0001193125-13-434506.txt : 20131108 0001193125-13-434506.hdr.sgml : 20131108 20131108112259 ACCESSION NUMBER: 0001193125-13-434506 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 24 CONFORMED PERIOD OF REPORT: 20131108 FILED AS OF DATE: 20131108 DATE AS OF CHANGE: 20131108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOTAL S.A. CENTRAL INDEX KEY: 0000879764 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 STATE OF INCORPORATION: I0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10888 FILM NUMBER: 131203198 BUSINESS ADDRESS: STREET 1: 2 PLACE JEAN MILLIER STREET 2: LA DEFENSE 6 CITY: COURBEVOIE STATE: I0 ZIP: 92400 BUSINESS PHONE: 33147444546 MAIL ADDRESS: STREET 1: 2 PLACE JEAN MILLIER STREET 2: ARCHE NORD COUPOLE/REGNAULT CITY: PARIS LA DEFENSE CEDEX STATE: I0 ZIP: 92078 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL SA DATE OF NAME CHANGE: 20030508 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA ELF SA DATE OF NAME CHANGE: 20001010 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA SA DATE OF NAME CHANGE: 19990713 6-K 1 d624592d6k.htm FORM 6-K FORM 6-K

 

 

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: September 10, 2013 to November 8, 2013

Commission File Number: 1-10888

 

 

TOTAL S.A.

(Translation of registrant’s name into English)

 

 

2 place Jean Millier

La Défense 6

92400 Courbevoie

France

(Address of principal executive offices)

 

 

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

Form 20-F  x            Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.    Yes  ¨    No  x

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

 

 

 


TABLE OF CONTENTS

 

SIGNATURES   
EXHIBIT INDEX   
EX 99.1:  

Total, Outlook and Objectives, France

  
EX 99.2:  

Total launches the development of Incahuasi, Bolivia

  
EX 99.3:  

Jubail Platform Ships First Cargo of Refined Products, Saudi Arabia

  
EX 99.4:  

Total and Etrion to build world’s largest solar merchant project, Chile

  
EX 99.5:  

Total Acquires Offshore Exploration Interests, South Africa

  
EX 99.6:  

Total sells E&P assets to National Gas Company, Trinidad &Tobago

  
EX 99.7:  

Total Awarded 20% Interest in the Super-Giant Libra Field in the Santos Basin, Brazil

  
EX 99.8:  

Total sanctions Vega Pleyade offshore field development in Tierra del Fuego, Argentina

  
EX 99.9:  

Ekofisk South brought on stream in the North Sea, Norway

  
EX 99.10:  

France Creates a Cutting-Edge Solar Institute, France

  
EX 99.11:  

Total Announces the Mirawa Discovery, Kurdistan Region of Iraq

  
EX 99.12:  

Fort Hills development strengthens Total’s position, Canada

  
EX 99.13:  

Third Quarter 2013 Results, France

  
EX 99.14:  

Total announces its interim dividend for the Third Quarter 2013, France

  
EX 99.15:  

Arnaud Breuillac appointed President, Exploration & Production at Total, France

  
EX 99.16:  

Total awarded a solar power generation plant, South Africa

  


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: November 8, 2013     By:  

/s/ Humbert de Wendel

    Name:   Humbert de WENDEL
    Title:   Treasurer


EXHIBIT INDEX

 

Ø EXHIBIT 99.1: France: Total, Outlook and Objectives (September 23, 2013)

 

Ø EXHIBIT 99.2: Bolivia: Total launches the development of Incahuasi (September 25, 2013)

 

Ø EXHIBIT 99.3: Saudi Arabia: Jubail Platform Ships First Cargo of Refined Products (September 26, 2013)

 

Ø EXHIBIT 99.4: Chile: Total and Etrion to build world’s largest solar merchant project (September 26, 2013)

 

Ø EXHIBIT 99.5: South Africa: Total Acquires Offshore Exploration Interests (September 30, 2013)

 

Ø EXHIBIT 99.6: Trinidad &Tobago: Total sells E&P assets to National Gas Company (September 30, 2013)

 

Ø EXHIBIT 99.7: Brazil: Total Awarded 20% Interest in the Super-Giant Libra Field in the Santos Basin (October 21, 2013)

 

Ø EXHIBIT 99.8: Argentina: Total sanctions Vega Pleyade offshore field development in Tierra del Fuego (October 24, 2013)

 

Ø EXHIBIT 99.9: Norway: Ekofisk South brought on stream in the North Sea (October 28, 2013)

 

Ø EXHIBIT 99.10: France Creates a Cutting-Edge Solar Institute (October 29, 2013)

 

Ø EXHIBIT 99.11: Iraq: Total Announces the Mirawa Discovery in the Kurdistan Region of Iraq (October 30, 2013)

 

Ø EXHIBIT 99.12: Canada: Fort Hills development strengthens Total’s position in Canada (October 31, 2013)

 

Ø EXHIBIT 99.13: France: Third Quarter 2013 Results (October 31, 2013)

 

Ø EXHIBIT 99.14: France: Total announces its interim dividend for the Third Quarter 2013 (October 31, 2013)

 

Ø EXHIBIT 99.15: France: Arnaud Breuillac appointed President, Exploration & Production at Total (November 4, 2013)

 

Ø EXHIBIT 99.16: South Africa: Total awarded a solar power generation plant (November 5, 2013)
EX-99.1 2 d624592dex991.htm EXHIBIT 99.1 EXHIBIT 99.1

Exhibit 99.1

 

LOGO    LOGO

 

2, place Jean Millier

Arche Nord Coupole/Regnault

92 400 Courbevoie France

Tel. : (33) 1 47 44 58 53

Fax  : (33) 1 47 44 58 24

Martin DEFFONTAINES

Matthieu GOT

Karine KACZKA

Magali PAILHE

Patrick GUENKEL

Robert HAMMOND (U.S.)

Tel. : (1) 713-483-5070

Fax  : (1) 713-483-5629

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

London, September 23, 2013

Total presents outlook and objectives

Christophe de Margerie, Chairman and CEO of Total, is presenting to the financial community the company’s outlook and objectives for the coming years as well as the social and environmental strategy of the Group. The event is webcast and the presentation is available on the website www.total.com.

The key messages include:

 

  Major project start ups and end of intensive investment phase

To grow the company and create value, Total launched a program of intensive Upstream investments several years ago. The program’s benefits are being realized through the start up of major projects from now to 2017, like Kashagan in Kazakhstan, which began producing September 11. The Group anticipates investments to trend down starting in 2014 as it enters a growth phase for production and free cash flow.

 

  Growth of free cash flow

The Group anticipates a strong increase in cash flow from Upstream start-ups and Downstream restructuring. This increase in cash flow combined with the decrease in investments to more moderate levels should generate notable growth of free cash flow.

 

  2.6 Mboe/d in 2015 and potential for 3 Mboe/d in 2017

In the Upstream, the Group plans to start up numerous projects in the coming months (Ekofisk South, CLOV, Laggan-Tormore, Ofon 2,…) and confirms its production growth targets. In parallel, the bold exploration program continues with more than 15 high-potential wells planned from now to the end of 2014, notably in the Gulf of Mexico, Iraq, Brazil and Angola.

 

  First results from restructuring Refining & Chemicals

In Refining & Chemicals, the ongoing restructuring has begun to bear fruit, and profitability is increasing toward the target of 13% return on average capital employed set for 2015, using the 2010 market parameters. Total is optimizing its European portfolio, recently by launching a project to adapt its Carling plant. The Group is also continuing to develop its major integrated platforms, notably Satorp in Jubail, Saudi Arabia, which has recently started up.

 


 

 

  Adaptation and expansion of Marketing & Services

In Marketing & Services, the investment program approved by management will allow the Group to adapt its positions in Europe and expand in growing markets, particularly in Africa and the Middle East, where the Group is a leader today. During this investment phase, the profitability of Marketing & Services is expected to remain at high levels.

 

  Corporate social responsibility (CSR), creating opportunities for Total

In addition to improving risk management, the integration of CSR at the heart of Total’s operations stands out as a source of value creation for the Group and for its stakeholders. The Group’s commitment to CSR is recognized by, among others, the Dow Jones Sustainability Indices, which selected Total as the only Major Oil company to be part of the index for 10 consecutive years.

In keeping with the targets for sustainable growth and the strong visibility on the future, Christophe de Margerie confirms his commitment in favor of a policy of competitive returns to shareholders.

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. 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 Company’s financial results or the Group’s 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”). 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 – Arche Nord Coupole/Regnault—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.

* * * * *

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

 
EX-99.2 3 d624592dex992.htm EXHIBIT 99.2 EXHIBIT 99.2

Exhibit 99.2

 

LOGO    LOGO

 

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tel.: + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tel.: + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tel.: + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tel.: + 33 (0) 1 47 44 47 05

Vincent GRANIER

Tel.: + 33 (0) 1 41 35 90 30

Paul NAVEAU

Tel.: + 33 (0) 1 41 35 22 44

Quentin VIVANT

Tel.: + 33 (0) 1 41 35 37 44

Florent SEGURA

Tel.: + 33 (0) 1 47 44 31 38

Anastasia ZHIVULINA

Tel.: + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Total launches the development of Incahuasi in Bolivia

Paris, 25th September 2013 - Total announces today the final investment decision for a first development phase of the Incahuasi gas and condensate field in Bolivia, following the successful drilling results of the ICS-2 exploration well.

Located on the Ipati Block 250 kilometers South West of Santa Cruz in the Andean foothills, the development, operated by Total, will involve 3 wells (one on the Aquio block and two on the Ipati block), a gas treatment plant with a capacity of 6.5 Mm3/d and associated export pipelines. First Gas, is expected in 2016, of which a large portion will be exported.

The ICS-2 well, drilled to a depth of 5,636 m, is the second successful exploration well on the Ipati Block. The results of two recent tests on this well proved a hydrocarbon column of around 1,100 meters in the Devonian Huamampampa fractured sandstones reservoir.

The very positive results of the last well drilled on the Incahuasi field enabled us to launch a first development phase to help meet growing gas demand in the region,” said Ladislas Paszkiewicz, Total E&P Senior Vice President for the Americas. “We shall actively continue our exploration efforts in Bolivia to enable additional developments.”

Total plans several more exploration and appraisal wells on the Ipati and Aquio blocks to prove the significant additional potential of the Incahuasi field. Total also plans to commence exploration activities on the neighboring Azero block following the recent signature of an agreement with national energy company YPFB and Gazprom.

 


TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tel.: + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tel.: + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tel.: + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tel.: + 33 (0) 1 47 44 47 05

Vincent GRANIER

Tel.: + 33 (0) 1 41 35 90 30

Paul NAVEAU

Tel.: + 33 (0) 1 41 35 22 44

Quentin VIVANT

Tel.: + 33 (0) 1 41 35 37 44

Florent SEGURA

Tel.: + 33 (0) 1 47 44 31 38

Anastasia ZHIVULINA

Tel.: + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Total Exploration and Production in Bolivia

Present in Bolivia since 1996, TEPBo operates the Aquio and Ipati blocks with a 60% participating interest, in association with Tecpetrol de Bolivia (20%) and Gazprom (20%, pending final administrative approvals).

TEPBo also owns a 15% participating interest in the San Alberto and San Antonio blocks which supply natural gas mainly to Brazil, as well as a 41% participating interest in the Itaú field, put on stream in 2011 to supply gas to Argentina.

***

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

 
EX-99.3 4 d624592dex993.htm EXHIBIT 99.3 EXHIBIT 99.3

Exhibit 99.3

 

LOGO    LOGO

 

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tel.: + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tel.: + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tel.: + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tel.: + 33 (0) 1 47 44 47 05

Vincent GRANIER

Tel.: + 33 (0) 1 41 35 90 30

Paul NAVEAU

Tel.: + 33 (0) 1 41 35 22 44

Quentin VIVANT

Tel.: + 33 (0) 1 41 35 37 44

Florent SEGURA

Tel.: + 33 (0) 1 47 44 31 38

Anastasia ZHIVULINA

Tel.: + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Jubail Platform in Saudi Arabia Ships First Cargo of Refined Products

Paris, 26th September 2013 - SATORP, a joint venture between Saudi Aramco (62.5%) and Total (37.5%), has begun shipping refined products from the Jubail complex in Saudi Arabia. Saudi Aramco loaded a first shipment of heavy fuel oil at the Jubail oil terminal on September 23. The next shipment will be a cargo of diesel lifted by Total in late September.

