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

July 27, 2018

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.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes      No 

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

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM F-3 (NOS. 333-224307, 333-224307-01, 333-224307-02 AND 333-224307-03) OF TOTAL S.A., TOTAL CAPITAL INTERNATIONAL, TOTAL CAPITAL CANADA LTD. AND TOTAL CAPITAL AND THE REGISTRATION STATEMENTS ON FORM S-8 (333-183144 AND 333-222833) OF TOTAL S.A., AND TO BE PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

TOTAL S.A. is providing on this Form 6-K its results for the second quarter of 2018 and six months ended June 30, 2018, and a description of certain recent developments relating to its business, as well as a capitalization table as of June 30, 2018, and a ratio of earnings to fixed charges for the six months ended June 30, 2018 and 2017, and each of the five years ended December 31, 2017, 2016, 2015, 2014 and 2013, together with the computation of the ratio of earnings to fixed charges.

TABLE OF CONTENTS

EX-99.1: Results for the Second Quarter of 2018 and Six Months Ended June 30, 2018

EX-99.2: Recent Developments

EX-99.3: Ratio of Earnings to Fixed Charges and Capitalization and Indebtedness

EX-99.4: Computation of Ratio of Earnings to Fixed Charges

EX-101: XBRL Document

SIGNATURES

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

	TOTAL S.A.
Date: July 27, 2018	By:	/s/ Antoine LARENAUDIE
		Name:	Antoine LARENAUDIE
		Title:	Group Treasurer

Exhibit Index

Exhibit 99.1	Results for the Second Quarter of 2018 and Six Months Ended June 30, 2018
Exhibit 99.2	Recent Developments
Exhibit 99.3	Ratio of Earnings to Fixed Charges and Capitalization and Indebtedness
Exhibit 99.4	Computation of Ratio of Earnings to Fixed Charges
Exhibit 101	XBRL Document

EX-99.1

Exhibit 99.1

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The financial information on pages 1-14 of this exhibit concerning TOTAL S.A. and its subsidiaries and affiliates (collectively, “TOTAL” or the “Group”) with respect to the second quarter of 2018 and six months ended June 30, 2018, has been derived from TOTAL’s unaudited consolidated balance sheets as of June 30, 2018 and unaudited statements of income, comprehensive income, cash flow and changes in shareholders’ equity and business segment information for the second quarter of 2018 and six months ended June 30, 2018 presented on pages 15-22 and 35-46 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, 2017, filed with the Securities and Exchange Commission (“SEC”) on March 16, 2018.

A. KEY FIGURES

2Q18			1Q18			2Q17			2Q18 vs 2Q17			in millions of dollars except earnings per share and number of shares	1H18			1H17			1H18 vs 1H17
	52,540			49,611			39,915			+32	%	Non-Group sales		102,151			81,098			+26	%
												Adjusted net operating income from business segments(a)
	2,687			2,183			1,359			+98	%	• Exploration & Production		4,870			2,741			+78	%
	193			115			95			+103	%	• Gas, Renewables & Power		308			156			+97	%
	821			720			861			-5	%	• Refining & Chemicals		1,541			1,884			-18	%
	478			367			433			+10	%	• Marketing & Services		845			734			+15	%
	1,103			484			310			x3.6		Net income (loss) from equity affiliates		1,587			858			+85	%
	1.38			0.99			0.79			+75	%	Fully-diluted earnings per share ($)		2.38			1.92			+24	%
	2,646			2,568			2,485			+7	%	Fully-diluted weighted-average shares (millions)		2,608			2,471			+6	%
	3,721			2,636			2,037			+83	%	Net income (Group share)		6,357			4,886			+30	%
	3,787			6,724			4,205			-10	%	Investments(b)		10,511			7,883			+33	%
	1,274			2,585			360			x3.5		Divestments(c)		3,859			3,258			+18	%
	2,513			4,139			3,845			-35	%	Net investments(d)		6,652			4,625			+44	%
	2,780			2,620			3,949			-30	%	Organic investments(e)		5,400			6,893			-22	%
	333			3,474			52			x6.4		Resource acquisitions(f)		3,807			64			n/a
	6,246			2,081			4,640			+35	%	Cash flow from operations		8,327			9,341			-11	%
												Of which:
	(856	)		(3,222	)		(268	)		n/a		• (increase)/decrease in working capital(g)		(4,078	)		(322	)		n/a
	(398	)		(298	)		(247	)		+61	%	• financial charges		(696	)		(462	)		+51	%

(a)	Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. See “Analysis of business segment results” below and page 12 for further details.
(b)	Including acquisitions and increases in non-current loans.
(c)	Including divestments and reimbursements of non-current loans.
(d)	“Net investments” = investments - divestments - repayment of non-current loans - other operations with non-controlling interests.
(e)	“Organic investments” = net investments excluding acquisitions, asset sales and other operations with non-controlling interests. See page 12 of this exhibit.
(f)	“Resource acquisitions” = acquisition of a participating interest in an oil and gas mining property by way of assignment of rights and obligations in the corresponding permit or license and related contracts, with a view to producing the recoverable oil and gas.
(g)	The change in working capital as determined using the replacement cost method was $(153) million in 2Q18, $(3,289) million in 1Q18, $(694) million in 2Q17, $(3,442) million in 1H18 and $(680) million in 1H17. For information on the replacement cost method, refer to the second paragraph of “B. Analysis of business segment results”. See also “C. Group results — Cash flow”.

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.

1

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 35-43 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.

As of January 1, 2018, the reporting of the cash flow from operations at the segment level changed due to the transfer of financial charges to the Corporate segment. The Corporate segment includes the Group’s holdings operating and financial activities. As a result of this change in reporting, the 2017 comparative information has been restated at the segment level.

B.1. Exploration & Production segment

• Environment — liquids and gas price realizations*

2Q18		1Q18		2Q17		2Q18 vs 2Q17				1H18		1H17		1H18 vs 1H17
	74.4		66.8		49.6		+50	%	Brent ($/b)		70.6		51.7		+37	%
	69.5		60.4		45.1		+54	%	Average liquids price ($/b)		65.3		47.1		+39	%
	4.49		4.73		3.93		+14	%	Average gas price ($/Mbtu)		4.61		4.01		+15	%
	54.3		47.3		35.5		+53	%	Average hydrocarbons price ($/boe)		50.9		36.7		+39	%

* Consolidated subsidiaries, excluding fixed margins.

• Production

2Q18		1Q18		2Q17		2Q18 vs 2Q17			Hydrocarbon production	1H18		1H17		1H18 vs 1H17
	2,717		2,703		2,500		+9	%	Combined production (kboe/d)		2,710		2,534		+7	%
	1,582		1,481		1,298		+22	%	• Liquids (kb/d)		1,532		1,300		+18	%
	6,176		6,664		6,500		-5	%	• Gas (Mcf/d)		6,419		6,696		-4	%

2

Hydrocarbon production was 2,717 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2018, an increase of close to 9% compared to the second quarter 2017, due to:

• +7% due to new project start-ups and ramp-ups, notably Moho Nord, Yamal LNG, Edradour-Glenlivet, Kashagan, Fort Hills, Timimoun and Libra;

• +6% portfolio effect, mainly due to the integration of Al-Shaheen in Qatar, the Maersk Oil assets, Waha in Libya, and Lapa and Iara in Brazil, which were partially offset by the expiration of the Mahakam permit in Indonesia at the end of 2017;

• -4% due to heavier seasonal maintenance activity, the PSC price effect¹ and natural field decline.

In the first half 2018, hydrocarbon production was 2,710 kboe/d, an increase of 7% compared to the first half 2017, due to:

• +7% due to new project start-ups and ramp-ups, notably Moho Nord, Yamal LNG, Edradour-Glenlivet, Kashagan, Fort Hills and Libra;

• +3% portfolio effect, mainly due to the integration of Al-Shaheen in Qatar, the Maersk Oil assets, Waha in Libya, and Lapa and Iara in Brazil, which were partially offset by the expiration of the Mahakam permit in Indonesia at the end of 2017;

• -3% due to heavier seasonal maintenance activity, the PSC price effect and natural field decline.

• Results

2Q18			1Q18			2Q17			2Q18 vs 2Q17			in millions of dollars	1H18			1H17			1H18 vs 1H17
	3,398			2,467			2,068			+64	%	Non-Group sales		5,865			4,171			+41	%
	3,773			2,996			1,295			x3		Operating income		6,769			1,191			x5.7
	569			641			487			+17	%	Net income (loss) from equity affiliates and other items		1,210			677			+79	%
	46.3	%		48.1	%		36.2	%				Effective tax rate*		47.1	%		39.3	%
	(1,772	)		(1,550	)		(512	)		x3.5		Tax on net operating income		(3,322	)		(951	)		x3.5
	2,570			2,087			1,270			x2		Net operating income		4,657			917			x5.1
	117			96			89			+31	%	Adjustments affecting net operating income		213			1,824			-88	%
	2,687			2,183			1,359			+98	%	Adjusted net operating income**		4,870			2,741			+78	%
	575			446			373			+54	%	• Including income from equity affiliates		1,021			688			+48	%
	2,980			5,871			3,448			-14	%	Investments		8,851			6,084			+45	%
	500			2,251			132			x3.8		Divestments		2,751			245			x11.2
	2,114			2,057			3,296			-36	%	Organic investments		4,171			5,802			-28	%

* “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 35 of this exhibit.

The Exploration & Production segment’s adjusted net operating income was:

• $2,687 million in the second quarter 2018, or practically double the second quarter 2017. The Group benefited fully from the increase in hydrocarbon prices, thanks to higher production and lower costs, despite an increase in tax rates over the year to 46.3% in line with increasing hydrocarbon prices.

• $4,870 million in the first half 2018, an increase of 78% compared to the first half 2017, for the same reasons.

Adjusted net operating income for the Exploration & Production segment excludes special items. In the second quarter of 2018, the exclusion of special items had a positive impact on the segment’s adjusted net operating income of $117 million compared to a positive impact of $89 million in the second quarter of 2017.

The segment’s cash flow from operating activities excluding financial charges was $4,628 million in the second quarter of 2018, an increase of 63% compared to $2,836 million in the second quarter of 2017. Operating cash flow excluding the change in working capital at replacement cost and without financial charges in the second quarter of 2018 was $5,115 million, an increase of 43% compared to $3,580 million in the second quarter of 2017², as a result of the increase in hydrocarbon prices, thanks to higher production and lower costs. The Exploration & Production segment generated $5,209 million of cash flow after organic investments in the first half 2018.

¹ The PSC “price effect” refers to the impact of changing hydrocarbon prices on entitlement volumes from production sharing and buyback contracts. For example, as the price of oil or gas increases above certain pre-determined levels, TOTAL’s share of production normally decreases.

² Operating cash flow excluding the change in working capital at replacement cost 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 12 of this exhibit.

3

In the first half of 2018, the segment’s cash flow from operating activities excluding financial charges was $8,197 million, an increase of 45% compared to $5,637 million in the first half of 2017. Operating cash flow excluding the change in working capital at replacement cost and without financial charges in the first half of 2018 was $9,380 million, an increase of 36% compared to $6,916 million in the first half of 2017, thanks to the same reasons mentioned in the paragraph above.

B.2. Gas, Renewables & Power segment

• Results

2Q18			1Q18			2Q17			2Q18 vs 2Q17			in millions of dollars	1H18			1H17			1H18 vs 1H17
	3,268			4,091			2,671			+22	%	Non-Group sales		7,359			5,868			+25	%
	(336	)		(37	)		48			n/a		Operating income		(373	)		13			n/a
	128			34			13			x9.8		Net income (loss) from equity affiliates and other items		162			(32	)		n/a
	(19	)		(15	)		(24	)		-21	%	Tax on net operating income		(34	)		(61	)		-44	%
	(227	)		(18	)		37			n/a		Net operating income		(245	)		(80	)		x3.1
	420			133			58			x7.2		Adjustments affecting net operating income		553			236			x2.3
	193			115			95			+103	%	Adjusted net operating income*		308			156			+97	%
	79			249			77			+3	%	Investments		328			392			-16	%
	405			78			23			x17.6		Divestments		483			27			x17.9
	60			77			68			-12	%	Organic investments		136			170			-20	%

*Detail of adjustment items shown in the business segment information starting on page 35 of this exhibit.

Adjusted net operating income for the Gas, Renewables & Power segment was $193 million in the second quarter 2018 and $308 million in the first half 2018, thanks to an increased contribution from the gas business and better performance from new energies, compared to $95 million in the second quarter 2017 and $156 million in the first half 2017.

Adjusted net operating income for the Gas, Renewables & Power segment excludes special items. In the second quarter of 2018, the exclusion of special items had a positive impact on the segment’s adjusted net operating income of $420 million compared to a positive impact of $58 million in the second quarter of 2017.

The segment’s cash flow from operating activities excluding financial charges was $104 million in the second quarter of 2018, compared to $(100) million in the second quarter of 2017. Operating cash flow excluding the change in working capital at replacement cost and without financial charges in the second quarter of 2018 was $177 million, an increase of 43% compared to 124 million in the second quarter of 2017.

In the first half of 2018, the segment’s cash flow from operating activities excluding financial charges was $(75) million compared to $40 million in the first half of 2017. Operating cash flow excluding the change in working capital at replacement cost and without financial charges in the first half of 2018 was $226 million, an increase of 42% compared to 159 million in the first half of 2017.

4

B.3. Refining & Chemicals segment

• Refinery throughput and utilization rates*

2Q18			1Q18			2Q17			2Q18 vs 2Q17				1H18			1H17			1H18 vs 1H17
	1,734			1,832			1,672			+4	%	Total refinery throughput (kb/d)		1,784			1,796			-1	%
	569			624			574			-1	%	• France		597			600			-1	%
	670			746			684			-2	%	• Rest of Europe		708			742			-5	%
	495			462			414			+20	%	• Rest of world		479			454			+6	%
	83	%		87	%		81	%				Utilization rates based on crude only**		85	%		86	%

* Includes share of TotalErg, as well as refineries in Africa that are reported in the Marketing & Services segment.

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

Refinery throughput:

• increased by 4% in the second quarter 2018 compared to the second quarter 2017, notably as a result of higher throughput at SATORP after debottlenecking increased its capacity by more than 10%.

• was stable in the first half 2018 compared to the first half 2017. Lower throughput in Europe linked to planned maintenance, notably at Antwerp, was offset by higher throughput in the rest of the world.

• Results

2Q18			1Q18			2Q17			2Q18 vs 2Q17			in millions of dollars, except the ERMI	1H18			1H17			1H18 vs 1H17
	34.7			25.6			41.0			-15	%	European refining margin indicator - ERMI ($/t)		30.1			40.0			-25	%
	23,349			21,739			17,347			+35	%	Non-Group sales		45,088			35,921			+26	%
	1,249			656			520			x2.4		Operating income		1,905			1,574			+21	%
	289			128			148			+95	%	Net income (loss) from equity affiliates and other items		417			2,601			-84	%
	(279	)		(104	)		(142	)		+96	%	Tax on net operating income		(383	)		(498	)		-23	%
	1,259			680			526			x2.4		Net operating income		1,939			3,677			-47	%
	(438	)		40			335			n/a		Adjustments affecting net operating income		(398	)		(1,793	)		-78	%
	821			720			861			-5	%	Adjusted net operating income*		1,541			1,884			-18	%
	404			332			401			+1	%	Investments		736			667			+10	%
	324			25			20			x16.2		Divestments		349			2,760			-87	%
	386			308			381			+1	%	Organic investments		694			603			+15	%

*Detail of adjustment items shown in the business segment information starting on page 35 of this exhibit.

The Group’s European refining margin indicator (ERMI) decreased by 15% from a year ago to $34.7/t in the second quarter 2018, and it decreased by 25% from a year ago to $30.1/t for the first half 2018. Petrochemical margins continue to benefit from a favorable environment, notably in the United States and Asia-Middle East, but margins in Europe were lower compared to a year ago mainly due to an increase in feedstock prices.

In this context, adjusted net operating income for the Refining & Chemicals segment was:

• $821 million in the second quarter 2018, a decrease of 5% compared to the second quarter 2017.

• $1,541 million in the first half 2018, a decrease of 18% compared to the first half 2017.

Adjusted net operating income for the Refining & Chemicals segment excludes any after-tax inventory valuation effect and special items. In the second quarter of 2018, the exclusion of the inventory valuation effect had a negative impact on the segment’s adjusted net operating income of $438 million compared to a positive impact of $270 million in the second quarter of 2017. The exclusion of special items in the second quarter of 2018 had a neutral impact on the segment’s adjusted net operating income compared to a positive impact of $65 million in the second quarter of 2017.

5

The segment’s cash flow from operating activities excluding financial charges was $999 million in the second quarter of 2018, a decrease of 49% compared to $1,967 million in the second quarter of 2017. Operating cash flow excluding the change in working capital at replacement cost and without financial charges in the second quarter of 2018 was $1,018 million, a decrease of 24% compared to 1,347 million in the second quarter of 2017.

In the first half of 2018, the segment’s cash flow from operating activities excluding financial charges was $(110) million compared to $3,729 million in the first half of 2017. Operating cash flow excluding the change in working capital at replacement cost and without financial charges in the first half of 2018 was $1,938 million, a decrease of 19% compared to 2,378 million in the first half of 2017.

B.4. Marketing & Services segment

• Petroleum product sales

2Q18		1Q18		2Q17		2Q18 vs 2Q17			sales in kb/d*	1H18		1H17		1H18 vs 1H17
	1,799		1,801		1,760		+2	%	Total Marketing & Services sales		1,800		1,744		+3	%
	1,001		993		1,039		-4	%	• Europe		997		1,039		-4	%
	798		808		721		+11	%	• Rest of world		803		705		+14	%

*Excludes trading and bulk refining sales, which are reported under the Refining & Chemicals segment (see page 11 of this exhibit); includes share of TotalErg.

Petroleum product sales:

• increased by 2% in the second quarter 2018 compared to the second quarter 2017, despite the sale of TotalErg in Italy, due to growth in the business, notably in Asia and Africa.

• increased by 3% in the first half 2018 compared to the first half 2017 for the same reasons.

• Results

2Q18			1Q18			2Q17			2Q18 vs 2Q17			in millions of dollars	1H18			1H17			1H18 vs 1H17
	22,528			21,308			17,831			+26	%	Non-Group sales		43,836			35,129			+25	%
	662			357			360			+84	%	Operating income		1,019			734			+39	%
	107			86			258			-59	%	Net income (loss) from equity affiliates and other items		193			288			-33	%
	(194	)		(103	)		(123	)		+58	%	Tax on net operating income		(297	)		(231	)		+29	%
	575			340			495			+16	%	Net operating income		915			791			+16	%
	(97	)		27			(62	)		-56	%	Adjustments affecting net operating income		(70	)		(57	)		+23	%
	478			367			433			+10	%	Adjusted net operating income*		845			734			+15	%
	310			228			258			+20	%	Investments		538			697			-23	%
	45			228			182			-75	%	Divestments		273			218			+25	%
	205			136			185			+11	%	Organic investments		342			280			+22	%

*Detail of adjustment items shown in the business segment information starting on page 35 of this exhibit.

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

• $478 million in the second quarter 2018, an increase of 10% compared to the second quarter 2017, due to volume growth in a context of favorable margins, notably in Africa.

• $845 million in the first half 2018, a 15% increase compared to the first half 2017, for the same reasons.

Adjusted net operating income for the Marketing & Services segment excludes any after-tax inventory valuation effect and special items. In the second quarter of 2018, the exclusion of the inventory valuation effect had a negative impact on the segment’s adjusted net operating income of $97 million compared to a positive impact of $45 million in the second quarter of 2017. The exclusion of special items in the second quarter of 2018 had a neutral impact on the segment’s adjusted net operating income compared to a negative impact of $107 million in the second quarter of 2017.

The segment’s cash flow from operating activities excluding financial charges was $841 million in the second quarter of 2018, 3.4 times more compared to $251 million in the second quarter of 2017. Operating cash flow excluding the change in working capital at replacement cost and without financial charges in the second quarter of 2018 was $646 million, an increase of 4% compared to $624 million in the second quarter of 2017.

6

In the first half of 2018, the segment’s cash flow from operating activities excluding financial charges was $781 million, an increase of 34% compared to $582 million in the first half of 2017. Operating cash flow in the first half of 2018 excluding the change in working capital at replacement cost and without financial charges was $1,076 million, an increase of 2% compared to $1,053 million in the first half of 2017.

C. GROUP RESULTS

• Net income (Group share)

Net income (Group share) was $3,721 million in the second quarter of 2018, an increase of 83% compared to $2,037 million in the second quarter of 2017, and $6,357 million in the first half of 2018, an increase of 30% compared to $4,886 million in the first half of 2017.

Adjusted net income (Group share) was:

• $3,553 million in the second quarter 2018, an increase of 44% compared to the second quarter 2017, essentially due to 52% increase in the contribution of the segments, partially offset by higher net cost of net debt, mainly due to an increase in U.S. dollar interest rates.

