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 14, 2013 to June 7, 2013
Commission File Number: 1-10888
TOTAL S.A.
(Translation of registrants 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 registrants home country), or under the rules of the home country exchange on which the registrants 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 registrants 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
SIGNATURES
EXHIBIT INDEX
EX 99.1: | Launch of Shams 1, The Worlds Largest Concentrated Solar Power Plant, Abu Dhabi, UAE | |
EX 99.2: | Total Sells 25% Interest in Italys Tempa Rossa Field to Mitsui, Italy | |
EX 99.3: | Total inaugurates its new Pangea supercomputer, ranking it among the global top ten in terms of computing power, France | |
EX 99.4: | Total Launches Moho Nord Development, Republic of the Congo | |
EX 99.5: | Total quarterly ex-dividend dates for dividend 2014, France | |
EX 99.6: | Total sells its 49% interest in the Voyageur Upgrader project to partner Suncor Energy, Canada | |
EX 99.7: | 2012 Annual Reports, France | |
EX 99.8: | Veolia Environnement and Total Inaugurate Osilub Recycling Plant in Normandy that Regenerates Used Oil as High-End Engine Oil, France | |
EX 99.9: | Annual Shareholders Meeting (ordinary and extraordinary) on Friday, May 17, 2013, France | |
EX 99.10 | Ivoire-1X exploration well on Block CI-100 encountered a horizon with high-quality oil, Ivory Coast | |
EX 99.11: | First Quarter 2013 Results, France | |
EX 99.12: | Total announces its interim dividend for the first quarter 2013, France | |
EX 99.13: | TechdrillTOTAL S.A., France | |
EX 99.14: | Total Recognized by Peers for Its Deep Offshore Expertise, France | |
EX 99.15: | Total wins 10 exploration licenses during Brazils 11th Bid Round, Brazil | |
EX 99.16: | Ordinary and Extraordinary Shareholders meeting of May 17, 2013, France | |
EX 99.17: | Qatar Petroleum International (QPI) and Total seal a strategic partnership, Congo | |
EX 99.18: | Total sanctions a major project to modernize the Antwerp refining and petrochemical platform, Belgium | |
EX 99.19: | The Port Arthur Steam Cracker in Texas is Now Processing Ethane from Shale Gas, United States | |
EX 99.20: | Total S.A confirms resolution of U.S. investigation, United States | |
EX 99.21: | Total announces its decision in a competition between ad agencies: Publicis Conseil for Corporate and BETC for Marketing & Services, France |
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: June 10, 2013 | By: | /s/ Humbert de Wendel | ||||
Name: Humbert de WENDEL Title: Treasurer |
EXHIBIT INDEX
Ø | EXHIBIT 99.1: Abu Dhabi, UAE: Launch of Shams 1, The Worlds Largest Concentrated Solar Power Plant (March 17, 2013) |
Ø | EXHIBIT 99.2: Italy: Total Sells 25% Interest in Italys Tempa Rossa Field to Mitsui (March 18, 2013) |
Ø | EXHIBIT 99.3: France: Total inaugurates its new Pangea supercomputer, ranking it among the global top ten in terms of computing power (March 21, 2013) |
Ø | EXHIBIT 99.4: Republic of the Congo : Total Launches Moho Nord Development (March 22, 2013) |
Ø | EXHIBIT 99.5: France: Total quarterly ex-dividend dates for dividend 2014 (March 27, 2013) |
Ø | EXHIBIT 99.6: Canada: Total sells its 49% interest in the Voyageur Upgrader project to partner Suncor Energy (March 28, 2013) |
Ø | EXHIBIT 99.7: France: 2012 Annual Reports (March 28, 2013) |
Ø | EXHIBIT 99.8: France: Veolia Environnement and Total Inaugurate Osilub Recycling Plant in Normandy that Regenerates Used Oil as High-End Engine Oil (April 11, 2013) |
Ø | EXHIBIT 99.9: France: Annual Shareholders Meeting (ordinary and extraordinary) on Friday, May 17, 2013 (April 24, 2013) |
Ø | EXHIBIT 99.10: Ivory Coast: Ivoire-1X exploration well on Block CI-100 encountered a horizon with high-quality oil (April 25, 2013) |
Ø | EXHIBIT 99.11: France: First Quarter 2013 Results (April 26, 2013) |
Ø | EXHIBIT 99.12: France: Total announces its interim dividend for the first quarter 2013 (April 26, 2013) |
Ø | EXHIBIT 99.13: TechdrillTOTAL S.A. (April 30, 2013) |
Ø | EXHIBIT 99.14: France: Total Recognized by Peers for Its Deep Offshore Expertise (May 6, 2013) |
Ø | EXHIBIT 99.15: Brazil: Total wins 10 exploration licenses during Brazils 11th Bid Round (May 16, 2013) |
Ø | EXHIBIT 99.16: France: Ordinary and Extraordinary Shareholders meeting of May 17, 2013 (May 17, 2013) |
Ø | EXHIBIT 99.17: Congo: Qatar Petroleum International (QPI) and Total seal a strategic partnership in Congo (May 22, 2013) |
Ø | EXHIBIT 99.18: Belgium: Total sanctions a major project to modernize the Antwerp refining and petrochemical platform (May 22, 2013) |
Ø | EXHIBIT 99.19: United States: The Port Arthur Steam Cracker in Texas is Now Processing Ethane from Shale (May 23, 2013) |
Ø | EXHIBIT 99.20: United States: Total S.A confirms resolution of U.S. investigation (May 29, 2013) |
Ø | EXHIBIT 99.21: France: Total announces its decision in a competition between ad agencies: Publicis Conseil for Corporate and BETC for Marketing & Services (May 31, 2013) |
Exhibit 99.1
Press Release
Launch of Shams 1,
The Worlds Largest Concentrated Solar Power Plant
The inauguration of Shams 1, a 100-megawatt solar thermal plant, is a major milestone
in the development and deployment of renewable energy in the Middle East
Abu Dhabi, UAE: March 17, 2013Masdar, along with its partners, today launched Shams 1, the largest concentrated solar power plant (CSP) in operation in the world. Masdar, Abu Dhabis renewable energy company, partnered with French energy company Total and Spains energy infrastructure company Abengoa. The 100-megawatt solar-thermal project will power thousands of homes in the United Arab Emirates and displace approximately 175,000 tons of CO2 per year. The US $600 million project took three years to build.
The inauguration of Shams 1 is a major breakthrough for renewable energy in the Middle East, said Dr. Sultan Ahmed Al Jaber, CEO of Masdar. Just like the rest of the world, the region is faced with meeting its rising demand for energy, while also working to reduce its carbon footprint. Shams 1 is a significant milestone, as large-scale renewable energy is proving it can deliver electricity that is sustainable, affordable and secure.
Located in the UAEs Western Region, in the emirate of Abu Dhabi, Shams 1 was designed and developed by Shams Power Company, a joint venture between Masdar (60 percent), Total (20 percent) and Abengoa Solar (20 percent). With the addition of Shams 1, Masdars renewable energy portfolio accounts for almost 68 percent of the Gulfs renewable energy capacity and nearly 10 percent of the worlds installed CSP capacity.
Abu Dhabi is investing and incubating a new energy industry, domestically and internationally, said Dr. Al Jaber. Through Masdar, the UAE is redefining the role it plays in providing the world with energy. From precious hydrocarbon exports to sophisticated renewable energy systems, we are balancing the energy mix and diversifying our economy moving toward a more sustainable future. Today, the UAE is the only OPEC nation delivering both hydrocarbons and renewable energy to the international market.
Shams 1 is an example of how collaboration between companies can achieve large-scale, clean-energy solutions that help meet the worlds growing energy demands.
As a long-lasting partner of Abu Dhabi, we are particularly proud to have been part of the challenging adventure that was Shams 1 construction. This is a major step in the process of transforming the capabilities of solar power in the region, said Christophe de Margerie, chairman and CEO of Total. We share Abu Dhabis vision that renewables have a promising future alongside fossil energies. Total is today a world leader in solar industry. As such, we are pleased to accompany the Emirate in the diversification of its energy mix.
Covering an area of 2.5 km², or 285 football fields, Shams 1 generates electricity to power 20,000 homes in the UAE. Also, because solar power is generated during peak demand, the UAE is able to reduce the need for peak shaving generators, which are expensive and idle most of the year.