Commissioning of the SATORP refinery and petrochemical complex commenced several weeks ago.

SATORP has been producing commercial-grade fuel oil and diesel since September 13. Crude oil is being processed into naphtha, diesel and heavy fuel oil in the first atmospheric distillation units on line.

The facility’s size and complexity mean that commissioning will be a months-long process, during which units will be started up in stages.

As more conversion units come on stream, the products will undergo more complex processes and the amount of crude oil refined will ramp up.

Construction work on Jubail commenced in early April 2010. All units are scheduled to be up and running by end-2013.

The Jubail Complex

The full-conversion Jubail complex is designed to refine 400,000 barrels per day (or around 20 million tons per year) of oil to produce high-grade automotive fuel.

The complex also includes integrated petrochemical units to produce benzene, paraxylene and propylene. The feedstock is Arab Heavy crude oil from the nearby Safaniya and Manifa fields.

* * * * *

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

 
EX-99.4 5 d624592dex994.htm EXHIBIT 99.4 EXHIBIT 99.4

Exhibit 99.4

 

LOGO    LOGO

TOTAL AND ETRION TO BUILD WORLD’S LARGEST SOLAR MERCHANT PROJECT IN CHILE

TOTAL, SUNPOWER AND ETRION PARTNER TO BUILD, OWN AND OPERATE 70 MWP SOLAR POWER PLANT IN CHILE WITH FINANCING SECURED FROM US OVERSEAS PRIVATE INVESTMENT CORPORATION

 

 

September 26, 2013, Paris, France and Geneva, Switzerland – Total S.A. (“Total”) (CAC: TOTF.PA) and Etrion Corporation (“Etrion”) (TSX: ETX / OMX: ETX) today announced the planned construction of Project Salvador, the world’s largest solar power project based on spot market electricity (“merchant”) revenues.

Project Salvador will be a 70 megawatt-peak (“MWp”) photovoltaic power plant in the Atacama region of Chile. Pursuant to the terms of the related purchase agreement, Etrion, Total and Solventus Energías Renovables (“Solventus”) will own 70%, 20%, and 10% interests, respectively, in the project. The total project cost of approximately US$200 million will be financed 70% through non-recourse project debt from the Overseas Private Investment Corporation (“OPIC”), the US Government’s development finance institution. The remaining 30% equity portion will be funded by Etrion, Total and Solventus, based on their respective ownership interests.

Project Salvador will be built by Total’s affiliate, SunPower Corporation (“SunPower”) (NASDAQ: SPWR), a US solar energy leader offering solutions unmatched in efficiency, reliability and performance. Project Salvador will also enter into a long-term fixed price operation and maintenance agreement with SunPower.

“Project Salvador is an important step in the process of transforming the capabilities of solar power in the world. This merchant project confirms that solar energy is becoming competitive with other conventional energy sources,” said Philippe Boisseau, President, Marketing & Services and New Energies and a member of the Executive Committee of Total. He continued, “Solar power is a compelling proposition in Chile due to the amount of solar irradiation received every day in the region. Combined with Chile’s high electricity prices, large energy demand and low construction costs, solar can compete with traditional sources of electricity in Chile without government subsidies. As a world leader in the solar industry, we are proud to launch with our partners the largest solar merchant project in the world, and we are pleased to assist Chile in the diversification of its energy mix. We look forward to further developing our solar activities in the country.”

Marco A. Northland, Etrion’s Chief Executive Officer, commented: “This is a very exciting opportunity for Etrion to work alongside Total, SunPower and Solventus in Chile. Project Salvador will demonstrate that solar is a viable and sustainable power solution in Chile given the strong solar irradiation and high electricity prices in the region. This project diversifies our portfolio in terms of geography and contract regime, demonstrates our ability to compete with traditional sources of electricity in a non-subsidy environment and provides a clear platform for growth that will give Etrion the option to declare dividends in the future.”

Chile has an investment grade rating and offers attractive investment opportunities for leading financial institutions to provide non-recourse project finance. Project Salvador will be financed 70% by OPIC with US dollar-denominated, non-recourse project debt with a 19.5-year tenor. The debt financing was approved by OPIC’s Board of Directors on September 19, 2013, with financial close expected in the fourth quarter of this year.

 

1


About Project Salvador

The company in which Etrion, Total and Solventus will hold their respective ownership interests holds the licenses, land rights and permits necessary to build, own and operate Project Salvador. Project Salvador will initially operate on a merchant basis where the electricity produced will be sold on the spot market and delivered to the Sistema Interconectado Central (“SIC”) electricity network, with the ability to secure future power purchase agreements (“PPAs”). The solar power plant will be built on 133 hectares leased from the Chilean government through a long-term concession. The facility will connect through the power infrastructure of Corporación Nacional del Cobre de Chile (“Codelco”).

Construction is expected to start during the fourth quarter of 2013, and Project Salvador is expected to be operational by the first quarter of 2015 at the latest. SunPower will install their SunPower Oasis™ Power Blocks system, a fully integrated solution utilizing SunPower’s high efficiency solar panels and single-axis trackers.

Once operational, Project Salvador is expected to produce approximately 200 gigawatt-hours of solar electricity per year, enough to supply electricity to approximately 60,000 people in Chile.

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.

Total is striving to diversify its supply to help meet growing energy demand in the long term. The Group holds a 66% stake in SunPower, a world leader in solar energy. Additionally, Total is actively engaged in a number of renewable research and development projects, such as solar and biomass. More information is available at: www.total.com

About Etrion

Etrion Corporation is an independent power producer that owns and operates renewable assets. Etrion currently has approximately 60 MWp of operational, ground-based solar photovoltaic power plants in Italy. Etrion is pursuing opportunities in Chile to complement its existing business by developing solar projects with long-term PPAs or at merchant. Etrion is listed on the Toronto Stock Exchange in Canada and the NASDAQ OMX Stockholm exchange in Sweden. Etrion’s largest shareholder is the Lundin family, which currently owns 24.5% of Etrion directly and through various trusts. Additional information is available at: www.etrion.com

For further information, please contact:

Total

Quentin Vivant, Press officer, quentin.vivant@total.com, tel.: +33 1 41 35 37 44.

Paul Naveau, Press officer, paul.naveau@total.com, tel.: +33 1 41 35 22 44.

Etrion

Marco A. Northland, Chief Executive Officer, mnorthland@etrion.com, tel.: +41 (22) 715 20 90.

Note: A megawatt-peak (MWp) = 1 million peak watts. A peak watt, the unit used to rate the performance of photovoltaic collectors, will deliver 1 watt of electricity under standard conditions of 1,000 watts of light intensity per square meter and an ambient temperature of 25°C.

 

2


Forward-Looking Information:

This press release contains certain “forward-looking information”. All statements, other than statements of historical fact, that address activities, events or developments that Etrion and/or Total believe, expect or anticipate will or may occur in the future (including, without limitation, statements relating to their anticipated plans to build, operate and finance Project Salvador, including, without limitation, its anticipated construction and operation start dates, the terms and methods under which Project Salvador will be built and operate (including through SunPower), the anticipated amount of solar electricity power to be produced from Project Salvador and the extent to which such power will supply the Chilean market, expected revenues to be derived, from Project Salvador, the anticipated impact of the development of Project Salvador on Chile and generally, as well as sources of financing). This forward-looking information reflects the current expectations or beliefs of Etrion and/or Total, as the case may be, based on information currently available to them as well as certain assumptions (including that all necessary financing and regulatory or other approvals will be obtained and that Project Salvador will be developed and operated in a manner consistent with the expectations of Etrion and Total). Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause actual results to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Etrion or Total. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the failure to obtain necessary financing or approvals to complete construction of Project Salvador or to operate it as expected, the failure to satisfy conditions precedent to the completion of the acquisition of the project interests as well as unexpected delays in starting or completing the construction of Project Salvador and resulting delays in the start of operations.

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Etrion and Total disclaim any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although Etrion and Total believe that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

 

3

EX-99.5 6 d624592dex995.htm EXHIBIT 99.5 EXHIBIT 99.5

Exhibit 99.5

 

LOGO    LOGO

 

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tel.: + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tel.: + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tel.: + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tel.: + 33 (0) 1 47 44 47 05

Vincent GRANIER

Tel.: + 33 (0) 1 41 35 90 30

Paul NAVEAU

Tel.: + 33 (0) 1 41 35 22 44

Quentin VIVANT

Tel.: + 33 (0) 1 41 35 37 44

Florent SEGURA

Tel.: + 33 (0) 1 47 44 31 38

Anastasia ZHIVULINA

Tel.: + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Total Acquires Offshore Exploration Interests in South Africa

Paris, 30th September, 2013 - Total announces that it has received approval from the South African authorities and has completed the acquisition of a 50% interest in Block 11B/12B, from CNR International (South Africa) Ltd., a wholly owned subsidiary of Canadian Natural Resources Limited.

The asset is located in the Outeniqua Basin, around 175 kilometers off the southern coast of the country, and covers an area of 19,000 square kilometers with water depths ranging from 200 to 1,800 meters.

Total also becomes Operator of Block 11B/12B and will drill an exploration well on the Block in 2014.

Our acquisition in this extensive frontier exploration asset demonstrates our determination to establish ourselves in new plays. South Africa’s deep offshore, in particular the Outeniqua Basin, is one of the few remaining under-explored offshore regions in Africa. Recent discoveries in the Falkland Islands (Malvinas Islands) together with the prospects identified on the block offer us very promising opportunities.” commented Marc Blaizot, Senior Vice President, Exploration at Total. “The results of the upcoming exploration well will be decisive, especially in terms of operability of the area in such a harsh environment. As the Operator, we will leverage our recognized deep offshore expertise and experience in challenging waters such as the North Sea and the Barents Sea, to quickly appraise the potential of this acreage.”

This acquisition is aligned with Total’s strategy of expanding its exploration and production operations in under-explored countries with strong growth potential.

Total in South Africa

Present in South Africa since 1954, Total is now the country’s fifth-ranked marketer, with sales of 3.1 million tons of products each year, a network of 528 service stations, its biggest outside Europe, and a 36.6% interest in the Natref refinery alongside Sasol. The Group is also South Africa’s third-ranked LPG marketer and fifth-ranked coal exporter.

 


TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tel.: + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tel.: + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tel.: + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tel.: + 33 (0) 1 47 44 47 05

Vincent GRANIER

Tel.: + 33 (0) 1 41 35 90 30

Paul NAVEAU

Tel.: + 33 (0) 1 41 35 22 44

Quentin VIVANT

Tel.: + 33 (0) 1 41 35 37 44

Florent SEGURA

Tel.: + 33 (0) 1 47 44 31 38

Anastasia ZHIVULINA

Tel.: + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Total’s solar affiliate, SunPower, is active in ground-mounted solar power plants and off-grid solar facilities in South Africa. It is currently building two solar power plants near Douglas, in The Northern Cape. Total is also implementing decentralized rural electrification programs through KwaZulu Energy Services (KES).

The newly created exploration and production affiliate is based in Cape Town.

* * * * *

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

 
EX-99.6 7 d624592dex996.htm EXHIBIT 99.6 EXHIBIT 99.6

Exhibit 99.6

 

LOGO    LOGO

 

 

2, place Jean Millier

Arche Nord Coupole/Regnault

92 400 Courbevoie France

Tel. : (33) 1 47 44 58 53

Fax : (33) 1 47 44 58 24

Martin DEFFONTAINES

Matthieu GOT

Karine KACZKA

Magali PAILHE

Patrick GUENKEL

Robert HAMMOND (U.S.)

Tel. : (1) 713-483-5070

Fax : (1) 713-483-5629

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Total sells E&P assets to National Gas Company of Trinidad &Tobago

Paris, September 30, 2013 - Total announces the transfer to The National Gas Company of Trinidad &Tobago of all of its E&P assets in Trinidad through the sale of Total E&P Trinidad B.V and Elf Exploration Trinidad B.V.

These wholly owned subsidiaries hold a 30% working interest in Block 2(c) (which includes the producing Angostura field) and 8.5% in Block 3(a). Total’s share of production is around 15,000 barrels of oil equivalent per day (boe/d). The transaction is valued at 473 MUS$, effective as of 1/1/2012.

This transaction has already been approved by the relevant authorities and was closed on September 30, 2013.

