0001193125-12-233143.txt : 20120515 0001193125-12-233143.hdr.sgml : 20120515 20120515094806 ACCESSION NUMBER: 0001193125-12-233143 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20120514 FILED AS OF DATE: 20120515 DATE AS OF CHANGE: 20120515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOTAL SA CENTRAL INDEX KEY: 0000879764 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10888 FILM NUMBER: 12841422 BUSINESS ADDRESS: STREET 1: 2 PLACE DE LA COUPOLE STREET 2: LA DEFENSE 92078 CITY: PARIS FRANCE STATE: I0 ZIP: 00000 BUSINESS PHONE: 2129693300 MAIL ADDRESS: STREET 1: 2 PLACE DE LA COUPOLE STREET 2: LA DEFENSE 92078 CITY: PARIS FRANCE STATE: I0 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA ELF SA DATE OF NAME CHANGE: 20001010 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA SA DATE OF NAME CHANGE: 19990713 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL DATE OF NAME CHANGE: 19960103 6-K 1 d354524d6k.htm FORM 6-K Form 6-K
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13-a16 OR 15-d16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the months of: March 26, 2012 to May 14, 2012

Commission File Number: 1-10888

 

 

TOTAL S.A.

(Translation of registrant’s name into English)

 

 

2 place Jean Millier

La Défense 6

92400 Courbevoie

France

(Address of principal executive offices)

 

 

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

Form 20-F  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 the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ¨            No  x

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

 

 

 


Table of Contents

TABLE OF CONTENTS

SIGNATURES

EXHIBIT INDEX

 

EX 99.1:

   Total quarterly ex-dividend dates for dividend 2013, France

EX 99.2:

   2011 Annual Reports, France

EX 99.3:

   Status on UK – Gas leak incident at Elgin platform in the North Sea, United Kingdom

EX 99.4:

   Status on UK – Gas leak incident at Elgin platform in the North Sea, United Kingdom

EX 99.5:

   Status on UK – Gas leak incident at Elgin platform in the North Sea, United Kingdom

EX 99.6:

   Reorganization of Downstream and Chemicals segments, France

EX 99.7:

   General Shareholders’ Meeting (ordinary and extraordinary) on Friday, May 11, France

EX 99.8:

   Start-up of production of offshore Greater Bongkot South field, Thailand

EX 99.9:

   Islay Field Comes On Stream, North Sea

EX 99.10:

   First Quarter 2012 Results, France

EX 99.11:

   Total awarded an exploration license for block 14, Uruguay

EX 99.12:

   2012 Annual Meeting Report, France


Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    TOTAL S.A.
  Date: May 15, 2012     By:   /s/    HUMBERT DE WENDEL        
      Name:   Humbert de WENDEL
      Title:   Treasurer


Table of Contents

EXHIBIT INDEX

 

Ø    EXHIBIT 99.1:    France: Total quarterly ex-dividend dates for dividend 2013 (March 26, 2012)
Ø    EXHIBIT 99.2:    France: 2011 Annual Reports (March 26, 2012)
Ø    EXHIBIT 99.3:    United Kingdom: Status on UK – Gas leak incident at Elgin platform in the North Sea (March 27, 2012)
Ø    EXHIBIT 99.4:    United Kingdom: Status on UK – Gas leak incident at Elgin platform in the North Sea (March 29, 2012)
Ø    EXHIBIT 99.5:    United Kingdom: Status on UK – Gas leak incident at Elgin platform in the North Sea (March 30, 2012)
Ø    EXHIBIT 99.6:    France: Reorganization of Downstream and Chemicals segments (April 16, 2012)
Ø    EXHIBIT 99.7:    France: General Shareholders’ Meeting (ordinary and extraordinary) on Friday, May 11, 2012 (April 16, 2012)
Ø    EXHIBIT 99.8:    Thailand: Start-up of production of offshore Greater Bongkot South field (April 23, 2012)
Ø    EXHIBIT 99.9:    North Sea: Islay Field Comes On Stream (April 24, 2012)
Ø    EXHIBIT 99.10:    France: First Quarter 2012 Results (April 27, 2012)
Ø    EXHIBIT 99.11:    Uruguay: Total awarded an exploration license for block 14 (May 3, 2012)
Ø    EXHIBIT 99.12:    France: 2012 Annual Meeting Report (May 11, 2012)
EX-99.1 2 d354524dex991.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1

 

LOGO

 

    

Quaterly ex-dividend dates for 2013 dividend

 

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Tel. : 33 (1) 47 44 58 53

Fax : 33 (1) 47 44 58 24

 

Martin DEFFONTAINES

Laurent KETTENMEYER

Matthieu GOT

Karine KACZKA

 

Robert HAMMOND (U.S.)

Tel. : (1) 713-483-5070

Fax : (1) 713-483-5629

 

TOTAL S.A.

Capital 5 909 418 282,50 euros 542 051 180 R.C.S. Nanterre

www.total.com

  

Paris, March 26th, 2012 - Subject to decisions by the Board of Directors and shareholders at the Annual Meeting to approve the financial statements and the final dividend for 2013, the ex-dividend dates of the quarterly interim dividends and the final dividend for 2013 will be:

 

•   September 24, 2013

 

•   December 16, 2013

 

•   March 24, 2014

 

•   June 2, 2014

 

The ex-dividend dates above relate to the Total shares traded on the Euronext Paris.

As a reminder, the ex-dividend dates of the quarterly interim dividends and the final dividend for 2012 relative to the Total shares traded on the Euronext Paris will be:

 

•   September 24, 2012

 

•   December 17, 2012

 

•   March 18, 2013

 

•   June 24, 2013

  
  
  
  
  
  
  
  
  
  
EX-99.2 3 d354524dex992.htm EXHIBIT 99.2 Exhibit 99.2

Exhibit 99.2

 

LOGO

 

2011 Annual Reports

 

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Tel. : 33 (1) 47 44 58 53

Fax : 33 (1) 47 44 58 24

 

Martin DEFFONTAINES

Laurent KETTENMEYER

Matthieu GOT

Karine KACZKA

 

Robert HAMMOND (U.S.)

Tel. : (1) 713-483-5070

Fax : (1) 713-483-5629

 

TOTAL S.A.

Capital 5 909 418 282,50 euros

542 051 180 R.C.S. Nanterre

 

www.total.com

  

Paris, March 26, 2012

 

  

•     The Registration Document (Document de référence) for the year ended December 31, 2011, was filed with the French Financial Markets Authority (Autorité des marchés financiers) on Monday, March 26, 2012. Copies of this document are available free of charge, pursuant to applicable law, and can be downloaded from the Company’s Web site (www.total.com) under the heading Investors/ Publications.

  

 

The following documents are included in the Registration Document: the 2011 annual financial report, the report by the Chairman of the Board of Directors required under Article L.225-37 of the French Commercial Code (corporate governance, internal control and risk management) and the reports from the independent auditors.

 

  

•     The annual report on Form 20-F for the year ended December 31, 2011, was filed with the United States Securities and Exchange Commission (SEC) on Monday, March 26, 2012. The Form 20-F can be downloaded from the Company’s Web site (www.total.com) under the heading Investors / Publications, or from the SEC’s Web site (www.sec.gov). Printed copies of the Form 20-F can be requested free of charge at www.total.com (under the heading Investors / Contact).

  

 

* * * * *

 

   Total is one of the largest major integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals. Its 96,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas and power, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow. www.total.com
EX-99.3 4 d354524dex993.htm EXHIBIT 99.3 Exhibit 99.3

Exhibit 99.3

 

LOGO

 

    

Status on UK – Gas leak incident at Elgin platform in the North Sea

 

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax: + 33 (0) 1 47 44 68 21

 

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

 

Charles-Etienne LEBATARD

Tel.: + 33 (0) 1 47 44 45 91

 

Victoria CHANIAL

Tel.: + 33 (0) 1 47 44 35 86

 

Aude COLAS DES FRANCS

Tel.: + 33 (0) 1 47 44 47 05

 

Michaël CROCHET-VOUREY

Tel.: + 33 (0) 1 47 44 81 33

 

Sandra DANTE

Tel.: + 33 (0) 1 47 44 46 07

 

Christine de CHAMPEAUX

Tel.: + 33 (0) 1 47 44 47 49

 

Hortense OURY

Tel.: + 33 (0) 1 47 44 23 34

 

Florent SEGURA

Tel.: + 33 (0) 1 47 44 31 38

 

Frédéric TEXIER

Tel.: + 33 (0) 1 47 44 38 16

 

Anastasia ZHIVULINA

Tel.: + 33 (0) 1 47 44 76 29

 

TOTAL S.A.

Capital 5,909,418,282.50 euros

542 051 180 R.C.S. Nanterre

 

www.total.com

  

Paris, March 27, 2012 – On 25 March, Total reported that a gas leak following a well operation occurred on the same day at the wellhead platform on the Elgin gas field which is located in the UK North Sea approximately 240 km east of Aberdeen.

 

Total immediately launched internal emergency procedures and Crisis Management Teams have been mobilized in Aberdeen and Paris. The gas leak at the Elgin wellhead platform remains ongoing.

 

238 personnel have been evacuated onshore, and no injuries have been reported. Production on the Elgin, Franklin and West Franklin fields is fully stopped.