• $6,437 million in the first half 2018, a 28% increase compared to the first half 2017 for the same reasons.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value³.

Total adjustments affecting net income (Group share)⁴were:

• $168 million in the second quarter 2018.

• -$80 million in the first half 2018.

• Fully-diluted shares and share buyback

On June 30, 2018, the number of fully-diluted shares was 2,644 million, compared to 2,503 million on June 30, 2017.

Within the framework of the shareholder return policy announced in February 2018, the Group bought back shares in the first half 2018 for cancellation. The buyback is comprised of repurchasing shares issued as scrip dividend to eliminate dilution and additional shares to share with shareholders the benefit resulting from higher oil prices.

• 18.6 million shares repurchased in the second quarter 2018, including additional shares for $299 million.

• 28.4 million shares repurchased in the first half 2018, including additional shares for $589 million.

• Divestments — acquisitions

Asset sales were:

• $693 million completed in the second quarter 2018, comprised mainly of SunPower’s sale of its interest in 8point3, and the sale of the Bayport (US) polyethylene plant to the joint venture formed with Borealis and Nova in which Total holds 50%, compared to $207 million in the second quarter of 2017.

• $2,862 million completed in the first half 2018, comprised mainly of the items above plus the high-cost Martin Linge field in Norway, an interest in Fort Hills in Canada and the marketing activities of TotalErg in Italy, compared to 2,918 million in the first half of 2017.

Acquisitions were:

• $426 million completed in the second quarter 2018, comprised mainly of offshore assets from Cobalt in the Gulf of Mexico, notably including 20% interest in the North Platte and Anchor discoveries, and an interest in Clean Energy in the United States to expand into marketing natural gas for vehicles.

• $4,114 million completed in the first half 2018, comprised mainly of the items above plus interests in the Iara and Lapa fields in Brazil, two new 40-year concessions in offshore Abu Dhabi, and the Waha field in Libya.

³ Details shown on page 12 of this exhibit.

⁴ Details shown on pages 12 of this exhibit.

7

• Cash flow

The Group’s cash flow from operating activities was $6,246 million in the second quarter of 2018, an increase of 35% compared to $4,640 million in the second quarter of 2017. The change in working capital at replacement cost in the second quarter of 2018, which is the (increase)/decrease in working capital of $(856) million as determined in accordance with IFRS adjusted for the pre-tax inventory valuation effect of $703 million, was $(153) million compared to $(694) million in the second quarter of 2017. Operating cash flow excluding the change in working capital at replacement cost in the second quarter of 2018 was $6,399 million, an increase of 20% compared to $5,334 million in the second quarter of 2017. Operating cash flow excluding the change in working capital at replacement cost and without financial charges in the second quarter of 2018 was $6,797 million, an increase of 22% compared to $5,581 million in the second quarter of 2017.

The Group’s net cash flow⁵ was $3,886 million in the second quarter 2018 compared to $1,489 million in the second quarter 2017, thanks mainly to a 20% increase in operating cash flow before working capital changes.

In the first half of 2018, the Group’s cash flow from operating activities was $8,327 million, a decrease of 11% compared to $9,341 million in the first half of 2017. The change in working capital at replacement cost in the first half of 2018, which is the (increase)/decrease in working capital of $(4,078) million as determined in accordance with IFRS adjusted for the pre-tax inventory valuation effect of $636 million, was $(3,442) million compared to $(680) million in the first half of 2017. Operating cash flow excluding the change in working capital at replacement cost in the first half of 2018 was $11,769 million, an increase of 17% compared to $10,021 million in the first half of 2017. Operating cash flow excluding the change in working capital at replacement cost and without financial charges in the first half of 2018 was $12,465 million, an increase of 19% compared to $10,483 million in the first half of 2017.The Group’s net cash flow was $5,117 million in the first half 2018 compared to $5,396 million in the first half 2017. Net investments increased by $2,027 million compared to the first half 2017 due to an increase in completed acquisitions, in line with the strategy of the Group to invest counter-cyclically in 2016-17. This well-timed investment effort was partially offset by a $1,748 million increase in operating cash flow before working capital changes.

D. PROFITABILITY

Return on equity for the twelve months ended June 30, 2018, was 10.9%, an increase compared to the same period a year ago.

in millions of dollars	07/01/2017 - 06/30/2018			04/01/2017 - 03/31/2018			01/01/2017- 12/31/2017
Adjusted net income		12,299			11,150			10,762
Adjusted shareholders’ equity		113,251			111,522			106,078
Return on equity (ROE)		10.9	%		10.0	%		10.1	%

Return on average capital employed was 10.1% for the twelve months ended June 30, 2018, an increase compared to the same period a year ago.

in millions of dollars	07/01/2017 - 06/30/2018			04/01/2017 - 03/31/2018			01/01/2017- 12/31/2017
Adjusted net operating income		13,748			12,428			11,958
Adjusted capital employed		136,356			136,384			125,575
ROACE		10.1	%		9.1	%		9.4	%

⁵ Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).

8

E. 2018 SENSITIVITIES*

	Scenario retained	Change	Estimated impact on adjusted net operating income	Estimated impact on cash flow
Dollar	$1.2/€	+/- $0.1 per €	-/+ $0.1 B	~$0 B
Brent	$50/b	+/- $10/b**	+/- $2.3 B	+/- $2.8 B
European refining margin indicator (ERMI)	$35/t	+/- $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 2018. 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.

**Assumes constant liquids price differentials.

F. SUMMARY AND OUTLOOK

Supported by inventory reductions and geopolitical tensions, Brent continued to trade at around $70/b at the start of the third quarter, despite the announced increase in production by OPEC. The Group, however, resolutely continues to implement programs to improve operational efficiency and to reduce its breakeven so as to remain profitable whatever the market context.

The Upstream is well positioned to take advantage of the increase in oil prices thanks to production growth which should be above 7% in 2018. It will benefit in the coming months from the start-ups of Kaombo, Tempa Rossa, Ichthys and Egina, which are all strong cash flow generators, as well as ramping production up at recent start-ups like Yamal LNG, Fort Hills and Timimoun.

Since the start of the third quarter, European refining margins have been around $35/t. While still favorable, petrochemical margins are lower in Europe compared to a year ago.

The cost reduction program is on track to surpass the $4 billion objective for the year and reach $4.2 billion of cost savings over the 2014-18 period. The Group confirms that investments (organic and net acquisitions) should be between $16-17 billion in 2018.

Conforming to the announced shareholder return policy, the Group will continue to buy back shares issued as scrip dividend to eliminate dilution. It will also continue to buy back additional shares for an amount of up to $5 billion over the period 2018-20.

9

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, 2017.

10

OPERATING INFORMATION BY SEGMENT

• Exploration & Production

2Q18		1Q18		2Q17		2Q18 vs 2Q17			Combined liquids and gas production by region (kboe/d)	1H18		1H17		1H18 vs 1H17
	842		886		746		+13	%	Europe and Central Asia		864		776		+11	%
	672		673		656		+2	%	Africa		673		646		+4	%
	681		639		514		+33	%	Middle East and North Africa		660		524		+26	%
	401		371		344		+17	%	Americas		386		339		+14	%
	121		134		240		-49	%	Asia-Pacific		128		249		-49	%
	2,717		2,703		2,500		+9	%	Total production		2,710		2,534		+7	%
	616		724		597		+3	%	• Including equity affiliates		670		621		+8	%
2Q18		1Q18		2Q17		2Q18 vs 2Q17			Liquids production by region (kb/d)	1H18		1H17		1H18 vs 1H17
	332		299		266		+25	%	Europe and Central Asia		315		268		+17	%
	511		503		505		+1	%	Africa		507		495		+2	%
	539		501		376		+43	%	Middle East and North Africa		520		384		+36	%
	190		165		126		+51	%	Americas		177		126		+41	%
	11		13		26		-58	%	Asia-Pacific		12		28		-57	%
	1,582		1,481		1,298		+22	%	Total production		1,532		1,300		+18	%
	233		304		244		-5	%	• Including equity affiliates		268		254		+6	%
2Q18		1Q18		2Q17		2Q18 vs 2Q17			Gas production by region (Mcf/d)	1H18		1H17		1H18 vs 1H17
	2,754		3,157		2,592		+6	%	Europe and Central Asia		2,954		2,740		+8	%
	772		857		679		+14	%	Africa		815		696		+17	%
	787		761		763		+3	%	Middle East and North Africa		774		776		-
	1,192		1,158		1,223		-3	%	Americas		1,175		1,197		-2	%
	671		731		1,243		-46	%	Asia-Pacific		701		1,287		-46	%
	6,176		6,664		6,500		-5	%	Total production		6,419		6,696		-4	%
	2,026		2,257		1,829		+11	%	• Including equity affiliates		2,141		1,921		+11	%
2Q18		1Q18		2Q17		2Q18 vs 2Q17			Liquefied natural gas	1H18		1H17		1H18 vs 1H17
	2.47		2.50		2.67		-7	%	LNG sales* (Mt)		4.97		5.66		-12	%

* Sales, Group share, excluding trading; 2017 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2017 SEC coefficient.

• Downstream (Refining & Chemicals and Marketing & Services)

2Q18		1Q18		2Q17*		2Q18 vs 2Q17			Petroleum product sales by region (kb/d)**	1H18		1H17*		1H18 vs 1H17
	1,942		1,902		2,020		-4	%	Europe		1,922		2,078		-7	%
	652		754		610		+7	%	Africa		703		587		+20	%
	802		760		654		+23	%	Americas		781		615		+27	%
	644		680		774		-17	%	Rest of world		662		765		-14	%
	4,040		4,096		4,057		-		Total consolidated sales		4,068		4,045		+1	%
	556		570		538		+3	%	• Including bulk sales		563		577		-2	%
	1,685		1,725		1,759		-4	%	• Including trading		1,705		1,724		-1	%

* 2017 data restated.

** Includes share of TotalErg.

11

ADJUSTMENT ITEMS

• Adjustment items to net income (Group share)

2Q18			1Q18			2Q17			in millions of dollars	1H18			1H17
	(358	)		(195	)		(108	)	Special items affecting net income (Group share)		(553	)		128
	(2	)		(101	)		125		• Gain (loss) on asset sales		(103	)		2,264
	(46	)		(21	)		(54	)	• Restructuring charges		(67	)		(59	)
	(236	)		(12	)		(32	)	• Impairments		(248	)		(1,750	)
	(74	)		(61	)		(147	)	• Other		(135	)		(327	)
	517			(45	)		(310	)	After-tax inventory effect: FIFO vs. replacement cost		472			(255	)
	9			(8	)		(19	)	Effect of changes in fair value		1			(19	)
	168			(248	)		(437	)	Total adjustments affecting net income		(80	)		(146	)

INVESTMENTS — DIVESTMENTS

2Q18			1Q18			2Q17			2Q18 vs 2Q17			in millions of dollars	1H18			1H17			1H18 vs 1H17
	2,780			2,620			3,949			-30	%	Organic investments		5,400			6,893			-22	%
	137			111			166			-17	%	• Capitalized exploration		248			277			-10	%
	140			171			443			-68	%	• Increase in non-current loans		311			601			-48	%
	(581	)		(416	)		(153	)		x3.8		• Repayment of non-current loans		(997	)		(340	)		x2.9
	426			3,688			103			x4.1		Acquisitions		4,114			650			x6.3
	693			2,169			207			x3.3		Asset sales		2,862			2,918			-2	%
	—			—			—			—		Other transactions with non-controlling interests		—			—			—
	2,513			4,139			3,845			-35	%	Net investments		6,652			4,625			+44	%

CASH FLOW

2Q18			1Q18			2Q17			2Q18 vs 2Q17			in millions of dollars	1H18			1H17			1H18 vs 1H17
	6,797			5,668			5,581			+22	%	Operating cash flow before working capital changes w/o financial charges (DACF)		12,465			10,483			+19	%
	(398	)		(298	)		(247	)		+61	%	• Financial charges		(696	)		(462	)		+51	%
	6,399			5,370			5,334			+20	%	Operating cash flow before working capital changes (a)		11,769			10,021			+17	%
	(856	)		(3,222	)		(268	)		n/a		• (Increase) decrease in working capital		(4,078	)		(322	)		n/a
	703			(67	)		(426	)		n/a		• Inventory effect		636			(358	)		n/a
	6,246			2,081			4,640			+35	%	Cash flow from operations		8,327			9,341			-11	%
	2,780			2,620			3,949			-30	%	Organic investments (b)		5,400			6,893			-22	%
	3,619			2,750			1,385			x2.6		Free cash flow after organic investments, w/o net asset sales (a-b)		6,369			3,128			x2
	2,513			4,139			3,845			-35	%	Net investments (c)		6,652			4,625			+44	%
	3,886			1,231			1,489			x2.6		Net cash flow (a-c)		5,117			5,396			-5	%

12

GEARING RATIOS

in millions of dollars	06/30/2018			03/31/2018			06/30/2017
Current borrowings		15,659			14,909			13,070
Net current financial assets		(2,806	)		(1,920	)		(3,377	)
Net financial assets classified as held for sale		0			0			(2	)
Non-current financial debt		38,362			40,257			41,548
Hedging instruments of non-current debt		(967	)		(1,154	)		(558	)
Cash and cash equivalents		(26,475	)		(30,092	)		(28,720	)
Net debt (a)		23,773			22,000			21,961
Shareholders’ equity – Group share		117,975			121,187			107,188
Non-controlling interests		2,288			2,499			2,772
Shareholders’ equity (b)		120,263			123,686			109,960
Net-debt-to-equity ratio = a/b		19.8	%		17.8	%		20.0	%
Net-debt-to-capital ratio = a/(a+b)		16.5	%		15.1	%		16.6	%

RETURN ON AVERAGE CAPITAL EMPLOYED

• Twelve months ended June 30, 2018

in millions of dollars	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services
Adjusted net operating income		8,114			637			3,447			1,787
Capital employed at 06/30/2017*		108,618			5,363			10,957			6,937
Capital employed at 06/30/2018*		118,715			4,442			12,939			7,040
ROACE		7.1	%		13.0	%		28.9	%		25.6	%

• Twelve months ended March 31, 2018

in millions of dollars	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services
Adjusted net operating income		6,786			539			3,487			1,742
Capital employed at 03/31/2017*		106,937			5,036			11,130			6,331
Capital employed at 03/31/2018*		119,035			5,237			13,428			7,409
ROACE		6.0	%		10.5	%		28.4	%		25.4	%

• Twelve months ended June 30, 2017

in millions of dollars	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services
Adjusted net operating income		4,529			479			3,931			1,584
Capital employed at 06/30/2016*		107,405			4,622			12,249			5,789
Capital employed at 06/30/2017*		108,618			5,363			10,957			6,937
ROACE		4.2	%		9.6	%		33.9	%		24.9	%

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

13

MAIN INDICATORS

Chart updated around the middle of the month following the end of each quarter.

	€/$		Brent ($/b)		Average liquids price*** ($/b)		Average gas price ($/Mbtu)***		ERMI*  ($/t)**
Second quarter 2018		1.19		74.4		69.5		4.49		34.7
First quarter 2018		1.23		66.8		60.4		4.73		25.6
Fourth quarter 2017		1.18		61.3		57.6		4.23		35.5
Third quarter 2017		1.17		52.1		48.9		4.05		48.2
Second quarter 2017		1.10		49.6		45.1		3.93		41.0

*	European Refining Margin Indicator (“ERMI”) is a Group indicator intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region. The indicator margin may not be representative of the actual margins achieved by the Group in any period because of the Group’s particular refinery configurations, product mix effects or other company-specific operating conditions.
**	$1/t = $0.136/b.
***	Consolidated subsidiaries, excluding fixed margin contracts, including hydrocarbon production overlifting/underlifting position valued at market price

Disclaimer: data is based on TOTAL’s reporting, is not audited and is subject to change.

14

Consolidated statement of income – half-yearly

TOTAL

(unaudited)

(M$)(a)	1st half 2018			1st half 2017
Sales		102,151			81,098
Excise taxes		(12,757	)		(10,523	)
Revenues from sales		89,394			70,575
Purchases, net of inventory variation		(60,045	)		(47,385	)
Other operating expenses		(13,698	)		(12,272	)
Exploration costs		(362	)		(396	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(6,351	)		(7,377	)
Other income		775			2,895
Other expense		(603	)		(397	)
Financial interest on debt		(868	)		(676	)
Financial income and expense from cash & cash equivalents		(95	)		(48	)
Cost of net debt		(963	)		(724	)
Other financial income		561			513
Other financial expense		(329	)		(319	)
Net income (loss) from equity affiliates		1,587			858
Income taxes		(3,683	)		(1,165	)
Consolidated net income		6,283			4,806
Group share		6,357			4,886
Non-controlling interests		(74	)		(80	)
Earnings per share ($)		2.39			1.93
Fully-diluted earnings per share ($)		2.38			1.92
(a) Except for per share amounts.

15

Consolidated statement of comprehensive income – half-yearly

TOTAL

(unaudited)

(M$)	1st half 2018			1st half 2017
Consolidated net income		6,283			4,806
Other comprehensive income
Actuarial gains and losses		67			158
Change in fair value of investments in equity instruments		5			—
Tax effect		(18	)		(53	)
Currency translation adjustment generated by the parent company		(2,630	)		5,464
Items not potentially reclassifiable to profit and loss		(2,576	)		5,569
Currency translation adjustment		968			(1,418	)
Available for sale financial assets		—			—
Cash flow hedge		255			34
Variation of foreign currency basis spread		(27	)		—
Share of other comprehensive income of equity affiliates, net amount		(132	)		(463	)
Other		(2	)		—
Tax effect		(75	)		(9	)
Items potentially reclassifiable to profit and loss		987			(1,856	)
Total other comprehensive income (net amount)		(1,589	)		3,713
Comprehensive income		4,694			8,519
Group share		4,806			8,581
Non-controlling interests		(112	)		(62	)

16

Consolidated statement of income – quarterly

TOTAL

(unaudited)

(M$)(a)	2 nd quarter 2018			1 st quarter 2018			2 nd quarter 2017
Sales		52,540			49,611			39,915
Excise taxes		(6,438	)		(6,319	)		(5,433	)
Revenues from sales		46,102			43,292			34,482
Purchases, net of inventory variation		(30,599	)		(29,446	)		(23,398	)
Other operating expenses		(6,761	)		(6,937	)		(6,106	)
Exploration costs		(158	)		(204	)		(199	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,435	)		(2,916	)		(2,798	)
Other income		252			523			570
Other expense		(413	)		(190	)		(106	)
Financial interest on debt		(478	)		(390	)		(345	)
Financial income and expense from cash & cash equivalents		(54	)		(41	)		(37	)
Cost of net debt		(532	)		(431	)		(382	)
Other financial income		321			240			285
Other financial expense		(159	)		(170	)		(159	)
Net income (loss) from equity affiliates		1,103			484			310
Income taxes		(2,087	)		(1,596	)		(472	)
Consolidated net income		3,634			2,649			2,027
Group share		3,721			2,636			2,037
Non-controlling interests		(87	)		13			(10	)
Earnings per share ($)		1.38			1.00			0.79
Fully-diluted earnings per share ($)		1.38			0.99			0.79
(a) Except for per share amounts.

