, 2011, and a ratio of earnings to fixed charges for each of the five years ended December 31, 2011, 2010, 2009, 2008 and 2007, together with the computation of the ratio of earnings to fixed charges.

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TABLE OF CONTENTS

EX-99.1: Results for the Fourth Quarter of 2011 and the Year Ended December 31, 2011

EX-99.2: Recent Developments

EX-99.3: Ratio of Earnings to Fixed Charges and Capitalization and Indebtedness

EX-99.4: Computation of Ratio of Earnings to Fixed Charges

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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: February 14, 2011	By:	/s/ HUMBERT DE WENDEL
		Name: Humbert de WENDEL
		Title: Treasurer

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Exhibit Index

Exhibit 99.1	Results for the Fourth Quarter of 2011 and the Year Ended December 31, 2011
Exhibit 99.2	Recent Developments
Exhibit 99.3	Ratio of Earnings to Fixed Charges and Capitalization and Indebtedness
Exhibit 99.4	Computation of Ratio of Earnings to Fixed Charges

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EX-99.1

Exhibit 99.1

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The financial information in this Form 6-K concerning TOTAL S.A. (“TOTAL”) and its subsidiaries and affiliates (collectively, the “Group”) with respect to the fourth quarter of 2011 and the year ended December 31, 2011, has been derived from TOTAL’s unaudited consolidated financial statements for the fourth quarter of 2011 and the year ended December 31, 2011.

The following discussion should be read in conjunction with the unaudited interim consolidated financial statements and the related notes provided elsewhere in this Form 6-K, the unaudited interim consolidated financial statements and related notes for the third quarter of 2011 and nine months ended September 30, 2011, contained in TOTAL’s Form 6-K filed with the Securities and Exchange Commission (the “SEC”) on November 2, 2011, and with the information, including the audited financial statements and related notes, for the year ended December 31, 2010, in TOTAL’s Annual Report on Form 20-F for the year ended December 31, 2010, filed with the SEC on March 28, 2011.

• Key figures and consolidated accounts of TOTAL*

4Q11		3Q11			4Q10		4Q11 vs 4Q10			in millions of euros except earnings per share and number of shares	2011		2010		2011 vs 2010
	47,492		46,163			40,157		+18	%	Sales		184,693		159,269		+16	%
										Adjusted net operating income from business segments
	2,776		2,323			2,300		+21	%	• Upstream		10,405		8,597		+21	%
	222		388			266		-17	%	• Downstream		1,083		1,168		-7	%
	51		239			170		-70	%	• Chemicals		775		857		-10	%
	1.01		1.47			0.90		+12	%	Fully-diluted earnings per share (euros)		5.44		4.71		+15	%
	2,264		2,261			2,248		+1	%	Fully-diluted weighted-average shares (millions)		2,257		2,244		+1	%
	2,290		3,314			2,030		+13	%	Net income (Group share)		12,276		10,571		+16	%
	7,367		3,921			5,026		+47	%	Investments**		24,541		16,273		+51	%
	1,495		5,082			1,344		+11	%	Divestments		8,578		4,316		+99	%
	5,872		(1,161	)		3,682		+59	%	Net investments		15,963		11,957		+34	%
	2,794		5,964			3,387		-18	%	Cash flow from operating activities		19,536		18,493		+6	%

* Adjusted net operating income is defined as income using replacement cost, adjusted for special items affecting operating income and excluding the impact of changes for fair value from January 1, 2011, and, through June 30, 2010, excluding TOTAL’s equity share of adjustments related to Sanofi. See “Analysis of business segment results” below for further details.

** Including acquisitions.

• Fourth quarter 2011 results

> Sales

In the fourth quarter 2011, the Brent price averaged 109.3 $/b, an increase of 26% compared to the fourth quarter 2010 and a decrease of 4% compared to the third quarter 2011. The European refining margin indicator (ERMI) averaged 15.1 $/t compared to 32.3 $/t in the fourth quarter 2010 and 13.4 $/t in the third quarter 2011.

The euro-dollar exchange rate averaged 1.35 $/€ in the fourth quarter 2011 compared to 1.36 $/€ in the fourth quarter 2010 and 1.41 $/€ in the third quarter 2011.

In this environment, sales were €47,492 million in the fourth quarter 2011, an increase of 18% compared to €40,157 million in the fourth quarter 2010.

> Net income

Net income (Group share) in the fourth quarter 2011 increased by 13% to €2,290 million from €2,030 million in the fourth quarter 2010, mainly due to the impact of the increase in hydrocarbon prices on the Upstream segment’s results. The after-tax inventory valuation effect (as defined below under “Analysis of business segment results”) had a positive impact on net income

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(Group share) of €49 million in the fourth quarter 2011 and a positive impact of €283 million in the fourth quarter 2010, in each case essentially due to the increase in oil prices. As from January 1, 2011, the Group accounts for changes in fair value of trading inventories and storage contracts (as defined below under “Analysis of business segment results”). The changes in fair value had a positive impact on net income (Group share) of €20 million in the fourth quarter 2011. Special items had a negative impact on net income (Group share) of €504 million in the fourth quarter 2011, comprised essentially of impairments on European refining and renewable energy assets, partially offset by the gain on the sale of the Gassled pipeline in Norway. Special items had a negative impact on net income (Group share) of €809 million in the fourth quarter 2010, comprised essentially of impairments on European refining assets, partially offset by gains on asset sales.

Fully-diluted earnings per share, based on 2,264 million fully-diluted weighted-average shares, was €1.01 in the fourth quarter 2011 compared to €0.90 in the fourth quarter 2010, an increase of 12%.

> Investments — divestments⁽¹⁾

Investments, excluding acquisitions of €1,858 million and including the change in non-current loans of €244 million, were €5.2 billion in the fourth quarter 2011 compared to €3.5 billion in the fourth quarter 2010.

Acquisitions were €1,858 million in the fourth quarter 2011, comprised essentially of an additional 2% interest in the share capital of Novatek, a 20% stake in Yamal LNG in Russia, a joint venture (“JV”) interest in a shale gas and condensate field in the Utica basin and the pre-payment of a carry commitment in the Barnett shale JV in the United States. Acquisitions were €970 million in the fourth quarter 2010.

Asset sales in the fourth quarter 2011 were €1,211 million, comprised essentially of UK Marketing assets, interests in two non-operated blocks in Nigeria and shares of Sanofi, compared to €742 million in the fourth quarter 2010.

Net investments⁽²⁾ were €5.9 billion in the fourth quarter 2011 compared to €3.7 billion in the fourth quarter 2010.

> Cash flow

Cash flow from operating activities was €2,794 million in the fourth quarter 2011 compared to €3,387 million in the fourth quarter 2010, a decrease of 18% essentially due to changes in working capital. Cash flow from operating activities was affected by the impact of changes in oil and oil products prices on the Group’s working capital requirement. As IFRS rules account for inventories of petroleum products according to the FIFO method, an increase in oil and oil products prices at the end of the relevant period compared to the beginning of the same period generates, all other factors remaining equal, an increase in inventories and accounts receivable net of an increase in accounts payable, resulting in an increase in working capital requirements. Similarly, a decrease in oil and oil products prices generates a decrease in working capital requirements.

The Group’s net cash flow⁽³⁾ was negative €3,078 million in the fourth quarter 2011 compared to negative €295 million in the fourth quarter 2010, reflecting mainly a higher level of net investments.

• Results for the full year 2011

> Sales

Compared to the full year 2010, the 2011 oil market environment was marked by a 40% increase in the average Brent price to 111.3 $/b and a 27% increase in the average realized price of gas to 6.53 $/Mbtu. The ERMI fell to 17.4 $/t in 2011 from 27.4 $/t in 2010.

The euro-dollar exchange rate was 1.39 $/€ compared to 1.33 $/€ on average in 2010.

In this environment, sales in 2011 were €184,693 million, an increase of 16% compared to €159,269 million for 2010.

¹  Detail shown on page 12 of this exhibit.

²  Net investments = investments including acquisitions and changes in non-current loans – asset sales.

³  Net cash flow = cash flow from operations—net investments.

2

> Net income

Net income (Group share) in 2011 increased by 16% to €12,276 million from €10,571 million in 2010, mainly due to the impact of the increase in hydrocarbon prices on the Upstream segment’s results. The after-tax inventory effect had a positive impact on net income (Group share) of €834 million in 2011 and a positive impact of €748 million in 2010, in each case essentially due to the increase in oil prices. Changes in fair value had a positive impact on net income (Group share) of €32 million in 2011. Special items had a negative impact on net income (Group share) of €14 million in 2011, comprised mainly of €1,014 million of impairments and €1,538 million of gains on asset sales. Special items had a negative impact on net income (Group share) of €384 million in 2010, comprised essentially of asset impairments that had a negative impact of €1,224 million and gains on asset sales that had a positive impact of €1,046 million. In 2010, the Group’s share of adjustment items related to Sanofi had a negative impact on net income (Group share) of €81 million.

As of December 31, 2011, there were 2,263.8 million fully-diluted shares compared to 2,249.3 million on December 31, 2010.

Fully-diluted earnings per share, based on 2,257 million weighted-average shares, was €5.44 in 2011 compared to €4.71 in 2010, an increase of 15%.

> Investments — divestments⁽⁴⁾

Investments, excluding acquisitions of €8.8 billion and including the change in non-current loans of €339 million, were €14.8 billion in 2011 compared to €11.9 billion in 2010.

Acquisitions were €8.8 billion in 2011, comprised essentially of 14% of the share capital of Novatek in Russia, interests in the Fort Hills and Voyageur projects in Canada, assets in the Utica basin and 60% of SunPower. Acquisitions were €3.5 billion in 2010.

