Exhibit 99.1

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The financial information on pages 1-15 of this exhibit concerning TOTAL S.A. and all of its direct and indirect consolidated companies located in or outside of France (collectively, “TOTAL” or the “Group”) with respect to the third quarter 2019 and nine months ended September 30, 2019, has been derived from TOTAL’s unaudited consolidated balance sheets as of September 30, 2019, unaudited statements of income, comprehensive income, cash flow, business segment information for the third quarter 2019 and nine months ended September 30, 2019 and unaudited consolidated statements of changes in shareholders’ equity for the nine months ended September 30, 2019 presented on pages 16-30 and 41-44 of this exhibit.

The following discussion should be read in conjunction with the aforementioned financial statements and with the information, including TOTAL’s audited consolidated financial statements and related notes, provided in TOTAL’s Annual Report on Form 20-F for the year ended December 31, 2018, filed with the Securities and Exchange Commission (“SEC”) on March 20, 2019, as amended on April 26,2019.

A. KEY FIGURES

3Q19			2Q19			3Q18			3Q19 vs 3Q18			in millions of dollars (except earnings per share and number of shares)	9M19			9M18			9M19 vs 9M18
	48,589			51,242			54,717			-11	%	Non-Group sales		151,036			156,868			-4	%
												Adjusted net operating income(a) from business segments
	1,734			2,022			2,439			-29	%	•  Exploration & Production*		5,478			6,571			-17	%
	574			429			697			-18	%	•  Integrated Gas, Renewables & Power*		1,595			1,743			-8	%
	952			715			938			+1	%	•  Refining & Chemicals		2,423			2,479			-2	%
	413			423			474			-13	%	•  Marketing & Services		1,179			1,319			-11	%
	1,381			812			918			+50	%	Net income (loss) from equity affiliates		2,904			2,505			+16	%
	1.04			1.00			1.47			-29	%	Fully-diluted earnings per share ($)		3.20			3.85			-17	%
	2,614			2,625			2,637			-1	%	Fully-diluted weighted-average shares (millions)		2,621			2,618			n/a
	2,800			2,756			3,957			-29	%	Net income (Group share)		8,667			10,314			-16	%
	3,296			3,028			2,568			+28	%	Organic investments(b)		9,107			7,967			+14	%
	3,422			402			3,640			-6	%	Net acquisitions(c)		4,131			4,893			-16	%
	6,718			3,430			6,208			+8	%	Net investments(d)		13,238			12,860			+3	%
	8,206			6,251			5,736			+43	%	Cash flow from operations		18,086			14,063			+29	%
												of which:
	1,523			(317	)		(1,578	)		n/a		•  (increase)/decrease in working capital(e)		(1,764	)		(5,656	)		n/a
	(532	)		(501	)		(419	)		n/a		•  financial charges		(1,536	)		(1,115	)		n/a

2019 data take into account the impact of the new rule IFRS16 “Leases”, effective January 1, 2019.

* 3Q18 and 9M18 restated; historical data for 2017 and 2018 available on www.total.com.

Environment* — liquids and gas price realizations**, refining margins

3Q19		2Q19		3Q18		3Q19 vs 3Q18				9M19		9M18		9M19 vs 9M18
	62.0		68.9		75.2		-18	%	Brent ($/b)		64.6		72.1		-10	%
	2.3		2.5		2.9		-19	%	Henry Hub ($/Mbtu)		2.6		2.8		-10	%
	3.9		4.1		8.4		-54	%	NBP ($/Mbtu)		4.8		7.6		-37	%
	4.7		4.9		10.7		-56	%	JKM ($/Mbtu)		5.4		9.7		-44	%
	58.0		63.7		68.8		-16	%	Average liquids price ($/b)**		60.0		66.1		-9	%
	3.48		3.82		5.06		-31	%	Average gas price ($/Mbtu)**		3.93		4.83		-19	%
	47.4		27.6		47.2		n/a		Variable cost margin – European refining, VCM ($/t)		36.2		37.3		-3	%

* The indicators are shown on page 15.

** Consolidated subsidiaries.

^(a)  Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. See page 3 et seq. “Analysis of business segment results” below for further details.

^(b)  “Organic investments” = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.

^(c)  “Net acquisitions” = acquisitions - assets sales - other transactions with non-controlling interests (see page 13).

^(d)  “Net investments” = organic investments + net acquisitions (see page 13).

^(e)  The change in working capital as determined using the replacement cost method and, effective second quarter 2019, including organic loan repayments from equity affiliates was $1,353 million in 3Q19, $(456) million in 2Q19, $(1,352) million in 3Q18, $(1,507) million in 9M19 and $(4,794) in 9M18. Effective second quarter 2019, organic loan repayments from equity affiliates are defined as loan repayments from equity affiliates coming from their cash flow from operations.

1

Production*

3Q19		2Q19	3Q18	3Q19 vs 3Q18				9M19		9M18		9M19 vs 9M18
	3,040	2,957	2,804		+8	%	Hydrocarbon production (kboe/d)		2,981		2,742		+9	%
	1,441	1,407	1,431		+1	%	•  Oil (including bitumen) (kb/d)		1,424		1,377		+3	%
	1,599	1,549	1,373		+16	%	•  Gas (including condensates and associated NGL) (kboe/d)		1,557		1,365		+14	%
3Q19		2Q19	3Q18	3Q19 vs 3Q18				9M19		9M18		9M19 vs 9M18
	3,040	2,957	2,804		+8	%	Hydrocarbon production (kboe/d)		2,981		2,742		+9	%
	1,720	1,624	1,611		+7	%	•  Liquids (kb/d)		1,658		1,558		+6	%
	7,399	7,477	6,557		+13	%	•  Gas (Mcf/d)		7,399		6,465		+14	%

* Group production = production of Exploration & Production segment (EP) + production of Integrated Gas, Renewables & Power segment (iGRP)

Hydrocarbon production was 3,040 thousand barrels of oil equivalent per day (kboe/d) in third quarter 2019, an increase of 8% compared to last year, due to:

• +12% related to the start-up and ramp-up of new projects, including Yamal LNG in Russia, Ichthys in Australia, Kaombo in Angola and Egina in Nigeria, and Culzean in the United Kingdom;

• -3% due to the natural decline of the fields; and

• -1% due to maintenance, notably in Norway.

Hydrocarbon production was 2,981 thousand barrels of oil equivalent per day (kboe/d) in the first nine months of 2019, an increase of 9% compared to last year, due to:

• +12% related to the start-up and ramp-up of new projects, including Yamal LNG in Russia, Ichthys in Australia, Kaombo in Angola and Egina in Nigeria;

• +1% due to portfolio effect, notably the integration of the Maersk Oil assets;

• -3% due to the natural decline of the fields; and

• -1% due to maintenance, notably in Nigeria and Norway.

2

B. ANALYSIS OF BUSINESS SEGMENT RESULTS

The financial information for each business segment is reported on the same basis as that used internally by the chief operating decision-maker in assessing segment performance and the allocation of segment resources. Due to their particular nature or significance, certain transactions qualifying as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. In certain instances, certain transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have occurred in prior years or are likely to recur in following years.

In accordance with IAS 2, the Group values inventories of petroleum products in its financial statements according to the First-In, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method in order to facilitate the comparability of the Group’s results with those of its competitors and to help illustrate the operating performance of these segments excluding the impact of oil price changes on the replacement of inventories. In the replacement cost method, which approximates the Last-In, First-Out (LIFO) 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 differential between one period and another or the average prices of the period. The inventory valuation effect is the difference between the results under the FIFO and replacement cost methods.

The effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS, which 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 recorded at their fair value based on forward prices. Furthermore, TOTAL, in its trading activities, enters into storage contracts, the future effects of which are recorded at fair value in the Group’s internal economic performance. IFRS, by requiring accounting for storage contracts on an accrual basis, precludes recognition of this fair value effect.

The adjusted business segment results (adjusted operating income and adjusted net operating income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value. For further information on the adjustments affecting operating income on a segment-by-segment basis, and for a reconciliation of segment figures to figures reported in TOTAL’s interim consolidated financial statements, see pages 24-30 and 40-46 of this exhibit.

The Group measures performance at the segment level on the basis of adjusted net operating income. Net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than leasehold rights, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above. The income and expenses not included in net operating income that are included in net income are interest expenses related to long-term liabilities net of interest earned on cash and cash equivalents, after applicable income taxes (net cost of net debt and non-controlling interests). Adjusted net operating income excludes the effect of the adjustments (special items and the inventory valuation effect) described above.

The profitable growth in the gas and low carbon electricity integrated value chains is one of the key axes of TOTAL’s strategy. In order to give more visibility to these businesses, a new reporting structure for the business segments’ financial information has been put in place, effective January 1, 2019. The organization of the Group’s activities is structured around the four following segments: Exploration & Production segment, Integrated Gas, Renewables & Power (comprising integrated gas (including LNG) and low carbon electricity businesses. It includes the upstream and midstream LNG activity that was previously reported in the E&P segment); Refining & Chemicals and Marketing & Services. Certain figures for the years 2017 and 2018 have been restated in order to reflect the new organization.

3

B.1. Exploration & Production segment (EP – redefined scope)

• Production

3Q19			2Q19			3Q18			3Q19 vs 3Q18			Hydrocarbon production	9M19			9M18			9M19 vs 9M18
	2,501			2,398			2,433			+3	%	EP (kboe/d)		2,442			2,389			+2	%
	1,647			1,551			1,575			+5	%	•  Liquids (kb/d)		1,587			1,522			+4	%
	4,654			4,629			4,678			-1	%	•  Gas (Mcf/d)		4,663			4,729			-1	%
	•        Results
3Q19			2Q19			3Q18			3Q19 vs 3Q18			in millions of dollars (except effective tax rate)	9M19			9M18			9M19 vs 9M18
	1,631			2,273			2,433			-33	%	Non-Group sales		5,698			7,770			-27	%
	2,257			2,967			3,832			-41	%	Operating income		8,176			10,310			-21	%
	77			173			449			-83	%	Net income (loss) from equity affiliates and other items		444			1,026			-57	%
	39.7	%		39.5	%		47.5	%				Effective tax rate*		42.8	%		47.5	%
	(1,094	)		(1,161	)		(1,853	)		-41	%	Tax on net operating income		(3,679	)		(4,972	)		-26	%
	1,240			1,979			2,428			-49	%	Net operating income		4,941			6,364			-22	%
	494			43			11			x44		Adjustments affecting net operating income		537			207			x2.6
	1,734			2,022			2,439			-29	%	Adjusted net operating income**		5,478			6,571			-17	%
	297			239			316			-6	%	•  including income from equity affiliates		749			871			-14	%
	2,065			1,995			1,605			+29	%	Organic investments		6,018			5,188			+16	%
	(3	)		204			373			n/a		Net acquisitions		239			2,305			-90	%
	2,061			2,199			1,978			+4	%	Net investments		6,256			7,493			-17	%

* “Effective tax rate” = tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments - impairment of goodwill + tax on adjusted net operating income).

** Detail of adjustment items shown in the business segment information starting on page 24 of this exhibit.

Exploration & Production adjusted net operating income was:

• $1,734 million in the third quarter 2019, a decrease of 29% year-on-year, impacted notably by lower Brent and natural gas prices as well as higher depreciation, depletion and amortization expenses on new projects; and

• $5,478 million in the first nine months of 2019, a decrease of 17% compared to the first nine months of 2018, for the same reasons.

Adjusted net operating income for the Exploration & Production segment excludes special items. In the third quarter 2019, the exclusion of special items had a positive impact of $494 million compared to a positive impact of $11 million in the third quarter 2018. In the first nine months of 2019, the exclusion of special items had a positive impact of $537 million on the segment’s adjusted net operating income, compared to a positive impact of $207 million in the first nine months of 2018.

In the third quarter 2019, the segment’s cash flow from operating activities excluding financial charges, except those related to leases was $5,007 million, an increase of 13% compared to $4,431 million in the third quarter 2018. In the first nine months of 2019, the segment’s cash flow from operating activities excluding financial charges, except those related to leases was $12,711 million, an increase of 4% compared to $12,227 million in the first nine months of 2018. In the third quarter 2019, the segment’s operating cash flow excluding the change in working capital at replacement cost¹ and excluding financial charges, except those related to leases was $4,451 million, a decrease of 14% compared to $5,200 million in the third quarter 2018. In the first nine months of 2019, the segment’s operating cash flow excluding the change in working capital at replacement cost¹ and excluding financial charges, except those related to leases was $13,579 million, a decrease of 2% compared to $13,921 million in the first nine months of 2018. The start-up of highly accretive cash flow projects offset the effect of lower Brent and gas prices.

¹ Operating cash flow excluding the change in working capital at replacement cost and effective second quarter 2019 including organic loan repayments from equity affiliates provides information on underlying cash flow without the short-term impacts of changes in inventory and other working capital elements at replacement cost. For information on the replacement cost method, refer to “B. Analysis of business segment results”, above. The reconciliation table for different cash flow figures is set forth under “Cash Flow” on page 13 of this exhibit.

4

B.2.    Integrated Gas, Renewables & Power segment (iGRP)

• Production and liquefied natural gas (LNG) sales

3Q19		2Q19		3Q18		3Q19 vs 3Q18			Hydrocarbon production	9M19		9M18		9M19 vs 9M18
	539		559		371		+45	%	iGRP (kboe/d)		539		353		+53	%
	73		73		36		x2		•  Liquids (kb/d)		71		36		+94	%
	2,745		2,848		1,879		+46	%	•  Gas (Mcf/d)		2,736		1,736		+58	%
3Q19		2Q19		3Q18		3Q19 vs 3Q18			LNG in Mt	9M19		9M18		9M19 vs 9M18
	7.4		8.5		6.2		+20	%	Overall LNG sales		23.7		13.9		+71	%
	4.2		4.1		2.8		+50	%	•  including sales from equity production*		12.0		7.7		+55	%
	5.5		6.7		5.1		+8	%	•  including sales by TOTAL from equity production and third party purchases		18.3		10.5		+75	%

* The Group’s equity production may be sold by TOTAL or by joint ventures.

Production growth compared to a year ago is essentially linked to the start-up of production from the Ichthys project in Australia in the third quarter 2018 and the successive start-ups of trains at Yamal LNG in Russia.

Total LNG sales for the third quarter 2019 increased by 20% compared to last year due to the ramp-up of Yamal LNG and Ichthys as well as the start-up of the first train at Cameron LNG in the United States.

Total LNG sales increased by 71% in the first nine months of 2019 for the same reasons as well as the acquisition of the portfolio of LNG contracts from Engie in the third quarter 2018.