The sale of these assets is in line with the Group’s active portfolio management strategy. Our desire is to simplify the portfolio by divesting non strategic assets in countries where the production outlook is marginal to the Group” said Olivier de Langavant, Senior Vice President Strategy Business Development R&D at Total’s Exploration and Production.

Following Cameroon, France and Columbia, Trinidad & Tobago is the fourth country in which Total has divested its Upstream producing assets to focus on other areas where the Group sees higher growth potential.

Total in Trinidad & Tobago

Total has been present in Exploration and Production activities since 1996 in Trinidad & Tobago.

The Group’s production was 12 000 boe/d in 2011, compared to 3 000 boe/d in 2010 and 5 000 boe/din 2009.

Total is still present in Trinidad & Tobago in the distribution of oil products through its subsidiary Total R&M Trinidad & Tobago Ltd.

* * * * *

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

 
EX-99.7 8 d624592dex997.htm EXHIBIT 99.7 EXHIBIT 99.7

Exhibit 99.7

 

LOGO    LOGO

 

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tel.: + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tel.: + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tel.: + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tel.: + 33 (0) 1 47 44 47 05

Laetitia MACCIONI

Tel.: + 33 (0) 1 47 44 71 49

Paul NAVEAU

Tel.: + 33 (0) 1 41 35 22 44

Quentin VIVANT

Tel.: + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

Tel.: + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Brazil: Total Awarded 20% Interest in the Super-Giant Libra Field

in the Santos Basin

Paris, October 21, 2013 - Total, as part of a consortium comprised of Petrobras, Shell, CNPC and CNOOC, has been awarded a 35-year production sharing contract to develop the super-giant Libra field with a potential of 8 to 12 billion barrels of recoverable oil resources, and a total gross peak oil production which could reach 1.4 million barrels per day as per the Brazilian regulator, Agência Nacional do Petróleo (ANP).

The Libra field is the largest pre-salt oil discovery to date in the prolific Santos basin, offshore Brazil. The field is located approximately 170 km off the coast of Rio de Janeiro. It covers an area of 1,550 square kilometers in water depths of around 2,000 meters.

“Libra offers a unique opportunity to participate in the development of a super-giant deep-offshore oil discovery with strategic partners. Reinforcing our position in the pre-salt Santos basin strengthens and diversifies our upstream portfolio and fits with our strategy to sustain post-2017 production over the next decade. We look forward to participating in the development of these vast resources, and we are confident that the combined deep-offshore expertise represented within the consortium will be a valuable contribution to the growth of Brazil’s oil and gas production”, said Christophe de Margerie, Chairman and Chief Executive Officer of Total.

Total holds 20% in the consortium, with Petrobras 40% as operator, Shell 20%, CNPC 10% and CNOOC 10%. The project will be developed through a joint project team bringing together Petrobras world class knowledge and experience of pre-salt carbonates and Total and Shell expertise and skills in deep-water and large project management.

The production sharing contract is expected to be signed in November 2013.

As part of the winning bid, Total will pay 3 Billion Brazilian Reais (US$ 1.4 Billion) as its 20% share of the signing bonus. In addition to the signing bonus, the consortium will have to conduct a minimum work program consisting of 3D seismic, 2 wells and an extended well test to be completed no later than end 2017.

 


TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tel.: + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tel.: + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tel.: + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tel.: + 33 (0) 1 47 44 47 05

Laetitia MACCIONI

Tel.: + 33 (0) 1 47 44 71 49

Paul NAVEAU

Tel.: + 33 (0) 1 41 35 22 44

Quentin VIVANT

Tel.: + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

Tel.: + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Total in Brazil

Total is currently operator of the Xerelete field, located around 250 kilometers off the coast of Rio de Janeiro in the Campos basin and also owns a 20% interest in the BM-S-54 block, where the Gato do Mato discovery is being appraised. During the 11th round in May 2013, Total acquired interests in 10 new exploration permits, including 6 as operator.

Aside from E&P activities, Total is also present in several other industrial segments through its affiliates Total Gás e Electricidade do Brasil, Total Lubrificantes, Hutchinson, CCP Composites, Bostik and Atotech and employs around 3,000 people in the country. Total owns 9.7 % of the Bolivia-Brasil (TBG) and 25 % of the TSB (Transportadora Sulbrasileira de Gás S.A.) gas pipelines.

* * * * *

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

* * * * *

Cautionary Note to U.S. Investors — The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with the SEC rules. We may use certain terms in this press release, such as 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 No. 1-10888 available from us at TOTAL S.A. — Tour Coupole — 2, place Jean Millier — Arche Nord Coupole/Regnault — 92078 Paris La Défense Cedex — France, or at our website: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website: www.sec.gov.

 
EX-99.8 9 d624592dex998.htm EXHIBIT 99.8 EXHIBIT 99.8

Exhibit 99.8

 

LOGO    LOGO

 

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tél. : + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tél. : + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tél. : + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tél. : + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tél. : + 33 (0) 1 47 44 47 05

Laetitia MACCIONI

Tél. : + 33 (0) 1 47 44 71 49

Paul NAVEAU

Tél. : + 33 (0) 1 41 35 22 44

Quentin VIVANT

Tél. : + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

Tél. : + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Total sanctions Vega Pleyade offshore field development

in Tierra del Fuego, Argentina

Paris, October 24, 2013 – Total (operator, 37.5%) has taken the final investment decision to develop the offshore Vega Pleyade gas and condensate field.

Vega Pleyade will produce through three horizontal wells. Together with production from the other Total-operated fields in the area, it will allow optimization of supply to the existing treatment plants and continuation of the plateau production of 18 million cubic meters per day (130,000 barrels of oil equivalent per day).

“At a time when energy demand is growing in Argentina, this latest development confirms Total’s commitment to helping to secure long-term gas supply for the country,” stated Ladislas Paszkiewicz, Senior Vice President, Americas at Total Exploration & Production. “Bringing the Vega Pleyade field on stream will also help Total to achieve its production growth target for 2017.”

Vega Pleyade is located offshore Tierra del Fuego in the Cuenca Marina Austral 1 (CMA-1) concession that Total has operated since 1978. The field development plan consists of a wellhead platform in 50 meters of water depth that will be tied in to the Total-operated onshore Rio Cullen and Cañadon Alfa treatment plants by a 77-kilometer-pipeline.

Separately, Total will also begin offshore drilling in 2014, both to boost production from the Carina field, which started up in 2005, and to appraise the CMA-1 block.

Total Exploration & Production in Argentina

Present in Argentina since 1978, Total, through its affiliate Total Austral, operates 30% of the country’s gas production. The Group’s equity share of production averaged 83,000 barrels of oil equivalent per day in 2012.

From its production center in Tierra del Fuego, Total operates the onshore Ara and Cañadon Alfa fields and the offshore Hidra, Kaus, Carina and Aries fields with a 37.5% interest, alongside partners Wintershall Argentina (37.5%) and Pan American Energy (25%).

 


TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tél. : + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tél. : + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tél. : + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tél. : + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tél. : + 33 (0) 1 47 44 47 05

Laetitia MACCIONI

Tél. : + 33 (0) 1 47 44 71 49

Paul NAVEAU

Tél. : + 33 (0) 1 41 35 22 44

Quentin VIVANT

Tél. : + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

Tél. : + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Total’s other assets in Argentina are located in the Neuquén Basin, where the Group operates the Aguada Pichana and San Roque fields. Total has interests in five operating concessions and six exploration permits in which the Group’s overall net equity share is around 1,700 square kilometers. A shale gas and oil exploration and appraisal campaign was launched in the region in late 2011.

* * * * *

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

 
EX-99.9 10 d624592dex999.htm EXHIBIT 99.9 EXHIBIT 99.9

Exhibit 99.9

 

LOGO    LOGO

 

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tél. : + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tél. : + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tél. : + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tél. : + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tél. : + 33 (0) 1 47 44 47 05

Laetitia MACCIONI

Tél. : + 33 (0) 1 47 44 71 49

Paul NAVEAU

Tél. : + 33 (0) 1 41 35 22 44

Quentin VIVANT

Tél. : + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

Tél. : + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Norway: Ekofisk South brought on stream in the North Sea

Paris, October 28, 2013 – Total announces the start-up of oil production from the Ekofisk South project in the Norwegian part of the North Sea on October, 25 approximately two months ahead of schedule. The project will increase oil recovery in the Ekofisk field, located in the PL 018 license where Total holds a 39.9% interest.

The production capacity at the Ekofisk South platform is 70,000 barrels of oil equivalent (boe) per day. The project includes the drilling of 35 new production wells and eight injection wells.

The plan for development and operation of the Ekofisk South project was approved by the Norwegian Parliament in June 2011, together with the plan for the nearby Eldfisk II project in the same license, where production start-up is scheduled for early 2015.

“Ekofisk came on stream in 1971 and is still one of the largest oil fields in Norway. The Ekofisk South project is an important building block to extend the lifespan of Ekofisk for some 40 further years. This start-up, together with those of Eldfisk II in 2015 and Martin Linge in late 2016, will significantly increase Total’s production in Norway by 2017”, said Patrice de Viviès, Total’s Senior Vice President Exploration & Production, Northern Europe. “Ekofisk South is also the first in a series of major start-ups that will contribute to the Group’s objective to grow its production potential to 3 million barrels of oil equivalent per day by 2017”.

Ekofisk was discovered in 1969 and is located approximately 300 kilometers off the Norwegian coast.

The PL 018 partners are Total (39.9%), ConocoPhillips (35.11%, operator), Eni (12.39%), Statoil (7.6%) and Petoro (5%).

Total Exploration & Production in Norway

Since the late 1960s, the Total Group has played a major role in development of a large number of Norwegian fields, notably Frigg and Heimdal. Norway was one of the largest contributors to the Group’s equity production in 2012 with 275,000 barrels of oil equivalent (boe) per day. Total holds interests in 100 production licenses in offshore Norway, 29 as operator.

 


TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tél. : + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tél. : + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tél. : + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tél. : + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tél. : + 33 (0) 1 47 44 47 05

Laetitia MACCIONI

Tél. : + 33 (0) 1 47 44 71 49

Paul NAVEAU

Tél. : + 33 (0) 1 41 35 22 44

Quentin VIVANT

Tél. : + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

Tél. : + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

In January 2012, Total submitted the plan for development and operation for the Martin Linge field, a stand-alone field development planned to come on stream in Q4 2016. The plan was approved by the Storting (Norwegian Parliament) in June 2012.

In October 2012, the Group started-up its Atla gas condensate field located in license PL 102C in the Norwegian North Sea. Atla was brought into production two years after its discovery.

Total made or participated in several discoveries in Norway in the past two years:

 

    in mid-2013, the Smørbukk North discovery on Production License 479, in the Haltenbanken area of the Norwegian Sea. The estimated volume is in the range of 25 to 45 million barrels of recoverable oil equivalent.

 

    in 2012, the King Lear discovery on Production Licenses 146 & 333 in the Southern sector of the Norwegian North Sea. The estimated volume is in the range of 70 to 200 million barrels of recoverable oil equivalent.

 

    in 2012, the Garantiana discovery on Production License 554 in the Northern North Sea. The estimated volume is in the range of 25 to 75 million barrels of recoverable oil. The drilling of additional exploration and appraisal wells in the license is currently under study.

 

    in 2011, the Alve North discovery on Production License 127 in the Norwegian Sea, close to existing infrastructure. Appraisal of the discovery and near-by exploration is being planned.

 

    in 2011, the Norvarg discovery on Production License 535 in the Barents Sea. Initial volumes were estimated after the discovery in the range of 10 to 50 billion standard cubic meters (Sm3) of recoverable gas. An appraisal well was drilled in 2013 and resources are currently being reassessed.

Total also increased recently its acreage position on the Norwegian continental shelf:

 

    in June 2013, Total obtained two new licenses, both as operator, at the occasion of the 22nd exploration round. The two licenses are located in the Barents Sea.

 

    in January 2013, Total obtained eight new licenses of which four as operator at the occasion of the 2012 (APA) Licensing Round. All these licenses are located in the Norwegian North Sea.

 

    in the 2011 (APA) Licensing Round, announced in January 2012, Total was granted interests in an additional eight licenses in the Norwegian North Sea, including five as operator.

Total announced in October 2012 a swap of interests with ExxonMobil in a range of producing and undeveloped North Sea assets on the Norwegian Continental Shelf. Following this assets exchange with ExxonMobil, Total’s interest in the Oseberg field increased from 10% to 14.7% and in the Gina Krog field from 6.54% to 38%.

