0001193125-14-252297.txt : 20140627 0001193125-14-252297.hdr.sgml : 20140627 20140627085400 ACCESSION NUMBER: 0001193125-14-252297 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20140627 FILED AS OF DATE: 20140627 DATE AS OF CHANGE: 20140627 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: 14944279 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 d751364d6k.htm 6-K 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: April 19, 2014 to June 26, 2014

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:    Annual Shareholders’ Meeting (ordinary and extraordinary) on Friday, May 16, 2014, France
EX 99.2:    Total announces its interim dividend for the first quarter 2014, France
EX 99.3:    First Quarter 2014 Results, France
EX 99.4:    Ordinary and Extraordinary Shareholders’ meeting of May 16, 2014, France
EX 99.5:    Total combines efforts with Lukoil to explore and develop tight oil in the Bazhenov, Russia
EX 99.6:    Total sells its 10% interest in Shah Deniz to TPAO, Azerbaijan
EX 99.7:    Total signs a long-term agreement to supply LNG to Pavilion Energy, Singapore
EX 99.8:    CLOV start up: Total increases Block 17 production to 700,000 barrels per day, Angola
EX 99.9:    Total and Amyris Renewable Jet Fuel Ready for Use in Commercial Aviation, France


SIGNATURES

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

 

    TOTAL S.A.

Date: June 27, 2014

    By:   /s/ Humbert de Wendel
    Name:   Humbert de WENDEL
    Title:   Treasurer


EXHIBIT INDEX

 

    EXHIBIT 99.1: France: Annual Shareholders’ Meeting (ordinary and extraordinary) on Friday, May 16, 2014 (April 24, 2014)

 

    EXHIBIT 99.2: France: Total announces its interim dividend for the first quarter 2014 (April 30, 2014)

 

    EXHIBIT 99.3: France: First Quarter 2014 Results (April 30, 2014)

 

    EXHIBIT 99.4: France: Ordinary and Extraordinary Shareholders’ meeting of May 16, 2014 (May 16, 2014)

 

    EXHIBIT 99.5: Russia: Total combines efforts with Lukoil to explore and develop tight oil in the Bazhenov (May 23, 2014)

 

    EXHIBIT 99.6: Azerbaijan: Total sells its 10% interest in Shah Deniz to TPAO (May 30, 2014)

 

    EXHIBIT 99.7: Singapore: Total signs a long-term agreement to supply LNG to Pavilion Energy (June 4, 2014)

 

    EXHIBIT 99.8: CLOV start up in Angola: Total increases Block 17 production to 700,000 barrels per day (June 12, 2014)

 

    EXHIBIT 99.9: France: Total and Amyris Renewable Jet Fuel Ready for Use in Commercial Aviation (June 16, 2014)
EX-99.1 2 d751364dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

News Release

Communiqué de Presse

 

 

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 5 944 195 400 euros

542 051 180 R.C.S. Nanterre

total.com

Annual Shareholders’ Meeting (ordinary and extraordinary)

on Friday, May 16, 2014

Paris, April 23, 2014 — The Annual Shareholders’ Meeting (ordinary and extraordinary) of TOTAL S.A. will be held at the Palais des Congrès (2, place de la Porte Maillot, 75017 Paris, France) on Friday, May 16, 2014, at 10:00 a.m.

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

Additional documents and information regarding this meeting will be made available to shareholders in accordance with applicable laws.

* * * * *

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 98,800 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.com

 
EX-99.2 3 d751364dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

LOGO

News Release

Communiqué de Presse

 

 

2, place Jean Millier

Arche Nord Coupole/Regnault

92 400 Courbevoie France

Tel. : + 33 (0)1 47 44 58 53

Fax : + 33 (0)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 : 5 944 195 400 €

542 051 180 R.C.S. Nanterre

www.total.com

Total announces its interim dividend for the first quarter 2014

Paris, April 30, 2014 — The Board of Directors of Total approved a first quarter 2014 interim dividend of 0.61 euros per share. This interim dividend, increased by 3.4% compared to the first quarter 2013, is payable in euros according to the following timetable:

 

Ex-dividend date

   September 23, 2014

Record date

   September 25, 2014

Payment date

   September 26, 2014

American Depositary Receipts (“ADRs”) will receive the first quarter 2014 interim dividend in dollars based on the then-prevailing exchange rate according to the following timetable:

 

Ex-dividend date

   September 18, 2014

Record date

   September 22, 2014

Payment date

   October 10, 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 98,800 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.com

 
EX-99.3 4 d751364dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

 

LOGO

News Release

Communiqué de Presse

                                                 Paris, April 30, 2014

 

 

 

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 5 944 195 400 euros 542 051 180 R.C.S. Nanterre

www.total.com

First quarter 2014 results1

 

     1Q14      1Q13     

Change

vs 1Q13

 

Adjusted net income2

        

— in billions of dollars (B$)

     3.3         3.7         -10

— in dollars per share

     1.46         1.63         -10

— in euro per share

     1.07         1.23         -14

Net income3 of 3.3 B$ in the first quarter 2014

Net-debt-to-equity ratio of 23.5% at March 31, 2014

Hydrocarbon production of 2,179 kboe/d in the first quarter 2014

1Q14 interim dividend of 0.61 €/share payable in September 20144

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

The Group reported adjusted net income of $3.3 billion for the first quarter, solid results albeit slightly lower than last year. The impact of sharply lower European refining margins was limited thanks to the implementation of performance improvement plans by the segment.

Operational excellence and capital discipline are the cornerstones of our robust results. With the CLOV project expected to start up on schedule, the Group launched the Kaombo project in the first quarter in ultra-deep offshore Angola. Kaombo illustrates perfectly our commitments and ambitions by combining innovative engineering solutions and disciplined cost management to create a competitive project. Regarding exploration, several promising wells are in progress or about to start, notably in Brazil, the Kwanza basin in Angola, and deep-offshore Ivory Coast, following our recent discovery in the frontier San Pedro basin.

In all the segments, our teams are working to translate our announced cost reduction commitment into tangible targets and are ready to participate in making the company more efficient, while keeping safety and the environment as our highest priorities.