• Results

3Q19			2Q19			3Q18			3Q19 vs 3Q18			in millions of dollars	9M19			9M18			9M19 vs 9M18
	3,667			3,789			5,568			-34	%	Non-Group sales		13,875			13,455			+3	%
	321			215			270			+19	%	Operating income		858			188			x4.6
	898			661			445			x2		Net income (loss) from equity affiliates and other items		1,939			1,240			+56	%
	(222	)		(450	)		(155	)		+43	%	Tax on net operating income		(845	)		(392	)		+116	%
	997			426			560			+78	%	Net operating income		1,952			1,036			+88	%
	(423	)		3			137			n/a		Adjustments affecting net operating income		(357	)		707			-150	%
	574			429			697			-18	%	Adjusted net operating income*		1,595			1,743			-8	%
	206			195			324			-36	%	•  including income from equity affiliates		656			802			-18	%
	641			442			407			+57	%	Organic investments		1,576			1,131			+39	%
	3,375			159			3,341			+1	%	Net acquisitions		3,934			3,047			+29	%
	4,015			601			3,748			+7	%	Net investments		5,509			4,178			+32	%

* Detail of adjustment items shown in the business segment information starting on page 24 of this exhibit.

Adjusted net operating income for the Integrated Gas, Renewables & Power segment was $574 million in the third quarter 2019, a decrease of 18% compared to $697 million in the third quarter 2018, and $1,595 million in the first nine months of 2019, a decrease of 8% compared to $1,743 million in the first nine months of 2018, impacted by lower gas prices in Europe and Asia in particular as well as higher depreciation, depletion and amortization expenses on new projects.

Adjusted net operating income for the Integrated Gas, Renewables & Power segment excludes special items. In the third quarter 2019, the exclusion of special items had a negative impact of $423 million on the segment’s adjusted net operating income, compared to a positive impact of $137 million in the third quarter 2018. In the first nine months of 2019, the exclusion of special items had a negative impact of $357 million on the segment’s adjusted net operating income, compared to a positive impact of $707 million in the first nine months of 2018.

In the third quarter 2019, the segment’s operating cash flow excluding the change in working capital at replacement cost and excluding financial charges, except those related to leases was $848 million, an increase of 53% compared to $553 million in the third quarter 2018, driven by strong LNG sales growth. In the first nine months of 2019, the segment’s operating cash flow excluding the change in working capital at replacement cost and excluding financial charges, except those related to leases was $2,327 million, an increase of 62% compared to $1,438 million in the first nine months of 2018 for the same reasons.

5

B.3. Refining & Chemicals segment

• Refinery throughput and utilization rates*

3Q19			2Q19			3Q18			3Q19 vs 3Q18				9M19			9M18			9M19 vs 9M18
	1,719			1,595			1,953			-12	%	Total refinery throughput (kb/d)		1,725			1,840			-6	%
	503			447			654			-23	%	•  France		514			616			-17	%
	757			679			795			-5	%	•  Rest of Europe		753			737			+2	%
	459			469			504			-9	%	•  Rest of world		458			487			-6	%
	82	%		77	%		92	%				Utilization rates based on crude only**		83	%		87	%

* Includes refineries in Africa reported in the Marketing & Services segment.

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

Refinery throughput volumes:

• decreased by 12% in the third quarter 2019 year-on-year, notably as a result of the start of planned maintenance at Normandy and the partial contribution of Grandpuits in France during the third quarter 2019; and

• decreased by 6% in the first nine months of 2019 year-on-year for the same reasons.

• Results

3Q19			2Q19			3Q18			3Q19 vs 3Q18			in millions of dollars	9M19			9M18			9M19 vs 9M18
	21,338			22,509			23,572			-9	%	Non-Group sales		65,558			68,660			-5	%
	1,035			484			1,142			-9	%	Operating income		2,763			3,047			-9	%
	5			111			221			n/a		Net income (loss) from equity affiliates and other items		265			638			-58	%
	(221	)		46			(292	)		+24	%	Tax on net operating income		(467	)		(675	)		-30	%
	819			641			1,071			-24	%	Net operating income		2,561			3,010			-15	%
	133			74			(133	)		-200	%	Adjustments affecting net operating income		(138	)		(531	)		-74	%
	952			715			938			+1	%	Adjusted net operating income*		2,423			2,479			-2	%
	354			353			295			+20	%	Organic investments		947			989			-4	%
	19			(58	)		(6	)		n/a		Net acquisitions		(163	)		(313	)		n/a
	374			295			289			+29	%	Net investments		785			676			+16	%

* Detail of adjustment items shown in the business segment information starting on page 24 of this exhibit.

Adjusted net operating income for the Refining & Chemicals segment was $952 million in the third quarter 2019, an increase of 1% compared to $938 million in the third quarter 2018, benefiting notably from more favorable petrochemical margins in Europe, and amounted to $2,423 million in the first nine months of 2019, a decrease of 2% compared to $2,479 million in the first nine months of 2018.

Adjusted net operating income for the Refining & Chemicals segment excludes any after-tax inventory valuation effect and special items. In the third quarter 2019, the exclusion of the inventory valuation effect had a positive impact of $90 million on the segment’s adjusted net operating income, compared to a negative impact of $135 million in the third quarter 2018. In the third quarter 2019, the exclusion of special items had a positive impact of $43 million on the segment’s adjusted net operating income, compared to a negative impact of $2 million in the third quarter 2018. In the first nine months of 2019, the exclusion of the inventory valuation effect had a negative impact of $254 million on the segment’s adjusted net operating income, compared to a negative impact of $550 million in the first nine months of 2018. In the first nine months of 2019, the exclusion of special items had a positive impact of $116 million on the segment’s adjusted net operating income, compared to a positive impact of $19 million in the first nine months of 2018.

In the third quarter 2019, the segment’s cash flow from operating activities excluding financial charges, except those related to leases was $1,575 million, an increase of 18% compared to $1,338 million in the third quarter 2018. In the first nine months of 2019, the segment’s cash flow from operating activities excluding financial charges, except those related to leases was $2,695 million compared to $1,228 million in the third quarter 2018. In the third quarter 2019, the segment’s operating cash flow excluding the change in working capital at replacement cost and excluding financial charges, except those related to leases was $1,373 million, an increase of 17% compared to $1,174 million in the third quarter 2018. In the first nine months of 2019, the segment’s operating cash flow excluding the change in working capital at replacement cost and excluding financial charges, except those related to leases increased by 5% compared to the first nine months of 2018, from $3,112 million to $3,283.

6

B.4. Marketing & Services segment

• Petroleum product sales

3Q19		2Q19	3Q18	3Q19 vs 3Q18			sales in kb/d*	9M19	9M18	9M19 vs 9M18
	1,848	1,860	1,818		+2	%	Total Marketing & Services sales	1,848	1,806		+2	%
	1,034	1,004	1,024		+1	%	•  Europe	1,017	1,006		+1	%
	814	856	794		+3	%	•  Rest of world	831	800		+4	%

* Excludes trading and bulk refining sales.

Sales of petroleum products increased by 2% in the third quarter 2019 and the first nine months of 2019, due to the development of activities in the African and American regions, notably Mexico and Brazil.

• Results

3Q19			2Q19			3Q18			3Q19 vs 3Q18			in millions of dollars	9M19			9M18			9M19 vs 9M18
	21,951			22,671			23,144			-5	%	Non-Group sales		65,901			66,980			-2	%
	558			450			569			-2	%	Operating income		1,577			1,588			-1	%
	(15	)		111			109			n/a		Net income (loss) from equity affiliates and other items		86			302			-72	%
	(164	)		(170	)		(166	)		+1	%	Tax on net operating income		(498	)		(463	)		+8	%
	379			391			512			-26	%	Net operating income		1,165			1,427			-18	%
	34			32			(38	)		n/a		Adjustments affecting net operating income		14			(108	)		n/a
	413			423			474			-13	%	Adjusted net operating income*		1,179			1,319			-11	%
	215			204			245			-12	%	Organic investments		498			586			-15	%
	33			96			(69	)		n/a		Net acquisitions		121			(145	)		n/a
	248			300			176			+41	%	Net investments		620			441			+41	%

* Detail of adjustment items shown in the business segment information starting on page 24 of this exhibit.

Adjusted net operating income for the Marketing & Services segment was $413 million in the third quarter 2019, a decrease of 13% compared to $474 million in the third quarter 2018, and $1,179 million in the first nine months of 2019, a decrease of 11% compared to $1,319 million in the first nine months of 2018.

Adjusted net operating income for the Marketing & Services segment excludes any after-tax inventory valuation effect and special items. In the third quarter 2019, the exclusion of the inventory valuation effect had a negative impact of $19 million on the segment’s adjusted net operating income, compared to a negative impact of $38 million in the third quarter 2018. In the third quarter 2019, the exclusion of special items had a positive impact of $53 million on the segment’s adjusted net operating income, and no impact on the segment’s adjusted net operating income in the third quarter 2018. In the first nine months of 2019, the exclusion of the inventory valuation effect had a negative impact of $46 million on the segment’s adjusted net operating income, compared to a negative impact of $108 million in the first nine months of 2018. In the first nine months of 2019, the exclusion of special items had a positive impact of $60 million on the segment’s adjusted net operating income and no impact on the segment’s adjusted net operating income in the first nine months of 2018.

In the third quarter 2019, the segment’s cash flow from operating activities excluding financial charges, except those related to leases was $1,483 million, an increase of 97% compared to $752 million in the third quarter 2018. In the first nine months of 2019, the segment’s cash flow from operating activities excluding financial charges, except those related to leases increased by 52% compared to the first nine months of 2018, from $1,533 million to $2,326 million. In the third quarter 2019, the segment’s operating cash flow excluding the change in working capital at replacement cost and excluding financial charges, except those related to leases was $622 million, an increase of 7% compared to $580 million in the third quarter 2018. In the first nine months of 2019, the segment’s operating cash flow excluding the change in working capital at replacement cost and excluding financial charges, except those related to leases was $1,830 million, an increase of 10% compared to $1,656 million in the first nine months of 2018.

7

C. GROUP RESULTS

• Net income (Group share)

In the third quarter 2019, net income (Group share) was $2,800 million, a decrease of 29% compared to $3,957 million in the third quarter 2018. In the first nine months of 2019, net income (Group share) was $8,667 million, a decrease of 16% compared to $10,314 million in the first nine months of 2018.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value¹.

Adjusted net income (Group share) was:

• $3,017 million in the third quarter 2019, a decrease of 24% compared to the third quarter 2018. This decrease reflects the decrease in the adjusted net operating income of the segments; and

• $8,663 million in the first nine months of 2019, a decrease of 17% compared to the first nine months of 2018 for the same reasons and the increase in the net cost of net debt compared to the first nine months of 2018 mainly due to the rise in U.S. dollar interest rates.

Total adjustments affecting net income (Group share)² were:

• $(217) million in the third quarter 2019; and

• $4 million in the first nine months of 2019.

• Fully-diluted shares and share buyback

The number of fully-diluted shares was 2,614 million on September 30, 2019.

In the context of the shareholder return policy announced in February 2018, the Group has continued to buy back shares, including:

• the buyback of 16.1 million shares, representing all shares issued in 2019 under the scrip dividend option, until it was terminated; and

• the buyback of additional shares, representing 8 million shares repurchased in the third quarter 2019 for $0.40 million and 21.7 million shares in the first nine months of 2019 for $1,15 billion as part of the $5 billion share buyback program for 2018-20.

• Acquisitions - Asset sales

Acquisitions consisted of:

• $4,429 million in the third quarter 2019, relating notably to the acquisition of Anadarko’s interest in Mozambique LNG; and

• $5,713 million in the first nine months of 2019, relating notably to the elements mentioned above as well as to the signing of the acquisition of a 10% stake in the Arctic LNG 2 project in Russia and the acquisition of Chevron’s interest in the Danish Underground Consortium in Denmark.

Asset sales consisted of:

• $1,007 million in the third quarter 2019, including notably the payment received with the take-over of the Toshiba LNG portfolio in the United States; and

• $1,582 million in the first nine months of 2019, linked notably to the elements mentioned above and the sale of the interest in the Wepec refinery in China, the sale of the Group’s interest in the Hazira terminal in India and polystyrene activities in China.

¹  Details shown on page 13 of this exhibit.

²  Details shown on pages 13 and 33-35 of this exhibit.

8

• Cash flow

The Group’s cash flow from operating activities increased by 43% in the third quarter 2019 compared to the third quarter 2018 from $5,736 million to $8,206 million. The Group’s cash flow from operating activities was $18,086 million in the first nine months of 2019, an increase of 29% compared to $14,063 million in the first nine months of 2018.

The change in working capital at replacement cost in the third quarter 2019, which is the (increase)/decrease in working capital of $1,523 million as determined in accordance with IFRS adjusted for the pre-tax inventory valuation effect of $(69) million, was $1,454 million, compared to $(1,352) million in the third quarter 2018. The change in working capital at replacement cost in the first nine months of 2019, which is the (increase)/decrease in working capital of $(1,764) million as determined in accordance with IFRS adjusted for the pre-tax inventory valuation effect of $457 million, was $(1,307) million, compared to $(4,794) million in the first nine months of 2018.

In the third quarter 2019, operating cash flow excluding the change in working capital at replacement cost was $6,853 million, a decrease of 3% compared to $7,088 million in the third quarter 2018. In the first nine months of 2019, operating cash flow excluding the change in working capital at replacement cost was $19,593 million, an increase of 4% compared to $18,857 million in the first nine months of 2018. In the third quarter 2019, operating cash flow excluding the change in working capital at replacement cost, without financial charges was $7,385 million, a decrease of 2% compared to $7,507 million in the third quarter 2018. In the first nine months of 2019, operating cash flow excluding the change in working capital at replacement cost, without financial charges was $21,129 million, an increase of 6% compared to $19,972 million in the first nine months of 2018.

The Group’s net cash flow¹ was:

• $135 million in the third quarter 2019, a decrease of $745 million compared to the third quarter 2018 due to increased net acquisitions, and

• $6,355 million in the first nine months of 2019, an increase of $358 million compared to the first nine months of 2018 due to higher operating cash flow before working capital changes partially offset by higher net acquisitions.

¹  Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).

