Form 6-K

Table of Contents

Table of Contents

Table of Contents

Table of Contents

0001193125-15-394771.txt : 20151204 0001193125-15-394771.hdr.sgml : 20151204 20151204062903 ACCESSION NUMBER: 0001193125-15-394771 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20151204 FILED AS OF DATE: 20151204 DATE AS OF CHANGE: 20151204 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: 151268804 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 d14344d6k.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: October 13, 2015 to December 04, 2015

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 99.01:		Oil & Gas CEOs jointly declare action on climate change, France

EX 99.02:		Gladstone LNG project ships first liquefied natural gas car, Australia

EX 99.03:		Total sells a further 15% interest in the Gina Krog field, Norway

EX 99.04:		Babyloan and Total Team Up to Create the First Ever Crowdfunding Platform Dedicated to Access to Energy, France

EX 99.05:		Total Third quarter results, France

EX 99.06:		Total announces its third quarter 2015 interim dividend, France

EX 99.07:		Memorandum of Intent Signed for Rail Line to Bypass the Donges Refinery, France

EX 99.08:		Gilles Cochevelou is appointed Chief Digital Officer of Total, France

EX 99.09:		Total launches synthetic bond financing, France

EX 99.10:		Total successfully places $1.2 billion synthetic bond financing, 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.

EXHIBIT INDEX

•

EXHIBIT 99.01: Oil & Gas CEOs jointly declare action on climate change, France (October 16, 2015)

•

EXHIBIT 99.02: Gladstone LNG project ships first liquefied natural gas car, Australia (October 16, 2015)

•

EXHIBIT 99.03: Total sells a further 15% interest in the Gina Krog field, Norway (October 19, 2015)

•

EXHIBIT 99.04: Babyloan and Total Team Up to Create the First Ever Crowdfunding Platform Dedicated to Access to Energy, France (October 26, 2015)

•

EXHIBIT 99.05: Total Third quarter results, France (October 29, 2015)

•

EXHIBIT 99.06: Total announces its third quarter 2015 interim dividend, France (October 29, 2015)

•

EXHIBIT 99.07: Memorandum of Intent Signed for Rail Line to Bypass the Donges Refinery, France (November 5, 2015)

•

EXHIBIT 99.08: Gilles Cochevelou is appointed Chief Digital Officer of Total, France (November 25, 2015)

•

EXHIBIT 99.09: Total launches synthetic bond financing, France (November 25, 2015)

•

EXHIBIT 99.10: Total successfully places $1.2 billion synthetic bond financing, France (November 25, 2015)

EX-99.1 2 d14344dex991.htm EX-99.1 EX-99.1

LOGO

Exhibit 99.1

Press release

Oil and gas CEOs jointly declare action on climate change

•

CEOs of 10 global oil and gas companies make collaborative declaration on climate change:

•

Call for an effective climate change agreement at COP21.

•

Strengthen actions and investments to contribute to reducing the GHG intensity of the global energy mix.

•

Support the implementation of clear stable policy frameworks consistent with a 2°C future; these will help our companies to take informed decisions and make effective and sustainable contributions to addressing climate change.

•

Collaborate in a number of areas such as efficiency, natural gas, R&D and CCS

•

Report regularly and consistently on their progress.

•

OGCI report outlines member companies’ work to catalyze practical, meaningful and technology-enabled actions to address climate change.

Paris, France; October 16, 2015 – The chief executive officers of 10 of the world’s largest oil and gas companies - which together provide almost a fifth of all oil and gas production and supply nearly 10% of the world’s energy - today declared their collective support for an effective climate change agreement to be reached at next month’s 21^st session of the United Nations (UN) Conference of Parties to the UN Framework on Climate Change (COP21).

In their milestone declaration, the CEOs of the 10 companies that currently make up the Oil and Gas Climate Initiative (OGCI) – BG Group, BP, Eni, Pemex, Reliance Industries, Repsol, Saudi Aramco, Shell, Statoil and Total – confirmed that they recognise the general ambition to limit global average temperature rise to 2 degrees centigrade and that the existing trend of the world’s net global greenhouse gas (GHG) emissions is not consistent with this ambition.

The OGCI member companies have taken significant actions to reduce their GHG footprint, with combined GHG emissions from their operations reducing by around 20% over the past 10 years.

In their declaration the 10 CEOs said:

“Our shared ambition is for a 2°C future. It is a challenge for the whole of society. We are committed to playing our part. Over the coming years we will collectively strengthen our actions and investments to contribute to reducing the GHG intensity of the global energy mix. Our companies will collaborate in a number of areas, with the aim of going beyond the sum of our individual efforts.”

LOGO

(Helge Lund, BG Group; Bob Dudley, BP; Claudio Descalzi, Eni; Emilio Lozoya, Pemex; Mukesh Ambani, Reliance Industries; Josu Jon Imaz, Repsol; Ben van Beurden, Royal Dutch Shell; Amin Nasser, Saudi Aramco; Eldar Sætre, Statoil; and Patrick Pouyanné, Total.)

The OGCI also today launched its collaborative report - ‘More energy, lower emissions’ – highlighting practical actions taken by member companies to improve GHG emissions management and work towards improving climate change impacts in the longer term. These actions include significant investments in natural gas, carbon capture and storage, and renewable energy, as well as low-GHG research and development.

Together the declaration and report set out key areas where the OGCI companies will focus their collaboration, including:

•

Efficiency: optimising efficiency of their own operations; improving the end-use efficiency of their fuels and other products; and working with manufacturers and consumers to improve the efficiency of road vehicles.

•

Natural gas: contributing to increasing the share of gas in the global energy mix, ensuring it results in significantly lower lifecycle emissions than other fossil fuels for power generation; eliminating ‘routine’ flaring and reducing methane emissions from their operations.

•

Long-term solutions: investing in R&D and innovation to reduce GHG emissions; participating in partnerships to progress carbon capture and storage; contributing to increasing the share of renewables in the global energy mix.

•

Energy access: developing projects to provide people with access to energy in partnership with local and national authorities and other stakeholders.

•

Partnerships and multi-stakeholder initiatives: seeking opportunities to accelerate climate change solutions by working collectively or individually in industry and other initiatives.

The OGCI is a CEO-led, voluntary, oil and gas industry initiative that aims to catalyze practical action on climate change through best practice sharing and collaboration.

The OGCI was established following discussions held during the January 2014 World Economic Forum Annual Meeting and was officially launched at the September 2014 UN Climate Summit.