 

1  TOTAL changed the presentation currency of the Group’s Consolidated Financial Statements from the Euro to the US Dollar, effective January 1, 2014, to make its financial information more readable by better reflecting the performance of its activities, which are carried out mainly in US dollars. Comparative 2013 information has been restated (see Note 11 to the unaudited interim consolidated financial statements), including the interpretation of IFRIC 21 « Levies » applied retrospectively (see Note 11 to the unaudited interim consolidated financial statements).
2  Definition of adjusted results on page 2 — euro amounts represent dollar amounts converted at the average €-$ exchange rate for the period : 1.3696 $/€ in the first quarter 2014, 1.3206 $/€ in the first quarter 2013 and 1.3610 $/€ in the fourth quarter 2013.
3  Group share.
4  The ex-dividend date will be September 23, 2014. Pending approval at the Annual Shareholders Meeting on May 16, 2014, the remaining 0.61 €/share dividend for 2013 will be paid June 5, 2014.
 

 

1


 

• Key figures5

 

Expressed in millions dollars

except earnings per share and number of shares

   1Q14      4Q13      1Q13     

1Q14 vs

1Q13

 

Sales

     60,687         64,975         63,561         -5

Adjusted operating income from business segments

     6,182         6,533         7,503         -18

Adjusted net operating income from business segments

     3,699         3,835         4,026         -8

•   Upstream

     3,092         3,065         3,257         -5

•   Refining & Chemicals

     346         441         437         -21

•   Marketing & Services

     261         329         332         -21

Adjusted net income

     3,327         3,385         3,698         -10

Adjusted fully-diluted earnings per share (dollars)

     1.46         1.49         1.63         -10

Adjusted fully-diluted earnings per share (euros)

     1.07         1.09         1.23         -14

Fully-diluted weighted-average shares (millions)

     2,277         2,276         2,269         —     

Net income (Group share)

     3,335         2,234         1,948         +71

Investments6

     5,865         11,317         7,904         -26

Divestments

     1,840         939         813         x2   

Net investments7

     4,025         8,739         6,620         -39

Cash flow from operations

     5,338         9,578         4,913         +9

Adjusted cash flow from operations

     6,204         6,438         6,755         -8

• Main events since the start of the first quarter 2014

 

    Started gas and condensate production on Itau Phase 2 in Bolivia

 

    Launched the ultra-deep offshore Kaombo project in Angola

 

    Discovered oil on Ivory Coast deep-offshore block CI-514

 

    Acquired exploration permits for UK shale gas and Russian oil shale in the Bazhenov

 

    Completed the acquisition of an interest in the Elk and Antelope major gas discoveries in Papua-New Guinea

 

    Partial IPO of interest in Gaztransport & Technigaz (GTT)

 

    Closed the sale of the 15% interest Angola block 15/06

 

    Signed an LNG Cooperation Agreement to strengthen the existing partnership between Total and CNOOC

 

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 13 and the inventory valuation effect is explained on page 10.
6  Including acquisitions.
7  Net investments = investments including acquisitions — asset sales — other transactions with minority interests.
 

 

2


 

First quarter 2014 results

• Net operating income from business segments

In the first quarter 2014, the Brent price averaged 108.2 $/b, a decrease of 4% compared to the first quarter 2013 and 1% compared to the fourth quarter 2013. The European refining margin indicator (ERMI) averaged 6.6 $/t, compared to 26.9 $/t in the first quarter 2013 and 10.1 $/t in the fourth quarter 2013.

The effective tax rate8 for the business segments was 55.7% in the first quarter 2014 compared to 58.6% in the first quarter 2013.

Adjusted net operating income from the business segments was 3,699 M$ in the first quarter 2014 compared to 4,026 M$ in the first quarter 2013, a decrease of 8%. This decrease was mainly due to a decrease in the Upstream results in line with the decrease in Brent and to the lower contribution of the Refining & Chemicals and Marketing & Services segments, which were impacted by a much weaker environment in Europe.

• Net income (Group share)

Adjusted net income was 3,327 M$ compared to 3,698 M$ in the first quarter 2013, a decrease of 10%.

Adjusted net income excludes the after-tax inventory effect, the effect of changes in fair value and special items9:

 

    The after-tax inventory effect had a negative impact on net income of 137 M$ in the first quarter 2014 and a negative impact of 68 M$ in the first quarter 2013.

 

    Changes in fair value had a positive impact on net income of 21 M$ in the first quarter 2014 compared to a positive impact of 1 M$ in the first quarter 2013.

 

    Special items10 had a positive impact on net income of 124 M$ in the first quarter 2014 including mainly the gain realized on the sale (partial IPO) of an interest in Gaztransport & Technigaz (GTT) and the impairment of the Shtokman project in Russia. Special items had a negative impact on net income in the first quarter 2013 of 1,683 M$.

Net income (Group share) was 3,335 M$ compared to 1,948 M$ in the first quarter 2013.

The effective tax rate for the Group was 57.7% in the first quarter 2014 compared to 59.2% in the first quarter 2013.

On March 31, 2014, there were 2,278 million fully-diluted shares, compared to 2,269 million on March 31, 2013.

Adjusted fully-diluted earnings per share, based on 2,277 million fully-diluted weighted-average shares, was $1.46 compared to $1.63 in the first quarter 2013.

Expressed in euro, adjusted fully-diluted earnings per share decreased by 14% to €1.07.

 

8  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).
9  Detail shown on page 10.
10  Detail shown on page 13.
 

 

3


 

• Investments — divestments11

Investments, excluding acquisitions and including changes in non-current loans, were 5.2 B$ in the first quarter 2014 compared to 6.4 B$ in the first quarter 2013, a decrease of 19%.

Acquisitions were 299 M$ in the first quarter 2014, essentially comprised of the carry on the Utica gas and condensate field in the United States and the acquisition of marketing assets in Egypt.

Asset sales in the first quarter 2014 were 1,476 M$, essentially comprised of the sale of Angola block 15/06 and the partial IPO of an interest in GTT.

Net investments12 were 4.0 B$ in the first quarter 2014 compared to 6.6 B$ in the first quarter 2013.

• Cash flow

Cash flow from operations was 5,338 M$ in the first quarter 2014, an increase of 9% compared to the first quarter 2013.

Adjusted cash flow from operations13 was 6,204 M$, a decrease of 8% compared to the first quarter 2013.

The Group’s net cash flow14 was 1,313 M$ compared to negative 1,707 M$ in the first quarter 2013, essentially due to a decrease in net investments between the two periods.