Asset sales in 2011 were €7.7 billion, comprised essentially of the Group’s interests in CEPSA and its E&P Cameroon subsidiary, Sanofi shares, interests in the Joslyn project in Canada and in the Ocensa pipeline in Colombia, UK Marketing assets and part of the Specialty Chemicals resins activities. Asset sales in 2010 were €3.5 billion.

Net investments were €16.0 billion in 2011, an increase of 34% compared to €12.0 billion in 2010.

> Cash flow

Cash flow from operating activities in 2011 was €19,536 million, an increase of 6% compared to 2010, essentially due to the increase in net income that was partially offset by changes in working capital. Cash flow from operating activities was affected by the impact of changes in oil and oil products prices on the Group’s working capital requirement. As IFRS rules account for inventories of petroleum products according to the FIFO method, an increase in oil and oil products prices at the end of the relevant period compared to the beginning of the same period generates, all other factors remaining equal, an increase in inventories and accounts receivable net of an increase in accounts payable, resulting in an increase in working capital requirements. Similarly, a decrease in oil and oil products prices generates a decrease in working capital requirements.

The Group’s net cash flow in 2011 was €3,573 million compared to €6,536 million in 2010, reflecting mainly a higher level of net investments.

The net-debt-to-equity ratio was 23.0% on December 31, 2011, compared to 15.2% on September 30, 2011 and 22.2% on December 31, 2010.⁽⁵⁾

• Analysis of business segment results

The financial information for each business segment is reported on the same basis as that used internally by the chief operating decision maker in assessing segment performance and the allocation of segment resources. 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 asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred in prior years or are likely to recur in following years.

⁴  Detail shown on page 12 of this exhibit.

⁵  Detail shown on page 12 of this exhibit.

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In accordance with IAS 2, the Group values inventories of petroleum products in the financial statements according to the FIFO (First-In, First-Out) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Downstream segment and Chemicals segment are presented according to the replacement cost method in order to facilitate the comparability of the Group’s results with those of its competitors and to help illustrate the operating performance of these segments excluding the impact of oil price changes on the replacement of inventories. In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period. The inventory valuation effect is the difference between the results according to FIFO and the replacement cost.

As from January 1, 2011, the effect of changes in fair value presented as an adjustment item reflects for some transactions differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS. IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices. Furthermore, TOTAL, in its trading activities, enters into storage contracts, future effects of which are recorded at fair value in the Group’s internal economic performance. IFRS precludes recognition of this fair value effect.

Until June 30, 2010, the Group also adjusted for its equity share of adjustment items related to Sanofi. As of July 1, 2010, Sanofi is no longer accounted for as an equity affiliate (but is instead treated as a financial asset available for sale in the line “Other investments” of the balance sheet).

The adjusted business segment results (adjusted operating income and adjusted net operating income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value as from January 1, 2011. For further information on the adjustments affecting operating income on a segment-by-segment basis, and for a reconciliation of segment figures to figures reported in the Company’s consolidated interim financial statements, see pages 23-29 of this exhibit.

In addition, the Group measures performance at the segment level on the basis of net operating income and adjusted net operating income. Net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than leasehold rights, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity affiliates, capitalized interest expenses), and after income taxes applicable to the above. The income and expenses not included in net operating income that are included in net income are only interest expenses related to long-term liabilities net of interest earned on cash and cash equivalents, after applicable income taxes (net cost of net debt and non-controlling interests). Adjusted net operating income excludes the effect of the adjustments (special items and the inventory valuation effect) described above.

Upstream

> Environment — liquids and gas price realizations*

4Q11		3Q11		4Q10		4Q11 vs 4Q10				2011		2010		2011 vs 2010
	109.3		113.4		86.5		+26	%	Brent ($/b)		111.3		79.5		+40	%
	104.3		106.8		83.7		+25	%	Average liquids price ($/b)		105.0		76.3		+38	%
	6.79		6.56		5.62		+21	%	Average gas price ($/Mbtu)		6.53		5.15		+27	%
	75.9		75.3		61.9		+23	%	Average hydrocarbons price ($/boe)		74.9		56.7		+32	%

* Consolidated subsidiaries, excluding fixed margin and buy-back contracts.

> Production

4Q11		3Q11		4Q10		4Q11 vs 4Q10			Hydrocarbon production	2011		2010		2011 vs 2010
	2,384		2,319		2,387		—		Combined production (kboe/d)		2,346		2,378		-1	%
	1,237		1,176		1,337		-7	%	• Liquids (kb/d)		1,226		1,340		-9	%
	6,201		6,228		5,692		+9	%	• Gas (Mcf/d)		6,098		5,648		+8	%

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Hydrocarbon production was 2,384 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2011, stable compared to the same quarter last year, essentially as a result of:

• -1% for normal decline, net of production ramp-ups on new projects, including the initial contribution of Pazflor in Angola;

• +4% for changes in the portfolio, integrating the net share of Novatek production and impact of the sale of interests in CEPSA;

• +0.5% for the end of OPEC reductions;

• -1.5% for security conditions, mainly in Libya; and

• -2% for the price effect⁽⁶⁾.

For the full year 2011, hydrocarbon production was 2,346 kboe/d, a decrease of 1.3% compared to 2010, essentially as a result of:

• -1.5% for normal decline, net of production ramp-ups on new projects;

• +2.5% for changes in the portfolio, integrating the net share of Novatek production and impact of the sale of interests in CEPSA;

• +1% for the end of OPEC reductions;

• -1.5% for security conditions, mainly in Libya; and

• -2% for the price effect.

> Reserves

Year-end reserves	2011		2010		%
Hydrocarbon reserves (Mboe)		11,423		10,695		+7	%
• Liquids (Mb)		5,784		5,987		-3	%
• Gas (Bcf)		30,717		25,788		+19	%

Proved reserves based on SEC rules (based on Brent at 110.96 $/b) were 11,423 Mboe at December 31, 2011. Based on the 2011 average rate of production, the reserve life is thirteen years.

> Results

4Q11			3Q11		4Q10		4Q11 vs 4Q10			in millions of euros	2011		2010		2011 vs 2010
	6,716			5,272		5,002		+34	%	Non-Group sales		23,298		18,527		+26	%
	6,085			5,119		4,507		+35	%	Operating income		22,444		17,450		+29	%
	(30	)		89		188		n/a		Adjustments affecting operating income		30		203		-85	%
	6,055			5,208		4,695		+29	%	Adjusted operating income*		22,474		17,653		+27	%
	2,776			2,323		2,300		+21	%	Adjusted net operating income*		10,405		8,597		+21	%
	476			433		313		+52	%	• includes income from equity affiliates		1,649		1,254		+31	%
	6,300			3,289		3,942		+60	%	Investments		21,689		13,208		+64	%
	447			953		771		-42	%	Divestments		2,656		2,067		+28	%
	3,648			3,158		3,908		-7	%	Cash flow from operating activities		17,054		15,573		+10	%

* Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.

Adjusted net operating income from the Upstream segment was €2,776 million in the fourth quarter 2011 compared to €2,300 million in the fourth quarter 2010, an increase of 21%, reflecting essentially the impact of higher hydrocarbon prices. Effective fourth quarter 2011, any hydrocarbon production overlifting/underlifting position is valued at market prices (positive contribution of €103 million at December 31, 2011).

Adjusted net operating income for the Upstream segment excludes special items. The exclusion of special items had a positive impact on Upstream adjusted net operating income of €136 million in the fourth quarter 2011 and a negative impact of €97 million in the fourth quarter 2010.

The effective tax rate for the Upstream segment in the fourth quarter 2011 was 60.4% compared to 58.9% in the fourth quarter 2010.

For the full year 2011, adjusted net operating income from the Upstream segment was €10,405 million compared to €8,597 million in 2010, an increase of 21%, essentially due to the impact of higher hydrocarbon prices.

⁶  The “price effect” refers to the impact of changing hydrocarbon prices on entitlement volumes.

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Technical costs for consolidated subsidiaries, in accordance with ASC 932⁽⁷⁾, were 18.9 $/boe in 2011 compared to 16.6 $/boe in 2010.

The return on average capital employed (ROACE⁽⁸⁾) for the Upstream segment was 20% for the full year 2011 compared to 21% for the full year 2010.

Downstream

> Refinery throughput and utilization rates*

4Q11			3Q11			4Q10			4Q11 vs 4Q10				2011			2010			2011 vs 2010
	1,674			1,922			1,832			-9	%	Total refinery throughput (kb/d)		1,863			2,009			-7	%
	742			752			550			+35	%	• France		732			697			+5	%
	714			904			1,039			-31	%	• Rest of Europe		885			1,059			-16	%
	218			266			243			-10	%	• Rest of world		246			253			-3	%
												Utilization rates**
	77	%		83	%		66	%				• Based on crude only		78	%		73	%
	79	%		88	%		71	%				• Based on crude and other feedstock		83	%		77	%

* Includes share of CEPSA through July 31, 2011, and, starting October 2010, of TotalErg.

** Based on distillation capacity at the beginning of the year, excluding share of CEPSA effective August 1, 2011 (3Q11 utilization rates presented herein have been adjusted accordingly).

In the fourth quarter 2011, refinery throughput decreased by 9% compared to the fourth quarter 2010. The decrease was essentially the result of the sale of the Group’s interest in CEPSA, partially offset by a comparative increase in fourth quarter throughput in France due to the impact of strikes in 2010.

For the full year 2011, refinery throughput decreased by 7% compared 2010, essentially due to the sale of the Group’s interest in CEPSA and a higher level of major turnarounds than in 2010.

