Form 6-K

Table of Contents

Table of Contents

Table of Contents

Table of Contents

0001193125-20-054400.txt : 20200228 0001193125-20-054400.hdr.sgml : 20200228 20200228082758 ACCESSION NUMBER: 0001193125-20-054400 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20200228 FILED AS OF DATE: 20200228 DATE AS OF CHANGE: 20200228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOTAL S.A. CENTRAL INDEX KEY: 0000879764 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 STATE OF INCORPORATION: I0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10888 FILM NUMBER: 20665743 BUSINESS ADDRESS: STREET 1: 2 PLACE JEAN MILLIER STREET 2: LA DEFENSE 6 CITY: COURBEVOIE STATE: I0 ZIP: 92400 BUSINESS PHONE: 33147444546 MAIL ADDRESS: STREET 1: 2 PLACE JEAN MILLIER STREET 2: ARCHE NORD COUPOLE/REGNAULT CITY: PARIS LA DEFENSE CEDEX STATE: I0 ZIP: 92078 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL SA DATE OF NAME CHANGE: 20030508 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA ELF SA DATE OF NAME CHANGE: 20001010 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA SA DATE OF NAME CHANGE: 19990713 6-K 1 d895911d6k.htm FORM 6-K Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

February 28, 2020

Commission File Number 001-10888

TOTAL S.A.

(Translation of registrant’s name into English)

2, place Jean Millier

La Défense 6

92400 Courbevoie

France

(Address of principal executive offices)

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

Form 20-F ☒ Form 40-F ☐

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

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

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

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

TOTAL S.A. is providing on this Form 6-K a description of certain recent developments relating to its business.

TABLE OF CONTENTS

SIGNATURES

EXHIBIT INDEX

Exhibit 99.1 India: Total Expands its Partnership with Adani to Renewables and Acquires 50% of a 2 GW Solar Portfolio (February 6, 2020)

Exhibit 99.2 Fourth quarter and full-year 2019 results (February 6, 2020)

Exhibit 99.3 Total proposes a final 2019 dividend of 0.68 €/share, an increase of 6%, and an annual dividend of 2.68 €/share for fiscal year 2019 (February 6, 2020)

Exhibit 99.4 Total Sells Its Interest in the Fos Cavaou Regasification Terminal (February 6, 2020)

Exhibit 99.5 Spain: Total to Enter into the Solar Market with a pipeline of 2 GW of projects (February 11, 2020)

Exhibit 99.6 Disclosure of transactions in own shares (February 13, 2020)

Exhibit 99.7 Disclosure of transactions in own shares (February 20, 2020)

Exhibit 99.8 Disclosure of transactions in own shares (February 27, 2020)

EXHIBIT INDEX

Exhibit 99.1 India: Total Expands its Partnership with Adani to Renewables and Acquires 50% of a 2 GW Solar Portfolio (February 6, 2020)

Exhibit 99.2 Fourth quarter and full-year 2019 results (February 6, 2020)

Exhibit 99.3 Total proposes a final 2019 dividend of 0.68 €/share, an increase of 6%, and an annual dividend of 2.68 €/share for fiscal year 2019 (February 6, 2020)

Exhibit 99.4 Total Sells Its Interest in the Fos Cavaou Regasification Terminal (February 6, 2020)

Exhibit 99.5 Spain: Total to Enter into the Solar Market with a pipeline of 2 GW of projects (February 11, 2020)

Exhibit 99.6 Disclosure of transactions in own shares (February 13, 2020)

Exhibit 99.7 Disclosure of transactions in own shares (February 20, 2020)

Exhibit 99.8 Disclosure of transactions in own shares (February 27, 2020)

SIGNATURES

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

EX-99.1 2 d895911dex991.htm EX-99.1 EX-99.1

EXHIBIT 99.1

LOGO

Press Release

India: Total Expands its Partnership with Adani to Renewables and Acquires 50% of a 2 GW Solar Portfolio

Paris, February 6, 2020 – As part of its strategy to develop renewable energies, Total is expanding its partnership with Adani Group, India’s largest privately-owned energy and infrastructure conglomerate, in order to contribute to the growth of solar power generation in the country.

Indeed, the Indian government has a strong policy to support the renewable energy growth. The country’s capacity should increase from its 81 gigawatts (GW) in 2019 to 225 GW by 2022.

Total and Adani Green Energy Limited (AGEL) will create a 50/50 joint venture into which AGEL will transfer its solar assets in operation. These projects are spread over 11 Indian states and have a cumulative capacity of over 2 GW. All the projects benefit from nearly 25-year power purchase agreements (PPA) with national and regional electricity distributors, with a fixed rate.

“Total is fully engaged in the energy transition and to supporting India, a key country in the fight against climate change, in diversifying its energy mix through partnerships in natural gas and now in solar energy,” said Patrick Pouyanné, Chairman & CEO of Total. “This interest in over 2 GW of solar projects represents another big step of our investment in India’s energy sector. It will support our ambition to contribute to the deployment of 25 GW of renewable capacities by 2025. We are thrilled to extend the partnership with the Adani Group to renewable energies, which will allow us to benefit from its in-depth knowledge of the Indian electricity market.”

This transaction has a value of approximately $500 million and is in line with the Group’s objective of double-digit returns on renewable projects. It remains subject to the approval of the relevant authorities.

Total and Low-Carbon Electricity

Total integrates climate change into its strategy and is staying ahead of new energy market trends by building a portfolio of low-carbon businesses that could account for 15 to 20% of its sales by 2040. Total’s gross low-carbon power generation capacity worldwide is currently close to 7 gigawatts, of which over 3 gigawatts from renewable energies.

* * * * *

About Adani Green Energy Limited (AGEL)

AGEL is a listed company 74.92% owned by the Adani Group. As one of the leading private players in the Indian renewables market, AGEL currently holds a portfolio of 2,148 MW of installed solar capacity and 172 MW of installed wind capacity. They also have 475 MW of solar capacity and 1,505 MW of wind and 990 MW of hybrid under construction.