The net-debt-to-equity ratio was 23.5% on March 31, 2014, compared to 23.3% on December 31, 2013 and 25.9 % on March 31, 201315.

 

11  Detail shown on page 14.
12  Net investments = investments including acquisitions and changes in non-current loans — asset sales — other transactions with minority interests.
13  Cash flow from operations at replacement cost before changes in working capital.
14  Net cash flow = cash flow from operations — net investments (including other transactions with minority interests).
15  Detail shown on page 15.
 

 

4


 

Analysis of business segment results

Upstream

• Environment — liquids and gas price realizations*

 

     1Q14      4Q13      1Q13     

1Q14 vs

1Q13

 

Brent ($/b)

     108.2         109.2         112.6         -4

Average liquids price ($/b)

     102.1         102.5         106.7         -4

Average gas price ($/Mbtu)

     7.06         7.36         7.31         -3

Average hydrocarbon price ($/boe)

     73.4         74.6         77.4         -5

 

* consolidated subsidiaries, excluding fixed margins.

• Production

 

Hydrocarbon production    1Q14      4Q13      1Q13     

1Q14 vs

1Q13

 

Combined production (kboe/d)

     2,179         2,284         2,323         -6

•   Liquids (kb/d)

     1,031         1,142         1,193         -14

•   Gas (Mcf/d)

     6,268         6,260         6,137         +2

Hydrocarbon production was 2,179 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2014, a decrease of 6% compared to the first quarter 2013, essentially due to the following:

 

    +1% for start-ups and growth from new projects and a lower level of maintenance which more than offset the normal production decline,

 

    -5.5% for portfolio changes, essentially the expiration of the ADCO license in the United Arab Emirates and the sale of TOTAL’s exploration and production assets in Trinidad & Tobago, partially offset by the increase in production related to the interest in Novatek,

 

    -1.5% for security issues in Libya and Nigeria.

Excluding the ADCO license, which expired in January 2014, hydrocarbon production in the first quarter 2014 decreased by 1% compared to the first quarter 2013 and increased slightly by 0.5% compared to the fourth quarter 2013.

 

 

5


 

• Results

 

In millions of dollars    1Q14      4Q13      1Q13     

1Q14 vs

1Q13

 

Adjusted operating income*

     5,501         5,587         6,549         -16

Adjusted net operating income*

     3,092         3,065         3,257         -5

•   includes income from equity affiliates

     733         704         837         -12

Investments

     5,311         9,498         6,941         -23

Divestments

     1,799         812         718         x2.5   

Cash flow from operations

     3,811         7,310         5,481         -30

Adjusted cash flow from operations

     5,133         5,095         5,528         -7

 

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

Adjusted net operating income from the Upstream segment was 3,092 M$ in the first quarter 2014 compared to 3,257 M$ in the first quarter 2013, a decrease of 5%, reflecting essentially the lower average realized hydrocarbon prices between the two periods and a less favorable production mix, partially offset by a lower effective tax rate.

The effective tax rate for the Upstream segment was 59.5% compared to 62.7% in the first quarter 2013 which was particularly high due to non-deductible exploration charges.

The return on average capital employed (ROACE16) for the Upstream segment was 13% for the twelve months ended March 31, 2014, compared to 14% for the full-year 2013.

 

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

 

6


 

Refining & Chemicals

• Refinery throughput and utilization rates*

 

     1Q14     4Q13     1Q13    

1Q14 vs

1Q13

 

Total refinery throughput (kb/d)

     1,700        1,580        1,763        -4

•   France

     617        535        627        -2

•   Rest of Europe

     787        755        866        -9

•   Rest of world

     296        290        270        +10

Utlization rates**

        

•   Based on crude only

     77     73     83  

•   Based on crude and other feedstock

     83     77     86  

 

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

The decrease in refinery throughput compared to the first quarter 2013 was essentially due to a turnaround at Grandpuits, some unplanned maintenance at Provence and Antwerp, and some voluntary shutdowns in response to weak refining margins in Europe. In the first quarter 2013, there was scheduled maintenance at Donges and a turnaround at Normandy for the modernization project.

• Results

 

In millions of dollars

(except the ERMI)

   1Q14      4Q13      1Q13    

1Q14 vs

1Q13

 

European refining margin indicator — ERMI ($/t)

     6.6         10.1         26.9        -75

Adjusted operating income*

     328         421         438        -25

Adjusted net operating income*

     346         441         437        -21

•   contribution of Specialty chemicals**

     139         160         119        +17

Investments

     250         956         703        -64

Divestments

     11         45         36        -69

Cash flow from operations

     1,593         1,816         (382     na   

Adjusted cash flow from operations

     617         839         641        -4

 

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

The ERMI averaged 6.6 $/t over the quarter, a decrease of 75% compared to the first quarter 2013, in a very weak market for all refined products. Petrochemicals margins remained at high levels, particularly in the United States.

In this context, adjusted net operating income from the Refining & Chemicals segment was 346 M$ in the first quarter 2014, a decrease of 21% compared to the first quarter 2013.

This decrease was essentially due to the strong deterioration of the European refining environment, partially offset by better petrochemical and refining margins in the United States, which benefited the Port Arthur integrated platform, improvements in Specialty chemicals, and the ongoing implementation of synergy and efficiency plans in line with the objectives announced for 2014.

 

 

7


 

The ROACE17 for the Refining & Chemicals segment was 9% for the twelve months ended March 31, 2014, stable compared to the full-year 2013.

Marketing & Services

• Refined product sales

 

Sales in kb/d*    1Q14      4Q13      1Q13      1Q14 vs
1Q13
 

Europe

     1,058         1,150         1,108         -5

Rest of world

     593         605         607         -2

Total Marketing & Services sales volumes

     1,651         1,755         1,715         -4

 

* excludes trading and bulk Refining sales, includes share of TotalErg.

In the first quarter 2014, sales decreased by 4% compared to the first quarter 2013, essentially due to a decrease in heating fuel and LPG sales in Europe that was linked to exceptionally mild winter weather this year versus the harsh winter in 2013. In contrast, gasoline sales by the retail network in Europe and Africa-Middle East increased between the two periods.