> Results

4Q11			3Q11			4Q10			4Q11 vs 4Q10			in millions of euros (except the ERMI refining margin indicator)	2011			2010		2011 vs 2010
	15.1			13.4			32.3			-53	%	European refining margin indicator — ERMI ($/t)		17.4			27.4		-36	%
	36,367			36,220			30,940			+18	%	Non-Group sales		141,907			123,245		+15	%
	(52	)		141			(509	)		n/a		Operating income		1,694			982		+73	%
	294			341			783			-62	%	Adjustments affecting operating income		(456	)		269		n/a
	242			482			274			-12	%	Adjusted operating income*		1,238			1,251		-1	%
	222			388			266			-17	%	Adjusted net operating income*		1,083			1,168		-7	%
	(15	)		(2	)		61			n/a		• includes income from equity affiliates		30			179		-83	%
	704			440			757			-7	%	Investments		1,870			2,343		-20	%
	493			2,691			433			+14	%	Divestments		3,235			499		x6
	(775	)		1,775			(955	)		n/a		Cash flow from operating activities		2,165			1,441		+50	%

* Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.

The European refinery margin indicator (ERMI) averaged 15.1 $/t in the fourth quarter 2011, about half of the 32.3 $/t average in the fourth quarter 2010. For the full year 2011, the ERMI was 17.4$/t, a decrease of 36% compared to 2010.

Adjusted net operating income from the Downstream segment was €222 million in the fourth quarter 2011 compared to €266 million in the fourth quarter 2010, reflecting the weaker environment for refining.

⁷  FASB Accounting Standards Codification Topic 932, Extractive industries – Oil and Gas.

⁸  Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 13 of this exhibit.

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The persistence of an unfavorable economic environment for refining, affecting Europe in particular, led the Group to recognize an impairment in the Downstream on European refining assets, in the fourth quarter 2011 in the amount of €532 million in operating income and €348 million in net operating income. These elements have been treated as adjustment items.

Adjusted net operating income for the Downstream segment excludes any after-tax inventory valuation effect and special items. The exclusion of the inventory valuation effect had a negative impact on Downstream adjusted net operating income of €140 million in the fourth quarter 2011 and a negative impact of €197 million in the fourth quarter 2010. The exclusion of special items had a positive impact on Downstream adjusted net operating income of €336 million in the fourth quarter 2011, reflecting mainly impairments on European refining assets, and a positive impact of €847 million in the fourth quarter 2010, reflecting mainly impairments on European refining assets.

For the full year 2011, adjusted net operating income for the Downstream segment was €1,083 million, a decrease of 7% compared to €1,168 million in 2010. The decrease is essentially due to the negative impact of the deterioration in refining margins in 2011 while marketing performed nearly at the 2010 level.

The ROACE for the Downstream segment was 7% in 2011 compared to 8% in 2010.

Chemicals

4Q11			3Q11		4Q10			4Q11 vs 4Q10			in millions of euros	2011		2010			2011 vs 2010
	4,412			4,669		4,218			+5	%	Non-Group sales		19,477		17,490			+11	%
	2,841			3,096		2,579			+10	%	• Base chemicals		12,656		10,653			+19	%
	1,570			1,572		1,639			-4	%	• Specialties		6,819		6,824			—
	(166	)		169		196			n/a		Operating income		658		964			-32	%
	132			22		(63	)		n/a		Adjustments affecting operating income		39		(71	)		n/a
	(34	)		191		133			n/a		Adjusted operating income*		697		893			-22	%
	51			239		170			-70	%	Adjusted net operating income*		775		857			-10	%
	(15	)		137		67			n/a		• Base chemicals		373		393			-5	%
	78			109		109			-28	%	• Specialties		426		475			-10	%
	299			168		292			+2	%	Investments		847		641			+32	%
	44			1,094		23			+91	%	Divestments		1,164		347			x3
	159			359		332			-52	%	Cash flow from operating activities		512		934			-45	%

* Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.

In the fourth quarter 2011, the environment for petrochemicals deteriorated significantly due to a decrease in product demand.

Sales, excluding intra-Group sales, for the Chemicals segment were €4,412 million in the fourth quarter 2011, an increase of 5% compared to the fourth quarter 2010.

The adjusted net operating income for the Chemicals segment was €51 million in the fourth quarter 2011 compared to €170 million in the fourth quarter 2010, reflecting in particular the impact of lower petrochemical margins in Europe and the United States as well as the sale of part of the resins activities and the Group’s interest in CEPSA in the third quarter 2011.

Adjusted net operating income for the Chemicals segment excludes any after-tax inventory valuation effect and special items. The exclusion of the inventory valuation effect had a positive impact on the Chemicals segment’s adjusted net operating income of €78 million in the fourth quarter 2011 and a negative impact of €93 million in the fourth quarter 2010. The exclusion of special items had a positive impact on the Chemicals segment’s adjusted net operating income of €26 million in the fourth quarter 2011 and a positive impact of €65 million in the fourth quarter 2010.

For the full year 2011, Chemicals segment sales, excluding intra-Group sales, were €19,477 million, an increase of 11% compared to €17,490 million in 2010.

The adjusted net operating income for the Chemicals segment was €775 million compared to €857 million in 2010. The decrease

7

reflects essentially the impact of the sale of the Group’s interest in CEPSA and part of the resins activities. Globally, for the full year 2011, Petrochemicals benefited from ramp-ups in its activities in Qatar and South Korea, but suffered from deteriorating margins in the second half of the year in Europe and in the United States. Specialty chemicals, excluding the effect of changes in the portfolio, maintained results at a level close to the 2010 level.

The ROACE for the Chemicals segment was 10% in 2011 compared to 12% in 2010.

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

Net income for Total S.A., the parent company, was €9,766 million in 2011 compared to €5,840 million in 2010. After closing the accounts, the Board of Directors decided to propose at the May 11, 2012, Annual Shareholders Meeting a dividend of €2.28 per share for 2011, stable compared to the previous year.

Taking into account the three 2011 interim dividends, the remaining €0.57 per share would be paid on June 21, 2012⁽⁹⁾.

• Summary and outlook

The 2012 net investment budget is $20 billion (approximately €14.3 billion). TOTAL intends to continue to actively manage its asset portfolio with, in particular, a program of non-strategic asset sales. The 2012 budget for organic investments is $24 billion (approximately €17.1 billion), of which more than 80% will be dedicated to the Upstream segment.

In the Upstream segment, TOTAL expects in 2012 to implement its strategy to accelerate production growth and increase the profitability of its asset portfolio. The ramp-up of Pazflor in Angola and the start-up of several major projects, including Usan in Nigeria, Angola LNG, and Bongkot South in Thailand, will contribute to expected production growth in 2012 and to achieving the objective of growing production by 2.5% per year on average between 2010 and 2015. After launching Ichthys in Australia, announced at the start of this year, the Group intends to continue work on the drivers for post-2015 growth by preparing to launch, notably, projects in West Africa, Russia and Canada. At the same time, the Group intends to continue the dynamic exploration effort and has budgeted $2.5 billion (approximately €1.8 billion), a 20% increase from the previous year, to fund its ambitious program.

With a new organization better adapted to face challenges in the market, the Group expects to realize soon the first benefits from an integrated Refining-Chemicals segment and a more customer-oriented Supply-Marketing segment.

The Group confirms its commitment in favor of a competitive policy for returns to shareholders, based on an average payout ratio of 50%, in keeping with its objective of sustainable growth.

Since the beginning of the first quarter 2012, the environment remained favorable in the Upstream segment and refining margins improved appreciably following the sharp fall observed at the end of 2011.

Forward-looking statements

This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of TOTAL and on the information currently available to such management. Forward-looking statements include information concerning forecasts, projections, anticipated synergies, and other information concerning possible or assumed future results of TOTAL, and may be preceded by, followed by, or otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “plans”, “targets”, “estimates” or similar expressions.

Forward-looking statements are not assurances of results or values. They involve risks, uncertainties and assumptions. TOTAL’s future results and share value may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results and values are beyond TOTAL’s ability to control or predict. Except for its ongoing obligations to disclose material information as required by applicable securities laws, TOTAL does not have any intention or obligation to update forward-looking statements after the distribution of this document, even if new information, future events or other circumstances have made them incorrect or misleading.

You should understand that various factors, certain of which are discussed elsewhere in this document and in the documents referred to in, or incorporated by reference into, this document, could affect the future results of TOTAL and could cause results to differ materially from those expressed in such forward-looking statements, including:

• material adverse changes in general economic conditions or in the markets served by TOTAL, including changes in the prices of oil, natural gas, refined products, petrochemical products and other chemicals;

⁹  The ex-dividend date for the remainder of the 2011 dividend would be June 18, 2012; for the ADR (NYSE : TOT) the ex-dividend date would be June 13, 2012.

8

• changes in currency exchange rates and currency devaluations;

• the success and the economic efficiency of oil and natural gas exploration, development and production programs, including without limitation, those that are not controlled and/or operated by TOTAL;

• uncertainties about estimates of changes in proven and potential reserves and the capabilities of production facilities;

• uncertainties about the ability to control unit costs in exploration, production, refining and marketing (including refining margins) and chemicals;

• changes in the current capital expenditure plans of TOTAL;

• the ability of TOTAL to realize anticipated cost savings, synergies and operating efficiencies;

• the financial resources of competitors;

• changes in laws and regulations, including tax and environmental laws and industrial safety regulations;

• the quality of future opportunities that may be presented to or pursued by TOTAL;

• the ability to generate cash flow or obtain financing to fund growth and the cost of such financing and liquidity conditions in the capital markets generally;

• the ability to obtain governmental or regulatory approvals;

• the ability to respond to challenges in international markets, including political or economic conditions, including international armed conflict, and trade and regulatory matters;

• the ability to complete and integrate appropriate acquisitions, strategic alliances and joint ventures;

• changes in the political environment that adversely affect exploration, production licenses and contractual rights or impose minimum drilling obligations, price controls, nationalization or expropriation, and regulation of refining and marketing, chemicals and power generating activities;

• the possibility that other unpredictable events such as labor disputes or industrial accidents will adversely affect the business of TOTAL; and

• the risk that TOTAL will inadequately hedge the price of crude oil or finished products.

