Exhibit 99.3

LOGO

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 5 912 835 657,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

Paris, July 27, 2012

Second quarter and first half 2012 results

2Q12

Change
vs 2Q11

1H12

Change
vs 1H11

Adjusted net income¹

- in billion euros (B€)

2.9

5.9

- in billion dollars (B$)

3.7

-9

7.7

-7

- in euros per share

1.26

2.62

- in dollars per share

1.62

-9

3.40

-7

Net Income (Group share) of 1.6 B€² in 2Q 2012 and 5.2 B€ in 1H12

Net-debt-to-equity ratio of 21.5% at June 30, 2012

Hydrocarbon production of 2,261 kboe/d in 2Q 2012

Interim dividend for 2Q12 increased by 3.5% to 0.59 € per share payable in December 2012³

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

« Despite a decline in crude prices, the Group reported adjusted net income of 2.9 billion euros in the second quarter, a modest increase compared to the same quarter last year. In contrast, Refining & Chemicals enjoyed an improved environment and was able to capitalize on higher refining margins in Europe.

In Upstream, the Group was impacted by incidents in the UK North Sea, Nigeria, and Yemen. Total responded to these events responsibly and transparently, demonstrating the priority it places on safety and the environment. The second quarter was also marked by successes. The Group started-up production on Islay, Bongkot South, and Halfaya. New offshore exploration licenses acquired in Uruguay, Kenya, and most recently Bulgaria add to Total’s portfolio of high-potential acreage. Finally, by increasing its share of the Ichthys project in Australia, Total strengthened its already prominent role in fast-growing Asian markets and solidified its position among the worldwide leaders in LNG.

Amid a challenging economic environment, it is with confidence that Total faces the second half of 2012, supported by the strength of its balance sheet and the dedication of its teams which allow the Group to develop and execute high-value projects in each segment. »

Adjusted results defined on page 2 - dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period: 1.2814 $/€ for the second quarter 2012, 1.4391 $/€ for the second quarter 2011, 1.3108 $/€ for the first quarter 2012, 1.2965 $/€ for the first half 2012 and 1.4032 $/€ for the first half 2011.

²	Includes negative impact of after-tax inventory effect of 959 M€ in the second quarter 2012. Details of adjustments on pages 4 and 17.

³	The ex-dividend date for the interim dividend will be December 17, 2012 and the payment date will be December 20, 2012.

•

Key figures⁴


2Q12		1Q12		2Q11		2Q12 vs 2Q11			in millions of euros except earnings per share and number of shares	1H12		1H11		1H12 vs 1H11
	49,135		51,168		45,009		+9	%	Sales		100,303		91,038		+10	%
	5,793		6,779		5,896		-2	%	Adjusted operating income from business segments		12,572		12,265		+3	%
	3,124		3,257		2,901		+8	%	Adjusted net operating income from business segments		6,381		6,264		+2	%

	2,500		2,939		2,457		+2	%	• Upstream		5,439		5,306		+3	%
	383		61		180		x2.1		• Refining & Chemicals		444		446		-
	241		257		264		-9	%	• Supply & Marketing		498		512		-3	%
	2,858		3,074		2,794		+2	%	Adjusted net income		5,932		5,898		+1	%
	1.26		1.36		1.24		+2	%	Adjusted fully-diluted earnings per share (euros)		2.62		2.62		-
	2,264		2,265		2,256		-		Fully-diluted weighted-average shares (millions)		2,264		2,252		+1	%
	1,585		3,662		2,726		-42	%	Net income (Group share)		5,247		6,672		-21	%
	4,964		5,940		7,570		-34	%	Investments⁵		10,904		13,253		-18	%
	980		1,690		1,338		-27	%	Divestments		2,670		2,001		+33	%
	3,984		4,250		6,232		-36	%	Net investments		8,234		11,252		-27	%
	6,167		5,267		5,064		+22	%	Cash flow from operations		11,434		10,778		+6	%
	4,768		5,095		4,675		+2	%	Adjusted cash flow from operations		9,863		9,620		+3	%

2Q12		1Q12		2Q11		2Q12 vs 2Q11			in millions of dollars ⁶ except earnings per share and number of shares	1H12		1H11		1H12 vs 1H11
	62,962		67,071		64,772		-3	%	Sales		130,043		127,745		+2	%
	7,423		8,886		8,485		-13	%	Adjusted operating income from business segments		16,300		17,210		-5	%
	4,003		4,269		4,175		-4	%	Adjusted net operating income from business segments		8,273		8,790		-6	%