About Total

Total is a major energy player that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

* * * * *

Total Contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com

Cautionary note

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

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

EX-99.2 3 d895911dex992.htm EX-99.2 EX-99.2

EXHIBIT 99.2

LOGO

Press Release

Fourth quarter and full-year 2019 results

Strong cash flow growth in a less favorable environment

Dividend increased by 5% for the year

4Q19

Change
vs 4Q18

2019

Change
vs 2018

Oil price - Brent ($/b)

63.1

-8

64.2

-10

European gas price - NBP ($/Mbtu)

5.1

-42

4.9

-38

Adjusted net income (Group share)¹

- in billions of dollars (B$)

3.17

11.83

-13

- in dollars per share

1.19

4.38

-13

DACF¹(B$)

7.4

+21

28.5

Cash Flow from operations (B$)

6.6

-38

24.7

Net income (Group share) of 11.3 B$ in 2019, a 2% decrease compared to 2018; or 10.1 B€, an increase of 4% compared to 2018

Net-debt-to-capital ratio of 20.7% at December 31, 2019

Hydrocarbon production of 3,014 kboe/d in 2019, an increase of 9% compared to 2018

Fourth quarter 2019 dividend set at 0.68 €/share, an increase of 6% compared to 2018

Paris, February 6, 2020 - Total’s Board of Directors met on February 5, 2020, to approve the Group’s 2019 financial statements. Commenting on the results, Chairman and CEO Patrick Pouyanné said:

“The Group reported solid fourth quarter 2019 results with cash flow (DACF) of 7.4 B$, an increase of more than 20% compared to the fourth quarter 2018, and adjusted net income stable at 3.2 B$, despite a lower price environment.

In 2019, the Group generated cash flow of 28.5 B$, strong growth of 2.4 B$ compared to 2018, thanks to a positive contribution from all segments. This performance was achieved despite the drop in oil prices of 10% and European gas prices of 38%, or a price environment down on average by about 20%. The Group reported solid adjusted net operating income for the year of 11.8 B$, a decrease of 13%, and a return on equity above 10%. The Group reduced its organic pre-dividend breakeven to less than 25 $/b.

In the Upstream, start-ups and ramp-ups including Yamal LNG in Russia and Ichthys in Australia, Egina in Nigeria and Kaombo in Angola, generated strong cash flow and fueled production growth of 9% for the year, with LNG growth of nearly 50%.

The Exploration & Production segment increased cash flow to 18 B$, despite the deterioration of the environment, and the iGRP segment, with an increase in LNG sales of nearly 60%, generated cash flow of 3.7 B$, an increase of 80%.

The Downstream contributed stable cash flow of 6.6 B$, notably thanks to its non-cyclical activities and despite a decrease in refining and petrochemical margins on the order of 10%.

Net investments rose to 17.4 B$ and reflect in particular the strategy to strengthen LNG and deep offshore, as shown by the acquisition of Mozambique LNG and the launching of Arctic LNG 2 in Russia and Mero 2 in Brazil. More than one-third of the net investments were made in the iGRP segment, which leads the Group’s low-carbon ambition. Total enters the gas and renewables market in India in partnership with Adani and will build a giant 800 MW solar power plant in Qatar.

Total maintains a solid financial position with gearing of 16.7% excluding capitalized leases (20.7% including). In accordance with the decision of the Board of Directors announced on September 24, the Group increased the 2019 final dividend by 6% to €0.68 per share. Including the interim dividends, the full-year 2019 dividend increased by 5% to €2.68 per share. Finally, the Group bought back $1.75 billion of its shares in 2019 and projects 2 B$ of share buybacks in 2020 in a 60 $/b environment.”

¹	Definition on page 2

Key figures²


4Q19			3Q19			4Q18			4Q19 vs 4Q18			In millions of dollars, except effective tax rate, earnings per share and number of shares	2019			2018			2019 vs 2018
	3,879			3,673			3,885			—		Adjusted net operating income from business segments		14,554			15,997			-9	%

	2,031			1,734			1,976			+3	%	Exploration & Production*		7,509			8,547			-12	%
	794			574			676			+17	%	Integrated Gas, Renewables & Power*		2,389			2,419			-1	%
	580			952			900			-36	%	Refining & Chemicals		3,003			3,379			-11	%
	474			413			333			+42	%	Marketing & Services		1,653			1,652			—

	668			521			893			-25	%	Contribution of equity affiliates to adjusted net income		2,260			3,161			-29	%

	31.8	%		30.7	%		38.1	%				Group effective tax rate³		34.1	%		38.7	%

	3,165			3,017			3,164			—		Adjusted net income (Group share)		11,828			13,559			-13	%

	1.19			1.13			1.17			+1	%	Adjusted fully-diluted earnings per share (dollars)⁴		4.38			5.05			-13	%

	1.07			1.01			1.02			+5	%	Adjusted fully-diluted earnings per share (euros)**		3.92			4.27			-8	%

	2,607			2,614			2,637			-1	%	Fully-diluted weighted-average shares (millions)		2,618			2,624			—

	2,600			2,800			1,132			×2.3		Net income (Group share)		11,267			11,446			-2	%

	4,291			3,296			4,459			-4	%	Organic investments⁵		13,397			12,427			+8	%

	(80	)		3,422			(1,751	)		ns		Net acquisitions⁶		4,052			3,141			+29	%

	4,211			6,718			2,708			+56	%	Net investments⁷		17,449			15,568			+12	%

	6,839			6,853			5,672			+21	%	Operating cash flow before working capital changes⁸		26,432			24,529			+8	%

	7,372			7,385			6,095			+21	%	Operating cash flow before working capital changes w/o financial charges (DACF)⁹		28,501			26,067			+9	%

	6,599			8,206			10,640			-38	%	Cash flow from operations		24,685			24,703			—

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

*	4Q18 and 2018 restated; historical data for 2017 and 2018 available on *www.total.com.*

**	Average €-$ exchange rate: 1.1071 in the fourth quarter 2019 and 1.1195 in 2019.

Highlights since the beginning of the fourth quarter 2019¹⁰

•

Started production at giant Johan Sverdrup field in the North Sea and Iara in Brazil

•

Launched Anchor projects and engineering studies for North Platte in Gulf of Mexico

•

Agreement between NOC and Total on participation in Waha concession in Libya

•

Extended Block 17 licenses to 2045 in Angola

•

Acquired two offshore discoveries (Blocks 20-21) in Angola for potential development

•

Signed an agreement to sell interest in Brunei offshore block CA1

•

Expanded in Brazil pre-salt with new deep-offshore exploration block

•

Acquired 50% interest in Surinam Block 58 with significant Maka Central-1 discovery

•

Awarded construction of a large-scale (800 MW) solar power plant in Qatar

•

Sold to Banque des Territoires a 50% interest in a portfolio of solar and wind assets in France

•

Doubled production capacity of recycled polypropylene for auto market from Synova subsidiary

•

Alliance with Zhejiang Energy Group to develop low-sulfur maritime fuel market in China

•

Second agreement to supply CMA-CGM with LNG maritime fuel from Marseille

²	Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 12.