* * * * *

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

 
EX-99.10 11 d624592dex9910.htm EXHIBIT 99.10 EXHIBIT 99.10

Exhibit 99.10

 

LOGO

France Creates a Cutting-Edge Solar Institute

 

LOGO

  

Solar R&D Center Institut Photovoltaïque d’Ile-de-France

(IPVF) and French Government Sign Financing Agreement

Paris, October 29, 2013 – The IPVF and the French National Research Agency (ANR) have signed a six-year, €18.5 million financing agreement that allows the institute to start operating and endorses the content of its scientific programs. The IPVF is an initiative of Total, French electric utility EDF, the French National Center for Scientific Research (CNRS) and École polytechnique engineering school, alongside Air Liquide, Horiba Jobin Yvon and Riber. The ANR operates it on behalf of the government agency for investment policy, Commissariat Général à l’Investissement (CGI), under the Efficacity research program to help cities meet future energy targets.

Jean-François Minster, Senior Vice President, Scientific Development at Total, will serve as the IPVF’s first president: “The Institute aims to make France a global leader in solar energy and to shape the future landscape of photovoltaics. We must support the energy transition by speeding up the development of affordable, efficient solutions.”

Research activities aim to improve existing technologies and develop new concepts. They comprise five scientific programs, focusing on:

 

  Materials for high-efficiency silicon cells.

 

  High-efficiency, thin-film solar cells made using chalcogenide materials.

 

  New concepts for a competitive photovoltaic industry.

 

  A multidisciplinary program on advanced characterization techniques, theory and modeling.

 

  A program dedicated to environmental impact studies.

An engine of national and European Union policies to develop renewable energies, the IPVF stresses teaching and the training of specialists so that it can become a recognized center of excellence. It has a total budget of €150 million and is scheduled to start construction in 2014 on the Paris-Saclay campus. In 2016, the Institute expects to have nearly 200 researchers from the private sector and partner public research centers and will host teachers and Master’s and doctoral students. It will form partnerships with the other Saclay research clusters, the major global solar manufacturers, and small business and industry in the Greater Paris area.


About Total

 

LOGO

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 is striving to diversify its supply to help meet growing energy demand in the long term. Through SunPower, it is a global leader in the solar industry. Additionally, Total is actively engaged in many R&D projects focusing on renewable energies, in particular solar energy and biomass. Total was a driving force in the creation of the IPVF.

Total’s R&D activities are designed to continuously improve energy-related processes. It now has 22 R&D centers worldwide and filed more than 250 patents in 2012. Total conducts an active R&D policy through an international network of top-tier partnerships with laboratories and innovative start-ups, to promote the development of efficient, competitive new technologies.

To learn more, go to www.total.com

Media Contact: Laetitia Maccioni +33 (0)1 47 44 71 49 – laetitia.maccioni@total.com

About EDF

The EDF Group, one of the leaders in the European energy market, is an integrated energy company active in all areas of the business: generation, transmission, distribution, energy supply and trading. The Group is the leading electricity producer in Europe. In France, it has mainly nuclear and hydraulic production facilities where 95.9% of the electricity output is CO2-free. EDF’s transmission and distribution subsidiaries in France operate 1,285,000 km of low and medium voltage overhead and underground electricity lines and around 100,000 km of high and very high voltage networks. The Group is involved in supplying energy and services to approximately 28.6 million customers in France. The Group generated consolidated sales of €72.7 billion in 2012, of which 46.2% was achieved outside of France. EDF is listed on the Paris Stock Exchange and is a member of the CAC 40 index.

In the field of renewable energies, the EDF Group is investing massively in R&D in order to identify technological gaps with significant competitive stakes and to contribute to developing the most promising industrial and commercial solutions. In particular, since 2005 EDF has invested with the CNRS and Chimie ParisTech in a Combined Research Unit: the IRDEP (Institute of Research and Development on Photovoltaic Energy), in order to create a centre of excellence dedicated to research on new-generation PV cells.

For more information: www.edf.com

Media Contact: Pierre Lollbeeharry + 33 (0)1 40 42 33 91 – pierre.lollbeeharry@edf.fr

About the CNRS

The Centre National de la Recherche Scientifique (National Center for Scientific Research) is a public organization under the responsibility of the French Ministry of Higher Education and Research.

Founded in 1939 by governmental decree, CNRS has the following missions:

 

    To evaluate and carry out all research capable of advancing knowledge and bringing social, cultural, and economic benefits for society.

 

    To contribute to the application and promotion of research results.

 

    To develop scientific information.


    To support research training.

 

    To participate in the analysis of the national and international scientific climate and its potential for evolution in order to develop a national policy.

As the largest fundamental research organization in Europe, CNRS carried out research in all fields of knowledge, through its seven institutes:

 

    Institute of Biological Sciences (INSB)

 

    Institute of Chemistry (INC)

 

    Institute of Ecology and Environment (INEE)

 

    Institute for Humanities and Social Sciences (INSHS)

 

    Institute for Information Sciences and Technologies (INS2I)

 

    Institute for Engineering and Systems Sciences (INSIS)

 

    Institute of Physics (INP)

And three national institutes:

 

    National Institute for Mathematical Sciences (INSMI)

 

    National Institute of Nuclear and Particle Physics (IN2P3)

 

    National Institute for Earth Sciences and Astronomy (INSU)

CNRS encourages collaboration between specialists from different disciplines in particular with the university thus opening up new fields of enquiry to meet social and economic needs. CNRS has developed interdisciplinary programs which bring together various CNRS departments as well as other research institutions and industry.

For more information: http://www.cnrs.fr/

Media Contact: Julien Guillaume + 33 (0)1 44 96 46 35 – julien.guillaume@cnrs-dir.fr

About the École Polytechnique

Largely internationalized (30% of the student body, 20% of faculty members), École Polytechnique combines research, education and innovation at the highest scientific and technological level. Its three graduate programs – Ingénieur Polytechnicien, Master’s and PhD – are highly selective and promote a culture of excellence with a strong emphasis on science, combined with humanist traditions. École Polytechnique educates responsible men and women who are prepared to lead complex and innovative activities which will meet the challenges of 21st century society. With its 21 laboratories, all joint research facilities with the National Center for Scientific Research (CNRS), the École Polytechnique Research Center works to expand the frontiers of knowledge in the major interdisciplinary issues faced by science, technology and society. As a ParisTech member institute, École Polytechnique is also one of the driving forces behind the Paris Saclay Campus project, along with its 22 academic and scientific partners.

For more information: http://www.polytechnique.edu

Media Contact: Claire LENZ + 33 (0)1 69 33 38 70 – claire.lenz@polytechnique.edu

About Air Liquide

Air Liquide is the world leader in gases for industry, health and the environment, and is present in 80 countries with close to 50,000 employees. Oxygen, nitrogen, hydrogen and rare gases have been at the core of Air Liquide’s activities since its creation in 1902. Using these molecules, Air Liquide continuously reinvents its business, anticipating the needs of current and future markets. The Group innovates for the good of society while delivering profitable growth and consistent performance.

Innovative technologies that curb polluting emissions, lower industry’s energy use, recover and reuse natural resources or develop the energies of tomorrow, such as hydrogen, biofuels or photovoltaic energy… Oxygen for hospitals, home healthcare, fighting nosocomial infections… Air Liquide combines many products and technologies to develop valuable applications and services not only for its customers but also for society.

A partner for the long term, Air Liquide relies on employee commitment, customer trust and shareholder support to pursue its vision of sustainable, competitive growth. The diversity of Air Liquide’s teams, businesses, markets and geographic presence provides a solid and sustainable base for its development and strengthens its ability to push back its own limits, conquer new territories and build its future.

Air Liquide explores the best that air can offer to preserve life, staying true to its Corporate Social Responsibility and sustainable development approach. In 2012, the Group’s revenues amounted to €15.3 billion of which 82% were generated outside France. Air Liquide is listed on the Paris Euronext stock exchange (compartment A) and is a member of the CAC 40 and Dow Jones Euro Stoxx 50 indexes.


Air Liquide is the leader in special gases and liquid precursors necessary for solar cell manufacturing, serving more than 110 customers, 8 of which are among the top ten world players. To satisfy and anticipate the customer needs, Air Liquide invent new molecules and processes. In 2012,

Air Liquide installed in its Paris-Saclay Research Center a pilot line to produce solar cells and a characterization platform.They are currently available for IPVF research activities.

With more than 1,000 researchers, in 3 continents, R&D creates value for Air Liquide and its customers by exploring new technological territories to address the challenges facing Society.

For more information: www.airliquide.com

Media Contact: Nathalie SIMON de KERGUNIC +33 (0)1 39 07 64 11

nathalie.simon_de_kergunic@airliquide.com


About HORIBA Jobin Yvon

Jobin Yvon is a french optics heritage company, founded in 1819 to polish Agustin Fresnel’s original mirrors. Now an international SME with 600 people (including 300 in France) and a turnover of €100 millions, the company is a world leader on its niche markets, diffraction gratings, Raman spectroscopy and spectrofluorescence.

Since 1997, it belongs to the Kyoto based Japanese group HORIBA (€1 billion and 5,000 people, including 1,700 in Europe), active in automotive test systems, environmental monitoring, medical diagnostic, semicon equipment and scientific instrumentation.

HORIBA Jobin Yvon opened on the campus of École Polytechnique in Paris Saclay cluster, a new 6,500m2 facility, housing it R&D centre and the European headquarter of HORIBA.

For more information: www.horiba.com

Media Contact: Michèle MARCINHES – + 33 (0)1 64 54 13 00 – michele.marcinhes@horiba.com

About RIBER

Riber designs and produces molecular beam epitaxy (MBE) systems as well as evaporation sources and cells for the semiconductor industry. This high-technology equipment is essential for the manufacturing of compound semiconductor materials and new materials that are used in numerous consumer applications, such as new information technologies, OLED flat screens and new generation solar cells.

Implementing its expertise in the field of ultra-thin layers deposit, RIBER has developed a range of high capacity cells allowing its industrial customers to lay down accurately large quantities of complex and corrosive materials, necessary to manufacture new generations of CIGS technology thin layer solar cells.

Riber recorded €27.4 million in revenues in 2012 and employs 111 people. The company is ISO9001 certified. Riber is listed on NYSE-Euronext Paris, Compartment “C”, and is part of the CAC Small, CAC Mid & Small, CAC Technology and CAC T. HARD. & EQ indices. Riber is one of the best-rated companies in the Gaïa-index, the leading SRI index for French mid-caps.

Media Contact: Cyril COMBE – + 33 (0) 1 53 65 68 68 – riber@calyptus.net

* * *

IPVF Media Contact:

Laetitia Maccioni: +33 (0)1 47 44 71 49 / + 33 (0)6 73 19 29 45

laetitia.maccioni@total.com

EX-99.11 12 d624592dex9911.htm EXHIBIT 99.11 EXHIBIT 99.11

Exhibit 99.11

 

LOGO    LOGO

 

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tél. : + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tél. : + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tél. : + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tél. : + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tél. : + 33 (0) 1 47 44 47 05

Laetitia MACCIONI

Tél. : + 33 (0) 1 47 44 71 49

Paul NAVEAU

Tél. : + 33 (0) 1 41 35 22 44

Quentin VIVANT

Tél. : + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

Tél. : + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Total Announces the Mirawa Discovery in the Kurdistan Region of Iraq

Paris, October 30, 2013 – Located 60 kilometers from the city of Erbil, the Mirawa-1 discovery well on the Harir Block was drilled to a depth of 4,260 meters and encountered significant oil and natural gas columns, with gross intervals of 300 meters of oil shows in the Jurassic and 800 meters of gas shows in the Triassic.

Mirawa-1 encountered light oil of 39-45° API in two Jurassic carbonate reservoirs that were successfully tested. Three drill-stem tests were conducted, with flow rates between 3,200 and 3,900 barrels per day. Three other formation tests confirmed the presence of gas and condensate reservoirs in the Triassic. Choked drill-stem tests flowed at approximately 20-30 million cubic feet per day and one of the formations also flowed at 1,700 barrels per day of condensate.

The Mirawa-1 discovery illustrates Total’s bold strategy of exploring high-risk, high-reward prospects, especially in foothills areas. “The discovery is very encouraging and demonstrates that our strategy to grow in this very prospective region is on the right track” commented Arnaud Breuillac, Senior Vice President, Middle East, Total Exploration & Production.