The Middle East holds nearly half of the worlds renewable energy potential, said Santiago Seage, CEO of Abengoa Solar. The abundance of solar energy is an opportunity to integrate sustainable, clean sources of power that address energy security and climate change. The region needs more projects like Shams 1, and we look forward to pushing the boundaries of future energy.
Incorporating the latest in parabolic trough technology, Shams 1 features more than 258,000 mirrors mounted on 768 tracking parabolic trough collectors. By concentrating heat from direct sunlight onto oil-filled pipes, Shams 1produces steam, which drives a turbine and generates electricity. In addition, the solar project uses a booster to heat steam as it enters the turbine to dramatically increase the cycles efficiency. The project also includes a dry-cooling system that significantly reduces water consumption a critical advantage in the arid desert of western Abu Dhabi.
A source of great pride, the Western Region of Abu Dhabi is the centre of the countrys hydrocarbon industry and represents the roots of its Bedouin heritage. With the addition of Shams 1, the region is evolving. Today, alongside oil fields, renewable energy and civil nuclear power is being developed to support the countrys long-term energy requirements.
###
About Masdar
Masdar is Abu Dhabis renewable energy company advancing the development, commercialisation and deployment of clean energy technologies and solutions. The company serves as a link between todays fossil fuel economy and the energy economy of the future. Backed by the Mubadala Development Company PJSC, the strategic investment company of the government of Abu Dhabi, Masdar is dedicated to the Emirates long-term vision for the future of energy.
For more information about Masdar, please visit: www.masdar.ae
Stay connected: facebook.com/masdar.ae and twitter.com/masdar
About Total
Total is a leading international oil and gas company with operations in more than 130 countries. The Group is also a world-class chemical producer. 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 keep the world supplied with energy, both today and tomorrow.
Total is striving to diversify its supply to help meet growing energy demand in the long term. The Group, which holds a 66% stake in SunPower, is a world leader in solar energy. Additionally, Total is actively engaged in a number of renewable R&D projects, such as solar and biomass.
About Abengoa
Abengoa (MCE: ABG) is an international company that applies innovative technology solutions for sustainable development in the energy and environment sectors, generating electricity from the sun, producing biofuels, desalinating sea water and recycling industrial waste. (www.abengoa.com)
Media contacts:
Masdar
Omar Zaafrani: +971 2 653 3333
ozaafrani@masdar.ae
Total
Florent Segura: +336 17 05 61 28
florent.segura@total.com
Abengoa
Communications Department contact
Patricia Malo de Molina Meléndez
Tel. +34 954 93 71 11
E-mail: communication@abengoa.com
Investor Relations contact
Bárbara Zubiría Furest
Tel: +34 954 937 111
E-mail: ir@abengoa.com
Exhibit 99.2
Exhibit 99.3
Exhibit 99.4
Exhibit 99.5
Exhibit 99.6
Exhibit 99.7
Exhibit 99.8
Gonfreville lOrcher, France April 12, 2013
PRESS RELEASE
Veolia Environnement and Total Inaugurate Osilub Recycling Plant in
Normandy (France) that Regenerates Used Oil as High-End Engine Oil
| 55 million invested, of which 35% for local contractors. |
| 45 direct jobs created, 120 during construction. |
| Processing capacity of 120,000 metric tons of oil a year, or nearly 50% of the volume of used oil generated in France each year. |
| A recycling yield of around 75%, among the best in the world. |
Veolia Environnement and Total today inaugurated the Osilub plant at the Gonfreville lOrcher site in Normandy, France. Completed after 20 months of construction work, the new plant expands engine oil treatment capacity in France and, more broadly, northwestern Europe, to regenerate used oil as high-end engine oils.
Developing innovative industrial solutions to convert waste into new resources is a cornerstone of the new Veolia that we are building. Our success in this area will be shared with our customers and partners, who are working with us to safeguard the environment. The virtuous cycle model developed in synergy with Total to regenerate used engine oil at the Osilub plant offers a compelling example of a forward-looking industry initiative that supports both economic growth and sustainable development, commented Antoine Frérot, Chief Executive Officer of Veolia Environnement. The intentional choice of Le Havre reflects our deep industrial roots in this region, where we have invested nearly 90 million over the past five years.
Total is a major player active across the whole lubricant life cycle. Osilubs innovative process will optimally regenerate used oil to offer customers superior quality products as part of a virtuous circular economy. Energy efficiency is a core priority at Total, because it offers a response to todays environmental challenges and allows us to conserve valuable fossil fuel resources, said Philippe Boisseau, President of Marketing & Services and New Energies at Total. Osilub is also a new chapter for Total in Normandy. We have a number of facilities in the region and are investing substantially there, especially in the integrated Normandy platform, comprising a refinery and a benchmark petrochemical plant.
Several years of research underpin the wiped-film vacuum distillation process deployed by Osilub, which preserves the oil molecules and ensures high yields when recycling fine chemical products. The base stock produced by Osilub will be treated in dedicated facilities, including the Normandy refinery, and reused in high-end engine oils that meet the latest standards.
This industrial project supports sustainable development, in line with the European Unions emphasis on recycling. It also consolidates the presence in the Normandy region of Total and Veolia Environnement, two key business and industry players locally.
About Veolia Environnement
Veolia Environnement (Paris Euronext: VIE and NYSE: VE) is the worldwide reference in environmental services. With more than 220,000 employees*, the company provides tailored solutions to meet the needs of municipal and industrial customers in three complementary segments: water management, waste management and energy management. Veolia Environnement recorded revenue of 29.4 billion in 2012*. www.veolia.com
* | Excluding Veolia Transdev employees and revenues currently under divestment. |
About Total
Total is a leading international oil and gas company with operations in more than 130 countries. It is also a world-class chemical producer. Its 97,000 employees put their expertise to work in every part of the industry exploration and production of oil and natural gas, refining and marketing, new energies, trading and chemicals to keep the world supplied with energy, both today and tomorrow.
Total has a number of industrial sites in the Normandy region, including the integrated Normandy platform, which since January 2013 has comprised the Normandy refinery and the Gonfreville petrochemical plant. Total is investing 1 billion to upgrade the platform and adapt the facilities to changing demand.
Total also has a research and technology center in Gonfreville, a special fluids plant in Oudalle, two lubricant manufacturing plants, in Rouen and Nourrey-en-Bessin, a lubricants logistics platform in Rouen, and a container production plant in Gonfreville.