 

All necessary measures are being taken to respond appropriately to the situation and to minimize its impact. Investigations are ongoing to analyze the causes and to determine the remediation of the gas leak. Total is actively monitoring the situation with standby vessels in the area.

 

A surveillance aircraft flown over the area has confirmed a sheen on the water in the vicinity of the platform. This sheen is related to drilling muds and/or light condensate associated to the gas representing a volume estimated today at about 30 m3. Preliminary assessments indicate no significant impact to the environment and dispersants are not considered necessary at this stage. Oil Spill Response Limited (OSRL) has been alerted and is currently evaluating the situation.

 

Total’s UK-based affiliate Total E&P UK Limited is cooperating fully with all relevant authorities including the Department of Energy and Climate Change (DECC), the Health and Safety Executive (HSE) and the Scottish Environmental Protection Agency (SEPA).

 

Total will continue to make regular updates of the situation.

  
  
  
  
  
  
  


     Elgin/Franklin
   Elgin and Franklin are two high pressure/high temperature gas and condensate fields in the Central Graben Area of North Sea. Total E&P UK Limited owns 46.17% and is operator of both fields through its wholly-owned subsidiary EFOG and its average share of production was around 60,000 barrels of oil equivalent per day in 2011.
   Elgin/Franklin facilities comprise two wellhead platforms, one on Elgin and one on Franklin and a Production/Utilities/Quarters (PUQ) platform. The PUQ is on the Elgin field and is linked to the Elgin wellhead platform by a 90-metre bridge.
   Hydrocarbons produced from the Elgin, Franklin and West Franklin fields are collected, separated and treated at the central processing facility on the PUQ. Liquid hydrocarbons are exported through the Forties Pipeline System via Cruden Bay to Kinneil for processing and commercial quality gas compressed and exported through the SEAL (Shearwater Elgin Area Line) pipeline to Bacton in Norfolk.

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax: + 33 (0) 1 47 44 68 21

 

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

 

Charles-Etienne LEBATARD

Tel.: + 33 (0) 1 47 44 45 91

 

Victoria CHANIAL

Tel.: + 33 (0) 1 47 44 35 86

 

Aude COLAS DES FRANCS

Tel.: + 33 (0) 1 47 44 47 05

 

Michaël CROCHET-VOUREY

Tel.: + 33 (0) 1 47 44 81 33

 

Sandra DANTE

Tel.: + 33 (0) 1 47 44 46 07

 

Christine de CHAMPEAUX

Tel.: + 33 (0) 1 47 44 47 49

 

Hortense OURY

Tel.: + 33 (0) 1 47 44 23 34

 

Florent SEGURA

Tel.: + 33 (0) 1 47 44 31 38

 

Frédéric TEXIER

Tel.: + 33 (0) 1 47 44 38 16

 

Anastasia ZHIVULINA

Tel.: + 33 (0) 1 47 44 76 29

 

TOTAL S.A.

Capital 5,909,418,282.50 euros

542 051 180 R.C.S. Nanterre

 

www.total.com

  

For further information, please visit Total E&P UK’s web site: www.totalepmediacentre.com

 

* * * * *

 

Total is one of the largest integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals. Its 96,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, new energies, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow. www.total.com

  
  
  
EX-99.4 5 d354524dex994.htm EXHIBIT 99.4 Exhibit 99.4

Exhibit 99.4

 

LOGO

 

   Status on UK – Gas leak incident at Elgin platform in the North Sea

 

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Tel. : 33 (1) 47 44 58 53

Fax : 33 (1) 47 44 58 24

 

Martin DEFFONTAINES

Laurent KETTENMEYER

Matthieu GOT

Karine KACZKA

 

Robert HAMMOND (U.S.)

Tel. : (1) 713-483-5070

Fax : (1) 713-483-5629

 

TOTAL S.A.

Capital 5 909 418 282,50 euros 542 051 180 R.C.S. Nanterre

 

www.total.com

  

 

29 March 2012 – Further to the incident reported on the 25th March at the deck level of the plugged G4 production well on the Elgin gas field in the North Sea, Total confirms that the gas leak remains ongoing although the situation is currently stable.

 

The precise cause of the gas leak is still being investigated and efforts continue to focus on bringing it under control.

 

As a first priority, Total teams are evaluating options to stop the gas leak. The Group has also mobilized international well control experts using worldwide support contracts who are now working with Total’s teams on site in Aberdeen.

 

Site situation is stable

 

The leaking hydrocarbons are believed to be coming in the well from a rock formation which is above the producing reservoir of the Elgin field. The volume of this gas ingress is therefore difficult to estimate.

 

Reports from Oil Spill Response (OSRL) surveillance flight indicate that the gas cloud is still stable and is heading away from Elgin facilities.

 

The volume of condensates remains the same (about 30 cubic meters) which is equivalent to a tank road truck. The size of the sheen has not increased and the condensates are evaporating naturally. The Elgin platform is 240 km away from closest shore.


   Mobilized resources
   The Group monitors closely the area through air survey and boats on the scene:
  

•    3 flights per day equipped with digital camera infrared and video;

  

•    2 Platform Support Vessels (island Express and island Empress);

  

•    4 Anchor Handling Tug and Supply (AHTS) fire fighting vessels;

  

•    An Hercules airplane is on standby in East Midland for dispersants if required;

  

•      Other intervention vessels are arriving on site shortly: Allseas Highland Fortress Remotely Operated Vehicle (ROV) Support Vessel; Big Orange; Kommander Stuart (MSV or Marine Safety Vessel) and Island Intervention (MSV).

  

 

Total will continue to make regular updates of the situation.

  

 

Further information

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Tel. : 33 (1) 47 44 58 53

Fax : 33 (1) 47 44 58 24

 

Martin DEFFONTAINES

Laurent KETTENMEYER

Matthieu GOT

Karine KACZKA

 

Robert HAMMOND (U.S.)

Tel. : (1) 713-483-5070

Fax : (1) 713-483-5629

 

TOTAL S.A.

Capital 5 909 418 282,50 euros

542 051 180 R.C.S. Nanterre

 

www.total.com

  

For further information, please visit Total’s website dedicated to Elgin: www.elgin.total.com

 

* * * * *

 

Total is one of the largest integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals. Its 96,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, new energies, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow. www.total.com

  
  
  
EX-99.5 6 d354524dex995.htm EXHIBIT 99.5 Exhibit 99.5

Exhibit 99.5

 

LOGO

 

   Status on UK – Gas leak incident at Elgin platform in the North Sea

 

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Tel. : 33 (1) 47 44 58 53

Fax : 33 (1) 47 44 58 24

 

Martin DEFFONTAINES

Laurent KETTENMEYER

Matthieu GOT

Karine KACZKA

 

Robert HAMMOND (U.S.)

Tel. : (1) 713-483-5070

Fax : (1) 713-483-5629

 

TOTAL S.A.

Capital 5 909 418 282,50 euros 542 051 180 R.C.S. Nanterre

 

www.total.com

  

 

Paris, March 30, 2012 – Further to the gas leak incident on the plugged G4 production well on Elgin platform, the situation has been stable on site over the last five days and Total is now progressing with actions to stop the leak.

 

Total’s representatives met the UK Minister for Energy Mr. Charles Hendry on the 30th March to discuss the situation and speak of measures being taken by Total.

 

Mobilized resources and actions taken

 

The Group is progressing on actions to stop the leak. Two main solutions are being progressed. The first is to pump heavy mud directly into the well and the second is to drill relief wells to intervene at the source of the gas flow. The Group is mobilizing all means to allow these options to be implemented.

 

Total has two available drilling rigs under contract in the area, the Sedco 714 and the Rowan Gorilla V, which will be deployed for the drilling of relief wells.

 

Total’s Crisis Management Teams are located in Aberdeen, Paris and at the Group’s research center in Pau. Their primary objectives are to continue monitoring the incident, evaluate and implement solutions to stop the gas leak, as well as to coordinate work of the different entities, external parties and experts involved in the process.

 

Total holds regular expert meetings with, and receives many offers of assistance from, its partners on the field and operators of nearby production sites, for which the Group is very grateful. Cooperation and coordination with relevant UK authorities is ongoing.

 

Site situation is stable

 

The precise cause of the gas leak is still being investigated and efforts continue to bring it under control. While Total cannot make a direct measurement of the gas leakage rate, based on recorded data and reservoir modeling, its estimates are around 200 000 m3 of gas per day (about 7 Mcf/d).

 

The gas cloud is fairly small in size and prevailing winds are blowing it away from the platform and dispersing it. An exclusion zone around the platform has been set up by the UK authorities taking into account a wide safety margin.

 

The very thin sheen of condensates (less than one micron thick) which had formed itself toward the east of the platform is currently reducing due to progressive evaporation.


  Total has observed that the size of the flare is diminishing.
  For these reasons, the current impact on and risks for the environment are relatively low.
  Total continues to actively monitor the situation by using satellites and surveillance spotter planes. Vessels are on standby in the vicinity of Elgin platform, in visual contact with the installation at all times. The Group is working in close cooperation with the UK department of Energy and Climate Change (DECC).
 

 

Further information

  Total will continue to make regular updates on the situation.
 