17

Consolidated statement of comprehensive income – quarterly

TOTAL

(unaudited)

(M$)	2nd quarter 2018			1st quarter 2018			2nd quarter 2017
Consolidated net income		3,634			2,649			2,027
Other comprehensive income
Actuarial gains and losses		42			25			32
Change in fair value of investments in equity instruments		(2	)		7			—
Tax effect		(20	)		2			(12	)
Currency translation adjustment generated by the parent company		(4,761	)		2,131			4,524
Items not potentially reclassifiable to profit and loss		(4,741	)		2,165			4,544
Currency translation adjustment		1,330			(362	)		(1,218	)
Available for sale financial assets		—			—			1
Cash flow hedge		77			178			(79	)
Variation of foreign currency basis spread		2			(29	)		—
Share of other comprehensive income of equity affiliates, net amount		36			(168	)		(794	)
Other		(2	)		—			(3	)
Tax effect		(27	)		(48	)		30
Items potentially reclassifiable to profit and loss		1,416			(429	)		(2,063	)
Total other comprehensive income (net amount)		(3,325	)		1,736			2,481
Comprehensive income		309			4,385			4,508
Group share		450			4,356			4,507
Non-controlling interests		(141	)		29			1

18

Consolidated balance sheet

TOTAL

(M$)	June 30, 2018			March 31, 2018			December 31, 2017			June 30, 2017
ASSETS	(unaudited)			(unaudited)						(unaudited)
Non-current assets
Intangible assets, net		24,562			24,502			14,587			14,119
Property, plant and equipment, net		114,047			116,181			109,397			112,659
Equity affiliates : investments and loans		22,443			22,332			22,103			21,705
Other investments		1,396			1,710			1,727			1,483
Non-current financial assets		967			1,154			679			558
Deferred income taxes		5,348			5,519			5,206			4,981
Other non-current assets		3,384			3,633			3,984			4,411
Total non-current assets		172,147			175,031			157,683			159,916
Current assets
Inventories, net		18,392			17,006			16,520			14,273
Accounts receivable, net		16,974			17,774			14,893			12,923
Other current assets		14,408			14,824			14,210			14,034
Current financial assets		3,609			2,289			3,393			3,618
Cash and cash equivalents		26,475			30,092			33,185			28,720
Assets classified as held for sale		—			—			2,747			421
Total current assets		79,858			81,985			84,948			73,989
Total assets		252,005			257,016			242,631			233,905
LIABILITIES & SHAREHOLDERS’ EQUITY
Shareholders’ equity
Common shares		8,305			8,207			7,882			7,797
Paid-in surplus and retained earnings		121,896			120,559			112,040			110,305
Currency translation adjustment		(9,764	)		(6,413	)		(7,908	)		(10,314	)
Treasury shares		(2,462	)		(1,166	)		(458	)		(600	)
Total shareholders’ equity - Group share		117,975			121,187			111,556			107,188
Non-controlling interests		2,288			2,499			2,481			2,772
Total shareholders’ equity		120,263			123,686			114,037			109,960
Non-current liabilities
Deferred income taxes		11,969			11,943			10,828			10,920
Employee benefits		3,329			3,796			3,735			4,127
Provisions and other non-current liabilities		18,807			19,268			15,986			16,924
Non-current financial debt		38,362			40,257			41,340			41,548
Total non-current liabilities		72,467			75,264			71,889			73,519
Current liabilities
Accounts payable		25,021			24,836			26,479			21,914
Other creditors and accrued liabilities		17,792			17,952			17,779			14,862
Current borrowings		15,659			14,909			11,096			13,070
Other current financial liabilities		803			369			245			241
Liabilities directly associated with the assets classified as held for sale		—			—			1,106			339
Total current liabilities		59,275			58,066			56,705			50,426
Total liabilities & shareholders’ equity		252,005			257,016			242,631			233,905

19

Consolidated statement of cash flow

TOTAL

(unaudited)

(M$)	1st half 2018			1st half 2017
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		6,283			4,806
Depreciation, depletion, amortization and impairment		6,554			7,590
Non-current liabilities, valuation allowances and deferred taxes		149			(247	)
(Gains) losses on disposals of assets		(273	)		(2,383	)
Undistributed affiliates’ equity earnings		(557	)		206
(Increase) decrease in working capital		(4,078	)		(322	)
Other changes, net		249			(309	)
Cash flow from operating activities		8,327			9,341
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(9,178	)		(6,001	)
Acquisitions of subsidiaries, net of cash acquired		(714	)		(325	)
Investments in equity affiliates and other securities		(308	)		(956	)
Increase in non-current loans		(311	)		(601	)
Total expenditures		(10,511	)		(7,883	)
Proceeds from disposals of intangible assets and property, plant and equipment		2,282			80
Proceeds from disposals of subsidiaries, net of cash sold		(4	)		2,696
Proceeds from disposals of non-current investments		584			142
Repayment of non-current loans		997			340
Total divestments		3,859			3,258
Cash flow used in investing activities		(6,652	)		(4,625	)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		482			421
- Treasury shares		(1,740	)
Dividends paid:
- Parent company shareholders		(4,208	)		(2,000	)
- Non-controlling interests		(84	)		(76	)
Issuance of perpetual subordinated notes
Payments on perpetual subordinated notes		(266	)		(219	)
Other transactions with non-controlling interests
Net issuance (repayment) of non-current debt		(2,428	)		346
Increase (decrease) in current borrowings		969			(2,580	)
Increase (decrease) in current financial assets and liabilities		(624	)		1,637
Cash flow used in financing activities		(7,899	)		(2,471	)
Net increase (decrease) in cash and cash equivalents		(6,224	)		2,245
Effect of exchange rates		(486	)		1,878
Cash and cash equivalents at the beginning of the period		33,185			24,597
Cash and cash equivalents at the end of the period		26,475			28,720

20

Consolidated statement of cash flow

TOTAL

(unaudited)

(M$)	2 nd quarter 2018			1 st quarter 2018			2 nd quarter 2017
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		3,634			2,649			2,027
Depreciation, depletion, amortization and impairment		3,508			3,046			2,930
Non-current liabilities, valuation allowances and deferred taxes		35			114			(50	)
(Gains) losses on disposals of assets		(148	)		(125	)		(151	)
Undistributed affiliates’ equity earnings		(298	)		(259	)		501
(Increase) decrease in working capital		(856	)		(3,222	)		(268	)
Other changes, net		371			(122	)		(349	)
Cash flow from operating activities		6,246			2,081			4,640
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(3,513	)		(5,665	)		(3,323	)
Acquisitions of subsidiaries, net of cash acquired		12			(726	)		(6	)
Investments in equity affiliates and other securities		(146	)		(162	)		(433	)
Increase in non-current loans		(140	)		(171	)		(443	)
Total expenditures		(3,787	)		(6,724	)		(4,205	)
Proceeds from disposals of intangible assets and property, plant and equipment		304			1,978			74
Proceeds from disposals of subsidiaries, net of cash sold		(7	)		3
Proceeds from disposals of non-current investments		396			188			133
Repayment of non-current loans		581			416			153
Total divestments		1,274			2,585			360
Cash flow used in investing activities		(2,513	)		(4,139	)		(3,845	)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		473			9			406
- Treasury shares		(1,182	)		(558	)
Dividends paid:
- Parent company shareholders		(2,692	)		(1,516	)		(1,462	)
- Non-controlling interests		(72	)		(12	)		(61	)
Issuance of perpetual subordinated notes
Payments on perpetual subordinated notes		(116	)		(150	)		(90	)
Other transactions with non-controlling interests
Net issuance (repayment) of non-current debt		52			(2,480	)		290
Increase (decrease) in current borrowings		(738	)		1,707			(1,167	)
Increase (decrease) in current financial assets and liabilities		(1,779	)		1,155			979
Cash flow used in financing activities		(6,054	)		(1,845	)		(1,105	)
Net increase (decrease) in cash and cash equivalents		(2,321	)		(3,903	)		(310	)
Effect of exchange rates		(1,296	)		810			1,504
Cash and cash equivalents at the beginning of the period		30,092			33,185			27,526
Cash and cash equivalents at the end of the period		26,475			30,092			28,720

21

Consolidated statement of changes in shareholders’ equity

TOTAL

(unaudited)

	Common shares issued				Paid-in surplus and			Currency			Treasury shares						Shareholders’			Non-			Total
(M$)	Number		Amount		retained earnings			translation adjustment			Number			Amount			equity - Group Share			controlling interests			shareholders’ equity
As of January 1, 2017		2,430,365,862		7,604		105,547			(13,871	)		(10,587,822	)		(600	)		98,680			2,894			101,574
Net income of the first half  2017		—		—		4,886			—			—			—			4,886			(80	)		4,806
Other comprehensive Income		—		—		138			3,557			—			—			3,695			18			3,713
Comprehensive Income		—		—		5,024			3,557			—			—			8,581			(62	)		8,519
Dividend		—		—		(3,297	)		—			—			—			(3,297	)		(76	)		(3,373	)
Issuance of common shares		71,170,026		193		3,103			—			—			—			3,296			—			3,296
Purchase of treasury shares		—		—		—			—			—			—			—			—			—
Sale of treasury shares(a)		—		—		—			—			4,000			—			—			—			—
Share-based payments		—		—		74			—			—			—			74			—			74
Share cancellation		—		—		—			—			—			—			—			—			—
Issuance of perpetual subordinated notes		—		—		—			—			—			—			—			—			—
Payments on perpetual subordinated notes		—		—		(142	)		—			—			—			(142	)		—			(142	)
Other operations with non-controlling interests		—		—		(7	)		—			—			—			(7	)		7			—
Other items		—		—		3			—			—			—			3			9			12
As of June 30,  2017		2,501,535,888		7,797		110,305			(10,314	)		(10,583,822	)		(600	)		107,188			2,772			109,960
Net income of the second half 2017		—		—		3,745			—			—			—			3,745			(252	)		3,493
Other comprehensive Income		—		—		580			2,406			—			—			2,986			26			3,012
Comprehensive Income		—		—		4,325			2,406			—			—			6,731			(226	)		6,505
Dividend		—		—		(3,695	)		—			—			—			(3,695	)		(65	)		(3,760	)
Issuance of common shares		27,453,728		85		1,328			—			—			—			1,413			—			1,413
Purchase of treasury shares		—		—		—			—			—			—			—			—			—
Sale of treasury shares(a)		—		—		(142	)		—			2,207,066			142			—			—			—
Share-based payments		—		—		77			—			—			—			77			—			77
Share cancellation		—		—		—			—			—			—			—			—			—
Issuance of perpetual subordinated notes		—		—		—			—			—			—			—			—			—
Payments on perpetual subordinated notes		—		—		(160	)		—			—			—			(160	)		—			(160	)
Other operations with non-controlling interests		—		—		(1	)		—			—			—			(1	)		(3	)		(4	)
Other items		—		—		3			—			—			—			3			3			6
As of December 31, 2017		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 half 2018		—		—		6,357			—			—			—			6,357			(74	)		6,283
Other comprehensive Income		—		—		305			(1,856	)		—			—			(1,551	)		(38	)		(1,589	)
Comprehensive Income		—		—		6,662			(1,856	)		—			—			4,806			(112	)		4,694
Dividend		—		—		(4,070	)		—			—			—			(4,070	)		(84	)		(4,154	)
Issuance of common shares		136,887,716		423		7,270			—			—			—			7,693			—			7,693
Purchase of treasury shares		—		—		—			—			(33,056,514	)		(2,004	)		(2,004	)		—			(2,004	)
Sale of treasury shares(a)		—		—		—			—			3,450			—			—			—			—
Share-based payments		—		—		192			—			—			—			192			—			192
Share cancellation		—		—		—			—			—			—			—			—			—
Issuance of perpetual subordinated notes		—		—		—			—			—			—			—			—			—
Payments on perpetual subordinated notes		—		—		(161	)		—			—			—			(161	)		—			(161	)
Other operations with non-controlling interests		—		—		(4	)		—			—			—			(4	)		4			—
Other items		—		—		(33	)		—			—			—			(33	)		(1	)		(34	)
As of June 30,  2018		2,665,877,332		8,305		121,896			(9,764	)		(41,429,820	)		(2,462	)		117,975			2,288			120,263
(a)Treasury shares related to the restricted stock grants.

22

TOTAL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE FIRST SIX MONTHS OF 2018

(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 June 30, 2018, 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 June 30, 2018, are consistent with those used for the financial statements at December 31, 2017, with the exception of those texts or amendments that must be applied for periods beginning January 1, 2018.

- First-time application of IFRS 15 “Revenue from Contracts with Customers”

The Group applied IFRS 15 as of January 1, 2018, without restating comparative information from past periods. The cumulative effect of the first application of the standard, recognized in equity as at January 1, 2018, is non-material.

The new standard does not lead to any material change in the accounting principles applied by the Group.

- First time application of IFRS 9 “Financial Instruments”

The Group applied IFRS 9 as of January 1, 2018 without restating comparative information from past periods. The impacts related to the first application of the standard, recognized in opening equity at January 1, 2018, are not material.

This standard has three components: classification and measurement of financial instruments, impairment of financial assets, and hedging transactions except macro hedging.

The main changes induced by each component are the following:

1. The application of the “Classification and valuation of financial instruments” component led the Group to create a new non-recyclable component in its comprehensive income to record, from January 1, 2018, changes in the fair value of “Investments in equity instruments at the fair value through equity” previously classified as “Available-for-sale financial assets “under IAS 39.

2. The application of the “Impairment of financial assets” component has no significant impact for the Group on January 1, 2018.

3. The application of the “Hedging transactions” component led the Group to recognize in a separate component of the comprehensive income the changes in the Foreign Currency Basis Spread identified in the hedging relationships qualifying as a fair value hedge.

The application of the provisions of IFRS 9 “Financial Instruments” has no significant effect on the Group’s balance sheet, income statement and consolidated equity as of June 30, 2018.

The preparation of financial statements in accordance with IFRS for the closing as of June 30, 2018, requires the executive management to make estimates, assumptions and judgments that affect the information reported in the Consolidated Financial Statements and the Notes thereto.

These estimates, assumptions and judgments are based on historical experience and other factors believed to be reasonable at the date of preparation of the financial statements. They are reviewed on an on-going basis by the executive management and therefore could be revised as circumstances change or as a result of new information.

23

Different estimates, assumptions and judgments could significantly affect the information reported, and actual results may differ from the amounts included in the Consolidated Financial Statements and the Notes thereto.

The main estimates, judgments and assumptions relate to the estimation of hydrocarbon reserves in application of the successful efforts method for the oil and gas activities, the impairment of assets, the employee benefits, the asset retirement obligations and the income taxes. These estimates and assumptions are described in the Notes to the Consolidated Financial Statements as of December 31, 2017.

Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the executive management applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS concepts: faithful representation, relevance and materiality.

As regards the application of IFRS 16 “Leases” on January 1, 2019, the Group intends to:

- apply the simplified retrospective transition method, by accounting for the cumulative effect of the initial application of the standard at the date of first application, without restating the comparative periods

- use the following simplification measures provided by the standard in the transitional provisions:

o not apply the standard to contracts that the Group had not previously identified as containing a lease under IAS 17 and IFRIC 4,

o not take into account leases whose term ends within 12 months of the date of first application

- recognize each lease component of the lease as a separate lease, apart from non-lease components (services) of the lease.

24

2) Changes in the Group structure

2.1) Main acquisitions and divestments

Exploration & Production

• On January 15, 2018, as part of the Strategic Alliance signed in March 2017, TOTAL announced the conclusion of transfer agreements from Petrobras to TOTAL:

o 35% of the rights, as well as the role of operator in the Lapa field,

o 22.5% of the rights of the Iara area.

The amount of this transaction is $ 1.95 billion.

The details of the acquisition are presented in Note 2.2 to the consolidated financial statements.

• On March 1, 2018, TOTAL finalized the acquisition of Marathon Oil Libya Limited which holds a 16.33% stake in the Waha Concessions in Libya. This transaction amounts to $ 451 million.

The details of the acquisition are presented in Note 2.2 to the consolidated financial statements.

• On March 8, 2018, TOTAL announced the closing of the Maersk Oil acquisition signed on August 21, 2017. The integration of Maersk Oil, which holds a portfolio of high quality assets, largely complementary to those held by TOTAL, and mainly located in OECD countries, allows the Group to become the second largest operator in the North Sea.

The details of the acquisition are presented in Note 2.2 to the consolidated financial statements.

• On March 15, 2018, TOTAL finalized the sale to Statoil of all of its interests in the Martin Linge field (51%) and the discovery of Garantiana (40%) on the Norwegian Continental Shelf.

• On March 18, 2018, TOTAL was awarded participating interests in two Offshore Concessions on Umm Shaif & Nasr (20%) and Lower Zakum (5%) in return for the payment of a global bonus of $ 1.45 billion.

• On April 11, 2018, TOTAL acquired several assets located in the Gulf of Mexico as part of the Cobalt International Energy company’s bankruptcy auction sale.

Marketing & Services

• In January, 2018, the sale of the joint venture TotalErg (Erg 51%, TOTAL 49%) to the Italian company API was finalized.

25

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.

Exploration & Production

• Transfer of rights in the Lapa and Iara concessions in Brazil

On January 15, 2018 Petrobras transferred to TOTAL 35% of the rights of the Lapa field which was put in production in December 2016, with a 100,000 barrel per day capacity FPSO.

Petrobras also transferred to TOTAL 22.5% of the rights of the Iara area. Production in Iara is expected to start in 2018 and 2019 depending on the fields.

The acquisition cost amounts to $1,950 million.

In the balance sheet as of June 30, 2018, the provisional fair value of identifiable acquired assets, liabilities and contingent liabilities amounts to $1,950 million.

The provisional purchase price allocation is shown below :

($ million)	At the acquisition date
Intangible assets	1,072
Tangible assets	1,662
Other assets and liabilities	(119	)
Net debt	(665	)
Fair value of consideration transferred	1,950

• Marathon Oil Lybia Limited

On March 1, 2018, TOTAL finalized the acquisition of Marathon Oil Libya Limited which holds a 16.33% stake in the Waha Concessions in Libya. The acquisition cost amounts to $451 million.

In the balance sheet as of June 30, 2018, the provisional fair value of identifiable acquired assets, liabilities and contingent liabilities amounts to $451 million.

The provisional purchase price allocation is shown below :

($ million)	At the acquisition date
Intangible assets	326
Tangible assets	192
Other assets and liabilities	(91	)
Net debt	24
Fair value of consideration transferred	451

• Maersk Oil

On March 8, 2018, TOTAL finalized the acquisition of Maersk Oil, following the signature of the « Share Transfer Agreement » on August 21, 2017.

The Group acquired all the voting rights of Maersk Olie og Gas A/S (Maersk Oil), a wholly owned subsidiary of A.P. Møller – Mærsk A/S (Maersk), for a purchase consideration of $5,741 million.

26

This includes the fair value ($5,585 million) of 97,522,593 shares issued in exchange for all Maersk Oil shares, calculated using the market price of the company’s shares of 46.11 euros on the Euronext Paris Stock Exchange at its opening of business on March 8, 2018, and the amount of price adjustments ($156 million) paid on closing.

In the balance sheet as of June 30, 2018, the provisional fair value of identifiable acquired assets, liabilities and contingent liabilities amounts to $3,113 million.

The Group recognized a $2,628 million goodwill.

The provisional purchase price allocation is shown below:

($ million)	At the acquisition date
Goodwill	2,628
Intangible assets	4,227
Tangible assets	4,033
Other assets and liabilities	(3,223	)
Including provision for site restitution	(2,100	)
Including deferred tax	(675	)
Net debt	(1,924	)
Fair value of consideration transferred	5,741

27

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

- An Exploration & Production segment;

- A Gas, Renewables & Power segment including downstream Gas activities, New Energies activities (excluding biotechnologies) and Energy Efficiency division;

- 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.

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.

(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.

28

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

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

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

ADJUSTMENTS TO OPERATING INCOME
(M$)		Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Total
2nd quarter  2018	Inventory valuation effect		—			—			569			134			—			703
	Effect of changes in fair value		—			16			—			—			—			16
	Restructuring charges		—			—			—			—			—			—
	Asset impairment charges		—			(424	)		—			—			—			(424	)
	Other items		(97	)		(1	)		—			—			—			(98	)
Total			(97	)		(409	)		569			134			—			197
2nd quarter  2017	Inventory valuation effect		—			—			(372	)		(54	)		—			(426	)
	Effect of changes in fair value		—			(27	)		—			—			—			(27	)
	Restructuring charges		(40	)		—			—			—			—			(40	)
	Asset impairment charges		(15	)		1			—			—			—			(14	)
	Other items		(77	)		(25	)		(39	)		(26	)		(64	)		(231	)
Total			(132	)		(51	)		(411	)		(80	)		(64	)		(738	)
1st half 2018	Inventory valuation effect		—			—			531			105			—			636
	Effect of changes in fair value		—			5			—			—			—			5
	Restructuring charges		(53	)		—			—			—			—			(53	)
	Asset impairment charges		—			(446	)		—			—			—			(446	)
	Other items		(97	)		(93	)		—			—			(9	)		(199	)
Total			(150	)		(534	)		531			105			(9	)		(57	)
1st half 2017	Inventory valuation effect		—			—			(289	)		(69	)		—			(358	)
	Effect of changes in fair value		—			(27	)		—			—			—			(27	)
	Restructuring charges		(40	)		—			—			—			—			(40	)
	Asset impairment charges		(1,869	)		(25	)		(50	)		—			—			(1,944	)
	Other items		(77	)		(114	)		(65	)		(26	)		(64	)		(346	)
Total			(1,986	)		(166	)		(404	)		(95	)		(64	)		(2,715	)

29

ADJUSTMENTS TO NET INCOME, GROUP SHARE
(M$)		Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Total
2nd quarter  2018	Inventory valuation effect		—			—			436			81			—			517
	Effect of changes in fair value		—			9			—			—			—			9
	Restructuring charges		(44	)		(2	)		—			—			—			(46	)
	Asset impairment charges		—			(236	)		—			—			—			(236	)
	Gains (losses) on disposals of assets		(2	)		—			—			—			—			(2	)
	Other items		(71	)		(3	)		—			—			—			(74	)
Total			(117	)		(232	)		436			81			—			168
2nd quarter  2017	Inventory valuation effect		—			—			(268	)		(42	)		—			(310	)
	Effect of changes in fair value		—			(19	)		—			—			—			(19	)
	Restructuring charges		(12	)		(3	)		(39	)		—			—			(54	)
	Asset impairment charges		(27	)		(5	)		—			—			—			(32	)
	Gains (losses) on disposals of assets		—			—			—			125			—			125
	Other items		(50	)		(11	)		(26	)		(18	)		(42	)		(147	)
Total			(89	)		(38	)		(333	)		65			(42	)		(437	)
1st half 2018	Inventory valuation effect		—			—			412			60			—			472
	Effect of changes in fair value		—			1			—			—			—			1
	Restructuring charges		(59	)		(8	)		—			—			—			(67	)
	Asset impairment charges		—			(248	)		—			—			—			(248	)
	Gains (losses) on disposals of assets		(103	)		—			—			—			—			(103	)
	Other items		(51	)		(58	)		(17	)		—			(9	)		(135	)
Total			(213	)		(313	)		395			60			(9	)		(80	)
1st half 2017	Inventory valuation effect		—			—			(210	)		(45	)		—			(255	)
	Effect of changes in fair value		—			(19	)		—			—			—			(19	)
	Restructuring charges		(12	)		(8	)		(39	)		—			—			(59	)
	Asset impairment charges		(1,641	)		(59	)		(50	)		—			—			(1,750	)
	Gains (losses) on disposals of assets		—			—			2,139			125			—			2,264
	Other items		(144	)		(78	)		(45	)		(18	)		(42	)		(327	)
Total			(1,797	)		(164	)		1,795			62			(42	)		(146	)

30

4) Shareholders’ equity

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

In accordance with the February 2018 announcements regarding the shareholder return policy over 2018-2020, TOTAL S.A. started share buybacks.