Press Contacts
Florent SEGURA Total
Tel : 06 17 05 61 28
Email : florent.segura@total.com
Clément LEVEAUX Veolia Propreté
Tel : 06 15 02 34 41
Email : cleveaux@sarpindustries.fr
Exhibit 99.9
Exhibit 99.10
Exhibit 99.11
1
| Key figures5 |
in millions of euros except earnings per share and number of shares |
1Q13 | 4Q12 | 1Q12 | 1Q13 vs 1Q12 |
||||||||||||
Sales |
48,130 | 49,868 | 51,168 | -6 | % | |||||||||||
Adjusted operating income from business segments |
5,779 | 5,819 | 6,788 | -15 | % | |||||||||||
Adjusted net operating income from business segments |
3,114 | 3,320 | 3,262 | -5 | % | |||||||||||
Upstream |
2,466 | 2,686 | 3,057 | -19 | % | |||||||||||
Refining & Chemicals |
383 | 367 | 64 | x6 | ||||||||||||
Marketing & Services |
265 | 267 | 141 | +88 | % | |||||||||||
Adjusted net income |
2,863 | 3,041 | 3,080 | -7 | % | |||||||||||
Adjusted fully-diluted earnings per share (euros) |
1.26 | 1.34 | 1.36 | -7 | % | |||||||||||
Fully-diluted weighted-average shares (millions) |
2,269 | 2,270 | 2,265 | - | ||||||||||||
Net income (Group share) |
1,537 | 2,341 | 3,668 | -58 | % | |||||||||||
Investments6 |
5,984 | 6,623 | 5,940 | +1 | % | |||||||||||
Divestments |
616 | 1,566 | 1,690 | -64 | % | |||||||||||
Net investments |
5,368 | 5,057 | 4,250 | +26 | % | |||||||||||
Cash flow from operations |
3,718 | 5,865 | 5,267 | -29 | % | |||||||||||
Adjusted cash flow from operations |
5,209 | 5,691 | 5,095 | +2 | % | |||||||||||
In millions of dollars7 except earnings per share and number of shares |
1Q13 | 4Q12 | 1Q12 | 1Q13 vs 1Q12 |
||||||||||||
Sales |
63,560 | 64,664 | 67,071 | -5 | % | |||||||||||
Adjusted operating income from business segments |
7,632 | 7,545 | 8,898 | -14 | % | |||||||||||
Adjusted net operating income from business segments |
4,112 | 4,305 | 4,276 | -4 | % | |||||||||||
Upstream |
3,257 | 3,483 | 4,007 | -19 | % | |||||||||||
Refining & Chemicals |
506 | 476 | 84 | x6 | ||||||||||||
Marketing & Services |
350 | 346 | 185 | +89 | % | |||||||||||
Adjusted net income |
3,781 | 3,943 | 4,037 | -6 | % | |||||||||||
Adjusted fully-diluted earnings per share (euros) |
1.67 | 1.74 | 1.78 | -7 | % | |||||||||||
Fully-diluted weighted-average shares (millions) |
2,269 | 2,270 | 2,265 | - | ||||||||||||
Net income (Group share) |
2,030 | 3,036 | 4,808 | -58 | % | |||||||||||
Investments6 |
7,902 | 8,588 | 7,786 | +1 | % | |||||||||||
Divestments |
813 | 2,031 | 2,215 | -63 | % | |||||||||||
Net investments |
7,089 | 6,557 | 5,571 | +27 | % | |||||||||||
Cash flow from operations |
4,910 | 7,605 | 6,904 | -29 | % | |||||||||||
Adjusted cash flow from operations |
6,879 | 7,380 | 6,679 | +3 | % |
5 | 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. |
6 | Including acquisitions. |
7 | Dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period. |
2
| Main events since the start of the first quarter 2013 |
| Launched the development of Moho Nord in the Republic of Congo |
| Restarted production at Elgin-Franklin in the UK North Sea |
| Exploration well Ivoire-1X on block CI-100 in the Ivory Coast encountered a horizon with high-quality oil. |
| Expanded exploration acreage by obtaining permits in offshore Cyprus |
| Finalized an agreement to acquire an additional 6% in the Ichthys LNG project in Australia |
| Sold of a 49% stake in the Voyageur project in Canada and finalized the sale of a 9.99% indirect interest in Block 14 offshore Angola |
| Announced the sale of a 25% interest in Tempa Rossa in Italy |
| Signed agreement with a consortium of buyers for the sale of TIGF, a natural gas transportation and storage affiliate in France |
| Received a binding offer and entered into exclusive negotiations for the sale by Total of its fertilizers business subsidiary GPN SA |
| First quarter 2013 results |
> Operating income from business segments
In the first quarter 2013, the Brent price averaged 112.6 $/b, a decrease of 5% compared to the first quarter 2012 and an increase of 2% compared to the fourth quarter 2012. The European refining margin indicator (ERMI) averaged 26.9 $/t, an increase of 29% compared to the first quarter 2012, but a decrease of 21% compared to the fourth quarter 2012. The environment for petrochemicals improved in Europe thanks to a decline in feedstock costs, yet demand continued to be weak.
The euro-dollar exchange rate averaged 1.32 $/ in the first quarter 2013, compared to 1.31 $/ in the first quarter 2012 and 1.30 $/ in the fourth quarter 2012.
In this environment, the adjusted operating income8 from business segments was 5,779 M, a decrease of 15% compared to the first quarter 2012. Expressed in dollars, there was a decrease of 14%. This decrease is essentially due to the decrease in Upstream results compared to the first quarter 2012, which was partially offset by improved results from Refining & Chemicals and Marketing & Services.
The effective tax rate9 for the business segments was 58.1% in the first quarter 2013 compared to 60.1% in the first quarter 2012, essentially due to an increased contribution of downstream activities to the pre-tax results of the Group.
Adjusted net operating income from the business segments was 3,114 M for the first quarter 2013 compared to 3,262 M in the first quarter 2012, a decrease of 5%.
Expressed in dollars, the adjusted net operating income from the business segments was 4.1 B$, a decrease of 4% compared to the first quarter 2012. This decrease is mainly due to a lower contribution from Upstream in an environment less favorable than that of the first quarter 2012.
8 | Special items affecting operating income from the business segments had a negative impact of 6 M in the 1st quarter 2013 and a negative impact of 65 M in the 1st quarter 2012. |
9 | Defined as: (tax on adjusted net operating income) / (adjusted net operating income income from equity affiliates, dividends received from investments + tax on adjusted net operating income). |
3
> Net income (Group share)
Adjusted net income was 2,863 M compared to 3,080 M in the first quarter 2012, a decrease of 7%. Expressed in dollars, adjusted net income decreased by 6%.
Adjusted net income excludes the after-tax inventory effect, the effect of changes in fair value, and special items10:
| The after-tax inventory effect had a negative impact on net income of 51 M in the first quarter 2013 compared to a positive impact of 590 M in the first quarter 2012. |
| Changes in fair value had a positive impact on net income of 1 M in the first quarter 2013 compared to a negative impact of 20 M in the first quarter 2012. |
| Special items11 had a negative impact on net income of 1,276 M in the first quarter 2013, comprised essentially of a net loss of 1,247 M relating to the sale of a 49% interest in the Voyageur upgrader project in Canada. This decision, following a strategic review of this project, is consistent with the Groups commitment to economically develop its Canadian oil sands projects and provides investment savings of about 6 B$ over the next five years. |
| In the first quarter 2012, special items had a positive impact of 18 M. |
Net income (Group share) was 1,537 M compared to 3,668 M in the first quarter 2012.
The effective tax rate for the Group was 58.8% in the first quarter 2013, compared to 60.6% in the first quarter 2012.
On March 31, 2013, there were 2,269 million fully-diluted shares, compared to 2,264 on March 31, 2012.
Adjusted fully-diluted earnings per share, based on 2,269 million fully-diluted weighted-average shares, was 1.26, compared to 1.36 in the first quarter 2012.
Expressed in dollars, adjusted fully-diluted earnings per share decreased by 7% to $1.67.
> Investments Divestments12
Investments, excluding acquisitions and including changes in non-current loans, were 4.85 B (6.4 B$) in the first quarter 2013, an increase of 25% compared to 3.9 B (5.1 B$) in the first quarter 2012.
Acquisitions were 934 M (1,233 M$) in the first quarter 2013, comprised essentially of the acquisition of an additional 6% stake in Ichthys LNG, exploration permits in Mozambique, and the carry agreement in the Utica shale gas and condensates field in the United States.
Asset sales in the first quarter 2013 were 420 M (555 M$), including mainly the sale of a 49% interest in the Voyageur upgrader project in Canada. Several asset sales have been announced by the Group, including TIGF, Usan, and Tempa Rossa, which are in-progress and are not reported in the accounts of the first quarter 2013. These transactions represent about 5 B$ in the aggregate.
Net investments13 were 5.4 B (7.1 B$) in the first quarter 2013 compared to 4.2 B (5.6 B$) in the first quarter 2012.
10 | Adjustment items explained on page 12. |
11 | Detail shown on page 15. |
12 | Detail shown on page 16. |
13 | Net investments = investments including acquisitions and changes in non-current loans asset sales. |
4
> Cash flow
Cash flow from operations was 3,718 M in the first quarter 2013, a decrease of 29% compared to the first quarter 2012.
Adjusted cash flow from operations14 was 5,209 M, an increase of 2% compared to the first quarter 2012. Expressed in dollars, adjusted cash flow from operations was 6.9 B$, an increase of 3% compared to the first quarter 2012.
The Groups net cash flow15 was negative 1,650 M, compared to positive 1,017 M in the first quarter 2012.
Expressed in dollars, the Groups net cash flow was negative 2.2 B in the first quarter 2013, compared to positive 1.3 B in the first quarter 2012. This decrease is mainly due to changes in working capital and net investments between the two periods.