LOGO

For the declaration, report and information: www.oilandgasclimateinitiative.com

Photo caption: OGCI CEOs declare action on climate change: CEOs present at the event include: Helge Lund, BG Group; Bob Dudley, BP; Claudio Descalzi, Eni; Emilio Lozoya, Pemex; Josu Jon Imaz, Repsol; Amin Nasser, Saudi Aramco; Eldar Sætre, Statoil; and Patrick Pouyanné, Total. (OGCI member CEOs not pictured: Mukesh Ambani, Reliance Industries; Ben van Beurden, Royal Dutch Shell)

LOGO

Media enquiries:

BG: Toby Bates - +44 118 929 2246 – toby.bates@bg-group.com

BP: David Nicholas - +44 7831 095541 - bppress@bp.com

Eni: Rosella Migliavacca - + 39 345 67 75 323 - rosella.migliavacca@eni.com

Repsol: Kristian Rix - +34650496488 - rix.kristian@repsol.com

Saudi Aramco: International Media Relations: international.media@aramco.com

Shell: International Media Relations - +44 20 7934 5550

Statoil: Knut Rostad - +47 90548990 – knuros@statoil.com

Total: Victoria Chanial - +33 1 4744 4699 – presse@total.com

EX-99.2 3 d14344dex992.htm EX-99.2 EX-99.2


		Exhibit 99.2

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Tel.: + 33 (0) 1 47 44 46 99

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

Isabelle DESMET

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

Victoria CHANIAL

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

Laetitia MACCIONI

Tel.: + 33 (0) 1 47 44 71 49

Evgeniya MAZALOVA

Tel.: + 33 (0) 1 47 44 57 00

Paul NAVEAU

Tel.: + 33 (0) 1 41 35 22 44

Anthea PITT

Tel.: + 44 207 719 79 24

Damien STEFFAN

Tel.: + 33 (0) 1 41 35 32 24

Quentin VIVANT

Tel.: + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

Tel.: + 44 207 719 79 21

TOTAL S.A.

Share Capital €6 035 891 002.50

Registered in Nanterre

RCS 542 051 180

total.com

Australia: Gladstone LNG ships first

liquefied natural gas cargo

Paris, October 16, 2015 – The first shipment of liquefied natural gas (LNG) from the Gladstone LNG project has been loaded and is now on its way to South Korea. The plant at Curtis Island will produce 7.2 million tons of LNG per year once at full capacity. All production from the plant will be sold under long-term contracts to Asian buyers, notably in South Korea and in Malaysia.

“Gladstone LNG is a major milestone for our activity in Australia, marking the beginning of the Group’s LNG production in the country. As the Group’s sixth start-up of the year, the project will also contribute to our production growth in 2015. We are continuing to develop LNG assets in Australia with the Ichthys project, expected to start up in 2017,” said Arnaud Breuillac, President Exploration & Production.

Located in Queensland, Australia, the project comprises the development of several onshore coal bed methane fields in the Surat and Bowen basins, a 420 kilometer gas transmission pipeline and a two-train liquefaction plant on Curtis Island, near Gladstone.

Total holds a 27.5% stake in the Gladstone LNG project, alongside partners Santos (30%), Petronas (27.5%) and KOGAS (15%). Santos operates the upstream activities and facilities of the project, comprising the wells, pipelines and compression hubs, whilst the gas transmission pipeline and the plant are operated by GLNG Operations Pty Ltd., a company owned jointly by the Gladstone LNG partners.

Total Exploration & Production in Australia

Total has been present in Australia since 2005. The Group’s exploration and production portfolio comprises a 27.5% stake in the Gladstone LNG project and a 30% stake in the INPEX-operated Ichthys LNG project currently under construction in the Northern Territory. Offshore, Total has interests in seven exploration licences in the Browse, Bonaparte and Carnarvon Basins, four of which it operates. Onshore, Total has non-operated interests in four shale gas permits in the South Georgina Basin located in central Australia.

* * * * *

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Tel.: + 33 (0) 1 47 44 46 99

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

Isabelle DESMET

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

Marie-Isabelle FILLIETTE

Tel.: + 33 (0) 1 47 44 55 38

Victoria CHANIAL

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

Laetitia MACCIONI

Tel.: + 33 (0) 1 47 44 71 49

Evgeniya MAZALOVA

Tel.: + 33 (0) 1 47 44 57 00

Paul NAVEAU

Tel.: + 33 (0) 1 41 35 22 44

Damien STEFFAN

Tel.: + 33 (0) 1 41 35 32 24

Quentin VIVANT

Tel.: + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

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

TOTAL S.A.

Share Capital €6 035 891 002.50

Registered in Nanterre

RCS 542 051 180

total.com

About Total

Total is a global integrated energy producer and provider, a leading international oil and gas company, and the world’s second-ranked solar energy operator with SunPower. Our 100,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits. total.com

Cautionary note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms “Total” and “Total Group” are sometimes used for convenience where general references are made to TOTAL S.A. and/or its subsidiaries. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that 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. Neither TOTAL S.A. 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.

EX-99.3 4 d14344dex993.htm EX-99.3 EX-99.3


		Exhibit 99.3

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Tel.: + 33 (0) 1 47 44 46 99

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

Isabelle DESMET

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

Victoria CHANIAL

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

Laetitia MACCIONI

Tel.: + 33 (0) 1 47 44 71 49

Evgeniya MAZALOVA

Tel.: + 33 (0) 1 47 44 57 00

Paul NAVEAU

Tel.: + 33 (0) 1 41 35 22 44

Anthea PITT

Tel.: + 44 207 719 79 24

Damien STEFFAN

Tel.: + 33 (0) 1 41 35 32 24

Quentin VIVANT

Tel.: + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

Tel.: + 44 207 719 79 21

TOTAL S.A.

Share Capital €6 035 891 002.50

Registered in Nanterre

RCS 542 051 180

total.com

Norway: Total sells a further 15% interest in the Gina Krog field

Paris, October 19, 2015 - Total has signed an agreement to sell a 15% interest in the Gina Krog field in Norway to Tellus Petroleum, a subsidiary of Sequa Petroleum NV. The completion payment will total 1.4 billion NOK. The transaction is subject to the approval of the Norwegian authorities.

“As a result of a full comparative review of our global asset portfolio and in particular of our vast portfolio of opportunities in Norway, we have decided to further divest our participation in this project after the initial sale of an 8% interest in 2014. This sale is in line with our willingness to optimize the Group’s allocation of capital,” commented Arnaud Breuillac, President Exploration & Production.

Sanctioned in 2013, the Gina Krog project is currently under development in the Norwegian North Sea and is expected to start-up in 2017. Upon completion of the sale, Total will retain a 15% interest in Gina Krog alongside Statoil (58.7%, operator), Tellus Petroleum (15%), PGNiG Upstream International (8%) and Det norske oljeselskap ASA (3.3%).

Total Exploration & Production in Norway

Total has been present in Norway for fifty years and has played a major role in the development of a number of large fields on the Norwegian Continental Shelf. Total holds interests in 97 production licences, 31 of which it operates. The affiliate Total E&P Norge AS is one of the largest contributors to the Group’s equity production with 242,000 barrels of oil equivalent per day in 2014.

About Tellus Petroleum

Tellus Petroleum is an Oslo based independent oil & gas company established in 2012 who are currently developing a portfolio of interests in discoveries and producing fields on the Norwegian Continental Shelf.

* * * * *

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Tel.: + 33 (0) 1 47 44 46 99

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

Isabelle DESMET

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

Victoria CHANIAL

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

Laetitia MACCIONI

Tel.: + 33 (0) 1 47 44 71 49

Evgeniya MAZALOVA

Tel.: + 33 (0) 1 47 44 57 00

Paul NAVEAU

Tel.: + 33 (0) 1 41 35 22 44

Anthea PITT

Tel.: + 44 207 719 79 24

Damien STEFFAN

Tel.: + 33 (0) 1 41 35 32 24

Quentin VIVANT

Tel.: + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

Tel.: + 44 207 719 79 21

TOTAL S.A.