At June 30, 2018, TOTAL S.A. holds 41,429,820 of its own shares, representing 1.55% of its share capital, detailed as follows:

• 8,760,020 shares allocated to TOTAL share grant plans for Group employees;

• 69,759 shares intended to be allocated to new TOTAL share purchase option plans or to new share grant plans;

• 32,600,041 shares acquired and intended to be canceled out of which:

o 9,820,488 shares definitively acquired during the first quarter and intended to be canceled,

o 18,576,360 shares definitively acquired during the second quarter and intended to be canceled,

o 4,203,193 shares corresponding to the portion not yet executed on June 30, 2018, of the share buyback for which the group is contractually bound.

These shares are deducted from the consolidated shareholders’ equity.

Dividend

The Annual Shareholders’ Meeting on June 1, 2018 approved the payment of a dividend of €2.48 per share for the 2017 fiscal year. Taking into account the three interim dividends of €0.62 per share that have been paid on October 12, 2017, January 11 and April 9, 2018, the remaining balance of €0.62 per share was paid on June 28, 2018.

The Annual Shareholders’ Meeting on June 1, 2018 approved that shareholders will be given the option to receive the 2017 final dividend in new shares or in cash. The share price of new shares has been set at €52.03 per share. This price is equal to the average opening price on Euronext Paris for the twenty trading days preceding June 1st, 2018, the date of the Annual Shareholders’ Meeting, reduced by the amount of the final dividend, without any discount. On June 28, 2018, 5,798,335 shares have been issued at a price of €52.03 per share.

Another resolution has been approved at the Annual Shareholders’ Meeting on June 1, 2018, if one or more interim dividends are decided by the Board of Directors for the fiscal year 2018, then shareholders will be given the option to receive this or these interim dividends in new shares or in cash.

The Board of Directors, during its April 25, 2018, meeting, decided to set the first interim dividend for the fiscal year 2018 at €0.64 per share. This interim dividend will be paid in cash or in shares on October 12, 2018 (the ex-dividend date will be September 25, 2018).

The Board of Directors, during its July 25, 2018, meeting, decided to set the second interim dividend for the fiscal year 2018 at €0.64 per share. This interim dividend will be paid in cash or in shares on December 18, 2018 (the ex-dividend date will be January 10, 2019).

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 €1.16 per share for the 2^nd quarter 2018 (€0.81 per share for the 1^st quarter 2018 and €0.71 per share for the 2^nd quarter 2017). Diluted earnings per share calculated using the same method amounted to €1.16 per share for the 2^nd quarter 2018 (€0.81 per share for the 1^st quarter 2018 and €0.71 per share for the 2^nd quarter 2017).

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

31

Other comprehensive income

Detail of other comprehensive income showing items reclassified from equity to net income is presented in the table below:

(M$)	1st half 2018					1st half 2017
Actuarial gains and losses				67					158
Change in fair value of investments in equity instruments				5					—
Tax effect				(18	)				(53	)
Currency translation adjustment generated by the parent company				(2,630	)				5,464
Sub-total items not potentially reclassifiable to profit and loss				(2,576	)				5,569
Currency translation adjustment				968					(1,418	)
- unrealized gain/(loss) of the period		1,078					(1,372	)
- less gain/(loss) included in net income		110					46
Available for sale financial assets				—					—
- unrealized gain/(loss) of the period		—					—
- less gain/(loss) included in net income		—					—
Cash flow hedge				255					34
- unrealized gain/(loss) of the period		142					164
- less gain/(loss) included in net income		(113	)				130
Variation of foreign currency basis spread				(27	)				—
- unrealized gain/(loss) of the period		(27	)				—
- less gain/(loss) included in net income		—					—
Share of other comprehensive income of equity affiliates, net amount				(132	)				(463	)
- unrealized gain/(loss) of the period		(93	)				(465	)
- less gain/(loss) included in net income		39					(2	)
Other				(2	)				—
Tax effect				(75	)				(9	)
Sub-total items potentially reclassifiable to profit and loss				987					(1,856	)
Total other comprehensive income, net amount				(1,589	)				3,713

32

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

	1st half 2018									1st half 2017
(M$)	Pre-tax amount			Tax effect			Net amount			Pre-tax amount			Tax effect			Net amount
Actuarial gains and losses		67			(18	)		49			158			(53	)		105
Change in fair value of investments in equity instruments		5			—			5			—			—			—
Currency translation adjustment generated by the parent company		(2,630	)		—			(2,630	)		5,464			—			5,464
Sub-total items not potentially reclassifiable to profit and loss		(2,558	)		(18	)		(2,576	)		5,622			(53	)		5,569
Currency translation adjustment		968			—			968			(1,418	)		—			(1,418	)
Available for sale financial assets		—			—			—			—			(1	)		(1	)
Cash flow hedge		255			(81	)		174			34			(8	)		26
Variation of foreign currency basis spread		(27	)		6			(21	)		—			—			—
Share of other comprehensive income of equity affiliates, net amount		(132	)		—			(132	)		(463	)		—			(463	)
Other		(2	)		—			(2	)		—			—			—
Sub-total items potentially reclassifiable to profit and loss		1,062			(75	)		987			(1,847	)		(9	)		(1,856	)
Total other comprehensive income		(1,496	)		(93	)		(1,589	)		3,775			(62	)		3,713

5) Financial debt

The Group has not issued any bond during the first six months of 2018.

The Group reimbursed bonds during the first six months of 2018:

- Bond 1.450% issued in 2013 and maturing in January 2018 (USD 1,000 million)

- Bond 2.500% issued in 2013 and maturing in June 2018 (NOK 600 million)

- Bond with floating rate coupon issued in 2014 and maturing in June 2018 (USD 135 million)

- Bond 3.125% issued in several tranches between 2006 / 2008 and maturing in June 2018 (CHF 525 million)

6) Related parties

The related parties are principally equity affiliates and non-consolidated investments. There were no major changes concerning transactions with related parties during the first six months of 2018.

33

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.

Alitalia

In the Marketing & Services segment, a civil proceeding was initiated in Italy, in 2013, against TOTAL S.A. and its subsidiary Total Aviazione Italia Srl before the competent Italian civil court. The plaintiff claims against TOTAL S.A., its subsidiary and other third parties, damages that it estimates to be nearly €908 million. This proceeding follows practices that had been condemned by the Italian competition authority in 2006. The parties have exchanged preliminary findings and a request for an expert opinion has been approved by the court. The existence and the assessment of the alleged damages in this procedure involving multiple defendants remain contested.

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 has been launched to seek damages from these three companies and 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.

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.

34

8) Information by business segment

(unaudited)

1 st half 2018 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		5,865			7,359			45,088			43,836			3			—			102,151
Intersegment sales		14,717			898			17,396			491			34			(33,536	)		—
Excise taxes		—			—			(1,714	)		(11,043	)		—			—			(12,757	)
Revenues from sales		20,582			8,257			60,770			33,284			37			(33,536	)		89,394
Operating expenses		(8,979	)		(8,096	)		(58,248	)		(31,919	)		(399	)		33,536			(74,105	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(4,834	)		(534	)		(617	)		(346	)		(20	)		—			(6,351	)
Operating income		6,769			(373	)		1,905			1,019			(382	)		—			8,938
Net income (loss) from equity affiliates and other items		1,210			162			417			193			9			—			1,991
Tax on net operating income		(3,322	)		(34	)		(383	)		(297	)		181			—			(3,855	)
Net operating income		4,657			(245	)		1,939			915			(192	)		—			7,074
Net cost of net debt																				(791	)
Non-controlling interests																				74
Net income - group share																				6,357
1 st half 2018 (adjustments)(a) (M$)	Exploration & Production			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		(150	)		(101	)		531			105			(9	)		—			376
Depreciation, depletion and impairment of tangible assets and mineral interests		—			(446	)		—			—			—			—			(446	)
Operating income  (b)		(150	)		(534	)		531			105			(9	)		—			(57	)
Net income (loss) from equity affiliates and other items		(167	)		(15	)		25			—			—			—			(157	)
Tax on net operating income		104			(4	)		(158	)		(35	)		—			—			(93	)
Net operating income  (b)		(213	)		(553	)		398			70			(9	)		—			(307	)
Net cost of net debt																				(19	)
Non-controlling interests																				246
Net income - group share																				(80	)
(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		—			—			531			105			—
- On net operating income		—			—			415			70			—

35

1 st half 2018 (adjusted)  (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		5,865			7,346			45,088			43,836			3			—			102,138
Intersegment sales		14,717			898			17,396			491			34			(33,536	)		—
Excise taxes		—			—			(1,714	)		(11,043	)		—			—			(12,757	)
Revenues from sales		20,582			8,244			60,770			33,284			37			(33,536	)		89,381
Operating expenses		(8,829	)		(7,995	)		(58,779	)		(32,024	)		(390	)		33,536			(74,481	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(4,834	)		(88	)		(617	)		(346	)		(20	)		—			(5,905	)
Adjusted operating income		6,919			161			1,374			914			(373	)		—			8,995
Net income (loss) from equity affiliates and other items		1,377			177			392			193			9			—			2,148
Tax on net operating income		(3,426	)		(30	)		(225	)		(262	)		181			—			(3,762	)
Adjusted net operating income		4,870			308			1,541			845			(183	)		—			7,381
Net cost of net debt																				(772	)
Non-controlling interests																				(172	)
Adjusted net income - group share																				6,437
1 st half 2018 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		8,851			328			736			538			58			—			10,511
Total divestments		2,751			483			349			273			3			—			3,859
Cash flow from operating activities (*)		8,197			(75	)		(110	)		781			(466	)		—			8,327
(*)   As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated.

36

1 st half 2017 (M$)	Exploration & Production			Gas, Renewables & Power			Refining &   Chemicals			Marketing &   Services			Corporate			Intercompany			Total
Non-Group sales		4,171			5,868			35,921			35,129			9			—			81,098
Intersegment sales		10,666			583			12,362			443			195			(24,249	)		—
Excise taxes		—			—			(1,381	)		(9,142	)		—			—			(10,523	)
Revenues from sales		14,837			6,451			46,902			26,430			204			(24,249	)		70,575
Operating expenses		(7,234	)		(6,326	)		(44,796	)		(25,394	)		(552	)		24,249			(60,053	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(6,412	)		(112	)		(532	)		(302	)		(19	)		—			(7,377	)
Operating income		1,191			13			1,574			734			(367	)		—			3,145
Net income (loss) from equity affiliates and other items		677			(32	)		2,601			288			16			—			3,550
Tax on net operating income		(951	)		(61	)		(498	)		(231	)		385			—			(1,356	)
Net operating income		917			(80	)		3,677			791			34			—			5,339
Net cost of net debt																				(533	)
Non-controlling interests																				80
Net income - group share																				4,886
1 st half 2017 (adjustments)(a) (M$)	Exploration & Production			Gas, Renewables & Power			Refining &   Chemicals			Marketing &   Services			Corporate			Intercompany			Total
Non-Group sales		—			(27	)		—			—			—			—			(27	)
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			(27	)		—			—			—			—			(27	)
Operating expenses		(117	)		(114	)		(354	)		(95	)		(64	)		—			(744	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(1,869	)		(25	)		(50	)		—			—			—			(1,944	)
Operating income(b)		(1,986	)		(166	)		(404	)		(95	)		(64	)		—			(2,715	)
Net income (loss) from equity affiliates and other items		(214	)		(79	)		2,156			126			—			—			1,989
Tax on net operating income		376			9			41			26			22			—			474
Net operating income(b)		(1,824	)		(236	)		1,793			57			(42	)		—			(252	)
Net cost of net debt																				(14	)
Non-controlling interests																				120
Net income - group share																				(146	)
(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		—			—			(289	)		(69	)		—
- On net operating income		—			—			(212	)		(50	)		—

37

1 st half 2017 (adjusted)  (M$)	Exploration & Production			Gas, Renewables   & Power			Refining & Chemicals			Marketing &   Services			Corporate			Intercompany			Total
Non-Group sales		4,171			5,895			35,921			35,129			9			—			81,125
Intersegment sales		10,666			583			12,362			443			195			(24,249	)		—
Excise taxes		—			—			(1,381	)		(9,142	)		—			—			(10,523	)
Revenues from sales		14,837			6,478			46,902			26,430			204			(24,249	)		70,602
Operating expenses		(7,117	)		(6,212	)		(44,442	)		(25,299	)		(488	)		24,249			(59,309	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(4,543	)		(87	)		(482	)		(302	)		(19	)		—			(5,433	)
Adjusted operating income		3,177			179			1,978			829			(303	)		—			5,860
Net income (loss) from equity affiliates and other items		891			47			445			162			16			—			1,561
Tax on net operating income		(1,327	)		(70	)		(539	)		(257	)		363			—			(1,830	)
Adjusted net operating income		2,741			156			1,884			734			76			—			5,591
Net cost of net debt																				(519	)
Non-controlling interests																				(40	)
Adjusted net income - group share																				5,032
1 st half 2017 (M$)	Exploration & Production			Gas, Renewables   & Power			Refining & Chemicals			Marketing &   Services			Corporate			Intercompany			Total
Total expenditures		6,084			392			667			697			43			—			7,883
Total divestments		245			27			2,760			218			8			—			3,258
Cash flow from operating activities (*)		5,637			40			3,729			582			(647	)		—			9,341
(*)   As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated.

38

1st quarter 2018 (M$)	Exploration & Production			Gas, Renewables & Power			Refining  & Chemicals			Marketing  & Services			Corporate			Intercompany			Total
Non-Group sales		2,467			4,091			21,739			21,308			6			—			49,611
Intersegment sales		6,924			468			7,956			198			97			(15,643	)		—
Excise taxes		—			—			(847	)		(5,472	)		—			—			(6,319	)
Revenues from sales		9,391			4,559			28,848			16,034			103			(15,643	)		43,292
Operating expenses		(4,045	)		(4,526	)		(27,879	)		(15,503	)		(277	)		15,643			(36,587	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,350	)		(70	)		(313	)		(174	)		(9	)		—			(2,916	)
Operating income		2,996			(37	)		656			357			(183	)		—			3,789
Net income (loss) from equity affiliates and other items		641			34			128			86			(2	)		—			887
Tax on net operating income		(1,550	)		(15	)		(104	)		(103	)		96			—			(1,676	)
Net operating income		2,087			(18	)		680			340			(89	)		—			3,000
Net cost of net debt																				(351	)
Non-controlling interests																				(13	)
Net income - group share																				2,636
1st quarter 2018 (adjustments) (a) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing  & Services			Corporate			Intercompany			Total
Non-Group sales		—			(11	)		—			—			—			—			(11	)
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			(11	)		—			—			—			—			(11	)
Operating expenses		(53	)		(92	)		(38	)		(29	)		(9	)		—			(221	)
Depreciation, depletion and impairment of tangible assets and mineral interests		—			(22	)		—			—			—			—			(22	)
Operating income (b)		(53	)		(125	)		(38	)		(29	)		(9	)		—			(254	)
Net income (loss) from equity affiliates and other items		(101	)		(11	)		(21	)		(1	)		—			—			(134	)
Tax on net operating income		58			3			19			3			—			—			83
Net operating income (b)		(96	)		(133	)		(40	)		(27	)		(9	)		—			(305	)
Net cost of net debt																				(10	)
Non-controlling interests																				67
Net income - group share																				(248	)
(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		—			—			(38	)		(29	)		—
On net operating income		—			—			(23	)		(27	)		—

39

1st quarter 2018 (adjusted) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing   & Services			Corporate			Intercompany			Total
Non-Group sales		2,467			4,102			21,739			21,308			6			—			49,622
Intersegment sales		6,924			468			7,956			198			97			(15,643	)		—
Excise taxes		—			—			(847	)		(5,472	)		—			—			(6,319	)
Revenues from sales		9,391			4,570			28,848			16,034			103			(15,643	)		43,303
Operating expenses		(3,992	)		(4,434	)		(27,841	)		(15,474	)		(268	)		15,643			(36,366	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,350	)		(48	)		(313	)		(174	)		(9	)		—			(2,894	)
Adjusted operating income		3,049			88			694			386			(174	)		—			4,043
Net income (loss) from equity affiliates and other items		742			45			149			87			(2	)		—			1,021
Tax on net operating income		(1,608	)		(18	)		(123	)		(106	)		96			—			(1,759	)
Adjusted net operating income		2,183			115			720			367			(80	)		—			3,305
Net cost of net debt																				(341	)
Non-controlling interests																				(80	)
Adjusted net income - group share																				2,884
1st quarter 2018 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing  & Services			Corporate			Intercompany			Total
Total expenditures		5,871			249			332			228			44			—			6,724
Total divestments		2,251			78			25			228			3			—			2,585
Cash flow from operating activities (*)		3,569			(179	)		(1,109	)		(60	)		(140	)		—			2,081

(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated.

40

2 nd quarter 2018 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		3,398			3,268			23,349			22,528			(3	)		—			52,540
Intersegment sales		7,793			430			9,440			293			(63	)		(17,893	)		—
Excise taxes		—			—			(867	)		(5,571	)		—			—			(6,438	)
Revenues from sales		11,191			3,698			31,922			17,250			(66	)		(17,893	)		46,102
Operating expenses		(4,934	)		(3,570	)		(30,369	)		(16,416	)		(122	)		17,893			(37,518	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,484	)		(464	)		(304	)		(172	)		(11	)		—			(3,435	)
Operating income		3,773			(336	)		1,249			662			(199	)		—			5,149
Net income (loss) from equity affiliates and other items		569			128			289			107			11			—			1,104
Tax on net operating income		(1,772	)		(19	)		(279	)		(194	)		85			—			(2,179	)
Net operating income		2,570			(227	)		1,259			575			(103	)		—			4,074
Net cost of net debt																				(440	)
Non-controlling interests																				87
Net income - group share																				3,721
2 nd quarter 2018 (adjustments)(a) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			24			—			—			—			—			24
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			24			—			—			—			—			24
Operating expenses		(97	)		(9	)		569			134			—			—			597
Depreciation, depletion and impairment of tangible assets and mineral interests		—			(424	)		—			—			—			—			(424	)
Operating income(b)		(97	)		(409	)		569			134			—			—			197
Net income (loss) from equity affiliates and other items		(66	)		(4	)		46			1			—			—			(23	)
Tax on net operating income		46			(7	)		(177	)		(38	)		—			—			(176	)
Net operating income(b)		(117	)		(420	)		438			97			—			—			(2	)
Net cost of net debt																				(9	)
Non-controlling interests																				179
Net income - group share																				168
(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		—			—			569			134			—
- On net operating income		—			—			438			97			—

41

2 nd quarter 2018 (adjusted) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		3,398			3,244			23,349			22,528			(3	)		—			52,516
Intersegment sales		7,793			430			9,440			293			(63	)		(17,893	)		—
Excise taxes		—			—			(867	)		(5,571	)		—			—			(6,438	)
Revenues from sales		11,191			3,674			31,922			17,250			(66	)		(17,893	)		46,078
Operating expenses		(4,837	)		(3,561	)		(30,938	)		(16,550	)		(122	)		17,893			(38,115	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,484	)		(40	)		(304	)		(172	)		(11	)		—			(3,011	)
Adjusted operating income		3,870			73			680			528			(199	)		—			4,952
Net income (loss) from equity affiliates and other items		635			132			243			106			11			—			1,127
Tax on net operating income		(1,818	)		(12	)		(102	)		(156	)		85			—			(2,003	)
Adjusted net operating income		2,687			193			821			478			(103	)		—			4,076
Net cost of net debt																				(431	)
Non-controlling interests																				(92	)
Adjusted net income - group share																				3,553
2 nd quarter 2018 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		2,980			79			404			310			14			—			3,787
Total divestments		500			405			324			45			—			—			1,274
Cash flow from operating activities (*)		4,628			104			999			841			(326	)		—			6,246
(*)   As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated.