The net-debt-to-equity ratio was 25.9% on March 31, 2013, compared to 21.9% on December 31, 2012, and 22.6% on March 31, 2012.16
14 | Cash flow from operations at replacement cost before changes in working capital. |
15 | Net cash flow = cash flow from operationsnet investments. |
16 | Detail shown on page 17. |
5
| Analysis of business segment results |
Upstream
> Environment liquids and price realizations*
1Q13 | 4Q12 | 1Q12 | 1Q13 vs 1Q12 |
|||||||||||||
Brent ($/b) |
112.6 | 110.1 | 118.6 | -5 | % | |||||||||||
Average liquids price ($/b) |
106.7 | 106.4 | 115.2 | -7 | % | |||||||||||
Average gas price ($/Mbtu) |
7.31 | 6.94 | 7.16 | +2 | % | |||||||||||
Average hydrocarbons price ($/boe) |
77.4 | 77.0 | 82.1 | -6 | % |
* | consolidated subsidiaries, excluding fixed margins |
> Production
Hydrocarbon production | 1Q13 | 4Q12 | 1Q12 | 1Q13 vs 1Q12 |
||||||||||||
Combined production (kboe/d) |
2,323 | 2,293 | 2,372 | -2 | % | |||||||||||
Liquids (kb/d) |
1,193 | 1,206 | 1,229 | -3 | % | |||||||||||
Gas (Mcf/d) |
6,137 | 5,897 | 6,226 | -1 | % |
Hydrocarbon production was 2,323 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2013, a decrease compared to the first quarter 2012, essentially as a result of:
| +4% for start-ups and ramp-ups of new projects, |
| -3% for normal decline and maintenance, |
| -0.5% for portfolio changes, comprised essentially of the sale of assets in the UK, Nigeria and Columbia, net of the positive effect of an increased interest in Novatek, |
| -2.5% for the incident at Elgin in the UK North Sea and security conditions in Nigeria. |
6
Results
Effective July 1, 2012, the Upstream segment no longer includes the activities of New Energies, which are now reported with Marketing & Services. As a result, certain information has been restated according to the new organization.
in millions of euros | 1Q13 | 4Q12 | 1Q12 | 1Q13 vs 1Q12 |
||||||||||||
Adjusted operating income* |
4,960 | 5,049 | 6,508 | -24 | % | |||||||||||
Adjusted net operating income* |
2,466 | 2,686 | 3,057 | -19 | % | |||||||||||
includes adjusted income from equity affiliates |
633 | 350 | 495 | +28 | % | |||||||||||
Investments |
5,255 | 5,518 | 5,306 | -1 | % | |||||||||||
Divestments |
543 | 1,415 | 748 | -27 | % | |||||||||||
Cash flow from operating activities |
4,150 | 4,429 | 5,766 | -28 | % | |||||||||||
Adjusted cash flow from operating activities |
4,186 | 4,494 | 4,713 | -11 | % |
* | Detail of adjustment items shown in the business segment information annex to financial statements. |
Adjusted net operating income from the Upstream segment was 2,466 M in the first quarter 2013 compared to 3,057 M in the first quarter 2012, a decrease of 19%. Expressed in dollars, adjusted net operating income from the Upstream segment was 4,007 M$ in the first quarter of 2012, compared to 3,257 M$ in the first quarter 2013. The decrease is explained by a less favorable environment and a decrease in production between the two periods, as well as higher technical costs. The increase in technical costs is mainly due to higher amortization.
The effective tax rate for the Upstream segment was 62.7%, compared to 61.0% in the first quarter 2012, mainly due to increased non-deductible exploration charges.
For the twelve months ended March 31, 2013, the return on average capital employed (ROACE17) for the Upstream segment was 17%, compared to 18% for the full-year 2012.
The annualized for the first quarter 2013 ROACE of the Upstream segment was 15%.
17 | 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*
1Q13 | 4Q12 | 1Q12 | 1Q13 vs 1Q12 |
|||||||||||||
Total refinery throughput (kb/d) |
1,763 | 1,648 | 1,830 | -4 | % | |||||||||||
France |
627 | 532 | 692 | -9 | % | |||||||||||
Rest of Europe |
866 | 847 | 879 | -1 | % | |||||||||||
Rest of world |
270 | 269 | 259 | +4 | % | |||||||||||
Utilization rates** |
||||||||||||||||
Based on crude only |
83 | % | 76 | % | 82 | % | ||||||||||
Based on crdue and other feedstock |
86 | % | 79 | % | 88 | % |
* | includes share of TotalErg. Results for refineries in South Africa, French Antilles and Italy are reported in the Marketing & Serives segment. |
** | based on distillation capacity at the beginning of the year |
The decrease in refinery throughput compared to the first quarter 2012 is mainly due to the turnaround of the Normandy refinery in the context of a modernization project for the first part of the quarter, maintenance at the Donges refinery, and the closure of the Rome refinery that occurred at the end of the third quarter 2012. Throughput was down at the beginning of the quarter during a challenging environment, yet progressively returned to levels comparable to those of the first quarter 2012.
> Results
in millions of euros (except the ERMI) |
1Q13 | 4Q12 | 1Q12 | 1Q13 vs 1Q12 |
||||||||||||
European refining margin indicatorERMI ($/t) |
26.9 | 33.9 | 20.9 | +29 | % | |||||||||||
Adjusted operating income* |
410 | 388 | (43 | ) | n/a | |||||||||||
Adjusted net operating income* |
383 | 367 | 64 | x6 | ||||||||||||
contribution of Specialty Chemicals** |
90 | 94 | 91 | -1 | % | |||||||||||
Investments |
533 | 573 | 429 | +24 | % | |||||||||||
Divestments |
27 | 101 | 141 | -81 | % | |||||||||||
Cash flow from operations |
(288 | ) | 502 | (36 | ) | n/a | ||||||||||
Adjusted cash flow from operations |
563 | 672 | 128 | x4 |
* | detail of adjustment items shown in the business segment information annex to financial statements |
** | Hutchinson, Bostik, Atotech |
The ERMI averaged 26.9 $/t in the first quarter 2013, an increase of 29% compared to the first quarter 2012.
Adjusted net operating income from the Refining & Chemicals segment was 383 M in the first quarter 2013, nearly six times than that of the first quarter 2012.
Expressed in dollars, the increase is identical and is due to the improvement of refining margins and petrochemical margins at the end of the quarter as well as improved operational performance of facilities.
8
For the twelve months ended March 31, 2013, the ROACE for the Refining & Chemicals segment was 10%, compared to 9% for the full-year 2012.
The annualized first quarter 2013 ROACE of the Refining & Chemicals segment was 9%.
9
Marketing & Services
> Refined product sales
Sales in kb/d* | 1Q13 | 4Q12 | 1Q12 | 1Q13 vs 1Q12 |
||||||||||||
Europe |
1,108 | 1,123 | 1,211 | -9 | % | |||||||||||
Rest of world |
607 | 583 | 529 | +15 | % | |||||||||||
Total sales volumes |
1,715 | 1,706 | 1,740 | -1 | % |
* | excludes trading and bulk sales, includes share of TotalErg |
In the first quarter 2013, sales volumes decreased by 1% compared to the first quarter 2012. This decrease is due to a decline in European sales, which were particularly impacted by the closure of the Rome refinery, in an environment of decreasing demand for refined products. The decrease in sales of specialty products was partially offset by increased sales outside of Europe.
> Results
Effective July 1, 2012, Marketing & Services includes the activities of New Energies. As a result, certain information has been restated according to the new organization.
in millions of euros | 1Q13 | 4Q12 | 1Q12 | 1Q13 vs 1Q12 |
||||||||||||
Sales |
20,999 | 21,669 | 21,852 | -4 | % | |||||||||||
Adjusted operating income* |
409 | 382 | 323 | +27 | % | |||||||||||
Adjusted net operating income* |
265 | 267 | 141 | +88 | % | |||||||||||
contribution of New Energies |
(13 | ) | 14 | (116 | ) | n/a | ||||||||||
Investments |
187 | 508 | 198 | -6 | % | |||||||||||
Divestments |
38 | 46 | 45 | -16 | % | |||||||||||
Cash flow from operating activities |
(93 | ) | 1 024 | (444 | ) | n/a | ||||||||||
Adjusted cash flow |
434 | 353 | 270 | +61 | % |
* | detail of adjustment items shown in the business segment information annex to financial statement. |
Marketing & Services sales were 21 B, a decrease of 4% compared to the first quarter 2012.
Adjusted net operating income from the Marketing & Services segment was 265 M in the first quarter 2013, an increase of 88% compared to the first quarter 2012, mainly due to improved margins on certain specialty products and an improved contribution from New Energies.
For the twelve months ended March 31, 2013, the ROACE for the Marketing & Services segment was 13%, compared to 12% for the full-year 2012.
The annualized first quarter 2013 ROACE of the Marketing & Services segment was 15%.
10
| Summary and Outlook |
The ROACE for the Group for the twelve months ended March 31, 2013, was 15%, compared to 16% for the full-year 2012. The annualized first quarter 2013 ROACE for the Group was 14%.