Share Capital €6 035 891 002.50

Registered in Nanterre

RCS 542 051 180

total.com

About Total

Cautionary note

EX-99.4 5 d14344dex994.htm EX-99.4 EX-99.4

Exhibit 99.4

PRESS RELEASE

Babyloan and Total Team Up to Create the First Ever

Crowdfunding Platform Dedicated to Access to Energy

Paris, October 26, 2015 — Babyloan, a European leader in crowdfunding*, and Total have teamed up to develop the first crowdfunding platform dedicated to access to energy. The partners are aiming to accelerate access to energy and related financing solutions, particularly in Africa, Asia and Latin America, where the need is greatest.

Worldwide, 1.3 billion people do not have access to electricity and 2.7 billion do not have access to clean cooking options¹. While effective solutions exist, they are hard to access or unaffordable for people living in rural or near-urban areas, who spend a large portion of their inadequate income on sources of energy unsatisfactory for the environment².

By creating a crowdfunding platform dedicated to access to energy, Babyloan and Total are combining their respective expertise — in crowdfunding and microcredit for Babyloan and in access to energy projects for Total, through its Awango by Total lineup of high-quality solar lamps mainly distributed in Africa. The collaboration will support the creation of local microbusinesses that will develop distribution networks to cover the last mile to reach isolated communities.

Babyloan’s crowdfunding ethos is distinctive. Working with microfinance institutions (MFIs), it ensures that the money raised for a project is paid directly to a local MFI, which provides microcredit to entrepreneurs. This system offers better familiarity with the local economy and support for projects on the ground.

“Crowdfunding offers huge potential for developing access to energy projects,” says Arnaud Poissonier, Chief Executive Officer of Babyloan. “There aren‘t very many projects yet, but those that exist attract strong public support, because they have a significant social, economic and environmental impact. By teaming up with Total to give them great visibility through a dedicated platform, we will help to draw microfinance institutions to this sector. This new focus is also aligned with our determination to take part in the growth of green microfinance.”

“Our experience on the ground in more than 30 countries has shown us that you need more than just good technical solutions to reach as wide a clientele in the low income communities as possible,” commented Jérôme Schmitt, Senior Vice President, Sustainable Development & Environment at Total. “You also need to provide access to financing, even tiny amounts, on a broad scale. We’re working on that in countries where our Awango by Total lineup is available. This innovative platform, created in partnership with a leader like Babyloan, will help us do that.”

Babyloan and Total will début the access to energy crowdfunding platform in early 2016. The platform hopes to be financing 2,000 microbusinesses in a dozen countries within two years.

¹	Source: International Energy Agency, World Energy Outlook 2014.

²	Candles, batteries, kerosene lamps and traditional biomass, increasing the pressure on the world’s forests.

*But what does that mean?

Crowdfunding describes a new way of financing business, humanitarian, cultural and other ventures. A large number of individuals make donations or provide interest-free loans, interest-bearing loans or capital via a web platform.

Access to energy means access “to a basic threshold of energy services for both consumption and productive uses. Access to these energy services must be reliable and affordable and, where feasible, from low-GHG-emitting energy sources,” under the definition put forward by the United Nations.

Microfinance/microcredit offers financial tools for people living in precarious conditions to improve their standard of living. Economist Muhammad Yunus, who was awarded the Nobel Peace Prize in 2006, pioneered the concept of microcredit when he set up the Grameen Bank in Bangladesh in the 1970s.

Media Contacts


Babyloan		Total
Quentin Bévan		Laetitia Maccioni
Tel.: +33 1 71 16 21 35		Tel.: + 33 1 47 44 71 49
Email: quentin@babyloan.org		Email: laetitia.maccioni@total.com

About Babyloan

Babyloan is the European leader in microcredit crowdfunding and ranks second globally. It allows members of the public to lend small amounts of money — as little as €10 — to microbusinesses in France and developing countries. Clients repay these interest-free loans in full. Since 2008, 25,000 microbusinesses have been financed by the Babyloan community in 16 countries on four continents.

About Awango by Total

Awango by Total is a line of solar solutions that can be used for lighting and to charge small electrical devices such as cellphones, run on a social business model. More than a million lamps have already been sold in 30 countries in Africa and Asia, improving living standards for more than 5 million people. Total’s objective is to reach 25 million people in Africa by 2020 with the Awango by Total lineup.

About Total

Cautionary note

EX-99.5 6 d14344dex995.htm EX-99.5 EX-99.5


		Exhibit 99.5

2, place Jean Millier

Arche Nord Coupole/Regnault

92 400 Courbevoie France

Mike SANGSTER

Nicolas FUMEX

Patrick GUENKEL

Romain RICHEMONT

Tel. : + 44 (0)207 719 7962

Fax : + 44 (0)207 719 7959

Robert HAMMOND (U.S.)

Tel. : +1 713-483-5070

Fax : +1 713-483-5629

TOTAL S.A.

Capital : 6 096 470 692,50

€ 542 051 180 R.C.S. Nanterre

total.com

Paris, October 29, 2015

Third quarter and first nine months 2015 results

3Q15

Change
vs 3Q14

9M15

Change
vs 9M14

Adjusted net income¹

• in billions of dollars (B$)

2.8

-23

8.4

-16

• in dollars per share

1.17

-25

3.64

-17

Net income² of 1.1 B$ in 3Q15

Net-debt-to-equity ratio of 26.6% at September 30, 2015

Hydrocarbon production of 2,342 kboe/d in the third quarter 2015

3Q15 interim dividend of 0.61 €/share payable in April 2016³

Total’s Board of Directors, under the chairmanship of Thierry Desmarest, met on October 28, 2015, to review the Group’s third quarter accounts. Commenting on the results, CEO Patrick Pouyanné said:

“In a context where the oil price has fallen by 50% in one year, Total was able to demonstrate its resilience by limiting to 23% the decrease in its third quarter adjusted net income of $2.8 billion. The Group is benefiting from its integrated model, production growth and discipline on both investments and operating costs. For the first nine months of 2015, the Group’s adjusted net income decreased by only 16% while the oil price fell by 48%.

In the Upstream, the start ups of Surmont 2 in Canada and Gladstone LNG in Australia bring the number of major projects delivered to six so far this year and production growth to more than 10% year on year. Upstream is also ahead of schedule in the execution of its cost reduction program, and the Group is on track to exceed its target of $1.2 billion in savings for 2015.

In the Downstream, Refining & Chemicals and Marketing & Services were able to take full advantage of favorable margins. In addition, Downstream is pursuing the execution of its programs for operational excellence as well as restructuring in Europe with the shut-down of the Carling steam cracker in October.

This quarter, Total has again demonstrated its ability to sell assets at the best price, consistent with its strategy: six new asset sales were announced since the start of the quarter totaling around $3 billion.

Organic investments after nine months were $16.6 billion, in line with the objective of $23-24 billion for 2015.

Finally, Total preserved its solid balance sheet by maintaining gearing below 27% and is pursuing a disciplined strategy to continue to reduce its breakeven price.”

¹	Definition of adjusted results on page 2.

²	Group share.

³	The ex-dividend date will be March 21, 2016, and the payment date will be set for April 12, 2016.