9

D. PROFITABILITY

Return on equity for the twelve months ended September 30, 2019, was 10.3%, a decrease compared to the same period a year ago.

in millions of dollars	10/01/2018 - 09/30/2019			07/01/2018 - 06/30/2019			10/01/2017- 09/30/2018
Adjusted net income		12,104			13,125			13,679
Adjusted shareholders’ equity		117,037			117,787			114,729
Return on equity (ROE)		10.3	%		11.1	%		11.9	%

Return on average capital employed was 9.6% for the twelve months ended September 30, 2019, a decrease compared to the same period a year ago.

in millions of dollars	10/01/2018 - 09/30/2019			07/01/2018 - 06/30/2019			10/01/2017- 09/30/2018
Adjusted net operating income		14,094			15,087			15,295
Adjusted capital employed		146,222			145,247			138,242
ROACE		9.6	%		10.4	%		11.1	%

E. 2019 SENSITIVITIES*

	Change	Estimated impact on adjusted net operating income	Estimated impact on cash flow from operations
Dollar	+/- $0.1 per €	-/+ $0.1 B	~ $0 B
Average Liquids Price**	+/- $10/b	+/- $2.7 B	+/- $3.2 B
Variable cost margin, European refining (VCM)	+/- $10/t	+/- $0.5 B	+/- $0.6 B

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2019. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.

** In a $60/b Brent environment.

F. SUMMARY AND OUTLOOK

Since the beginning of the fourth quarter 2019, Brent has traded around $60/b on average. The environment remains volatile, with uncertainty about hydrocarbon demand growth related to the outlook for global economic growth and in a context of geopolitical instability.

The Group maintains its cost discipline and the organic pre-dividend cash flow breakeven will remain below $30/b. The Group continues its cost reduction program with more than $0.5 billion of additional savings this year to reach cumulative savings of more than $4.7 billion by the end of 2019. The Group will continue its $5 billion asset sale program over the 2019-20 period ($1.6 billion was completed as at the end of September 2019) and net investments for 2019 should be less than $18 billion.

Production growth should reach 9% in 2019, due to ramp-ups on projects started in 2018 and the start-ups of projects since the beginning of 2019, including Kaombo Sul in Angola, Culzean in the UK North Sea and Johan Sverdrup in Norway, and the upcoming start-up of Iara 1 in Brazil.

The Group will continue to implement its strategy for profitable growth on the integrated gas and low carbon electricity chains, and the iGRP segment will benefit in 2020 from the start-ups of Yamal LNG train 4 as well as Cameron LNG trains 2 and 3.

Despite volatile European refining margins, the Downstream is well positioned to generate cash flow close to $7 billion in 2019.

Taking into account the stronger visibility on the Group’s future, the board of directors of TOTAL S.A. decided on September 23, 2019 to accelerate dividend growth for the coming years with a guidance of increasing the dividend by 5%-6% per year. In addition, the Group will continue to buy back shares according to its $5 billion share buyback program over the 2018-2020 period at $60/b with the cumulative projected amount of $3.25 billion by the end of 2019.

10

FORWARD-LOOKING STATEMENTS

This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of TOTAL and on the information currently available to such management. Forward-looking statements include information concerning forecasts, projections, anticipated synergies, and other information concerning possible or assumed future results of TOTAL, and may be preceded by, followed by, or otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “plans”, “targets”, “estimates” or similar expressions.

Forward-looking statements are not assurances of results or values. They involve risks, uncertainties and assumptions. TOTAL’s future results and share value may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results and values are beyond TOTAL’s ability to control or predict. Except for its ongoing obligations to disclose material information as required by applicable securities laws, TOTAL does not have any intention or obligation to update forward-looking statements after the distribution of this document, even if new information, future events or other circumstances have made them incorrect or misleading.

You should understand that various factors, certain of which are discussed elsewhere in this document and in the documents referred to in, or incorporated by reference into, this document, could affect the future results of TOTAL and could cause results to differ materially from those expressed in such forward-looking statements, including:

• material adverse changes in general economic conditions or in the markets served by TOTAL, including changes in the prices of oil, natural gas, refined products, petrochemical products and other chemicals;

• changes in currency exchange rates and currency devaluations;

• the success and the economic efficiency of oil and natural gas exploration, development and production programs, including without limitation, those that are not controlled and/or operated by TOTAL;

• uncertainties about estimates of changes in proven and potential reserves and the capabilities of production facilities;

• uncertainties about the ability to control unit costs in exploration, production, refining and marketing (including refining margins) and chemicals;

• changes in the current capital expenditure plans of TOTAL;

• the ability of TOTAL to realize anticipated cost savings, synergies and operating efficiencies;

• the financial resources of competitors;

• changes in laws and regulations, including tax and environmental laws and industrial safety regulations;

• the quality of future opportunities that may be presented to or pursued by TOTAL;

• the ability to generate cash flow or obtain financing to fund growth and the cost of such financing and liquidity conditions in the capital markets generally;

• the ability to obtain governmental or regulatory approvals;

• the ability to respond to challenges in international markets, including political or economic conditions, including international armed conflict, and trade and regulatory matters;

• the ability to complete and integrate appropriate acquisitions, strategic alliances and joint ventures;

• changes in the political environment that adversely affect exploration, production licenses and contractual rights or impose minimum drilling obligations, price controls, nationalization or expropriation, and regulation of refining and marketing, chemicals and power generating activities;

• the possibility that other unpredictable events such as labor disputes or industrial accidents will adversely affect the business of TOTAL; and

• the risk that TOTAL will inadequately hedge the price of crude oil or finished products.

For additional factors, you should read the information set forth under “Item 3. -3.2 Risk Factors”, “Item 4. Information on the Company”, “Item 5. Operating and Financial Review and Prospects” and “Item 11. Quantitative and Qualitative Disclosures about Market Risk” in TOTAL’s Form 20-F for the year ended December 31, 2018.

11

OPERATING INFORMATION BY SEGMENT

• Group production (EP + iGRP)

3Q19		2Q19		3Q18		3Q19 vs 3Q18			Combined liquids and gas production by region (kboe/d)	9M19		9M18		9M19 vs 9M18
	1,004		997		910		+10	%	Europe and Central Asia		997		879		+13	%
	733		686		676		+8	%	Africa		705		674		+5	%
	720		703		687		+5	%	Middle East and North Africa		703		669		+5	%
	363		358		399		-9	%	Americas		364		390		-7	%
	221		214		132		+68	%	Asia-Pacific		212		129		+64	%
	3,040		2,957		2,804		+8	%	Total production		2,981		2,742		+9	%
	698		750		645		+8	%	•  includes equity affiliates		719		661		+9	%
3Q19		2Q19		3Q18		3Q19 vs 3Q18			Liquids production by region (kb/d)	9M19		9M18		9M19 vs 9M18
	367		328		341		+8	%	Europe and Central Asia		349		324		+8	%
	583		549		528		+10	%	Africa		558		514		+8	%
	562		546		538		+4	%	Middle East and North Africa		543		526		+3	%
	163		160		186		-12	%	Americas		167		180		-8	%
	44		41		18		x2.4		Asia-Pacific		41		14		x3
	1,720		1,624		1,611		+7	%	Total production		1,658		1,558		+6	%
	210		225		221		-5	%	•  includes equity affiliates		217		252		-14	%
3Q19		2Q19		3Q18		3Q19 vs 3Q18			Gas production by region (Mcf/d)	9M19		9M18		9M19 vs 9M18
	3,431		3,639		3,069		+12	%	Europe and Central Asia		3,498		2,993		+17	%
	768		703		776		-1	%	Africa		754		801		-6	%
	866		866		830		+4	%	Middle East and North Africa		879		793		+11	%
	1,124		1,107		1,198		-6	%	Americas		1,111		1,183		-6	%
	1,210		1,162		684		+77	%	Asia-Pacific		1,157		695		+66	%
	7,399		7,477		6,557		+13	%	Total production		7,399		6,465		+14	%
	2,635		2,868		2,313		+14	%	•  includes equity affiliates		2,718		2,199		+24	%

• Downstream (Refining & Chemicals and Marketing & Services)

3Q19		2Q19		3Q18		3Q19 vs 3Q18			Petroleum product sales by region (kb/d)	9M19		9M18		9M19 vs 9M18
	1,999		2,018		2,030		-2	%	Europe		2,013		1,958		+3	%
	677		751		760		-11	%	Africa		695		722		-4	%
	920		846		979		-6	%	Americas		868		847		+2	%
	541		536		569		-5	%	Rest of world		564		631		-11	%
	4,136		4,152		4,338		-5	%	Total consolidated sales		4,141		4,158		—
	544		535		581		-6	%	•  includes bulk sales		545		569		-4	%
	1,745		1,757		1,939		-10	%	•  includes trading		1,748		1,783		-2	%

12

ADJUSTMENT ITEMS

• Adjustment items to net income (Group share)

3Q19			2Q19			3Q18			in millions of dollars	9M19			9M18
	(156	)		(56	)		(152	)	Special items affecting net income (Group share)		(226	)		(705	)
	—			—			89		•  Gain (loss) on asset sales		—			(14	)
	(20	)		(31	)		(39	)	•  Restructuring charges		(53	)		(106	)
	(160	)		(57	)		(88	)	•  Impairments		(217	)		(336	)
	24			32			(114	)	•  Other		44			(249	)
	(71	)		(28	)		160		After-tax inventory effect: FIFO vs. replacement cost		289			632
	10			(47	)		(9	)	Effect of changes in fair value		(59	)		(8	)
	(217	)		(131	)		(1	)	Total adjustments affecting net income		4			(81	)

INVESTMENTS — DIVESTMENTS

3Q19			2Q19			3Q18			3Q19 vs 3Q18			in millions of dollars	9M19			9M18			9M19 vs 9M18
	3,296			3,028			2,568			+28	%	Organic investments (a)		9,107			7,967			+14	%
	152			185			156			-3	%	•  capitalized exploration		569			405			+41	%
	242			370			147			+65		•  increase in non-current loans		742			458			+62	%
	(61	)		(254	)		(688	)		n/a		•  repayment of non-current loans, excluding organic loan repayment from equity affiliates*		(449	)		(1,685	)		n/a
	(109	)		—			—			n/a		•  change in debt from renewable projects (Group share)		(109	)		—			n/a
	4,429			614			3,228			+37	%	Acquisitions (b)		5,713			7,343			-22	%
	1,007			212			209			x4.8		Asset sales (c)		1,582			3,071			-48	%
	105			—			—			n/a		•  change in debt from renewable projects (partner share)		105			—			n/a
	—			—			(621	)		n/a		Other transactions with non-controlling interests (d)		—			(621	)		n/a
	6,718			3,430			6,208			+8	%	Net investments (a+b-c-d)		13,238			12,860			+3	%
	(101	)		(99	)		—			n/a		Organic loan repayment from equity affiliates* (e)		(200	)		—			n/a
	214			—			—			n/a		Change in debt from renewable projects** (f)		214			—			n/a
	6,831			3,331			5,587			+22	%	Cash flow used in investing activities (a+b-c+e)		13,252			12,239			+8	%

* Effective second quarter 2019, organic loan repayments from equity affiliates are defined as loan repayments from equity affiliates coming from their cash flow from operations.

** Change in debt from renewable projects (Group share and partner share).

CASH FLOW

3Q19			2Q19			3Q18			3Q19 vs 3Q18			in millions of dollars	9M19			9M18			9M19 vs 9M18
	7,385			7,208			7,507			-2	%	Operating cash flow before working capital changes w/o financial charges (DACF)		21,129			19,972			+6	%
	(532	)		(501	)		(419	)		n/a		•  Financial charges		(1,536	)		(1,115	)		n/a
	6,853			6,707			7,088			-3	%	Operating cash flow before working capital changes (a)		19,593			18,857			+4	%
	1,523			(317	)		(1,578	)		n/a		•  (Increase) decrease in working capital		(1,764	)		(5,656	)		n/a
	(69	)		(40	)		226			n/a		•  Inventory effect		457			862			-47	%
	(101	)		(99	)		—			n/a		•  Organic repayment of loans from equity affiliates		(200	)		—			n/a
	8,206			6,251			5,736			+43	%	Cash flow from operations		18,086			14,063			+29	%
	3,296			3,028			2,568			+28	%	Organic investments (b)		9,107			7,967			+14	%
	3,557			3,679			4,520			-21	%	Free cash flow after organic investments, w/o net asset sales (a-b)		10,486			10,890			-4	%
	6,718			3,430			6,208			+8	%	Net investments (c)		13,238			12,860			+3	%
	135			3,277			880			-85	%	Net cash flow (a-c)		6,355			5,997			+6	%

13

GEARING RATIOS*

in millions of dollars	09/30/2019			06/30/2019			09/30/2018
Current borrowings		14,631			16,221			15,180
Net current financial assets		(3,012	)		(3,110	)		(2,884	)
Net financial assets classified as held for sale		—			—			(14	)
Non-current financial debt		47,923			45,394			41,088
Hedging instruments of non-current debt		(767	)		(771	)		(1,129	)
Cash and cash equivalents		(27,454	)		(26,723	)		(25,252	)
Net debt (a)		31,321			31,011			26,989
Shareholders’ equity – Group share		114,994			116,862			118,193
Non-controlling interests		2,319			2,362			2,430
Shareholders’ equity (b)		117,313			119,224			120,623
Net-debt-to-capital ratio = a/(a+b)		21.1	%		20.6	%		18.3	%
Net-debt-to-capital ratio excluding leases		17.2	%		16.7	%		17.3	%

* The net-debt-to-capital ratio on September 30, 2019 and June 30, 2019 include the impact of the new IFRS 16 rule, effective January 1, 2019.

RETURN ON AVERAGE CAPITAL EMPLOYED

• Twelve months ended September 30, 2019

in millions of dollars	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services
Adjusted net operating income		7,454			2,271			3,323			1,512
Capital employed at 09/30/2018*		92,104			36,587			12,884			6,841
Capital employed at 09/30/2019*		88,560			41,516			11,658			7,570
ROACE		8.3	%		5.8	%		27.1	%		21.0	%

• Twelve months ended June 30, 2019

in millions of dollars	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services
Adjusted net operating income		8,159			2,394			3,309			1,573
Capital employed at 06/30/2018*		92,296			30,861			12,939			7,040
Capital employed at 06/30/2019*		90,633			37,290			12,300			8,535
ROACE		8.9	%		7.0	%		26.2	%		20.2	%

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

14

MAIN INDICATORS

	$/€		Brent ($/b)		Average liquids price* ($/b)		Average gas price* ($/Mbtu)		Variable cost margin, European refining** ($/t)
Third quarter 2019		1.11		62.0		58.0		3.48		47.4
Second quarter 2019		1.12		68.9		63.7		3.82		27.6
First quarter 2019		1.14		63.1		58.7		4.51		33.0
Fourth quarter 2018		1.14		68.8		59.2		5.01		40.8
Third quarter 2018		1.16		75.2		68.8		5.06		47.2

* Sales in $ / sales in volume for consolidated subsidiaries (excluding stock value variation).