The return on equity for the twelve months ended March 31, 2013, was 17%, compared to 18% for the full-year 2012.
Pending approval at the May 17, 2013 Annual Shareholders Meeting, TOTAL S.A. will pay on June 27, 2013, the 0.59 /share remainder of the 2012 dividend.18 The 2012 cash dividend represents a total of 2.34 /share, an increase of 3% compared to the previous year.
In addition, the Board of Directors decided on April 25, 2013, to pay a first quarter 2013 interim dividend of 0.59 /share on September 27, 2013.19
Since the beginning of the year, the Group successfully restarted production at Elgin-Franklin in the UK North Sea following the approval of the safety case by UK authorities. Production has reached nearly 50% of the fields potential. The next scheduled start-ups include Angola LNG, Sulige in China, and Kashagan in Kazakhstan. Total continues to pursue the development of its major projects, most recently with the launch of Moho Nord.
The Groups ambitious exploration program continues with high-potential wells targeting frontier prospects, including in Gabon, Kenya and Indonesia. 80% of Totals exploration potential this year is yet to be drilled.
In the downstream, refinery throughput in the second quarter will be impacted by a turnaround at Carling and scheduled maintenance at Antwerp. Since the beginning of the second quarter 2013, European refining margins and petrochemicals margins have been trending favorably.
¿ ¿ ¿
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)203 367 9459 in Europe or +1 855 402 7763 in the U.S. (listen-only). For a replay, please consult the website or call +44 (0)203 367 9460 in Europe or +1 877 642 3018 in the U.S. (code: 281 147).
18 | The ex-dividend date will be June 24, 2013. |
19 | The ex-dividend date will be September 24, 2013. |
11
This press release presents the first quarter 2013 results from the interim consolidated financial statements of TOTAL S.A. as of March 31, 2013. The notes to these consolidated financial statements (unaudited) are available on the TOTAL web site (www.total.com).
This document may contain forward-looking information on the Group (including objectives and trends), as well as forward-looking statements 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. These data do not represent forecasts within the meaning of European Regulation No. 809/2004.
Such forward-looking information and statements included in this document are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a significant difference between actual results and those anticipated, 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. Certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Companys financial results or the Groups activities is provided in the most recent Registration Document filed by the Company with the French Autorité des Marchés Financiers and annual report on Form 20-F filed with the United States 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. These 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 Marketing & Services 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
The effect of changes in fair value presented as an adjustment item reflects for some transactions differences between internal measures of performance used by TOTALs 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 Groups 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 SECs 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 Arche Nord Coupole/Regnault92078 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 SECs Web site: www.sec.gov.
12
Operating information by segment
for first quarter 2013
| Upstream |
Combined liquids and gas production by region (kboe/d) |
1Q13 | 4Q12 | 1Q12 | 1Q13 vs 1Q12 |
||||||||||||
Europe |
392 | 421 | 499 | -21 | % | |||||||||||
Africa |
692 | 701 | 709 | -2 | % | |||||||||||
Middle East |
542 | 482 | 511 | +6 | % | |||||||||||
North America |
71 | 67 | 68 | +4 | % | |||||||||||
South America |
172 | 175 | 182 | -5 | % | |||||||||||
Asia-Pacific |
236 | 227 | 214 | +10 | % | |||||||||||
CIS |
218 | 220 | 189 | +15 | % | |||||||||||
Total production |
2,323 | 2,293 | 2,372 | -2 | % | |||||||||||
Includes equity affiliates |
681 | 624 | 628 | +8 | % | |||||||||||
Liquids production by region (kb/d) | 1Q13 | 4Q12 | 1Q12 | 1Q13 vs 1Q12 |
||||||||||||
Europe |
166 | 185 | 226 | -27 | % | |||||||||||
Africa |
552 | 568 | 566 | -2 | % | |||||||||||
Middle East |
329 | 312 | 300 | +10 | % | |||||||||||
North America |
27 | 26 | 24 | +13 | % | |||||||||||
South America |
57 | 57 | 63 | -10 | % | |||||||||||
Asia-Pacific |
31 | 28 | 24 | +29 | % | |||||||||||
CIS |
31 | 30 | 26 | +19 | % | |||||||||||
Total production |
1,193 | 1,206 | 1,229 | -3 | % | |||||||||||
Includes equity affiliates |
325 | 307 | 299 | +9 | % |
13
Gas production by region (Mcf/d) | 1Q13 | 4Q12 | 1Q12 | 1Q13 vs 1Q12 |
||||||||||||
Europe |
1,215 | 1,270 | 1,492 | -19 | % | |||||||||||
Africa |
707 | 654 | 730 | -3 | % | |||||||||||
Middle East |
1,165 | 930 | 1,143 | +2 | % | |||||||||||
North America |
250 | 228 | 247 | +1 | % | |||||||||||
South America |
637 | 657 | 663 | -4 | % | |||||||||||
Asia-Pacific |
1,151 | 1,127 | 1 073 | +7 | % | |||||||||||
CIS |
1,012 | 1,031 | 878 | +15 | % | |||||||||||
Total production |
6,137 | 5,897 | 6,226 | -1 | % | |||||||||||
Includes equity affiliates |
1,922 | 1,712 | 1,773 | +8 | % | |||||||||||
Liquefied natural gas | 1Q13 | 4Q12 | 1Q12 | 1Q13 vs 1Q12 |
||||||||||||
LNG sales* (Mt) |
2.90 | 2.73 | 3.22 | -10 | % |
* | sales, Group share, excluding trading; 2012 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2012 SEC coefficient |
| Downstream (Refining & Chemicals and Marketing & Services) |
Refined product sales by region (kb/d)* | 1Q13 | 4Q12 | 1Q12 | 1Q13 vs 1Q12 |
||||||||||||
Europe |
1,978 | 1,964 | 2,066 | -4 | % | |||||||||||
Africa |
448 | 413 | 392 | +14 | % | |||||||||||
Americas |
481 | 435 | 441 | +9 | % | |||||||||||
Rest of world |
505 | 531 | 568 | -11 | % | |||||||||||
Total consolidated sales |
3,412 | 3,343 | 3,467 | -2 | % | |||||||||||
Includes bulk sales |
521 | 545 | 501 | +4 | % | |||||||||||
Includes trading |
1,176 | 1,092 | 1,226 | -4 | % |
* | includes share of TotalErg |
14
Adjustment items
| Adjustments to operating income |
in millions of euros | 1Q13 | 4Q12 | 1Q12 | |||||||||
Special items affecting operating income |
(6 | ) | (826 | ) | (65 | ) | ||||||
Restructuring charges |
(2 | ) | 62 | | ||||||||
Impairments |
(4 | ) | (340 | ) | | |||||||
Other |
| (548 | ) | (65 | ) | |||||||
Pre-tax inventory effect : FIFO vs. replacement cost |
(88 | ) | (462 | ) | 846 | |||||||
Effect of change in fair value |
2 | 13 | (25 | ) | ||||||||
Total adjustments affecting operating income |
(92 | ) | (1,275 | ) | 756 |
| Adjustments to net income (Group share) |
in millions of euros | 1Q13 | 4Q12 | 1Q12 | |||||||||
Special items affecting operating income (Group share) |
(1,276 | ) | (398 | ) | 18 | |||||||
Gain (loss) on asset sales |
(1,247 | ) | 226 | 80 | ||||||||
Restructuring charges |
(26 | ) | (4 | ) | | |||||||
Impairments |
(3 | ) | (337 | ) | (20 | ) | ||||||
Other |
| (283 | ) | (42 | ) | |||||||
After-tax inventory effect : FIFO vs. replacement cost |
(51 | ) | (312 | ) | 590 | |||||||
Effect of change in fair value |
1 | 10 | (20 | ) | ||||||||
Total adjustments affecting net income |
(1,326 | ) | (700 | ) | 588 |
Effective tax rates
Effective tax rate* | 1Q13 | 4Q12 | 1Q12 | |||||||||