	3,204		3,852		3,536		-9	%	• Upstream		7,052		7,445		-5	%
	491		80		259		+89	%	• Refining & Chemicals		576		626		-8	%
	309		337		380		-19	%	• Supply & Marketing		646		718		-10	%
	3,662		4,029		4,021		-9	%	Adjusted net income		7,691		8,276		-7	%
	1.62		1.78		1.78		-9	%	Adjusted fully-diluted earnings per share (dollars)		3.40		3.67		-7	%
	2,264		2,265		2,256		-		Fully-diluted weighted-average shares (millions)		2,264		2,252		+1	%
	2,031		4,800		3,923		-48	%	Net income (Group share)		6,803		9,362		-27	%
	6,361		7,786		10,894		-42	%	Investments⁵		14,137		18,597		-24	%
	1,256		2,215		1,926		-35	%	Divestments		3,462		2,808		+23	%
	5,105		5,571		8,968		-43	%	Net investments		10,675		15,789		-32	%
	7,902		6,904		7,288		+8	%	Cash flow from operations		14,824		15,124		-2	%
	6,110		6,679		6,728		-9	%	Adjusted cash flow from operations		12,787		13,499		-5	%

⁴

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 17 and the inventory valuation effect is explained on page 14.

⁵	Including acquisitions.

⁶	Dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.

•

Highlights since the beginning of the second quarter 2012

•

Start-up of Bongkot South in Thailand, Islay in the UK and Halfaya in Iraq

•

New gas and condensate discovery on the King Lear prospect in the Norwegian North Sea

•

Launched new development phase of the Yucal Placer gas field in Venezuela and the development of Tempa Rossa in Italy

•

Successful well intervention to stop the gas leak on the Elgin platform in the UK North Sea

•

Increased stake from 24% to 30% in the Ichthys LNG project in Australia

•

Acquired exploration licenses in Uruguay, Kenya and Bulgaria

•

Total became operator of the Xerelete block in Brazil

•

Issued notice of commerciality for the Absheron gas discovery in Azerbaijan

•

Results for the second quarter 2012

> Operating income from business segments

In the second quarter 2012, the Brent price averaged 108.3 $/b, a decrease of 7% compared to the second quarter 2011 and 9% compared to the first quarter 2012. The European refining margin indicator (ERMI) averaged 38.2 $/t, more than double compared to the second quarter 2011 and an increase of 83% compared to the first quarter 2012. In the second quarter 2012, the environment for petrochemicals improved in Europe and the environment for specialty chemicals remained satisfactory.

The euro-dollar exchange rate averaged 1.28 $/€ in the second quarter 2012, 1.44 $/€ in the second quarter 2011 and 1.31 $/€ in the first quarter 2012. Expressed in euros, the Brent price averaged 84.5 €/b, an increase of 4% compared to the second quarter 2011.

In this environment, the adjusted operating income⁷ from the business segments was 5,793 M€, a decrease of 2% compared to the second quarter 2011. Expressed in dollars, the decrease was 13%.

The effective tax rate⁸ for the business segments was 55.1% in the second quarter 2012 compared to 59.3% in the second quarter 2011, essentially due to a decrease in the effective tax rate for the Upstream and the increased contribution of the downstream activities to the Group results.

Adjusted net operating income from the business segments was 3,124 M€ compared to 2,901 M€ in the second quarter 2011, an increase of 8%.

Expressed in dollars, adjusted net operating income from the business segments was 4.0 billion dollars (B$), a decrease of 4% compared to the second quarter 2011. This decrease essentially resulted from the decrease in Upstream results, partially offset by the improved performance of Refining & Chemicals.

⁷	Special items affecting operating income from the business segments had a negative impact of 66 M€ in the second quarter 2012 and a negative impact of 63 M€ in the second quarter 2011.

⁸	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).

> Net income (Group share)

Adjusted net income was 2,858 M€ in the second quarter 2012 compared to 2,794 M€ in the second quarter 2011, an increase of 2%. Expressed in dollars, adjusted net income decreased by 9%.

Adjusted net income excludes the after-tax inventory effect, special items and the effect of changes in fair value⁹:

•

The after-tax inventory effect had a negative impact on net income of 959 M€ in the second quarter 2012 and a negative impact of 74 M€ in the second quarter 2011.

•

Changes in fair value had a positive impact on net income of 9 M€ in the second quarter 2012 compared with a negative impact of 41 M€ in the second quarter 2011.