Total has a 35% working interest in the Harir Block, with Marathon Oil (45%, operator) and the Kurdistan Regional Government (20%).

Total in Iraq

Total has an 18.75% interest in the Halfaya field in Missan province, which came on stream in June 2012 with a capacity of 100,000 barrels per day. Further phases are expected to raise output to 200,000 barrels per day in the second half of 2014, and a plateau production of 535,000 barrels per day in 2017.

In addition to its interests in the Harir Block, Total also has interests in three other exploration blocks in the Kurdistan Region of Iraq.

* * * * *

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

 
EX-99.12 13 d624592dex9912.htm EXHIBIT 99.12 EXHIBIT 99.12

Exhibit 99.12

 

LOGO    LOGO

 

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tél. : + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tél. : + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tél. : + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tél. : + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tél. : + 33 (0) 1 47 44 47 05

Laetitia MACCIONI

Tél. : + 33 (0) 1 47 44 71 49

Paul NAVEAU

Tél. : + 33 (0) 1 41 35 22 44

Quentin VIVANT

Tél. : + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

Tél. : + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Fort Hills development strengthens Total’s position in Canada

Paris, October 31, 2013 - Total has reached a final investment decision to develop the Fort Hills oil sands mining project in Alberta, Canada, located some 90 kilometres north of Fort McMurray.

Production from Fort Hills is expected to start by end-2017 and to gradually reach the plateau of 180,000 b/d. The estimated cost to develop the project over the next 4 years is approximately C$13.5 billion.

“The Fort Hills sanction is an important milestone that reinforces Total’s strategy to become a significant producer in Canada,” said Yves-Louis Darricarrère, President Upstream at Total. “With an expected mine life in excess of 50 years based on current planned production rates, Fort Hills represents more than 3 billion barrels of resources, and strengthens Total’s global portfolio by adding geographic diversity and long-plateau production with limited geosciences risk”.

“Fort Hills will be developed in a socially and environmentally responsible manner and will integrate recent lessons learned in oil sands mine development. We are confident that this project will bring substantial benefit to Canada, the province of Alberta, and local communities for decades to come,” added Yves-Louis Darricarrère.

Total holds a 39.2% interest in the project with Suncor Energy (40.8%, operator) and Teck Resources (20%).

Total Exploration and Production in Canada

Total has been present in Canada’s Upstream for nearly fifteen years. Its 2012 equity production in the country was 12,000 b/d.

Total holds a 39.2% interest in Fort Hills and a 38.25% operated interest in the Joslyn project, which is in engineering phase.

Total also owns a 50% interest in the Surmont SAGD1 project. Phase 1 production began in 2007 and currently averages 25,000 b/d. Development of Phase 2 has begun, with production scheduled to start up in 2015, enabling Surmont’s total production to increase to around 136,000 b/d. Further development phases are under study.

 

 

1  Steam Assisted Gravity Drainage
 


TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tél. : + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tél. : + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tél. : + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tél. : + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tél. : + 33 (0) 1 47 44 47 05

Laetitia MACCIONI

Tél. : + 33 (0) 1 47 44 71 49

Paul NAVEAU

Tél. : + 33 (0) 1 41 35 22 44

Quentin VIVANT

Tél. : + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

Tél. : + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

In addition, Total has a 50% interest in the Northern Lights Project following the 2008 acquisition of Synenco Energy.

As its oil sands projects advance, Total E&P Canada will continue to focus on innovation and industry collaboration through COSIA (Canadian Oil Sands Innovation Alliance) with a goal to minimizing environmental and social impacts in Northern Alberta while ensuring a long-term, reliable energy supply.

* * * * *

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

* * * * *

Cautionary Note to U.S. Investors — The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with the SEC rules. We may use certain terms in this press release, such as 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 No. 1-10888 available from us at TOTAL S.A. — Tour Coupole — 2, place Jean Millier — Arche Nord Coupole/Regnault — 92078 Paris La Défense Cedex — France, or at our website: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website: www.sec.gov.

 
EX-99.13 14 d624592dex9913.htm EXHIBIT 99.13 EXHIBIT 99.13

Exhibit 99.13

 

LOGO    LOGO

 

 

 

2, place Jean Millier

Arche Nord Coupole/Regnault

92 400 Courbevoie France

Tel. : (33) 1 47 44 58 53

Fax : (33) 1 47 44 58 24

Martin DEFFONTAINES

Karine KACZKA

Magali PAILHE

Patrick GUENKEL

Robert HAMMOND (U.S.)

Tel. : (1) 713-483-5070

Fax : (1) 713-483-5629

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Paris, October 31, 2013

Third quarter and first nine months 2013 results1

 

     3Q13     

Change

vs
3Q12

    9M13     

Change

vs
9M12

 

Adjusted net income2

          

-     in billion euros (B€)

     2.7         -19     8.3         -10

-     in billion dollars (B$)

     3.6         -14     10.9         -8

-     in euros per share

     1.19         -19     3.65         -11

-     in dollars per share

     1.58         -15     4.80         -8

Net income3 of 2.8 B€ in 3Q13 and 6.8 B€ in the first nine months of 2013

Net-debt-to-equity ratio of 23.0% on September 30, 2013

Hydrocarbon production of 2,299 kboe/d in 3Q13

Interim dividend for 3Q13 of 0.59 €/share payable in March 20144

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

« With adjusted net income of 2.7 billion euros, Total reports solid third quarter performance, slightly better than the second quarter, and a stronger financial position.

In the Upstream, significant progress was made in the quarter with the start-up of Kashagan in Kazahkstan, of Ekofisk South in Norway and the launch of major projects, including the Fort Hills mining project in Canada that will contribute to our growth for several decades. In addition, by seizing a unique opportunity to take a share of the most prolific pre-salt discovery in the world, Total starts a new chapter of its story in Brazil as part of the consortium in charge of developing the giant Libra field. So, the Group is improving its outlook for sustainable post-2017 production growth under terms consistent with its strict return criteria, while confirming its commitment to reduce near-term investment.

In the downstream segments, the quality of the results this quarter, given the poor environment for refining, clearly shows the effectiveness of the ongoing restructuring program. The successful start-up of the first units of the Satorp refinery in Saudi Arabia illustrates the capacity of the Group and its teams to progress in a responsible and sustainable manner in the fulfillment of its objectives. »

 

 

1  Following the application of revised accounting standard IAS 19 effective January 1, 2013, the information for 2011 and 2012 has been restated; however, the impact on such restated results is not significant (see note 1 of the notes to the consolidated financial statements).
2  Definition of adjusted results on page 2 – dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period: 1.3242 $/€ in 3Q13, 1.2502 $/€ in 3Q12, 1.3062 $/€ in 2Q13, 1.3171 $/€ in 9M13, and 1.2808 $/€ in 9M12.
3  Group share.
4  The ex-dividend date for the interim dividend will be March 24, 2014, and the payment date will be March 27, 2014.
 


 

• Key figures5

 

3Q13      2Q13      3Q12     

3Q13
vs

3Q12

   

in millions of euros

except earnings per share
and number of shares

   9M13      9M12     

9M13

vs

9M12

 
  46,686         46,973         49,890         -6  

Sales

     141,789         150,193         -6
  5,146         5,084         6,561         -22  

Adjusted operating income from business segments

     16,009         19,047         -16
  2,989         3,025         3,709         -19  

Adjusted net operating income from business segments

     9,128         10,031         -9

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

 

 
  2,329         2,325         2,897         -20  

• Upstream

     7,120         8,459         -16
  330         370         567         -42  

• Refining & Chemicals

     1,083         1,009         +7
  330         330         245         +35  

• Marketing & Services

     925         563         +64
  2,716         2,699         3,364         -19  

Adjusted net income

     8,278         9,235         -10
  1.19         1.19         1.48         -19  

Adjusted fully-diluted earnings per share (euros)

     3.65         4.08         -11
  2,275         2,274         2,268         —       

Fully-diluted weighted-average shares (millions)

     2,269         2,265         —     
  2,761         2,537         3,082         -10  

Net income (Group share)

     6,835         8,268         -17
  5,852         5,712         5,416         +8  

Investments6

     17,548         16,320         +8
  2,188         1,334         1,635         +34  

Divestments

     4,138         4,305         -4
  3,664         4,378         3,781         -3  

Net investments

     13,410         12,015         +12
  6,954         3,706         5,163         +35  

Cash flow from operations

     14,378         16,597         -13
  5,421         5,019         6,058         -11  

Adjusted cash flow from operations

     15,649         15,921         -2
3Q13      2Q13      3Q12     

3Q13
vs

3Q12

    in millions of dollars7
except earnings per share and
number of shares
   9M13      9M12     

9M13

vs

9M12

 
  61,822         61,356         62,372         -1  

Sales

     186,750         192,367         -3
  6,814         6,641         8,203         -17  

Adjusted operating income from business segments

     21,085         24,395         -14
  3,958         3,951         4,637         -15  

Adjusted net operating income from business segments

     12,022         12,848         -6

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

 

 
  3,084         3,037         3,622         -15  

• Upstream

     9,378         10,834         -13
  437         483         709         -38  

• Refining & Chemicals

     1,426         1,292         +10
  437         431         306         +43  

• Marketing & Services

     1,218         721         +69
  3,597         3,525         4,206         -14  

Adjusted net income

     10,903         11,828         -8
  1.58         1.55         1.85         -15  

Adjusted fully-diluted earnings per share (dollars)

     4.80         5.22         -8
  2,275         2,274         2,268         —       

Fully-diluted weighted-average shares (millions)

     2,269         2,265         —     
  3,656         3,314         3,853         -5  

Net income (Group share)

     9,002         10,590         -15
  7,749         7,461         6,771         +14  

Investments6

     23,112         20,903         +11
  2,897         1,742         2,044         +42  

Divestments

     5,450         5,514         -1
  4,852         5,719         4,727         +3  

Net investments

     17,662         15,389         +15
  9,208         4,841         6,455         +43  

Cash flow from operations

     18,937         21,257         -11
  7,178         6,556         7,574         -5  

Adjusted cash flow from operations

     20,611         20,392         +1

 

 

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 18 and the inventory valuation effect is explained on page 15.
6  Including acquisitions.
7  Dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.
 

 

2


 

• Highlights since the beginning of the third quarter 2013

 

    Started up the Kashagan field in Kazakhstan and the Ekofisk South field in the Norwegian North Sea

 

    Launched the Fort Hills mining project in Canada, the Incahuasi gas and condensate field in Bolivia and the offshore Vega Pleyade field in Argentina

 

    Obtained 20% of the giant Libra oil field, in the Santos Basin in Brazil

 

    Discovered oil and gas on the Harir block in Kurdistan in Iraq

 

    Acquired offshore exploration acreage in South Africa

 

    Completed the sales of TIGF, the natural gas transportation and storage subsidiary in France, and the E&P assets in Trinidad & Tobago

 

    Announced the modernization project for the Carling petrochemicals platform in France

 

    Shipped first cargoes of refined products from the Satorp refining and petrochemicals platform in Jubail, Saudi Arabia

 

    Launched SunPower’s Project Salvador, the construction of the largest solar power plant in Chile

• Third quarter 2013 results

> Operating income from business segments

In the third quarter 2013, the Brent price averaged 110.3 $/b, an increase of 1% compared to the third quarter 2012. The European refining margin indicator (ERMI) averaged 10.6 $/t, a decrease of 79% compared to the third quarter 2012. The environment for petrochemicals improved compared to the same period last year.

The euro-dollar exchange rate averaged 1.32 $/€ in the third quarter 2013 compared to 1.25 $/€ in the third quarter 2012.

In this context, the adjusted operating income8 from business segments was 5,146 M€, a decrease of 22% compared to the third quarter 2012. Expressed in dollars, the decrease was 17%.

The effective tax rate9 for the business segments was 54.8% in the third quarter 2013 compared to 53.6% in the third quarter 2012.

Adjusted net operating income from the business segments was 2,989 M€ compared to 3,709 M€ in the third quarter 2012, a decrease of 19%.

Expressed in dollars, adjusted net operating income from the business segments was 4.0 billion dollars (B$), a decrease of 15% compared to the third quarter 2012. This decrease is mainly due to a lower contribution from Upstream, which reflects an unfavorable production mix and higher exploration charges, and a lower contribution from Refining & Chemicals, partially offset by robust performance at Marketing & Services.