** This indicator represents the average margin on variable costs realized by TOTAL’s European refining business (equal to the difference between the sales of refined products realized by TOTAL’s European refining and the crude purchases as well as associated variable costs, divided by refinery throughput in tons).

Disclaimer: data is based on TOTAL’s reporting and is not audited. To the extent permitted by law, TOTAL S.A. disclaims all liability from the use of the restated main indicators.

15

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)

	3rd quarter			2nd quarter			3rd quarter
(M$)(a)	2019			2019			2018
Sales		48,589			51,242			54,717
Excise taxes		(6,051	)		(6,040	)		(6,317	)
Revenues from sales		42,538			45,202			48,400
Purchases, net of inventory variation		(27,898	)		(30,390	)		(32,351	)
Other operating expenses		(6,362	)		(7,078	)		(6,873	)
Exploration costs		(96	)		(170	)		(234	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(4,173	)		(3,661	)		(3,279	)
Other income		167			321			581
Other expense		(559	)		(189	)		(355	)
Financial interest on debt		(598	)		(568	)		(536	)
Financial income and expense from cash & cash equivalents		—			(42	)		(63	)
Cost of net debt		(598	)		(610	)		(599	)
Other financial income		163			326			290
Other financial expense		(178	)		(188	)		(171	)
Net income (loss) from equity affiliates		1,381			812			918
Income taxes		(1,540	)		(1,571	)		(2,240	)
Consolidated net income		2,845			2,804			4,087
Group share		2,800			2,756			3,957
Non-controlling interests		45			48			130
Earnings per share ($)		1.05			1.01			1.48
Fully-diluted earnings per share ($)		1.04			1.00			1.47

(a) Except for per share amounts.

16

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(unaudited)

	3rd quarter			2nd quarter			3rd quarter
(M$)	2019			2019			2018
Consolidated net income		2,845			2,804			4,087
Other comprehensive income
Actuarial gains and losses		5			(223	)		33
Change in fair value of investments in equity instruments		19			74			(2	)
Tax effect		(1	)		59			(13	)
Currency translation adjustment generated by the parent company		(3,520	)		1,057			(511	)
Items not potentially reclassifiable to profit and loss		(3,497	)		967			(493	)
Currency translation adjustment		1,207			(619	)		93
Cash flow hedge		(202	)		(246	)		55
Variation of foreign currency basis spread		(4	)		43			(39	)
Share of other comprehensive income of equity affiliates, net amount		73			(135	)		(142	)
Other		(6	)		1			(2	)
Tax effect		69			69			(9	)
Items potentially reclassifiable to profit and loss		1,137			(887	)		(44	)
Total other comprehensive income (net amount)		(2,360	)		80			(537	)
Comprehensive income		485			2,884			3,550
Group share		462			2,797			3,436
Non-controlling interests		23			87			114

17

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)

	9 months			9 months
(M$)(a)	2019			2018
Sales		151,036			156,868
Excise taxes		(18,172	)		(19,074	)
Revenues from sales		132,864			137,794
Purchases, net of inventory variation		(88,009	)		(92,396	)
Other operating expenses		(20,165	)		(20,571	)
Exploration costs		(554	)		(596	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(11,300	)		(9,630	)
Other income		735			1,356
Other expense		(957	)		(958	)
Financial interest on debt		(1,727	)		(1,404	)
Financial income and expense from cash & cash equivalents		(70	)		(158	)
Cost of net debt		(1,797	)		(1,562	)
Other financial income		649			851
Other financial expense		(561	)		(500	)
Net income (loss) from equity affiliates		2,904			2,505
Income taxes		(5,020	)		(5,923	)
Consolidated net income		8,789			10,370
Group share		8,667			10,314
Non-controlling interests		122			56
Earnings per share ($)		3.22			3.87
Fully-diluted earnings per share ($)		3.20			3.85

(a) Except for per share amounts.

18

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(unaudited)

	9 months			9 months
(M$)	2019			2018
Consolidated net income		8,789			10,370
Other comprehensive income
Actuarial gains and losses		(54	)		100
Change in fair value of investments in equity instruments		126			3
Tax effect		13			(31	)
Currency translation adjustment generated by the parent company		(3,994	)		(3,141	)
Items not potentially reclassifiable to profit and loss		(3,909	)		(3,069	)
Currency translation adjustment		1,394			1,061
Cash flow hedge		(575	)		310
Variation of foreign currency basis spread		50			(66	)
Share of other comprehensive income of equity affiliates, net amount		326			(274	)
Other		(4	)		(4	)
Tax effect		176			(84	)
Items potentially reclassifiable to profit and loss		1,367			943
Total other comprehensive income (net amount)		(2,542	)		(2,126	)
Comprehensive income		6,247			8,244
Group share		6,099			8,242
Non-controlling interests		148			2

19

CONSOLIDATED BALANCE SHEET

TOTAL

	September 30, 2019			June 30, 2019			December 31, 2018			September 30, 2018
(M$)	(unaudited)			(unaudited)						(unaudited)
ASSETS
Non-current assets
Intangible assets, net		31,539			29,229			28,922			27,356
Property, plant and equipment, net		116,900			118,063			113,324			115,136
Equity affiliates: investments and loans		27,172			26,473			23,444			23,402
Other investments		1,738			1,660			1,421			1,602
Non-current financial assets		767			771			680			1,129
Deferred income taxes		5,689			6,022			6,663			5,186
Other non-current assets		2,264			2,306			2,509			3,167
Total non-current assets		186,069			184,524			176,963			176,978
Current assets
Inventories, net		16,226			16,410			14,880			19,689
Accounts receivable, net		18,568			20,349			17,270			20,010
Other current assets		14,925			15,958			14,724			18,613
Current financial assets		3,781			3,536			3,654			3,553
Cash and cash equivalents		27,454			26,723			27,907			25,252
Assets classified as held for sale		418			—			1,364			207
Total current assets		81,372			82,976			79,799			87,324
Total assets		267,441			267,500			256,762			264,302
LIABILITIES & SHAREHOLDERS’ EQUITY
Shareholders’ equity
Common shares		8,300			8,301			8,227			8,304
Paid-in surplus and retained earnings		123,805			123,351			120,569			123,167
Currency translation adjustment		(13,297	)		(11,177	)		(11,313	)		(10,321	)
Treasury shares		(3,814	)		(3,613	)		(1,843	)		(2,957	)
Total shareholders’ equity - Group share		114,994			116,862			115,640			118,193
Non-controlling interests		2,319			2,362			2,474			2,430
Total shareholders’ equity		117,313			119,224			118,114			120,623
Non-current liabilities
Deferred income taxes		11,333			11,486			11,490			12,138
Employee benefits		3,273			3,375			3,363			3,308
Provisions and other non-current liabilities		20,903			21,629			21,432			18,740
Non-current financial debt		47,923			45,394			40,129			41,088
Total non-current liabilities		83,432			81,884			76,414			75,274
Current liabilities
Accounts payable		26,237			27,059			26,134			28,100
Other creditors and accrued liabilities		24,728			22,686			22,246			24,429
Current borrowings		14,631			16,221			13,306			15,180
Other current financial liabilities		769			426			478			669
Liabilities directly associated with the assets classified as held for sale		331			—			70			27
Total current liabilities		66,696			66,392			62,234			68,405
Total liabilities & shareholders’ equity		267,441			267,500			256,762			264,302

20

CONSOLIDATED STATEMENT OF CASH FLOW    

TOTAL    

(unaudited)

(M$)	3rd quarter 2019			2nd quarter 2019			3rd quarter 2018
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		2,845			2,804			4,087
Depreciation, depletion, amortization and impairment		4,242			3,819			3,477
Non-current liabilities, valuation allowances and deferred taxes		235			239			320
(Gains) losses on disposals of assets		(74	)		(191	)		(267	)
Undistributed affiliates’ equity earnings		(876	)		(168	)		(416	)
(Increase) decrease in working capital		1,523			(317	)		(1,578	)
Other changes, net		311			65			113
Cash flow from operating activities		8,206			6,251			5,736
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(2,210	)		(2,881	)		(3,352	)
Acquisitions of subsidiaries, net of cash acquired		(4,385	)		(208	)		(2,714	)
Investments in equity affiliates and other securities		(258	)		(437	)		(271	)
Increase in non-current loans		(242	)		(370	)		(147	)
Total expenditures		(7,095	)		(3,896	)		(6,484	)
Proceeds from disposals of intangible assets and property, plant and equipment		63			155			113
Proceeds from disposals of subsidiaries, net of cash sold		(1	)		(1	)		(11	)
Proceeds from disposals of non-current investments		40			58			107
Repayment of non-current loans		162			353			688
Total divestments		264			565			897
Cash flow used in investing activities		(6,831	)		(3,331	)		(5,587	)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
•  Parent company shareholders		1			449			16
•  Treasury shares		(420	)		(1,279	)		(844	)
Dividends paid:
•  Parent company shareholders		—			(2,935	)		—
•  Non-controlling interests		(21	)		(93	)		(9	)
Net issuance (repayment) of perpetual subordinated notes		—			—			—
Payments on perpetual subordinated notes		—			(175	)		—
Other transactions with non-controlling interests		—			—			(621	)
Net issuance (repayment) of non-current debt		4,466			2,331			2,146
Increase (decrease) in current borrowings		(3,209	)		37			(1,965	)
Increase (decrease) in current financial assets and liabilities		(310	)		(164	)		69
Cash flow from (used in) financing activities		507			(1,829	)		(1,208	)
Net increase (decrease) in cash and cash equivalents		1,882			1,091			(1,059	)
Effect of exchange rates		(1,151	)		200			(164	)
Cash and cash equivalents at the beginning of the period		26,723			25,432			26,475
Cash and cash equivalents at the end of the period		27,454			26,723			25,252

21

CONSOLIDATED STATEMENT OF CASH FLOW    

TOTAL    

(unaudited)

(M$)	9 months 2019			9 months 2018
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		8,789			10,370
Depreciation, depletion, amortization and impairment		11,777			10,031
Non-current liabilities, valuation allowances and deferred taxes		614			469
(Gains) losses on disposals of assets		(438	)		(540	)
Undistributed affiliates’ equity earnings		(1,350	)		(973	)
(Increase) decrease in working capital		(1,764	)		(5,656	)
Other changes, net		458			362
Cash flow from operating activities		18,086			14,063
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(7,795	)		(12,530	)
Acquisitions of subsidiaries, net of cash acquired		(4,593	)		(3,428	)
Investments in equity affiliates and other securities		(1,448	)		(579	)
Increase in non-current loans		(742	)		(458	)
Total expenditures		(14,578	)		(16,995	)
Proceeds from disposals of intangible assets and property, plant and equipment		226			2,395
Proceeds from disposals of subsidiaries, net of cash sold		145			(15	)
Proceeds from disposals of non-current investments		306			691
Repayment of non-current loans		649			1,685
Total divestments		1,326			4,756
Cash flow used in investing activities		(13,252	)		(12,239	)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
•  Parent company shareholders		451			498
•  Treasury shares		(2,190	)		(2,584	)
Dividends paid:
•  Parent company shareholders		(4,765	)		(4,208	)
•  Non-controlling interests		(114	)		(93	)
Net issuance (repayment) of perpetual subordinated notes		—			—
Payments on perpetual subordinated notes		(315	)		(266	)
Other transactions with non-controlling interests		(150	)		(621	)
Net issuance (repayment) of non-current debt		8,047			(282	)
Increase (decrease) in current borrowings		(4,698	)		(996	)
Increase (decrease) in current financial assets and liabilities		(368	)		(555	)
Cash flow from (used in) financing activities		(4,102	)		(9,107	)
Net increase (decrease) in cash and cash equivalents		732			(7,283	)
Effect of exchange rates		(1,185	)		(650	)
Cash and cash equivalents at the beginning of the period		27,907			33,185
Cash and cash equivalents at the end of the period		27,454			25,252

22

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

TOTAL

(unaudited)

	Common shares issued					Paid-in surplus and retained earnings			Currency translation adjustment			Treasury shares					Shareholders’ equity - Group Share			Non-controlling interests			Total shareholders’ equity
(M$)		Number		Amount									Number		Amount
As of January 1, 2018		2,528,989,616		7,882			112,040			(7,908	)		(8,376,756	)	(458	)		111,556			2,481			114,037
Net income of the first nine months 2018		—		—			10,314			—			—		—			10,314			56			10,370
Other comprehensive income		—		—			341			(2,413	)		—		—			(2,072	)		(54	)		(2,126	)
Comprehensive Income		—		—			10,655			(2,413	)		—		—			8,242			2			8,244
Dividend		—		—			(6,078	)		—			—		—			(6,078	)		(93	)		(6,171	)
Issuance of common shares		137,393,893		422			7,265			—			—		—			7,687			—			7,687
Purchase of treasury shares		—		—			—			—			(45,047,172	)	(2,740	)		(2,740	)		—			(2,740	)
Sale of treasury shares(a)		—		—			(241	)		—			4,079,257		241			—			—			—
Share-based payments		—		—			246			—			—		—			246			—			246
Share cancellation		—		—			—			—			—		—			—			—			—
Net issuance (repayment) of perpetual subordinated notes		—		—			—			—			—		—			—			—			—
Payments on perpetual subordinated notes		—		—			(239	)		—			—		—			(239	)		—			(239	)
Other operations with non-controlling interests		—		—			(455	)		—			—		—			(455	)		(57	)		(512	)
Other items		—		—			(26	)		—			—		—			(26	)		97			71
As of September 30, 2018		2,666,383,509		8,304			123,167			(10,321	)		(49,344,671	)	(2,957	)		118,193			2,430			120,623
Net income of the fourth quarter 2018		—		—			1,132			—			—		—			1,132			48			1,180
Other comprehensive income		—		—			(361	)		(992	)		—		—			(1,353	)		(15	)		(1,368	)
Comprehensive Income		—		—			771			(992	)		—		—			(221	)		33			(188	)
Dividend		—		—			(1,803	)		—			—		—			(1,803	)		(4	)		(1,807	)
Issuance of common shares		18,809,197		54			1,101			—			—		—			1,155			—			1,155
Purchase of treasury shares		—		—			—			—			(27,719,309	)	(1,588	)		(1,588	)		—			(1,588	)
Sale of treasury shares(a)		—		—			1			—			—		(1	)		—			—			—
Share-based payments		—		—			48			—			—		—			48			—			48
Share cancellation		(44,590,699	)	(131	)		(2,572	)		—			44,590,699		2,703			—			—			—
Net issuance (repayment) of perpetual subordinated notes		—		—			—			—			—		—			—			—			—
Payments on perpetual subordinated notes		—		—			(76	)		—			—		—			(76	)		—			(76	)
Other operations with non-controlling interests		—		—			(62	)		—			—		—			(62	)		(42	)		(104	)
Other items		—		—			(6	)		—			—		—			(6	)		57			51
As of December 31, 2018		2,640,602,007		8,227			120,569			(11,313	)		(32,473,281	)	(1,843	)		115,640			2,474			118,114
Net income of the first nine months 2019		—		—			8,667			—			—		—			8,667			122			8,789
Other comprehensive income		—		—			(584	)		(1,984	)		—		—			(2,568	)		26			(2,542	)
Comprehensive income		—		—			8,083			(1,984	)		—		—			6,099			148			6,247
Dividend		—		—			(5,781	)		—			—		—			(5,781	)		(114	)		(5,895	)
Issuance of common shares		26,388,503		73			1,269			—			—		—			1,342			—			1,342
Purchase of treasury shares		—		—			—			—			(40,871,207	)	(2,189	)		(2,189	)		—			(2,189	)
Sale of treasury shares(a)		—		—			(218	)		—			4,278,158		218			—			—			—
Share-based payments		—		—			157			—			—		—			157			—			157
Share cancellation		—		—			—			—			—		—			—			—			—
Net issuance (repayment) of perpetual subordinated notes		—		—			(4	)		—			—		—			(4	)		—			(4	)
Payments on perpetual subordinated notes		—		—			(280	)		—			—		—			(280	)		—			(280	)
Other operations with non-controlling interests		—		—			—			—			—		—			—			(150	)		(150	)
Other items		—		—			10			—			—		—			10			(39	)		(29	)
As of September 30, 2019		2,666,990,510		8,300			123,805			(13,297	)		(69,066,330	)	(3,814	)		114,994			2,319			117,313

^(a)Treasury shares related to the restricted stock grants.