•

Special items had a negative impact on net income of 323 M€ in the second quarter 2012. As previously indicated in its Registration Document, Total has been cooperating with the United States Securities and Exchange Commission (SEC) and the United States Department of Justice (DOJ) in connection with an investigation concerning gas contracts awarded in Iran in the 1990s. Total, the SEC and the DOJ have conducted discussions to resolve issues arising from the investigation. In light of recent progress in these discussions, Total has provisioned 316 M€ in its accounts in the second quarter of 2012. Special items had a positive impact on net income of 47 M€ in the second quarter 2011.

Net income (Group share) was 1,585 M€ compared to 2,726 M€ in the second quarter 2011.

The effective tax rate for the Group was 56.1% in the second quarter 2012.

Adjusted fully-diluted earnings per share, based on 2,264 million fully-diluted weighted-average shares, increased by 2% to €1.26 compared to €1.24 in the second quarter 2011.

Expressed in dollars, adjusted fully-diluted earnings per share decreased by 9% to $1.62.

> Investments – divestments¹⁰

Investments, excluding acquisitions and including changes in non-current loans, were 4.4 B€ (5.6 B$) in the second quarter 2012 compared to 3.5 B€ (5.0 B$) in the second quarter 2011.

Acquisitions were 437 M€ in the second quarter 2012, comprised essentially of the acquisition of an additional 1% of Novatek and the carry in the Utica shale gas and condensates project in the US.

Asset sales in the second quarter 2012 were 834 M€, including mainly the sale of Sanofi shares.

Net investments¹¹ were 4.0 B€ (5.1 B$) in the second quarter 2012 compared to 6.2 B€ (9.0 B$) in the second quarter 2011.

⁹	Adjustment items explained on page 14.

¹⁰	Detail shown on page 18.

¹¹	Net investments = investments including acquisitions and changes in non-current loans – asset sales.

> Cash flow

Cash flow from operations was 6,167 M€ in the second quarter 2012 compared to 5,064 M€ the second quarter 2011, essentially resulting from a change in working capital requirements.

Adjusted cash flow from operations¹² was 4,768 M€, an increase of 2% compared to the second quarter 2011. Expressed in dollars, adjusted cash flow from operations was 6.1 B$, a decrease of 9%.

The Group’s net cash flow¹³ was a positive 2,183 M€ compared to a negative 1,168 M€ in the second quarter 2011. Expressed in dollars, the Group’s net cash flow was a positive 2.8 B$ in the second quarter 2012 compared to a negative 1.7 B$ in the second quarter 2011, reflecting essentially a reduced level of acquisitions.

¹²	Cash flow from operations at replacement cost before changes in working capital.

¹³	Net cash flow = cash flow from operations - net investments.

•

First half 2012 results

> Operating income from business segments

Compared to the first half 2011, the average Brent price increased by 2% to 113.6 $/b. The European refining margin indicator (ERMI) averaged 29.5 $/t compared to 20.4 $/t in the first half 2011.

The euro-dollar exchange rate averaged 1.30 $/€ compared to 1.40 $/€ in the first half 2011. Expressed in euros, the Brent price averaged 87.6 €/b, an increase of 11% compared to the first half 2011.

In this environment, the adjusted operating income from the business segments was 12,572 M€, an increase of 3% compared to the first half 2011¹⁴.

The effective tax rate for the business segments was 57.8% in the first half 2012 compared to 56.9% in the first half 2011.

Adjusted net operating income from the business segments was 6,381 M€ compared to 6,264 M€ in the first half 2011, an increase of 2%.

Expressed in dollars, adjusted net operating income from the business segments decreased by 6%. This decrease essentially resulted from the decrease in Upstream results driven by a less favorable production mix.

> Net income (Group share)

Adjusted net income was 5,932 M€ in the first half 2012, an increase of 1% compared to 5,898 M€ in the first half 2011. Expressed in dollars, adjusted net income decreased by 7%.

Adjusted net income excludes the after-tax inventory effect, special items and the effect of changes in fair value¹⁵:

•

The after-tax inventory effect had a negative impact on net income of 369 M€ in the first half 2012 and a positive impact of 872 M€ in the first half 2011.

•

Changes in fair value had a negative impact on net income of 11 M€ in the first half 2012 and a positive impact of 22 M€ in the first half 2011.

•

Special items had a negative impact on net income of 305 M€ in the first half 2012 and a negative impact on net income of 120 M€ in the first half 2011.

Net income (Group share) was 5,247 M€ compared to 6,672 M€ in the first half 2011.

On June 30, 2012, there were 2,264 million fully-diluted shares compared to 2,258 on June 30, 2011.