For additional factors, you should read the information set forth under “Item 3. Risk Factors”, “Item 4. Information on the Company — Other Matters”, “Item 5. Operating and Financial Review and Prospects” and “Item 11. Quantitative and Qualitative Disclosures about Market Risk” in TOTAL’s Form 20-F for the year ended December 31, 2010.

9

Operating information by segment

Fourth quarter and full year 2011

• Upstream

4Q11		3Q11		4Q10		4Q11 vs 4Q10			Combined liquids and gas production by region (kboe/d)	2011		2010		2011 vs 2010
	518		474		573		-10	%	Europe		512		580		-12	%
	693		623		764		-9	%	Africa		659		756		-13	%
	546		581		540		+1	%	Middle East		570		527		+8	%
	67		68		68		-1	%	North America		67		65		+3	%
	182		194		179		+2	%	South America		188		179		+5	%
	212		232		241		-12	%	Asia-Pacific		231		248		-7	%
	166		147		22		x8		CIS		119		23		x5
	2,384		2,319		2,387		—		Total production		2,346		2,378		-1	%
	580		600		477		+22	%	Includes equity and non-consolidated affiliates		571		444		+29	%
4Q11		3Q11		4Q10		4Q11 vs 4Q10			Liquids production by region (kb/d)	2011		2010		2011 vs 2010
	244		234		265		-8	%	Europe		245		269		-9	%
	553		481		614		-10	%	Africa		517		616		-16	%
	304		316		310		-2	%	Middle East		317		308		+3	%
	22		28		30		-27	%	North America		27		30		-10	%
	62		67		83		-25	%	South America		71		76		-7	%
	25		26		22		+14	%	Asia-Pacific		27		28		-4	%
	27		24		13		x2		CIS		22		13		+69	%
	1,237		1,176		1,337		-7	%	Total production		1,226		1,340		-9	%
	295		312		318		-7	%	Includes equity and non-consolidated affiliates		316		301		+5	%

10

4Q11		3Q11		4Q10		4Q11 vs 4Q10			Gas production by region (Mcf/d)	2011		2010		2011 vs 2010
	1,491		1,299		1,676		-11	%	Europe		1,453		1,690		-14	%
	688		720		739		-7	%	Africa		715		712		—
	1,307		1,430		1,253		+4	%	Middle East		1,370		1,185		+16	%
	246		228		214		+15	%	North America		227		199		+14	%
	664		707		533		+25	%	South America		648		569		+14	%
	1,056		1,173		1,226		-14	%	Asia-Pacific		1,160		1,237		-6	%
	749		671		51		x15		CIS		525		56		x9
	6,201		6,228		5,692		+9	%	Total production		6,098		5,648		+8	%
	1,537		1,560		857		+79	%	Includes equity and non-consolidated affiliates		1,383		781		+77	%
4Q11		3Q11		4Q10		4Q11 vs 4Q10			Liquefied natural gas	2011		2010		2011 vs 2010
	3.15		3.35		3.12		+1	%	LNG sales* (Mt)		13.19		12.32		+7	%

* Sales, Group share, excluding trading; 2011 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2011 SEC coefficient.

• Downstream

4Q11		3Q11		4Q10		4Q11 vs 4Q10			Refined products sales by region (kb/d)*	2011		2010		2011 vs 2010
	1,685		1,888		1,968		-14	%	Europe		1,848		1,929		-4	%
	304		307		295		+3	%	Africa		304		292		+4	%
	94		101		95		-1	%	Americas		100		115		-13	%
	177		174		165		+7	%	Rest of world		172		159		+8	%
	2,260		2,470		2,523		-10	%	Total consolidated sales		2,424		2,495		-3	%
	1,062		1,270		1,307		-19	%	Trading		1,215		1,281		-5	%
	3,322		3,740		3,830		-13	%	Total refined product sales		3,639		3,776		-4	%

* Includes trading, share of CEPSA through July 31, 2011, and, starting October 1, 2010, of TotalErg.

11

Investments – Divestments

4Q11		3Q11			4Q10			4Q11 vs 4Q10			in millions of euros	2011		2010		2011 vs 2010
	5,225		3,349			3,454			+51	%	Investments excluding acquisitions*		14,828		11,894		+25	%
	328		287			462			-29	%	• Capitalized exploration		1,074		1,042		+3	%
	244		93			(315	)		n/a		• Change in non-current loans**		339		81		x4
	1,858		445			970			+92	%	Acquisitions		8,840		3,515		x3
	7,083		3,794			4,424			+60	%	Investments including acquisitions*		23,668		15,409		+54	%
	1,211		4,955			742			+63	%	Asset sales		7,705		3,452		x2
	5,872		(1,161	)		3,682			+59	%	Net investments		15,963		11,957		+34	%

* Includes changes in non-current loans.

** Includes net investments in equity affiliates and non-consolidated companies + net financing for employees related stock purchase plans.

Net-debt-to-equity ratio

in millions of euros	12/31/2011			9/30/2011			12/31/2010
Current borrowings		9,675			10,406			9,653
Net current financial assets		(533	)		(923	)		(1,046	)
Non-current financial debt		22,557			22,415			20,783
Hedging instruments of non-current debt		(1,976	)		(2,012	)		(1,870	)
Cash and cash equivalents		(14,025	)		(19,942	)		(14,489	)
Net debt		15,698			9,944			13,031
Shareholders’ equity		68,037			65,290			60,414
Estimated dividend payable		(1,255	)		(1,254	)		(2,553	)
Non-controlling interests		1,352			1,467			857
Equity		68,134			65,503			58,718
Net-debt-to-equity ratio		23.0	%		15.2	%		22.2	%

12

Return on average capital employed

• Full year 2011

in millions of euros	Upstream			Downstream			Chemicals
Adjusted net operating income		10,405			1,083			775
Capital employed at 12/31/2010*		43,972			15,561			7,312
Capital employed at 12/31/2011*		58,939			13,801			7,473
ROACE		20.2	%		7.4	%		10.5	%

* At replacement cost (excluding after-tax inventory effect).

• Twelve months ended September 30, 2011

in millions of euros	Upstream			Downstream			Chemicals
Adjusted net operating income		9,929			1,127			894
Capital employed at 9/30/2010*		41,629			15,379			7,232
Capital employed at 9/30/2011*		51,851			12,691			7,194
ROACE		21.2	%		8.0	%		12.4	%

* At replacement cost (excluding after-tax inventory effect).

• Full year 2010

in millions of euros	Upstream			Downstream			Chemicals
Adjusted net operating income		8,597			1,168			857
Capital employed at 12/31/2009*		37,397			15,299			6,898
Capital employed at 12/31/2010*		43,972			15,561			7,312
ROACE		21.1	%		7.6	%		12.1	%

* At replacement cost (excluding after-tax inventory effect).

13

MAIN INDICATORS

Chart updated around the middle of the month following the end of each quarter.

	€/ $		European refining  margins ERMI* ($/t) **		Brent ($/b)		Average liquids price*** ($/b)		Average gas price  ($/Mbtu)***
Fourth quarter 2011		1.35		15.1		109.3		104.3		6.79
Third quarter 2011		1.41		13.4		113.4		106.8		6.56
Second quarter 2011		1.44		16.3		117.0		110.6		6.60
First quarter 2011		1.37		24.6		105.4		99.5		6.19
Fourth quarter 2010		1.36		32.3		86.5		83.7		5.62

* European Refining Margin Indicator (ERMI) is an indicator intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region. The indicator margin may not be representative of the actual margins achieved by the Group in any period because of the Group’s particular refinery configurations, product mix effects or other company-specific operating conditions.

** 1 $/t = 0.136 $/b.

*** Consolidated subsidiaries, excluding fixed margin and buy-back contracts.

Disclaimer: these data are based on TOTAL’s reporting and are not audited. They are subject to change.

14

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)

(M€) (a)	4th  quarter 2011			3rd  quarter 2011			4th  quarter 2010
Sales		47,492			46,163			40,157
Excise taxes		(4,534	)		(4,638	)		(4,397	)
Revenues from sales		42,958			41,525			35,760
Purchases, net of inventory variation		(29,233	)		(29,018	)		(23,623	)
Other operating expenses		(5,276	)		(5,061	)		(4,749	)
Exploration costs		(339	)		(242	)		(197	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,416	)		(1,873	)		(3,160	)
Other income		281			1,334			582
Other expense		(838	)		(212	)		(513	)
Financial interest on debt		(156	)		(262	)		(126	)
Financial income from marketable securities & cash equivalents		57			114			43
Cost of net debt		(99	)		(148	)		(83	)
Other financial income		91			108			118
Other financial expense		(102	)		(115	)		(114	)
Equity in net income (loss) of affiliates		478			497			515
Income taxes		(3,121	)		(3,448	)		(2,455	)
Consolidated net income		2,384			3,347			2,081
Group share		2,290			3,314			2,030
Non-controlling interests		94			33			51
Earnings per share (€)		1.02			1.47			0.91
Fully-diluted earnings per share (€)		1.01			1.47			0.90

(a) Except for per share amounts.