• Results

 

In millions of dollars    1Q14      4Q13      1Q13    

1Q14 vs

1Q13

 

Sales

     26,470         28,378         27,732        -5

Adjusted operating income*

     353         525         516        -32

Adjusted net operating income*

     261         329         332        -21

•   contribution of New Energies

     28         26         (17     na   

Investments

     276         820         246        +12

Divestments

     26         63         50        -48

Cash flow from operations

     89         442         (120     na   

Adjusted cash flow from operations

     379         599         551        -31

 

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

The Marketing & Services segment’s sales were 26 B$, down 5% compared to the first quarter 2013.

Adjusted net operating income from the Marketing & Services segment was 261 M$ in the first quarter 2014, a decrease of 21% compared to the first quarter 2013, mainly due to the impact of weather on sales and lower margins in Europe, partially offset by better performance from Retail and Lubricants as well as improved results at New Energies.

The ROACE18 for the Marketing & Services segment, which includes New Energies, was 15% for the twelve months ended March 31, 2014, compared to 16% for the full-year 2013.

 

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

 

8


 

• Summary and outlook

The ROACE19 for the Group for the twelve months ended March 31, 2014, was 12%, compared to 13% for the full-year 2013.

Return on equity for the twelve months ended March 31, 2014, was 15%, stable compared to 2013.

Pending approval at the May 16, 2014 Annual Shareholders Meeting, TOTAL S.A. will pay the remainder of the 2013 dividend on June 5, 2014, of 0.61 €/share20, an increase of 3.4%. The 2013 dividend represents a total of 2.38 €/share.

In addition, the Board of Directors decided on April 29, 2014, to pay a first quarter 2014 interim dividend of 0.61 €/share on September 26, 2014.21

In the Upstream, the next anticipated operated start-ups are the CLOV project in Angola at the end of June, then Laggan-Tormore in the United Kingdom and Ofon Phase 2 in Nigeria in the second half of the year. Following an encouraging start for exploration at the beginning of the year, the Group is continuing its high-potential exploration program in Brazil, in the Kwanza basin of Angola, South Africa and Ivory Coast.

In the second quarter, production will be impacted by heavy seasonal maintenance activity, mainly in the UK, Norway and Thailand.

In the Downstream, the integrated Satorp refinery in Saudi Arabia is finalizing the start-up of its last units and should be fully operational in the coming months.

Refinery throughput in the second quarter will be affected by major turnarounds at Leuna and Vlissingen. Since the beginning of the second quarter 2014, European refining margins have recovered from the very low levels of the first quarter, and the refining and petrochemicals environment has remained favorable in the United States.

 

¿ ¿ ¿

To listen to a presentation by CFO Patrick de la Chevardière to financial analysts today at 15:00 (Paris time), please log on to www.total.com or call +44 (0)203 194 0570 in Europe or +1 855 255 3884 in the U.S. (listen-only). For a replay, please consult the website or call +44 (0)203 367 9460 in Europe or +1 877 642 3018 in the U.S. (code: 286 423).

 

19  Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 16.
20  The ex-dividend date would be June 2, 2014.
21  The ex-dividend date will be September 23, 2014.
 

 

9


 

This press release presents the first quarter 2014 results from the consolidated financial statements of TOTAL S.A. as of March 31, 2014. The notes to these consolidated financial statements (unaudited) are available on the TOTAL web site (www.total.com).

This document may contain forward-looking information on the Group (including objectives and trends), as well as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL. These data do not represent forecasts within the meaning of European Regulation No. 809/2004.

Such forward-looking information and statements included in this document are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a significant difference between actual results and those anticipated, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.

Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the 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.

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

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.

 

 

   10   


Operating information by segment

for the first quarter 2014

• Upstream

 

Combined liquids and gas production by region (kboe/d)    1Q14      4Q13      1Q13      1Q14 vs
1Q13
 

Europe

     394         405         392         +1

Africa

     655         644         692         -5

Middle East

     405         522         542         -25

North America

     82         75         71         +15

South America

     159         149         172         -8

Asia-Pacific

     242         242         236         +3

CIS

     242         247         218         +11

Total production

     2,179         2,284         2,323         -6

Includes equity affiliates

     583         692         681         -14

 

Liquids production by region (kb/d)    1Q14      4Q13      1Q13      1Q14 vs
1Q13
 

Europe

     172         180         166         +4

Africa

     508         503         552         -8

Middle East

     203         314         329         -38

North America

     34         28         27         +26

South America

     50         50         57         -12

Asia-Pacific

     30         27         31         -3

CIS

     34         40         31         +10

Total production

     1,031         1,142         1,193         -14

Includes equity affiliates

     208         323         325         -36
 

 

11


Gas production by region (Mcf/d)    1Q14      4Q13      1Q13      1Q14 vs
1Q13
 

Europe

     1,215         1,242         1,215         —     

Africa

     748         690         707         +6

Middle East

     1,104         1,139         1,165         -5

North America

     266         261         250         +6

South America

     609         554         637         -4

Asia-Pacific

     1,202         1,258         1,151         +4

CIS

     1,124         1,116         1,012         +11

Total production

     6,268         6,260         6,137         +2

Includes equity affiliates

     2,029         1,995         1,922         +6

 

Liquefied natural gas    1Q14      4Q13      1Q13      1Q14 vs
1Q13
 

LNG sales* (Mt)

     3.12         3.39         2.93         +6

 

* sales, Group share, excluding trading; 2013 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2013 SEC coefficient.

• Downstream (Refining & Chemicals and Marketing & Services)

 

Refined product sales by region (kb/d)*    1Q14      4Q13      1Q13      1Q14 vs
1Q13
 

Europe

     1,912         1,945         1,978         -3

Africa

     475         496         448         +6

Americas

     474         473         481         -1

Rest of world

     573         546         505         +13

Total consolidated sales

     3,434         3,460         3,412         +1

Includes bulk sales

     540         505         521         +4

Includes trading

     1,243         1,200         1,176         +6

 

* includes share of TotalErg.
 