Key figures⁴


3Q15			2Q15			3Q14			3Q15 vs 3Q14			In millions of dollars, except effective tax rate, earnings per share and number of shares	9M15			9M14			9M15 vs 9M14

	40,580			44,715			60,363			-33	%	Sales		127,608			183,611			-31	%
	3,204			4,064			6,134			-48	%	Adjusted operating income from business segments		10,579			17,899			-41	%
	2,963			3,334			3,927			-25	%	Adjusted net operating income from business segments		9,077			11,450			-21	%
	1,107			1,560			2,765			-60	%	Upstream		4,026			8,908			-55	%
	1,433			1,349			786			+82	%	Refining & Chemicals		3,882			1,533			x2.5
	423			425			376			+13	%	Marketing & Services		1,169			1,009			+16	%
	493			677			949			-48	%	Contribution of equity affiliates to adjusted net income		1,804			2,662			-32	%
	27.2	%		39.6	%		54.1	%				Group effective tax rate⁵		35.5	%		55.7	%
	2,756			3,085			3,558			-23	%	Adjusted net income		8,443			10,036			-16	%
	1.17			1.34			1.56			-25	%	Adjusted fully-diluted earnings per share (dollars)		3.64			4.40			-17	%
	1.06			1.21			1.17			-9	%	Adjusted fully-diluted earnings per share (euros)*		3.27			3.25			+1	%
	2,312			2,292			2,285			+1	%	Fully-diluted weighted-average shares (millions)		2,295			2,279			+1	%
	1,079			2,971			3,463			-69	%	Net income (Group share)		6,713			9,902			-32	%
	6,040			6,590			7,769			-22	%	Investments⁶		21,439			22,357			-4	%
	410			1,893			2,030			-80	%	Divestments		5,287			4,501			+17	%
	5,630			4,616			5,740			-2	%	Net investments⁷		16,071			17,731			-9	%
	5,989			4,732			7,639			-22	%	Cash flow from operations		15,108			18,254			-17	%
	5,059			5,317			6,741			-25	%	Adjusted cash flow from operations		15,011			18,876			-20	%

*	Average €-$ exchange rate: 1.1117 in the third quarter 2015 and 1.1144 in the first nine months 2015.

Highlights since the beginning of the third quarter 2015⁸

•

Shipped the first liquefied natural gas cargo from Gladstone LNG in Australia

•

Started production on Dalia Phase 1A on Block 17 in Angola

•

Started production at Surmont 2 in Canada

•

Discoveries of oil at Ukot South in Nigeria and gas in the Leo well offshore Argentina and entry to Block 7 in Egypt with a 25% interest

•

Sold a 20% interest in the Laggan field and its satellites in the United Kingdom for approximately $900 million

•

Sold North Sea midstream gas assets for approximately $900 million

•

Sold a 10% interest in the Fort Hills project in Canada, a 15% interest in the Gina Krog project in Norway, a 50% interest in Géosel in France and marketing and distribution activities in Turkey for a total of more than $1 billion

•

Started up the lubricants plant in Singapore

⁴

Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. Adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 10 and the inventory valuation effect is explained on page 13.

⁵	Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).

⁶	Including acquisitions.

⁷	Net investments = investments including acquisitions and changes in non-current loans - asset sales - other transactions with non-controlling interests.

⁸	Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.

Analysis of business segments

Upstream

Environment – liquids and gas price realizations*


3Q15		2Q15		3Q14		3Q15 vs 3Q14				9M15		9M14		9M15 vs 9M14

	50.5		61.9		101.9		-50	%	Brent ($/b)		55.3		106.5		-48	%
	44.0		58.2		94.0		-53	%	Average liquids price ($/b)		50.5		99.6		-49	%
	4.47		4.67		6.40		-30	%	Average gas price ($/Mbtu)		4.85		6.67		-27	%
	36.6		45.4		69.1		-47	%	Average hydrocarbon price ($/boe)		41.3		71.8		-42	%

*	Consolidated subsidiaries, excluding fixed margins.

Production

3Q15

2Q15

3Q14

3Q15 vs
3Q14

Hydrocarbon production

9M15

9M14

9M15 vs
9M14

2,342

2,299

2,122

+10

Combined production (kboe/d)

2,345

2,118

+11

1,241

1,215

1,043

+19

Liquids (kb/d)

1,232

1,019

+21

6,003

5,910

5,902

Gas (Mcf/d)

6,074

6,011

Hydrocarbon production was 2,342 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2015, an increase of more than 10% compared to the third quarter 2014, due to the following:

•

+6% for new project start ups and ramp ups, notably CLOV, West Franklin Phase 2, Eldfisk II and Termokarstovoye;

•

+6% due to portfolio changes, mainly the addition of the new ADCO concession in the United Arab Emirates, partially offset by asset sales in the North Sea, Nigeria and Azerbaijan;

•

-5% due to shutdowns in Yemen and in Libya; and

•

+3% due to the price effect, better field performance and lower maintenance, offsetting natural decline.

In the first nine months of 2015, hydrocarbon production was 2,345 kboe/d, an increase of 11% compared to the first nine months of 2014, due to the following:

•

+7% for new project start ups and ramp ups;

•

+6% due to portfolio changes, as noted above;

•

-3% due to shutdowns in Yemen and in Libya; and

•

+1% due to the price effect and lower maintenance offsetting natural decline.

Results


3Q15			2Q15			3Q14			3Q15 vs 3Q14			In millions of dollars, except effective tax rate	9M15			9M14			9M15 vs 9M14

	994			1,995			4,671			-79	%	Adjusted operating income*		4,520			14,982			-70	%
	33.8	%		47.3	%		59.1	%				Effective tax rate**		44.5	%		57.1	%
	1,107			1,560			2,765			-60	%	Adjusted net operating income*		4,026			8,908			-55	%
	316			489			824			-62	%	includes income from equity affiliates		1,308			2,326			-44	%
	5,173			5,653			6,923			-25	%	Investments		18,977			20,233			-6	%
	272			379			1,924			-86	%	Divestments		1,813			4,291			-58	%
	2,320			2,713			5,442			-57	%	Cash flow from operations		8,558			14,058			-39	%
	2,736			3,010			5,028			-46	%	Adjusted cash flow from operations		8,665			15,002			-42	%

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

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

Adjusted net operating income from the Upstream segment was:

•

1,107 M$ in the third quarter 2015, a decrease of 60% compared to the third quarter 2014, essentially due to the lower price of hydrocarbons, partially offset by a decrease in operating costs, and a favorable tax adjustment in Nigeria; and

•

4,026 M$ in the first nine months of 2015, a decrease of 55% compared to the first nine months of 2014, essentially due to the lower price of hydrocarbons, partially offset by a decrease in operating costs, a lower effective tax rate linked to the lower prices and an increase in production.

Refining & Chemicals

Refinery throughput and utilization rates*


3Q15			2Q15			3Q14			3Q15 vs 3Q14				9M15			9M14			9M15 vs 9M14

	1,973			1,909			1,884			+5	%	Total refinery throughput (kb/d)		1,938			1,735			+12	%
	662			613			672			-1	%	France		671			641			+5	%
	891			875			840			+6	%	Rest of Europe		853			774			+10	%
	420			421			372			+13	%	Rest of world		414			320			+29	%

												Utlization rates**

	87	%		84	%		82	%				Based on crude only		86	%		75	%
	90	%		87	%		86	%				Based on crude and other feedstock		89	%		79	%

*	Includes share of TotalErg. Results for refineries in South Africa, the French Antilles and Italy are reported in the Marketing & Services segment.