 

For more information on Elgin platform, please visit Total’s dedicated website: www.elgin.total.com

  * * * * *
  Total is one of the largest major integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals. Its 96,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas and power, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow. www.total.com
EX-99.6 7 d354524dex996.htm EXHIBIT 99.6 Exhibit 99.6

Exhibit 99.6

 

LOGO

 

  

Paris, April 16, 2012

 

  

Reorganization of Downstream and Chemicals segments

 

Refining & Chemicals and Supply & Marketing

2010 and 2011 financial informational extract

 

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Tel. : 33 (1) 47 44 58 53

Fax : 33 (1) 47 44 58 24

 

Martin DEFFONTAINES

Laurent KETTENMEYER

Matthieu GOT

Karine KACZKA

 

Robert HAMMOND (U.S.)

Tel. : (1) 713-483-5070

Fax : (1) 713-483-5629

 

TOTAL S.A.

Capital 5 909 418 282,50 euros 542 051 180 R.C.S. Nanterre

 

www.total.com

  

In October 2011, the Group announced a proposed reorganization of its Downstream and Chemicals segments. The reorganization became effective on January 1, 2012.

 

  

This project led to organizational changes, with the creation of:

 

  

•     Refining & Chemicals, a large industrial segment encompassing refining, petrochemicals, fertilizers and specialty chemicals operations. This segment also includes oil trading and shipping activities;

  

•     Supply & Marketing, a commercial segment dedicated to worldwide supply and marketing activities of oil products.

 

  

Beginning with the first quarter of 2012, this new organization will be reflected in the presentation of the Group’s financial statements. Attached is an informational extract for the full years 2010 and 2011 and quarterly 2011 to facilitate an understanding of the relative financial status of Refining & Chemicals and Supply & Marketing.

 

   The organization of Holding and Upstream segments, including the Exploration & Production and Gas & Power divisions, remains unchanged. To confirm, this informational extract does not address these divisions, as they are not impacted by the new Downstream and Chemicals organization.

 

1


REFINING - CHEMICALS

TOTAL

(unaudited)

 

(M€)

   2010     1T11     2T11     3T11     4T11     2011  

Non-Group sales

     65 156        19 385        19 089        19 267        19 405        77 146   

Intersegment sales

     34 522        10 662        10 346        11 190        12 079        44 277   

Excise taxes

     (2 177     (475     (506     (502     (879     (2 362
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Revenues from sales

     97 501        29 572        28 929        29 955        30 605        119 061   

Operating expenses

     (94 587     (27 814     (28 644     (29 539     (30 368     (116 365

Depreciation, depletion and amortization of tangible assets and mineral interests

     (2 531     (323     (310     (473     (830     (1 936
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     383        1 435        (25     (57     (593     760   

Equity in net income (loss) of affiliates and other items

     133        89        23        496        39        647   

Tax on net operating income

     92        (450     (3     9        308        (136
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net operating income

     608        1 074        (5     448        (246     1 271   

Net cost of net debt

            

Non-controlling interests

            
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

            

Adjustments (a)

(M€)

   2010     1T11     2T11     3T11     4T11     2011  

Non-Group sales

     —          —          —          —          —          —     

Intersegment sales

     —          —          —          —          —          —     

Excise taxes

     —          —          —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Revenues from sales

     —          —          —          —          —          —     

Operating expenses

     803        1 146        (170     (191     67        852   

Depreciation, depletion and amortization of tangible assets and mineral interests

     (1 213     —          —          (171     (534     (705
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (b)

     (410     1 146        (170     (362     (467     147   

Equity in net income (loss) of affiliates and other items

     (196     32        (37     410        (68     337   

Tax on net operating income

     202        (370     22        33        254        (61
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net operating income (b)

     (404     808        (185     81        (281     423   

Net cost of net debt

            

Non-controlling interests

            
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

            

(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

     765        1 146        (121     (121     24        928   

On net operating income

     584        808        (86     (93     40        669   
Adjusted                                     

(M€) (a)

   2010     1T11     2T11     3T11     4T11     2011  

Non-Group sales

     65 156        19 385        19 089        19 267        19 405        77 146   

Intersegment sales

     34 522        10 662        10 346        11 190        12 079        44 277   

Excise taxes

     (2 177     (475     (506     (502     (879     (2 362
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Revenues from sales

     97 501        29 572        28 929        29 955        30 605        119 061   

Operating expenses

     (95 390     (28 960     (28 474     (29 348     (30 435     (117 217

Depreciation, depletion and amortization of tangible assets and mineral interests

     (1 318     (323     (310     (302     (296     (1 231
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted operating income

     793        289        145        305        (126     613   

Equity in net income (loss) of affiliates and other items

     329        57        60        86        107        310   

Tax on net operating income

     (110     (80     (25     (24     54        (75
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net operating income

     1 012        266        180        367        35        848   

Net cost of net debt

            

Non-controlling interests

            
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ajusted net income

            
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted fully-diluted earnings per share (€)

            
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(a)         Except for per share amounts.

            

(M€)

   2010     1T11     2T11     3T11     4T11     2011  

Total expenditures

     2 124        344        519        423        624        1 910   

Total divestments

     763        16        13        2 422        58        2 509   

Cash flow from operating activities

     1 226        1 058        180        1 557        (649     2 146   

 

2


SUPPLY - MARKETING

TOTAL

(unaudited)

 

(M€)

   2010     1T11     2T11     3T11     4T11     2011  

Non-Group sales

     75 579        20 489        20 753        21 622        21 374        84 238   

Intersegment sales

     677        239        158        218        190        805   

Excise taxes

     (16 616     (3 952     (4 038     (4 136     (3 655     (15 781
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Revenues from sales

     59 640        16 776        16 873        17 704        17 909        69 262   

Operating expenses

     (57 572     (16 192     (16 380     (17 227     (17 412     (67 211

Depreciation, depletion and amortization of tangible assets and mineral interests

     (505     (115     (112     (110     (122     (459
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     1 563        469        381        367        375        1 592   

Equity in net income (loss) of affiliates and other items

     223        52        32        170        (29     225   

Tax on net operating income

     (560     (125     (134     (112     (127     (498
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net operating income

     1 226        396        279        425        219        1 319   

Net cost of net debt

            

Non-controlling interests

            
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

            

Adjustments (a)

(M€)

   2010     1T11     2T11     3T11     4T11     2011  

Non-Group sales

     —          —          —          —          —          —     

Intersegment sales

     —          —          —          —          —          —     

Excise taxes

     —          —          —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Revenues from sales

     —          —          —          —          —          —     

Operating expenses

     212        210        20        (1     42        271   

Depreciation, depletion and amortization of tangible assets and mineral interests

     —          —          —          —          (1     (1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (b)

     212        210        20        (1     41        270   

Equity in net income (loss) of affiliates and other items

     54        7        (2     172        (49     128   

Tax on net operating income

     (53     (69     (3     (6     (11     (89
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net operating income (b)

     213        148        15        165        (19     309   

Net cost of net debt

            

Non-controlling interests

            
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

            

(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

     228        210        34        9        34        287   

On net operating income

     169        148        27        3        22        200   
Adjusted                                     

(M€) (a)

   2010     1T11     2T11     3T11     4T11     2011  

Non-Group sales

     75 579        20 489        20 753        21 622        21 374        84 238   

Intersegment sales

     677        239        158        218        190        805   

Excise taxes

     (16 616     (3 952     (4 038     (4 136     (3 655     (15 781
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Revenues from sales

     59 640        16 776        16 873        17 704        17 909        69 262   

Operating expenses

     (57 784     (16 402     (16 400     (17 226     (17 454     (67 482

Depreciation, depletion and amortization of tangible assets and mineral interests

     (505     (115     (112     (110     (121     (458
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted operating income

     1 351        259        361        368        334        1 322   

Equity in net income (loss) of affiliates and other items

     169        45        34        (2     20        97   

Tax on net operating income

     (507     (56     (131     (106     (116     (409
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net operating income

     1 013        248        264        260        238        1 010   

Net cost of net debt

            

Non-controlling interests

            
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Ajusted net income             
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted fully-diluted earnings per share (€)

            
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(a)       Except for per share amounts.

            

(M€)

   2010     1T11     2T11     3T11     4T11     2011  

Total expenditures

     860        91        152        185        379        807   

Total divestments

     83        21        27        1 363        479        1 890   

Cash flow from operating activities

     1 149        (44     (35     577        33        531   

 

3

EX-99.7 8 d354524dex997.htm EXHIBIT 99.7 Exhibit 99.7

Exhibit 99.7

 

LOGO

 

   General Shareholders’ Meeting (ordinary and extraordinary) on Friday, May 11, 2012

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Tel. : 33 (1) 47 44 58 53

Fax : 33 (1) 47 44 58 24

 

Martin DEFFONTAINES

Laurent KETTENMEYER

Matthieu GOT

Karine KACZKA

 

Robert HAMMOND (U.S.)

Tel. : (1) 713-483-5070

Fax : (1) 713-483-5629

 

TOTAL S.A.

Capital 5 909 418 282,50 euros

542 051 180 R.C.S. Nanterre

 

www.total.com

  

Paris, April 16, 2012 - The Annual General Shareholders’ Meeting (ordinary and extraordinary) of TOTAL S.A. will be held at the Palais des Congrès (2, place de la Porte Maillot, 75017 Paris, France) on Friday, May 11, 2012 at 10:00 a.m.