 

12


Adjustment items

• Adjustments to operating income

 

In millions of dollars    1Q14     4Q13     1Q13  

Special items affecting operating income

     (115     (560     (7

• Restructuring charges

     —          (374     (2

• Impairments

     —          (176     (5

• Other

     (115     (10     —     

Pre-tax inventory effect : FIFO vs. replacement cost

     (181     (127     (116

Effect of changes in fair value

     26        (23     3   

Total adjustments affecting operating income

     (270     (710     (120

Adjustments to net income (Group share)

 

In millions of dollars    1Q14     4Q13     1Q13  

Special items affecting net income

(Group share)

     124        (1,029     (1,683

• Gain (loss) on asset sales

     599        —          (1,646

• Restructuring charges

     —          (513     (33

• Impairments

     (350     (181     (4

• Other

     (125     (335     —     

After-tax inventory effect : FIFO vs. replacement cost

     (137     (103     (68

Effect of changes in fair value

     21        (19     1   

Total adjustments affecting net income

     8        (1,151     (1,750

Effective tax rates

 

Effective tax rate*    1Q14   4Q13   1Q13

Upstream

   59.5%   58.8%   62.7%

Group

   57.7%   56.7%   59.2%

 

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

 

13


Investments — Divestments

 

Expressed in millions of dollars    1Q14     4Q13     1Q13     1Q14 vs
1Q13
 

Investments excluding acquisitions

     5,202        8,848        6,412        -19

• Capitalized exploration

     319        390        478        -33

• Increase in non-current loans

     261        1,233        624        -58

• Repayment of non-current loans

     (364     (584     (259     na   

Acquisitions

     299        1,885        1,233        -76

Asset sales

     1,476        355        554        x3   

Other transactions with minority interests

     —          1,639        471        na   

Net investments*

     4,025        8,739        6,620        -39

 

* Net investments = investments including acquisitions — asset sales — other transactions with minority interests.
 

 

14


Net-debt-to-equity ratio

 

In millions of dollars    3/31/2014     12/31/2013     3/31/2013  

Current borrowings

     11,676        11,193        13,751   

Net current financial assets

     (522     (358     (685

Net financial assets classified as held for sale

     (17     (179     873   

Non-current financial debt

     37,506        34,574        29,294   

Hedging instruments of non-current debt

     (1,758     (1,418     (1,885

Cash and cash equivalents

     (22,787     (20,200     (17,178

Net debt

     24,098        23,612        24,170   

Shareholders’ equity

     103,136        100,241        94,524   

Estimated dividend payable

     (3,817     (1,908     (3,411

Non-controlling interests

     3,248        3,138        2,286   

Equity

     102,567        101,471        93,399   

Net-debt-to-equity ratio

     23.5     23.3     25.9

2014 sensitivities*

 

     Scenario    Change    Impact on adjusted
operating income
(e)
   Impact on adjusted
net operating income
(e)

Dollar

   1.30 $/€    +0.1 $ per €    -0.7 B$    -0.3 B$

Brent

   100 $/b    +1 $/b    +0.30 B$    +0.15 B$

European refining margin index (ERMI)

   30 $/t    +1 $/t    +0.08 B$    +0.05 B$

 

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Following the change to dollar-denominated reporting, effective January 1, 2014, the €-$ sensitivity has been changed. The impact of the €-$ sensitivity on operating income and on net operating income is 60% and 80% attributable to the Refining-Chemicals segment, respectively.

 

   Sensitivities are estimates based on assumptions about the Group’s portfolio in 2014. Actual results could vary significantly from estimates based on the application of these sensitivities.
 

 

15


Return on average capital employed

• Twelve months ended March 31, 2014

 

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

Adjusted net operating income

     12,285        1,766        1,483        14,863   

Capital employed at 3/31/2013*

     86,034        21,860        9,610        116,094   

Capital employed at 3/31/2014*

     97,924        18,516        10,314        126,068   

ROACE

     13.4     8.7     14.9     12.3

• Full-year 2013

 

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

Adjusted net operating income

     12,450        1,857        1,554        15,230   

Capital employed at 12/31/2012*

     84,260        20,783        9,232        111,080   

Capital employed at 12/31/2013*

     95,529        19,752        10,051        122,451   

ROACE

     13.8     9.2     16.1     13.0

 

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

 

16

EX-99.4 5 d751364dex994.htm EX-99.4 EX-99.4

Exhibit 99.4

 

LOGO

News Release

Communiqué de Presse

 

 

 

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 5 944 195 400 euros

542 051 180 R.C.S. Nanterre

www.total.com

Ordinary and Extraordinary Shareholders’ meeting of May 16, 2014

 

 

Approval of all resolutions proposed by the Board of Directors

Dividend of €2.38 per share

Paris, May 16, 2014 — The Annual Shareholders’ Meeting of Total was held on May 16, 2014, under the chairmanship of Christophe de Margerie. Shareholders adopted all resolutions recommended by the Board of Directors, including:

 

    Approval of the 2013 financial statements and payment of a cash dividend for 2013 of €2.38 per share. Taking into account the quarterly interim dividend payments for 20131, the final dividend of €0.61 per share, up 3.4% from €0.59 per share in respect of 2012, will be paid in cash on June 5, 20142.

 

    Re-election of Mrs. Patricia Barbizet, Mrs. Marie-Christine Coisne-Roquette, Mrs. Barbara Kux and Mr. Paul Desmarais Jr. to new three-year terms as directors.

 

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

 

    Various amendments to Total S.A.’s articles of incorporation, including notably those concerning the age limits of executive directors as well as the appointment of employee representatives to the Board or Directors.

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

 

1  Ex-dividend dates for the three 2013 interim dividends were September 24, 2013 for first quarter 2013 (€0.59/share), December 16, 2013 for second quarter 2013 (€0.59/share), and March 24, 2014 for third quarter 2013 (€0.59/share).
2  The ex-dividend date for the final dividend of 2013 will be June 2, 2014.
 


The Shareholders’ Meeting was also an opportunity for Christophe de Margerie, Chairman and CEO, and Patrick de La Chevardière, Chief Financial Officer, to report to shareholders on the activities of the Board of Directors, corporate governance, executive directors’ compensation, and the Group’s 2013 performance and outlook.

Christophe de Margerie highlighted the quality of Total’s corporate governance. He described the activities of the Board and its four committees, and also emphasized the Group’s absolute priority to safety, as well as the total commitment to Corporate Social Responsibility of both himself and his teams.

Patrick de La Chevardière discussed the Group’s solid 2013 results, a slight decrease from the previous year, despite a significant deterioration of European refining margins. He underlined that as announced, the intensive investment phase that the Group embarked on to increase its production reached a peak of 28 billion dollars in 2013.