23

INFORMATIONS BY BUSINESS SEGMENT

TOTAL

(unaudited)

3rd quarter 2019 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,631			3,667			21,338			21,951			2			—			48,589
Intersegment sales		7,761			573			8,341			155			15			(16,845	)		—
Excise taxes		—			—			(713	)		(5,338	)		—			—			(6,051	)
Revenues from sales		9,392			4,240			28,966			16,768			17			(16,845	)		42,538
Operating expenses		(3,999	)		(3,558	)		(27,518	)		(15,963	)		(163	)		16,845			(34,356	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,136	)		(361	)		(413	)		(247	)		(16	)		—			(4,173	)
Operating income		2,257			321			1,035			558			(162	)		—			4,009
Net income (loss) from equity affiliates and other items		77			898			5			(15	)		9			—			974
Tax on net operating income		(1,094	)		(222	)		(221	)		(164	)		70			—			(1,631	)
Net operating income		1,240			997			819			379			(83	)		—			3,352
Net cost of net debt																				(507	)
Non-controlling interests																				(45	)
Net income - group share																				2,800
3rd quarter 2019 (adjustments)(a) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			12			—			—			—			—			12
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			12			—			—			—			—			12
Operating expenses		(100	)		(41	)		(96	)		22			—			—			(215	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(153	)		(9	)		(22	)		(2	)		—			—			(186	)
Operating income (b)		(253	)		(38	)		(118	)		20			—			—			(389	)
Net income (loss) from equity affiliates and other items		(90	)		599			(23	)		(53	)		—			—			433
Tax on net operating income		(151	)		(138	)		8			(1	)		—			—			(282	)
Net operating income (b)		(494	)		423			(133	)		(34	)		—			—			(238	)
Net cost of net debt																				(4	)
Non-controlling interests																				25
Net income - group share																				(217	)
(a)     Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b)     Of which inventory valuation effect
•  On operating income		—			—			(94	)		25			—
•  On net operating income		—			—			(90	)		19			—
3rd quarter 2019 (adjusted) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,631			3,655			21,338			21,951			2			—			48,577
Intersegment sales		7,761			573			8,341			155			15			(16,845	)		—
Excise taxes		—			—			(713	)		(5,338	)		—			—			(6,051	)
Revenues from sales		9,392			4,228			28,966			16,768			17			(16,845	)		42,526
Operating expenses		(3,899	)		(3,517	)		(27,422	)		(15,985	)		(163	)		16,845			(34,141	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,983	)		(352	)		(391	)		(245	)		(16	)		—			(3,987	)
Adjusted operating income		2,510			359			1,153			538			(162	)		—			4,398
Net income (loss) from equity affiliates and other items		167			299			28			38			9			—			541
Tax on net operating income		(943	)		(84	)		(229	)		(163	)		70			—			(1,349	)
Adjusted net operating income		1,734			574			952			413			(83	)		—			3,590
Net cost of net debt																				(503	)
Non-controlling interests																				(70	)
Adjusted net income - group share																				3,017
3rd quarter 2019 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		2,077			4,331			386			276			25						7,095
Total divestments		23			192			14			30			5						264
Cash flow from operating activities		5,007			401			1,575			1,483			(260	)					8,206

24

INFORMATIONS BY BUSINESS SEGMENT

TOTAL

(unaudited)

2nd quarter 2019 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,273			3,789			22,509			22,671			—			—			51,242
Intersegment sales		7,586			632			8,293			139			36			(16,686	)		—
Excise taxes		—			—			(761	)		(5,279	)		—			—			(6,040	)
Revenues from sales		9,859			4,421			30,041			17,531			36			(16,686	)		45,202
Operating expenses		(4,205	)		(3,878	)		(29,168	)		(16,844	)		(229	)		16,686			(37,638	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,687	)		(328	)		(389	)		(237	)		(20	)		—			(3,661	)
Operating income		2,967			215			484			450			(213	)		—			3,903
Net income (loss) from equity affiliates and other items		173			661			111			111			26			—			1,082
Tax on net operating income		(1,161	)		(450	)		46			(170	)		64			—			(1,671	)
Net operating income		1,979			426			641			391			(123	)		—			3,314
Net cost of net debt																				(510	)
Non-controlling interests																				(48	)
Net income - group share																				2,756
2nd quarter 2019 (adjustments)(a) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			(59	)		—			—			—			—			(59	)
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			(59	)		—			—			—			—			(59	)
Operating expenses		—			(54	)		(43	)		(34	)		—			—			(131	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(43	)		(11	)		(10	)		—			—			—			(64	)
Operating income (b)		(43	)		(124	)		(53	)		(34	)		—			—			(254	)
Net income (loss) from equity affiliates and other items		—			407			(49	)		(7	)		—			—			351
Tax on net operating income		—			(286	)		28			9			—			—			(249	)
Net operating income (b)		(43	)		(3	)		(74	)		(32	)		—			—			(152	)
Net cost of net debt																				(4	)
Non-controlling interests																				25
Net income - group share																				(131	)
(a)     Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b)     Of which inventory valuation effect
•  On operating income		—			—			(6	)		(34	)		—
•  On net operating income		—			—			(1	)		(25	)		—
2nd quarter 2019 (adjusted) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,273			3,848			22,509			22,671			—			—			51,301
Intersegment sales		7,586			632			8,293			139			36			(16,686	)		—
Excise taxes		—			—			(761	)		(5,279	)		—			—			(6,040	)
Revenues from sales		9,859			4,480			30,041			17,531			36			(16,686	)		45,261
Operating expenses		(4,205	)		(3,824	)		(29,125	)		(16,810	)		(229	)		16,686			(37,507	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,644	)		(317	)		(379	)		(237	)		(20	)		—			(3,597	)
Adjusted operating income		3,010			339			537			484			(213	)		—			4,157
Net income (loss) from equity affiliates and other items		173			254			160			118			26			—			731
Tax on net operating income		(1,161	)		(164	)		18			(179	)		64			—			(1,422	)
Adjusted net operating income		2,022			429			715			423			(123	)		—			3,466
Net cost of net debt																				(506	)
Non-controlling interests																				(73	)
Adjusted net income - group share																				2,887
2nd quarter 2019 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		2,257			857			363			383			36						3,896
Total divestments		60			349			70			85			1						565
Cash flow from operating activities		3,768			641			1,658			611			(427	)					6,251

25

INFORMATIONS BY BUSINESS SEGMENT

TOTAL

(unaudited)

3rd quarter 2018 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,433			5,568			23,572			23,144			—			—			54,717
Intersegment sales		8,255			575			9,280			242			12			(18,364	)		—
Excise taxes		—			—			(823	)		(5,494	)		—			—			(6,317	)
Revenues from sales		10,688			6,143			32,029			17,892			12			(18,364	)		48,400
Operating expenses		(4,271	)		(5,660	)		(30,593	)		(17,147	)		(151	)		18,364			(39,458	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,585	)		(213	)		(294	)		(176	)		(11	)		—			(3,279	)
Operating income		3,832			270			1,142			569			(150	)		—			5,663
Net income (loss) from equity affiliates and other items		449			445			221			109			39			—			1,263
Tax on net operating income		(1,853	)		(155	)		(292	)		(166	)		146			—			(2,320	)
Net operating income		2,428			560			1,071			512			35			—			4,606
Net cost of net debt																				(519	)
Non-controlling interests																				(130	)
Net income - group share																				3,957
3rd quarter 2018 (adjustments)(a) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			—			—			—			—			—			—
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			—			—			—			—			—			—
Operating expenses		(50	)		(64	)		176			47			—			—			109
Depreciation, depletion and impairment of tangible assets and mineral interests		(65	)		(39	)		—			—			—			—			(104	)
Operating income (b)		(115	)		(103	)		176			47			—			—			5
Net income (loss) from equity affiliates and other items		39			(25	)		9			—			—			—			23
Tax on net operating income		65			(9	)		(52	)		(9	)		—			—			(5	)
Net operating income (b)		(11	)		(137	)		133			38			—			—			23
Net cost of net debt																				(44	)
Non-controlling interests																				20
Net income - group share																				(1	)
(a)     Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b)     Of which inventory valuation effect
•  On operating income		—			—			179			47			—
•  On net operating income		—			—			135			38			—
3rd quarter 2018 (adjusted) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,433			5,568			23,572			23,144			—			—			54,717
Intersegment sales		8,255			575			9,280			242			12			(18,364	)		—
Excise taxes		—			—			(823	)		(5,494	)		—			—			(6,317	)
Revenues from sales		10,688			6,143			32,029			17,892			12			(18,364	)		48,400
Operating expenses		(4,221	)		(5,596	)		(30,769	)		(17,194	)		(151	)		18,364			(39,567	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,520	)		(174	)		(294	)		(176	)		(11	)		—			(3,175	)
Adjusted operating income		3,947			373			966			522			(150	)		—			5,658
Net income (loss) from equity affiliates and other items		410			470			212			109			39			—			1,240
Tax on net operating income		(1,918	)		(146	)		(240	)		(157	)		146			—			(2,315	)
Adjusted net operating income		2,439			697			938			474			35			—			4,583
Net cost of net debt																				(475	)
Non-controlling interests																				(150	)
Adjusted net income - group share																				3,958
3rd quarter 2018 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		2,472			3,325			377			293			17						6,484
Total divestments		494			198			88			117			—						897
Cash flow from operating activities		4,431			(164	)		1,338			752			(621	)					5,736

26

INFORMATIONS BY BUSINESS SEGMENT

TOTAL

(unaudited)

9 months 2019 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		5,698			13,875			65,558			65,901			4			—			151,036
Intersegment sales		23,063			1,832			24,651			456			78			(50,080	)		—
Excise taxes		—			—			(2,250	)		(15,922	)		—			—			(18,172	)
Revenues from sales		28,761			15,707			87,959			50,435			82			(50,080	)		132,864
Operating expenses		(12,233	)		(13,845	)		(84,020	)		(48,141	)		(569	)		50,080			(108,728	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(8,352	)		(1,004	)		(1,176	)		(717	)		(51	)		—			(11,300	)
Operating income		8,176			858			2,763			1,577			(538	)		—			12,836
Net income (loss) from equity affiliates and other items		444			1,939			265			86			36			—			2,770
Tax on net operating income		(3,679	)		(845	)		(467	)		(498	)		194			—			(5,295	)
Net operating income		4,941			1,952			2,561			1,165			(308	)		—			10,311
Net cost of net debt																				(1,522	)
Non-controlling interests																				(122	)
Net income - group share																				8,667
9 months 2019 (adjustments)(a) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			(74	)		—			—			—			—			(74	)
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			(74	)		—			—			—			—			(74	)
Operating expenses		(100	)		(153	)		353			62			—			—			162
Depreciation, depletion and impairment of tangible assets and mineral interests		(196	)		(20	)		(32	)		(2	)		—			—			(250	)
Operating income (b)		(296	)		(247	)		321			60			—			—			(162	)
Net income (loss) from equity affiliates and other items		(90	)		1,012			(70	)		(60	)		—			—			792
Tax on net operating income		(151	)		(408	)		(113	)		(14	)		—			—			(686	)
Net operating income (b)		(537	)		357			138			(14	)		—			—			(56	)
Net cost of net debt																				(12	)
Non-controlling interests																				72
Net income - group share																				4
(a)     Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b)     Of which inventory valuation effect
•  On operating income		—			—			392			65			—
•  On net operating income		—			—			254			46			—
9 months 2019 (adjusted) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		5,698			13,949			65,558			65,901			4			—			151,110
Intersegment sales		23,063			1,832			24,651			456			78			(50,080	)		—
Excise taxes		—			—			(2,250	)		(15,922	)		—			—			(18,172	)
Revenues from sales		28,761			15,781			87,959			50,435			82			(50,080	)		132,938
Operating expenses		(12,133	)		(13,692	)		(84,373	)		(48,203	)		(569	)		50,080			(108,890	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(8,156	)		(984	)		(1,144	)		(715	)		(51	)		—			(11,050	)
Adjusted operating income		8,472			1,105			2,442			1,517			(538	)		—			12,998
Net income (loss) from equity affiliates and other items		534			927			335			146			36			—			1,978
Tax on net operating income		(3,528	)		(437	)		(354	)		(484	)		194			—			(4,609	)
Adjusted net operating income		5,478			1,595			2,423			1,179			(308	)		—			10,367
Net cost of net debt																				(1,510	)
Non-controlling interests																				(194	)
Adjusted net income - group share																				8,663
9 months 2019 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		6,359			6,306			1,034			803			76						14,578
Total divestments		112			766			253			187			8						1,326
Cash flow from operating activities		12,711			1,934			2,695			2,326			(1,580	)					18,086