 

Notices of the meeting and proposed resolutions have been published in accordance with applicable law and are available (in French) on the Company’s Web site www.total.com, (under the heading Individual Shareholders/ Shareholders’ Meetings).

 

Additional documents and information regarding this meeting will be made available to shareholders pursuant to applicable law.

  
  
EX-99.8 9 d354524dex998.htm EXHIBIT 99.8 Exhibit 99.8

Exhibit 99.8

 

LOGO

 

   Thailand – Start-up of production of offshore Greater Bongkot South field

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax: + 33 (0) 1 47 44 68 21

 

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

 

Charles-Etienne LEBATARD

Tel.: + 33 (0) 1 47 44 45 91

 

Victoria CHANIAL

Tel.: + 33 (0) 1 47 44 35 86

 

Aude COLAS DES FRANCS

Tel.: + 33 (0) 1 47 44 47 05

 

Michaël CROCHET-VOUREY

Tel.: + 33 (0) 1 47 44 81 33

 

Sandra DANTE

Tel.: + 33 (0) 1 47 44 46 07

 

Christine de CHAMPEAUX

Tel.: + 33 (0) 1 47 44 47 49

 

Hortense OURY

Tel.: + 33 (0) 1 47 44 23 34

 

Florent SEGURA

Tel.: + 33 (0) 1 47 44 31 38

 

Frédéric TEXIER

Tel.: + 33 (0) 1 47 44 38 16

 

Anastasia ZHIVULINA

Tel.: + 33 (0) 1 47 44 76 29

 

TOTAL S.A.

Capital 5,909,418,282.50 euros

542 051 180 R.C.S. Nanterre

 

www.total.com

  

Paris, April 23, 2012 – Total and the partners of the Bongkot Joint Venture announce the start of the production from the Greater Bongkot South (GBS) gas and condensate field in the Gulf of Thailand. The Joint Venture is operated by PTTEP (44.45%), alongside partners Total (33.33%) and BG Group (22.22%).

 

Jean-Marie Guillermou, Senior Vice-President for Total Exploration-Production mentioned: “I am delighted with the start-up of the Great Bongkot South field in line with the schedule and within the budget which will increase by 50% our production capacity in Thailand and will enable the Bongkot Joint Venture to further contribute to the growing gas demand in Thailand. After the recent successful start-up of Pazflor and Usan, in Angola and Nigeria respectively, this development is a new milestone in the implementation of Total’s growth strategy.”

 

The offshore GBS field is located in the Gulf of Thailand’s blocks B16 and B17, approximately 200 kilometres East of Songkhla. This new standalone development consists of a central processing platform, a living quarter platform and 13 wellhead platforms.

 

The processing platform has a capacity of 350 million cubic feet of gas per day and 15,000 barrels of condensate per day. Gas is exported via a new build spur line to the PTT grid while condensate is exported to the existing Floating, Storage and Offloading (FSO) vessel at the Greater Bongkot North field, which is located 80 kilometres to the north.


   Total Exploration and Production in Thailand
   The Greater Bongkot North field (33.33%) is Total’s only E&P asset in Thailand. In 2011, this field contributed 41,000 barrels of oil equivalent per day to the Group’s production.
   Total is also active in power in Thailand and holds a 28% interest in Eastern Power and Electric Company Ltd (EPEC). Since 2003, EPEC has been operating the combined cycle gas power plant of Bang Bo, with a capacity of 350 Mega Watts.

 

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax: + 33 (0) 1 47 44 68 21

 

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

 

Charles-Etienne LEBATARD

Tel.: + 33 (0) 1 47 44 45 91

 

Victoria CHANIAL

Tel.: + 33 (0) 1 47 44 35 86

 

Aude COLAS DES FRANCS Tel.: + 33 (0) 1 47 44 47 05

 

Michaël CROCHET-VOUREY

Tel.: + 33 (0) 1 47 44 81 33

 

Sandra DANTE

Tel.: + 33 (0) 1 47 44 46 07

 

Christine de CHAMPEAUX

Tel.: + 33 (0) 1 47 44 47 49

 

Hortense OURY

Tel.: + 33 (0) 1 47 44 23 34

 

Florent SEGURA

Tel.: + 33 (0) 1 47 44 31 38

 

Frédéric TEXIER

Tel.: + 33 (0) 1 47 44 38 16

 

Anastasia ZHIVULINA

Tel.: + 33 (0) 1 47 44 76 29

 

TOTAL S.A.

Capital 5,909,418,282.50 euros

542 051 180 R.C.S. Nanterre

 

www.total.com

  

In Thailand, as in all the countries where Total has activities, the Group is engaged in initiatives towards the local communities and the environment. In Thailand, Total supports a reforestation project in the Petchaburi province, with local communities being hired and trained to plant and maintain trees. Furthermore, alongside PTTEP, Total sponsors a three-year poverty reduction project aiming to improve the local economy and living standards for hill-tribe villages in the Chiang Rai province, through the promotion of agro-forestry and farming, notably of terrace paddy fields, and micro-credit initiatives. Total also promotes research and development by co-sponsoring a corrosion laboratory at the King Mongkut’s University of Technology in North Bangkok.

 

* * * * *

 

Total is one of the largest integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals. Its 96,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, new energies, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow. www.total.com

  
  
EX-99.9 10 d354524dex999.htm EXHIBIT 99.9 Exhibit 99.9

Exhibit 99.9

 

LOGO

 

   North Sea: Islay Field Comes On Stream

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax: + 33 (0) 1 47 44 68 21

 

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

 

Charles-Etienne LEBATARD

Tel.: + 33 (0) 1 47 44 45 91

 

Victoria CHANIAL

Tel.: + 33 (0) 1 47 44 35 86

 

Aude COLAS DES FRANCS

Tel.: + 33 (0) 1 47 44 47 05

 

Michaël CROCHET-VOUREY

Tel.: + 33 (0) 1 47 44 81 33

 

Sandra DANTE

Tel.: + 33 (0) 1 47 44 46 07

 

Christine de CHAMPEAUX

Tel.: + 33 (0) 1 47 44 47 49

 

Hortense OURY

Tel.: + 33 (0) 1 47 44 23 34

 

Florent SEGURA

Tel.: + 33 (0) 1 47 44 31 38

 

Frédéric TEXIER

Tel.: + 33 (0) 1 47 44 38 16

 

Anastasia ZHIVULINA

Tel.: + 33 (0) 1 47 44 76 29

 

TOTAL S.A.

Capital 5,909,418,282.50 euros

542 051 180 R.C.S. Nanterre

 

www.total.com

  

Paris, April 24, 2012 – Total announces first production from its Islay gas field in the Northern North Sea, 440 kilometers north-east of Aberdeen.

 

Total operates and fully owns the Islay field, which was discovered mid 2008 and is mainly located in Block 3/15 of the United Kingdom sector and partly in Blocks 29/6a and 29/6c of the Norwegian sector. Lying in a water depth of 120 meters, the field has estimated reserves of nearly 17 million barrels of oil equivalent and has already reached its expected production of 15 000 barrels of oil equivalent per day.

 

Islay’s single well is tied-back to the Alwyn North platform via existing subsea infrastructure, underlining Total’s strategy in the North Sea of using existing facilities to exploit the potential of satellite discoveries. This project will help to further extend the life of Total’s fully owned Alwyn production hub.

 

* * * * *

 

Total is one of the largest integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals. Its 96,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, new energies, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow. www.total.com

 

* * * * *

 

Cautionary Note to U.S. Investors — The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with the SEC rules. We may use certain terms in this press release, such as estimated reserves, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 1-10888 available from us at 2, place Jean Millier - La Défense 6 - 92078 Paris La Défense Cedex, France or at our Web site: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s Web site: www.sec.gov.

  
  
  
  
  
  
  
EX-99.10 11 d354524dex9910.htm EXHIBIT 99.10 Exhibit 99.10

Exhibit 99.10

 

LOGO

 

  Paris, April 27, 2012   
  First quarter 2012 results   
         1Q12      1Q11      Change
vs 1Q11
 
 

Adjusted net income1

        
 

- in billion euros (B€)

     3.07         3.10         -1
 

- in billion dollars (B$)

     4.03         4.25         -5
 

- in euros per share

     1.36         1.38         -2
 

- in dollars per share

     1.78         1.89         -6
 

Net income (Group share) of 3.7 B€ in the first quarter 2012

 

Net-debt-to-equity ratio of 22.2% on March 31, 2012

  

  

 

Upstream production of 2,372 kboe/d in the first quarter 2012

 

1Q12 interim dividend of 0.57 €/share payable in September 20122

 

  

  

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Tel. : 33 (1) 47 44 58 53

Fax : 33 (1) 47 44 58 24

 

Martin DEFFONTAINES

Laurent KETTENMEYER

Matthieu GOT

Karine KACZKA

Robert PERKINS

 

Robert HAMMOND (U.S.)

Tel. : (1) 713-483-5070

Fax : (1) 713-483-5629

 

TOTAL S.A.

Capital 5 909 418 282,50 euros 542 051 180 R.C.S. Nanterre

 

www.total.com

 

Commenting on the quarter, Christophe de Margerie, Chairman and CEO said:

 

« Recent incidents, such as the one on the Elgin platform in the UK North Sea, confirm the crucial importance of safety in our operations. We cannot envisage profitable growth without prioritizing personal safety and operational reliability. The entire company recognizes that the complexity of our operations requires an even stronger commitment to safety and environmental protection.