 

 

8  Special items affecting operating income from the business segments had a negative impact of 772 M€ in 3Q13 and a negative impact of 1,362 M€ in 3Q12.
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 2,716 M€ in the third quarter 2013 compared to 3,364 M€ in the third quarter 2012, a decrease of 19%. Expressed in dollars, adjusted net income decreased by 14%.

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 24 M€ in the third quarter 2013 and a positive impact on net income of 524 M€ in the third quarter 2012.

 

  Changes in fair value had a negative impact on net income of 7 M€ in the third quarter 2013 and a negative impact on net income of 6 M€ the third quarter 2012.

 

  Special items had a positive impact on net income of 76 M€ in the third quarter 2013, comprised mainly of the gain on the sale of TIGF in France, essentially offset by impairments, including assets in the Barnett field in the United States and in Syria. In the third quarter 2012, special items had a negative impact on net income of 800 M€.

Net income (Group share) was 2,761 M€ compared to 3,082 M€ in the third quarter 2012.

The effective tax rate for the Group was 55.8% in the third quarter 2013.

Adjusted fully-diluted earnings per share, based on 2,275 million fully-diluted weighted-average shares, decreased by 19% to €1.19 from €1.48 in the third quarter 2012.

Expressed in dollars, adjusted fully-diluted earnings per share decreased by 15% to $1.58.

> Investments – Divestments11

Investments, excluding acquisitions and including changes in non-current loans, were 5.0 B€ (6.6 B$) in the third quarter 2013 compared to 4.9 B€ (6.1 B$) in the third quarter 2012.

Acquisitions were 549 M€ in the third quarter 2013, comprised essentially of the bonus for exploration licenses in South Africa and Brazil and the carry on the Utica gas and condensate field in the United States.

Asset sales in the third quarter 2013 were 1,849 M€, comprised essentially of the sale of TIGF in France and the Group’s exploration and production assets in Trinidad & Tobago.

Net investments12 were 3.7 B€ (4.9 B$) in the third quarter 2013 compared to 3.8 B€ (4.7 B$) in the third quarter 2012.

 

 

10  Adjustment items explained on page 15.
11  Detail shown on page 19.
12  Net investments = investments including acquisitions and changes in non-current loans – asset sales.
 

 

4


 

> Cash flow

Cash flow from operations was 6,954 M€ in the third quarter 2013, an increase of 35% compared to 5,163 M€ in the third quarter 2012. The increase was due mainly to favorable changes in working capital.

Adjusted cash flow from operations13 was 5,421 M€, a decrease of 11% compared to the third quarter 2012. Expressed in dollars, adjusted cash flow from operations was 7.2 B$, a decrease of 5%.

The Group’s net cash flow14 was 3,290 M€ in the third quarter 2013 compared to 1,382 M€ in the third quarter 2012. Expressed in dollars, net cash flow was 4.4 B$ in the third quarter 2013 compared to 1.7 B$ in the third quarter 2012, reflecting essentially the favorable evolution of changes in working capital.

 

 

13  Cash flow from operations at replacement cost before changes in working capital.
14  Net cash flow = cash flow from operations - net investments.
 

 

5


 

• Results for the first nine months 2013

> Operating income from business segments

Compared to the first nine months of 2012, the average Brent price decreased by 3% to 108.5 $/b in the first nine months of 2013. The European refining margin indicator (ERMI) averaged 20.5 $/t in the first nine months of 2013 compared to 36.7 $/t in the first nine months of 2012, a decrease of 44%. In contrast, the petrochemicals environment on average improved, particularly in Asia and the United States, between the two periods.

The euro-dollar exchange rate averaged 1.32 $/€ compared to 1.28 $/€ in the first nine months of 2012.

In this context, the adjusted operating income from the business segments was 16,009 M€, or a decrease of 16% compared to the first nine months of 201215.

The effective tax rate for the business segments was 55.6% in the first nine months of 2013 compared to 56.5% in the first nine months of 2012.

Adjusted net operating income from the business segments was 9,128 M€ compared to 10,031 M€ in the first nine months of 2012, a decrease of 9%.

Expressed in dollars, adjusted net operating income from the business segments decreased by 6%. This decrease is mainly due to a lower contribution from Upstream, which was partially offset by better performance in the downstream segments.

> Net income (Group share)

Adjusted net income decreased by 10% to 8,278 M€ from 9,235 M€ in the first nine months of 2012. Expressed in dollars, adjusted net income decreased by 8%.

Adjusted net income excludes the after-tax inventory effect, special items and the effect of changes in fair value16:

 

  The after-tax inventory effect had a negative impact on net income of 475 M€ in the first nine months of 2013 compared to a positive impact of 155 M€ in the first nine months of 2012.

 

  Changes in fair value had a negative impact on net income of 30 M€ in the first nine months of 2013 compared to a negative impact of 17 M€ in the first nine months of 2012.

 

  Special items had a negative impact on net income of 938 M€ in the first nine months of 2013, comprised mainly of the loss on the sale of the Voyageur upgrader project in Canada and the impairment of assets in the Barnett field in the United States, partially offset by the gain on the sale of TIGF in France and Upstream assets in Italy. Special items had a negative impact on net income of 1,105 M€ in the first nine months of 2012.

Net income (Group share) was 6,835 M€ compared to 8,268 M€ in the first nine months of 2012.

On September 30, 2013, there were 2,274 million fully-diluted shares compared to 2,270 million fully-diluted shares on September 30, 2012.

Adjusted fully-diluted earnings per share, based on 2,269 million fully-diluted shares, were €3.65, a decrease of 11% compared to the first nine months of 2012.

Expressed in dollars, adjusted fully-diluted earnings per share were $4.80 compared to $5.22 in the first nine months of 2012, a decrease of 8%.

 

 

15  Special items affecting operating income from the business segments had a negative impact of 815 M€ in the first nine months of 2013 and a negative impact of 1,428 M€ in the first nine months of 2012.
16  Adjustment items explained on page 15.
 

 

6


 

> Investments – divestments17

Investments, excluding acquisitions and including changes in non-current loans, were 14.8 B€ (19.4 B$) in the first nine months of 2013 compared to 13.2 B€ (16.9 B$) in the first nine months of 2012.

Acquisitions were 2.0 B€ (2.6 B$) in the first nine months of 2013, comprised essentially of the acquisition of an additional 6% interest in the Ichthys project in Australia, an additional 0.8% interest in Novatek18, the carry on the Utica gas and condensate field in the United States and the bonus for exploration licenses in South Africa and Brazil.

Asset sales in the first nine months of 2013 were 3.3 B€ (4.4 B$)19, comprised essentially of the sale of TIGF in France, an interest in the Tempa Rossa field in Italy, the Group’s 49% interest in the Voyageur upgrader project in Canada and the exploration and production assets in Trinidad & Tobago.

Net investments were 13.4 B€ (17.7 B$) in the first nine months of 2013, compared to 12.0 B€ (15.4 B$) in the first nine months of 2012.

> Cash flow

Cash flow from operations was 14,378 M€, a decrease of 13% compared to the first nine months of 2012, mainly due to lower results and unfavorable changes in working capital.

Adjusted cash flow from operations20 was 15,649 M€, a decrease of 2% compared to the first nine months of 2012. Expressed in dollars, adjusted cash flow from operations was 20.6 B$, an increase of 1%.

The Group’s net cash flow21 was 968 M€ compared to 4,582 M€ in the first nine months of 2012. Expressed in dollars, the Group’s net cash flow was 1.3 B$ in the first nine months of 2013, a decrease compared to the first nine months of 2012 that was mainly due to higher net investments and unfavorable changes in working capital.

The net-debt-to-equity ratio was 23.0% on September 30, 2013 compared to 21.2% on September 30, 201222.

 

 

17  Detail shown on page 19.
18  As of September 30, 2013, the Group owns 16.2% of the share capital of Novatek.
19  This amount does not include the sale of an interest in block 14 in Angola, which was reported in the cash flow statement of the first quarter 2013 as a transaction involving a non-controlling interest.
20  Cash flow from operations at replacement cost before changes in working capital.
21  Net cash flow = cash flow from operations—net investments.
22  Detail shown on page 20.
 

 

7


 

• Analysis of business segment results

Upstream

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.

> Environment – liquids and gas price realizations*

 

3Q13      2Q13      3Q12     

3Q13

vs

3Q12

         9M13      9M12     

9M13

vs

9M12

 
  110.3         102.4         109.5         +1  

Brent ($/b)

     108.5         112.2         -3
  107.2         96.6         107.6         —       

Average liquids price ($/b)

     103.5         108.1         -4
  7.18         6.62         6.00         +20  

Average gas price ($/Mbtu)

     7.04         6.68         +5
  77.3         69.8         75.8         +2  

Average hydrocarbon price ($/boe)

     74.8         77.4         -3

 

* consolidated subsidiaries, excluding fixed margins.

> Production

 

3Q13      2Q13      3Q12     

3Q13

vs

3Q12

    Hydrocarbon production    9M13      9M12     

9M13

vs

9M12

 
  2,299         2,290         2,272         +1  

Combined production (kboe/d)

     2,304         2,302         —     

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

 

 
  1,174         1,160         1,225         -4  

•     Liquids (kb/d)

     1,175         1,224         -4
  6,167         6,169         5,680         +9  

•     Gas (Mcf/d)

     6,158         5,875         +5

Hydrocarbon production was 2,299 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2013, an increase of 1% compared to the third quarter 2012, essentially as a result of:

 

  +1.5% for growth from new projects,

 

  -0.5% for normal decline, partially offset by lower maintenance,

 

  +2% for the restart of production from Elgin/Franklin in the UK North Sea and Ibewa in Nigeria,

 

  -2% for security issues in Nigeria and Libya in the third quarter 2013, partially offset by improved security conditions in Yemen.

In the first nine months of 2013, hydrocarbon production was 2,304 kboe/d, stable compared the first nine months of 2012, essentially as a result of:

 

  +2.5% for growth from new projects,

 

  -1.5% for normal decline and scheduled maintenance,

 

  -1% for security issues in Nigeria and Libya, partially offset by improved security conditions in Yemen.
 

 

8


 

Results

 

3Q13      2Q13      3Q12     

3Q13

vs

3Q12

    in millions of euros    9M13      9M12     

9M13

vs

9M12

 
  4,486         4,308         5,551         -19  

Adjusted operating income*

     13,754         17,007         -19
  2,329         2,325         2,897         -20  

Adjusted net operating income *

     7,120         8,459         -16
  499         527         578         -14  

•  includes income from equity affiliates

     1,659         1,506         +10
  5,064         5,056         4,567         +11  

Investments

     15,375         14,100         +9
  2,114         1,112         401         x5.3     

Divestments

     3,769         1,383         x2.7   
  4,765         2,128         3,457         +38  

Cash flow from operations

     11,043         14,521         -24
  4,373         4,283         5,105         -14  

Adjusted cash flow from operations

     12,842         13,812         -7

 

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

In the third quarter 2013, adjusted net operating income from the Upstream segment was 2,329 M€ compared to 2,897 M€ in the third quarter 2012, a decrease of 20%. Expressed in dollars, adjusted net operating income decreased by 15%, mainly due to an unfavorable production mix and higher exploration charges in line with the more active drilling program.

The effective tax rate for the Upstream segment was 60.1% compared to 58.8% in the third quarter 2012.

In the first nine months of 2013, adjusted net operating income from the Upstream segment was 7,120 M€ compared to 8,459 M€ in the first nine months of 2012, a decrease of 16%. Expressed in dollars, adjusted net operating income was 9,378 M$, or a decrease of 13% explained principally by an unfavorable production mix, higher exploration charges and a decrease in average realized hydrocarbon prices between the two periods.

The return on average capital employed (ROACE23) for the Upstream segment was 15% for the twelve months ended September 30, 2013, compared to 16% for the twelve months ended June 30, 2013.

 

 

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

 

9


 

Refining & Chemicals

> Refinery throughput and utilization rates*

 

3Q13     2Q13     3Q12    

3Q13

vs

3Q12

         9M13     9M12    

9M13

vs

9M12

 
  1,759        1,772        1,790        -2  

Total refinery throughput (kb/d)

     1,764        1,833        -4

 

 

   

 

 

   

 

 

   

 

 

      

 

 

   

 

 

   

 

 

 
  696        729        653        +7  

•  France

     684        699        -2
  784        781        864        -9  

•  Rest of Europe

     810        873        -7
  279        262        273        +2  

•  Rest of world

     270        261        +3
       

Utlization rates**

      
  81     83     82    

•  Based on crude only

     82     83  
  86     87     86    

•  Based on crude and other feedstock

     86     88  

 

* includes share of TotalErg. Results for refineries in South Africa, French Antilles and Italy are accounted for in the Marketing & Services segment.
** based on distillation capacity at the beginning of the year.