³	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).

⁴	In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bond

⁵	Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.

⁶	Net acquisitions = acquisitions – assets sales – other transactions with non-controlling interests (see page 12).

⁷	Net investments = Organic investments + net acquisitions (see page 12).

⁸

Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, and effective second quarter 2019 including organic loan repayments from equity affiliates. The inventory valuation effect is explained on page 15. The reconciliation table for different cash flow figures is on page 13.

⁹	DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges.

¹⁰	Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.

•

Awarded concession to install and operate up to 20,000 new EV charging points in Metropolitan Region of Amsterdam

•

Dedicated 400 M$ to Total venture capital fund to support carbon neutrality

Key figures of environment and Group production

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


4Q19		3Q19		4Q18		4Q19 vs 4Q18				2019		2018		2019 vs 2018
	63.1		62.0		68.8		-8	%	Brent ($/b)		64.2		71.3		-10	%
	2.4		2.3		3.7		-35	%	Henry Hub ($/Mbtu)		2.5		3.1		-18	%
	5.1		3.9		8.8		-42	%	NBP ($/Mbtu)		4.9		7.9		-38	%
	5.8		4.7		9.9		-42	%	JKM ($/Mbtu)		5.5		9.7		-44	%

	59.1		58.0		59.2		—		Average price of liquids ($/b)**		59.8		64.3		-7	%
	3.76		3.48		5.01		-25	%	Average price of gas ($/Mbtu)**		3.88		4.87		-20	%

	30.2		47.4		40.8		-26	%	Variable cost margin - Refining Europe, VCM ($/t)		34.9		38.2		-9	%

*	The indicators are shown on page 16.

**	Consolidated subsidiaries.

Production*


4Q19		3Q19		4Q18		4Q19 vs 4Q18				2019		2018		2019 vs 2018
	3,113		3,040		2,876		+8	%	Hydrocarbon production (kboe/d)		3,014		2,775		+9	%

	1,452		1,441		1,382		+5	%	Oil (including bitumen) (kb/d)		1,431		1,378		+4	%
	1,661		1,599		1,493		+11	%	Gas (including condensates and associated NGL) (kboe/d)		1,583		1,397		+13	%

	3,113		3,040		2,876		+8	%	Hydrocarbon production (kboe/d)		3,014		2,775		+9	%

	1,714		1,720		1,589		+8	%	Liquids (kb/d)		1,672		1,566		+7	%
	7,263		7,399		6,994		+4	%	Gas (Mcf/d)		7,364		6,599		+12	%

*	Group production = EP production + iGRP production.

Hydrocarbon production was 3,113 thousand barrels of oil equivalent (kboe/d) in the fourth quarter 2019, an increase of 8% compared to last year, due to:

•

+13% related to the start-up and ramp-up of new projects, including Yamal LNG in Russia, Egina in Nigeria, Ichthys in Australia, Kaombo in Angola, Culzean in the United Kingdom and Johan Sverdrup in Norway.

•

-3% due to the natural decline of the fields.

•

-2% due to maintenance and Tyra redevelopment project in Denmark.

Hydrocarbon production was 3,014 kboe/d for the year 2019, an increase of 9% compared to 2018, due to:

•

-3% due to the natural decline of the fields.

•

-1% due to maintenance, notably in Nigeria, Norway and Tyra redevelopment project in Denmark.

Analysis of business segments

Exploration & Production (EP – redefined scope)

Production


4Q19		3Q19		4Q18		4Q19 vs 4Q18			Hydrocarbon production	2019		2018		2019 vs 2018
	2,489		2,501		2,408		+3	%	EP (kboe/d)		2,454		2,394		+3	%

	1,640		1,647		1,541		+6	%	Liquids (kb/d)		1,601		1,527		+5	%
	4,624		4,654		4,710		-2	%	Gas (Mcf/d)		4,653		4,724		-2	%

Results


4Q19			3Q19			4Q18			4Q19 vs 4Q18			In millions of dollars, except effective tax rate	2019			2018			2019 vs 2018
	2,031			1,734			1,976			+3	%	Adjusted net operating income*		7,509			8,547			-12	%
	247			297			269			-8	%	including income from equity affiliates		996			1,140			-13%

	38.0	%		39.7	%		41.2	%				Effective tax rate**		41.5	%		46.2	%

	2,617			2,065			2,765			-5	%	Organic investments		8,635			7,953			+9	%

	(224	)		(3	)		(143	)		ns		Net acquisitions		14			2,162			-99	%

	2,393			2,061			2,622			-9	%	Net investments		8,649			10,115			-14	%

	4,451			4,451			3,911			+14	%	Operating cash flow before working capital changes ***		18,030			17,832			+1	%

	4,206			5,007			6,310			-33	%	Cash flow from operations ***		16,917			18,537			-9	%

*	Details on adjustment items are shown in the business segment information annex to financial statements.

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

***	Excluding financial charges, except those related to leases.

Exploration & Production adjusted net operating income was:

•

2,031 M$ in the fourth quarter 2019, an increase of 3% year-on-year driven by the increase in production.

•

7,509 M$ for 2019, a decrease of 12% linked to lower Brent and gas prices.

Operating cash flow before working capital changes was 4.5 B$ in the fourth quarter, an increase of 14% compared to last year, and 18.0 B$ in 2019 an increase of 1% compared to 2018. The start-up of strong cash flow generating projects offset the impact of lower Brent and gas prices.