Upstream |
62.7 | % | 54.8 | % | 61.0 | % | ||||||
Group |
58.8 | % | 52.5 | % | 60.6 | % |
* | tax on adjusted net operating income / (adjusted net operating incomeincome from equity affiliates, dividends received from investments + tax on adjusted net operating income) |
15
InvestmentsDivestments
in millions of euros | 1Q13 | 4Q12 | 1Q12 | 1Q13 vs 1Q12 |
||||||||||||
Investments excluding acquisitions* |
4,854 | 5,360 | 3,873 | +25 | % | |||||||||||
Capitalized exploration |
362 | 380 | 350 | +3 | % | |||||||||||
Changes in non-current loans** |
277 | (181 | ) | 159 | +74 | % | ||||||||||
Acquisitions |
934 | 578 | 1,832 | -49 | % | |||||||||||
Investments including acquisitions* |
5,788 | 5,938 | 5,705 | +1 | % | |||||||||||
Asset sales |
420 | 881 | 1,455 | -71 | % | |||||||||||
Net investments** |
5,368 | 5,057 | 4,250 | +26 | % | |||||||||||
expressed in millions of dollars*** | 1Q13 | 4Q12 | 1Q12 | 1Q13 vs 1Q12 |
||||||||||||
Investments excluding acquisitions* |
6,410 | 6,950 | 5,077 | +26 | % | |||||||||||
Capitalized exploration |
478 | 493 | 459 | +4 | % | |||||||||||
Changes in non-current loans** |
366 | (235 | ) | 208 | +76 | % | ||||||||||
Acquisitions |
1,233 | 749 | 2,401 | -49 | % | |||||||||||
Investments including acquisitions* |
7,644 | 7,700 | 7,478 | +2 | % | |||||||||||
Asset sales |
555 | 1,142 | 1,907 | -71 | % | |||||||||||
Net investments** |
7,089 | 6,557 | 5,571 | +27 | % |
* | 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 | 03/31/2013 | 12/31/2012 | 03/31/2012 | |||||||||
Current borrowings |
10,739 | 11,016 | 9,574 | |||||||||
Net current financial assets |
(535 | ) | (1,386 | ) | (1,322 | ) | ||||||
Net financial assets classified as held for sale |
682 | 756 | | |||||||||
Non-current financial debt |
22,875 | 22,274 | 22,428 | |||||||||
Hedging instruments of non-current debt |
(1,472 | ) | (1,626 | ) | (1,882 | ) | ||||||
Cash and cash equivalents |
(13,415 | ) | (15,469 | ) | (13,330 | ) | ||||||
Net debt |
18,874 | 15,565 | 15,468 | |||||||||
Shareholders equity |
73,846 | 71,185 | 69,862 | |||||||||
Estimated dividend payable |
(2,666 | ) | (1,299 | ) | (2,573 | ) | ||||||
Minority interests |
1,785 | 1,280 | 1,274 | |||||||||
Equity |
72,965 | 71,166 | 68,563 | |||||||||
Net-debt-to-equity ratio |
25.9 | % | 21.9 | % | 22.6 | % |
2013 sensitivities*
Scenario | Change | Impact on adjusted operating income |
Impact on adjusted net operating income | |||||
Dollar |
1.30 $/ | +0.1 $ par | -2,2 B | -0,95 B | ||||
Brent |
100 $/b | +1 $/b | +0.24 B / 0.31 B$ | +0.11 B / 0.14 B$ | ||||
European refining margins (ERMI) |
30 $/t | +1 $/t | +0.08 B / 0.1 B$ | +0.05 B / 0.06 B$ |
* | Sensitivities are revised once per year upon publication of the previous years fourth quarter results. Sensitivities are estimates based on assumptions of the Groups portfolio in 2013. Actual results could vary significantly from estimates based on the application of these sensitivities. |
The impact of the -$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 80% and 70% respectively. The remaining impact is essentially on the Refining & Chemicals segment.
17
Return on average capital employed
| Twelve months ended March 31, 2013 |
in millions of euros | Upstream | Refining & Chemicals |
Marketing & Services |
Group | ||||||||||||
Adjusted net operating income |
10,554 | 1,695 | 954 | 12,764 | ||||||||||||
Capital employed at 03/31/2012* |
57,382 | 15,790 | 7,484 | 82,009 | ||||||||||||
Capital employed at 03/31/2013* |
67,187 | 17,096 | 7,503 | 90,694 | ||||||||||||
ROACE |
16.9 | % | 10.3 | % | 12.7 | % | 14.8 | % |
| Full-year 2012 |
in millions of euros | Upstream | Refining & Chemicals |
Marketing & Services |
Group | ||||||||||||
Adjusted net operating income |
11,145 | 1,376 | 830 | 12,927 | ||||||||||||
Capital employed at 12/31/2011* |
56,910 | 15,454 | 6,852 | 79,976 | ||||||||||||
Capital employed at 12/31/2012* |
63,862 | 15,726 | 6,986 | 84,152 | ||||||||||||
ROACE |
18.5 | % | 8.8 | % | 12.0 | % | 15.8 | % |
* | at replacement cost(excluding after-tax inventory effect) |
18
Exhibit 99.12
Exhibit 99.13
|
Paris, 2013 April 30Techdrill International Ltd and TOTAL S.A. have signed an agreement putting an end to the litigation which has opposed them since the beginning of 2006. Therefore, TOTAL S.A. and Techdrill International Ltd will be able to resume normal business relationship in the future.
Exhibit 99.14
Exhibit 99.15
|
Exhibit 99.16
|
Paris, May 17, 2013 |
Exhibit 99.17
Qatar Petroleum International (QPI) and Total seal a strategic partnership in Congo
Paris, May 22, 2013Qatar Petroleum International (QPI) and Total are pleased to announce the signing of a framework of Agreement whereby QPI will participate in Total E&P Congo through its subscription to a 15% share capital increase of this company. This participation reinforces Qatars commitment to invest in Africa and illustrates Congos willingness to welcome Qatar as a new partner. Furthermore, thanks to its subscription to the capital of Total E&P Congo, QPI will contribute to the companys significant investment programme in Congo, specifically the Moho North project.
His Excellency Dr. Mohammed Bin Saleh Al Sada, Minister of Energy and Industry and Chairman of QPI, stated that this agreement is a further milestone in the implementation of QPIs strategy to develop actively its presence abroad and especially in Africa. He also welcomed the opportunity to reinforce relationships between Qatar and Congo and support Total E&P Congo in its development programme.
Christophe de Margerie, Chairman and CEO of Total, expressed his satisfaction with this agreement which is a new step in the implementation of the MOU for a strategic cooperation in Africa entered between QPI and Total on 25 March 2010. It will further build-on the well-established partnership with QPI and will strengthen Totals commitment to proceed with the development of the Congolese Petroleum Industry.
H.E. Jean-Jacques Bouya, Minister to the Presidency in charge of development and infrastructures of the Republic of Congo, attending the Doha 13th Forum and mandated by H.E. Denis Sassou-Nguesso, President of the Republic of Congo, expressed his satisfaction with QPIs partnering with Total in the Republic of Congo which will bring added value to the development of Congos petroleum resources. This new partnership is a clear milestone that will open a new era of cooperation between the Republic of Congo and the state of Qatar.
* * * * *
About Qatar Petroleum International
QPI was established in 2006 as a wholly-owned subsidiary of Qatar Petroleum (QP), the state-owned national oil company of the State of Qatar. QPI was established to promote and advance the interest of the State of Qatar in the global energy arena of upstream, downstream, and gas and power.
QPI, as part of Qatars global diversification, expansion, and investment, and through its strategic partnership and ventures with major energy players worldwide, is carving a pivotal role as an international energy investor.
QPI has built a reputation in upstream, downstream petrochemicals and gas & power by exploring, discovering and capitalizing on investment opportunities and acquisitions. QPIs multibillion portfolio of investments are global in scope, including partnerships and joint venture initiatives in Africa, North America (The United States and Canada), Singapore, the United Kingdom, Italy and Vietnam.