42

2 nd quarter 2017 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,068			2,671			17,347			17,831			(2	)		—			39,915
Intersegment sales		5,118			274			6,016			169			90			(11,667	)		—
Excise taxes		—			—			(680	)		(4,753	)		—			—			(5,433	)
Revenues from sales		7,186			2,945			22,683			13,247			88			(11,667	)		34,482
Operating expenses		(3,547	)		(2,857	)		(21,918	)		(12,729	)		(319	)		11,667			(29,703	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,344	)		(40	)		(245	)		(158	)		(11	)		—			(2,798	)
Operating income		1,295			48			520			360			(242	)		—			1,981
Net income (loss) from equity affiliates and other items		487			13			148			258			(6	)		—			900
Tax on net operating income		(512	)		(24	)		(142	)		(123	)		214			—			(587	)
Net operating income		1,270			37			526			495			(34	)		—			2,294
Net cost of net debt																				(267	)
Non-controlling interests																				10
Net income - group share																				2,037
2 nd quarter 2017 (adjustments)(a) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			(27	)		—			—			—			—			(27	)
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			(27	)		—			—			—			—			(27	)
Operating expenses		(117	)		(25	)		(411	)		(80	)		(64	)		—			(697	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(15	)		1			—			—			—			—			(14	)
Operating income(b)		(132	)		(51	)		(411	)		(80	)		(64	)		—			(738	)
Net income (loss) from equity affiliates and other items		(4	)		(16	)		(53	)		121			—			—			48
Tax on net operating income		47			9			129			21			22			—			228
Net operating income(b)		(89	)		(58	)		(335	)		62			(42	)		—			(462	)
Net cost of net debt																				(7	)
Non-controlling interests																				32
Net income - group share																				(437	)
(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		—			—			(372	)		(54	)		—
- On net operating income		—			—			(270	)		(45	)		—

43

2 nd quarter 2017 (adjusted) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,068			2,698			17,347			17,831			(2	)		—			39,942
Intersegment sales		5,118			274			6,016			169			90			(11,667	)		—
Excise taxes		—			—			(680	)		(4,753	)		—			—			(5,433	)
Revenues from sales		7,186			2,972			22,683			13,247			88			(11,667	)		34,509
Operating expenses		(3,430	)		(2,832	)		(21,507	)		(12,649	)		(255	)		11,667			(29,006	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,329	)		(41	)		(245	)		(158	)		(11	)		—			(2,784	)
Adjusted operating income		1,427			99			931			440			(178	)		—			2,719
Net income (loss) from equity affiliates and other items		491			29			201			137			(6	)		—			852
Tax on net operating income		(559	)		(33	)		(271	)		(144	)		192			—			(815	)
Adjusted net operating income		1,359			95			861			433			8			—			2,756
Net cost of net debt																				(260	)
Non-controlling interests																				(22	)
Adjusted net income - group share																				2,474
2 nd quarter 2017 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		3,448			77			401			258			21			—			4,205
Total divestments		132			23			20			182			3			—			360
Cash flow from operating activities (*)		2,836			(100	)		1,967			251			(314	)		—			4,640
(*)   As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated.

44

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

(unaudited)

							Consolidated
1st half 2018							statement of
(M$)	Adjusted			Adjustments(a)			income
Sales		102,138			13			102,151
Excise taxes		(12,757	)		—			(12,757	)
Revenues from sales		89,381			13			89,394
Purchases net of inventory variation		(60,623	)		578			(60,045	)
Other operating expenses		(13,496	)		(202	)		(13,698	)
Exploration costs		(362	)		—			(362	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(5,905	)		(446	)		(6,351	)
Other income		628			147			775
Other expense		(115	)		(488	)		(603	)
Financial interest on debt		(849	)		(19	)		(868	)
Financial income and expense from cash & cash equivalents		(95	)		—			(95	)
Cost of net debt		(944	)		(19	)		(963	)
Other financial income		561			—			561
Other financial expense		(329	)		—			(329	)
Net income (loss) from equity affiliates		1,403			184			1,587
Income taxes		(3,590	)		(93	)		(3,683	)
Consolidated net income		6,609			(326	)		6,283
Group share		6,437			(80	)		6,357
Non-controlling interests		172			(246	)		(74	)
(a)   Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
							Consolidated
1 st half 2017							statement
(M$)	Adjusted			Adjustments(a)			of income
Sales		81,125			(27	)		81,098
Excise taxes		(10,523	)		—			(10,523	)
Revenues from sales		70,602			(27	)		70,575
Purchases net of inventory variation		(46,929	)		(456	)		(47,385	)
Other operating expenses		(11,984	)		(288	)		(12,272	)
Exploration costs		(396	)		—			(396	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(5,433	)		(1,944	)		(7,377	)
Other income		314			2,581			2,895
Other expense		(116	)		(281	)		(397	)
Financial interest on debt		(662	)		(14	)		(676	)
Financial income and expense from cash & cash equivalents		(48	)		—			(48	)
Cost of net debt		(710	)		(14	)		(724	)
Other financial income		513			—			513
Other financial expense		(319	)		—			(319	)
Net income (loss) from equity affiliates		1,169			(311	)		858
Income taxes		(1,639	)		474			(1,165	)
Consolidated net income		5,072			(266	)		4,806
Group share		5,032			(146	)		4,886
Non-controlling interests		40			(120	)		(80	)
(a)   Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

45

							Consolidated
2 nd quarter 2018							statement
(M$)	Adjusted			Adjustments(a)			of income
Sales		52,516			24			52,540
Excise taxes		(6,438	)		—			(6,438	)
Revenues from sales		46,078			24			46,102
Purchases net of inventory variation		(31,263	)		664			(30,599	)
Other operating expenses		(6,694	)		(67	)		(6,761	)
Exploration costs		(158	)		—			(158	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,011	)		(424	)		(3,435	)
Other income		254			(2	)		252
Other expense		(55	)		(358	)		(413	)
Financial interest on debt		(469	)		(9	)		(478	)
Financial income and expense from cash & cash equivalents		(54	)		—			(54	)
Cost of net debt		(523	)		(9	)		(532	)
Other financial income		321			—			321
Other financial expense		(159	)		—			(159	)
Net income (loss) from equity affiliates		766			337			1,103
Income taxes		(1,911	)		(176	)		(2,087	)
Consolidated net income		3,645			(11	)		3,634
Group share		3,553			168			3,721
Non-controlling interests		92			(179	)		(87	)
(a)   Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
							Consolidated
2 nd quarter 2017							statement
(M$)	Adjusted			Adjustments(a)			of income
Sales		39,942			(27	)		39,915
Excise taxes		(5,433	)		—			(5,433	)
Revenues from sales		34,509			(27	)		34,482
Purchases net of inventory variation		(22,939	)		(459	)		(23,398	)
Other operating expenses		(5,868	)		(238	)		(6,106	)
Exploration costs		(199	)		—			(199	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,784	)		(14	)		(2,798	)
Other income		206			364			570
Other expense		(58	)		(48	)		(106	)
Financial interest on debt		(338	)		(7	)		(345	)
Financial income and expense from cash & cash equivalents		(37	)		—			(37	)
Cost of net debt		(375	)		(7	)		(382	)
Other financial income		285			—			285
Other financial expense		(159	)		—			(159	)
Net income (loss) from equity affiliates		578			(268	)		310
Income taxes		(700	)		228			(472	)
Consolidated net income		2,496			(469	)		2,027
Group share		2,474			(437	)		2,037
Non-controlling interests		22			(32	)		(10	)
(a)   Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

46

10) Post-closing and other events

Gas, Renewables & Power

• On July 6, 2018, TOTAL announced the closing of the acquisition of a 73.04% interest in Direct Energie for an estimated amount of €1.4 billion and on the same day filed a mandatory tender offer for the shares in Direct Energie not yet held by TOTAL.

• On July 13, 2018, TOTAL announced the closing of the acquisition of Engie’s portfolio of upstream liquefied natural gas (LNG) assets for an overall enterprise value of $1.5 billion.

47

EX-99.2

Exhibit 99.2

RECENT DEVELOPMENTS

Haiti: TOTAL sells its retail business

On May 9, 2018, TOTAL S.A. (together with its subsidiaries and affiliates, “TOTAL” or the “Group”) announced the signature of an agreement to sell its retail business in Haiti, which consists of a network of 92 service stations and general trade fuel sales operations. This agreement was finalized with Bandari Corporation Ltd., a consortium formed by several local and regional major players.

USA: TOTAL to make significant equity investment in Clean Energy Fuels Corp. and drive deployment of natural gas heavy-duty trucks

On May 10, 2018, TOTAL and Clean Energy Fuels Corp. announced that the two companies entered into a broad strategic agreement to drive deployment of new natural gas heavy-duty trucks. TOTAL has agreed to purchase up to 50.8 million shares of Clean Energy’s common stock for $83.4 million, to become Clean Energy’s largest stockholder with ownership of 25% of Clean Energy’s outstanding shares of common stock.

Clean Energy, with support from TOTAL, also plans to launch an innovative leasing program that is intended to place thousands of new natural gas heavy-duty trucks on the road and fueling at Clean Energy stations. As presently contemplated, this program will allow fleets to begin driving heavy-duty trucks with the cleanest engine in the world at no increased cost compared to the diesel alternative, while also guaranteeing a discounted natural gas fuel price to diesel. TOTAL intends to provide up to $100 million of credit support for the program, which the companies expect to launch in Q3 2018.

Algeria: TOTAL strengthens its cooperation with Sonatrach and launches the engineering studies for a petrochemical project in Arzew

On May 11, 2018, TOTAL announced the signature of an agreement with Sonatrach, as part of the comprehensive partnership announced in 2017, to launch the engineering studies for a petrochemical project in Arzew, western Algeria.

The project includes a propane dehydrogenation (PDH) unit and a polypropylene production unit with an output capacity of 550,000 tons per year. The project represents an investment of around $1.4 billion by the two partners (Sonatrach 51%, TOTAL 49%), who are planning to start the front-end engineering and design (FEED) in summer 2018, subject to approval by the relevant Algerian regulatory authorities. The facility will valorize propane, produced in large quantities locally, by transforming it into polypropylene, a plastic for which demand is growing strongly. It will supply in priority the local and Mediterranean demand and TOTAL will be responsible for the commercialization of the rest of the production in Europe.

1

TOTAL signs an agreement in view of developing an integrated gas project in the sultanate of Oman

On May 13, 2018, TOTAL announced that it had signed a Memorandum of Understanding (MoU) with the Government of Oman to develop natural gas resources in Oman. This MoU covers both upstream and downstream businesses.

TOTAL and Shell, as operator, will develop several natural gas discoveries located in the Greater Barik area on onshore Block 6 with respective shares of 25% and 75%, as per the agreement between both companies and before possible backing of the Government of Oman.

TOTAL will use its equity gas entitlement as feedstock to develop in Oman a regional hub for Liquefied Natural Gas (LNG) bunkering service to supply LNG as a fuel to marine vessels. This will be made possible through a new small-scale modular liquefaction plant to be built in Sohar port. The plant will comprise a train of around 1 Mt per year and will offer the flexibility for expansion as required by the development of the LNG bunkering market.

US withdrawal from the JCPOA: TOTAL’s position related to the South Pars 11 project in Iran

On May 16, 2018, TOTAL announced its position related to the South Pars 11 project in Iran. On July 4, 2017, TOTAL, together with the other partner Petrochina, executed the contract related to the South Pars 11 (SP11) project, in full compliance with UN resolutions and US, EU and French legislation applicable at the time. SP11 is a gas development project dedicated to the supply of domestic gas to the domestic Iranian market and for which TOTAL has voluntarily implemented a policy against any dealings with the Iranian Revolutionary Guards Corps (“IRGC”) for all contractors participating in the project, thereby contributing to the international policy to restrain the field of influence of the IRGC.

On May 8, 2018, President Donald Trump announced the United States’ decision to withdraw from the Joint Comprehensive Plan of Action (“JCPOA”) and to reinstate the US sanctions that were in force before the JCPOA’s implementation, subject to certain wind down periods.

As a consequence, TOTAL will not continue the SP11 project and will have to unwind all related operations before November 4, 2018.

TOTAL’s actual spending to date with respect to the SP11 contract is less than 40 million euros in Group share. Furthermore, considering the various growth opportunities which have been captured by TOTAL in recent months, a withdrawal from SP11 is not expected to impact the production growth target of 5% CAGR between 2016 and 2022.

2

Russia: TOTAL expands partnership with Novatek through Arctic LNG 2 project

On May 24, 2018, TOTAL announced the expansion of its partnership with Novatek. In the presence of the President of the Russian Federation, Vladimir Putin, and the President of the French Republic, Emmanuel Macron, TOTAL signed an agreement with Novatek outlining the terms upon which TOTAL shall acquire a direct working interest of 10% in Arctic LNG 2, a giant liquefied natural gas project lead by Novatek on the Gydan Peninsula in the north of Siberia.

Taking account of TOTAL’s approximate 19% stake in Novatek and Novatek’s intention to retain 60% of the project, the Group’s overall economic interest in this new LNG project will be approximately 21.5%. Should Novatek decide to reduce its participation below 60%, TOTAL will have the possibility to increase its direct share up to 15%.

Novatek and TOTAL have also agreed that TOTAL will have the opportunity to acquire a 10 to 15% direct interest in Novatek’s future LNG projects in Yamal and Gydan.

With a production capacity of approximately 19.8 million tons per year (Mt/year), or 535,000 barrels of oil equivalent per day (boe/d), Arctic LNG 2 is expected to unlock resources in the onshore Utrenneye gas and condensate field. The project will involve the installation of three gravity-based structures in the Gulf of Ob on which will be installed the three liquefaction trains of 6.6 Mt/year capacity each.

In the same way as for Yamal LNG, Arctic LNG 2 production will be delivered to international markets by a fleet of ice-class LNG carriers that will be able to use the Northern Sea Route for cargoes destined for Asia.

The final investment decision is expected in 2019, with plans to start up the first train by end 2023.

TOTAL and Sonangol strengthen their cooperation in Angola

On May 28, 2018, TOTAL announced the signature of several agreements covering the Group’s upstream and downstream activities in Angola, by João Lourenço, the President of the Republic of Angola, Patrick Pouyanné, Chairman and CEO of TOTAL, and Carlos Saturnino, Chairman of the Board of Directors of Sonangol.

• A risk service agreement for the deepwater Block 48 exploration license, which TOTAL will operate. TOTAL and Sonangol are 50/50 partners in exploring Block 48 in Angola’s ultra-deep offshore. The first, two-year phase of the program includes drilling a well.

• A framework agreement for the future joint venture between TOTAL and Sonangol to jointly develop a network of service stations in Angola, including petroleum product logistics and supply.

• A memorandum of understanding to fund 50 new scholarships for young Angolans to study at French universities by end-2019.

3

Angola: TOTAL launches Zinia 2 development in deep offshore Block 17

On May 28, 2018, TOTAL announced that it and its partners have taken the final investment decision to launch the Zinia 2 deep offshore development in Block 17, 150 kilometers offshore Angola. The Zinia 2 project is expected to have an estimated production capacity of 40,000 barrels per day (b/d), with the objective of sustaining Pazflor field production, on stream since 2011.

Zinia 2 is the first of several possible short-cycle developments on Block 17 that is expected to unlock its full potential by connecting satellite reservoirs to the existing floating storage, production and offloading (FPSO) units.

Zinia 2 comprises nine wells in water depths ranging from 600 to 1,200 meters, tied back to the Pazflor FPSO with a budget of US$1.2 billion.

Combined Shareholders’ Meeting of June 1st, 2018: approval of resolutions proposed by the Board of Directors; Patrick Pouyanné reappointed as Chairman and CEO

The Annual Shareholders’ Meeting of TOTAL S.A. was held on June 1, 2018, under the chairmanship of Patrick Pouyanné. The shareholders adopted all resolutions recommended by the Board of Directors, including:

■ Approval of the 2017 financial statements and the payment of a dividend of €2.48 per share, a 1.2% increase compared to the previous year;

■ The option for shareholders to receive the final 2017 dividend of 0.62 €/share and any 2018 interim dividends in cash or in new shares of the Company;

■ Renewal of the terms as Directors of Mrs. Anne-Marie Idrac, Mr. Patrick Pouyanné and Mr. Patrick Artus, for a three-year period;

■ Approval of the elements of compensation due or granted to the Chairman and Chief Executive Officer for year 2017;

■ Approval of the principles and criteria for the determination of the compensation granted to the Chairman and Chief Executive Officer for year 2018;

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

The full results of the votes and the presentations made to the shareholders are available on TOTAL’s corporate website total.com.

The Board of Directors met after the Shareholders’ Meeting and unanimously decided to reappoint Mr. Patrick Pouyanné as Chairman and Chief Executive Officer for the duration of his term as Director.

4

Distribution of the final 2017 dividend following the Shareholders’ Meeting of June 1, 2018 that fixed the 2017 dividend at 2.48 € per share

TOTAL announced that the Annual Shareholders’ Meeting, held on June 1, 2018 under the chairmanship of Patrick Pouyanné, declared a dividend for 2017 of €2.48 per share, an increase of 1.2% compared to the 2016 dividend. Taking into account the three interim dividends of €0.62 per share paid on October 12, 2017, January 11, 2018, and April 9, 2018, the final 2017 dividend to be paid is €0.62 per share.

In addition, the Annual Shareholders’ Meeting decided that shareholders will be given the option to receive payment of the 2017 final dividend in cash or in new shares of TOTAL S.A., each choice being exclusive of the other.

In line with the shareholder return policy announced on February 8, 2018, in order to avoid any dilution linked to the issuance of new shares, the Group will buy back during the quarter the newly issued shares with the intention to cancel them.

The share price of new shares to be issued as payment of the final dividend is set at €52.03. This price is equal to the average opening price on the Euronext Paris for the 20 trading days preceding the Annual Shareholders’ Meeting, reduced by the amount of the final dividend, without any discount, and rounded up to the nearest cent. Shares issued as payment of the final dividend will carry immediate dividend rights, and an application will be made to admit the shares for trading on the Euronext Paris.

The ex-dividend date for the final dividend was June 11, 2018.

For TOTAL’s American Depositary Shares (ADS), the ex-dividend date for the final 2017 dividend was June 7, 2018.

Shareholders who do not elect to receive the final dividend payment in new shares within the specified timeframe will receive the final dividend due to them in cash. The date for the payment in cash was June 28, 2018.

For shareholders who elected to receive the final dividend in shares, the date for the delivery of the shares was June 28, 2018. For holders of Total’s American Depositary Receipts, the delivery of the ADSs was July 6, 2018.

Algeria - extension of the TFT gas field license

On June 11, 2018, TOTAL announced the signing of a new concession contract among Sonatrach, TOTAL, Repsol and Alnaft (the National Agency for the Valorisation of Hydrocarbon Resources) for a period of 25 years to extend the exploitation of the Tin Fouyé Tabankort (TFT) gas and condensate field. This new contract¹, which will become effective upon the approval by the relevant Algerian authorities, will give TOTAL a 26.4% interest alongside Sonatrach (51%) and Repsol (22.6%). The companies have also signed a gas marketing agreement.

The partners will carry out the drilling and development investments required to develop additional reserves. These investments will allow to maintain the production of the field.

¹ In accordance with the law 05-07 (modified 13-01)

5

TOTAL and Pavilion Energy take a further step in developing liquefied natural gas (LNG) as a marine fuel in Singapore

On June 26, 2018, TOTAL announced that TOTAL and Pavilion Energy, through their subsidiaries Total Marine Fuels Global Solutions and Pavilion Gas, signed a Heads of Agreement (HoA) to jointly develop a Liquefied Natural Gas (LNG) bunker supply chain in the port of Singapore. The agreement covers the shared long-term time charter of a new generation LNG bunker vessel (LNGBV) to be commissioned by Pavilion Gas by 2020. It also includes an LNG supply arrangement between the two companies enabling TOTAL to deliver LNG bunker to its customers.

The HoA, signed on the sidelines of the World Gas Conference 2018, follows a Memorandum of Understanding (MoU) concluded by both companies in April 2017 on LNG bunkering cooperation in Singapore. The HoA is a significant step forward and contributes to the development of Singapore as an LNG bunkering hub.

Results of the option to receive the final 2017 dividend in shares

The Annual Shareholders’ Meeting held on June 1, 2018 approved the payment of an annual dividend for fiscal year 2017 of €2.48 per share and offered the shareholders the choice to receive the final 2017 dividend of €0.62 per share in cash or in new shares of TOTAL S.A..

The period for exercising the option ran from June 11 to June 20, 2018. At the end of the option period, 19% of rights were exercised in favour of receiving the payment for the final 2017 dividend in shares.