Integrated Gas, Renewables & Power (iGRP)

Production and liquefied natural gas (LNG) sales


4Q19		3Q19		4Q18		4Q19 vs 4Q18			Hydrocarbon production	2019		2018		2019 vs 2018
	624		539		468		+34	%	iGRP (kboe/d)		560		381		+47	%

	74		73		48		+54	%	Liquids (kb/d)		71		39		+82	%

	2,639		2,745		2,284		+16	%	Gas (Mcf/d)		2,711		1,875		+45	%


4Q19		3Q19		4Q18		4Q19 vs 4Q18			Liquefied Natural Gas in Mt	2019		2018		2019 vs 2018
	10.6		7.4		7.9		+35	%	Overall LNG sales		34.3		21.8		+57	%

	4.2		4.2		3.3		+28	%	incl. Sales from equity production*		16.3		11.1		+47	%

	9.6		5.5		6.7		+44	%	incl. Sales by Total from equity production and third party purchases		27.9		17.1		+63	%

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

Production growth over the year was essentially linked to the start-up of Ichthys in Australia in the third quarter 2018 and the successive start-ups of Yamal LNG trains in Russia.

In the fourth quarter 2019, LNG sales increased by 35% year-on-year thanks to the ramp-up of Yamal LNG and Ichthys plus the start-up of the first Cameron LNG train in the US.

In 2019, LNG sales increased by 57% compared to 2018 for the same reasons and also due to the acquisition of the Engie portfolio of LNG contracts in the third quarter 2018.

Results


4Q19			3Q19		4Q18			4Q19 vs 4Q18			In millions of dollars	2019		2018		2019 vs 2018
	794			574		676			+17	%	Adjusted net operating income*		2,389		2,419		-1	%
	353			206		447			-21	%	including income from equity affiliates		1,009		1,249		-19	%

	684			641		614			+11	%	Organic investments		2,259		1,745		+30	%

	(13	)		3,375		(1,346	)		ns		Net acquisitions		3,921		1,701		x2.3

	671			4,015		(733	)		ns		Net investments		6,180		3,445		+79	%

	1,402			848		617			x2.3		Operating cash flow before working capital changes **		3,730		2,055		+81	%

	1,527			401		434			x3.5		Cash flow from operations **		3,461		596		x5.8

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

**	Excluding financial charges, except those related to leases.

Driven by strong LNG sales growth, operating cash flow before working capital changes for the iGRP segment more than doubled in the fourth quarter 2019 and increased by 81% in 2019.

Adjusted net operating income was 794 M$ in the fourth quarter 2019, an increase of 17%, and 2,389 M$ in 2019, a decrease of 1%, impacted by lower gas prices in Europe and Asia as well as higher DD&A expenses on new projects.

Downstream (Refining & Chemicals and Marketing & Services)

Results


4Q19		3Q19		4Q18			4Q19 vs 4Q18			In millions of dollars	2019		2018			2019 vs 2018
	1,054		1,365		1,233			-15	%	Adjusted net operating income*		4,656		5,031			-7	%

	949		569		1,039			-9	%	Organic investments		2,395		2,614			-8	%

	159		52		(264	)		ns		Net acquisitions		118		(722	)		ns

	1,108		622		775			+43	%	Net investments		2,513		1,892			+33	%

	1,505		1,995		1,776			-15	%	Operating cash flow before working capital changes **		6,617		6,544			+1	%

	1,420		3,058		4,306			-67	%	Cash flow from operations **		6,441		7,067			-9	%

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

**	Excluding financial charges, except those related to leases.

Refining & Chemicals

Refinery throughput and utilization rates*


4Q19			3Q19			4Q18			4Q19 vs 4Q18				2019			2018			2019 vs 2018
	1,509			1,719			1,886			-20	%	Total refinery throughput (kb/d)		1,671			1,852			-10	%

	282			503			591			-52	%	France		456			610			-25	%
	756			757			809			-7	%	Rest of Europe		754			755			—
	471			459			486			-3	%	Rest of world		462			487			-5	%

	71	%		82	%		90	%				Utlization rate based on crude only**		80	%		88	%

*	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 20% in the fourth quarter 2019 year-on-year, due notably to strikes in France and planned maintenance at Normandy as well as a fire that affected the distillation unit.

•

decreased by 10% in 2019 notably due to the shutdown for nearly 6 months of Grandpuits in France.

Results


4Q19		3Q19		4Q18			4Q19 vs 4Q18			In millions of dollars	2019			2018			2019 vs 2018
	580		952		900			-36	%	Adjusted net operating income*		3,003			3,379			-11	%

	479		354		615			-22	%	Organic investments		1,426			1,604			-11	%

	118		19		(429	)		ns		Net acquisitions		(44	)		(742	)		ns

	597		374		186			x3.2		Net investments		1,382			862			+60	%

	789		1,373		1,276			-38	%	Operating cash flow before working capital changes **		4,072			4,388			-7	%

	1,142		1,575		3,080			-63	%	Cash flow from operations **		3,837			4,308			-11	%

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

**	Excluding financial charges, except those related to leases.

Adjusted net operating income for the Refining & Chemicals segment decreased by 36% to 580 M$ in the fourth quarter 2019 and by 11% in 2019 to 3,003 M$, notably due to a decrease of around 10% in refining and petrochemical margins as well as lower throughput.

Operating cash flow before working capital changes was 789 M$ in the fourth quarter 2019 and 4,072 M$ in 2019, a decrease of 38% and 7%, respectively, compared to 2018, for the same reasons.

Marketing & Services

Petroleum product sales


4Q19		3Q19		4Q18		4Q19 vs 4Q18			Sales in kb/d*	2019		2018		2019 vs 2018
	1,835		1,848		1,786		+3	%	Total Marketing & Services sales		1,845		1,801		+2	%

	1,033		1,034		986		+5	%	Europe		1,021		1,001		+2	%
	801		814		800		—		Rest of world		824		800		+3	%

*	Excludes trading and bulk refining sales

Sales of petroleum products increased by 2% in 2019, thanks notably to business development in the African and American regions, notably Mexico and Brazil.

Results


4Q19		3Q19		4Q18		4Q19 vs 4Q18			In millions of dollars	2019		2018		2019 vs 2018
	474		413		333		+42	%	Adjusted net operating income*		1,653		1,652		—

	471		215		424		+11	%	Organic investments		969		1,010		-4	%

	40		33		165		-75	%	Net acquisitions		162		20		x8.2

	511		248		589		-13	%	Net investments		1,131		1,030		+10	%

	716		622		500		+43	%	Operating cash flow before working capital changes **		2,546		2,156		+18	%

	278		1,483		1,226		-77	%	Cash flow from operations **		2,604		2,759		-6	%

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

**	Excluding financial charges, except those related to leases

Adjusted net operating income was 474 M$ in the fourth quarter 2019, an increase of 42%, notably due to a revaluation of futures contracts. Adjusted net operating income was 1,653 M$ in 2019.