For more information on QPI, please visit www.qpi.com
About Total
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 97,000 employees put their expertise to work in every part of the industry exploration and production of oil and natural gas, refining and marketing, new energies, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow. www.total.com
Press contacts :
TOTAL : | Vincent GRANIER : +33 (0)1 41.35.90.30 Charles-Etienne LEBATARD : +33 (0)1 47.44.45.91 | |
QPI : | Yousef Fakhroo: +974 44 520 110 |
Exhibit 99.18
Exhibit 99.19
Exhibit 99.20
Exhibit 99.21
WG?`+C/ MS(?=?U!'H:O3_P#(XV?_`%XS?^AQU2TBP_M'P5IR(_E3QQK)!*!S'(,X/T[$ M=P2*HQ+2"74-8U:SDNKB.*(P&/R7V%@_]%TP M*T=L]]KFIQ2ZC>QQVYB2-8Y]@`*`GZDFEU>"32O#NHS6NH7CRF,;7DFWE.<9 M7T/-53'H;^)M9.J_8?,W0[/M+*#CRQTSVS2ZRFC#PIJL6E&SVM&/-6V9?4#G M;0!HS:(8X'=-9U&%E4L)'GW!<=R&&"/K65+J>KW,/AZY@)6XEMY)YK8#"W&% M7Y>>F +3D\@,8A(&ED=GG6U,*P1,>K,BX&? M=B/SJQ%H4TL0DOM4O7NV&6>"8QHA]$4<8'OD^M9]W:37UQXEAMP#.)+>2)2< M!F1%8#\2N/QK8MO$&F7-I]H-Y##M'[R.9PCQ'NK`\@BF!CWVH7\&@ZU9S7+" M^LD&RZC`5G1_NOCH&Z@]LKGOBMG2;V699;.\(^W6I"RX&!(I^[(/9A^1!':N M>U(F]T?7]7",MO/%'%;[A@NB'[^/0ECCV`/>M[5K697BU.R0M=VP.8Q_RVB/ MWD^O<>X'J:`&Z/?,=%GN[R8D13W&YV[(LC@?D!^E5=`O+XW3Q:A(S->1"]@5 MACRU)P8Q_N@I_P!]&LBWF&K>'+33K*;`U.\N'\PIG$*S,S$CW^5[5:&K6N MHV'V;6)M06X6PDWNBVX0F)OE?D'L#N_X"*`-33KB:76=8BDD+1PRQ"-3T4&- M24O(R:W+:\M;Q&>UN89U4X)B<, M`?PI`3$`@@C(/8T``#`Z444`-=$D&'16'H1FF?9H/^>$?_?`HHH'=DA567:R M@@]B*C^S0?\`/"/_`+X%%%`78\1H%"A%`7H,=*=110(:40A@5&&Z\=:9]F@_ MYX1_]\"BB@=V2*JHNU5``[`4`!0`H``["BB@0T0QA]XC0-_>"C-."@9P`,G) MQWHHH"XPV\+$DPQDGJ2HIX50NT`;<8QCBBB@=R,6T`.1#'G_`'14M%%`KB8& M[.!GIF@`*````.PHHH``H!)``)ZGUH``)(`R>I]:**`(Y+:"5MTD$;MZL@)H M2V@C#!(8U#==J@9HHH`EIH11C"@8Z8'2BB@!64,,,`1Z&@*!G``R H-%%`$;VMO(VYX(F/3+(#3HX8H01% +&B`\D*H%%%`'_]D_ ` end
N<\)2NR:@DNN2ZQ/%<^7-(RJJ1N%&0H7H*U]:LKG4=%O+*TNS:3SQ-&
MLX7)CR,9%>:V5EXM^&Y>VT_25\16]S&CR7"NEN(G4;2,'MC'/6KA'F35]1'>
MZOK5WIVOZ)90V/GV^H2R12RAL>40NX'WZ&MO>/I[=Z\=\/ZIXJOKO31<^'9(
M=-CU-[LW[WJ2"%&+;E)SR!DBM#QA/JD?Q1\/36?[Y&0K;)'=8Y`8N'3N"-OS
M=L53I._*%SM/$'B5=.T;6)].6.]O],C#RVP?!&<'G_@.3^%6=%UU-6NKZV^S
MO#-9F(2HY[N@;^N/PKRRXOO& /UKNOA[JUUKG@*
M?4;MLRRSSG:.B#LH]@.*X9A\QY[T?"VF3G,?9PI1;V1[M6;J6LVVEM;13,S7
M%U)Y<$*#+R-C)P/8=ZTJY#QA9W/VW2=9T^TGN]1TYY&BMT'RR(RX96/;@<'U
MK))-ZGV!N:7K5GJ]J9[67[LK0NKC:R.IP5(]127D&EZ_I]Q8W1ANK5F\N6+?
MD;@0=IP>N<<5P]KX-N-4TY+N&ZDM+B:\:]G^T6Y1O,+(<`9R``NWWJ[?>`)Y
M].N+*VO88!+=RW6_RCNRYR!D>A[]ZOEC?1@=?:V.GV=B+"SM8([5`P^SQJ-N
M">?E^M%I5NM234),R_OTA$2X'&`HXP,5YB?O'ZURO5L\+B)6]G\SW6DP
M*6BLSZX0C/448I:*`$P/2C%+12L`F*,8[4M%`"8]J,>U+13`3%&!Z4M%(!,#
MTHQ[4M%,!,>U&/:EHH`3'M1CVI:*`(+BSMKM56X@CE"G(#KG%1+I=@N-MG`,
M=,(.*N4478%%-'TU&W)8VZMZB,9IK:)I3_>T^V/&/]6*T**=V!2FMX;;3IHX
M(EC0(Q"J,#I7BY^\?K7ME[_QY3_]
=^)?!^K>%K>":^N(G6=R
MB^5(2<@9[BO"4,L'A#28Y@1(MJF0?I7%_&?_D$Z7_UW?\`]!K2M2BXN?4X
M
,3P%^"J7!>H"C<\J"6-7@\\ M*EJ`G,P89@7?R%.+Z3/Y*=$>M#8/VMR3@,G<`?FYOI[Z8OOMRCX(-PN!W8_E M.RAA>R&%24C?3FAR*959X`F$)78Q&MAELH9=U:#D48D`KSI MIULVY%;@Q+&():=,G3I7/*QO#A*A7)@@Z58@\F5O.3,@&5D<(DP\EF8#@PO( MF%:+(#,!$,.!@[>S/9G..W_'/`@?"N0;-[/65*SD.4:< M+9G'`#7U#'NBY)O%M0^ZT$L9-%.EUS=77&8LSJ(]$E3*8[&^/<8?'E21O41^ M'NCIA0I:4`DZ?R-N-))\47@&`!"G%])G\E.B/6AL'[6Y)P&3N`/S "G(]H="&540@>#FY<4TKE).%"=&Y&)C0(52A/G&<'D)U60#& M#LSW@XSC_'@)45]M*JT^9]P=?5=O;:07J$S_`%3T[;(M6%H/]X6A:5R]31HL MG8)+:;S2;;/3)=#9%5UIN_W0/5KH?XF&9@[BG[^4V"3P$`Y?8.3A5I-Q*``+ M4"@TER>66/)A99V6!;DT`!YP'(P`'VXQGLQVXX$$#@-BUY(Z^V$Z:,;H1MWR MUXTWKXFC-3?-U%W[*9A3CI!;QJ.\)E)[ZV;BL0;(2K#>BFWF@07AHD<<4.[X MK4]Z/F@2>;20Y``O40NRN]D-Y=J;VJ8A<77%I77-Y=$5CHV8975_:G)U-R&7 MNS+@0O,[M-CP#=U23. M#8/VMR3@,G<`?FYOI M[Z8OOMRCX(-PN!^Y[1:V4MLY7)$4O$$R31N'/9=AL\CK^V+0I:70Z0L30[HB M9.SSRHY?"I8@-;VIV5X$7Y6-*8$>?&E#[H>P%X:)O63&QFT[6H[?WJ2:^TU2 M$)HZ^5"/J,4;1^X<*LG6Z_I3+X[7-P5^Y,3DGVS9*\D":!N2E2?()*B=6MI" M6X*D?B<#P$&>K(]'<]_!W!$T,S.U(U#@Z. MSJY*2D;>VMJ!(6:J7+URLX!1))0!