Adjusted fully-diluted earnings per share, based on 2,264 million fully-diluted weighted-average shares, was €2.62, stable compared to the first half 2011.

Expressed in dollars, adjusted fully-diluted earnings per share was $3.40 compared to $3.67 in the first half 2011, a decrease of 7%.

¹⁴	Special items affecting operating income from the business segments had a negative impact of 66 M€ in the first half 2012 and a negative impact of 63 M€ in the first half 2011.

¹⁵	Adjustment items explained on page 14.

> Investments – divestments¹⁶

Investments, excluding acquisitions and including changes in non-current loans, were 8.3 B€ (10.7 B$) in the first half 2012 compared to 6.3 B€ (8.8 B$) in the first half 2011.

Acquisitions were 2.3 B€ (2.9 B$) in the first half 2012, comprised essentially of the acquisition of exploration and production interests in Uganda, an additional 1.1% stake in Novatek, an exploration license in Angola, the minority interest in Fina Antwerp Olefins and the carry in the Utica shale gas and condensates project in the US.

Asset sales in the first half 2012 were 2.3 B€ (3.0 B$), comprised essentially of sales of Sanofi shares, a stake in the Gassled pipeline in Norway, Upstream assets in France, and stakes in Composites One in the US and Pec-Rhin in France.

Net investments were 8.2 B€ (10.7 B$) in the first half 2012, compared to 11.3 B€ (15.8 B$) in the first half 2011.

> Cash flow

Cash flow from operations was 11,434 M€ in the first half 2012, an increase of 6% compared to the first half 2011, essentially resulting from a change in working capital requirements.

Adjusted cash flow from operations¹⁷ was 9,863 M€, an increase of 3%. Expressed in dollars, adjusted cash flow from operations was 12.8 B$, a decrease of 5%.

The Group’s net cash flow¹⁸ was a positive 3,200 M€ compared to a negative 474 M€ in the first half 2011. Expressed in dollars, the Group’s net cash flow was a positive 4.1 B$ in the first half 2012.

The net-debt-to-equity ratio was 21.5% on June 30, 2012, compared to 24.3% on June 30, 2011¹⁹, in line with the Group’s target range.

¹⁶	Detail shown on page 18.

¹⁷	Cash flow from operations at replacement cost before changes in working capital.

¹⁸	Net cash flow = cash flow from operations - net investments.

¹⁹	Detail shown on page 19.

•

Analysis of business segment results

Upstream

> Environment – liquids and gas price realizations*


2Q12		1Q12		2Q11		2Q12 vs 2Q11				1H12		1H11		1H12 vs 1H11
	108.3		118.6		117.0		-7	%	Brent ($/b)		113.6		111.1		+2	%
	101.6		115.2		110.6		-8	%	Average liquids price ($/b)		108.3		104.6		+4	%
	7.10		7.16		6.60		+8	%	Average gas price ($/Mbtu)		7.10		6.39		+11	%
	76.0		82.1		76.9		-1	%	Average hydrocarbons price ($/boe)		79.0		74.1		+7	%

*	consolidated subsidiaries, excluding fixed margins. Effective first quarter 2012, over/under-lifting valued at market prices.

> Production


2Q12		1Q12		2Q11		2Q12 vs 2Q11			Hydrocarbon production	1H12		1H11		1H12 vs 1H11
	2,261		2,372		2,311		-2	%	Combined production (kboe/d)		2,317		2,341		-1	%
	1,218		1,229		1,197		+2	%	• Liquids (kb/d)		1,224		1,245		-2	%
	5,722		6,226		6,077		-6	%	• Gas (Mcf/d)		5,974		5,979		-

Hydrocarbon production was 2,261 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2012, a decrease of 2% compared to the second quarter 2011, essentially as a result of:

•

+4.5% for growth from new projects,

•

-1% for normal decline, partially offset by lower scheduled maintenance,

•

-3.5% for incidents in the UK North Sea and Nigeria,

•

-2% for disruptions related to security conditions in Yemen and the production shut-down in Syria, net of the positive effect of the return of production in Libya,

•

changes in the portfolio, essentially an increase in the stake in Novatek and the sale of CEPSA, had no impact on the quarter.

In the first half 2012, hydrocarbon production was 2,317 kboe/d, a decrease of 1% compared to the first half 2011, essentially as a result of:

•

+3.5% for growth from new projects,

•

+2.5% for changes in the portfolio, comprised of integrating the share of Novatek production partially offset by the impact of the sale of CEPSA and the exploration-production subsidiary in Cameroon,

•

-3% for normal decline, partially offset by lower scheduled maintenance,

•

-2% for incidents in the UK North Sea and Nigeria,

•

-2% for disruptions related to security conditions in Yemen and the production shut-down in Syria, net of the positive effect of the return of production in Libya.