5,798,335 new shares will be issued, representing 0.22% of TOTAL S.A.’s share capital on the basis of the share capital as of May 31, 2018. The share price for the new shares to be issued as payment of the final 2017 dividend was set at €52.03 on June 1, 2018. The price is equal to the average opening price on Euronext Paris for the twenty trading days preceding June 1, 2018, the date of the Annual Shareholders’ Meeting, reduced by the amount of the final dividend, without any discount.

The settlement and delivery of the new shares as well as their admission to trading on Euronext Paris took place on June 28, 2018. The shares carried immediate dividend rights and were fully assimilated with existing shares already listed.

In line with the shareholder return policy announced on February 8, 2018, in order to avoid any dilution linked to the issuance of new shares, the Group will buy back during the quarter the newly issued shares with the intention to cancel them.

The remaining cash dividend to be paid to shareholders who did not elect to receive the final 2017 dividend in shares amounts to 1,328 million euros and the date for the payment in cash was June 28, 2018.

6

TOTAL enters into exclusive negotiation alongside EDF for the sale of its stake in the Dunkerque LNG terminal

On June 29, 2018, TOTAL announced that it has decided to enter into an agreement to sell its 9.99% stake in the Dunkerque LNG terminal, as a part of a broader sale process initiated by EDF (65.01%) earlier this year. At the completion of the transactions two buyers, a consortium composed by Fluxys Europe B.V. (currently 25%), AXA Investment Managers and Crédit Agricole Assurances on one hand and another consortium composed of Samsung Securities Co. Ltd., IBK Securities Co. Ltd. and Hanwha Investment & Securities Co. Ltd on the other hand, will hold 35.76% and 39.24% respectively. Closing is expected for the third quarter of 2018, once required regulatory approvals have been granted by the relevant authorities.

The Group will keep a regasification capacity right of around 1.5 million tons per annum.

TOTAL completes the acquisition of 73% of Direct Énergie and launches a mandatory tender offer

On July 6, 2018, TOTAL announced the completion of the acquisition by TOTAL of 73.04% of the share capital of Direct Énergie¹, for 42 euros per share, representing approximately 1.4 billion euros. This acquisition, which is subsequent to the satisfaction of all conditions precedent referred to in the agreements executed on April 17, 2018 with Direct Énergie’s main shareholders, was followed on July 6, 2018 by the filing by TOTAL of a mandatory tender offer for the shares in Direct Énergie which are not yet held by TOTAL, at the same price of 42 euros per share. This proposed offer was approved by the AMF on July 24, 2018 and opened on July 26, 2018. The offer period is 37 trading days.

Ledouble, appointed by Direct Énergie’s board of directors as independent expert, confirmed that the price offered represents fair financial value for Direct Énergie’s minority shareholders including for the squeeze out procedure that TOTAL intends to request if the required conditions are met.

The composition of Direct Énergie’s board of directors was modified in order to take into account the new shareholding structure. As a result, alongside the remaining directors, Mr. Xavier Caïtucoli and Xirr Europe (represented by Mr. Nicolas Gagnez) as independent director, Mr. Philippe Sauquet, Ms. Namita Shah, Ms. Helle Kristoffersen and Ms. Cécile Arson are appointed as directors, as well as Mr. Jean-Hugues de Lamaze as independent director. These appointments will be subject to confirmation by the next general meeting of shareholders of Direct Énergie.

¹Based on 45,608,369 shares as of June 30, 2018, in accordance with the information provided by Direct Énergie on its website.

7

TOTAL and CCCC strengthening their relationship worldwide to meet the challenges of the construction industry

On July 10, 2018, TOTAL announced that TOTAL and China Communications Construction Company (CCCC) have signed a mutual preferred supplier agreement to extend their existing relationship to a worldwide perimeter.

TOTAL currently supplies CCCC with fuels and lubricants, mainly in Africa, while CCCC’s expertise ranges from design to construction, including financing, civil works, onshore and offshore work, pipeline construction and dredging.

With this new agreement, TOTAL will work toward being CCCC’s preferred partner on a much larger scale, by offering tailored solutions for its projects worldwide.

TOTAL intends to provide flexible, innovative and effective energy solutions to support CCCC’s rapidly growing business. This could include storage facilities, technical support for TOTAL products and a wide range of digital tools, including Optimizer, to help CCCC reduce its total cost of ownership.

TOTAL closes the acquisition of Engie’s upstream LNG business

On July 13, 2018, TOTAL announced the closing of the acquisition of Engie’s portfolio of upstream liquefied natural gas (LNG) assets for an overall enterprise value of $1.5 billion. Additional payments of up to $550 million could become payable by TOTAL in the event of an improvement in the oil markets in the coming years.

This portfolio includes participating interests in liquefaction plants, notably the interest in the Cameron LNG project in the US, long term LNG sales and purchase agreements, an LNG tanker fleet as well as access to regasification capacities in Europe.

Following the transaction, TOTAL will take over the teams in charge of the upstream LNG activities at Engie.

Total’s anticipated LNG portfolio by 2020:

• A total volume of LNG managed of 40Mt / year.

• A liquefaction capacity portfolio of 23 MT/year, well distributed among the major LNG production areas: Middle East, Australia, Russia and the United States.

8

• A worldwide LNG trading contracts portfolio of 28 MT/year to supply each LNG market with competitive and flexible resources.

• A role of a key supplier for the European market with regasification capacities of 18 MT/year.

• A fleet of 18 LNG carriers, of which 2 FSRUs (floating storage and regasification units).

TOTAL creates a digital innovation center in India in partnership with Tata Consultancy Services

On July 17, 2018, TOTAL announced that it signed a partnership agreement with Tata Consultancy Services (TCS) to create a digital innovation center in India. Based in Pune in the State of Maharashtra, the center will explore disruptive technologies and solutions.

The partnership will initially focus on refining. Thanks to the intensive use of digital technology, the various building blocks of refining (production units, processes, the supply chain and petroleum product markets) will be driven in a wide-ranging way to improve refinery performance. Real-time data analytics, the Internet of Things, automation, artificial intelligence and agile methodology will be used to improve industrial efficiency, energy performance and availability rates.

Based on the TCS concept of “entrepreneurship-in-residence,” TOTAL will work with TCS technology and domains experts. TCS will also bring to TOTAL its network, its structured co-innovation approach and its unique Business 4.0 cooperation framework.

TOTAL acquires two gas power plants in France and strengthens in electricity generation

On July 26, 2018, TOTAL announced that it signed an agreement with KKR-Energas to acquire its two gas-fired combined cycle power plants (CCGT) in the North and East of France, which represent an electricity generation capacity of approximately 825 megawatts (MW). The transaction is subject to approval by the relevant authorities.

Through its 73% stake in Direct Énergie, TOTAL also has 800 MW of capacity in two power plants of 400 MW each in France and in Belgium. The development of another 400 MW plant  is planned in the Brittany region.

TOTAL has an objective of achieving 15% share of the B2C gas and electricity supply market in France and Belgium within 5 years.

TOTAL announces its second 2018 interim dividend

In accordance with the Board of Directors decision of February 7, 2018 regarding the 2018-20 shareholder return policy, the second 2018 interim dividend is set at 0.64 euro per share, an increase of 3.2% compared to the three interim dividends and the final dividend paid for the 2017 fiscal year. This interim dividend is stable compared to the first 2018 interim dividend.

The Board of Directors will meet on December 12, 2018, to declare the conditions of this second 2018 interim dividend payment.

According to the fourth resolution adopted by the Combined General Meeting of June 1, 2018, the option to pay this second 2018 interim dividend in new shares of the company will be proposed and the payment will be made according to the following timetable:

Ex-dividend date	December 18, 2018
Period to elect to receive the payment in new shares	December 18, 2018 to January 2, 2019
Payment date in cash or shares issued in lieu of cash	January 10, 2019

Holders of Total’s American Depositary Receipts (“ADRs”) will receive the second 2018 interim dividend in dollars based on the then-prevailing exchange rate according to the following timetable:

ADR ex-dividend date	December 14, 2018
ADR record date	December 17, 2018
ADR payment date in cash or shares issued in lieu of cash	January 17, 2019

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

9

EX-99.3

Exhibit 99.3

RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

The following table shows the ratios of earnings to fixed charges for TOTAL S.A. and its subsidiaries and affiliates (collectively, “TOTAL” or the “Group”), computed based on information used in the preparation of our consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and as adopted by the European Union, for the six months ended June 30, 2018 and 2017 and the fiscal years ended December 31, 2017, 2016, 2015, 2014 and 2013.

	Six Months Ended June 30,		Years Ended December 31,
	2018	2017	2017	2016	2015	2014	2013*
For the Group (IFRS)	8.97	7.12	6.64	4.53	4.76	10.91	19.57

* Figures for 2013 have been restated pursuant to the retrospective application of the accounting interpretation IFRIC 21 from January 1, 2014.

Earnings for the computations above under IFRS were calculated by adding pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees, fixed charges and distributed income of equity investees. Fixed charges for the computations above consist of interest (including capitalized interest) on all indebtedness, amortization of debt discount and expense and that portion of rental expense representative of the interest factor.

1

CAPITALIZATION AND INDEBTEDNESS OF TOTAL

(unaudited)

The following table sets out the unaudited consolidated capitalization and long-term indebtedness, as well as short-term indebtedness, of the Group as of June 30, 2018, prepared on the basis of IFRS. Currency amounts are expressed in U.S. dollars (“dollars” or “$“) or in euros (“euros” or “€”).

	At June 30, 2018
	(in millions of dollars)
Current financial debt, including current portion of non-current financial debt
Current portion of non-current financial debt		6,477
Current financial debt		9,182
Current portion of financial instruments for interest rate swaps liabilities		280
Other current financial instruments — liabilities		523
Financial liabilities directly associated with assets held for sale		-
Total current financial debt		16,462
Non-current financial debt		38,362
Non-controlling interests		2,288
Shareholders’ equity
Common shares		8,305
Paid-in surplus and retained earnings		121,896
Currency translation adjustment		(9,764	)
Treasury shares		(2,462	)
Total shareholders’ equity — Group share		117,975
Total capitalization and non-current indebtedness		158,625

As of June 30, 2018, TOTAL S.A. had an authorized share capital of 3,713,406,730 ordinary shares with a par value of €2.50 per share, and an issued share capital of 2,665,877,332 ordinary shares (including 37,226,627 treasury shares from shareholders’ equity).

As of June 30, 2018, approximately $1,921 million of the Group’s non-current financial debt was secured and approximately $36,441 million was unsecured, and all of the Group’s current financial debt of $9,182 million was unsecured. As of June 30, 2018, TOTAL had no outstanding guarantees from third parties relating to its consolidated indebtedness. Since June 30, 2018, TOTAL S.A. has issued non-current financial debt of £325 million maturing in 7 years (or approximately $426 million using the £/$ exchange rate on July 20, 2018 of £1 = $1.3114 as released by the Board of Governors of the Federal Reserve System on July 23, 2018), CHF200 million maturing in 8 years (or approximately $201 million using the $/CHF exchange rate on July 20, 2018 of $1 = CHF0.9944 as released by the Board of Governors of the Federal Reserve System on July 23, 2018) and €121 million maturing in 15 years (or approximately $142 million using the €/$ exchange rate on July 20, 2018 of €1 = $1.1708 as released by the Board of Governors of the Federal Reserve System on July 23, 2018). For more information about TOTAL’s off balance sheet commitments and contingencies, see Note 13 of the Notes to TOTAL’s audited Consolidated Financial Statements in its Annual Report on Form 20-F for the year ended December 31, 2017, filed with the Securities and Exchange Commission on March 16, 2018.

Except as disclosed herein, there have been no material changes in the consolidated capitalization, indebtedness and contingent liabilities of TOTAL since June 30, 2018.

2

EX-99.4

Exhibit 99.4

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

	Six Months Ended June 30,						Years Ended December 31,
(Amounts in millions of dollars)	2018			2017			2017			2016			2015			2014		2013
Net income*		6,357			4,886			8,631			6,196			5,087			4,244		11,228
Income tax expenses*		3,683			1,165			3,029			970			1,653			8,614		14,767
Non-controlling interests		(74	)		(80	)		(332	)		10			(301	)		6		293
Equity in income of affiliates (in excess of)/ less than dividends received		(557	)		206			42			(643	)		(311	)		29		(775	)
Interest expensed		663			471			1,000			734			742			536		656
Estimate of the interest within rental expense		245			272			489			543			477			406		357
Amortization of capitalized interest		101			109			191			161			174			160		135
Total*		10,418			7,029			13,050			7,971			7,521			13,995		26,661
Interest expensed		663			471			1,000			734			742			536		656
Capitalized interest		254			244			475			481			362			341		349
Estimate of the interest within rental expense		245			272			489			543			477			406		357
Preference security dividend requirements of consolidated subsidiaries		—			—			—			—			—			—		—
Fixed charges		1,162			987			1,964			1,758			1,581			1,283		1,362
Ratio of earnings to fixed charges*		8.97			7.12			6.64			4.53			4.76			10.91		19.57

* Figures for 2013 have been restated pursuant to the retrospective application of the accounting interpretation IFRIC 21 from January 1, 2014.

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2018 shares
Document and Entity Information [Abstract]
Entity Registrant Name	TOTAL S.A.
Entity Central Index Key	0000879764
Document Type	6-K
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	2,665,877,332
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	H1

XML

Consolidated statement of income $ in Millions	3 Months Ended						6 Months Ended
	Jun. 30, 2018 € / shares	Jun. 30, 2018 USD ($) $ / shares	Mar. 31, 2018 € / shares	Mar. 31, 2018 USD ($) $ / shares	Jun. 30, 2017 € / shares	Jun. 30, 2017 USD ($) $ / shares	Jun. 30, 2018 USD ($) $ / shares	Dec. 31, 2017 USD ($)	Jun. 30, 2017 USD ($) $ / shares
Consolidated statement of income
Sales		$ 52,540		$ 49,611		$ 39,915	$ 102,151		$ 81,098
Excise taxes		(6,438)		(6,319)		(5,433)	(12,757)		(10,523)
Revenues from sales		46,102		43,292		34,482	89,394		70,575
Purchases, net of inventory variation		(30,599)		(29,446)		(23,398)	(60,045)		(47,385)
Other operating expenses		(6,761)		(6,937)		(6,106)	(13,698)		(12,272)
Exploration costs		(158)		(204)		(199)	(362)		(396)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,435)		(2,916)		(2,798)	(6,351)		(7,377)
Other income		252		523		570	775		2,895
Other expense		(413)		(190)		(106)	(603)		(397)
Financial interest on debt		(478)		(390)		(345)	(868)		(676)
Financial income and expense from cash & cash equivalents		(54)		(41)		(37)	(95)		(48)
Cost of net debt		(532)		(431)		(382)	(963)		(724)
Other financial income		321		240		285	561		513
Other financial expense		(159)		(170)		(159)	(329)		(319)
Net income (loss) from equity affiliates		1,103		484		310	1,587		858
Income taxes		(2,087)		(1,596)		(472)	(3,683)		(1,165)
Consolidated net income		3,634		2,649		2,027	6,283	$ 3,493	4,806
Group share		3,721		2,636		2,037	6,357		4,886
Non-controlling interests		$ (87)		$ 13		$ (10)	$ (74)		$ (80)
Earnings per share (in dollars or Euros per share) | (per share)	€ 1.16	$ 1.38	€ 0.81	$ 1.00	€ 0.71	$ 0.79	$ 2.39		$ 1.93
Fully-diluted earnings per share (in dollars or Euros per share) | (per share)	€ 1.16	$ 1.38	€ 0.81	$ 0.99	€ 0.71	$ 0.79	$ 2.38		$ 1.92

XML

Consolidated statement of comprehensive income - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Consolidated statement of comprehensive income
Consolidated net income	$ 3,634	$ 2,649	$ 2,027	$ 6,283	$ 4,806
Other comprehensive income
Actuarial gains and losses	42	25	32	67	158
Change in fair value of investments in equity instruments	(2)	7		5
Tax effect	(20)	2	(12)	(18)	(53)
Currency translation adjustment generated by the parent company	(4,761)	2,131	4,524	(2,630)	5,464
Sub-total items not potentially reclassifiable to profit and loss	(4,741)	2,165	4,544	(2,576)	5,569
Currency translation adjustment	1,330	(362)	(1,218)	968	(1,418)
Available for sale financial assets			1
Cash flow hedge	77	178	(79)	255	34
Variation of foreign currency basis spread	2	(29)		(27)
Share of other comprehensive income of equity affiliates, net amount	36	(168)	(794)	(132)	(463)
Other	(2)		(3)	(2)
Tax effect	(27)	(48)	30	(75)	(9)
Sub-total items potentially reclassifiable to profit and loss	1,416	(429)	(2,063)	987	(1,856)
Total other comprehensive income (net amount)	(3,325)	1,736	2,481	(1,589)	3,713
Comprehensive income	309	4,385	4,508	4,694	8,519
Group share	450	4,356	4,507	4,806	8,581
Non-controlling interests	$ (141)	$ 29	$ 1	$ (112)	$ (62)

XML

Consolidated balance sheet - USD ($) $ in Millions	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017
Non-current assets
Intangible assets, net	$ 24,562	$ 24,502	$ 14,587	$ 14,119
Property, plant and equipment, net	114,047	116,181	109,397	112,659
Equity affiliates: investments and loans	22,443	22,332	22,103	21,705
Other investments	1,396	1,710	1,727	1,483
Non-current financial assets	967	1,154	679	558
Deferred income taxes	5,348	5,519	5,206	4,981
Other non-current assets	3,384	3,633	3,984	4,411
Total non-current assets	172,147	175,031	157,683	159,916
Current assets
Inventories, net	18,392	17,006	16,520	14,273
Accounts receivable, net	16,974	17,774	14,893	12,923
Other current assets	14,408	14,824	14,210	14,034
Current financial assets	3,609	2,289	3,393	3,618
Cash and cash equivalents	26,475	30,092	33,185	28,720
Assets classified as held for sale			2,747	421
Total current assets	79,858	81,985	84,948	73,989
Total assets	252,005	257,016	242,631	233,905
Shareholders' equity
Common shares	8,305	8,207	7,882	7,797
Paid-in surplus and retained earnings	121,896	120,559	112,040	110,305
Currency translation adjustment	(9,764)	(6,413)	(7,908)	(10,314)
Treasury shares	(2,462)	(1,166)	(458)	(600)
Total shareholders' equity - Group share	117,975	121,187	111,556	107,188
Non-controlling interests	2,288	2,499	2,481	2,772
Total shareholders' equity	120,263	123,686	114,037	109,960
Non-current liabilities
Deferred income taxes	11,969	11,943	10,828	10,920
Employee benefits	3,329	3,796	3,735	4,127
Provisions and other non-current liabilities	18,807	19,268	15,986	16,924
Non-current financial debt	38,362	40,257	41,340	41,548
Total non-current liabilities	72,467	75,264	71,889	73,519
Current liabilities
Accounts payable	25,021	24,836	26,479	21,914
Other creditors and accrued liabilities	17,792	17,952	17,779	14,862
Current borrowings	15,659	14,909	11,096	13,070
Other current financial liabilities	803	369	245	241
Liabilities directly associated with the assets classified as held for sale			1,106	339
Total current liabilities	59,275	58,066	56,705	50,426
Total liabilities & shareholders' equity	$ 252,005	$ 257,016	$ 242,631	$ 233,905

XML

Consolidated statement of cash flow - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income	$ 3,634	$ 2,649	$ 2,027	$ 6,283	$ 4,806
Depreciation, depletion, amortization and impairment	3,508	3,046	2,930	6,554	7,590
Non-current liabilities, valuation allowances, and deferred taxes	35	114	(50)	149	(247)
(Gains) losses on disposals of assets	(148)	(125)	(151)	(273)	(2,383)
Undistributed affiliates' equity earnings	(298)	(259)	501	(557)	206
(Increase) decrease in working capital	(856)	(3,222)	(268)	(4,078)	(322)
Other changes, net	371	(122)	(349)	249	(309)
Cash flow from operating activities	6,246	2,081	4,640	8,327	9,341
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions	(3,513)	(5,665)	(3,323)	(9,178)	(6,001)
Acquisitions of subsidiaries, net of cash acquired	12	(726)	(6)	(714)	(325)
Investments in equity affiliates and other securities	(146)	(162)	(433)	(308)	(956)
Increase in non-current loans	(140)	(171)	(443)	(311)	(601)
Total expenditures	(3,787)	(6,724)	(4,205)	(10,511)	(7,883)
Proceeds from disposals of intangible assets and property, plant and equipment	304	1,978	74	2,282	80
Proceeds from disposals of subsidiaries, net of cash sold	(7)	3		(4)	2,696
Proceeds from disposals of non-current investments	396	188	133	584	142
Repayment of non-current loans	581	416	153	997	340
Total divestments	1,274	2,585	360	3,859	3,258
Cash flow used in investing activities	(2,513)	(4,139)	(3,845)	(6,652)	(4,625)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares: Parent company shareholders	473	9	406	482	421
Issuance (repayment) of shares: Treasury shares	(1,182)	(558)		(1,740)
Dividends paid: Parent company shareholders	(2,692)	(1,516)	(1,462)	(4,208)	(2,000)
Dividends paid: Non-controlling interests	(72)	(12)	(61)	(84)	(76)
Payments on perpetual subordinated notes	(116)	(150)	(90)	(266)	(219)
Net issuance (repayment) of non-current debt	52	(2,480)	290	(2,428)	346
Increase (decrease) in current borrowings	(738)	1,707	(1,167)	969	(2,580)
Increase (decrease) in current financial assets and liabilities	(1,779)	1,155	979	(624)	1,637
Cash flow used in financing activities	(6,054)	(1,845)	(1,105)	(7,899)	(2,471)
Net increase (decrease) in cash and cash equivalents	(2,321)	(3,903)	(310)	(6,224)	2,245
Effect of exchange rates	(1,296)	810	1,504	(486)	1,878
Cash and cash equivalents at the beginning of the period	30,092	33,185	27,526	33,185	24,597
Cash and cash equivalents at the end of the period	$ 26,475	$ 30,092	$ 28,720	$ 26,475	$ 28,720