Finally, Christophe de Margerie presented the Group’s outlook. In the upstream, major projects launched in key regions like Africa, Canada and Russia, as well as entry into promising new assets, notably in Brazil, allow Total to confirm its objectives and strengthen its outlook beyond 2017. In exploration, Total is continuing to pursue its ambitious program which includes, in particular, high-potential prospects in Brazil, the Kwanza basin in Angola and Ivory Coast. In the downstream, Christophe de Margerie detailed the progress made in the program to increase profitability from 2010 to 2015 thanks to major projects, with notably the start-up of the first units of the Satorp platform in Saudi Arabia in 2013, portfolio optimization, and productivity gains.

Christophe de Margerie concluded by thanking the 3,400 shareholders present for their loyalty and confidence, and reiterated the Group’s commitment to continuing the dynamic launched in all its businesses while always placing the highest priority on safety and the environment.

*******

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 98,800 employees put their expertise to work in every part of the industry — exploration and production of oil and natural gas, refining and marketing, new energies, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow. www.total.com

EX-99.5 6 d751364dex995.htm EX-99.5 EX-99.5

Exhibit 99.5

 

LOGO

News Release

Communiqué de Presse

 

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

Damien STEFFAN

Tél. : + 33 (0) 1 41 35 32 24

Laetitia MACCIONI

Tél. : + 33 (0) 1 47 44 71 49

Evgeniya MAZALOVA

Tél. : + 33 (0) 1 47 44 57 00

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.

Share Capital € 5 944 195 400

Registered in Nanterre

RCS 542 051 180

www.total.com

Russia: Total combines efforts with Lukoil to explore and develop

tight oil in the Bazhenov

Paris, May 23, 2014 — Total signed today an agreement with Lukoil creating a joint venture (JV) to explore and develop the tight oil potential of the Bazhenov play in Western Siberia. Total will hold 49% of the JV and Lukoil 51%. This agreement finalizes the memorandum of understanding signed between the two companies in December 2013.

The JV will assess the technical feasibility of developing the tight oil potential of the Bazhenov formation initially on 4 licenses covering an area of 2,700 km² in Khanty-Mansi Autonomous District. Seismic acquisition will start in 2014 and exploration drilling will follow in 2015. Total will contribute its Lyaminskiy 3, Vostochno-Kovenskiy and Tashinskiy licences to the JV while Lukoil will add the Galyanovsky license.

“Total’s entry into the Bazhenov play, one of the world’s largest shale oil formations, reinforces our position in non-conventional hydrocarbons where the Group has developed significant experience with its numerous projects “, outlined Christophe de Margerie, Total’s Chairman and CEO. “Our international expertise leveraged with Lukoil’s experience in the region provides a balanced partnership and an excellent basis from which to appraise the huge potential of this Western Siberian play.”

Total Exploration & Production in Russia

Total has been present in Russia for over two decades. In 2013, the Group’s equity production was 207,000 barrels of oil equivalent per day. This production comes from the onshore Kharyaga field (Total 40%, operator), located in the Nenets autonomous district, and through Total’s share in Novatek (17% at the end of 2013), which produces more than 10% of Russia’s gas output.

In addition, Total and Novatek are partners in the Yamal LNG project, located in the Yamalo-Nenets Autonomous District, and in the Termokarstovoye gas and condensate field, which are both currently under development.

************

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 98,800 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 d751364dex996.htm EX-99.6 EX-99.6

Exhibit 99.6

 

LOGO

News Release

Communiqué de Presse

 

 

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

Damien STEFFAN

Tél. : + 33 (0) 1 41 35 32 24

Laetitia MACCIONI

Tél. : + 33 (0) 1 47 44 71 49

Evgeniya MAZALOVA

Tél. : + 33 (0) 1 47 44 57 00

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.

Share Capital € 5 944 195 400

Registered in Nanterre

RCS 542 051 180

www.total.com

Azerbaijan: Total sells its 10% interest in Shah Deniz to TPAO

Paris, May 30th, 2014 — Total today signed an agreement to sell its 10% interest in the Shah Deniz field and the South Caucasus Pipeline to TPAO, the Turkish state-owned E&P company. The transaction is valued at $1.5 billion and is subject to customary approvals.

“The sale of our interest in Shah Deniz is in line with Total’s active portfolio management and the focus of its investment capability on more strategic assets,” said Michael Borrell, Senior Vice-President Continental Europe and Central Asia at Total’s Exploration and Production. “This sale is another step forward in achieving our asset sale program. Following this operation, the Group will have sold nearly $16 billion worth of asset since 2012, in line with its $15-20 billion asset sale target.”

In Azerbaidjan, Total remains operator of the Absheron offshore field with a 40% share. A significant gas and condensate discovery was made in 2011 on Absheron and Total is now conducting studies to prepare the field development plan.

Shah Deniz

The offshore Shah Deniz field is located approximately 100 km southeast of Baku in the Caspian Sea and covers approximately 860 square kilometres, with water depths ranging from 50 to 550 m.

The first phase of the field started up in 2006 and is currently producing 200,000 barrels of oil equivalent per day. A second development phase was sanctioned at the end of 2013.

The Shah Deniz field is operated by BP (28.83%) with partners SOCAR (16.67%), Statoil (15.5%), Total (10%), Lukoil (10%), Nico (10%) and TPAO (9%).

Total Exploration & Production in Azerbaijan

Total has been present in Azerbaijan since 1995 and entered the Shah Deniz PSA in 1996. It is the operator of the Absheron offshore field in the Caspian Sea with a 40% interest.

* * * * *

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 98,800 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 d751364dex997.htm EX-99.7 EX-99.7

Exhibit 99.7

 

LOGO

News Release

Communiqué de Presse

 

 

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

Damien STEFFAN

Tél. : + 33 (0) 1 41 35 32 24

Laetitia MACCIONI

Tél. : + 33 (0) 1 47 44 71 49

Evgeniya MAZALOVA

Tél. : + 33 (0) 1 47 44 57 00

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.