27

INFORMATIONS BY BUSINESS SEGMENT

TOTAL

(unaudited)

9 months 2018 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		7,770			13,455			68,660			66,980			3			—			156,868
Intersegment sales		22,678			1,536			26,676			733			46			(51,669	)		—
Excise taxes		—			—			(2,537	)		(16,537	)		—			—			(19,074	)
Revenues from sales		30,448			14,991			92,799			51,176			49			(51,669	)		137,794
Operating expenses		(12,992	)		(13,783	)		(88,841	)		(49,066	)		(550	)		51,669			(113,563	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,146	)		(1,020	)		(911	)		(522	)		(31	)		—			(9,630	)
Operating income		10,310			188			3,047			1,588			(532	)		—			14,601
Net income (loss) from equity affiliates and other items		1,026			1,240			638			302			48			—			3,254
Tax on net operating income		(4,972	)		(392	)		(675	)		(463	)		327			—			(6,175	)
Net operating income		6,364			1,036			3,010			1,427			(157	)		—			11,680
Net cost of net debt																				(1,310	)
Non-controlling interests																				(56	)
Net income - group share																				10,314
9 months 2018 (adjustments)(a) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			13			—			—			—			—			13
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			13			—			—			—			—			13
Operating expenses		(200	)		(165	)		707			152			(9	)		—			485
Depreciation, depletion and impairment of tangible assets and mineral interests		(65	)		(485	)		—			—			—			—			(550	)
Operating income (b)		(265	)		(637	)		707			152			(9	)		—			(52	)
Net income (loss) from equity affiliates and other items		(128	)		(40	)		34			—			—			—			(134	)
Tax on net operating income		186			(30	)		(210	)		(44	)		—			—			(98	)
Net operating income (b)		(207	)		(707	)		531			108			(9	)		—			(284	)
Net cost of net debt																				(63	)
Non-controlling interests																				266
Net income - group share																				(81	)
(a)     Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b)     Of which inventory valuation effect
•  On operating income		—			—			710			152			—
•  On net operating income		—			—			550			108			—
9 months 2018 (adjusted) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		7,770			13,442			68,660			66,980			3			—			156,855
Intersegment sales		22,678			1,536			26,676			733			46			(51,669	)		—
Excise taxes		—			—			(2,537	)		(16,537	)		—			—			(19,074	)
Revenues from sales		30,448			14,978			92,799			51,176			49			(51,669	)		137,781
Operating expenses		(12,792	)		(13,618	)		(89,548	)		(49,218	)		(541	)		51,669			(114,048	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,081	)		(535	)		(911	)		(522	)		(31	)		—			(9,080	)
Adjusted operating income		10,575			825			2,340			1,436			(523	)		—			14,653
Net income (loss) from equity affiliates and other items		1,154			1,280			604			302			48			—			3,388
Tax on net operating income		(5,158	)		(362	)		(465	)		(419	)		327			—			(6,077	)
Adjusted net operating income		6,571			1,743			2,479			1,319			(148	)		—			11,964
Net cost of net debt																				(1,247	)
Non-controlling interests																				(322	)
Adjusted net income - group share																				10,395
9 months 2018 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		10,629			4,347			1,113			831			75						16,995
Total divestments		3,136			790			437			390			3						4,756
Cash flow from operating activities		12,227			162			1,228			1,533			(1,087	)					14,063

28

Reconciliation of the information by business segment with Consolidated Financial Statements

TOTAL

(unaudited)

							Consolidated
3rd quarter 2019							statement
(M$)	Adjusted			Adjustments(a)			of income
Sales		48,577			12			48,589
Excise taxes		(6,051	)		—			(6,051	)
Revenues from sales		42,526			12			42,538
Purchases net of inventory variation		(27,805	)		(93	)		(27,898	)
Other operating expenses		(6,240	)		(122	)		(6,362	)
Exploration costs		(96	)		—			(96	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,987	)		(186	)		(4,173	)
Other income		167			—			167
Other expense		(132	)		(427	)		(559	)
Financial interest on debt		(594	)		(4	)		(598	)
Financial income and expense from cash & cash equivalents		—			—			—
Cost of net debt		(594	)		(4	)		(598	)
Other financial income		163			—			163
Other financial expense		(178	)		—			(178	)
Net income (loss) from equity affiliates		521			860			1,381
Income taxes		(1,258	)		(282	)		(1,540	)
Consolidated net income		3,087			(242	)		2,845
Group share		3,017			(217	)		2,800
Non-controlling interests		70			(25	)		45

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

							Consolidated
3rd quarter 2018							statement
(M$)	Adjusted			Adjustments(a)			of income
Sales		54,717			—			54,717
Excise taxes		(6,317	)		—			(6,317	)
Revenues from sales		48,400			—			48,400
Purchases net of inventory variation		(32,567	)		216			(32,351	)
Other operating expenses		(6,766	)		(107	)		(6,873	)
Exploration costs		(234	)		—			(234	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,175	)		(104	)		(3,279	)
Other income		465			116			581
Other expense		(209	)		(146	)		(355	)
Financial interest on debt		(492	)		(44	)		(536	)
Financial income and expense from cash & cash equivalents		(63	)		—			(63	)
Cost of net debt		(555	)		(44	)		(599	)
Other financial income		290			—			290
Other financial expense		(171	)		—			(171	)
Net income (loss) from equity affiliates		865			53			918
Income taxes		(2,235	)		(5	)		(2,240	)
Consolidated net income		4,108			(21	)		4,087
Group share		3,958			(1	)		3,957
Non-controlling interests		150			(20	)		130

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

29

Reconciliation of the information by business segment with Consolidated Financial Statements

TOTAL

(unaudited)

9 months 2019 (M$)	Adjusted			Adjustments(a)			Consolidated statement of income
Sales		151,110			(74	)		151,036
Excise taxes		(18,172	)		—			(18,172	)
Revenues from sales		132,938			(74	)		132,864
Purchases net of inventory variation		(88,338	)		329			(88,009	)
Other operating expenses		(19,998	)		(167	)		(20,165	)
Exploration costs		(554	)		—			(554	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(11,050	)		(250	)		(11,300	)
Other income		620			115			735
Other expense		(322	)		(635	)		(957	)
Financial interest on debt		(1,715	)		(12	)		(1,727	)
Financial income and expense from cash & cash equivalents		(70	)		—			(70	)
Cost of net debt		(1,785	)		(12	)		(1,797	)
Other financial income		649			—			649
Other financial expense		(561	)		—			(561	)
Net income (loss) from equity affiliates		1,592			1,312			2,904
Income taxes		(4,334	)		(686	)		(5,020	)
Consolidated net income		8,857			(68	)		8,789
Group share		8,663			4			8,667
Non-controlling interests		194			(72	)		122

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

9 months 2018 (M$)	Adjusted			Adjustments(a)			Consolidated statement of income
Sales		156,855			13			156,868
Excise taxes		(19,074	)		—			(19,074	)
Revenues from sales		137,781			13			137,794
Purchases net of inventory variation		(93,190	)		794			(92,396	)
Other operating expenses		(20,262	)		(309	)		(20,571	)
Exploration costs		(596	)		—			(596	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(9,080	)		(550	)		(9,630	)
Other income		1,093			263			1,356
Other expense		(324	)		(634	)		(958	)
Financial interest on debt		(1,341	)		(63	)		(1,404	)
Financial income and expense from cash & cash equivalents		(158	)		—			(158	)
Cost of net debt		(1,499	)		(63	)		(1,562	)
Other financial income		851			—			851
Other financial expense		(500	)		—			(500	)
Net income (loss) from equity affiliates		2,268			237			2,505
Income taxes		(5,825	)		(98	)		(5,923	)
Consolidated net income		10,717			(347	)		10,370
Group share		10,395			(81	)		10,314
Non-controlling interests		322			(266	)		56

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

30

TOTAL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE FIRST NINE MONTHS 2019

(unaudited)

1) Accounting policies

The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRS as published by the International Accounting Standards Board (IASB).

The interim consolidated financial statements of TOTAL S.A. and its subsidiaries (the Group) as of September 30 2019, are presented in U.S. dollars and have been prepared in accordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting”.

The accounting principles applied for the consolidated financial statements at September 30, 2019, are consistent with those used for the financial statements at December 31, 2018, with the exception of standards or amendments that must be applied for periods beginning January 1, 2019.

• First-time application of IFRS 16 “Leases”

As part of the first application of IFRS 16 “Leases” as of January 1, 2019, the Group:

• applied the simplified retrospective transition method, accounting for the cumulative effect of the initial application of the standard at the date of first application, without restating the comparative periods;

• used the following simplification measures provided by the standard in the transitional provisions:

• exclusion of contracts that the Group had not previously identified as containing a lease under IAS 17 and IFRIC 4,

• exclusion of leases whose term ends within 12 months of the date of first application;

• recognized each lease component as a separate lease, separately from non-lease components of the lease (services);

• applied the two exemptions of the standard on short-term leases and leases of low-value assets.

Further to the review of leases entered into as part of joint operations, in accordance with the IFRS Interpretations Committee (IFRIC) decision, all liabilities related to such leases have been recognized as at September 30, 2019 when the group has primary responsibility of the lease payments. When the right of use of the asset is jointly controlled by the group and the other partners, a financial receivable has been recognized for the portion of the asset transferred to the partners.

The impact of the application of this standard as at January 1, 2019 is $5,698 million on fixed assets, $(5,505) million on net debt and $(193) million on other assets and liabilities. The weighted average incremental borrowing rate at the transition date is 4.5%.

The impact on fixed assets is broken down as follows:

(in M$)

Right of use of buildings	2,278
Right of use of machinery, plant and equipment (including transportation equipment)	2,632
Other right of use	788
Total	5,698

31

2) Changes in the Group structure

2.1) Main acquisitions and divestments

• Integrated Gas, Renewables & Power

• On March 4, 2019, Total and Novatek signed a definitive agreement for the acquisition of a 10% direct interest by Total in Arctic LNG 2, a major liquefied natural gas development led by Novatek on the Gydan Peninsula, Russia.

• On March 15, 2019, TOTAL finalized the sale of 4% of its interest in the Ichthys liquefied natural gas (LNG) project in Australia to operating partner INPEX, reducing its interest in the project from 30% to 26%.

• On August 30, 2019, TOTAL finalized an agreement with Toshiba to take over its portfolio of liquefied natural gas (LNG) in the United States. This portfolio includes a 20-year tolling agreement and the corresponding gas transportation agreements. Under the transaction, TOTAL acquired all the shares of Toshiba America LNG corporation and was assigned all contracts related to their LNG business by Toshiba Energy Systems and Solutions Corp.

• On September 27, 2019, TOTAL finalized the acquisition of Anadarko’s 26.5% interest in the Mozambique LNG project. This closing comes after TOTAL reached a binding agreement with Occidental on May 3, 2019, to acquire Anadarko’s assets in Africa (Mozambique, Algeria, Ghana and South Africa) and signed the subsequent Purchase and Sale Agreement on August 3, 2019. This first transaction follows receipt of all requisite approvals by the relevant authorities and partners.

• Exploration & Production

• On April 1, 2019, Total acquired all the share capital of Chevron Denmark Inc. which holds a 12% interest in the Danish Underground Consortium (DUC), a 12% interest in Licence 8/06, and a 7.5% interest in the Tyra West pipeline. The acquisition increased Total’s operated share of DUC from 31.2% to 43.2%.

2.2) Major business combinations

In accordance with IFRS 3, TOTAL is assessing the fair value of identifiable acquired assets, liabilities and contingent liabilities on the basis of available information. This assessment will be finalised within 12 months following the acquisition date.

• Integrated Gas, Renewables & Power

Anadarko Mozambique

• The Group acquired on September 27, 2019, 100% of the shares of Anadarko Mozambique affiliate which holds a 26.5% interest in the Mozambique LNG project for a purchase price of $4,426 million and recorded a preliminary goodwill for an amount of $134 million. The purchase price may be adjusted within 90 days of the acquisition date in accordance with the share purchase agreement.

32

The preliminary purchase price allocation is shown below:

(M$)	At the acquisition date
Goodwill		134
Intangible assets		2,812
Tangible assets		1,534
Other assets and liabilities		(134	)
Net debt		80
Fair value of consideration		4,426

2.3) Divestment projects

• Exploration & Production

• On July 10, 2019, Total announced the signature of an agreement to divest several UK non-core assets to Petrogas NEO UK Ltd. The overall consideration for this deal that is subject to approval from the relevant authorities amounts to $635 million. At September 30, 2019, the assets and liabilities have been respectively classified in the consolidated balance sheet in “assets classified as held for sale” for an amount of $418 million and in “liabilities directly associated with the assets classified as held for sale” for an amount of $331 million. The assets concerned mainly include mineral interests and tangible assets.

3) Adjustment items

Description of the business segments

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 and which is reviewed by the main operational decision-making body of the Group, namely the Executive Committee.

The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.

Sales prices between business segments approximate market prices.

The profitable growth in the gas and low carbon electricity integrated value chains is one of the key axes of Total’s strategy. In order to give more visibility to these businesses, a new reporting structure for the business segments’ financial information has been put in place, effective January 1, 2019.

The organization of the Group’s activities is structured around the four followings segments:

• An Exploration & Production segment;

• An Integrated Gas, Renewables & Power segment comprising integrated gas (including LNG) and low carbon electricity businesses. It includes the upstream and midstream LNG activity that was previously reported in the EP segment;

• A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil Supply, Trading and marine Shipping;

• A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products;

In addition the Corporate segment includes holdings operating and financial activities.

Certain figures for the years 2017 and 2018 have been restated in order to reflect the new organization.

33

Adjustment items

Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods.

Adjustment items include:

(i) Special items

Due to their unusual nature or particular significance, certain transactions qualified as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or assets 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) The inventory valuation effect

The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.

In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost methods.

(iii) Effect of changes in fair value

The effect of changes in fair value presented as adjustment items reflects for some transactions differences between internal measure 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 the 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 and the effect of changes in fair value.

The detail of the adjustment items is presented in the table below.