XML

Consolidated statement of changes in shareholders' equity - USD ($) $ in Millions		Shareholders' equity - Group share	Common shares issued	Paid-in surplus and retained earnings	Currency translation adjustment	Treasury shares	Non-controlling interests	Total
Equity as of the beginning of the period at Dec. 31, 2016		$ 98,680	$ 7,604	$ 105,547	$ (13,871)	$ (600)	$ 2,894	$ 101,574
Common shares issued as of the beginning of the period at Dec. 31, 2016			2,430,365,862			(10,587,822)
Net income		4,886		4,886			(80)	4,806
Other comprehensive income		3,695		138	3,557		18	3,713
Comprehensive income		8,581		5,024	3,557		(62)	8,519
Dividend		(3,297)		(3,297)			(76)	(3,373)
Issuance of common shares		3,296	$ 193	3,103				3,296
Issuance of common shares (in shares)			71,170,026
Sale of treasury shares (in shares)	[1]					4,000
Share-based payments		74		74				74
Payments on perpetual subordinated notes		(142)		(142)				(142)
Other operations with non-controlling interests		(7)		(7)			7
Other items		3		3			9	12
Equity as of the end of the period at Jun. 30, 2017		107,188	$ 7,797	110,305	(10,314)	$ (600)	2,772	109,960
Common shares issued as of the end of the period at Jun. 30, 2017			2,501,535,888			(10,583,822)
Net income		3,745		3,745			(252)	3,493
Other comprehensive income		2,986		580	2,406		26	3,012
Comprehensive income		6,731		4,325	2,406		(226)	6,505
Dividend		(3,695)		(3,695)			(65)	(3,760)
Issuance of common shares		1,413	$ 85	1,328				1,413
Issuance of common shares (in shares)			27,453,728
Sale of treasury shares	[1]			(142)		$ 142
Sale of treasury shares (in shares)	[1]					2,207,066
Share-based payments		77		77				77
Payments on perpetual subordinated notes		(160)		(160)				(160)
Other operations with non-controlling interests		(1)		(1)			(3)	(4)
Other items		3		3			3	6
Equity as of the end of the period at Dec. 31, 2017		111,556	$ 7,882	112,040	(7,908)	$ (458)	2,481	114,037
Common shares issued as of the end of the period at Dec. 31, 2017			2,528,989,616			(8,376,756)
Net income								2,649
Other comprehensive income								1,736
Comprehensive income								4,385
Equity as of the end of the period at Mar. 31, 2018								123,686
Equity as of the beginning of the period at Dec. 31, 2017		111,556	$ 7,882	112,040	(7,908)	$ (458)	2,481	114,037
Common shares issued as of the beginning of the period at Dec. 31, 2017			2,528,989,616			(8,376,756)
Net income		6,357		6,357			(74)	6,283
Other comprehensive income		(1,551)		305	(1,856)		(38)	(1,589)
Comprehensive income		4,806		6,662	(1,856)		(112)	4,694
Dividend		(4,070)		(4,070)			(84)	(4,154)
Issuance of common shares		7,693	$ 423	7,270				7,693
Issuance of common shares (in shares)			136,887,716
Purchase of treasury shares		(2,004)				$ (2,004)		(2,004)
Purchase of treasury shares (in shares)						(33,056,514)
Sale of treasury shares (in shares)	[1]					3,450
Share-based payments		192		192				192
Payments on perpetual subordinated notes		(161)		(161)				(161)
Other operations with non-controlling interests		(4)		(4)			4
Other items		(33)		(33)			(1)	(34)
Equity as of the end of the period at Jun. 30, 2018		117,975	$ 8,305	121,896	(9,764)	$ (2,462)	2,288	120,263
Common shares issued as of the end of the period at Jun. 30, 2018			2,665,877,332			(41,429,820)
Equity as of the beginning of the period at Mar. 31, 2018								123,686
Net income								3,634
Other comprehensive income								(3,325)
Comprehensive income								309
Equity as of the end of the period at Jun. 30, 2018		$ 117,975	$ 8,305	$ 121,896	$ (9,764)	$ (2,462)	$ 2,288	$ 120,263
Common shares issued as of the end of the period at Jun. 30, 2018			2,665,877,332			(41,429,820)

[1] Treasury shares related to the restricted stock grants.

XML

Accounting policies

6 Months Ended

Jun. 30, 2018

Accounting policies

Accounting policies

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 June 30, 2018, 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 June 30, 2018, are consistent with those used for the financial statements at December 31, 2017, with the exception of those texts or amendments that must be applied for periods beginning January 1, 2018.

- First-time application of IFRS 15 "Revenue from Contracts with Customers"

The Group applied IFRS 15 as of January 1, 2018, without restating comparative information from past periods. The cumulative effect of the first application of the standard, recognized in equity as at January 1, 2018, is non-material. The new standard does not lead to any material change in the accounting principles applied by the Group.

- First time application of IFRS 9 "Financial Instruments"

The Group applied IFRS 9 as of January 1, 2018 without restating comparative information from past periods. The impacts related to the first application of the standard, recognized in opening equity at January 1, 2018, are not material.

This standard has three components: classification and measurement of financial instruments, impairment of financial assets, and hedging transactions except macro hedging

The main changes induced by each component are the following:

1. The application of the "Classification and valuation of financial instruments" component led the Group to create a new non-recyclable component in its comprehensive income to record, from January 1, 2018, changes in the fair value of "Investments in equity instruments at the fair value through equity" previously classified as "Available-for-sale financial assets "under IAS 39.

2. The application of the "Impairment of financial assets" component has no significant impact for the Group on January 1, 2018.

3. The application of the "Hedging transactions" component led the Group to recognize in a separate component of the comprehensive income the changes in the Foreign Currency Basis Spread identified in the hedging relationships qualifying as a fair value hedge.

The application of the provisions of IFRS 9 "Financial Instruments" has no significant effect on the Group's balance sheet, income statement and consolidated equity as of June 30, 2018.

The preparation of financial statements in accordance with IFRS for the closing as of June 30, 2018, requires the executive management to make estimates, assumptions and judgments that affect the information reported in the Consolidated Financial Statements and the Notes thereto.

These estimates, assumptions and judgments are based on historical experience and other factors believed to be reasonable at the date of preparation of the financial statements. They are reviewed on an on-going basis by management and therefore could be revised as circumstances change or as a result of new information.

Different estimates, assumptions and judgments could significantly affect the information reported, and actual results may differ from the amounts included in the Consolidated Financial Statements and the Notes thereto.

The main estimates, judgments and assumptions relate to the estimation of hydrocarbon reserves in application of the successful efforts method for the oil and gas activities, the impairment of assets, the employee benefits, the asset retirement obligations and the income taxes. These estimates and assumptions are described in the Notes to the Consolidated Financial Statements as of December 31, 2017.

Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the management applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS concepts: faithful representation, relevance and materiality.

As regards the application of IFRS 16 "Leases" on January 1, 2019, the Group intends to:

- apply the simplified retrospective transition method, by accounting for the cumulative effect of the initial application of the standard at the date of first application, without restating the comparative periods

- use the following simplification measures provided by the standard in the transitional provisions:

o not apply the standard to contracts that the Group had not previously identified as containing a lease under IAS 17 and IFRIC 4,

o not take into account leases whose term ends within 12 months of the date of first application

- recognize each lease component of the lease as a separate lease, apart from non-lease components (services) of the lease.

XML

Changes in the Group structure

6 Months Ended

Jun. 30, 2018

Changes in the Group structure

Changes in the Group structure

2) Changes in the Group structure

2.1) Main acquisitions and divestments

Ø Exploration & Production

· On January 15, 2018, as part of the Strategic Alliance signed in March 2017, TOTAL announced the conclusion of transfer agreements from Petrobras to TOTAL:

o 35% of the rights, as well as the role of operator in the Lapa field,

o 22.5% of the rights of the Iara area.

The amount of this transaction is $ 1.95 billion.

The details of the acquisition are presented in Note 2.2 to the consolidated financial statements.

· On March 1, 2018, TOTAL finalized the acquisition of Marathon Oil Libya Limited which holds a 16.33% stake in the Waha Concessions in Libya. This transaction amounts to $ 451 million.

The details of the acquisition are presented in Note 2.2 to the consolidated financial statements.

· On March 8, 2018, TOTAL announced the closing of the Maersk Oil acquisition signed on August 21, 2017. The integration of Maersk Oil, which holds a portfolio of high quality assets, largely complementary to those held by TOTAL, and mainly located in OECD countries, allows the Group to become the second largest operator in the North Sea.

The details of the acquisition are presented in Note 2.2 to the consolidated financial statements.

· On March 15, 2018, TOTAL finalized the sale to Statoil of all of its interests in the Martin Linge field (51%) and the discovery of Garantiana (40%) on the Norwegian Continental Shelf.

· On March 18, 2018, TOTAL was awarded participating interests in two Offshore Concessions on Umm Shaif & Nasr (20%) and Lower Zakum (5%) in return for the payment of a global bonus of $ 1.45 billion.

· On April 11, 2018, TOTAL acquired several assets located in the Gulf of Mexico as part of the Cobalt International Energy company’s bankruptcy auction sale.

Ø Marketing & Services

· In January, 2018, the sale of the joint venture TotalErg (Erg 51%, TOTAL 49%) to the Italian company API was finalized.

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.

Ø Exploration & Production

· Transfer of rights in the Lapa and Iara concessions in Brazil

On January 15, 2018 Petrobras transferred to TOTAL 35% of the rights of the Lapa field which was put in production in December 2016, with a 100,000 barrel per day capacity FPSO.

Petrobras also transferred to TOTAL 22.5% of the rights of the Iara area. Production in Iara is expected to start in 2018 and 2019 depending on the fields.

The acquisition cost amounts to $1,950 million.

In the balance sheet as of June 30, 2018, the provisional fair value of identifiable acquired assets, liabilities and contingent liabilities amounts to $1,950 million.

The provisional purchase price allocation is shown below :

($ million)	At the acquisition date
Intangible assets	1,072
Tangible assets	1,662
Other assets and liabilities	(119)
Net debt	(665)
Fair value of consideration transferred	1,950

· Marathon Oil Lybia Limited

On March 1, 2018, TOTAL finalized the acquisition of Marathon Oil Libya Limited which holds a 16.33% stake in the Waha Concessions in Libya. The acquisition cost amounts to $451 million.

In the balance sheet as of June 30, 2018, the provisional fair value of identifiable acquired assets, liabilities and contingent liabilities amounts to $451 million.

The provisional purchase price allocation is shown below :

($ million)	At the acquisition date
Intangible assets	326
Tangible assets	192
Other assets and liabilities	(91)
Net debt	24
Fair value of consideration transferred	451

· Maersk Oil

On March 8, 2018, TOTAL finalized the acquisition of Maersk Oil, following the signature of the « Share Transfer Agreement » on August 21, 2017.

The Group acquired all the voting rights of Maersk Olie og Gas A/S (Maersk Oil), a wholly owned subsidiary of A.P. Møller – Mærsk A/S (Maersk), for a purchase consideration of $5,741 million. This includes the fair value ($5,585 million) of 97,522,593 shares issued in exchange for all Maersk Oil shares, calculated using the market price of the company’s shares of 46.11 euros on the Euronext Paris Stock Exchange at its opening of business on March 8, 2018, and the amount of price adjustments ($156 million) paid on closing.

In the balance sheet as of June 30, 2018, the provisional fair value of identifiable acquired assets, liabilities and contingent liabilities amounts to $3,113 million.

The Group recognized a $2,628 million goodwill.

The provisional purchase price allocation is shown below:

($ million)	At the acquisition date
Goodwill	2,628
Intangible assets	4,227
Tangible assets	4,033
Other assets and liabilities	(3,223)
Including provision for site restitution	(2,100)
Including deferred tax	(675)
Net debt	(1,924)
Fair value of consideration transferred	5,741

XML

Adjustment items

6 Months Ended

Jun. 30, 2018

Adjustment items

Adjustment items

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

- An Exploration & Production segment;

- A Gas, Renewables & Power segment including downstream Gas activities, New Energies activities (excluding biotechnologies) and Energy Efficiency division;

- 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.

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.

(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 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.

ADJUSTMENTS TO OPERATING INCOME

		Exploration	Gas,	Refining	Marketing	Corporate	Total
		&	Renewables	&	&
(M$)		Production	& Power	Chemicals	Services
2nd quarter 2018	Inventory valuation effect	—	—	569	134	—	703
	Effect of changes in fair value	—	16	—	—	—	16
	Restructuring charges	—	—	—	—	—	—
	Asset impairment charges	—	(424)	—	—	—	(424)
	Other items	(97)	(1)	—	—	—	(98)
Total		(97)	(409)	569	134	—	197
2nd quarter 2017	Inventory valuation effect	—	—	(372)	(54)	—	(426)
	Effect of changes in fair value	—	(27)	—	—	—	(27)
	Restructuring charges	(40)	—	—	—	—	(40)
	Asset impairment charges	(15)	1	—	—	—	(14)
	Other items	(77)	(25)	(39)	(26)	(64)	(231)
Total		(132)	(51)	(411)	(80)	(64)	(738)
1st half 2018	Inventory valuation effect	—	—	531	105	—	636
	Effect of changes in fair value	—	5	—	—	—	5
	Restructuring charges	(53)	—	—	—	—	(53)
	Asset impairment charges	—	(446)	—	—	—	(446)
	Other items	(97)	(93)	—	—	(9)	(199)
Total		(150)	(534)	531	105	(9)	(57)
1st half 2017	Inventory valuation effect	—	—	(289)	(69)	—	(358)
	Effect of changes in fair value	—	(27)	—	—	—	(27)
	Restructuring charges	(40)	—	—	—	—	(40)
	Asset impairment charges	(1,869)	(25)	(50)	—	—	(1,944)
	Other items	(77)	(114)	(65)	(26)	(64)	(346)
Total		(1,986)	(166)	(404)	(95)	(64)	(2,715)

ADJUSTMENTS TO NET INCOME, GROUP SHARE

		Exploration	Gas,	Refining	Marketing	Corporate	Total
		&	Renewables	&	&
(M$)		Production	& Power	Chemicals	Services
2nd quarter 2018	Inventory valuation effect	—	—	436	81	—	517
	Effect of changes in fair value	—	9	—	—	—	9
	Restructuring charges	(44)	(2)	—	—	—	(46)
	Asset impairment charges	—	(236)	—	—	—	(236)
	Gains (losses) on disposals of assets	(2)	—	—	—	—	(2)
	Other items	(71)	(3)	—	—	—	(74)
Total		(117)	(232)	436	81	—	168
2nd quarter 2017	Inventory valuation effect	—	—	(268)	(42)	—	(310)
	Effect of changes in fair value	—	(19)	—	—	—	(19)
	Restructuring charges	(12)	(3)	(39)	—	—	(54)
	Asset impairment charges	(27)	(5)	—	—	—	(32)
	Gains (losses) on disposals of assets	—	—	—	125	—	125
	Other items	(50)	(11)	(26)	(18)	(42)	(147)
Total		(89)	(38)	(333)	65	(42)	(437)
1st half 2018	Inventory valuation effect	—	—	412	60	—	472
	Effect of changes in fair value	—	1	—	—	—	1
	Restructuring charges	(59)	(8)	—	—	—	(67)
	Asset impairment charges	—	(248)	—	—	—	(248)
	Gains (losses) on disposals of assets	(103)	—	—	—	—	(103)
	Other items	(51)	(58)	(17)	—	(9)	(135)
Total		(213)	(313)	395	60	(9)	(80)
1st half 2017	Inventory valuation effect	—	—	(210)	(45)	—	(255)
	Effect of changes in fair value	—	(19)	—	—	—	(19)
	Restructuring charges	(12)	(8)	(39)	—	—	(59)
	Asset impairment charges	(1,641)	(59)	(50)	—	—	(1,750)
	Gains (losses) on disposals of assets	—	—	2,139	125	—	2,264
	Other items	(144)	(78)	(45)	(18)	(42)	(327)
Total		(1,797)	(164)	1,795	62	(42)	(146)

XML

Shareholders' equity

6 Months Ended

Jun. 30, 2018

Shareholders' equity

Shareholders' equity

4)  Shareholders’ equity

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

In accordance with the February 2018 announcements regarding the shareholder return policy over 2018-2020, TOTAL S.A. started share buybacks.

At June 30, 2018, TOTAL S.A. holds 41,429,820 of its own shares, representing 1.55% of its share capital, detailed as follows:

· 8,760,020 shares allocated to TOTAL share grant plans for Group employees;

· 69,759 shares intended to be allocated to new TOTAL share purchase option plans or to new share grant plans;

· 32,600,041 shares acquired and intended to be canceled out of which:

o 9,820,488 shares definitively acquired during the first quarter and intended to be canceled,

o 18,576,360 shares definitively acquired during the second quarter and intended to be canceled,

o 4,203,193 shares corresponding to the portion not yet executed on June 30, 2018, of the share buyback for which the group is contractually bound.

These shares are deducted from the consolidated shareholders’ equity.

Dividend

The Annual Shareholders’ Meeting on June 1, 2018 approved the payment of a dividend of €2.48 per share for the 2017 fiscal year. Taking into account the three interim dividends of €0.62 per share that have been paid on October 12, 2017, January 11 and April 9, 2018, the remaining balance of €0.62 per share was paid on June 28, 2018.

The Annual Shareholders’ Meeting on June 1, 2018 approved that shareholders will be given the option to receive the 2017 final dividend in new shares or in cash. The share price of new shares has been set at €52.03 per share. This price is equal to the average opening price on Euronext Paris for the twenty trading days preceding June 1st, 2018, the date of the Annual Shareholders’ Meeting, reduced by the amount of the final dividend, without any discount. On June 28, 2018, 5,798,335 shares have been issued at a price of €52.03 per share.

Another resolution has been approved at the Annual Shareholders’ Meeting on June 1, 2018, if one or more interim dividends are decided by the Board of Directors for the fiscal year 2018, then shareholders will be given the option to receive this or these interim dividends in new shares or in cash.

The Board of Directors, during its April 25, 2018, meeting, decided to set the first interim dividend for the fiscal year 2018 at €0.64 per share. This interim dividend will be paid in cash or in shares on October 12, 2018 (the ex-dividend date will be September 25, 2018).

The Board of Directors, during its July 25, 2018, meeting, decided to set the second interim dividend for the fiscal year 2018 at €0.64 per share. This interim dividend will be paid in cash or in shares on December 18, 2018 (the ex-dividend date will be January 10, 2019).

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 €1.16 per share for the 2nd quarter 2018 (€0.81 per share for the 1st quarter 2018 and €0.71 per share for the 2nd quarter 2017). Diluted earnings per share calculated using the same method amounted to €1.16 per share for the 2nd quarter 2018 (€0.81 per share for the 1st quarter 2018 and €0.71 per share for the 2nd quarter 2017).