Results


2Q12		1Q12		2Q11			2Q12 vs 2Q11			In millions of euros	1H12		1H11			1H12 vs 1H11
	4,998		6,457		5,390			-7	%	Adjusted operating income*		11,455		11,211			+2	%
	2,500		2,939		2,457			+2	%	Adjusted net operating income*		5,439		5,306			+3	%
	414		484		366			+13	%	• includes income from equity affiliates		898		740			+21	%

	4,278		5,368		6,868			-38	%	Investments		9,646		12,100			-20	%
	234		759		921			-75	%	Divestments		993		1,256			-21	%
	5,259		5,624		4,782	**		+10	%	Cash flow from operating activities		10,883		9,425	**		+15	%
	3,995		4,668		4,010			-		Adjusted cash flow		8,663		8,281			+5	%

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

**	reclassification of 823 M€ between Upstream and Holding segments relating to intra-Group operations having no impact on cash flow from operating activities.

Adjusted net operating income from the Upstream segment was 2,500 M€ in the second quarter 2012 compared to 2,457 M€ in the second quarter 2011, an increase of 2%. Expressed in dollars, the decrease of 9% is explained principally by the decrease in certain downstream gas activities and a less favorable production mix. In particular, the Group estimates that the loss of production relating to Elgin represents a negative impact of 130 M$ on the net operating income of the Upstream segment in the second quarter 2012.

The effective tax rate for the Upstream segment was 58.4% compared to 61.6% in the second quarter 2011, essentially due to income contribution mix. The effective tax rate for the Upstream segment was 62.1% in the first quarter 2012.

Adjusted net operating income from the Upstream segment in the first half 2012 was 5,439 M€ compared to 5,306 M€ in the first half 2011, an increase of 3%. Expressed in dollars, adjusted net operating income from the Upstream segment was 7,052 M$, a decrease of 5% compared to the first half 2011, explained principally by the decrease in certain downstream gas activities and a less favorable production mix.

The return on average capital employed (ROACE²⁰) for the Upstream segment was 20% for the twelve months ended June 30, 2012, stable compared to the ROACE calculated for the twelve months ended March 31, 2012, and for the full year 2011.

The annualized second quarter 2012 ROACE for the Upstream segment was 17%.

Calculated

based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.

Refining & Chemicals

> Refinery throughput and utilization rates*


2Q12		1Q12			2Q11			2Q12 vs 2Q11				1H12			1H11			1H12 vs 1H11
	1,878		1,830			1,855			+1	%	Total refinery throughput (kb/d)		1,855			1,934			-4	%
	752		692			692			+9	%	• France		722			719			-
	876		879			877			-		• Rest of Europe		878			962			-9	%
	250		259			286			-13	%	• Rest of world		255			253			+1	%
											Utilization rates**
	86%		82	%		75	%				• Based on crude only		84	%		77	%
	90%		88	%		79	%				• Based on crude and other feedstock		89	%		82	%

*	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

In the second quarter 2012, refinery throughput increased by 1% compared to the second quarter 2011 and by 3% compared to the first quarter 2012. In the second quarter 2012, throughput was impacted mainly by scheduled turnarounds at the Provence and Feyzin refineries, and a streamcracker at the Antwerp platform.

The utilization rate based on crude and other feedstock was 90% in the second quarter 2012 compared to 88% in the first quarter 2012 and 79% in the second quarter 2011.

In the first half 2012, despite improved utilization rates, refinery throughput decreased by 4% compared to the first half 2011, reflecting essentially scheduled turnarounds in the first half 2012 and the portfolio effect relating to the sale of the Group’s interest in CEPSA at the end of July 2011.

> Results


2Q12		1Q12			2Q11		2Q12 vs 2Q11			in millions of euros (except the ERMI)	1H12		1H11		1H12 vs 1H11
	38.2		20.9			16.3		X2.3		European refining margin indicator - ERMI ($/t)		29.5		20.4		+45	%
	465		(47	)		145		X3.2		Adjusted operating income*		418		434		-4	%
	383		61			180		X2.1		Adjusted net operating income*		444		446		-
	100		91			98		+2	%	• contribution of specialty chemicals**		191		203		-6	%
	501		429			519		-3	%	Investments		930		863		+8	%
	7		141			13		-46	%	Divestments		148		29		X5.1
	625		(36	)		180		X3.5		Cash flow from operating activities		589		1,238		-52	%
	599		128			336		+78	%	Adjusted cash flow		727		779		-7	%

*	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 refining margin indicator (ERMI) averaged 38.2 $/t in the second quarter 2012, more than double the average of the second quarter 2011. Petrochemical margins also recovered in the second quarter as a result of the decline in crude prices and reduced supply due to the number of scheduled turnarounds.