Operating cash flow before working capital changes was 716 M$ in the fourth quarter 2019 and 2,546 M$ in 2019, an increase of 43% and 18%, respectively, compared to 2018.

Group results

Adjusted net operating income from business segments

Adjusted net operating income from the business segments was:

•

3,879 M$ in the fourth quarter 2019, stable compared to last year, with lower Brent, natural gas prices and refining margins offset by the increase in production.

•

14,554 M$ in 2019, down 9% compared to last year due to the decreases in Brent, natural gas prices and refining and petrochemical margins.

Adjusted net income (Group share)

Adjusted net income (Group share) was:

•

3,165 M$ in the fourth quarter 2019, stable compared to last year thanks to the stable adjusted net operating income of the segments.

•

11,828 M$ in 2019, down 13% compared to last year due to the decrease in adjusted net operating income of the segments.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of effects of changes in fair value¹¹.

Total net income adjustments¹² were:

•

-565 M$ in the fourth quarter 2019, including -248 M$ of impairments.

•

-561 M$ in 2019, including -465 M$ of impairments.

¹¹	Adjustment items shown on page 12.

¹²	Details shown on page 12 and in the annex to the financial statements.

The limited level of 2019 impairments reflects the resilience of the portfolio on a long-term price trajectory in line with the IEA Sustainable Development Scenario (SDS) and which forecasts by 2050 a convergence of the oil price toward 50$2018/b.

The effective tax rate for the Group was:

•

31.8% in the fourth quarter 2019, compared to 38.1% the same quarter last year, due to the lower tax rate for the Upstream linked to the lower hydrocarbon prices as well as for the Downstream.

•

34.1% in 2019 compared to 38.7% in 2018 for the same reasons.

Adjusted fully-diluted earnings per share

Adjusted earnings per share was:

•

$1.19 in the fourth quarter 2019, an increase of 1%, calculated on the basis of a weighted average of 2,607 million fully-diluted shares, compared to $1.17 in the fourth quarter 2018.

•

$4.38 in 2019, a decrease of 13%, calculated on the basis of a weighted average of 2,618 million fully-diluted shares, compared to $5.05 in 2018.

In the framework 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.

•

the buyback of additional shares: 11.1 million shares repurchased in the fourth quarter 2019 for 0.60 B$ and 32.7 million shares in 2019 for 1.75 B$ as part of the 5 B$ buyback program for 2018-20.

The number of fully-diluted shares was 2,603 million on December 31, 2019.

Acquisitions - asset sales

Acquisitions were:

•

277 M$ in the fourth quarter 2019.

•

5,991 M$ in 2019, linked notably to the acquisition of Anadarko’s interest in Mozambique LNG, the signing of the acquisition of a 10% stake in the Arctic LNG 2 projects in Russia and the acquisition of Chevron’s interest in the Danish Underground Consortium in Denmark.

Asset sales were:

•

357 M$ in the fourth quarter 2019.

•

1,939 M$ in 2019, linked notably to the payment received with the take-over of the Toshiba LNG portfolio in the United States, 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.

Net cash flow

Net cash flow¹³ for the Group was:

•

2,628 M$ in the fourth quarter 2019.

•

8,983 M$ in 2019, stable compared to 2018.

Profitability

The return on equity was 10.4% for the twelve months ended December 31, 2019.


In millions of dollars	January 1, 2019 December 31, 2019			October 1, 2018 September 30, 2019			January 1, 2018 December 31, 2018
Adjusted net income		12,090			12,104			13,964

Average adjusted shareholders’ equity		116,766			117,037			114,183

Return on equity (ROE)		10.4	%		10.3	%		12.2	%

¹³	Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).

The return on average capital employed was 9.8% for the twelve months ended December 31, 2019.


In millions of dollars	January 1, 2019 December 31, 2019			October 1, 2018 September 30, 2019			January 1, 2018 December 31, 2018
Adjusted net operating income		14,073			14,094			15,691

Average capital employed		143,674			146,222			133,123

ROACE		9.8	%		9.6	%		11.8	%

Total S.A. accounts

Net income for Total S.A., the parent company, was 7,039 million euros in 2019 compared to 5,485 million euros in 2018.

2020 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 $/b	+/- 2.9 B$	+/- 3.3 B$

European gas price - NBP ($/Mbtu)	+/- 1 $/Mbtu	+/- 0.35 B$	+/- 0.35 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 2020. 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.

Summary and outlook

The environment remains volatile, given the uncertainty about hydrocarbon demand related to the outlook for global economic growth and a context of geopolitical instability.

The Group has strong capacity to generate cash flow and, in a 60 $/b environment, expects to increase it by approximately 1 B$ per year starting from 2019.

The Group will continue to implement its strategy for profitable growth on the integrated gas and low-carbon electricity chains. LNG sales will benefit notably in 2020 from the start-ups of Yamal LNG train 4 as well as Cameron LNG train 3 and be more than 30 Mt/y.

Spending discipline is maintained and the Group continues its cost reduction program with an objective of more than 5 B$ in cumulative savings in 2020. Net investments in 2020 should be on the order of 18 B$, and the Group will complete its 5 B$ asset sale program over the years 2019-20 (~3 B$ already announced).

Organic production growth should be more than 2% in 2020, thanks to ramp-ups of projects started in 2019 and expected start-ups in 2020, notably Iara 2 in Brazil.

Since the start of the fourth quarter, global refining margins are weak as a result of high product inventories and oil prices supported by OPEC. The Downstream will continue to rely on its diversified portfolio, notably its integrated platforms in Refining & Chemicals as well as its non-cyclical businesses.

Taking into account the strong visibility on cash flow, the Group will continue to increase the dividend with a guidance of 5-6% per year. It will also continue to buy back shares, with an amount expected for 2020 of 2.0 B$ in a 60 $/b environment.

• • •

To listen to the presentation in English by CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 10:30 (London time) please log on to total.com or call +44 (0) 207 192 8000 in Europe or +1 866 966 1396 in the United States (code: 2072029). For a replay, please consult the website or call +44 (0) 333 300 9785 in Europe or +1 866 331 1332 in the United States (code: 2072029).