15

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(unaudited)

(M€)	4th  quarter 2011			3rd  quarter 2011			4th  quarter 2010
Consolidated net income		2,384			3,347			2,081
Other comprehensive income
Currency translation adjustment		1,833			2,309			762
Available for sale financial assets		296			(389	)		(52	)
Cash flow hedge		5			(54	)		9
Share of other comprehensive income of associates, net amount		219			(131	)		27
Other		2			(2	)		(1	)
Tax effect		(108	)		82			(3	)
Total other comprehensive income (net amount)		2,247			1,815			742
Comprehensive income		4,631			5,162			2,823
- Group share		4,478			5,077			2,757
- Non-controlling interests		153			85			66

16

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(M€) (a)	Year 2011			Year 2010
Sales		184,693			159,269
Excise taxes		(18,143	)		(18,793	)
Revenues from sales		166,550			140,476
Purchases, net of inventory variation		(113,892	)		(93,171	)
Other operating expenses		(19,843	)		(19,135	)
Exploration costs		(1,019	)		(864	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(7,506	)		(8,421	)
Other income		1,946			1,396
Other expense		(1,247	)		(900	)
Financial interest on debt		(713	)		(465	)
Financial income from marketable securities & cash equivalents		273			131
Cost of net debt		(440	)		(334	)
Other financial income		609			442
Other financial expense		(429	)		(407	)
Equity in net income (loss) of affiliates		1,925			1,953
Income taxes		(14,073	)		(10,228	)
Consolidated net income		12,581			10,807
Group share		12,276			10,571
Non-controlling interests		305			236
Earnings per share (€)		5.46			4.73
Fully-diluted earnings per share (€)		5.44			4.71

(a) Except for per share amounts.

17

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(M€)	Year 2011			Year 2010
Consolidated net income		12,581			10,807
Other comprehensive income
Currency translation adjustment		1,498			2,231
Available for sale financial assets		337			(100	)
Cash flow hedge		(84	)		(80	)
Share of other comprehensive income of associates, net amount		(15	)		302
Other		(2	)		(7	)
Tax effect		(55	)		28
Total other comprehensive income (net amount)		1,679			2,374
Comprehensive income		14,260			13,181
- Group share		13,911			12,936
- Non-controlling interests		349			245

18

CONSOLIDATED BALANCE SHEET

TOTAL

(M€)	December 31, 2011			September 30, 2011 (unaudited)			December 31, 2010
ASSETS
Non-current assets
Intangible assets, net		12,413			10,280			8,917
Property, plant and equipment, net		64,457			59,729			54,964
Equity affiliates : investments and loans		12,995			11,455			11,516
Other investments		3,674			3,767			4,590
Hedging instruments of non-current financial debt		1,976			2,012			1,870
Other non-current assets		4,871			4,248			3,655
Total non-current assets		100,386			91,491			85,512
Current assets
Inventories, net		18,122			16,024			15,600
Accounts receivable, net		20,049			18,786			18,159
Other current assets		10,767			7,938			7,483
Current financial assets		700			1,172			1,205
Cash and cash equivalents		14,025			19,942			14,489
Total current assets		63,663			63,862			56,936
Assets classified as held for sale		—			1,630			1,270
Total assets		164,049			156,983			143,718
LIABILITIES & SHAREHOLDERS’ EQUITY
Shareholders’ equity
Common shares		5,909			5,909			5,874
Paid-in surplus and retained earnings		66,506			65,862			60,538
Currency translation adjustment		(988	)		(3,091	)		(2,495	)
Treasury shares		(3,390	)		(3,390	)		(3,503	)
Total shareholders’ equity - Group Share		68,037			65,290			60,414
Non-controlling interests		1,352			1,467			857
Total shareholders’ equity		69,389			66,757			61,271
Non-current liabilities
Deferred income taxes		12,260			10,601			9,947
Employee benefits		2,232			2,180			2,171
Provisions and other non-current liabilities		10,909			8,920			9,098
Non-current financial debt		22,557			22,415			20,783
Total non-current liabilities		47,958			44,116			41,999
Current liabilities
Accounts payable		22,086			18,753			18,450
Other creditors and accrued liabilities		14,774			16,361			11,989
Current borrowings		9,675			10,406			9,653
Other current financial liabilities		167			249			159
Total current liabilities		46,702			45,769			40,251
Liabilities directly associated with the assets classified as held for sale		—			341			197
Total liabilities and shareholders’ equity		164,049			156,983			143,718

19

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(unaudited)

(M€)	4th  quarter 2011			3rd  quarter 2011			4th  quarter 2010
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		2,384			3,347			2,081
Depreciation, depletion and amortization		3,037			2,062			3,338
Non-current liabilities, valuation allowances and deferred taxes		505			312			199
Impact of coverage of pension benefit plans		—			—			(60	)
(Gains) losses on sales of assets		(73	)		(1,282	)		(429	)
Undistributed affiliates’ equity earnings		50			(34	)		(133	)
(Increase) decrease in working capital		(3,129	)		1,501			(1,658	)
Other changes, net		20			58			49
Cash flow from operating activities		2,794			5,964			3,387
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(5,559	)		(3,802	)		(4,477	)
Acquisitions of subsidiaries, net of cash acquired		(45	)		170			(6	)
Investments in equity affiliates and other securities		(1,235	)		(69	)		(256	)
Increase in non-current loans		(528	)		(220	)		(287	)
Total expenditures		(7,367	)		(3,921	)		(5,026	)
Proceeds from disposal of intangible assets and property, plant and equipment		600			213			538
Proceeds from disposal of subsidiaries, net of cash sold		5			399			—
Proceeds from disposal of non-current investments		606			4,343			204
Repayment of non-current loans		284			127			602
Total divestments		1,495			5,082			1,344
Cash flow used in investing activities		(5,872	)		1,161			(3,682	)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		—			77			27
- Treasury shares		—			—			—
Dividends paid:
- Parent company shareholders		(1,285	)		(1,283	)		(2,550	)
- Non-controlling interests		(75	)		(35	)		(62	)
Other transactions with non-controlling interests		(632	)		—			21
Net issuance (repayment) of non-current debt		129			1,034			57
Increase (decrease) in current borrowings		(1,617	)		(2,541	)		(1,490	)
Increase (decrease) in current financial assets and liabilities		531			1,999			474
Cash flow used in financing activities		(2,949	)		(749	)		(3,523	)
Net increase (decrease) in cash and cash equivalents		(6,027	)		6,376			(3,818	)
Effect of exchange rates		110			179			60
Cash and cash equivalents at the beginning of the period		19,942			13,387			18,247
Cash and cash equivalents at the end of the period		14,025			19,942			14,489

20

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(M€)	Year 2011			Year 2010
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		12,581			10,807
Depreciation, depletion and amortization		8,628			9,117
Non-current liabilities, valuation allowances and deferred taxes		1,665			527
Impact of coverage of pension benefit plans		—			(60	)
(Gains) losses on sales of assets		(1,590	)		(1,046	)
Undistributed affiliates’ equity earnings		(107	)		(470	)
(Increase) decrease in working capital		(1,739	)		(496	)
Other changes, net		98			114
Cash flow from operating activities		19,536			18,493
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(17,950	)		(13,812	)
Acquisitions of subsidiaries, net of cash acquired		(854	)		(862	)
Investments in equity affiliates and other securities		(4,525	)		(654	)
Increase in non-current loans		(1,212	)		(945	)
Total expenditures		(24,541	)		(16,273	)
Proceeds from disposal of intangible assets and property, plant and equipment		1,439			1,534
Proceeds from disposal of subsidiaries, net of cash sold		575			310
Proceeds from disposal of non-current investments		5,691			1,608
Repayment of non-current loans		873			864
Total divestments		8,578			4,316
Cash flow used in investing activities		(15,963	)		(11,957	)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		481			41
- Treasury shares		—			49
Dividends paid:
- Parent company shareholders		(5,140	)		(5,098	)
- Non controlling interests		(172	)		(152	)
Other transactions with non-controlling interests		(573	)		(429	)
Net issuance (repayment) of non-current debt		4,069			3,789
Increase (decrease) in current borrowings		(3,870	)		(731	)
Increase (decrease) in current financial assets and liabilities		896			(817	)
Cash flow used in financing activities		(4,309	)		(3,348	)
Net increase (decrease) in cash and cash equivalents		(736	)		3,188
Effect of exchange rates		272			(361	)
Cash and cash equivalents at the beginning of the period		14,489			11,662
Cash and cash equivalents at the end of the period		14,025			14,489

21

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

TOTAL

	Common shares issued				Paid-in surplus and retained earnings			Currency translation adjustment			Treasury shares						Shareholders’ equity Group Share			Non- controlling interests			Total shareholders’ equity
(M€)	Number		Amount								Number			Amount
As of January 1, 2010		2,348,422,884		5,871		55,372			(5,069	)		(115,407,190	)		(3,622	)		52,552			987			53,539
Net income 2010		—		—		10,571			—			—			—			10,571			236			10,807
Other comprehensive income		—		—		(216	)		2,581			—			—			2,365			9			2,374
Comprehensive income		—		—		10,355			2,581			—			—			12,936			245			13,181
Dividend		—		—		(5,098	)		—			—			—			(5,098	)		(152	)		(5,250	)
Issuance of common shares		1,218,047		3		38			—			—			—			41			—			41
Purchase of treasury shares		—		—		—			—			—			—			—			—			—
Sale of treasury shares (1)		—		—		(70	)		—			2,919,511			119			49			—			49
Share-based payments		—		—		140			—			—			—			140			—			140
Share cancellation		—		—		—			—			—			—			—			—			—
Other operations with non-controlling interests		—		—		(199	)		(7	)		—			—			(206	)		(223	)		(429	)
Other items		—		—		—			—			—			—			—			—			—
As of December 31, 2010		2,349,640,931		5,874		60,538			(2,495	)		(112,487,679	)		(3,503	)		60,414			857			61,271
Net income 2011		—		—		12,276			—			—			—			12,276			305			12,581
Other comprehensive income		—		—		231			1,404			—			—			1,635			44			1,679
Comprehensive income		—		—		12,507			1,404			—			—			13,911			349			14,260
Dividend		—		—		(6,457	)		—			—			—			(6,457	)		(172	)		(6,629	)
Issuance of common shares		14,126,382		35		446			—			—			—			481			—			481
Purchase of treasury shares		—		—		—			—			—			—			—			—			—
Sale of treasury shares (1)		—		—		(113	)		—			2,933,506			113			—			—			—
Share-based payments		—		—		161			—			—			—			161			—			161
Share cancellation		—		—		—			—			—			—			—			—			—
Other operations with non-controlling interests		—		—		(553	)		103			—			—			(450	)		(123	)		(573	)
Other items		—		—		(23	)		—			—			—			(23	)		441			418
As of December 31, 2011		2,363,767,313		5,909		66,506			(988	)		(109,554,173	)		(3,390	)		68,037			1,352			69,389