Adjusted net operating income from the Refining & Chemicals segment was 383 M€ in the second quarter 2012, compared to 180 M€ in the second quarter 2011. This increase is explained essentially by a more favorable environment and the improvement in utilization rates.

Adjusted net operating income from the Refining & Chemicals segment in the first half 2012 was 444 M€, stable compared to the first half 2011. Expressed in dollars, adjusted net operating income was 576 M$, a decrease of 8% compared to the first half 2011. Although refining margins in Europe improved in the second quarter 2012, the results were also impacted by the sale of the Group’s interest in CEPSA at the end of July 2011 and a very difficult environment for petrochemicals in Europe in the first quarter 2012.

The ROACE²¹ for the Refining & Chemicals segment was 5% for the twelve months ended June 30, 2012, compared to 4% for the twelve months ended March 31, 2012, and 5% for the full year 2011.

The annualized second quarter 2012 ROACE for the Refining & Chemicals segment was 9%.

²¹	Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.

Supply & Marketing

> Refined product sales


2Q12		1Q12		2Q11		2Q12 vs 2Q11			Sales in kb/d*	1H12		1H11		1H12 vs 1H11
	1,166		1,211		1,491		-22	%	Europe		1,189		1,561		-24	%
	524		529		534		-2	%	Rest of world		526		525		-
	1,690		1,740		2,025		-17	%	Total Supply & Marketing sales		1,715		2,085		-18	%

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

In the second quarter 2012, sales decreased by 17% compared to the second quarter 2011. This decrease is due to the sale of marketing activities in the UK, the sale of the Group’s interest in CEPSA in 2011, and the negative effect of mild weather conditions on European sales.

> Results


2Q12		1Q12			2Q11			2Q12 vs 2Q11			In millions of euros	1H12			1H11			1H12 vs 1H11
	21,020		21,411			20,753			+1	%	Sales		42,431			41,242			+3	%
	330		369			361			-9	%	Adjusted operating income*		699			620			+13	%
	241		257			264			-9	%	Adjusted net operating income*		498			512			-3	%
	161		136			152			+6	%	Investments		297			243			+22	%
	20		34			27			-26	%	Divestments		54			48			+13	%
	(101)		(302	)		(35	)		n/a		Cash flow from operating activities		(403	)		(79	)		n/a
	366		315			399			-8	%	Adjusted cash flow		681			605			+13	%

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

Supply & Marketing sales were 21.0 B€, an increase of 1% compared to the second quarter 2011.

Adjusted net operating income from the Supply & Marketing segment was 241 M€ in the second quarter 2012, a decrease of 9% compared to the second quarter 2011, essentially due to the sale of marketing activities in the UK.

Adjusted net operating income from the Supply & Marketing segment was 498 M€ in the first half 2012, a decrease of 3% compared to the first half 2011. Expressed in dollars, the adjusted net operating income was 646 M$, a decrease of 10% compared to the first half 2011.

The ROACE²² for the Supply & Marketing segment was 16% for the twelve months ended June 30, 2012, compared to 17% for the twelve months ended March 31, 2012, and 18% for the full-year 2011.

The annualized second quarter 2012 ROACE for the Supply & Marketing segment was 15%.

²²	Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.

•

TOTAL S.A. parent company accounts

Net income for TOTAL S.A., the parent company, was 3,116 M€ in the first half 2012, compared to 3,157 M€ in the first half 2011.

•

Summary and outlook

The ROACE²³ for the Group for the twelve months ended June 30, 2012, was 15% compared to 16% for the twelve months ended March 31, 2012, and for the full year 2011.

Return on equity for the twelve months ended June 30, 2012, was 17.5%.

In the Upstream segment, exploration activities for the second half 2012 will be focused on assessing recent discoveries and preparing for new exploration wells in several promising plays, notably in the Gulf of Mexico, Ivory Coast, or the Norwegian North Sea. The upcoming start-ups in Angola, China, and Kazakhstan will add to the projects already in production.

After successfully addressing the incident on the Elgin platform, the Group entered a phase of evaluation and assessment which precedes resumption of production, and its status will be followed closely. Safety and protection of the environment remain priorities during this process.