* * * * *

Total contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investors Relations: +44 (0) 207 719 7962 l ir@total.com

Operating information by segment

Group production (Exploration & Production + iGRP)


4Q19		3Q19		4Q18		4Q19 vs 4Q18			Combined liquids and gas production by region (kboe/d)	2019		2018		2019 vs 2018
	1,102		1,004		997		+11	%	Europe and Central Asia		1,023		909		+13	%
	703		733		661		+6	%	Africa		705		670		+5	%
	701		720		655		+7	%	Middle East and North Africa		702		666		+6	%
	368		363		386		-5	%	Americas		365		389		-6	%
	239		221		176		+36	%	Asia-Pacific		219		141		+55	%

	3,113		3,040		2,876		+8	%	Total production		3,014		2,775		+9	%

	768		698		699		+10	%	includes equity affiliates		731		671		+9	%


4Q19		3Q19		4Q18		4Q19 vs 4Q18			Liquids production by region (kb/d)	2019		2018		2019 vs 2018
	373		367		363		+3	%	Europe and Central Asia		355		334		+6	%
	560		583		509		+10	%	Africa		558		513		+9	%
	560		562		503		+11	%	Middle East and North Africa		548		520		+5	%
	171		163		191		-11	%	Americas		168		183		-8	%
	50		44		22		x2.2		Asia-Pacific		44		16		x2.7

	1,714		1,720		1,589		+8	%	Total production		1,672		1,566		+7	%

	212		210		231		-8	%	includes equity affiliates		216		247		-13	%


4Q19		3Q19		4Q18		4Q19 vs 4Q18			Gas production by region (Mcf/d)	2019		2018		2019 vs 2018
	3,887		3,431		3,416		+14	%	Europe and Central Asia		3,596		3,100		+16	%
	904		768		738		+22	%	Africa		792		785		+1	%
	792		866		843		-6	%	Middle East and North Africa		857		806		+6	%
	1,109		1,124		1,094		+1	%	Americas		1,110		1,160		-4	%
	571		1,210		903		-37	%	Asia-Pacific		1,009		748		+35	%

	7,263		7,399		6,994		+4	%	Total production		7,364		6,599		+12	%

	3,179		2,635		2,524		+26	%	includes equity affiliates		2,834		2,281		+24	%

Downstream (Refining & Chemicals and Marketing & Services)


4Q19		3Q19		4Q18		4Q19 vs 4Q18			Petroleum product sales by region (kb/d)	2019		2018		2019 vs 2018
	1,993		1,999		2,062		-3	%	Europe		2,008		1,984		+1	%
	737		677		778		-5	%	Africa		706		736		-4	%
	763		920		767		—		Americas		842		827		+2	%
	526		541		531		-1	%	Rest of world		555		606		-8	%

	4,019		4,136		4,138		-3	%	Total consolidated sales		4,110		4,153		-1	%

	508		544		593		-14	%	Includes bulk sales		536		575		-7	%

	1,676		1,745		1,759		-5	%	Includes trading		1,730		1,777		-3	%

Adjustment items to net income (Group share)


4Q19			3Q19			4Q18			In millions of dollars	2019			2018
	(666	)		(156	)		(1,026	)	Special items affecting net income (Group share)		(892	)		(1,731	)

	—			—			(2	)	Gain (loss) on asset sales		—			(16	)
	(5	)		(20	)		(32	)	Restructuring charges		(58	)		(138	)
	(248	)		(160	)		(1,259	)	Impairments		(465	)		(1,595	)
	(413	)		24			267		Other		(369	)		18

	57			(71	)		(1,052	)	After-tax inventory effect : FIFO vs. replacement cost		346			(420	)

	44			10			46		Effect of changes in fair value		(15	)		38

	(565	)		(217	)		(2,032	)	Total adjustments affecting net income		(561	)		(2,113	)

Investments - Divestments


4Q19			3Q19			4Q18			4Q19 vs 4Q18			In millions of dollars	2019			2018			2019 vs 2018
	4,291			3,296			4,459			-4	%	Organic investments (a)		13,397			12,427			+8	%

	136			152			306			-56	%	capitalized exploration		705			711			-1	%

	319			242			160			+99	%	increase in non-current loans		1,061			618			+72	%
	(102	)		(61	)		(382	)		ns		repayment of non-current loans, excluding organic loan repayment from equity affiliates*		(551	)		(2,067	)		ns
	—			(109	)		—			ns		change in debt from renewable projects (Group share)		(109	)		—			ns

	266			4,429			349			-24	%	Acquisitions (b)		5,980			7,692			-22	%

	357			1,007			2,101			-83	%	Asset sales (c)		1,939			5,172			-63	%

	—			105			—			ns		change in debt from renewable projects (partner share)		105			—			ns

	(11	)		—			(1	)		ns		Other transactions with non-controlling interests (d)		(11	)		(622	)		ns

	4,211			6,718			2,708			+55	%	Net investments (a + b - c - d)		17,449			15,568			+12	%

	(275	)		(101	)		—			ns		Organic loan repayment from equity affiliates* (e)		(475	)		—			ns

	—			214			—			ns		Change in debt from renewable projects financing ** (f)		214			—			ns

	3,925			6,831			2,707			+45	%	Cash flow used in investing activities (a + b - c + e + f)		17,177			14,946			+15	%

*	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


4Q19			3Q19			4Q18			4Q19 vs 4Q18			In millions of dollars	2019			2018			2019 vs 2018
	7,372			7,385			6,095			+21	%	Operating cash flow before working capital changes w/o financials charges (DACF)		28,501			26,067			+9	%
	(533	)		(532	)		(423	)		ns		Financial charges		(2,069	)		(1,538	)		ns
	6,839			6,853			5,672			+21	%	Operating cash flow before working capital changes (a)		26,432			24,529			+8	%
	46			1,523			6,425			-99	%	(Increase) decrease in working capital		(1,718	)		769			ns
	(11	)		(69	)		(1,457	)		ns		Inventory effect		446			(595	)		ns
	(275	)		(101	)		—			ns		Organic loan repayment from equity affiliates		(475	)		—			ns

	6,599			8,206			10,640			-38	%	Cash flow from operations		24,685			24,703			—

	4,291			3,296			4,459			-4	%	Organic investments (b)		13,397			12,427			+8	%

	2,548			3,557			1,213			x2.1		Free cash flow after organic investments, w/o net asset sales (a - b)		13,035			12,102			+8	%