In the third quarter 2013, refinery throughput decreased by 2% compared to the third quarter 2012. The decrease was mainly due to the start of a scheduled turnaround at Lindsey and maintenance at several of the Group’s refineries during the third quarter 2013, as well as the closure of the Rome refinery at the end of the third quarter 2012. In addition, there were voluntary throughput reductions at the end third quarter 2013 due to the weakness of the margins.

In the first nine months of 2013, refinery throughput decreased by 4% compared to the first nine months of 2012, reflecting essentially the scheduled turnaround at the Antwerp platform in 2013, increased maintenance at Donges, as well as the closure of the Rome refinery at the end of the third quarter 2012.

> Results

 

3Q13      2Q13      3Q12     

3Q13

vs

3Q12

    in millions of euros (except the ERMI)    9M13      9M12     

9M13

vs

9M12

 
  10.6         24.1         51.0         -79  

European refining margin

indicator - ERMI ($/t)

     20.5         36.7         -44
  262         357         652         -60  

Adjusted operating income*

     1,029         1,067         -4
  330         370         567         -42  

Adjusted net operating income*

     1,083         1,009         +7
  119         113         102         +17  

•  contribution of Specialty Chemicals**

     321         290         +11
  415         382         441         -6  

Investments

     1,330         1,371         -3
  8         208         55         -85  

Divestments

     243         203         +20
  840         1,303         1,036         -19  

Cash flow from operations

     1,855         1,625         +14
  493         572         771         -36  

Adjusted cash flow from operations

     1,628         1,498         +9

 

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

 

10


 

The European refining margin indicator (ERMI) averaged 10.6 $/t in the third quarter, a decrease of 79% compared to the third quarter 2012. Petrochemical margins improved globally (Europe, United States, Asia) compared to the same period last year, reflecting the impact of lower raw material prices, naphtha in Europe and Asia, ethane and LPG in the United States.

In the third quarter 2013, adjusted net operating income from the Refining & Chemicals segment was 330 M€ compared to 567 M€ in the third quarter 2012. Expressed in dollars, adjusted net operating income was 437 M$, a decrease of 38% compared to the third quarter 2012. Implementing operational efficiencies and synergies as well as a more favorable petrochemicals environment partially offset the sharp decrease in European refining margins.

As part of its downstream strategy, the Group announced in the third quarter 2013 a project to adapt and modernize its Carling petrochemicals platform and restore its competitiveness. In addition, the integrated Satorp platform in Saudi Arabia shipped its initial cargoes of refined products after successfully starting up the first units of the refinery.

In the first nine months of 2013, adjusted net operating income from the Refining & Chemicals segment was 1,083 M€, an increase of 7% compared to the first nine months of 2012. Expressed in dollars, adjusted net operating income was 1,426 M$, an increase of 10% compared to the first nine months of 2012, despite the sharply lower refining margins (a decrease of 44% compared to the first nine months 2012). The increase was due partly to the more favorable petrochemicals environment and partly to the effectiveness of the Group’s planned synergies and operational efficiency programs. The Specialty Chemicals performed well despite a less favorable environment in Europe.

The ROACE24 for the Refining & Chemicals segment for the twelve months ended September 30, 2013, was 9% compared to 11% for the twelve months ended June 30, 2013.

 

 

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

 

11


 

Marketing & Services

Effective July 1, 2012, Marketing & Services now includes the activities of New Energies. As a result, certain information has been restated according to the new organization.

> Refined product sales

 

3Q13      2Q13      3Q12     

3Q13

vs

3Q12

    Sales in kb/d*    9M13      9M12     

9M13

vs

9M12

 
  1,144         1,150         1,143         —       

Europe

     1,134         1,173         -3
  599         633         563         +6  

Rest of world

     613         539         +14
  1,743         1,783         1,706         +2  

Total sales volumes

     1,747         1,712         +2

 

* Excludes trading and bulk refining sales, includes share of TotalErg.

In the third quarter 2013, sales increased by 2% compared to the third quarter last year. This increase was driven by sales in the Americas, Africa and Asia.

In the first nine months of 2013, sales volumes increased by 2% compared to the first nine months of 2012, mainly due to net increases in sales in the Americas, Africa and Asia. Sales in Europe declined by 3%, with a marked decrease in Italy that was related directly to the closure of the Rome refinery.

> Results

 

3Q13      2Q13      3Q12    

3Q13

vs

3Q12

    in millions of euros    9M13     9M12    

9M13

vs

9M12

 
  21,074         20,561         21,574        -2  

Sales

     62,634        64,945        -4
  398         419         358        +11  

Adjusted operating income*

     1,226        973        +26
  330         330         245        +35  

Adjusted net operating income*

     925        563        +64
  (7)         —           (8     na     

•  contribution of New Energies

     (20     (183     na   
  326         242         383        -15  

Investments

     755        793        -5
  44         12         41        +7  

Divestments

     94        106        -11
  1,287         414         692        +86  

Cash flow from operations

     1,608        108        x14.9   
  472         525         202        x2.3     

Adjusted cash flow from operations

     1,431        839        +71

 

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

 

12


 

Marketing & Services sales were 21.1 B€, a decrease of 2% compared to the third quarter 2012.

In the third quarter 2013, adjusted net operating income from the Marketing & Services segment was 330 M€ an increase of 35% compared to the third quarter 2012, mainly due to higher margins and volumes, particularly in the lubricants and retail network.

In the first nine months of 2013, adjusted net operating income from the Marketing & Services segment was 925 M€, an increase of 64% compared to the first nine months of 2012. The increase was due mainly to the improved performance of New Energies, which had a significant net loss for the first nine months of 2012, as well as overall improvements for marketing of refined products, particularly in emerging markets.

The ROACE25 for the Marketing & Services segment for the twelve months ended September 30, 2013, was 17% compared to 14% for the twelve months ended June 30, 2013.

 

 

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

 

13


 

• Summary and outlook

The ROACE26 for the Group for the twelve months ended was 14% compared to 15% for the twelve months ended June 30, 2013.

Return on equity for the twelve months ended September 30, 2013, was 16%.

With the recent launch and start-up of several projects, Total is progressing toward its objectives for 2015-2017, while laying the foundation for longer term growth.

In the Upstream, after launching the major Fort Hills mining project in Canada, the Group is continuing to evaluate the Kaombo project in Angola and the Yamal LNG project in Russia.

In the downstream, the progressive start-up of the Satorp platform in Jubail, Saudi Arabia should be achieved in early 2014.

Following the sale of TIGF in France, the Group is continuing to actively manage and optimize its asset portfolio to achieve its 2012-14 objective of selling 15-20 B$ of assets.

While the Brent price has remained robust since the start of the fourth quarter, refining margins in Europe weakened to very low levels and the environment for petrochemicals appears less favorable than in the third quarter, due to seasonally lower demand.

As approved by the Board of Directors on October 30, 2013, Total will pay a third quarter 2013 interim dividend of 0.59 €/share on March 27, 2014.

 

¿ ¿ ¿

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) 203 194 0570 in Europe or +1 855 255 3883 in the United States. For a replay, please consult the www.total.com website or call +44 (0) 203 367 9460 in Europe or +1 877 642 3018 in the United States (code: 283 844).

 

 

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

 

14


 

This press release presents the third quarter and first nine months 2013 results from the consolidated financial statements of TOTAL S.A. as of September 30, 2013. The notes to these consolidated financial statements are available on the TOTAL website 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 Company’s financial results or the Group’s 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 price differentials 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 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 – Arche Nord Coupole/Regnault – 92078 Paris-La Défense Cedex, France, or at our website: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website: www.sec.gov.

 

 

  15  


 

Operating information by segment

for third quarter and first nine months 2013

• Upstream

 

3Q13      2Q13      3Q12     

3Q13

vs

3Q12

    Combined liquids and gas
production by region (kboe/d)
   9M13      9M12     

9M13

vs

9M12

 
  386         383         361         +7  

Europe

     387         430         -10
  656         688         737         -11  

Africa

     678         717         -5
  553         527         501         +10  

Middle East

     541         496         +9
  77         70         71         +8  

North America

     73         69         +6
  172         171         182         -5  

South America

     172         184         -7
  235         229         230         +2  

Asia-Pacific

     233         219         +6
  220         222         190         +16  

CIS

     220         187         +18

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

 

 
  2,299         2,290         2,272         +1  

Total production

     2,304         2,302         —     

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

 

 
  697         678         615         +13  

Includes equity affiliates

     685         607         +13
3Q13      2Q13      3Q12     

3Q13

vs

3Q12

    Liquids production by region
(kboe/d)
   9M13      9M12     

9M13

vs

9M12

 
  170         154         179         -5  

Europe

     164         201         -18
  527         542         587         -10  

Africa

     540         575         -6
  335         320         323         +4  

Middle East

     328         311         +5
  29         27         25         +16  

North America

     28         25         +12
  53         55         56         -5  

South America

     55         60         -8
  30         29         28         +7  

Asia-Pacific

     30         26         +15
  30         33         27         +11  

CIS

     30         26         +15

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

 

 
  1,174         1,160         1,225         -4  

Total production

     1,175         1,224         -4

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

 

 
  331         323         316         +5  

Includes equity affiliates

     326         309         +6
 

 

16


 

 

3Q13    2Q13      3Q12     

3Q13

vs

3Q12

    Gas production by region (Mcf/d)    9M13      9M12     

9M13

vs

9M12

 
1,185      1,285         1,011         +17  

Europe

     1,228         1,255         -2
654      741         763         -14  

Africa

     701         722         -3
1,212      1,105         971         +25  

Middle East

     1,161         1,010         +15
269      242         260         +3  

North America

     254         252         +1
667      649         650         +3  

South America

     651         691         -6
1,151      1,121         1,135         +1  

Asia-Pacific

     1,141         1,076         +6
1,029      1,026         890         +16  

CIS

     1,022         869         +18

 

  

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

 

 
6,167      6,169         5,680         +9  

Total production

     6,158         5,875         +5

 

  

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

 

 
2,002      1,900         1,618         +24  

Includes equity affiliates

     1,942         1,612         +20
3Q13    2Q13      3Q12     

3Q13

vs

3Q12

    Liquefied natural gas    9M13      9M12     

9M13

vs

9M12

 
3.01      2.86         2.94         +2  

LNG sales* (Mt)

     8.77         8.77         —     

 

* 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)

 

3Q13      2Q13      3Q12     

3Q13

vs

3Q12

    Refined product sales by region (kb/d)*    9M13      9M12     

9M13

vs

9M12

 
  2,004         1,973         1,979         +1  

Europe

     1,985         2,030         -2
  430         442         411         +5  

Africa

     440         401         +10
  490         544         535         -8  

Americas

     505         495         +2
  397         520         399         -1  

Rest of world

     474         497         -5

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

 

 
  3,321         3,479         3,324         —       

Total consolidated sales

     3,404         3,423         -1
  496         534         539         -8  

Includes bulk sales

     517         527         -2
  1,082         1,162         1,080         —       

Includes trading

     1,140         1,184         -4

 

* Includes share of TotalErg.
 

 

17


 

Adjustment items

Adjustments to operating income

 

3Q13      2Q13     3Q12     in millions of euros    9M13     9M12  
  (772)         (37     (1,362  

Special items affecting operating income

     (815     (1,516

 

 

    

 

 

   

 

 

      

 

 

   

 

 

 
  —           —          (16  

•     Restructuring charges

     (2     (64
  (656)         —          (1,134  

•     Impairments

     (660     (1,134
  (116)         (37     (212  

•     Other

     (153     (318
  (43)         (581     766     

Pre-tax inventory effect : FIFO vs. replacement cost

     (712     228   
  (9)         (32     (8  

Effect of changes in fair value

     (39     (22
  (824)         (650     (604  

Total adjustments affecting operating income

     (1,566     (1,310

Adjustments to net income (Group share)

 

3Q13      2Q13     3Q12     in millions of euros    9M13     9M12  
  76         262        (800  

Special items affecting net income (Group share)

     (938     (1,105

 

 

    

 

 

   

 

 

      

 

 

   

 

 

 
  888         287        202     

•     Gain (loss) on asset sales

     (72     355   
  (16)         —          (33  

•     Restructuring charges

     (42     (73
  (447)         —          (737  

•     Impairments

     (450     (775
  (349)         (25     (232  

•     Other

     (374     (612
  (24)         (400     524     

After-tax inventory effect : FIFO vs. replacement cost

     (475     155   
  (7)         (24     (6  

Effect of changes in fair value

     (30     (17
  45         (162     (282  

Total adjustments affecting net income

     (1,443     (967

Effective tax rates

 

3Q13      2Q13     3Q12     Effective tax rate*    9M13     9M12  
  60.1%         58.3     58.8  

Upstream

     60.5     59.5
  55.8%         55.6     55.2  

Group

     56.8     57.8

 

* Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates—dividends received from investments + tax on adjusted net operating income).
 