Since the beginning of the third quarter, refining margins in Europe have been favorable. Refinery throughput during the second half 2012 will be impacted by the scheduled turnaround of the Normandy refinery starting in early September.

The Group will continue to optimize its portfolio across all business segments and to strengthen its competitiveness.

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To listen to CFO Patrick de la Chevardière’s conference call with financial analysts today at 15:00 (Paris time) please log on to www.total.com or call +44 (0)203 367 9459 in Europe or +1 866 907 5924 in the U.S. For a replay, please consult the website or call +44(0)203 367 9460 in Europe or +1 877 642 3018 in the US (code: 277 551).

²³	Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.

This document does not constitute the Financial Report for the first half which will be separately published, in accordance with article L.451-1-2 III of the French Code monétaire et financier, and is available on our web site www.total.com or upon request at the company’s headquarters.

The June 30, 2012 notes to the consolidated financial statements are available on the Total web site (www.total.com). 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 Downstream and Chemicals 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.

Operating information by segment

for second quarter and first half 2012

•

Upstream


2Q12		1Q12		2Q11		2Q12 vs 2Q11			Combined liquids and gas production by region (kboe/d)	1H12		1H11		1H12 vs 1H11
	429		499		475		-10	%	Europe		464		528		-12	%
	706		709		628		+12	%	Africa		707		659		+7	%
	477		511		571		-16	%	Middle East		494		576		-14	%
	69		68		66		+5	%	North America		69		67		+3	%
	187		182		190		-2	%	South America		185		188		-2	%
	213		214		241		-12	%	Asia-Pacific		213		241		-12	%
	180		189		140		+29	%	CIS		185		82		X2,3

	2,261		2,372		2,311		-2	%	Total production		2,317		2,341		-1	%

	578		628		605		-4	%	Includes equity affiliates and non-consolidated affiliates		603		552		+9	%
2Q12		1Q12		2Q11		2Q12 vs 2Q11			Liquids production by region (kb/d)	1H12		1H11		1H12 vs 1H11
	199		226		240		-17	%	Europe		212		251		-16	%
	573		566		484		+18	%	Africa		570		517		+10	%
	310		300		321		-3	%	Middle East		305		323		-6	%
	25		24		26		-4	%	North America		25		29		-14	%
	60		63		73		-18	%	South America		61		78		-22	%
	25		24		28		-11	%	Asia-Pacific		25		28		-11	%
	26		26		25		+4	%	CIS		26		19		+37	%

	1,218		1,229		1,197		+2	%	Total production		1,224		1,245		-2	%

	311		299		331		-6	%	Includes equity affiliates and non-consolidated affiliates		305		328		-7	%


2Q12		1Q12		2Q11		2Q12 vs 2Q11			Gas production by region (Mcf/d)	1H12		1H11		1H12 vs 1H11
	1,264		1,492		1,284		-2	%	Europe		1,378		1,512		-9	%
	674		730		734		-8	%	Africa		702		726		-3	%
	916		1,143		1,355		-32	%	Middle East		1,029		1,372		-25	%
	253		247		226		+12	%	North America		249		215		+16	%
	759		663		650		+17	%	South America		711		611		+16	%
	1,019		1,073		1,209		-16	%	Asia-Pacific		1,046		1,206		-13	%
	837		878		619		+35	%	CIS		859		337		X2,5

	5,722		6,226		6,077		-6	%	Total production		5,974		5,979		-

	1,445		1,773		1,478		-2	%	Includes equity affiliates and non-consolidated affiliates		1,609		1,214		+33	%
2Q12		1Q12		2Q11		2Q12 vs 2Q11			Liquefied natural gas	1H12		1H11		1H12 vs 1H11
	2.35		3.24		3.33		-29	%	LNG sales* (Mt)		5.58		6.69		-17	%

*	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)


2Q12		1Q12		2Q11		2Q12 vs 2Q11			Refined product sales by region (kb/d)*	1H12		1H11		1H12 vs 1H11
	2,060		2,066		2,292		-10	%	Europe		2,064		2,387		-14	%
	401		392		397		+1	%	Africa		397		383		+4	%
	509		441		603		-16	%	Americas		475		521		-9	%
	508		568		487		+4	%	Rest of world		538		484		+11	%

	3,478		3,467		3,779		-8	%	Total consolidated sales		3,473		3,774		-8	%
	542		501		413		+31	%	Includes bulk sales		522		425		+23	%
	1,246		1,226		1,343		-7	%	Includes trading		1,236		1,264		-2	%