Share Capital € 5 944 195 400

Registered in Nanterre

RCS 542 051 180

www.total.com

Total signs a long-term agreement to supply LNG

to Pavilion Energy

Paris, June 4th 2014 — Total signed on 31 May 2014 a 10-year LNG sale and purchase agreement with Pavilion Gas, a subsidiary of Pavilion Energy, for the supply of 0.7 million tonnes per year of liquefied natural gas to Asia, including Singapore, starting in 2018. In addition, several LNG cargoes will be supplied prior to 2018. This LNG will be sourced from Total’s global LNG Portfolio.

Total is delighted to build a key commercial relationship with Pavilion Gas”, said Philippe Sauquet, President Gas and Power, Total. “This long term sales agreement to deliver LNG to Asia, including Singapore, reinforces our strategy to expand LNG trade in this region and thus to meet the growing energy demand of this market.”

“Pavilion Gas values this partnership with Total. This is an important development for Pavilion Gas as a regional LNG player in meeting the growing energy needs in Asia. This deal with Total strengthens Pavilion Gas’ LNG supply portfolio as it provides supply diversification from global LNG sources.” said Seah Moon Ming, Chief Executive Officer, Pavilion Energy and Pavilion Gas.

Total, a world leader in LNG

Total is a world leader in LNG, with solid and diversified positions along the entire value chain and 12.3 million tons of LNG produced in 2013.

Total is active in most of the major LNG producing regions as well as in the main LNG markets and continues to develop LNG as a key component of its growth strategy. The Group is involved in LNG plants in Indonesia, Nigeria, Norway, Oman, Qatar, the United Arab Emirates, Yemen, Angola, Australia and Russia.

The Group has also secured the purchase of LNG from the Sabine Pass liquefaction plant under construction in the US and long-term access to re-gasification capacities located in key LNG markets.

Total is expanding its trading, marketing and logistics businesses to offer its natural gas and LNG production directly to customers. This LNG portfolio allows Total to supply its main customers worldwide with gas, while retaining enough flexibility to adapt to demand variations and to seize market opportunities.

 


 

 

 

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

Alexandre de JOYBERT

Tél. : + 33 (0) 1 47 44 61 41

Laetitia MACCIONI

Tél. : + 33 (0) 1 47 44 71 49

Evgeniya MAZALOVA

Tél. : + 33 (0) 1 47 44 57 00

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.

Share Capital € 5 944 195 400

Registered in Nanterre

RCS 542 051 180

www.total.com

Pavilion Energy

Pavilion Energy is a Temasek portfolio company based in Singapore. The company is focused on the global LNG supply chain to provide clean energy to support economic growth and contribute to a sustainable future in the region, with a vision to be established as a preferred regional LNG player in Asia. Pavilion Energy has incorporated Pavilion Gas as a wholly-owned subsidiary of Pavilion Energy, to manage gas operations in Singapore. It is also investing in the distribution and trading of LNG in the region.

* * * * *

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 98,800 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-99.8 9 d751364dex998.htm EX-99.8 EX-99.8

Exhibit 99.8

 

LOGO

News Release

Communiqué de Presse

 

 

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

Damien STEFFAN

Tél. : + 33 (0) 1 41 35 32 24

Laetitia MACCIONI

Tél. : + 33 (0) 1 47 44 71 49

Evgeniya MAZALOVA

Tél. : + 33 (0) 1 47 44 57 00

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.

Share Capital € 5 944 195 400

Registered in Nanterre

RCS 542 051 180

www.total.com

CLOV start up in Angola: Total increases Block 17 production to

700,000 barrels per day

Paris, June 12th, 2014 — Total, operator of Block 17 in Angola, today started-up CLOV, a major deep offshore development located 140 kilometers offshore Luanda, in line with the initial project schedule. With a production capacity of 160,000 barrels per day, CLOV will develop proven and probable reserves of over 500 million barrels. After Girassol, Dalia and Pazflor, CLOV is the fourth Floating Production Storage and Offloading (FPSO) unit on Block 17.

CLOV is a flagship project for Total. It demonstrates the Group’s capacity to successfully start-up projects on time and within budget while mastering cutting-edge deep offshore technologies and keeping safety and environment a top priority”, commented Arnaud Breuillac, President Exploration & Production at Total. “CLOV will contribute to increasing the Block 17 production to 700,000 barrels per day while also generating significant free cash flow for the Group. Block 17 will therefore become Total’s most prolific production site and bring us a step closer to achieving our production potential of 3 million barrels per day by 2017.”

Developing four fields (Cravo, Lirio, Orquidea and Violeta), the project comprises 34 wells and 8 manifolds connected by 180 km of subsea pipelines to an FPSO unit at water depths of 1,100 to 1,400 m. Measuring 305 meters long and 61 meters wide, the FPSO has a storage capacity of 1.8 million barrels of oil. The gas produced on CLOV will be exported via a subsea line to the onshore Angola LNG liquefaction plant.

CLOV, a show-case for the industry

A subsea multiphase pump system will be used deep offshore to enable production of two different oil qualities from the oligocene reservoirs and the more viscous miocene reservoirs. A first for Total at this depth, this system will be used to boost the commingled fluid and enhance oil recovery.

The FPSO design minimizes its environmental footprint, with zero flaring under normal operating conditions and an “all electric” concept to increase on-site energy efficiency by producing only the quantity of electricity required to operate the facilities.

As part of Total’s commitment to increasing local content in its projects, a significant part of the CLOV development work was carried out in Angola. This represents more than 10 million man hours achieved in-country to complete fabrication and assembly on Angolan yards.

 


 

 

 

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

Damien STEFFAN

Tél. : + 33 (0) 1 41 35 32 24

Laetitia MACCIONI

Tél. : + 33 (0) 1 47 44 71 49

Evgeniya MAZALOVA

Tél. : + 33 (0) 1 47 44 57 00

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.

Share Capital € 5 944 195 400

Registered in Nanterre

RCS 542 051 180

www.total.com

Total operates the block with a 40% interest, and its partners are Statoil (23.33%), Esso Exploration Angola (Block 17) Limited (20%) and BP (16.67%). Sonangol is the concessionaire for Block 17.

Total Exploration & Production in Angola

Total has been present in Angola since 1953. In 2013, Total’s equity production amounted to 186,000 barrels of oil equivalent per day (boe/d). Most of this production comes from Blocks 17, 0 and 14. At the end of 2013, Total operated close to 600,000 boe/d, making it the country’s leading oil operator. Total’s principal asset in Angola, deep offshore Block 17 (40%, operator), consists of four major zones: Girassol, Dalia, Pazflor and CLOV.