34

ADJUSTMENTS TO OPERATING INCOME

(M$)		Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Total
3rd quarter 2019	Inventory valuation effect		—			—			(94	)		25			—			(69	)
	Effect of changes in fair value		—			12			—			—			—			12
	Restructuring charges		—			(2	)		—			—			—			(2	)
	Asset impairment charges		(153	)		(9	)		(22	)		(2	)		—			(186	)
	Other items		(100	)		(39	)		(2	)		(3	)		—			(144	)
Total			(253	)		(38	)		(118	)		20			—			(389	)
3rd quarter 2018	Inventory valuation effect		—			—			179			47			—			226
	Effect of changes in fair value		—			—			—			—			—			—
	Restructuring charges		(14	)		—			(3	)		—			—			(17	)
	Asset impairment charges		(65	)		(39	)		—			—			—			(104	)
	Other items		(36	)		(64	)		—			—			—			(100	)
Total			(115	)		(103	)		176			47			—			5
9 months 2019	Inventory valuation effect		—			—			392			65			—			457
	Effect of changes in fair value		—			(74	)		—			—			—			(74	)
	Restructuring charges		—			(2	)		—			—			—			(2	)
	Asset impairment charges		(196	)		(20	)		(32	)		(2	)		—			(250	)
	Other items		(100	)		(151	)		(39	)		(3	)		—			(293	)
Total			(296	)		(247	)		321			60			—			(162	)
9 months 2018	Inventory valuation effect		—			—			710			152			—			862
	Effect of changes in fair value		—			5			—			—			—			5
	Restructuring charges		(67	)		—			(3	)		—			—			(70	)
	Asset impairment charges		(65	)		(485	)		—			—			—			(550	)
	Other items		(133	)		(157	)		—			—			(9	)		(299	)
Total			(265	)		(637	)		707			152			(9	)		(52	)

35

ADJUSTMENTS TO NET INCOME, GROUP SHARE    

(M$)		Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Total
3rd quarter 2019	Inventory valuation effect		—			—			(89	)		18			—			(71	)
	Effect of changes in fair value		—			10			—			—			—			10
	Restructuring charges		(5	)		(13	)		(2	)		—			—			(20	)
	Asset impairment charges		(132	)		(5	)		(22	)		(1	)		—			(160	)
	Gains (losses) on disposals of assets		—			—			—			—			—			—
	Other items		(357	)		452			(19	)		(52	)		—			24
Total			(494	)		444			(132	)		(35	)		—			(217	)
3rd quarter 2018	Inventory valuation effect		—			—			131			29			—			160
	Effect of changes in fair value		—			(9	)		—			—			—			(9	)
	Restructuring charges		(35	)		(2	)		(2	)		—			—			(39	)
	Asset impairment charges		(65	)		(23	)		—			—			—			(88	)
	Gains (losses) on disposals of assets		89			—			—			—			—			89
	Other items		(22	)		(43	)		—			(17	)		(32	)		(114	)
Total			(33	)		(77	)		129			12			(32	)		(1	)
9 months 2019	Inventory valuation effect		—			—			252			37			—			289
	Effect of changes in fair value		—			(59	)		—			—			—			(59	)
	Restructuring charges		(5	)		(29	)		(19	)		—			—			(53	)
	Asset impairment charges		(175	)		(11	)		(30	)		(1	)		—			(217	)
	Gains (losses) on disposals of assets		—			—			—			—			—			—
	Other items		(357	)		526			(67	)		(58	)		—			44
Total			(537	)		427			136			(22	)		—			4
9 months 2018	Inventory valuation effect		—			—			543			89			—			632
	Effect of changes in fair value		—			(8	)		—			—			—			(8	)
	Restructuring charges		(94	)		(10	)		(2	)		—			—			(106	)
	Asset impairment charges		(65	)		(271	)		—			—			—			(336	)
	Gains (losses) on disposals of assets		(14	)		—			—			—			—			(14	)
	Other items		(56	)		(118	)		(17	)		(17	)		(41	)		(249	)
Total			(229	)		(407	)		524			72			(41	)		(81	)

36

4) Shareholders’ equity

Treasury shares (TOTAL shares held directly by TOTAL S.A.)

In accordance with the February 2018 announcements regarding the shareholder return policy over 2018-2020, confirmed in 2019, TOTAL S.A. has been repurchasing its own shares.

TOTAL S.A. has also repurchased shares to be allocated to free share grant plans.

As a result, as of September 30, 2019, TOTAL S.A. directly holds 69,066,330 TOTAL shares, representing 2.59% of its share capital, which are deducted from the consolidated shareholders’ equity and allocated as follows:

Shares to be cancelled (1)	65,109,435
Repurchased during Q4 2018	27,360,278
Repurchased during Q1 2019	7,374,542
Repurchased during Q2 2019	22,395,690
Repurchased during Q3 2019	7,978,925
Shares to be allocated as part of free share grant plans (2)	3,956,895
2017 Plan	3,890,769
2018 Plan	0
Other Plans	66,126
Treasury shares Total (1)+(2)	69,066,330

Dividend

Further to its decision of September 23, 2019 to accelerate the dividend growth, the Board of Directors held on October 29, 2019, set the third interim dividend for the fiscal year 2019 at €0.68 per share, a 3% increase compared to the first two interim dividends for this fiscal year. This interim dividend will be detached on March 30, 2020 and paid in cash on April 1, 2020.

Dividend 2019	First interim	Second interim	Third interim
Amount	0.66 €	0.66 €	0.68 €
Set date	April 25, 2019	July 24, 2019	October 29, 2019
Ex-dividend date	September 27, 2019	January 6, 2020	March 30, 2020
Payment date	October 1, 2019	January 8, 2020	April 1, 2020

Earnings per share in Euro

Earnings per share in Euro, calculated from the earnings per share in U.S. dollars converted at the average Euro/USD exchange rate for the period, amounted to €0.95 per share for the 3^rd quarter 2019 (€0.89 per share for the 2^nd quarter 2019 and €1.27 per share for the 3^rd quarter 2018). Diluted earnings per share calculated using the same method amounted to €0.94 per share for the 3^rd quarter 2019 (€0.89 per share for the 2^nd quarter 2019 and €1.26 per share for the 3^rd quarter 2018).

Earnings per share are calculated after remuneration of perpetual subordinated notes.

Perpetual subordinated notes

The Group has issued perpetual subordinated notes in April 2019:

• Perpetual subordinated notes 1.750% callable in 2024 (EUR 1,500 million).

The Group has tendered perpetual subordinated in April 2019:

• Perpetual subordinated notes 2.250% callable in 2021 (EUR 1,500 million).

37

Other comprehensive income

Detail of other comprehensive income is presented in the table below:

(M$)	9 months 2019					9 months 2018
Actuarial gains and losses				(54	)				100
Change in fair value of investments in equity instruments				126					3
Tax effect				13					(31	)
Currency translation adjustment generated by the parent company				(3,994	)				(3,141	)
Sub-total items not potentially reclassifiable to profit and loss				(3,909	)				(3,069	)
Currency translation adjustment				1,394					1,061
•  unrealized gain/(loss) of the period		1,449					1,186
•  less gain/(loss) included in net income		55					125
Cash flow hedge				(575	)				310
•  unrealized gain/(loss) of the period		(533	)				241
•  less gain/(loss) included in net income		42					(69	)
Variation of foreign currency basis spread				50					(66	)
•  unrealized gain/(loss) of the period		6					(66	)
•  less gain/(loss) included in net income		(44	)				—
Share of other comprehensive income of equity affiliates, net amount				326					(274	)
•  unrealized gain/(loss) of the period		335					(234	)
•  less gain/(loss) included in net income		9					40
Other				(4	)				(4	)
Tax effect				176					(84	)
Sub-total items potentially reclassifiable to profit and loss				1,367					943
Total other comprehensive income, net amount				(2,542	)				(2,126	)

38

Tax effects relating to each component of other comprehensive income are as follows:

	9 months 2019									9 months 2018
(M$)	Pre-tax amount			Tax effect			Net amount			Pre-tax amount			Tax effect			Net amount
Actuarial gains and losses		(54	)		16			(38	)		100			(31	)		69
Change in fair value of investments in equity instruments		126			(3	)		123			3			—			5
Currency translation adjustment generated by the parent company		(3,994	)		—			(3,994	)		(3,141	)		—			(3,141	)
Sub-total items not potentially reclassifiable to profit and loss		(3,922	)		13			(3,909	)		(3,038	)		(31	)		(3,069	)
Currency translation adjustment		1,394			—			1,394			1,061			—			1,061
Cash flow hedge		(575	)		193			(382	)		310			(101	)		209
Variation of foreign currency basis spread		50			(17	)		33			(66	)		17			(49	)
Share of other comprehensive income of equity affiliates, net amount		326			—			326			(274	)		—			(274	)
Other		(4	)		—			(4	)		(4	)		—			(4	)
Sub-total items potentially reclassifiable to profit and loss		1,191			176			1,367			1,027			(84	)		943
Total other comprehensive income		(2,731	)		189			(2,542	)		(2,011	)		(115	)		(2,126	)

5) Financial debt

The Group has issued bonds during the first nine months of 2019:

• Bond 3.455% 2019-2029 (USD 1,250 million);

• Bond 1.660% 2019-2026 (GBP 500 million);

• Bond 0.696% 2019-2028 (EUR 650 million);

• Bond 1.535% 2019-2039 (EUR 650 million);

• Bond 0.166% 2019-2029 (CHF 200 million);

• Bond 2.218% 2019-2021 (USD 750 million);

• Bond 2.434% 2019-2025 (USD 1,000 million);

• Bond 2.829% 2019-2030 (USD 1,250 million);

• Bond 3.461% 2019-2049 (USD 1,000 million);

• Bond 1.405% 2019-2031 (GBP 400 million).

The Group reimbursed bonds during the first nine months of 2019:

• Bond 4.875% issued in 2009 and maturing in January 2019 (EUR 1,200 million);

• Bond 2.125% issued in 2014 and maturing in January 2019 (USD 750 million);

• Bond 4.125% issued in 2014 and maturing in March 2019 (AUD 150 million);

• Bond 4.180% issued in 2009 and maturing in June 2019 (HKD 750 million);

• Bond 2.100% issued in 2014 and maturing in June 2019 (USD 1,000 million);

• Bond USD 3-month Libor + 35 basis points issued in 2014 and maturing in June 2019 (USD 250 million);

• Bond 3.750% issued in 2014 and maturing in June 2019 (AUD 100 million);

• Bond 5.000% issued in 2014 and maturing in July 2019 (NZD 100 million);

• Bond GBP 3 month Libor + 30 basis points issued in 2014 and maturing in July 2019 (GBP 275 million);

39

• Bond USD 3-month Libor + 38 basis points issued in 2014 and maturing in September 2019 (USD 200 million);

• Bond 3.750% issued in 2014 and maturing in September 2019 (AUD 100 million).

The Group’s financial debt increased by $5,555 million following the first application of IFRS 16 as at January 1, 2019. Impact on net debt included a sub lease financial asset of $50 million and resulted in an increase of $5,505 million.

6) Related parties

The related parties are principally equity affiliates and non-consolidated investments.

In March 2019, the Group signed final agreements for the acquisition of a 10% direct interest in Arctic LNG2 with Novatek, in which TOTAL holds an interest of 19.40%. In July 2019, Novatek sold an additional 30% of Arctic LNG 2 to CNPC, CNOOC and Japan Arctic LNG. For the period ending September 30, 2019, the Group recognized its share of net income generated by these transactions in Novatek’s financial statements, except for the impact of the 10% purchased by TOTAL, that has been eliminated.

7) Other risks and contingent liabilities

TOTAL is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the Group.

FERC

The Office of Enforcement of the U.S. Federal Energy Regulatory Commission (FERC) began in 2015 an investigation in connection with the natural gas trading activities in the United States of Total Gas & Power North America, Inc. (TGPNA), a U.S. subsidiary of the Group. The investigation covered transactions made by TGPNA between June 2009 and June 2012 on the natural gas market. TGPNA received a Notice of Alleged Violations from FERC on September 21, 2015. On April 28, 2016, FERC issued an order to show cause to TGPNA and two of its former employees, and to TOTAL S.A. and Total Gas & Power Ltd., regarding the same facts. TGPNA contests the claims brought against it.

A class action launched to seek damages from these three companies, was dismissed by a judgment of the U.S. District Court of New York issued on March 15, 2017. The Court of Appeal upheld this judgment on May 4, 2018. In September 2019, a Californian city publicly announced the launching of a collective action against these three companies on the same legal basis.

Yemen

Due to the security conditions in the vicinity of Balhaf, Yemen LNG, in which the Group holds a stake of 39.62%, stopped its commercial production and export of LNG in April 2015, when it declared Force Majeure to its various stakeholders. The plant is in a preservation mode.

40

8) Information by business segment

9 months 2019 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		5,698			13,875			65,558			65,901			4			—			151,036
Intersegment sales		23,063			1,832			24,651			456			78			(50,080	)		—
Excise taxes		—			—			(2,250	)		(15,922	)		—			—			(18,172	)
Revenues from sales		28,761			15,707			87,959			50,435			82			(50,080	)		132,864
Operating expenses		(12,233	)		(13,845	)		(84,020	)		(48,141	)		(569	)		50,080			(108,728	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(8,352	)		(1,004	)		(1,176	)		(717	)		(51	)		—			(11,300	)
Operating income		8,176			858			2,763			1,577			(538	)		—			12,836
Net income (loss) from equity affiliates and other items		444			1,939			265			86			36			—			2,770
Tax on net operating income		(3,679	)		(845	)		(467	)		(498	)		194			—			(5,295	)
Net operating income		4,941			1,952			2,561			1,165			(308	)		—			10,311
Net cost of net debt																				(1,522	)
Non-controlling interests																				(122	)
Net income - group share																				8,667
9 months 2019 (adjustments)(a) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			(74	)		—			—			—			—			(74	)
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			(74	)		—			—			—			—			(74	)
Operating expenses		(100	)		(153	)		353			62			—			—			162
Depreciation, depletion and impairment of tangible assets and mineral interests		(196	)		(20	)		(32	)		(2	)		—			—			(250	)
Operating income (b)		(296	)		(247	)		321			60			—			—			(162	)
Net income (loss) from equity affiliates and other items		(90	)		1,012			(70	)		(60	)		—			—			792
Tax on net operating income		(151	)		(408	)		(113	)		(14	)		—			—			(686	)
Net operating income (b)		(537	)		357			138			(14	)		—			—			(56	)
Net cost of net debt																				(12	)
Non-controlling interests																				72
Net income - group share																				4
(a)  Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b)  Of which inventory valuation effect
•  On operating income		—			—			392			65			—
•  On net operating income		—			—			254			46			—
9 months 2019 (adjusted) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		5,698			13,949			65,558			65,901			4			—			151,110
Intersegment sales		23,063			1,832			24,651			456			78			(50,080	)		—
Excise taxes		—			—			(2,250	)		(15,922	)		—			—			(18,172	)
Revenues from sales		28,761			15,781			87,959			50,435			82			(50,080	)		132,938
Operating expenses		(12,133	)		(13,692	)		(84,373	)		(48,203	)		(569	)		50,080			(108,890	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(8,156	)		(984	)		(1,144	)		(715	)		(51	)		—			(11,050	)
Adjusted operating income		8,472			1,105			2,442			1,517			(538	)		—			12,998
Net income (loss) from equity affiliates and other items		534			927			335			146			36			—			1,978
Tax on net operating income		(3,528	)		(437	)		(354	)		(484	)		194			—			(4,609	)
Adjusted net operating income		5,478			1,595			2,423			1,179			(308	)		—			10,367
Net cost of net debt																				(1,510	)
Non-controlling interests																				(194	)
Adjusted net income - group share																				8,663
9 months 2019 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		6,359			6,306			1,034			803			76						14,578
Total divestments		112			766			253			187			8						1,326
Cash flow from operating activities		12,711			1,934			2,695			2,326			(1,580	)					18,086