 

In the context of oil prices that were favorable for Upstream but difficult for Refining & Chemicals activities, the Group is satisfied with its first quarter profit of 3.1 billion euros. Important achievements to highlight since the start of the year include first production from Usan, Islay and Bongkot South. TOTAL has also launched the development of three major new projects, Ichthys, Ofon II and Hild, finalized its entry into Uganda and approved the expansion of the Daesan petrochemicals complex in South Korea. It is thanks to attention to safety, the dynamism in the development of a diverse portfolio of assets, and the strength of its balance sheet that the Group can pursue the sustainable growth of its activities. »

  

      

         

 

 

1          Definition of adjusted results on page 2 - dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period : 1.3108 $/€ in the 1st quarter 2012, 1.3680 $/€ in the 1st quarter 2011, 1.3482 $/€ in the 4th quarter 2011.

2         The ex-dividend date will be September 24, 2012. Pending approval at the May 11, 2012, Annual Shareholders Meeting, the remaining 0.57 €/share dividend for 2011 will be paid June 21, 2012.

               

               

 

1


 

 

•      Key figures3

           
    

in millions of euros

except earnings per share and number of shares

   1Q12      4Q11      1Q11      1Q12 vs
1Q11
 
 

Sales

     51,168         47,492         46,029         +11
 

Adjusted operating income from business segments

     6,779         6,263         6,369         +6
 

Adjusted net operating income from business segments

     3,257         3,049         3,363         -3
    

 

 

    

 

 

    

 

 

    

 

 

 
 

• Upstream

     2,939         2,776         2,849         +3
 

• Refining & Chemicals

     61         35         266         -77
 

• Supply & Marketing

     257         238         248         +4
 

Adjusted net income

     3,074         2,725         3,104         -1
 

Adjusted fully-diluted earnings per share (euros)

     1.36         1.20         1.38         -2
 

Fully-diluted weighted-average shares (millions)

     2,265         2,264         2,251         +1
 

Net income (Group share)

     3,662         2,290         3,946         -7
 

Investments4

     5,940         7,367         5,683         +5
 

Divestments

     1,690         1,495         663         x3   
 

Net investments

     4,250         5,872         5,020         -15
 

Cash flow from operations

     5,267         2,794         5,714         -8
 

Adjusted cash flow from operations

     5,095         5,865         4,945         +3
 

 

in millions of dollars5

except earnings per share and number of shares

   1Q12      4Q11      1Q11      1Q12 vs
1Q11
 
 

Sales

     67,071         64,029         62,968         +7
 

Adjusted operating income from business segments

     8,886         8,444         8,713         +2
 

Adjusted net operating income from business segments

     4,269         4,111         4,601         -7
    

 

 

    

 

 

    

 

 

    

 

 

 
 

• Upstream

     3,852         3,743         3,897         -1
 

• Refining & Chemicals

     80         47         364         -78
 

• Supply & Marketing

     337         321         339         -1
 

Adjusted net income

     4,029         3,674         4,246         -5
 

Adjusted fully-diluted earnings per share (euros)

     1.78         1.62         1.89         -6
 

Fully-diluted weighted-average shares (millions)

     2,265         2,264         2,251         +1
 

Net income (Group share)

     4,800         3,087         5,398         -11
 

Investments4

     7,786         9,932         7,774         -   
 

Divestments

     2,215         2,016         907         x2   
 

Net investments

     5,571         7,917         6,867         -19
 

Cash flow from operations

     6,904         3,767         7,817         -12
 

Adjusted cash flow from operations

     6,679         7,907         6,765         -1
 

 

3          Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. Adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 15 and the inventory valuation effect is explained on page 12.

4         Including acquisitions.

5         Dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.

               

            

             

 

2


  

 

•      Main events since the start of the first quarter 2012

 

•      Gas leak on the Elgin platform in the UK North Sea

 

(information available on www.elgin.total.com)

 

•      Started production from three major projects, Usan in Nigeria, Bongkot South in Thaïland, and Islay in the UK North Sea

 

•      Launched the development of Ichthys LNG in Australia, Hild in the Norwegian North Sea, and Ofon Phase 2 in offshore Nigeria

 

•      Finalized the acquisition of 33.33% interest in exploration and production licenses in Uganda

 

•      Acquired interests in exploration permits in Yemen, Mauritania and Côte d’Ivoire

 

•      Entered a 50% joint venture for a pilot program to develop oil shale in Utah

 

•      Divested TEPMA BV, a Group subsidiary that held producing assets and interests in two pipelines in Colombia.

 

•      Signed a memorandum of understanding for the development of an integrated refining-petrochemicals project in China.

 

•      Launched the expansion and modernization project for the Samsung-Total Petrochemicals facility in South Korea.

 

•      Divestment of a 51% interest in Composites One, a North American distributor for the composites manufacturing industry, and of a 50% interest in fertilizer producer Pec-Rhin.

 

•      First quarter 2011 results

 

> Operating income from business segments

 

In the first quarter 2012, the Brent price averaged 118.6 $/b, an increase of 13% compared to the first quarter 2011 and 9% compared to the fourth quarter 2011. The European refining margin indicator (ERMI) averaged 20.9 $/t, a decrease of 15% compared to the first quarter 2011 but an increase of 38% compared to the fourth quarter 2011. Faced with weak demand and high raw material costs, the environment for petrochemicals in Europe continued to deteriorate.

 

The euro-dollar exchange rate averaged 1.31 $/€ in the first quarter 2012 compared to 1.37 $/€ in the first quarter 2011 and 1.35 $/€ in the fourth quarter 2011.

 

In this environment, the adjusted operating income6 from the business segments was 6,779 M€, an increase of 6% compared to the first quarter 2011. Expressed in dollars, the increase was 2%.

 

The effective tax rate7 for the business segments was 60% in the first quarter 2012 compared to 55% in the first quarter 2011, essentially due to the increase in the effective tax rate in the Upstream segment.

 

Adjusted net operating income from the business segments was 3,257 M€ in the first quarter 2012 compared to 3,363 M€ in the first quarter 2011, a decrease of 3%. That the adjusted net operating income from the business segments decreased while the adjusted operating income from the business segments increased during this period can be explained principally by the increase in the effective tax rate for the business segments during the period.

 

Expressed in dollars, the adjusted net operating income from the business segments was 4.3 billion dollars (B$), a decrease of 7% compared to the first quarter 2011. This decrease is due mainly to the lower contribution from Refining & Chemicals, which reflects the deterioration of its environment.

  

 

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

6         There were no special items affecting operating income in the 1st quarter of 2012 or in the 1st quarter of 2011.

 

3


  

> Net income (Group share)

 

Adjusted net income was 3,074 M€ compared to 3,104 M€ in the first quarter 2011, a decrease of 1%. Expressed in dollars, adjusted net income decreased by 5%.

 

Adjusted net income excludes the after-tax inventory effect, special items and the effect of changes in fair value8:

 

•      The after-tax inventory effect had a positive impact of 590 M€ in the first quarter 2012 and a positive impact of 946 M€ in the first quarter 2011.

 

•      Changes in fair value had a negative impact on net income of 20 M€ in the first quarter 2012 compared to a positive impact of 63 M€ in the first quarter 2011.

 

•      Special items had a positive impact of 18 M€ in the first quarter 2012, including, in particular, gains on the sale of Sanofi shares which were partially offset by a provision for the Elgin incident at the level of the Group’s consolidated accounts. Special items in the first quarter 2011 had a negative impact of 167 M€.

 

Net income (Group share) was 3,662 M€ compared to 3,946 M€ in the first quarter 2011.

 

The effective tax rate for the Group was 60.6% in the first quarter 2012 compared to 55.6% in the first quarter 2011.

 

Adjusted fully-diluted earnings per share, based on 2,265 million fully-diluted weighted average shares, was 1.36 euros compared to 1.38 euros in the first quarter 2011.

 

Expressed in dollars, adjusted fully-diluted earnings per share declined by 6% to $1.78.

 

> Investments – divestments9

 

Investments, excluding acquisitions and including the change in non-current loans, were 3.9 B€ (5.1 B$) in the first quarter 2012, an increase of 39% compared to 2.8 B€ (3.8 B$) in the first quarter 2011.

 

Acquisitions were 1.8 B€ in the first quarter 2012, comprised essentially of an interest in exploration and production licenses in Uganda, exploration permits in Angola and minority interests in Fina Antwerp Olefins.

 

Asset sales in the first quarter 2012 were 1.5 B€, comprised essentially of Sanofi shares, interests in the Gassled pipeline in Norway, Upstream assets in France, and interests in Composites One in the U.S. and Pec-Rhin in France.

 

Net investments10 were 4.2 B€ (5.6 B$) in the first quarter 2012 compared to 5.0 B€ (6.9 B$) in the first quarter 2011.

  

 

8          Adjustment items explained on page 12.

9         Detail shown on page 16.

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

 

4


  

> Cash flow

 

Cash flow from operations was 5,267 M€ in the first quarter 2012, a decrease of 8% compared to the first quarter 2011, essentially in line with the change in the Group’s net income.

 

Adjusted cash flow from operations11 was 5,095 M€, an increase of 3%. Expressed in dollars, adjusted cash flow from operations was 6.7 B$, a decrease of 1%.