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

Refinery throughput:

•

increased by 5% in the third quarter 2015 compared to the third quarter 2014, due to the start up of SATORP and the strong performance of sites in Europe; and

•

increased by 12% in the first nine months of 2015 compared to the first nine months of 2014. Utilization rates were higher in an environment of favorable margins notably due to the improved availability of the refineries, the ramp up of SATORP and a lower level of seasonal maintenance this year.

Results


3Q15		2Q15		3Q14		3Q15 vs 3Q14			In millions of dollars except the ERMI	9M15		9M14		9M15 vs 9M14

	54.8		54.1		29.9		+83	%	European refining margin indicator - ERMI ($/t)		52.0		15.8		x3
	1,713		1,604		974		+76	%	Adjusted operating income*		4,652		1,670		x2.8
	1,433		1,349		786		+82	%	Adjusted net operating income*		3,882		1,533		x2.5
	128		135		161		-20	%	including Specialty Chemicals**		379		473		-20	%
	358		465		422		-15	%	Investments		1,257		1,147		+10	%
	12		874		9		+33	%	Divestments		2,652		35		na
	2,291		1,700		1,729		+33	%	Cash flow from operations		4,305		3,189		+35	%
	1,797		1,566		1,263		+42	%	Adjusted cash flow from operations		4,743		2,563		+85	%

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

**	Hutchinson and Atotech, Bostik until February 2015.

The Refining & Chemicals segment continued to benefit from an environment as favorable this quarter as it was last quarter. The European refining margin indicator (ERMI) remained stable at 54.8 $/t, mainly due to the summer demand in gasoline. Petrochemical margins, meanwhile, continued to be supported by a strong demand for polymers and the decrease in oil-linked raw material prices.

Adjusted net operating income from the Refining & Chemicals segment was:

•

1,433 M$ in the third quarter 2015, nearly double the third quarter 2014 level. The segment benefited fully from the environment through strong industrial performance and continued to reduce its operating costs, offsetting a negative inventory effect on non-European platforms; and

•

3,882 M$ in the first nine months of 2015, more than twice the level of the first nine months of 2014, due to strong industrial performance in a period of high margins.

Marketing & Services

Petroleum product sales


3Q15		2Q15*		3Q14		3Q15 vs 3Q14			Sales in kb/d**	9M15		9M14		9M15 vs 9M14

	1,825		1,836		1,781		+2	%	Total Marketing & Services sales		1,825		1,755		+4	%
	1,103		1,097		1,107		—		Europe		1,101		1,089		+1	%
	722		739		674		+7	%	Rest of world		724		666		+9	%

*	2Q15 volumes restated.

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

Petroleum product sales were:

•

2% higher in the third quarter 2015 compared to the third quarter last year, benefiting from strong sales in growth markets; and

•

4% higher in the first nine months of 2015 compared to the first nine months of 2014. In addition to strong growth in Africa, the sector is also performing well in Europe, benefiting from its strategic repositioning and a market boosted by lower prices.

Results


3Q15			2Q15			3Q14		3Q15 vs 3Q14			In millions of dollars	9M15			9M14		9M15 vs 9M14

	19,522			20,419			27,747		-30	%	Sales		59,561			82,430		-28	%
	497			465			489		+2	%	Adjusted operating income*		1,407			1,247		+13	%
	423			425			376		+13	%	Adjusted net operating income*		1,169			1,009		+16	%
	(82	)		(45	)		5		na		including New Energies		(169	)		25		na
	501			436			398		+26	%	Investments		1,152			877		+31	%
	121			627			56		x2.2		Divestments		800			110		x7
	1,011			379			701		+44	%	Cash flow from operations		2,034			1,094		+86	%
	518			531			542		-4	%	Adjusted cash flow from operations		1,467			1,472		—

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

Adjusted net operating income from the Marketing & Services segment was:

•

423 M$ in the third quarter 2015, an increase of 13% compared to the third quarter 2014, mainly due to higher volumes and margins; and

•

1,169 M$ in the first nine months of 2015, an increase of 16% compared to the first nine months of 2014, in an environment of favorable prices for retail marketing.

Group results

Net operating income from business segments

Adjusted net operating income from the business segments was:

•

2,963 M$ in the third quarter 2015, a decrease of 25% compared to the third quarter 2014, despite the 50% drop in the Brent price, that reflected weaker performance by the Upstream, due to the lower oil price, partially offset by the excellent results of the Downstream;

•

9,077 M$ in the first nine months of 2015, a decrease of 21% compared to the first nine months of 2014, despite the 48% drop in the Brent price, demonstrating the strong performance of the Group’s integrated model and its cost reduction program.

The effective tax rate⁹ for the business segments was:

•

29.8% in the third quarter 2015 compared to 52.1% in the third quarter 2014, reflecting mainly the decreased tax rate for the Upstream and the increased weight of Downstream in the results;

•

35.0% in the first nine months of 2015 compared to 52.3% in the first nine months of 2014, for the same reasons.

Net income (Group share)

Adjusted net income was:

•

2,756 M$ in the third quarter 2015 compared to 3,558 M$ in the third quarter 2014, a decrease of 23% despite the 50% drop in the Brent price;

•

8,443 M$ in the first nine months of 2015 compared to 10,036 M$ in the first nine months of 2014, a decrease of 16% in an environment where the Brent price fell by 48%.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value¹⁰.

Adjustment items¹¹ had a negative impact on net income (Group share) of 1,677 M$ in the third quarter 2015. This includes a negative 760 M$ inventory valuation effect and a 650 M$ impairment for the interest in Fort Hills that is in the process of being sold. In the first nine months of 2015, total adjustments affecting net income (Group share) had a negative impact of 1,730 M$.

The number of fully-diluted shares was 2,310 million on September 30, 2015, compared to 2,285 million on September 30, 2014.

⁹	Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).

¹⁰	Details shown on page 13.

¹¹	Details shown on page 10 and in the annex to the accounts.

Divestments – acquisitions

Asset sales were:

•

395 M$ in the third quarter 2015, comprised notably of the sale of coal mining assets in South Africa;

•

3,867 M$ in the first nine months of 2015, comprised mainly of the sales of Bostik, interests in onshore blocks in Nigeria, Totalgaz and coal mining assets in South Africa.

Acquisitions were:

•

631 M$ in the third quarter 2015;

•

3,408 M$ in the first nine months 2015, comprised mainly of the entry into the new ADCO concession in the United Arab Emirates, the acquisition of a further 0.7% in the capital of Novatek, bringing the participation to 18.9%, and the carry on the Utica gas and condensate field in the United States.

Cash flow

The Group’s net cash flow¹² was:

•

359 M$ in the third quarter 2015 compared to 1,899 M$ in the third quarter 2014. This decrease was due to the decline in the Upstream results, partially offset by the excellent Downstream results; and

•

-963 M$ in the first nine months of 2015 compared to 523 M$ in the first nine months of 2014. The 9% decrease in net investments partially offset the 17% decrease in cash flow from operations in the context of a 48% lower Brent price.

¹²	Net cash flow = cash flow from operations - net investments (including other transactions with non-controlling interests).