Total also holds a 30% operated interest in the ultra deep offshore Kaombo development located on Block 32. A final investment decision was made on April 14, 2014 to develop Kaombo’s estimated reserves of 650 million barrels via two converted FPSOs with a total production capacity of 230,000 barrels per day.

Additionally, in the deep offshore Kwanza basin where Total holds interests in three blocks, the Group is drilling pre-salt targets.

In Angola, Total is fully committed to developing the Angolan oil industry by recruiting and training a local workforce. Total is strengthening the local economy through its ambitious “Angolanization” program and technology transfer plan.

* * * * *

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 98,800 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 d751364dex999.htm EX-99.9 EX-99.9

Exhibit 99.9

 

LOGO   LOGO

Total and Amyris Renewable Jet Fuel Ready for Use in Commercial Aviation

Renewable jet fuel developed by Total & Amyris meets

newly updated ASTM Standard for Jet A/A1

Emeryville, CA and Paris, France, Monday, June 16, 2014) — With the newly revised ASTM standard for jet fuel, Amyris (Nasdaq: AMRS) and Total (CAC: TOTF.PA) today begin to prepare to market a drop-in jet fuel that contains up to 10% blends of renewable farnesane.

Developed by Total, one of the world’s leading energy companies, and Amyris, an industrial bioscience company, this new jet fuel blend meets the rigorous performance requirements set for Jet A/A-1 fuel used by the global commercial aviation industry.

“The ability of this renewable jet fuel to meet the criteria in the definitive standard for use in commercial aviation is a significant milestone in the ongoing collaboration between Amyris and Total. It unleashes the potential of our renewable jet fuel for the commercial aviation market, said Philippe Boisseau, Member of the Executive Committee of Total, President of Marketing & Services and New Energies divisions.

“The introduction of our green fuel for the commercial aviation industry has the potential to lead to a meaningful reduction of greenhouse gas emissions with strong performance. As one of the world’s biggest suppliers of aviation fuel, one of Total’s objectives is to make breakthrough jet fuel solutions widely available to its airline customers, supporting their quest to meet high sustainability objectives,” Boisseau added.

The revised standard, D7566, developed by ASTM Committee on Petroleum Products, Liquid Fuels, and Lubricants, now includes the use of renewable farnesane as a blending component in jet fuels for commercial aviation. This latest version of ASTM D7566, Standard Specification for Aviation Turbine Fuel Containing Synthesized Hydrocarbons, will allow a biomass-based renewable jet fuel, as developed by Amyris and Total, to support the commercial airliners’ goal of reducing greenhouse gas emissions.

Conformance to ASTM D7566 enables us to advance our ongoing discussions with several of the major international airlines seeking to fly commercial flights with renewable fuels capable of reducing emissions and improving performance,” said John Melo, President & Chief Executive Officer of Amyris.

With our partner Total, we are paving the way for a new era for the aviation industry by providing a drop-in, low carbon jet fuel solution that will support the sustainability and environmental goals set by the industry without compromising performance. Achieving conformance to this standard in record time is a credit to the disruptive potential of our technology and the commitment of the global aviation industry to support innovative solutions,” Melo concluded.

The ASTM standard involved an end-to-end evaluation program to verify and ensure that the renewable jet fuel product is compatible with aircraft and engine components and systems. In collaboration with key


stakeholders of the aviation community, Amyris and Total conducted a thorough test program, from the investigation of key fuel properties to evaluation of performance at scale including multiple engine and flight tests. This renewable fuel meets jet fuel strict specifications and bears favorable properties such as low freezing point, high thermostability and high net heat of combustion. The Brazilian fuels regulator, ANP, has indicated it will include this renewable fuel as option among the other alternative aviation fuels already allowed in the national specification.

As part of their ongoing collaboration since 2011, Amyris and Total have also worked to ensure that the fuel be produced sustainably. Earlier this year, the Roundtable on Sustainable Biomaterials (RSB)’s certified Amyris’s first farnesene production facility in Brazil.

About the Companies

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 98,800 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. The Group holds majority stake in SunPower, a world leader in solar energy, and an approximately 18% stake in Amyris, an integrated renewable products company. Total has an ongoing research and development collaboration with Amyris since 2011. Additionally, Total is actively engaged in a number of renewable R&D projects. Total’s aviation business unit has specialized in aviation fuel for over 50 years. Its status as a leader in Europe and Africa gives it a strategic position in the aviation market, guaranteeing its customers a worldwide network at more than 250 international airports in 75 countries on 5 continents. More information about Total is available at www.total.com.

Amyris is an integrated renewable products company focused on providing sustainable alternatives to a broad range of petroleum-sourced products. Amyris uses its industrial bioscience technology platform to convert plant sugars into a variety of hydrocarbon molecules — flexible building blocks that can be used in a wide range of products. Amyris is commercializing these products both as No Compromise® renewable ingredients in cosmetics, flavors and fragrances, polymers, lubricants and consumer products, and also as No Compromise renewable diesel and jet fuel. Amyris Brasil Ltda., a subsidiary of Amyris, oversees the establishment and expansion of Amyris’s production in Brazil. More information about Amyris is available at www.amyris.com.

Amyris Forward-Looking Statements

This release contains forward-looking statements, and any statements other than statements of historical facts could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events (including the adoption, use and environmental, performance and other benefits of an Amyris-Total jet fuel component) that involve risks and uncertainties. These statements are based on management’s current expectations and actual results and future events may differ materially due to risks and uncertainties, including those associated with any delays or failures in development, production and commercialization of products, liquidity and ability to fund capital expenditures, Amyris’s reliance on third parties to achieve its goals, and other risks detailed in the “Risk Factors” section of Amyris’s quarterly report on Form 10-Q filed on May 9, 2014. Amyris disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.


Amyris, the Amyris logo and No Compromise are trademarks or registered trademarks of Amyris, Inc. All other trademarks are the property of their respective owners.

Contact Information

Total

Quentin Vivant, Press Officer

+33 (1) 4135-3744

quentin.vivant@total.com

Amyris, Inc.

Joel Velasco, Senior Vice President

+1 (510) 740-7481

info@amyris.com

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