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

Adjustment items

•

Adjustments to operating income


2Q12		1Q12			2Q11			In millions of euros	1H12			1H11
	(89)		(65	)		(63	)	Special items affecting operating income		(154	)		(63	)
	(48)		-			-		• Restructuring charges		(48	)		-
	-		-			-		• Impairments		-			-
	(41)		(65	)		(63	)	• Other		(106	)		(63	)
	(1,384)		846			(87	)	Pre-tax inventory effect : FIFO vs. replacement cost		(538	)		1269
	11		(25	)		(55	)	Effect of changes in fair value		(14	)		29
	(1,462)		756			(205	)	Total adjustments affecting operating income		(706	)		1235

•

Adjustments to net income (Group share)


2Q12		1Q12			2Q11			In millions of euros	1H12			1H11
	(323)		18			47		Special items affecting operating income (Group share)		(305	)		(120	)
	73		80			205		• Gain on asset sales		153			216
	(40)		-			-		• Restructuring charges		(40	)		-
	(18)		(20	)		(47	)	• Impairments		(38	)		(47	)
	(338)		(42	)		(111	)	• Other		(380	)		(289	)
	(959)		590			(74	)	After-tax inventory effect : FIFO vs. replacement cost		(369	)		872
	9		(20	)		(41	)	Effect of changes in fair value		(11	)		22
	(1,273)		588	(68)				Total adjustments affecting net income		(685	)		774

Effective tax rates


2Q12		1Q12			2Q11			Effective tax rate*	1H12			1H11
	58.4%		62.1	%		61.6	%	Upstream		60.5	%		59.5	%
	56.1%		60.6	%		59.4	%	Group		58.6	%		57.5	%

*	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).

Investments - Divestments


2Q12		1Q12		2Q11		2Q12 vs 2Q11			In millions of euros	1H12		1H11		1H12 vs 1H11
	4,381		3,873		3,467		+26	%	Investments excluding acquisitions*		8,254		6,254		+32	%
	319		350		242		+32	%	• Capitalized exploration		669		459		+46	%
	231		159		210		+10	%	• Change in non-recurrent loans**		390		2		n/a
	437		1,832		4,008		-89	%	Acquisitions		2,270		6,537		-65	%
	4,818		5,705		7,475		-36	%	Investments including acquisitions*		10,523		12,791		-18	%
	834		1,455		1,243		-33	%	Asset sales		2,289		1,539		+49	%
	3,984		4,250		6,232		-36	%	Net investments**		8,234		11,252		-27	%

2Q12		1Q12		2Q11		2Q12 vs 2Q11			In millions of dollars***	1H12		1H11		1H12 vs 1H11
	5,614		5,077		4,989		+13	%	Investments excluding acquisitions*		10,701		8 776		+22	%
	409		459		348		+17	%	• Capitalized exploration		867		644		+35	%
	296		208		302		-2	%	• Change in non-recurrent loans**		506		3		n/a
	560		2,401		5,768		-90	%	Acquisitions		2,943		9,173		-68	%
	6,174		7,478		10,757		-43	%	Investments including acquisitions*		13,643		17,948		-24	%
	1,069		1,907		1,789		-40	%	Asset sales		2,968		2,160		+37	%
	5,105		5,571		8,968		-43	%	Net investments**		10,675		15,789		-32	%

*	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.

Net-debt-to-equity ratio


In millions of euros	6/30/2012			3/31/2012			6/30/2011
Current borrowings		10,642			9,574			12,289
Net current financial assets		(1,552	)		(1,322	)		(2,737	)
Non-current financial debt		23,260			22,428			20,410
Hedging instruments of non-current debt		(1,886	)		(1,882	)		(1,756	)
Cash and cash equivalents		(14,998	)		(13,330	)		(13,387	)
Net debt		15,466			15,468			14,819
Shareholders’ equity		72,103			70,945			61,371
Estimated dividend payable		(1,299	)		(2,573	)		(1,248	)
Non-controlling interests		1,256			1,275			934
Equity		72,060			69,647			61,057
Net-debt-to-equity ratio		21.5	%		22.2	%		24.3	%

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.

Return on average capital employed

•

Twelve months ended June 30, 2012


in millions of euros	Upstream			Refining & Chemicals			Supply & Marketing			Group
Adjusted net operating income		10,538			846			996			12,073
Capital employed at 6/30/2011*		46,671			16,672			6,187			72,843
Capital employed at 6/30/2012*		60,879			16,558			6,579			85,167
ROACE		19.6	%		5.1	%		15.6	%		15.3	%

•

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 3/31/2011*		44,528			16,369			5,839			70,579
Capital employed at 3/31/2012*		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).