Summary and outlook

Quarter after quarter, Total has demonstrated its resilience in a weaker environment, and the results encourage the Group to pursue its performance improvement programs in all of the areas under its control. Total’s teams are committed to starting up new projects and reducing costs.

In the Upstream, Laggan-Tormore and Moho Ph 1b are scheduled to start up by the end of 2015, and thus the Group will have delivered eight major projects this year. Production is now expected to increase by at least 9% in 2015, compared to the initial objective of more than 8%. The organic growth strategy targets an average 6-7% increase in production per year from 2014 to 2017, delivering significantly higher cash flows for the segment in a constant environment.

In the Downstream, the Antwerp integrated platform will undergo partial maintenance in the fourth quarter 2015. In October, the ERMI averaged more than 30 $/t, and petrochemical margins have fallen but remain higher than the average of the past few years. In an environment that remains globally favorable, the Downstream is pursuing its plans to further reduce breakevens in Refining & Chemicals and grow the contribution from Marketing & Services.

Total is executing its ambitious strategy for the benefit of its shareholders: exiting the cycle of intensive investment, lowering operating costs and growing production will allow the Group to organically cover its cash dividend in 2017 at 60 $/b.

● ● ●

To listen to CFO Patrick de La Chevardière’s conference call with financial analysts today at 14:30 (London time) please log on to total.com or call +44 (0)203 427 1917 in Europe or +1 646 254 3363 in the United States (code 3134512). For a replay, please consult the website or call +44 (0)203 427 0598 in Europe or +1 347 366 9565 in the United States (code: 3134512).

Operating information by segment

Upstream


3Q15		2Q15		3Q14		3Q15 vs 3Q14			Combined liquids and gas production by region (kboe/d)	9M15		9M14		9M15 vs 9M14

	364		360		340		+7	%	Europe		372		354		+5	%
	685		663		665		+3	%	Africa		678		646		+5	%
	486		477		387		+26	%	Middle East		501		391		+28	%
	96		107		89		+8	%	North America		100		87		+15	%
	153		156		159		-4	%	South America		155		159		-3	%
	245		251		237		+3	%	Asia-Pacific		253		239		+6	%
	313		285		245		+28	%	CIS		286		242		+18	%
	2,342		2,299		2,122		+10	%	Total production		2,345		2,118		+11	%
	574		547		562		+2	%	includes equity affiliates		565		563		—

3Q15		2Q15		3Q14		3Q15 vs 3Q14			Liquids production by region (kb/d)	9M15		9M14		9M15 vs 9M14

	159		159		161		-1	%	Europe		160		164		-2	%
	542		530		539		+1	%	Africa		541		510		+6	%
	359		347		190		+89	%	Middle East		355		194		+83	%
	45		48		39		+15	%	North America		45		37		+22	%
	46		48		50		-8	%	South America		48		50		-4	%
	30		32		30		—		Asia-Pacific		33		30		+10	%
	60		51		34		+76	%	CIS		50		34		+47	%
	1,241		1,215		1,043		+19	%	Total production		1,232		1,019		+21	%
	230		218		199		+16	%	includes equity affiliates		218		201		+9	%

3Q15		2Q15		3Q14		3Q15 vs 3Q14			Gas production by region (Mcf/d)	9M15		9M14		9M15 vs 9M14

	1,115		1,086		982		+14	%	Europe		1,155		1,044		+11	%
	719		663		643		+12	%	Africa		690		700		-1	%
	708		720		1,076		-34	%	Middle East		808		1,074		-25	%
	280		332		284		-1	%	North America		309		278		+11	%
	598		602		613		-2	%	South America		596		608		-2	%
	1,240		1,258		1,178		+5	%	Asia-Pacific		1,265		1,189		+6	%
	1,343		1,249		1,126		+19	%	CIS		1,251		1,118		+12	%
	6,003		5,910		5,902		+2	%	Total production		6,074		6,011		+1	%
	1,850		1,764		1,966		-6	%	includes equity affiliates		1,858		1,963		-5	%

3Q15		2Q15		3Q14		3Q15 vs 3Q14			Liquefied natural gas	9M15		9M14		9M15 vs 9M14

	2.47		2.34		2.98		-17	%	LNG sales* (Mt)		7.58		9.09		-17	%

*	Sales, Group share, excluding trading; 2014 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2014 SEC coefficient.

Downstream (Refining & Chemicals and Marketing & Services)


3Q15		2Q15*		3Q14		3Q15 vs 3Q14			Petroleum product sales by region (kb/d)**	9M15		9M14		9M15 vs 9M14

	2,234		2,118		2,053		+9	%	Europe		2,136		2,025		+5	%
	611		655		540		+13	%	Africa		643		534		+20	%
	585		625		632		-7	%	Americas		597		583		+2	%
	612		639		604		+1	%	Rest of world		636		596		+7	%
	4,042		4,037		3,829		+6	%	Total consolidated sales		4,012		3,738		+7	%
	618		632		621		-1	%	Includes bulk sales		626		610		+3	%
	1,599		1,569		1,427		+12	%	Includes trading		1,561		1,373		+14	%

*	2Q15 volumes restated.

**	Includes share of TotalErg.

Adjustment items

Adjustments to operating income


3Q15			2Q15			3Q14			In millions of dollars	9M15			9M14

	(654	)		(474	)		(216	)	Special items affecting operating income		(2,505	)		(393	)
	—			—			—		Restructuring charges		—			—
	(650	)		(248	)		(122	)	Impairments		(1,944	)		(162	)
	(4	)		(226	)		(94	)	Other		(561	)		(231	)
	(1,127	)		250			(563	)	Pre-tax inventory effect: FIFO vs. replacement cost		(649	)		(627	)
	(10	)		(10	)		17		Effect of changes in fair value		(16	)		7
	(1,791	)		(234	)		(762	)	Total adjustments affecting operating income		(3,170	)		(1,013	)

Adjustment to net income (Group share)


3Q15			2Q15			3Q14			In millions of dollars	9M15			9M14

	(912	)		(282	)		294		Special items affecting net income (Group share)		(1,289	)		320
	(98	)		327			580		Gain (loss) on asset sales		1,231			1,179
	(12	)		—			(7	)	Restructuring charges		(43	)		(12	)
	(650	)		(245	)		(187	)	Impairments		(2,004	)		(613	)
	(152	)		(364	)		(92	)	Other		(473	)		(234	)
	(760	)		174			(403	)	After-tax inventory effect: FIFO vs. replacement cost		(432	)		(460	)
	(5	)		(6	)		14		Effect of changes in fair value		(9	)		6
	(1,677	)		(114	)		(95	)	Total adjustments affecting net income		(1,730	)		(134	)

2015 Sensitivities*

Scenario

Change

Impact on adjusted

operating income

Impact on adjusted

net operating income

Dollar

1.30 $/

€

-0.1 $ per

€

+0.7 B$

+0.2 B$

Brent

60 $/b

+10 $/b

+3.1 B$

+1.7 B$

European refining margin indicator (ERMI)

25 $/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. The impact of the $-€ sensitivity on operating income is 60% attributable to Exploration & Production. The impact of the $-€ sensitivity on adjusted net operating income is attributable 90% to Refining & Chemicals. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2015. Actual results could vary significantly from estimates based on the application of these sensitivities.