&&F#P$.,YSC'`9=VTH^JZ-UFTF(ZHFBG M4`CLRI6K'#5]%;].;8:F&0I[4-4VF]NM-72YG:JAN0VL9M`D-@+BD3`^JF^1 MX;`C\J*/\F\84"Y=F**V5V#,5-/-,U8JL/D#D;`6:QWUDD\\;(L-0/+0CELA MC3!%6!Y?B$O="H4(VU$G-,QG("08\'`JX_29_)3HCUH;!^UN2[=O5P#;U@DE)ZTFZ !#:TLNR,ZU;@:M[$3-B=)/$J*V#I^WI)'60MO.>GMDKF?,,N (S,ZG=[+ \/&0`_:0:O#8LT# M2AL]/J0,B<\5V=:2>/);%,B6%`_,PYHFB:E9&2)$))W?*@H33$V#.WN"R'@5 M;?I,_DIT1ZT-@_:W).`R=P!^;F^GOIB^^W*/@@W"X'J][-7[`VEK.MVBI;3C M5/VK3%_53L77,LFM=K+3A1TNJ=Q7KVU@ET-;9M7KJNC[V%P,*/,2NR921X!E M]X6.S("(@FL_4/U_WOMG>Z[=!]/-W+/MIBJ.#M%HZPW,*K+`I*/P2/K(;*7Z M&5AM-'O-2=TG[,B]GYV[Q>$$%V@[SE,\2>V1 MQUM*>E#>0PIF="6M*2B<#E(%`20XLW2US_2/M;?>M@)1F;)*=L=^A[7+C&P+ M(JD;&E-`I87=Q8PKG,+$[K6940-8A\I/\C59,)\8/N=[(5#/I,_DIT1ZT-@_ M:W).`R=P!^;F^GOIB^^W*/@@W"X'>#TZ$L;,[/2@E2H(9VQ>Z'IT963UAY+> ME-5F$I2,9QDY2:`G(0`[<=X6<8X`5S.LT@88+J_+Y-K!8#UFVM0XOO3L8HJ^ M;0J4Q[476::OC1'V"?RM=)CX.]64>2N=#S%[6P-YKDG1,KJH))4A1X":!A;% M&`RN)V86,)A9D)DXP#`+`@#`)B7"",`@YR$01!SVXSCP9QP(/]41"+SZQHA# M9K9L8IJ*R)X(;GVTIFU2Y\BT(0&@,$8^/C3`H_*IBO0IQ`P$1; R2:TZK; M9=(M6336^%QNQ#7*1Q]HF&%R-A-5"6D)$R50'(P6JWB@]I5MN+LW!;OL'-M7 M#&KNL5OLRTO$OQ!5BS7$E7G2&;I,2=J9'LUOE#D<8M3'')",'D'`,+#XL0,Y M"H'])G\E.B/6AL'[6Y)P&3N`/S 7Z[PQ'6](6K.I[?-82AKK=D=7%[B5=V@V4Y M8T0CMPQ"%+74XEK`X)D[@2VBPA&L,3!`6`.$]C+]L3:6\[2V&MA6UJ[#MV8. MDRDV6)K(8V!$J<3,83,\>94V1$M,>86XHE$@38$/)"-.6#(QYQD60J@_29_) M3HCUH;!^UN2*-[@`&C\6/N%F"[H#! M=W/=`,7='W0#SX,Y[,]F/\,\!6W6R$;?IKAF `P2(*VF"-$=K0EH)9'(@Y"9+R7`HQ8 MH4(R5" ;:NH*,,)S4]<7;.8E#$2=_-E:=A;VAW.3*8FGE*A M4N428B&N83VH#@8><8M"CP<(P8AY%D*;WTF?R4Z(]:&P?M;DG`9.X`_-S?3W MTQ??;E'P0;A<#IZ^+AI.E*]6R6_;?@U'0%^6IH+F?6#-V&O&)(^RTI2WM"`F M5R5:WM#<\KC._A)XPT.1'!QW>W/@X"G\
NT^O-S3;AVB^%3YEL:!RAJ9[-8Y2I;26)]=U,K:51*-4J M*&E7&@W98(#2ZUFY9QWE!P(-)0&G^+"5XXT+`MP8=XH'_`7XP6,Y[N/!CM[, M<""!P#7:@[QZI494,:J0XOJ[PQ=+\D)+I3:K=0V.4[54Y=GA2%K>'9EIQ-K> M]"4C5,62R`HESNK-5B+\2-2$L>.X'"O4%U^8M5=V=G->(J0_IXE4]NRJ*Q`$ ML?T,GE8X@2KPKBBB4/+='HFD4217'E:8U>6%M193*QF$B*",L7`IS?29_)3H MCUH;!^UN2!V/?HU M&%E&,;2YOJ #A(VG)Z< MI6$`,"5!&2`!$=4&A:.UUV'G];P[8K8[82^X[:5CM6Q3]?U,QFN,JY.2Y)%B M.:1N8,]]7.[V2"P%"Y6XF+'$IK49)&0<+!AAY@"@H]_29_)3HCUH;!^UN2CN>_@N4_8:[@0;J MZC3',Y_"HC)IRP5C')/*F%@?;'E2-_<8Q`VAW G[M%TM==(`/6"-XN2MK:M3IQ ML=TYV*23:=(K!FMHG[`L[Y8[@Z3YM);'-`4I58+:VTXE#A.GRGSXT%O-F5EA M+]@KB6VQ+J_GUEJK!DA\XFM5.E?O5;RB2F.!HG5ZA#M5)"6M7&-KU. <9(Q@'9P*G'TF?R4Z(]:&P?M;DG`9.X`_-S?3WTQ??;E'P0;A<`@?`W M`\79'H[GOX+E/V&NX$#O@, A]0TM+VQE-J-SC.&]=YS CN>_@ MN4_8:[@0.^`R(GVFI2S]>=,&5HZSU\:+/U,:P16FI_KY5%-[4FUVUS"*S&<+ MAS)H5U5,8U&'2139@>D"J0+/$&'*WH)YWCAEC+*(`"E\+4;C DO*4MTH:)%:Q!BTP1 FR;+7*7('%_#^_-*<5!RL`A=A@\B[<\"JC] M)G\E.B/6AL'[6Y)P&3N`/S )R742(R:14!=;]!XG9\OF*F<3Y"NV,?CF M"BK:>Y"UWXTH43VVJ7MP3+R$XLI0)"TI!!R@%DMFW29/>PEQN]AVK#+RG+C8 M,D5RNX:Z6A OBUD2 MV/+J%6O 0)/A8L4'G*0AP9DP>!8%D*G7T MF?R4Z(]:&P?M;DG`9.X`_-S?3WTQ??;E'P0;A<`@?`W`\79'H[GOX+E/V&NX M$':KJTFUT677U05HQ*918EI36+UY!8VD&04I?9?,GI%'HZTDG*3"4I`U[LX% M%>,-&`HOO=X8@AQG.`,>;<&D%F2&FZ(WRH"ZY;LOJNW1O3AKF>L^V=.USKS< MT7JV8.D7@22T9+.JILE+"T4=3K,-"^7QAU$W.+.F"X8)*.R-48'`G44EMRS; M>C:J0;"01MJZYA75-6:>UJRJLN+-7[K%W,<73PQG>!*W`4@:8RV,Q"-,Y94* M,N9!(5633/'=\04V_I,_DIT1ZT-@_:W).`R=P!^;F^GOIB^^W*/@@W"X!`^! MN!XNR/1W/?P7*?L-=P(9VG&PA^IVUVNFS!#`"58HNY*^LY5&!J,(\R)MB4D; MW9V8B5V0C\W*W9K3G$$J>Z+R8XP)O=SW.S($;<-+>E>^3E;;:+JVPUEUH<7M M3*AU<]:Z;"J-UVF/*U1CK^5XH4CA"VEWBPDJ8?FK#\":!CIRK'EPA`(SDG`< M![V;)(MO]P=AME6F-*H UO;@GQA.X/R2,-J M0*]07_P'K,&F!\`L<"GQ])G\E.B/6AL'[6Y)P&3N`/S M#8/VMR3@,G<`?FYOI[Z M8OOMRCX(-PN`0/@;@>+LCT=SW\%RG[#7<"!WP-P-P*U7TF?R4Z(]:&P?M;DG M`9.X`]-UE:5%>O3'4K%*=(G!NY)<#/4G%D$@R/2+<$`,"--$`` -L:51<=>3T()(PC M%F%2K.`A>&\6>S#$O%G/9A1G/@QCMS_Z<""SP-P-P*U7TF?R4Z(]:&P?M;DG M`9.X'*FWOZ)_RV9OUW_IF_*3[YMOW>_51^6?W!_,'S2]^:?,OYI__!?>_P`Q M^ (_]YY)Y3W?W?C>`.;^W&_HY_P`GW`W]N-_1S_D^X&_MQ>S/;_\`CEV= MF>WM_1[V=G9X>WM\'9V?MX'R?[:'^B3_`"0<#?VT/]$G^2#@;^VA_HD_R0<` MI^JWZ3?R:9/T3_I^_3]YUD7W<_3'^7OY1>>_/"K[U^9ORO\`_I_G/S_X_P`X 0>)_>^5]_QO[SO<#HO@?_V3\_ ` end