 

The Group’s net cash flow12 was 1,017 M€ compared to 694 M€ in the first quarter 2011, an increase of 47%.

 

Expressed in dollars, the Group’s net cash flow was 1.3 B$ in the first quarter 2012, an increase of 40% compared to the first quarter 2011.

 

The net-debt-to-equity ratio was 22.2% on March 31, 2012, compared to 23.0% on December 31, 2011, and 19.3% on March 31, 201113.

  

 

11        Cash flow from operations at replacement cost before changes in working capital.

12        Net cash flow = cash flow from operations - net investments.

13       Detail shown on page 17.

 

5


 

 

•      Analysis of business segment results

 

Upstream

 

> Environment – liquids and gas price realizations*

 

        

  

  

           1Q12      4Q11      1Q11      1Q12 vs
1Q11
 
 

Brent ($/b)

     118.6         109.3         105.4         +13
 

Average liquids price ($/b)

     115.2         104.3         99.5         +16
 

Average gas price ($/Mbtu)

     7.16         6.79         6.19         +16
 

Average hydrocarbons price ($/boe)

     82.1         75.9         71.7         +15
 

*  Consolidated subsidiaries, excluding fixed margin and buy-back contracts. Effective first quarter 2012, over/under-lifting valued at market prices.

 

> Production

 

      

  

    

Hydrocarbon production

   1Q12      4Q11      1Q11      1Q12 vs
1Q11
 
 

Combined production (kboe/d)

     2,372         2,384         2,371         —     
 

•      Liquids (kb/d)

     1,229         1,237         1,293         -5
 

•      Gas (Mcf/d)

     6,226         6,201         5,880         +6
 

Hydrocarbon production was 2,372 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2012, stable compared to the same quarter last year, essentially as a result of:

 

•      -2% for normal decline, net of production ramp-ups on new projects,

 

•      +5% for changes in the portfolio, integrating the net share of Novatek production and impact of the sale of interests in CEPSA and the E&P subsidiary in Cameroon,

 

•      -2% for security conditions in Syria net of the positive effect of Libya returning to production,

 

•      -1% for the price effect14.

   

        

         

         

        

 

 

14        Impact of changing hydrocarbon prices on entitlement volumes.

          

 

6


   

 

Results

 

 
 

in millions of euros

   1Q12      4Q11      1Q11      1Q12 vs
1Q11
 
 

Adjusted operating income*

     6,457         6,055         5,821         +11
 

Adjusted net operating income*

     2,939         2,776         2,849         +3
 

• includes adjusted income from equity affiliates

     484         476         374         +29
 

Investments

     5,368         6,300         5,232         +3
 

Divestments

     759         447         335         x2   
 

Cash flow from operating activities

     5,624         3,648         4,643         +21
 

Adjusted cash flow

     4,668         5,430         4,271         +9
 

*  Detail of adjustment items shown in the business segment information annex to financial statements.

 

Adjusted net operating income from the Upstream segment was 2,939 M€ in the first quarter 2012 compared to 2,849 M€ in the first quarter 2011, an increase of 3%. Expressed in dollars, adjusted net operating income from the Upstream segment was 3,897 M$ in the first quarter 2011 compared to 3,852 M$ in the first quarter of 2012. The positive effect of higher hydrocarbon prices was offset mainly from higher Upstream taxes in these periods.

 

The effective tax rate for the Upstream segment was 62.1% compared to 57.6% in the first quarter 2011, essentially driven by portfolio mix effects and higher taxes in the UK.

 

The return on average capital employed (ROACE15) for the Upstream segment was 20%, for the twelve months ended March 31, 2012, stable compared to the full-year 2011.

 

The annualized first quarter 2012 ROACE for the Upstream segment was 20%.

      

      

   

   

  

 

 

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

           

 

7


 

 

Refining & Chemicals

 

> Refinery throughput and utilization rates*

 

  

  

         1Q12     4Q11     1Q11     1Q12 vs
1Q11
 
 

Total refinery throughput (kb/d)

     1,830        1,674        2,012        -9
    

 

 

   

 

 

   

 

 

   

 

 

 
 

• France

     692        742        745        -7
 

• Rest of Europe

     879        714        1,047        -16
 

• Rest of world

     259        218        220        +18
 

Utilization rates**

        
 

• Based on crude only

     82     77     79  
 

• Based on crude and other feedstock

     88     79     85  
 

*       Includes share of CEPSA through July 31, 2011, and of TotalErg. Results for refineries in South Africa, French Antilles and Italy are reported in the Supply & Marketing segment.

**     Based on distillation capacity at the beginning of the year.

 

The decrease in refinery throughput compared to the first quarter 2011 is due to the sale of Group’s interest in CEPSA at the end of July 2011; excluding this impact, throughput volume would have increased by 2% compared to the first quarter 2011. In the first quarter 2012, throughput was affected by mainly by a major turnaround at the Provence refinery.

 

> Results

 

            

        

      

  

    

in millions of euros
(except the ERMI)

   1Q12     4Q11     1Q11     1Q12 vs
1Q11
 
 

European refining margin indicator - ERMI ($/t)

     20.9        15.1        24.6        -15
 

Adjusted operating income*

     (47     (126     289        na   
 

Adjusted net operating income*

     61        35        266        -77
 

•   Contribution of Specialty chemicals **

     91        74        105        -13
 

Investments

     429        624        344        +25
 

Divestments

     141        58        16        x9   
 

Cash flow from operating activities

     (36     (649     1,058        na   
 

Adjusted cash flow

     128        114        443        -71
 

*       detail of adjustment items shown in the business segment information annex to financial statements.

**     Hutchinson, Bostik, Atotech ; including coatings and photocure resins until they were sold in July 2011.

 

The European refinery margin indicator (ERMI) averaged 20.9 $/t in the first quarter 2012, a decrease of 15% compared to the first quarter 2011.

 

Adjusted net operating income from the Refining & Chemicals segment was 61 M€ in the first quarter 2012, a decrease of 77% compared to the first quarter 2011.

 

Expressed in dollars, the adjusted net operating income decreased by 78% compared to the first quarter 2011. The decrease is mainly due to the strong deterioration of the environment for petrochemicals in Europe and, to a lesser extent, a decrease in European refining margins.

           

         

   

   

     

 

8


  

The ROACE16 for the Refining & Chemicals segment was 4% for the twelve months ended March 31, 2012, compared to 5% for the full-year 2011.

 

The annualized first quarter 2012 ROACE for the Refining & Chemicals segment was 2%.

  

 

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

 

9


 

 

Supply & Marketing

 

> Refined product sales

 

  

  

    

Sales in kb/d*

   1Q12     4Q11      1Q11     1Q12 vs
1Q11
 
 

Europe

     1,211        1,280         1,630        -26
 

Rest of world

     529        534         515        +3
    

 

 

   

 

 

    

 

 

   

 

 

 
 

Total Supply & Marketing sales

     1,740        1,814         2,145        -19
 

*  Excludes trading and bulk Refining sales, includes share of TotalErg and, until July 31, 2011, CEPSA.

 

In the first quarter 2012, sales volumes decreased by 19% compared to the first quarter last year. The decrease is due to the sale of marketing activities in the UK and the sale of the Group’s interest in CEPSA in 2011. Excluding these portfolio effects, sales volumes for Supply & Marketing would have been stable.

 

> Results

 

      

     

  

    

in millions of euros

   1Q12     4Q11      1Q11     1Q12 vs
1Q11
 
 

Sales

     21,411        21,374         20,489        +4
 

Adjusted operating income*

     369        334         259        +42
 

Adjusted net operating income*

     257        238         248        +4
 

Investments

     136        379         91        +49
 

Divestments

     34        479         21        +62
 

Cash flow from operating activities

     (302     33         (44     na   
 

Adjusted cash flow

     315        291         206        +53
 

*  Detail of adjustment items shown in the business segment information annex to financial statements.

 

Supply & Marketing sales were 21.4 B€, an increase of 4% compared to the first quarter 2011.

 

Adjusted net operating income from the Supply & Marketing segment was 257 M€ in the first quarter 2012, an increase of 4% compared to the first quarter 2011, mainly due to an improvement in margins for specialty products.

 

The ROACE17 for the Supply & Marketing segment was 17% for the twelve months ended March 31, 2012, compared to 18% for the full-year 2011.

 

The annualized first quarter 2012 ROACE for the Supply & Marketing segment was 18%.

 

      

  

    

    

  

 

 

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

           

 

10


  

•      Summary and outlook

 

The ROACE18 for the Group for the twelve months ended March 31, 2012, was 16%, stable compared to the full-year 2011. The annualized first quarter 2012 ROACE for the Group was 16%.

 

The return on equity for the twelve months ended March 31, 2012 was 18%, stable compared to the full-year 2011.

 

Pending approval at the May 11, 2012 Annual Shareholders Meeting, TOTAL S.A. will pay on June 21, 2012, the 0.57 € per share19 remainder of the 2011 dividend. The 2011 cash dividend represents a total of 2.28 € per share.

 

In addition, the Board of Directors decided on April 26, 2012, to pay an interim 2012 dividend of 0.57 € per share on September 27, 201220.