Investments - Divestments


3Q15		2Q15			3Q14			3Q15 vs 3Q14			In millions of dollars	9M15			9M14			9M15 vs 9M14

	5,394		5,148			7,032			-23	%	Investments excluding acquisitions		16,611			19,428			-14	%
	170		396			512			-67	%	capitalized exploration		966			1,193			-19	%
	523		391			868			-40	%	increase in non-current loans		1,707			2,204			-23	%
	(15)		(1,160	)		(326	)		-95	%	repayment of non-current loans		(1,420	)		(1,120	)		+27	%
	631		282			411			+54	%	Acquisitions		3,408			1,809			+88	%
	395		733			1,704			-77	%	Asset sales		3,867			3,381			+14	%
	—		81			(1	)		na		Other transactions with non-controlling interests		81			125			-35	%
	5,630		4,616			5,740			-2	%	Net investments*		16,071			17,731			-9	%

*	Net investments = investments including acquisitions - asset sales - other transactions with non-controlling interests.

Net-debt-to-equity ratio


In millions of dollars	9/30/2015			6/30/2015			9/30/2014

Current borrowings		13,296			13,114			11,826
Net current financial assets		(3,246	)		(2,351	)		(848	)
Net financial assets classified as held for sale		94			(16	)		(77	)
Non-current financial debt		42,873			43,363			43,242
Hedging instruments of non-current debt		(1,221	)		(1,157	)		(1,491	)
Cash and cash equivalents		(25,858	)		(27,322	)		(24,307	)
Net debt		25,938			25,631			28,345

Shareholders’ equity - Group share		96,093			97,244			100,408
Estimated dividend payable		(1,573	)		(1,561	)		(1,746	)
Non-controlling interests		3,068			3,104			3,382
Adjusted shareholders’ equity		97,588			98,787			102,044

Net-debt-to-equity ratio		26.6	%		25.9	%		27.8	%

Return on average capital employed

Twelve months ended September 30, 2015


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

Adjusted net operating income		5,622			4,838			1,414			11,895
Capital employed at 9/30/2014*		104,488			17,611			9,633			128,360
Capital employed at 9/30/2015*		108,425			11,319			7,865			123,904
ROACE		5.3	%		33.4	%		16.2	%		9.4	%

Twelve months ended June 30, 2015


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

Adjusted net operating income		7,280			4,191			1,367			12,679
Capital employed at 6/30/2014*		103,572			19,265			10,324			129,967
Capital employed at 6/30/2015*		107,214			12,013			8,234			124,001
ROACE		6.9	%		26.8	%		14.7	%		10.0	%

Full-year 2014


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

Adjusted net operating income		10,504			2,489			1,254			13,530
Capital employed at 12/31/2013*		95,529			19,752			10,051			122,451
Capital employed at 12/31/2014*		100,497			13,451			8,825			120,526
ROACE		10.7	%		15.0	%		13.3	%		11.1	%

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

This press release presents the results for the third quarter 2015 from the consolidated financial statements of TOTAL S.A. as of September 30, 2015. The notes to these consolidated financial statements (unaudited) are available on the TOTAL website 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, the French language version of which is 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, whose 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 press release, such as “potential reserves” or “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 total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.

EX-99.6 7 d14344dex996.htm EX-99.6 EX-99.6


		Exhibit 99.6

2, place Jean Millier

Arche Nord Coupole/Regnault

92 400 Courbevoie France

Mike SANGSTER

Nicolas FUMEX

Patrick GUENKEL

Romain RICHEMONT

Tel. : + 44 (0)207 719 7962

Fax : + 44 (0)207 719 7959

Robert HAMMOND (U.S.)

Tel. : +1 713-483-5070

Fax : +1 713-483-5629

TOTAL S.A.

Capital : 6 096 470 692,50 €

542 051 180 R.C.S. Nanterre

total.com

Total announces its third quarter 2015 interim dividend

Paris, October 29, 2015 – The Board of Directors of Total met on October 28, 2015, and approved a third quarter 2015 interim dividend of 0.61 euros per share. This interim dividend, unchanged compared to the first and second quarters of 2015, is payable in euros according to the following timetable:


Ex-dividend date		March 21, 2016
Record date		March 18, 2016
Payment date in cash		April 12, 2016
or shares issued in lieu of cash

The Board of Directors will meet on March 15, 2016 to:

•

declare the third quarter 2015 interim dividend;

•

offer the option for shareholders to receive the third quarter 2015 interim dividend in cash or in new shares of the Company;

•

set the price of the new shares with a discount of up to 10% based on the average opening price on the Euronext Paris for the 20 trading days preceding the Board of Directors’ meeting, and reduced by the amount of the third quarter 2015 interim dividend; and

•

confirm the payment of the dividend in cash or the delivery of shares issued in lieu of the cash dividend as from April 12, 2016.

American Depositary Receipts (“ADRs”) will receive the third quarter 2015 interim dividend in dollars based on the then-prevailing exchange rate according to the following timetable:


ADR ex-dividend date		March 16, 2016
ADR record date		March 18, 2016
ADR payment date in cash		April 19, 2016
or shares issued in lieu of cash

Registered ADR holders may also contact JP Morgan Chase Bank for additional information. Non-registered ADR holders should contact their broker, financial intermediary, bank or financial institution for additional information.

* * * * *

About Total

EX-99.7 8 d14344dex997.htm EX-99.7 EX-99.7


		Exhibit 99.7

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Tel.: + 33 (0) 1 47 44 46 99

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

Isabelle DESMET

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

Victoria CHANIAL

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

Laetitia MACCIONI

Tel.: + 33 (0) 1 47 44 71 49

Evgeniya MAZALOVA

Tel.: + 33 (0) 1 47 44 57 00

Paul NAVEAU

Tel.: + 33 (0) 1 41 35 22 44

Anthea PITT

Tel.: + 44 207 719 79 24

Damien STEFFAN

Tel.: + 33 (0) 1 41 35 32 24

Quentin VIVANT

Tel.: + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

Tel.: + 44 207 719 79 21

TOTAL S.A.

Share Capital €6 035 891 002.50

Registered in Nanterre

RCS 542 051 180

total.com

Memorandum of Intent Signed for Rail Line

to Bypass the Donges Refinery in France

Paris, November 5, 2015 – The French government, authorities for the Pays de la Loire region, the Loire-Atlantique department and the Municipality of Saint-Nazaire, railway system operator SNCF Réseau and Total today signed a memorandum of intent to build a rail line to bypass the Donges refinery in western France.

“Total is very pleased by the strong support shown by the national and local authorities for this bypass project, needed to allow us to upgrade our Donges site,” commented Philippe Sauquet, President of Total Refining & Chemicals. “With the agreement, we confirm our plan to invest €400 million in the upgrade and expand the facility’s gasoline production capacity for the European market. This capital outlay will secure the refinery’s future.”

A critical step in moving forward with the planned work at the Donges refinery, the memorandum of intent:

•

Recognizes that building the bypass is crucial to developing the economy of the Loire estuary, securing the future of the Donges site and ensuring the safety of rail passengers.

•

Confirms the principle of shared financing, with each party — the French government, local authorities and Total — paying one-third of the full cost of the bypass project, estimated at €150 million in all.

•

Establishes a schedule for implementing the bypass project. It is expected to be confirmed as being in the public interest in 2017, with the rail line completed and carrying traffic in 2021.