	4,211			6,718			2,708			+55	%	Net investments (c)		17,449			15,568			+12	%

	2,628			135			2,964			-11	%	Net cash flow (a - c)		8,983			8,961			—

Gearing ratio*


In millions of dollars	12/31/2019			09/30/2019			12/31/2018
Current borrowings		14,819			14,631			13,306
Net current financial assets		(3,505	)		(3,012	)		(3,176	)
Net financial assets classified as held for sale		301			—			(15	)
Non-current financial debt		47,773			47,923			40,129
Hedging instruments of non-current debt		(912	)		(767	)		(680	)
Cash and cash equivalents		(27,352	)		(27,454	)		(27,907	)

Net debt (a)		31,124			31,321			21,657

Shareholders’ equity - Group share		116,778			114,994			115,640
Non-controlling interests		2,527			2,319			2,474

Shareholders’ equity (b)		119,305			117,313			118,114

Net-debt-to-capital ratio = a / (a + b)		20.7	%		21.1	%		15.5	%

Net-debt-to-capital ratio excluding leases		16.7	%		17.2	%		14.3	%

*	The net-debt-to-capital ratios on December 31, 2019 and September 30, 2019 include the impact of the new IFRS 16 rule, effective January 1, 2019.

Return on average capital employed

Twelve months ended December 31, 2019


In millions of dollars	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Group
Adjusted net operating income		7,509			2,389			3,003			1,653			14,073
Capital employed at 12/31/2018*		89,400			34,746			10,599			6,442			138,519
Capital employed at 12/31/2019*		88,844			41,549			12,228			8,371			148,828

ROACE		8.4	%		6.3	%		26.3	%		22.3	%		9.8	%

Twelve months ended September 30, 2019


In millions of dollars	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Group
Adjusted net operating income		7,454			2,271			3,323			1,512			14,094
Capital employed at 09/30/2018*		92,104			36,587			12,884			6,841			145,298
Capital employed at 09/30/2019*		88,560			41,516			11,658			7,570			147,145

ROACE		8.3	%		5.8	%		27.1	%		21.0	%		9.6	%

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

This press release presents the results for 2019 from the consolidated financial statements of TOTAL S.A. as of December 31, 2019 (unaudited). The audit procedures by the Statutory Auditors are underway. The consolidated financial statements (unaudited) are available on the TOTAL website total.com. This document does not constitute the Annual Financial Report (Rapport Financier annuel) within the meaning of article L. 451.1.2 of the French monetary and financial code (code monétaire et financier).

This document may contain forward-looking information on the Group (including objectives and trends), as well as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL.

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

Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Group’s business, financial condition, including its operating income and cash flow, reputation or outlook is provided in the most recent Registration Document, the French language version of which is filed by the Company with the French Autorité des Marchés Financiers and annual report on Form 20-F/A filed with the United States Securities and Exchange Commission (“SEC”).

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE), gearing ratio and operating cash flow before working capital changes. These indicators are meant to facilitate the analysis of the financial performance of TOTAL and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of the Group.

These adjustment items include:

(i) Special items

Due to their unusual nature or particular significance, certain transactions qualified as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.

(ii) Inventory valuation effect

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

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

(iii) Effect of changes in fair value

The effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS.

IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.

Furthermore, TOTAL, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.

The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.

Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F/A, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.

EX-99.3 4 d895911dex993.htm EX-99.3 EX-99.3

EXHIBIT 99.3

LOGO

Press Release

Total proposes a final 2019 dividend of 0.68 €/share, an

increase of 6%, and an annual dividend of 2.68 €/share for

fiscal year 2019

Paris, February 6, 2020 – The Board of Directors met on February 5, 2020, and decided to propose to the Shareholders’ Meeting, which will be held on May 29, 2020, the distribution of a final dividend of 0.68 €/share for fiscal year 2019, an increase of 6% compared to the final 2018 dividend. This decision reflects the implementation of the policy announced on September 24, 2019, to accelerate dividend growth in the coming years, with a guidance of increasing the dividend by 5 to 6% per year.

Given the first and second 2019 interim dividends of 0.66 €/share and the third 2019 interim dividend of 0.68 €/share decided by the Board of Directors, the annual dividend for the fiscal year 2019 will amount to 2.68 €/share, compared to 2.56 €/share for the fiscal year 2018, an increase of nearly 5%.

Hence, subject to approval at the Shareholders’ Meeting, shareholders and American Depositary Shares (ADS) holders will receive the final 2019 dividend in cash according to the following timetable:


	Shareholders	ADS holders
Ex-dividend date	June 29, 2020	June 25, 2020

Payment date	July 1^st, 2020	July 20, 2020

About Total

Total is a major energy player, which produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

* * * * *

Total contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investors Relations: +44 (0)207 719 7962 l ir@total.com

Cautionary note

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

EX-99.4 5 d895911dex994.htm EX-99.4 EX-99.4

EXHIBIT 99.4

LOGO

Press Release

Total Sells Its Interest in the Fos Cavaou Regasification Terminal

Paris, February 06, 2020 – Total has divested its 27.5% interest in Fosmax LNG, operator of the Fos Cavaou liquefied natural gas (LNG) terminal, as a result of a competitive sale process to Elengy, Fosmax LNG’s shareholder with a 72.5% stake, that exercised its preemption right.

The consideration for the transaction is around $260 million, including acquisition of a shareholder loan and excluding any earnouts. This sale of non-strategic midstream infrastructure asset will contribute to Total’s objective of divesting five billion dollars in 2019-2020.

The Group retains its regasification capacity of around 5.5 million tons per annum (mtpa) at the terminal, equivalent to some 90% of its overall capacity. Total currently has regasification capacity of around 18 mtpa in Europe, allowing it to serve local market demand with LNG from the multiple sources in its world-class portfolio.

About Total

* * * * *

Total Contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com

Cautionary Note

EX-99.5 6 d895911dex995.htm EX-99.5 EX-99.5

EXHIBIT 99.5

LOGO

Press Release

Spain : Total to Enter into the Solar Market with a pipeline of 2 GW of projects

Paris, February 11, 2020 – Total, through its wholly owned affiliate Total Solar International, establishes its presence on the Spanish solar market through two agreements with Powertis and Solarbay Renewable Energy and to develop nearly 2 gigawatts (GW) of solar projects.