 

18


 

Investments - Divestments

 

3Q13      2Q13      3Q12     

3Q13
vs

3Q12

    in millions of euros    9M13      9M12     

9M13
vs

9M12

 
  4,964         4,939         4,903         +1  

Investments excluding acquisitions*

     14,757         13,156         +12
  328         397         303         +8  

•   Capitalized exploration

     1,086         972         +12
  176         9         455         -61  

•   Change in non-current loans**

     462         845         -45
  549         500         294         +87  

Acquisitions

     1,983         2,564         -23
  5,513         5,439         5,197         +6  

Investments including acquisitions*

     16,740         15,720         +6
  1,849         1,061         1,416         +31  

Asset sales

     3,330         3,705         -10
  3,664         4,378         3,781         -3  

Net investments**

     13,410         12,015         +12
3Q13      2Q13      3Q12     

3Q13
vs

3Q12

    in millions of dollars***    9M13      9M12      9M13
vs
9M12
 
  6,573         6,451         6,130         +7  

Investments excluding acquisitions*

     19,436         16,850         +15
  434         519         379         +15  

•   Capitalized exploration

     1,430         1,245         +15
  233         12         569         -59  

•   Change in non-current loans**

     609         1,082         -44
  727         653         368         +98  

Acquisitions

     2,612         3,284         -20
  7,300         7,104         6,498         +12  

Investments including acquisitions*

     22,048         20,134         +10
  2,448         1,386         1,770         +38  

Asset sales

     4,386         4,745         -8
  4,852         5,719         4,727         +3  

Net investments**

     17,662         15,389         +15

 

* 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.
 

 

19


 

Net-debt-to-equity ratio

 

in millions of euros    9/30/2013     6/30/2013     9/30/2012  

Current borrowings

     8,209        10,030        10,647   

Net current financial assets

     (297     (465     (1,493

Net financial assets classified as held for sale

     (42     775        —     

Non-current financial debt

     25,128        22,595        24,606   

Hedging instruments of non-current debt

     (1,362     (1,306     (1,796

Cash and cash equivalents

     (14,891     (11,558     (16,833

Net debt

     16,745        20,071        15,131   

Shareholders’ equity

     72,484        72,461        71,338   

Estimated dividend payable

     (1,313     (1,313     (1,291

Non-controlling interests

     1,724        1,701        1,275   

Equity

     72,895        72,849        71,322   

Net-debt-to-equity ratio

     23.0     27.6     21.2

2013 sensitivities*

 

     Scenario    Change   

Impact on

adjusted

operating

income (e)

  

Impact on

adjusted

net

operating

income (e)

Dollar

   1.30 $/€    +0.1 $ per €    -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 year’s fourth quarter results. Sensitivities are estimates based on assumptions of the Group’s 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.

 

 

20


 

Return on average capital employed

Twelve months ended September 30, 2013

 

in millions of euros    Upstream     Refining &
Chemicals
    Marketing &
Services
    Group  

Adjusted net operating income

     9,806        1,450        1,192        12,032   

Capital employed at 9/30/2012*

     62,707        15,857        7,600        83,551   

Capital employed at 9/30/2013*

     67,487        15,443        6,833        87,578   

ROACE

     15.1     9.3     16.5     14.1

Twelve months ended June 30, 2013

 

in millions of euros    Upstream     Refining &
Chemicals
    Marketing &
Services
    Group  

Adjusted net operating income

     10,374        1,687        1,107        12,679   

Capital employed at 06/30/2012*

     58,668        16,014        8,003        83,729   

Capital employed at 06/30/2013*

     69,644        15,998        7,511        90,858   

ROACE

     16.2     10.5     14.3     14.5

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).
 

 

21

EX-99.14 15 d624592dex9914.htm EXHIBIT 99.14 EXHIBIT 99.14

Exhibit 99.14

 

LOGO    LOGO

 

 

Total announces its interim dividend for the third quarter 2013

Paris, October 31, 2013 – The Board of Directors of Total approved a third quarter 2013 interim dividend of 0.59 euros per share, unchanged versus the previous quarter, and payable in euros according to the following timetable:

 

Ex-dividend date

March 24, 2014

Record date

March 26, 2014

Payment date

March 27, 2014

American Depositary Receipts (“ADRs”) will receive the third quarter 2013 interim dividend in dollars based on the then-prevailing exchange rate according to the following timetable:

 

Ex-dividend date

March 19, 2014

Record date

March 21, 2014

Payment date

April 11, 2014

Registered ADR holders may also contact The Bank of New York Mellon for additional information. Non-registered ADR holders should contact their broker, financial intermediary, bank, or financial institution for additional information.

* * * * *

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

 
EX-99.15 16 d624592dex9915.htm EXHIBIT 99.15 EXHIBIT 99.15

Exhibit 99.15

 

LOGO    LOGO

 

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tél. : + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tél. : + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tél. : + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tél. : + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tél. : + 33 (0) 1 47 44 47 05

Laetitia MACCIONI

Tél. : + 33 (0) 1 47 44 71 49

Paul NAVEAU

Tél. : + 33 (0) 1 41 35 22 44

Quentin VIVANT

Tél. : + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

Tél. : + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Arnaud Breuillac appointed President, Exploration & Production at Total

In his new position, Arnaud Breuillac will report to Yves-Louis Darricarrère,

Upstream President and Member of Total’s Executive Committee.

Paris, November 4, 2013 - Effective January 1, 2014, Arnaud Breuillac is appointed President, Exploration & Production at Total. He will report to Yves-Louis Darricarrère, Upstream President and member of Total’s Executive Committee.

Effective October 1, 2014, Mr. Breuillac will join Total’s Executive Committee, alongside Christophe de Margerie, Philippe Boisseau, Yves-Louis Darricarrère, Jean-Jacques Guilbaud, Patrick de La Chevardière and Patrick Pouyanné.

 

Arnaud Breuillac is a graduate of French engineering school Ecole Centrale de Lyon. He joined Total in 1982.

He has held various positions in Exploration & Production in France, Abu Dhabi, the United Kingdom, Indonesia and Angola and in Refining in France.

Between 2004 and 2006, he served as Vice President, Iran, in the Middle East Divison.

In December 2006, he was appointed to Exploration & Production’s Management Committee in his position as Senior Vice President, Continental Europe and Central Asia.

On July 1, 2010, he was appointed Senior Vice President, Middle East in Exploration & Production. On January 1, 2011, he was appointed to Total’s Management Committee.

* * * * *

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

The Upstream business segment encompasses the Exploration & Production business and the Gas & Power Division. The Group has exploration and production activities in more than 50 countries and produces oil or gas in approximately 30 countries.

 
EX-99.16 17 d624592dex9916.htm EXHIBIT 99.16 EXHIBIT 99.16

Exhibit 99.16

 

LOGO    LOGO

 

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tél. : + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tél. : + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tél. : + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tél. : + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tél. : + 33 (0) 1 47 44 47 05

Laetitia MACCIONI

Tél. : + 33 (0) 1 47 44 71 49

Paul NAVEAU

Tél. : + 33 (0) 1 41 35 22 44

Quentin VIVANT

Tél. : + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

Tél. : + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Total awarded a solar power generation plant in South Africa

Total increases its footprint in South Africa through award of 86 MWp* solar power plant using affiliate SunPower’s leading technology as part of the government’s tender for renewable energy generation facilities

Paris, 5th November 2013 - Total S.A. (« Total ») (CAC : TOTF.PA) announced being selected as the preferred bidder for an 86 megawatt-peak (MWp) ground-mounted solar power project by South Africa’s Department of Energy (DoE), as part of the third round of tenders for renewable energy generation facilities.

Total’s affiliate, SunPower Corporation (« SunPower ») (NASDAQ : SPWR), a global solar energy leader offering solutions unmatched in efficiency, reliability and performance, provided the photovoltaic specifications for the project. SunPower also is expected to provide Engineering, Procurement, Construction (EPC) services and long-term Operation and Maintenance for the project.

This solar power project of 86 MWp will deliver clean, reliable energy to the community. The solar power plant is expected to generate approximately 210 gigawatt-hours (GWh) of power each year, which represents the electricity consumption of approximately 45,000 South Africans.

“We are pleased to have been selected for this solar project by the Department of Energy. This project proves we can deliver, with our affiliate SunPower, the best technology at a competitive price”, said Philippe Boisseau, President, Marketing & Services and New Energies and a member of the Executive Committee of Total. “Total has been present in South Africa for almost 50 years and remains very committed to the country. As a world leader in the solar industry, we are pleased to assist South Africa in the diversification of its energy mix, with the development of increased solar capacity in the country, along other energy sources. We believe there is a huge potential in the solar market”, he concluded.

This is another great example where Total’s international footprint has provided opportunities to SunPower, following the recent announcement to build the world’s largest solar merchant plant in Chile”, said Tom Werner, SunPower President and Chief Executive Officer. “SunPower’s successful track record of building solar power plants around the world, coupled with Total’s historic presence in South Africa, will positively impact this region, including job creation”.

 

 

* A megawatt-peak (MWp) = 1 million peak watts. A peak watt, the unit used to rate the performance of photovoltaic collectors, will deliver 1 watt of electricity under standard conditions of 1,000 watts of light intensity per square meter and temperature of 25°C.
 


TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tél. : + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tél. : + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tél. : + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tél. : + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tél. : + 33 (0) 1 47 44 47 05

Laetitia MACCIONI

Tél. : + 33 (0) 1 47 44 71 49

Paul NAVEAU

Tél. : + 33 (0) 1 41 35 22 44

Quentin VIVANT

Tél. : + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

Tél. : + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

The project is secured under a co-development agreement with South African Mulilo Renewable Energy. Total will own 27% of the project, along with five partners: Calulo Renewable Energy with 25%, Mulilo Renewable Energy with 18%, the Industrial Development Corporation (IDC) with 15%, Futuregrowth Asset Management (Pty) Ltd with 10% and a Local Community Trust will own 5% of the project.

The project is estimated to cost approximately $200 million. It will be financed 80% through non-recourse project debt from South African banks. The remaining 20% equity portion will be funded by Total, Calulo Renewable Energy, Mulilo Renewable Energy, the IDC, Futuregrowth Asset Management (Pty) Ltd and a Local Community Trust, based on their respective ownership interests.

About the project

The 86 MWp project is located in Prieska, in the province of the Northern Cape. Upon completion, the project will resell the electricity to ESKOM, under a Power Purchase Agreement (PPA).

Financial close is awaited by mid 2014, which will lead to construction starting during the second semester of 2014. Completion is expected mid 2015. The project is part of the South African government’s Independent Power Producers Procurement Program.

The planned ground-mounted solar system will feature SunPower’s Oasis™ Power Blocks system, a fully integrated solution utilizing SunPower’s high efficiency solar panels and single-axis trackers.

Total in South Africa

Present in South Africa since 1954, Total is now the country’s fifth-ranked marketer, with sales of 3.1 million tons of products each year, a network of 528 service stations, its biggest outside Europe, and a 36.6% interest in the Natref refinery alongside Sasol. The Group is also South Africa’s third-ranked LPG marketer and fifth-ranked coal exporter. Since October 2013, Total has also acquired offshore exploration interests in South Africa, alongside CNR International Ltd.

Total’s solar affiliate SunPower is already active in ground-mounted solar power plants and off-grid solar activities in South Africa. It is currently building two photovoltaic power plants near Douglas, in the Northern Cape. Total is also implementing decentralized rural electrification programs through KwaZulu Energy Services (KES).

* * * * *

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

 
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