 

Since the beginning of the year, the Group has successfully started production on three major new projects: Usan in Nigeria, Islay in the UK North Sea, and Bongkot South in Thailand. The next 2012 start-ups include Sulige in China and Angola LNG. Notwithstanding, production for the second quarter of 2012 will be impacted by the incidents in the UK, in Nigeria, and in Yemen, as well as by scheduled seasonal maintenance.

 

In the Refining & Chemicals segment, the start of the second quarter 2012 has been marked by a rebound in refining margins in Europe, resulting from a decrease in the price of oil and a reduction in available capacity due to seasonal shut-downs for major turnarounds and refinery closures in the Atlantic basin. For petrochemicals, margins in Europe have recovered from the very low first quarter levels.

 

¿ ¿ ¿

 

To listen to a presentation by CFO Patrick de La Chevardière to financial analysts today at 15:00 (Paris time) please log on to www.total.com or call +44 (0)207 162 0125 in Europe or +1 334 323 6203 (listen-only mode). For a replay, please consult the Web site or call +44 (0)207 031 4064 in Europe or +1 954 334 0342 in the U.S. (code: 914 321).

  

 

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

19       The ex-dividend date will be June 18, 2012.

20       The ex-dividend date will be September 24, 2012.

 

11


  

This document may contain forward-looking statements, including within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL.

 

Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company’s financial results is provided in documents filed by the Group with the French Autorité des Marchés Financiers and the U.S. Securities and Exchange Commission (“SEC”).

 

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL.

 

Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods.

 

Adjustment items include:

 

(i) Special items

 

Due to their unusual nature or particular 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, 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 within prior years or are likely to occur again within the coming years.

 

(ii) Inventory valuation effect

 

The adjusted results of the Refining & Chemicals and Supply & Marketing segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.

 

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 rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.

 

(iii) Effect of changes in fair value

 

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, which future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.

 

The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.

 

Dollar amounts presented herein represent euro amounts converted at the average euro-dollar exchange rate for the applicable period and are not the result of financial statements prepared in dollars.

 

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this presentation, such as resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, Place Jean Millier – La Défense 6 – 92078 Paris – La Défense Cedex, France, or at our Web site: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s Web site: www.sec.gov.

 

12


 

 

Operating information by segment

for first quarter 2012

 

•      Upstream

 

  

  

        

    

Combined liquids and gas production by region (kboe/d)

   1Q12      4Q11      1Q11      1Q12 vs
1Q11
 
 

Europe

     499         518         582         -14
 

Africa

     709         693         691         +3
 

Middle East

     511         546         581         -12
 

North America

     68         67         68         —     
 

South America

     182         182         185         -2
 

Asia-Pacific

     214         212         242         -12
 

CIS

     189         166         22         x9   
    

 

 

    

 

 

    

 

 

    

 

 

 
 

Total production

     2,372         2,384         2,371         —     
    

 

 

    

 

 

    

 

 

    

 

 

 
 

Includes equity affiliates

     628         580         500         +26
 

Liquids production by region (kb/d)

   1Q12      4Q11      1Q11      1Q12 vs
1Q11
 
 

Europe

     226         244         263         -14
 

Africa

     566         553         551         +3
 

Middle East

     300         304         325         -8
 

North America

     24         22         32         -25
 

South America

     63         62         82         -23
 

Asia-Pacific

     24         25         28         -14
 

CIS

     26         27         12         x2   
    

 

 

    

 

 

    

 

 

    

 

 

 
 

Total production

     1,229         1,237         1,293         -5
    

 

 

    

 

 

    

 

 

    

 

 

 
 

Includes equity affiliates

     299         295         325         -8

 

13


    

Gas production by region (Mcf/d)

   1Q12      4Q11      1Q11      1Q12 vs
1Q11
 
 

Europe

     1,492         1,491         1,743         -14
 

Africa

     730         688         717         +2
 

Middle East

     1,143         1,307         1,390         -18
 

North America

     247         246         204         +21
 

South America

     663         664         571         +16
 

Asia-Pacific

     1,073         1,056         1,202         -11
 

CIS

     878         749         53         x17   
    

 

 

    

 

 

    

 

 

    

 

 

 
 

Total production

     6,226         6,201         5,880         +6
    

 

 

    

 

 

    

 

 

    

 

 

 
 

Includes equity affiliates

     1,773         1,537         947         +87
 

 

Liquified natural gas

   1Q12      4Q11      1Q11      1Q12 vs
1Q11
 
 

LNG sales* (Mt)

     3.24         3.15         3.36         -4
 

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

 

•      Downstream (Refining & Chemicals and Supply & Marketing)

 

      

        

    

Refined product sales by region (kb/d)*

   1Q12      4Q11      1Q11      1Q12 vs
1Q11
 
 

Europe

     2,066         2,049         2,481         -17
 

Africa

     392         378         369         +6
 

Americas

     441         409         439         —     
 

Rest of world

     568         486         480         +18
    

 

 

    

 

 

    

 

 

    

 

 

 
 

Total consolidated sales

     3,467         3,322         3,769         -8
 

Includes bulk sales

     501         446         437         +15
 

Includes trading

     1,226         1,062         1,187         +3
 
 

 

*  Includes share of CEPSA through July 31, 2011, and of TotalErg

     

 

14


 

 

Adjustment items

 

•      Adjustments to operating income

 

  

        

    

In millions of euros

   1Q12     4Q11     1Q11  
 

Special items affecting operating income

     (65     (484     —     
 

Restructuring charges

     —          —          —     
 

Impairments

     —          (535     —     
 

Other

     (65     51        —     
 

Pre-tax inventory effect : FIFO vs. replacement cost

     846        58        1356   
 

Effect of change in fair value

     (25     30        84   
 

Total adjustments affecting operating income

     756        (396     1440   
 

 

•      Adjustments to net income (Group share)

 

        

    

In millions of euros

   1Q12     4Q11     1Q11  
 

Special items affecting operating income (Group share)

     18        (504     (167
 

Gain on asset sales

     80        268        11   
 

Restructuring charges

     —          (66     —     
 

Impairments

     (20     (716     —     
 

Other

     (42     10        (178
 

After-tax inventory effect : FIFO vs. replacement cost

     590        49        946   
 

Effect of change in fair value

     (20     20        63   
 

Total adjustments affecting net income

     588        (435     842   
 

 

Effective tax rates

 

  

    

Effective tax rate*

   1Q12     4Q11     1Q11  
 

Upstream

     62.1     60.4     57.6
 

Group

     60.6     60.8     55.6
 

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

       

 

15


 

 

Investments - Divestments

 

  

    

In millions of euros

   1Q12      4Q11      1Q11     1Q12 vs
1Q11
 
 

Investments excluding acquisitions*

     3,873         5,225         2,787        +39
 

Capitalized exploration

     350         328         217        +61
 

Change in non-current loans**

     159         244         (208     na   
 

Acquisitions

     1,832         1,858         2,529        -28
 

Investments including acquisitions*

     5,705         7,083         5,316        +7
 

Asset sales

     1,455         1,211         296        x5   
 

Net investments**

     4,250         5,872         5,020        -15
 

Expressed in millions of dollars***

   1Q12      4Q11      1Q11    

 

1Q12 vs
1Q11

 
 

Investments excluding acquisitions*

     5,077         7,044         3,813        +33
 

Capitalized exploration

     459         442         297        +55
 

Change in non-current loans**

     208         329         (285     na   
 

Acquisitions

     2,401         2,505         3,460        -31
 

Investments including acquisitions*

     7,478         9,549         7,272        +3
 

Asset sales

     1,907         1,633         405        x5   
 

Net investments**

     5,571         7,917         6,867        -19
 

*       Includes changes in non-current loans.

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

***  Dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.

          

         

      

 

16


 

 

Net-debt-to-equity ratio

 

  

    

in millions of euros

   03/31/2012     12/31/2011     03/31/2011  
 

Current borrowings

     9,574        9,675        11,674   
 

Net current financial assets

     (1,322     (533     (1,709
 

Non-current financial debt

     22,428        22,557        20,215   
 

Hedging instruments of non-current debt

     (1,882     (1,976     (1,352
 

Cash and cash equivalents

     (13,330     (14,025     (17,327
 

Net debt

     15,468        15,698        11,501   
 

Shareholders’ equity

     70,945        68,037        62,535   
 

Estimated dividend payable

     (2,573     (1,255     (3,832
 

Non-controlling interests

     1,275        1,352        898   
 

Equity

     69,647        68,134        59,601   
 

Net-debt-to-equity ratio

     22.2     23.0     19.3
  

 

2012 Sensitivities*

 

         

Scenario

  

Change

  

Impact on adjusted
operating

income(e)

  

Impact on adjusted

net operating

income(e)

  

Dollar

   1.40 $/€    +0.1 $ per €    -1.8 B€    -0.95 B€
  

Brent

   100 $/b    +1 $/b    +0.25 B€ / 0.35 B$    +0.11 B€ / 0.15 B$
  

European refining margins (ERMI)

   25 $/t    +1 $/t    +0.06 B€ / 0.08 B$    +0.04 B€ / 0.05 B$
  

 

*  Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. The impact of the €-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 80% and 75% respectively.