“Spain benefits from a solar resource that is unparalleled in Europe. Its photovoltaic market is one of the most dynamic in Europe, with an expected capacity increase from 6 GW to nearly 40 GW by 2030¹. Total is pleased to enter on this fast-growing market through partnerships with local developers,” said Julien Pouget, Senior Vice President Renewables at Total.

•

Establishment of a Joint Venture with Powertis with an Initial 800 MW Portfolio of Projects

Total Solar International and Powertis, a developer of utility-scale solar plants in Europe and South America, have agreed to establish a joint venture (65%/35%) to develop solar PV projects in Spain. Powertis will bring to this joint venture a pipeline of 800 MW of early stage projects and the JV will develop further new projects as well.

•

Acquisition of a 1.2 GW Portfolio of Projects developed by Solarbay

Total Solar International has signed an agreement to acquire 100% of a portfolio of solar PV projects which are being developed by the Spanish company Solarbay. The projects, which will be located in the regions of Andalusia, Aragon and Castile-La Mancha, represent a cumulative capacity of up to 1.2 GW.

The first project of these pipelines is set to begin operations by the end of 2020, with the ambition that all projects of both portfolios will be in service in 2023. Success fees will be paid by Total to Solarbay and Powertis along the steps of development of the projects.

Total and Low-Carbon Electricity

Total actively contributes to the growth of solar energy worldwide by designing and operating utility-scale power plants and supplying industrial and commercial customers with solar energy generated at their sites.

About Total

¹	Plan Nacional Integrado de Energia y Clima 2021-2030.

* * * * *

Total Contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com

Cautionary note

EX-99.6 7 d895911dex996.htm EX-99.6 EX-99.6

EXHIBIT 99.6

LOGO

Disclosure of Transactions in Own Shares

Paris, February 13, 2020 – In accordance with the authorization given by the ordinary shareholders’ general meeting on May 29, 2019 to trade on its shares and pursuant to applicable law on share repurchase, TOTAL S.A. (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271) from February 11, 2020 to February 12, 2020:


Transaction date	Total daily volume (number of shares)		Daily weighted average purchase price of the shares (EUR/share)		Amount of transactions (EUR)		Market (MIC Code)
11.02.2020		311,153		44.9938		13,999,971		XPAR
11.02.2020		—		—		—		CHIX
11.02.2020		—		—		—		TRQX
11.02.2020		—		—		—		BATE
12.02.2020		308,880		45.3250		13,999,984		XPAR
12.02.2020		—		—		—		CHIX
12.02.2020		—		—		—		TRQX
12.02.2020		—		—		—		BATE

Total		620,033		45.1588		27,999,955

Transaction details

In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation) a full breakdown of the individual trades are disclosed on the Total website: https://www.total.com/en/investors/shares-and-dividends/Total-shares/Company-share-transactions

About Total

* * * * *

Total contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com

EX-99.7 8 d895911dex997.htm EX-99.7 EX-99.7

EXHIBIT 99.7

LOGO

Disclosure of Transactions in Own Shares

Paris, February 20, 2020 – In accordance with the authorization given by the ordinary shareholders’ general meeting on May 29, 2019 to trade on its shares and pursuant to applicable law on share repurchase, TOTAL S.A. (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271) from February 13, 2020 to February 19, 2020:


Transaction date	Total daily volume (number of shares)		Daily weighted average purchase price of the shares (EUR/share)		Amount of transactions (EUR)		Market (MIC Code)
13.02.2020		477,138		45.048		21,493,877		XPAR
13.02.2020		6,654		44.858		298,486		CHIX
13.02.2020		19,697		44.863		883,666		TRQX
13.02.2020		537		44.794		24,054		BATE
14.02.2020		308,404		45.395		13,999,978		XPAR
14.02.2020		—		—		—		CHIX
14.02.2020		—		—		—		TRQX
14.02.2020		—		—		—		BATE
17.02.2020		308,676		45.355		13,999,976		XPAR
17.02.2020		—		—		—		CHIX
17.02.2020		—		—		—		TRQX
17.02.2020		—		—		—		BATE
18.02.2020		434,585		44.768		19,455,643		XPAR
18.02.2020		—		—		—		CHIX
18.02.2020		—		—		—		TRQX
18.02.2020		—		—		—		BATE
19.02.2020		311,906		44.885		13,999,970		XPAR
19.02.2020		—		—		—		CHIX
19.02.2020		—		—		—		TRQX
19.02.2020		—		—		—		BATE

Total		1,867,597		45.061		84,155,649

Transaction details

About Total

* * * * *

Total contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com

EX-99.8 9 d895911dex998.htm EX-99.8 EX-99.8

EXHIBIT 99.8

LOGO

Disclosure of Transactions in Own Shares

Paris, February 27, 2020 – In accordance with the authorization given by the ordinary shareholders’ general meeting on May 29, 2019 to trade on its shares and pursuant to applicable law on share repurchase, TOTAL S.A. (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271) from February 20, 2020 to February 26, 2020:


Transaction date	Total daily volume (number of shares)		Daily weighted average purchase price of the shares (EUR/share)		Amount of transactions (EUR)		Market (MIC Code)
20.02.2020		313,507		45.038		14,119,601		XPAR
20.02.2020		—		—		—		CHIX
20.02.2020		—		—		—		TRQX
20.02.2020		—		—		—		BATE
21.02.2020		593,335		44.220		26,237,328		XPAR
21.02.2020		—		—		—		CHIX
21.02.2020		—		—		—		TRQX
21.02.2020		—		—		—		BATE
24.02.2020		889,452		42.712		37,990,718		XPAR
24.02.2020		97,075		42.337		4,109,872		CHIX
24.02.2020		22,946		42.446		973,971		TRQX
24.02.2020		38,538		42.437		1,635,421		BATE
25.02.2020		746,634		41.520		30,999,928		XPAR
25.02.2020		—		—		—		CHIX
25.02.2020		—		—		—		TRQX
25.02.2020		—		—		—		BATE
26.02.2020		478,754		40.921		19,591,051		XPAR
26.02.2020		—		—		—		CHIX
26.02.2020		—		—		—		TRQX
26.02.2020		—		—		—		BATE

Total		3,180,241		42.656		135,657,890

Transaction details

About Total

* * * * *

Total contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com

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TOTAL S.A.

Date: February 28, 2020

/s/ ANTOINE LARENAUDIE

Antoine LARENAUDIE

Group Treasurer