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

22

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4th quarter 2011 (M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		6,716			36,367			4,412			(3	)		—			47,492
Intersegment sales		7,450			1,284			349			56			(9,139	)		—
Excise taxes		—			(4,534	)		—			—			—			(4,534	)
Revenues from sales		14,166			33,117			4,761			53			(9,139	)		42,958
Operating expenses		(6,626	)		(32,344	)		(4,800	)		(217	)		9,139			(34,848	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,455	)		(825	)		(127	)		(9	)		—			(2,416	)
Operating income		6,085			(52	)		(166	)		(173	)		—			5,694
Equity in net income (loss) of affiliates and other items		(142	)		(42	)		52			42			—			(90	)
Tax on net operating income		(3,303	)		120			61			(26	)		—			(3,148	)
Net operating income		2,640			26			(53	)		(157	)		—			2,456
Net cost of net debt																	(72	)
Non-controlling interests																	(94	)
Net income																	2,290
4th quarter 2011 (adjustments) (a) (M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		30			—			—			—						30
Intersegment sales
Excise taxes
Revenues from sales		30			—			—			—						30
Operating expenses		—			238			(129	)		—						109
Depreciation, depletion and amortization of tangible assets and mineral interests		—			(532	)		(3	)		—						(535	)
Operating income (b)		30			(294	)		(132	)		—						(396	)
Equity in net income (loss) of affiliates and other items		(460	)		(95	)		(22	)		21						(556	)
Tax on net operating income		294			193			50			(7	)					530
Net operating income (b)		(136	)		(196	)		(104	)		14						(422	)
Net cost of net debt																	—
Non-controlling interests																	(13	)
Net income																	(435	)
(a)    Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value. (b)    Of which inventory valuation effect
On operating income		—			170			(112	)		—
On net operating income		—			140			(78	)		—
4th quarter 2011 (adjusted) (M€) (a)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		6,686			36,367			4,412			(3	)		—			47,462
Intersegment sales		7,450			1,284			349			56			(9,139	)		—
Excise taxes		—			(4,534	)		—			—			—			(4,534	)
Revenues from sales		14,136			33,117			4,761			53			(9,139	)		42,928
Operating expenses		(6,626	)		(32,582	)		(4,671	)		(217	)		9,139			(34,957	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,455	)		(293	)		(124	)		(9	)		—			(1,881	)
Adjusted operating income		6,055			242			(34	)		(173	)		—			6,090
Equity in net income (loss) of affiliates and other items		318			53			74			21			—			466
Tax on net operating income		(3,597	)		(73	)		11			(19	)		—			(3,678	)
Adjusted net operating income		2,776			222			51			(171	)		—			2,878
Net cost of net debt																	(72	)
Non-controlling interests																	(81	)
Adjusted net income																	2,725
Adjusted fully-diluted earnings per share (€)																	1.20
(a)    Except for per share amounts.
4th quarter 2011 (M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Total expenditures		6,300			704			299			64						7,367
Total divestments		447			493			44			511						1,495
Cash flow from operating activities		3,648			(775	)		159			(238	)					2,794

23

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

3rd quarter 2011 (M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		5,272			36,220			4,669			2			—			46,163
Intersegment sales		6,571			1,582			243			45			(8,441	)		—
Excise taxes		—			(4,638	)		—			—			—			(4,638	)
Revenues from sales		11,843			33,164			4,912			47			(8,441	)		41,525
Operating expenses		(5,443	)		(32,559	)		(4,624	)		(136	)		8,441			(34,321	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,281	)		(464	)		(119	)		(9	)		—			(1,873	)
Operating income		5,119			141			169			(98	)		—			5,331
Equity in net income (loss) of affiliates and other items		922			347			319			24			—			1,612
Tax on net operating income		(3,401	)		(58	)		(45	)		41			—			(3,463	)
Net operating income		2,640			430			443			(33	)		—			3,480
Net cost of net debt																	(133	)
Non-controlling interests																	(33	)
Net income																	3,314
3rd quarter 2011 (adjustments) (a) (M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		(14	)		—			—			—						(14	)
Intersegment sales
Excise taxes
Revenues from sales		(14	)		—			—			—						(14	)
Operating expenses		—			(173	)		(19	)		—						(192	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(75	)		(168	)		(3	)		—						(246	)
Operating income (b)		(89	)		(341	)		(22	)		—						(452	)
Equity in net income (loss) of affiliates and other items		530			339			243			15						1,127
Tax on net operating income		(124	)		44			(17	)		(71	)					(168	)
Net operating income (b)		317			42			204			(56	)					507
Net cost of net debt																	—
Non-controlling interests																	6
Net income																	513
(a)    Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value. (b)    Of which inventory valuation effect
On operating income		—			(100	)		(12	)		—
On net operating income		—			(83	)		(7	)		—
3rd quarter 2011 (adjusted) (M€) (a)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		5,286			36,220			4,669			2			—			46,177
Intersegment sales		6,571			1,582			243			45			(8,441	)		—
Excise taxes		—			(4,638	)		—			—			—			(4,638	)
Revenues from sales		11,857			33,164			4,912			47			(8,441	)		41,539
Operating expenses		(5,443	)		(32,386	)		(4,605	)		(136	)		8,441			(34,129	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,206	)		(296	)		(116	)		(9	)		—			(1,627	)
Adjusted operating income		5,208			482			191			(98	)		—			5,783
Equity in net income (loss) of affiliates and other items		392			8			76			9			—			485
Tax on net operating income		(3,277	)		(102	)		(28	)		112			—			(3,295	)
Adjusted net operating income		2,323			388			239			23			—			2,973
Net cost of net debt																	(133	)
Non-controlling interests																	(39	)
Adjusted net income																	2,801
Adjusted fully-diluted earnings per share (€)																	1.24
(a)    Except for per share amounts.
3rd quarter 2011 (M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Total expenditures		3,289			440			168			24			—			3,921
Total divestments		953			2,691			1,094			344			—			5,082
Cash flow from operating activities		3,158			1,775			359			672			—			5,964

24

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4th quarter 2010 (M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		5,002			30,940			4,218			(3	)		—			40,157
Intersegment sales		5,861			1,069			231			55			(7,216	)		—
Excise taxes		—			(4,397	)		—			—			—			(4,397	)
Revenues from sales		10,863			27,612			4,449			52			(7,216	)		35,760
Operating expenses		(4,891	)		(26,577	)		(4,113	)		(204	)		7,216			(28,569	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,465	)		(1,544	)		(140	)		(11	)		—			(3,160	)
Operating income		4,507			(509	)		196			(163	)		—			4,031
Equity in net income (loss) of affiliates and other items		640			(115	)		49			14			—			588
Tax on net operating income		(2,750	)		240			(47	)		77			—			(2,480	)
Net operating income		2,397			(384	)		198			(72	)		—			2,139
Net cost of net debt																	(58	)
Non-controlling interests																	(51	)
Net income																	2,030
4th quarter 2010 (adjustments) (a) (M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales
Intersegment sales
Excise taxes
Revenues from sales
Operating expenses		—			409			76			—						485
Depreciation, depletion and amortization of tangible assets and mineral interests		(188	)		(1,192	)		(13	)		—						(1,393	)
Operating income (b)		(188	)		(783	)		63			—						(908	)
Equity in net income (loss) of affiliates and other items		244			(192	)		(32	)		4						24
Tax on net operating income		41			325			(3	)		(1	)					362
Net operating income (b)		97			(650	)		28			3						(522	)
Net cost of net debt																	—
Non-controlling interests																	(4	)
Net income																	(526	)
(a)    Adjustments include special items and inventory valuation effect. (b)    Of which inventory valuation effect
On operating income		—			299			98			—
On net operating income		—			197			93			—
4th quarter 2010 (adjusted) (M€) (a)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		5,002			30,940			4,218			(3	)		—			40,157
Intersegment sales		5,861			1,069			231			55			(7,216	)		—
Excise taxes		—			(4,397	)		—			—			—			(4,397	)
Revenues from sales		10,863			27,612			4,449			52			(7,216	)		35,760
Operating expenses		(4,891	)		(26,986	)		(4,189	)		(204	)		7,216			(29,054	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,277	)		(352	)		(127	)		(11	)		—			(1,767	)
Adjusted operating income		4,695			274			133			(163	)		—			4,939
Equity in net income (loss) of affiliates and other items		396			77			81			10			—			564
Tax on net operating income		(2,791	)		(85	)		(44	)		78			—			(2,842	)
Adjusted net operating income		2,300			266			170			(75	)		—			2,661
Net cost of net debt																	(58	)
Non-controlling interests																	(47	)
Adjusted net income																	2,556
Adjusted fully-diluted earnings per share (€)																	1.14
(a)    Except for per share amounts.
4th quarter 2010 (M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Total expenditures		3,942			757			292			35						5,026
Total divestments		771			433			23			117						1,344
Cash flow from operating activities		3,908			(955	)		332			102						3,387