41

9 months 2018 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		7,770			13,455			68,660			66,980			3			—			156,868
Intersegment sales		22,678			1,536			26,676			733			46			(51,669	)		—
Excise taxes		—			—			(2,537	)		(16,537	)		—			—			(19,074	)
Revenues from sales		30,448			14,991			92,799			51,176			49			(51,669	)		137,794
Operating expenses		(12,992	)		(13,783	)		(88,841	)		(49,066	)		(550	)		51,669			(113,563	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,146	)		(1,020	)		(911	)		(522	)		(31	)		—			(9,630	)
Operating income		10,310			188			3,047			1,588			(532	)		—			14,601
Net income (loss) from equity affiliates and other items		1,026			1,240			638			302			48			—			3,254
Tax on net operating income		(4,972	)		(392	)		(675	)		(463	)		327			—			(6,175	)
Net operating income		6,364			1,036			3,010			1,427			(157	)		—			11,680
Net cost of net debt																				(1,310	)
Non-controlling interests																				(56	)
Net income - group share																				10,314
9 months 2018 (adjustments)(a) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			13			—			—			—			—			13
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			13			—			—			—			—			13
Operating expenses		(200	)		(165	)		707			152			(9	)		—			485
Depreciation, depletion and impairment of tangible assets and mineral interests		(65	)		(485	)		—			—			—			—			(550	)
Operating income (b)		(265	)		(637	)		707			152			(9	)		—			(52	)
Net income (loss) from equity affiliates and other items		(128	)		(40	)		34			—			—			—			(134	)
Tax on net operating income		186			(30	)		(210	)		(44	)		—			—			(98	)
Net operating income (b)		(207	)		(707	)		531			108			(9	)		—			(284	)
Net cost of net debt																				(63	)
Non-controlling interests																				266
Net income - group share																				(81	)
(a)  Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b)  Of which inventory valuation effect
•  On operating income		—			—			710			152			—
•  On net operating income		—			—			550			108			—
9 months 2018 (adjusted) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		7,770			13,442			68,660			66,980			3			—			156,855
Intersegment sales		22,678			1,536			26,676			733			46			(51,669	)		—
Excise taxes		—			—			(2,537	)		(16,537	)		—			—			(19,074	)
Revenues from sales		30,448			14,978			92,799			51,176			49			(51,669	)		137,781
Operating expenses		(12,792	)		(13,618	)		(89,548	)		(49,218	)		(541	)		51,669			(114,048	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,081	)		(535	)		(911	)		(522	)		(31	)		—			(9,080	)
Adjusted operating income		10,575			825			2,340			1,436			(523	)		—			14,653
Net income (loss) from equity affiliates and other items		1,154			1,280			604			302			48			—			3,388
Tax on net operating income		(5,158	)		(362	)		(465	)		(419	)		327			—			(6,077	)
Adjusted net operating income		6,571			1,743			2,479			1,319			(148	)		—			11,964
Net cost of net debt																				(1,247	)
Non-controlling interests																				(322	)
Adjusted net income - group share																				10,395
9 months 2018 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		10,629			4,347			1,113			831			75						16,995
Total divestments		3,136			790			437			390			3						4,756
Cash flow from operating activities		12,227			162			1,228			1,533			(1,087	)					14,063

42

3rd quarter 2019 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,631			3,667			21,338			21,951			2			—			48,589
Intersegment sales		7,761			573			8,341			155			15			(16,845	)		—
Excise taxes		—			—			(713	)		(5,338	)		—			—			(6,051	)
Revenues from sales		9,392			4,240			28,966			16,768			17			(16,845	)		42,538
Operating expenses		(3,999	)		(3,558	)		(27,518	)		(15,963	)		(163	)		16,845			(34,356	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,136	)		(361	)		(413	)		(247	)		(16	)		—			(4,173	)
Operating income		2,257			321			1,035			558			(162	)		—			4,009
Net income (loss) from equity affiliates and other items		77			898			5			(15	)		9			—			974
Tax on net operating income		(1,094	)		(222	)		(221	)		(164	)		70			—			(1,631	)
Net operating income		1,240			997			819			379			(83	)		—			3,352
Net cost of net debt																				(507	)
Non-controlling interests																				(45	)
Net income - group share																				2,800
3rd quarter 2019 (adjustments)(a) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			12			—			—			—			—			12
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			12			—			—			—			—			12
Operating expenses		(100	)		(41	)		(96	)		22			—			—			(215	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(153	)		(9	)		(22	)		(2	)		—			—			(186	)
Operating income (b)		(253	)		(38	)		(118	)		20			—			—			(389	)
Net income (loss) from equity affiliates and other items		(90	)		599			(23	)		(53	)		—			—			433
Tax on net operating income		(151	)		(138	)		8			(1	)		—			—			(282	)
Net operating income (b)		(494	)		423			(133	)		(34	)		—			—			(238	)
Net cost of net debt																				(4	)
Non-controlling interests																				25
Net income - group share																				(217	)
(a)  Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b)  Of which inventory valuation effect
•  On operating income		—			—			(94	)		25			—
•  On net operating income		—			—			(90	)		19			—
3rd quarter 2019 (adjusted) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,631			3,655			21,338			21,951			2			—			48,577
Intersegment sales		7,761			573			8,341			155			15			(16,845	)		—
Excise taxes		—			—			(713	)		(5,338	)		—			—			(6,051	)
Revenues from sales		9,392			4,228			28,966			16,768			17			(16,845	)		42,526
Operating expenses		(3,899	)		(3,517	)		(27,422	)		(15,985	)		(163	)		16,845			(34,141	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,983	)		(352	)		(391	)		(245	)		(16	)		—			(3,987	)
Adjusted operating income		2,510			359			1,153			538			(162	)		—			4,398
Net income (loss) from equity affiliates and other items		167			299			28			38			9			—			541
Tax on net operating income		(943	)		(84	)		(229	)		(163	)		70			—			(1,349	)
Adjusted net operating income		1,734			574			952			413			(83	)		—			3,590
Net cost of net debt																				(503	)
Non-controlling interests																				(70	)
Adjusted net income - group share																				3,017
3rd quarter 2019 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		2,077			4,331			386			276			25						7,095
Total divestments		23			192			14			30			5						264
Cash flow from operating activities		5,007			401			1,575			1,483			(260	)					8,206

43

3rd quarter 2018 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,433			5,568			23,572			23,144			—			—			54,717
Intersegment sales		8,255			575			9,280			242			12			(18,364	)		—
Excise taxes		—			—			(823	)		(5,494	)		—			—			(6,317	)
Revenues from sales		10,688			6,143			32,029			17,892			12			(18,364	)		48,400
Operating expenses		(4,271	)		(5,660	)		(30,593	)		(17,147	)		(151	)		18,364			(39,458	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,585	)		(213	)		(294	)		(176	)		(11	)		—			(3,279	)
Operating income		3,832			270			1,142			569			(150	)		—			5,663
Net income (loss) from equity affiliates and other items		449			445			221			109			39			—			1,263
Tax on net operating income		(1,853	)		(155	)		(292	)		(166	)		146			—			(2,320	)
Net operating income		2,428			560			1,071			512			35			—			4,606
Net cost of net debt																				(519	)
Non-controlling interests																				(130	)
Net income - group share																				3,957
3rd quarter 2018 (adjustments)(a) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			—			—			—			—			—			—
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			—			—			—			—			—			—
Operating expenses		(50	)		(64	)		176			47			—			—			109
Depreciation, depletion and impairment of tangible assets and mineral interests		(65	)		(39	)		—			—			—			—			(104	)
Operating income (b)		(115	)		(103	)		176			47			—			—			5
Net income (loss) from equity affiliates and other items		39			(25	)		9			—			—			—			23
Tax on net operating income		65			(9	)		(52	)		(9	)		—			—			(5	)
Net operating income (b)		(11	)		(137	)		133			38			—			—			23
Net cost of net debt																				(44	)
Non-controlling interests																				20
Net income - group share																				(1	)
(a)  Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b)  Of which inventory valuation effect
•  On operating income		—			—			179			47			—
•  On net operating income		—			—			135			38			—
3rd quarter 2018 (adjusted) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,433			5,568			23,572			23,144			—			—			54,717
Intersegment sales		8,255			575			9,280			242			12			(18,364	)		—
Excise taxes		—			—			(823	)		(5,494	)		—			—			(6,317	)
Revenues from sales		10,688			6,143			32,029			17,892			12			(18,364	)		48,400
Operating expenses		(4,221	)		(5,596	)		(30,769	)		(17,194	)		(151	)		18,364			(39,567	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,520	)		(174	)		(294	)		(176	)		(11	)		—			(3,175	)
Adjusted operating income		3,947			373			966			522			(150	)		—			5,658
Net income (loss) from equity affiliates and other items		410			470			212			109			39			—			1,240
Tax on net operating income		(1,918	)		(146	)		(240	)		(157	)		146			—			(2,315	)
Adjusted net operating income		2,439			697			938			474			35			—			4,583
Net cost of net debt																				(475	)
Non-controlling interests																				(150	)
Adjusted net income - group share																				3,958
3rd quarter 2018 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		2,472			3,325			377			293			17						6,484
Total divestments		494			198			88			117			—						897
Cash flow from operating activities		4,431			(164	)		1,338			752			(621	)					5,736

44

9) Reconciliation of the information by business segment with consolidated financial statements

9 months 2019 (M$)	Adjusted			Adjustments(a)			Consolidated statement of income
Sales		151,110			(74	)		151,036
Excise taxes		(18,172	)		—			(18,172	)
Revenues from sales		132,938			(74	)		132,864
Purchases net of inventory variation		(88,338	)		329			(88,009	)
Other operating expenses		(19,998	)		(167	)		(20,165	)
Exploration costs		(554	)		—			(554	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(11,050	)		(250	)		(11,300	)
Other income		620			115			735
Other expense		(322	)		(635	)		(957	)
Financial interest on debt		(1,715	)		(12	)		(1,727	)
Financial income and expense from cash & cash equivalents		(70	)		—			(70	)
Cost of net debt		(1,785	)		(12	)		(1,797	)
Other financial income		649			—			649
Other financial expense		(561	)		—			(561	)
Net income (loss) from equity affiliates		1,592			1,312			2,904
Income taxes		(4,334	)		(686	)		(5,020	)
Consolidated net income		8,857			(68	)		8,789
Group share		8,663			4			8,667
Non-controlling interests		194			(72	)		122

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

9 months 2018 (M$)	Adjusted			Adjustments(a)			Consolidated statement of income
Sales		156,855			13			156,868
Excise taxes		(19,074	)		—			(19,074	)
Revenues from sales		137,781			13			137,794
Purchases net of inventory variation		(93,190	)		794			(92,396	)
Other operating expenses		(20,262	)		(309	)		(20,571	)
Exploration costs		(596	)		—			(596	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(9,080	)		(550	)		(9,630	)
Other income		1,093			263			1,356
Other expense		(324	)		(634	)		(958	)
Financial interest on debt		(1,341	)		(63	)		(1,404	)
Financial income and expense from cash & cash equivalents		(158	)		—			(158	)
Cost of net debt		(1,499	)		(63	)		(1,562	)
Other financial income		851			—			851
Other financial expense		(500	)		—			(500	)
Net income (loss) from equity affiliates		2,268			237			2,505
Income taxes		(5,825	)		(98	)		(5,923	)
Consolidated net income		10,717			(347	)		10,370
Group share		10,395			(81	)		10,314
Non-controlling interests		322			(266	)		56

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

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3rd quarter 2019 (M$)	Adjusted			Adjustments(a)			Consolidated statement of income
Sales		48,577			12			48,589
Excise taxes		(6,051	)		—			(6,051	)
Revenues from sales		42,526			12			42,538
Purchases net of inventory variation		(27,805	)		(93	)		(27,898	)
Other operating expenses		(6,240	)		(122	)		(6,362	)
Exploration costs		(96	)		—			(96	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,987	)		(186	)		(4,173	)
Other income		167			—			167
Other expense		(132	)		(427	)		(559	)
Financial interest on debt		(594	)		(4	)		(598	)
Financial income and expense from cash & cash equivalents		—			—			—
Cost of net debt		(594	)		(4	)		(598	)
Other financial income		163			—			163
Other financial expense		(178	)		—			(178	)
Net income (loss) from equity affiliates		521			860			1,381
Income taxes		(1,258	)		(282	)		(1,540	)
Consolidated net income		3,087			(242	)		2,845
Group share		3,017			(217	)		2,800
Non-controlling interests		70			(25	)		45

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

3rd quarter 2018 (M$)	Adjusted			Adjustments(a)			Consolidated statement of income
Sales		54,717			—			54,717
Excise taxes		(6,317	)		—			(6,317	)
Revenues from sales		48,400			—			48,400
Purchases net of inventory variation		(32,567	)		216			(32,351	)
Other operating expenses		(6,766	)		(107	)		(6,873	)
Exploration costs		(234	)		—			(234	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,175	)		(104	)		(3,279	)
Other income		465			116			581
Other expense		(209	)		(146	)		(355	)
Financial interest on debt		(492	)		(44	)		(536	)
Financial income and expense from cash & cash equivalents		(63	)		—			(63	)
Cost of net debt		(555	)		(44	)		(599	)
Other financial income		290			—			290
Other financial expense		(171	)		—			(171	)
Net income (loss) from equity affiliates		865			53			918
Income taxes		(2,235	)		(5	)		(2,240	)
Consolidated net income		4,108			(21	)		4,087
Group share		3,958			(1	)		3,957
Non-controlling interests		150			(20	)		130

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

46

10) Post-closing

There was no post closing event.

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