 

17


 

 

Return on average capital employed

 

•      Twelve months ended March 31, 2012

 

  

        

    

in millions of euros

   Upstream     Refining &
Chemicals
    Supply &
Marketing
    Group  
 

Adjusted net operating income

     10,495        643        1,019        11,975   
 

Capital employed at 03/31/2011*

     44,528        16,369        5,839        70,579   
 

Capital employed at 03/31/2012*

     59,383        16,222        6,031        83,093   
 

ROACE

     20.2     3.9     17.2     15.6
 

•      Full-year 2011

 

        

    

in millions of euros

   Upstream     Refining &
Chemicals
    Supply &
Marketing
    Group  
 

Adjusted net operating income

     10,405        848        1,010        12,045   
 

Capital employed at 12/31/2010*

     43,972        17,265        5,608        70,866   
 

Capital employed at 12/31/2011*

     58,939        15,883        5,391        81,066   
 

ROACE

     20.2     5.1     18.4     15.9
 

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

     

 

18

EX-99.11 12 d354524dex9911.htm EXHIBIT 99.11 Exhibit 99.11

Exhibit 99.11

 

LOGO

 

 

Uruguay - Total awarded an exploration license for block 14

 

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax: + 33 (0) 1 47 44 68 21

 

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

 

Charles-Etienne LEBATARD

Tel.: + 33 (0) 1 47 44 45 91

 

Victoria CHANIAL

Tel.: + 33 (0) 1 47 44 35 86

 

Aude COLAS DES FRANCS

Tel.: + 33 (0) 1 47 44 47 05

 

Michaël CROCHET-VOUREY

Tel.: + 33 (0) 1 47 44 81 33

 

Sandra DANTE

Tel.: + 33 (0) 1 47 44 46 07

 

Christine de CHAMPEAUX

Tel.: + 33 (0) 1 47 44 47 49

 

Hortense OURY

Tel.: + 33 (0) 1 47 44 23 34

 

Florent SEGURA

Tel.: + 33 (0) 1 47 44 31 38

 

Frédéric TEXIER

Tel.: + 33 (0) 1 47 44 38 16

 

Anastasia ZHIVULINA

Tel.: + 33 (0) 1 47 44 76 29

 

TOTAL S.A.

Capital 5,909,418,282.50 euros

542 051 180 R.C.S. Nanterre

 

www.total.com

 

 

Paris, May 3 2012 - Total announces that it has been awarded an exploration license for Uruguay’s offshore Block 14, following the second bidding round held by the national company, ANCAP. This license remains subject to further approval by Uruguayan authorities.

 

Block 14 has a surface area of 6,690 km² and is located in the Pelotas Basin 250 km offshore. Water depths in this highly-promising and under-explored area range from 2,000 to 3,500 meters.

 

Our successful bid on Block 14 is consistent with Total’s bold exploration strategy focused on exploring new, high-potential plays. The bidding process for this particular block was very competitive in terms of the proposed work program and financial commitment, and we are delighted with our success,” said Marc Blaizot, Total’s Senior Vice President, Exploration. “Together with our recently-acquired licenses in Ivory Coast, Kenya, Mauritania and Angola, this award in Uruguay further increases our potential for frontier exploration.”

 

Total has additional Exploration and Production assets in the Southern Cone, notably interests in Argentina, Brazil and Bolivia.

 

* * * * *

 

Total is one of the largest integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals. Its 96,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, new energies, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow. www.total.com

 
 
 
 
 
EX-99.12 13 d354524dex9912.htm EXHIBIT 99.12 Exhibit 99.12

Exhibit 99.12

 

LOGO

 

  

Paris, May 11, 2012

 

Ordinary and Extraordinary Shareholders’ meeting of May 11, 2012

   _________________
  

Approval of all resolutions proposed by the Board of Directors

Dividend of €2.28/share

 

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Tel. : 33 (1) 47 44 58 53

Fax : 33 (1) 47 44 58 24

 

Martin DEFFONTAINES

Laurent KETTENMEYER

Matthieu GOT

Karine KACZKA

Robert PERKINS

 

Robert HAMMOND (U.S.)

Tel. : (1) 713-483-5070

Fax : (1) 713-483-5629

 

TOTAL S.A.

Capital 5 909 418 282,50 euros

542 051 180 R.C.S. Nanterre

 

www.total.com

  

The Annual Shareholders’ Meeting of Total was held on May 11, 2012 under the chairmanship of Christophe de Margerie. Shareholders adopted all resolutions recommended by the Board of Directors, including:

 

•         Approval of the 2011 financial statements and payment of a cash dividend for 2011 of €2.28 per share, unchanged from the previous year. Taking into account the quarterly interim dividend payments for 20111, the final dividend of €0.57 per share will be paid in cash on June 21, 20122.

 

•         Re-election of Ms. Anne Lauvergeon and Mr. Christophe de Margerie, Patrick Artus, Bertrand Collomb and Michel Pébereau to new three-year terms as directors.

 

•         Ratification of the appointment of Gérard Lamarche as director for a one-year period.

 

•         Election of Anne-Marie Idrac as director for a three-year term.

 

•         Various delegations of authority and financial authorizations granted to the Board of Directors.

 

The full results of the votes will be available on Total’s corporate Web site total.com in the coming days.

 

1 

Ex-dividend dates for the three 2011 interim dividends of 0.57 €/share were September 19, 2011 for first-quarter 2011, December 19, 2011 for second-quarter 2011, and March 19, 2012 for third-quarter 2011.

2 

The ex-dividend date for the remainder of the 2011 dividend will be June 18, 2012.


  The Shareholders’ Meeting was also an opportunity for Christophe de Margerie, Chairman and CEO, and Patrick de La Chevardière, Chief Financial Officer, to report to shareholders on the activities of the Board of Directors, corporate governance, and the 2011 performance of the Group as well as its outlook.
  In his opening remarks, Mr. de Margerie reminded shareholders that Total’s core mission and greatest challenge is to invest in profitable projects to facilitate access to energy to meet growing demand. He stated that operational excellence is a prerequisite to satisfy demand sustainably. Alluding to the recent incident on the Elgin wellhead platform in the North Sea, he emphasized the absolute priority placed on the safety of people and described the resources that were immediately deployed to contain the environmental impact and to secure the site. He announced that the well intervention will begin imminently, an important step that is expected to stop the leak. He underscored the responsible manner in which Total has handled the incident as well as the importance of learning the relevant lessons from the investigations currently under way.
  Mr. de Margerie then outlined the main activities of the Board of Directors and its Committees, emphasizing the directors’ involvement in evaluating major projects and managing risks. After presenting the changes in the Executive Committee’s membership, he stressed the importance Total puts on ensuring a diversity of backgrounds and skills on the Board of Directors. He noted the quality of the Board of Directors’ governance practices and described its regular assessment process.
  Mr. de Margerie then addressed his compensation, presenting the performance criteria that are currently applied. Regarding the policy of awarding performance shares and stock options to Group employees, he pointed out that the Group’s objective is to be able to reward individual performance while aligning the interests of management and employees with those of shareholders.
  He also covered how Total created value for all of its stakeholders in 2011, with a special focus on what Total contributes in France.
  Chief Financial Officer Patrick de La Chevardière then discussed the oil industry environment in 2011 and first-quarter 2012. The environment was favorable for the Upstream segment, but challenging for Refining & Chemicals. Total delivered a solid performance, with full-year adjusted net income increasing 11% to €11.4 billion in 2011 and first-quarter 2012 adjusted net income up 13% over fourth-quarter 2011 to €3.1 billion. He described the new momentum driving all segments, citing as an example Total’s bolder exploration strategy, which has already paid off with three major discoveries in 2011. He also highlighted the continuous optimization of the asset portfolio, reflected in a large number of divestments and acquisitions mainly weighted toward Upstream assets with a high growth potential.
  Commenting on the main challenges for the period 2012-2015 in his closing remarks, Mr. de Margerie stressed the role of corporate social responsibility to sustainably meet growing energy demand, in particular by encouraging innovation and supporting the development of new energies.


  He discussed the Group’s outlook for growth, which will be built on more than 25 project start-ups to 2015 and cemented by leadership positions in LNG and the deep offshore. At the same time, an ambitious exploration program is being implemented, to which Total has allocated $2.5 billion in 2012. The new downstream organization introduced on January 1, 2012 is designed to make the Refining & Chemicals production base more competitive and enhance Supply & Marketing’s responsiveness. Major projects, an optimized portfolio of assets and productivity gains should yield a projected 5% rise in overall ROACE between 2010 and 2015.
  Organic investment will increase to €17 billion ($24 billion) in 2012, with over 80% dedicated to Upstream. Total plans to continue managing its portfolio of assets actively, including a program of targeted asset sales. A divestment objective net of acquisitions has already been announced, bringing the net investment budget down to €14 billion ($20 billion) in 20123. The Group will benefit from the new project start-ups which will secure shareholder return and fuel future growth, while maintaining a solid balance sheet.
  Mr. de Margerie concluded by thanking the 3500 shareholders present for their loyalty and confidence. He reiterated the Group’s commitment to pursue the momentum under way in all its businesses. In reaffirming the importance of safety in the Group’s operations, he also confirmed Total’s intention of seeking sustainable growth that would create value for all stakeholders.
  *******
  The Board of Directors met following the Shareholders’ Meeting to re-elect Mr. de Margerie as Chairman and CEO for the duration of his term as director.
 

*******

 

Total is one of the largest integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals. Its 96,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, new energies, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow. www.total.com

 

3 

Investments excluding acquisitions and asset sales and including net investments in equity affiliates and non-consolidated companies.

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