25

BUSINESS SEGMENT INFORMATION

TOTAL

Year 2011 (M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		23,298			141,907			19,477			11			—			184,693
Intersegment sales		27,301			5,983			1,234			185			(34,703	)		—
Excise taxes		—			(18,143	)		—			—			—			(18,143	)
Revenues from sales		50,599			129,747			20,711			196			(34,703	)		166,550
Operating expenses		(23,079	)		(126,145	)		(19,566	)		(667	)		34,703			(134,754	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(5,076	)		(1,908	)		(487	)		(35	)		—			(7,506	)
Operating income		22,444			1,694			658			(506	)		—			24,290
Equity in net income (loss) of affiliates and other items		1,596			401			471			336			—			2,804
Tax on net operating income		(13,506	)		(409	)		(225	)		(38	)		—			(14,178	)
Net operating income		10,534			1,686			904			(208	)		—			12,916
Net cost of net debt																	(335	)
Non-controlling interests																	(305	)
Net income																	12,276
Year 2011 (adjustments) (a) (M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		45			—			—			—						45
Intersegment sales
Excise taxes
Revenues from sales		45			—			—			—						45
Operating expenses		—			1,156			(33	)		—						1,123
Depreciation, depletion and amortization of tangible assets and mineral interests		(75	)		(700	)		(6	)		—						(781	)
Operating income (b)		(30	)		456			(39	)		—						387
Equity in net income (loss) of affiliates and other items		191			256			209			90						746
Tax on net operating income		(32	)		(109	)		(41	)		(80	)					(262	)
Net operating income (b)		129			603			129			10						871
Net cost of net debt																	—
Non-controlling interests																	(19	)
Net income																	852
(a)    Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value. (b)    Of which inventory valuation effect
On operating income		—			1,224			(9	)		—
On net operating income		—			859			10			—
Year 2011 (adjusted) (M€) (a)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		23,253			141,907			19,477			11			—			184,648
Intersegment sales		27,301			5,983			1,234			185			(34,703	)		—
Excise taxes		—			(18,143	)		—			—			—			(18,143	)
Revenues from sales		50,554			129,747			20,711			196			(34,703	)		166,505
Operating expenses		(23,079	)		(127,301	)		(19,533	)		(667	)		34,703			(135,877	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(5,001	)		(1,208	)		(481	)		(35	)		—			(6,725	)
Adjusted operating income		22,474			1,238			697			(506	)		—			23,903
Equity in net income (loss) of affiliates and other items		1,405			145			262			246			—			2,058
Tax on net operating income		(13,474	)		(300	)		(184	)		42			—			(13,916	)
Adjusted net operating income		10,405			1,083			775			(218	)		—			12,045
Net cost of net debt																	(335	)
Non-controlling interests																	(286	)
Adjusted net income																	11,424
Adjusted fully-diluted earnings per share (€)																	5.06
(a)    Except for per share amounts.
Year 2011 (M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Total expenditures		21,689			1,870			847			135						24,541
Total divestments		2,656			3,235			1,164			1,523						8,578
Cash flow from operating activities		17,054			2,165			512			(195	)					19,536

26

BUSINESS SEGMENT INFORMATION

TOTAL

Year 2010 (M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		18,527			123,245			17,490			7			—			159,269
Intersegment sales		22,540			4,693			981			186			(28,400	)		—
Excise taxes		—			(18,793	)		—			—			—			(18,793	)
Revenues from sales		41,067			109,145			18,471			193			(28,400	)		140,476
Operating expenses		(18,271	)		(105,660	)		(16,974	)		(665	)		28,400			(113,170	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(5,346	)		(2,503	)		(533	)		(39	)		—			(8,421	)
Operating income		17,450			982			964			(511	)		—			18,885
Equity in net income (loss) of affiliates and other items		1,533			141			215			595			—			2,484
Tax on net operating income		(10,131	)		(201	)		(267	)		263			—			(10,336	)
Net operating income		8,852			922			912			347			—			11,033
Net cost of net debt																	(226	)
Non-controlling interests																	(236	)
Net income																	10,571
Year 2010 (adjustments) (a) (M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales
Intersegment sales
Excise taxes
Revenues from sales
Operating expenses		—			923			92			—						1,015
Depreciation, depletion and amortization of tangible assets and mineral interests		(203	)		(1,192	)		(21	)		—						(1,416	)
Operating income (b)		(203	)		(269	)		71			—						(401	)
Equity in net income (loss) of affiliates and other items (c)		183			(126	)		(16	)		227						268
Tax on net operating income		275			149			—			(6	)					418
Net operating income (b)		255			(246	)		55			221						285
Net cost of net debt																	—
Non-controlling interests																	(2	)
Net income																	283
(a)    Adjustments include special items, inventory valuation effect and, until June 30, 2010, equity share of adjustments related to Sanofi. (b)    Of which inventory valuation effect
On operating income		—			863			130			—
On net operating income		—			640			113			—
(c)    Of which equity share of adjustments related to Sanofi		—			—			—			(81	)
Year 2010 (adjusted) (M€) (a)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		18,527			123,245			17,490			7			—			159,269
Intersegment sales		22,540			4,693			981			186			(28,400	)		—
Excise taxes		—			(18,793	)		—			—			—			(18,793	)
Revenues from sales		41,067			109,145			18,471			193			(28,400	)		140,476
Operating expenses		(18,271	)		(106,583	)		(17,066	)		(665	)		28,400			(114,185	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(5,143	)		(1,311	)		(512	)		(39	)		—			(7,005	)
Adjusted operating income		17,653			1,251			893			(511	)		—			19,286
Equity in net income (loss) of affiliates and other items		1,350			267			231			368			—			2,216
Tax on net operating income		(10,406	)		(350	)		(267	)		269			—			(10,754	)
Adjusted net operating income		8,597			1,168			857			126			—			10,748
Net cost of net debt																	(226	)
Non-controlling interests																	(234	)
Adjusted net income																	10,288
Adjusted fully-diluted earnings per share (€)																	4.58
(a)    Except for per share amounts.
Year 2010 (M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Total expenditures		13,208			2,343			641			81						16,273
Total divestments		2,067			499			347			1,403						4,316
Cash flow from operating activities		15,573			1,441			934			545						18,493

27

Reconciliation of the information by business segment with consolidated financial statements

TOTAL

(unaudited)

4th quarter 2011 (M€)	Adjusted			Adjustments  (a)			Consolidated statement of  income
Sales		47,462			30			47,492
Excise taxes		(4,534	)		—			(4,534	)
Revenues from sales		42,928			30			42,958
Purchases net of inventory variation		(29,291	)		58			(29,233	)
Other operating expenses		(5,327	)		51			(5,276	)
Exploration costs		(339	)		—			(339	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,881	)		(535	)		(2,416	)
Other income		252			29			281
Other expense		(312	)		(526	)		(838	)
Financial interest on debt		(156	)		—			(156	)
Financial income from marketable securities & cash equivalents		57			—			57
Cost of net debt		(99	)		—			(99	)
Other financial income		91			—			91
Other financial expense		(102	)		—			(102	)
Equity in net income (loss) of affiliates		537			(59	)		478
Income taxes		(3,651	)		530			(3,121	)
Consolidated net income		2,806			(422	)		2,384
Group share		2,725			(435	)		2,290
Non-controlling interests		81			13			94

^(a)  Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.

4th quarter 2010 (M€)	Adjusted			Adjustments  (a)			Consolidated statement of  income
Sales		40,157			—			40,157
Excise taxes		(4,397	)		—			(4,397	)
Revenues from sales		35,760			—			35,760
Purchases net of inventory variation		(24,142	)		519			(23,623	)
Other operating expenses		(4,715	)		(34	)		(4,749	)
Exploration costs		(197	)		—			(197	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,767	)		(1,393	)		(3,160	)
Other income		221			361			582
Other expense		(138	)		(375	)		(513	)
Financial interest on debt		(126	)		—			(126	)
Financial income from marketable securities & cash equivalents		43			—			43
Cost of net debt		(83	)		—			(83	)
Other financial income		118			—			118
Other financial expense		(114	)		—			(114	)
Equity in net income (loss) of affiliates		477			38			515
Income taxes		(2,817	)		362			(2,455	)
Consolidated net income		2,603			(522	)		2,081
Group share		2,556			(526	)		2,030
Non-controlling interests		47			4			51

^(a)  Adjustments include special items and inventory valuation effect.

28

Reconciliation of the information by business segment with consolidated financial statements

TOTAL

Year 2011 (M€)	Adjusted			Adjustments  (a)			Consolidated statement of  income
Sales		184,648			45			184,693
Excise taxes		(18,143	)		—			(18,143	)
Revenues from sales		166,505			45			166,550
Purchases net of inventory variation		(115,107	)		1,215			(113,892	)
Other operating expenses		(19,751	)		(92	)		(19,843	)
Exploration costs		(1,019	)		—			(1,019	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(6,725	)		(781	)		(7,506	)
Other income		430			1,516			1,946
Other expense		(536	)		(711	)		(1,247	)
Financial interest on debt		(713	)		—			(713	)
Financial income from marketable securities & cash equivalents		273			—			273
Cost of net debt		(440	)		—			(440	)
Other financial income		609			—			609
Other financial expense		(429	)		—			(429	)
Equity in net income (loss) of affiliates		1,984			(59	)		1,925
Income taxes		(13,811	)		(262	)		(14,073	)
Consolidated net income		11,710			871			12,581
Group share		11,424			852			12,276
Non-controlling interests		286			19			305

^(a)  Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.