* * * * *

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Tel.: + 33 (0) 1 47 44 46 99

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

Isabelle DESMET

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

Victoria CHANIAL

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

Laetitia MACCIONI

Tel.: + 33 (0) 1 47 44 71 49

Evgeniya MAZALOVA

Tel.: + 33 (0) 1 47 44 57 00

Paul NAVEAU

Tel.: + 33 (0) 1 41 35 22 44

Anthea PITT

Tel.: + 44 207 719 79 24

Damien STEFFAN

Tel.: + 33 (0) 1 41 35 32 24

Quentin VIVANT

Tel.: + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

Tel.: + 44 207 719 79 21

TOTAL S.A.

Share Capital €6 035 891 002.50

Registered in Nanterre

RCS 542 051 180

total.com

About Total

Cautionary note

EX-99.8 9 d14344dex998.htm EX-99.8 EX-99.8


		Exhibit 99.8

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Tel.: + 33 (0) 1 47 44 46 99

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

Isabelle DESMET

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

Victoria CHANIAL

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

Laetitia MACCIONI

Tel.: + 33 (0) 1 47 44 71 49

Evgeniya MAZALOVA

Tel.: + 33 (0) 1 47 44 57 00

Paul NAVEAU

Tel.: + 33 (0) 1 41 35 22 44

Anthea PITT

Tel.: + 44 207 719 79 24

Damien STEFFAN

Tel.: + 33 (0) 1 41 35 32 24

Quentin VIVANT

Tel.: + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

Tel.: + 44 207 719 79 21

TOTAL S.A.

Share Capital €6 035 891 002.50

Registered in Nanterre

RCS 542 051 180

total.com

Gilles Cochevelou is appointed Chief Digital Officer of Total

Paris, November 25, 2015 – Gilles Cochevelou is appointed Chief Digital Officer of Total.

Gilles Cochevelou joined Total in 1994 and has held, successively, the positions of Operations Manager at Donges Refinery and Head of Strategic Planning in Refining and Marketing.

In 2000, he moved to the Gas & Power division as General Manager in the United Arab Emirates, later being named Vice President Renewables and Vice President, Research & Development.

Since January 2010, he has been as Group Vice President Learning, Education, University.

In September 2015, he was appointed Chief Digital Officer.

He graduated from Ecole Polytechnique and Ecole Nationale Supérieure des Techniques Avancées and holds a Master of Science in Ocean Engineering from the Massachusetts Institute of Technology.

www.linkedin.com/in/gillescochevelou

* * * * *

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

Marie-Isabelle FILLIETTE

Tel.: + 33 (0) 1 47 44 55 38

Victoria CHANIAL

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

Laetitia MACCIONI

Tel.: + 33 (0) 1 47 44 71 49

Evgeniya MAZALOVA

Tel.: + 33 (0) 1 47 44 57 00

Paul NAVEAU

Tel.: + 33 (0) 1 41 35 22 44

Damien STEFFAN

Tel.: + 33 (0) 1 41 35 32 24

Quentin VIVANT

Tel.: + 33 (0) 1 41 35 37 44

Anastasia ZHIVULINA

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

TOTAL S.A.

Share Capital € 5 945 861 837.50

Registered in Nanterre

RCS 542 051 180

www.total.com

About Total

Cautionary note

EX-99.9 10 d14344dex999.htm EX-99.9 EX-99.9


		Exhibit 99.9

2, place Jean Millier

Arche Nord Coupole/Regnault

92 400 Courbevoie France

Mike SANGSTER

Nicolas FUMEX

Patrick GUENKEL

Romain RICHEMONT

Tel. : + 44 (0)207 719 7962

Fax : + 44 (0)207 719 7959

Robert HAMMOND (U.S.)

Tel. : +1 713-483-5070

Fax : +1 713-483-5629

TOTAL S.A.

Capital : 6 096 470 692,50 €

542 051 180 R.C.S. Nanterre

total.com

Total launches synthetic bond financing

Paris, November 25, 2015 – Total is raising approximately $1.2 billion of new debt financing through a structure combining the issue of non-dilutive cash-settled convertible bonds with the purchase of cash-settled call options to hedge Total’s exposure to the exercise of the conversion rights under the bonds. The combination of these two products will create a synthetic bond financing equivalent to a standard debt instrument with no dilution for shareholders. The bonds will have a seven year maturity.

It is anticipated that one or more of the joint book-runners will enter into transactions to hedge their respective positions in respect of the call options.

Total intends to use the net proceeds of the issuance of the bonds for general corporate purposes. The final terms of the bonds are expected to be announced later today.

The bonds will be offered via an accelerated book building process through a private placement only to institutional investors outside the United States, Australia, Canada and Japan. No prospectus, offering circular or similar document will be prepared in respect of the offering of the bonds.

* * * * *

About Total

Cautionary Note

This press release, from which no legal consequences may be drawn, is for information purposes only and may not be reproduced, retransmitted, forwarded or otherwise distributed to any other person. This press release does not constitute or form part of, any offer or solicitation to purchase or subscribe for, or to sell securities, or any offer to provide financial services. The Bonds referred to herein are not to be offered to the public in any jurisdiction. This press release and any other document relating to the Bonds may only be published outside of France in conformity with applicable local laws and regulations, and shall not constitute an offer for securities in jurisdictions where such an offer would violate applicable local law.

The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms “Total” and “Total Group” are sometimes used for convenience where general references are made to TOTAL S.A. and/or its subsidiaries. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

EX-99.10 11 d14344dex9910.htm EX-99.10 EX-99.10


		Exhibit 99.10

2, place Jean Millier

Arche Nord Coupole/Regnault

92 400 Courbevoie France

Mike SANGSTER

Nicolas FUMEX

Patrick GUENKEL

Romain RICHEMONT

Tel. : + 44 (0)207 719 7962

Fax : + 44 (0)207 719 7959

Robert HAMMOND (U.S.)

Tel. : +1 713-483-5070

Fax : +1 713-483-5629

TOTAL S.A.

Capital : 6 096 470 692,50 €

542 051 180 R.C.S. Nanterre

total.com

Total successfully places $1.2 billion “synthetic” bond financing

Paris, November 25, 2015 – Total has successfully placed a new debt financing of $1.2 billion through a structure combining the issue of cash-settled convertible bonds with the purchase of cash-settled call options to hedge Total’s exposure to the exercise of the conversion rights under the bonds. The “synthetic” bond financing resulting from these two products has no dilution impact on the equity.

The transaction enables Total to access a new investor base and to benefit from improved financing terms compared to a senior bond issuance.

The bonds will mature on December 2, 2022, be issued at par, will bear a coupon of 0.50% and have a conversion price including a premium of 20% above the reference share price. This reference share price will be determined as the arithmetic average of Total’s daily volume weighted average share price on the Euronext Paris converted in dollars over a period of ten consecutive trading days on the Euronext Paris, commencing on November 26, 2015.

Total intends to use the net proceeds of the transaction of the bonds for general corporate purposes.

The book-runners will enter into transactions to hedge their respective positions under the call options, including transactions to be conducted during the period when the reference share price will be determined.

* * * * *

About Total

Cautionary Note

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TOTAL S.A.

Date: December 04, 2015

/s/ Humbert de Wendel

Name: Humbert de WENDEL

Title: Treasurer