Year 2010 (M€)	Adjusted			Adjustments  (a)			Consolidated statement of  income
Sales		159,269			—			159,269
Excise taxes		(18,793	)		—			(18,793	)
Revenues from sales		140,476			—			140,476
Purchases net of inventory variation		(94,286	)		1,115			(93,171	)
Other operating expenses		(19,035	)		(100	)		(19,135	)
Exploration costs		(864	)		—			(864	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(7,005	)		(1,416	)		(8,421	)
Other income		524			872			1,396
Other expense		(346	)		(554	)		(900	)
Financial interest on debt		(465	)		—			(465	)
Financial income from marketable securities & cash equivalents		131			—			131
Cost of net debt		(334	)		—			(334	)
Other financial income		442			—			442
Other financial expense		(407	)		—			(407	)
Equity in net income (loss) of affiliates		2,003			(50	)		1,953
Income taxes		(10,646	)		418			(10,228	)
Consolidated net income		10,522			285			10,807
Group share		10,288			283			10,571
Non-controlling interests		234			2			236

^(a)  Adjustments include special items, inventory valuation effect and, until June 30, 2010, equity share of adjustments related to Sanofi.

29

EX-99.2

Exhibit 99.2

RECENT DEVELOPMENTS

Board of Directors Meeting Held on February 9, 2012

On February 9, 2012, TOTAL S.A. (together with its subsidiaries and affiliates, “TOTAL”) announced that its Board of Directors met on February 9, 2012, under the chairmanship of Christophe de Margerie, Chairman and Chief Executive Officer. It reviewed the Group’s accounts for the fourth quarter of 2011 and approved the 2011 consolidated financial statements, as well as the parent company financial statements and the proposed dividend of €2.28 per share, which will be submitted to the Annual Shareholders’ Meeting for approval. The ex-dividend date for the final dividend of €0.57 per share will be June 18, 2012¹.

The Board decided to ask shareholders at the Annual Meeting, to be held in Paris on May 11, 2012, to re-elect Patrick Artus, Bertrand Collomb, Christophe de Margerie, Anne Lauvergeon and Michel Pébereau to new three-year terms as directors.

The Board decided to ask shareholders at the Annual Meeting on May 11, 2012 to elect Anne-Marie Idrac as a director of the Company for a three-year term and to ratify the appointment of Gérard Lamarche, who has been a director since January 12, 2012.

In addition, subject to decisions by the Board of Directors and shareholders at the Annual Meeting to approve the 2011 financial statements and the final dividend for 2011, the ex-dividend dates of the quarterly interim dividends and the final dividend for 2012 will be:

• September 24, 2012.

• December 17, 2012.

• March 18, 2013.

• June 24, 2013.

Colombia: sale of TEPMA BV and other assets

On February 8, 2012, TOTAL announced the signature of an agreement with Sinochem to sell TEPMA BV. This wholly-owned affiliate of TOTAL holds a working interest in the Cusiana field as well as a participation in the OAM and ODC pipelines in Colombia. TOTAL’s share of production of Cusiana is around 7,000 barrels of oil equivalent per day. This transaction is subject to approval by the relevant authorities. This sale follows a divestiture of a 5% working interest in the Ocensa pipeline to Petrominerales and of another 5% to CEPSA in July 2011. The combined value of the three transactions amounts to approximately $1 billion (approximately €760 million).

TOTAL will continue its exploration activities in Colombia on the Niscota (50%) and Mundo Nuevo (55%) blocks. In 2009, a substantial gas condensate discovery was made in the southern part of Niscota by the well Huron 1. The promising appreciation well Huron 2 is being drilled with a further appreciation well Huron 3 to be drilled later in 2012. TOTAL retains a 5.2% share in the Ocensa pipeline.

Nigeria: TOTAL launches Phase 2 development of offshore Ofon field

On February 7, 2012, TOTAL announced that the second phase of the Ofon field development in offshore Nigeria (Ofon Phase 2) had begun. Construction and installation contracts have been awarded for Ofon Phase 2, which is scheduled to come on stream in 2014.

The Ofon field is located in Oil Mining Lease (OML) 102, sixty-five kilometers off the Nigerian shores in a water depth of forty meters.

Ofon Phase 2 will unlock the field’s undeveloped reserves with an expected increase of production to 90,000 barrels of oil equivalent per day from 30,000 barrels, by installing four new platforms: two production platforms, a processing platform and an accommodation platform. Most of the development is dedicated to recovering natural gas, which will be compressed and evacuated to shore.

In line with TOTAL’s environmental stewardship commitments, Ofon Phase 2 is a major step forward in the Group’s plan to reduce its flaring of associated gas and its greenhouse gas emissions.

The partners in OML 102 are Total Exploration-Production Nigeria Ltd (40%, operator) and Nigerian National Petroleum Corporation (NNPC - 60%).

¹  Payment date will be June 21, 2012.

1

EX-99.3

Exhibit 99.3

RATIO OF EARNINGS TO FIXED CHARGES

(Unaudited)

The following table shows the ratios of earnings to fixed charges for TOTAL S.A. (“TOTAL”) and its subsidiaries and affiliates (collectively, the “Group”), computed in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and as adopted by the European Union, for the fiscal years ended December 31, 2011, 2010, 2009, 2008 and 2007.

	Years Ended December 31,
	2011		2010		2009		2008		2007
For the Group (IFRS)		27.31		29.11		21.11		20.86		14.06

Earnings for the computations above under IFRS were calculated by adding pre-tax income from continuing operations before adjustment for non-controlling interests in consolidated subsidiaries or income or loss from equity investees, fixed charges and distributed income of equity investees. Fixed charges for the computations above consist of interest (including capitalized interest) on all indebtedness, amortization of debt discount and expense and that portion of rental expense representative of the interest factor.

1

CAPITALIZATION AND INDEBTEDNESS OF TOTAL

(Unaudited)

The following table sets out the unaudited consolidated capitalization and long-term indebtedness, as well as short-term indebtedness, of the Group as of December 31, 2011, prepared on the basis of IFRS.

	At December 31, 2011
	(in millions of euros)
Current financial debt, including current portion of non-current financial debt
Current portion of non-current financial debt		3,856
Current financial debt		5,819
Current portion of financial instruments for interest rate swaps liabilities		40
Other current financial instruments – liabilities		127
Total current financial debt		9,842
Non-current financial debt		22,557
Non-controlling interests		1,352
Shareholders’ equity
Common shares		5,909
Paid-in surplus and retained earnings		66,506
Currency translation adjustment		(988	)
Treasury shares		(3,390	)
Total shareholders’ equity		68,037
Total capitalization and non-current indebtedness		91,946

As of December 31, 2011, TOTAL had an authorized share capital of 3,446,401,650 ordinary shares with a par value of €2.50 per share, and an issued share capital of 2,363,767,313 ordinary shares (including 109,554,173 treasury shares from shareholders’ equity).

As of December 31, 2011, approximately €349 million of TOTAL’s non-current financial debt was secured and approximately €22,208 million was unsecured, and all of TOTAL’s current financial debt of €5,819 million was unsecured. As of December 31, 2011, TOTAL had no outstanding guarantees from third parties relating to its consolidated indebtedness. For more information about TOTAL’s commitments and contingencies, see Note 5 of the Notes to TOTAL’s unaudited interim consolidated financial statements in Exhibit 99.1 to its Form 6-K filed with the Securities and Exchange Commission (“SEC”) on November 2, 2011, and Note 23 of the Notes to TOTAL’s audited consolidated financial statements in its Annual Report on Form 20-F for the year ended December 31, 2010, filed with the SEC on March 28, 2011. Since December 31, 2011, Total Capital International has issued (after swaps) non-current financial debt of approximately AUD$100 million (or approximately €81 million using the February 13, 2012, European Central Bank reference exchange rate of €1=AUD$1.23).

On October 27, 2011, the board of directors of TOTAL S.A. (the “Board”) approved a third interim dividend for 2011 of €0.57 per share, representing approximately €1.4 billion, to be paid on March 22, 2012. On February 9, 2012, the Board decided to propose at the May 11, 2012 Annual Shareholders Meeting a dividend of €2.28 per share for 2011. Taking into account the three 2011 interim dividends, the remaining €0.57 per share, representing approximately €1.4 billion, would be paid on June 21, 2012.

Except as disclosed herein, there have been no material changes in the consolidated capitalization, indebtedness and contingent liabilities of TOTAL since December 31, 2011.

2

EX-99.4

Exhibit 99.4

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Years Ended December 31,
(Amounts in millions of euros)	2011			2010			2009			2008			2007
	(unaudited)
Net income		12,276			10,571			8,447			10,590			13,181
Income tax expenses		14,073			10,228			7,751			14,146			13,575
Non-controlling interest		305			236			182			363			354
Equity in income of affiliates (in excess of)/ less than dividends received		(107	)		(470	)		(378	)		(311	)		(821	)
Interest expensed		619			416			450			779			1,547
Estimate of the interest within rental expense		215			202			204			142			128
Amortization of capitalized interest		201			239			129			115			108
Total		27,582			21,422			16,785			25,824			28,072
Interest expensed		619			416			450			779			1,547
Capitalized interest		176			118			141			317			321
Estimate of the interest within rental expense		215			202			204			142			128
Preference security dividend requirements of consolidated subsidiaries		—			—			—			—			—
Fixed charges		1,010			736			795			1,238			1,996
Ratio of Earnings to fixed charges		27.31			29.11			21.11			20.86			14.06