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

Other comprehensive income

Detail of other comprehensive income showing items reclassified from equity to net income is presented in the table below:

(M$)		1st half 2018		1st half 2017
Actuarial gains and losses		67		158
Change in fair value of investments in equity instruments		5		—
Tax effect		(18)		(53)
Currency translation adjustment generated by the parent company		(2,630)		5,464
Sub-total items not potentially reclassifiable to profit and loss		(2,576)		5,569
Currency translation adjustment		968		(1,418)
- unrealized gain/(loss) of the period	1,078		(1,372)
- less gain/(loss) included in net income	110		46
Available for sale financial assets		—		—
- unrealized gain/(loss) of the period	—		—
- less gain/(loss) included in net income	—		—
Cash flow hedge		255		34
- unrealized gain/(loss) of the period	142		164
- less gain/(loss) included in net income	(113)		130
Variation of foreign currency basis spread		(27)		—
- unrealized gain/(loss) of the period	(27)		—
- less gain/(loss) included in net income	—		—
Share of other comprehensive income of equity affiliates, net amount		(132)		(463)
- unrealized gain/(loss) of the period	(93)		(465)
- less gain/(loss) included in net income	39		(2)
Other		(2)		—
Tax effect		(75)		(9)
Sub-total items potentially reclassifiable to profit and loss		987		(1,856)
Total other comprehensive income, net amount		(1,589)		3,713

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

	1st half 2018			1st half 2017
(M$)	Pre-tax amount	Tax effect	Net amount	Pre-tax amount	Tax effect	Net amount
Actuarial gains and losses	67	(18)	49	158	(53)	105
Change in fair value of investments in equity instruments	5	—	5	—	—	—
Currency translation adjustment generated by the parent company	(2,630)	—	(2,630)	5,464	—	5,464
Sub-total items not potentially reclassifiable to profit and loss	(2,558)	(18)	(2,576)	5,622	(53)	5,569
Currency translation adjustment	968	—	968	(1,418)	—	(1,418)
Available for sale financial assets	—	—	—	—	(1)	(1)
Cash flow hedge	255	(81)	174	34	(8)	26
Variation of foreign currency basis spread	(27)	6	(21)	—	—	—
Share of other comprehensive income of equity affiliates, net amount	(132)	—	(132)	(463)	—	(463)
Other	(2)	—	(2)	—	—	—
Sub-total items potentially reclassifiable to profit and loss	1,062	(75)	987	(1,847)	(9)	(1,856)
Total other comprehensive income	(1,496)	(93)	(1,589)	3,775	(62)	3,713

XML

Financial debt

6 Months Ended

Jun. 30, 2018

Financial debt

Financial debt

5)  Financial debt

The Group has not issued any bond during the first six months of 2018.

The Group reimbursed bonds during the first six months of 2018:

- Bond 1.450% issued in 2013 and maturing in January 2018 (USD 1,000 million)

- Bond 2.500% issued in 2013 and maturing in June 2018 (NOK 600 million)

- Bond with floating rate coupon issued in 2014 and maturing in June 2018 (USD 135 million)

- Bond 3.125% issued in several tranches between 2006 / 2008 and maturing in June 2018 (CHF 525 million)

XML

Related parties

6 Months Ended

Jun. 30, 2018

Related parties

Related parties

6)  Related parties

The related parties are principally equity affiliates and non-consolidated investments. There were no major changes concerning transactions with related parties during the first six months of 2018.

XML

Other risks and contingent liabilities

6 Months Ended

Jun. 30, 2018

Other risks and contingent liabilities

Other risks and contingent liabilities

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.

Alitalia

In the Marketing & Services segment, a civil proceeding was initiated in Italy, in 2013, against TOTAL S.A. and its subsidiary Total Aviazione Italia Srl before the competent Italian civil court. The plaintiff claims against TOTAL S.A., its subsidiary and other third parties, damages that it estimates to be nearly €908 million. This proceeding follows practices that had been condemned by the Italian competition authority in 2006. The parties have exchanged preliminary findings and a request for an expert opinion has been approved by the court. The existence and the assessment of the alleged damages in this procedure involving multiple defendants remain contested.

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 has been launched to seek damages from these three companies and 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.

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.

XML

Information by business segment

6 Months Ended

Jun. 30, 2018

Information by business segment

Information by business segment

8)  Information by business segment

	Exploration	Gas,	Refining	Marketing
1st half 2018	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	5,865	7,359	45,088	43,836	3	—	102,151
Intersegment sales	14,717	898	17,396	491	34	(33,536)	—
Excise taxes	—	—	(1,714)	(11,043)	—	—	(12,757)
Revenues from sales	20,582	8,257	60,770	33,284	37	(33,536)	89,394
Operating expenses	(8,979)	(8,096)	(58,248)	(31,919)	(399)	33,536	(74,105)
Depreciation, depletion and impairment of tangible assets and mineral interests	(4,834)	(534)	(617)	(346)	(20)	—	(6,351)
Operating income	6,769	(373)	1,905	1,019	(382)	—	8,938
Net income (loss) from equity affiliates and other items	1,210	162	417	193	9	—	1,991
Tax on net operating income	(3,322)	(34)	(383)	(297)	181	—	(3,855)
Net operating income	4,657	(245)	1,939	915	(192)	—	7,074
Net cost of net debt							(791)
Non-controlling interests							74
Net income - group share							6,357

	Exploration	Gas,	Refining	Marketing
1st half 2018 (adjustments)(a)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	—	13	—	—	—	—	13
Intersegment sales	—	—	—	—	—	—	—
Excise taxes	—	—	—	—	—	—	—
Revenues from sales	—	13	—	—	—	—	13
Operating expenses	(150)	(101)	531	105	(9)	—	376
Depreciation, depletion and impairment of tangible assets and mineral interests	—	(446)	—	—	—	—	(446)
Operating income(b)	(150)	(534)	531	105	(9)	—	(57)
Net income (loss) from equity affiliates and other items	(167)	(15)	25	—	—	—	(157)
Tax on net operating income	104	(4)	(158)	(35)	—	—	(93)
Net operating income(b)	(213)	(553)	398	70	(9)	—	(307)
Net cost of net debt							(19)
Non-controlling interests							246
Net income - group share							(80)
(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	—	—	531	105	—
- On net operating income	—	—	415	70	—

	Exploration	Gas,	Refining	Marketing
1st half 2018 (adjusted)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	5,865	7,346	45,088	43,836	3	—	102,138
Intersegment sales	14,717	898	17,396	491	34	(33,536)	—
Excise taxes	—	—	(1,714)	(11,043)	—	—	(12,757)
Revenues from sales	20,582	8,244	60,770	33,284	37	(33,536)	89,381
Operating expenses	(8,829)	(7,995)	(58,779)	(32,024)	(390)	33,536	(74,481)
Depreciation, depletion and impairment of tangible assets and mineral interests	(4,834)	(88)	(617)	(346)	(20)	—	(5,905)
Adjusted operating income	6,919	161	1,374	914	(373)	—	8,995
Net income (loss) from equity affiliates and other items	1,377	177	392	193	9	—	2,148
Tax on net operating income	(3,426)	(30)	(225)	(262)	181	—	(3,762)
Adjusted net operating income	4,870	308	1,541	845	(183)	—	7,381
Net cost of net debt							(772)
Non-controlling interests							(172)
Adjusted net income - group share							6,437

	Exploration	Gas,	Refining	Marketing
1st half 2018	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Total expenditures	8,851	328	736	538	58	—	10,511
Total divestments	2,751	483	349	273	3	—	3,859
Cash flow from operating activities (*)	8,197	(75)	(110)	781	(466)	—	8,327

(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated.

	Exploration	Gas,	Refining	Marketing
1st half 2017	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	4,171	5,868	35,921	35,129	9	—	81,098
Intersegment sales	10,666	583	12,362	443	195	(24,249)	—
Excise taxes	—	—	(1,381)	(9,142)	—	—	(10,523)
Revenues from sales	14,837	6,451	46,902	26,430	204	(24,249)	70,575
Operating expenses	(7,234)	(6,326)	(44,796)	(25,394)	(552)	24,249	(60,053)
Depreciation, depletion and impairment of tangible assets and mineral interests	(6,412)	(112)	(532)	(302)	(19)	—	(7,377)
Operating income	1,191	13	1,574	734	(367)	—	3,145
Net income (loss) from equity affiliates and other items	677	(32)	2,601	288	16	—	3,550
Tax on net operating income	(951)	(61)	(498)	(231)	385	—	(1,356)
Net operating income	917	(80)	3,677	791	34	—	5,339
Net cost of net debt							(533)
Non-controlling interests							80
Net income - group share							4,886

	Exploration	Gas,	Refining	Marketing
1st half 2017 (adjustments)(a)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	—	(27)	—	—	—	—	(27)
Intersegment sales	—	—	—	—	—	—	—
Excise taxes	—	—	—	—	—	—	—
Revenues from sales	—	(27)	—	—	—	—	(27)
Operating expenses	(117)	(114)	(354)	(95)	(64)	—	(744)
Depreciation, depletion and impairment of tangible assets and mineral interests	(1,869)	(25)	(50)	—	—	—	(1,944)
Operating income(b)	(1,986)	(166)	(404)	(95)	(64)	—	(2,715)
Net income (loss) from equity affiliates and other items	(214)	(79)	2,156	126	—	—	1,989
Tax on net operating income	376	9	41	26	22	—	474
Net operating income(b)	(1,824)	(236)	1,793	57	(42)	—	(252)
Net cost of net debt							(14)
Non-controlling interests							120
Net income - group share							(146)
(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	—	—	(289)	(69)	—
- On net operating income	—	—	(212)	(50)	—

	Exploration	Gas,	Refining	Marketing
1st half 2017 (adjusted)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	4,171	5,895	35,921	35,129	9	—	81,125
Intersegment sales	10,666	583	12,362	443	195	(24,249)	—
Excise taxes	—	—	(1,381)	(9,142)	—	—	(10,523)
Revenues from sales	14,837	6,478	46,902	26,430	204	(24,249)	70,602
Operating expenses	(7,117)	(6,212)	(44,442)	(25,299)	(488)	24,249	(59,309)
Depreciation, depletion and impairment of tangible assets and mineral interests	(4,543)	(87)	(482)	(302)	(19)	—	(5,433)
Adjusted operating income	3,177	179	1,978	829	(303)	—	5,860
Net income (loss) from equity affiliates and other items	891	47	445	162	16	—	1,561
Tax on net operating income	(1,327)	(70)	(539)	(257)	363	—	(1,830)
Adjusted net operating income	2,741	156	1,884	734	76	—	5,591
Net cost of net debt							(519)
Non-controlling interests							(40)
Adjusted net income - group share							5,032

	Exploration	Gas,	Refining	Marketing
1st half 2017	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Total expenditures	6,084	392	667	697	43	—	7,883
Total divestments	245	27	2,760	218	8	—	3,258
Cash flow from operating activities (*)	5,637	40	3,729	582	(647)	—	9,341

(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated.

	Exploration	Gas,	Refining	Marketing
2nd quarter 2018	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	3,398	3,268	23,349	22,528	(3)	—	52,540
Intersegment sales	7,793	430	9,440	293	(63)	(17,893)	—
Excise taxes	—	—	(867)	(5,571)	—	—	(6,438)
Revenues from sales	11,191	3,698	31,922	17,250	(66)	(17,893)	46,102
Operating expenses	(4,934)	(3,570)	(30,369)	(16,416)	(122)	17,893	(37,518)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,484)	(464)	(304)	(172)	(11)	—	(3,435)
Operating income	3,773	(336)	1,249	662	(199)	—	5,149
Net income (loss) from equity affiliates and other items	569	128	289	107	11	—	1,104
Tax on net operating income	(1,772)	(19)	(279)	(194)	85	—	(2,179)
Net operating income	2,570	(227)	1,259	575	(103)	—	4,074
Net cost of net debt							(440)
Non-controlling interests							87
Net income - group share							3,721

	Exploration	Gas,	Refining	Marketing
2nd quarter 2018 (adjustments)(a)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	—	24	—	—	—	—	24
Intersegment sales	—	—	—	—	—	—	—
Excise taxes	—	—	—	—	—	—	—
Revenues from sales	—	24	—	—	—	—	24
Operating expenses	(97)	(9)	569	134	—	—	597
Depreciation, depletion and impairment of tangible assets and mineral interests	—	(424)	—	—	—	—	(424)
Operating income(b)	(97)	(409)	569	134	—	—	197
Net income (loss) from equity affiliates and other items	(66)	(4)	46	1	—	—	(23)
Tax on net operating income	46	(7)	(177)	(38)	—	—	(176)
Net operating income(b)	(117)	(420)	438	97	—	—	(2)
Net cost of net debt							(9)
Non-controlling interests							179
Net income - group share							168
(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	—	—	569	134	—
- On net operating income	—	—	438	97	—

	Exploration	Gas,	Refining	Marketing
2nd quarter 2018 (adjusted)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	3,398	3,244	23,349	22,528	(3)	—	52,516
Intersegment sales	7,793	430	9,440	293	(63)	(17,893)	—
Excise taxes	—	—	(867)	(5,571)	—	—	(6,438)
Revenues from sales	11,191	3,674	31,922	17,250	(66)	(17,893)	46,078
Operating expenses	(4,837)	(3,561)	(30,938)	(16,550)	(122)	17,893	(38,115)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,484)	(40)	(304)	(172)	(11)	—	(3,011)
Adjusted operating income	3,870	73	680	528	(199)	—	4,952
Net income (loss) from equity affiliates and other items	635	132	243	106	11	—	1,127
Tax on net operating income	(1,818)	(12)	(102)	(156)	85	—	(2,003)
Adjusted net operating income	2,687	193	821	478	(103)	—	4,076
Net cost of net debt							(431)
Non-controlling interests							(92)
Adjusted net income - group share							3,553

	Exploration	Gas,	Refining	Marketing
2nd quarter 2018	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Total expenditures	2,980	79	404	310	14	—	3,787
Total divestments	500	405	324	45	—	—	1,274
Cash flow from operating activities (*)	4,628	104	999	841	(326)	—	6,246

(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated.

	Exploration	Gas,	Refining	Marketing
2nd quarter 2017	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	2,068	2,671	17,347	17,831	(2)	—	39,915
Intersegment sales	5,118	274	6,016	169	90	(11,667)	—
Excise taxes	—	—	(680)	(4,753)	—	—	(5,433)
Revenues from sales	7,186	2,945	22,683	13,247	88	(11,667)	34,482
Operating expenses	(3,547)	(2,857)	(21,918)	(12,729)	(319)	11,667	(29,703)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,344)	(40)	(245)	(158)	(11)	—	(2,798)
Operating income	1,295	48	520	360	(242)	—	1,981
Net income (loss) from equity affiliates and other items	487	13	148	258	(6)	—	900
Tax on net operating income	(512)	(24)	(142)	(123)	214	—	(587)
Net operating income	1,270	37	526	495	(34)	—	2,294
Net cost of net debt							(267)
Non-controlling interests							10
Net income - group share							2,037

	Exploration	Gas,	Refining	Marketing
2nd quarter 2017 (adjustments)(a)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	—	(27)	—	—	—	—	(27)
Intersegment sales	—	—	—	—	—	—	—
Excise taxes	—	—	—	—	—	—	—
Revenues from sales	—	(27)	—	—	—	—	(27)
Operating expenses	(117)	(25)	(411)	(80)	(64)	—	(697)
Depreciation, depletion and impairment of tangible assets and mineral interests	(15)	1	—	—	—	—	(14)
Operating income(b)	(132)	(51)	(411)	(80)	(64)	—	(738)
Net income (loss) from equity affiliates and other items	(4)	(16)	(53)	121	—	—	48
Tax on net operating income	47	9	129	21	22	—	228
Net operating income(b)	(89)	(58)	(335)	62	(42)	—	(462)
Net cost of net debt							(7)
Non-controlling interests							32
Net income - group share							(437)
(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	—	—	(372)	(54)	—
- On net operating income	—	—	(270)	(45)	—

	Exploration	Gas,	Refining	Marketing
2nd quarter 2017 (adjusted)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	2,068	2,698	17,347	17,831	(2)	—	39,942
Intersegment sales	5,118	274	6,016	169	90	(11,667)	—
Excise taxes	—	—	(680)	(4,753)	—	—	(5,433)
Revenues from sales	7,186	2,972	22,683	13,247	88	(11,667)	34,509
Operating expenses	(3,430)	(2,832)	(21,507)	(12,649)	(255)	11,667	(29,006)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,329)	(41)	(245)	(158)	(11)	—	(2,784)
Adjusted operating income	1,427	99	931	440	(178)	—	2,719
Net income (loss) from equity affiliates and other items	491	29	201	137	(6)	—	852
Tax on net operating income	(559)	(33)	(271)	(144)	192	—	(815)
Adjusted net operating income	1,359	95	861	433	8	—	2,756
Net cost of net debt							(260)
Non-controlling interests							(22)
Adjusted net income - group share							2,474

	Exploration	Gas,	Refining	Marketing
2nd quarter 2017	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Total expenditures	3,448	77	401	258	21	—	4,205
Total divestments	132	23	20	182	3	—	360
Cash flow from operating activities (*)	2,836	(100)	1,967	251	(314)	—	4,640

(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated.

XML

Reconciliation of the information by business segment with consolidated financial statements

6 Months Ended

Jun. 30, 2018

Reconciliation of the information by business segment with consolidated financial statements

Reconciliation of the information by business segment with consolidated financial statements

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

			Consolidated
1st half 2018			statement
(M$)	Adjusted	Adjustments(a)	of income
Sales	102,138	13	102,151
Excise taxes	(12,757)	—	(12,757)
Revenues from sales	89,381	13	89,394
Purchases net of inventory variation	(60,623)	578	(60,045)
Other operating expenses	(13,496)	(202)	(13,698)
Exploration costs	(362)	—	(362)
Depreciation, depletion and impairment of tangible assets and mineral interests	(5,905)	(446)	(6,351)
Other income	628	147	775
Other expense	(115)	(488)	(603)
Financial interest on debt	(849)	(19)	(868)
Financial income and expense from cash & cash equivalents	(95)	—	(95)
Cost of net debt	(944)	(19)	(963)
Other financial income	561	—	561
Other financial expense	(329)	—	(329)
Net income (loss) from equity affiliates	1,403	184	1,587
Income taxes	(3,590)	(93)	(3,683)
Consolidated net income	6,609	(326)	6,283
Group share	6,437	(80)	6,357
Non-controlling interests	172	(246)	(74)

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

			Consolidated
1st half 2017			statement
(M$)	Adjusted	Adjustments(a)	of income
Sales	81,125	(27)	81,098
Excise taxes	(10,523)	—	(10,523)
Revenues from sales	70,602	(27)	70,575
Purchases net of inventory variation	(46,929)	(456)	(47,385)
Other operating expenses	(11,984)	(288)	(12,272)
Exploration costs	(396)	—	(396)
Depreciation, depletion and impairment of tangible assets and mineral interests	(5,433)	(1,944)	(7,377)
Other income	314	2,581	2,895
Other expense	(116)	(281)	(397)
Financial interest on debt	(662)	(14)	(676)
Financial income and expense from cash & cash equivalents	(48)	—	(48)
Cost of net debt	(710)	(14)	(724)
Other financial income	513	—	513
Other financial expense	(319)	—	(319)
Net income (loss) from equity affiliates	1,169	(311)	858
Income taxes	(1,639)	474	(1,165)
Consolidated net income	5,072	(266)	4,806
Group share	5,032	(146)	4,886
Non-controlling interests	40	(120)	(80)

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

			Consolidated
2nd quarter 2018			statement
(M$)	Adjusted	Adjustments(a)	of income
Sales	52,516	24	52,540
Excise taxes	(6,438)	—	(6,438)
Revenues from sales	46,078	24	46,102
Purchases net of inventory variation	(31,263)	664	(30,599)
Other operating expenses	(6,694)	(67)	(6,761)
Exploration costs	(158)	—	(158)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,011)	(424)	(3,435)
Other income	254	(2)	252
Other expense	(55)	(358)	(413)
Financial interest on debt	(469)	(9)	(478)
Financial income and expense from cash & cash equivalents	(54)	—	(54)
Cost of net debt	(523)	(9)	(532)
Other financial income	321	—	321
Other financial expense	(159)	—	(159)
Net income (loss) from equity affiliates	766	337	1,103
Income taxes	(1,911)	(176)	(2,087)
Consolidated net income	3,645	(11)	3,634
Group share	3,553	168	3,721
Non-controlling interests	92	(179)	(87)

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

			Consolidated
2nd quarter 2017			statement
(M$)	Adjusted	Adjustments(a)	of income
Sales	39,942	(27)	39,915
Excise taxes	(5,433)	—	(5,433)
Revenues from sales	34,509	(27)	34,482
Purchases net of inventory variation	(22,939)	(459)	(23,398)
Other operating expenses	(5,868)	(238)	(6,106)
Exploration costs	(199)	—	(199)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,784)	(14)	(2,798)
Other income	206	364	570
Other expense	(58)	(48)	(106)
Financial interest on debt	(338)	(7)	(345)
Financial income and expense from cash & cash equivalents	(37)	—	(37)
Cost of net debt	(375)	(7)	(382)
Other financial income	285	—	285
Other financial expense	(159)	—	(159)
Net income (loss) from equity affiliates	578	(268)	310
Income taxes	(700)	228	(472)
Consolidated net income	2,496	(469)	2,027
Group share	2,474	(437)	2,037
Non-controlling interests	22	(32)	(10)

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

XML

Post-closing and other events

6 Months Ended

Jun. 30, 2018

Post-closing and other events

Post-closing and other events

10) Post-closing and other events

Ø Gas, Renewables & Power

· On July 6, 2018, TOTAL announced the closing of the acquisition of a 73.04% interest in Direct Energie for an estimated amount of €1.4 billion and on the same day filed a mandatory tender offer for the shares in Direct Energie not yet held by TOTAL.

· On July 13, 2018, TOTAL announced the closing of the acquisition of Engie’s portfolio of upstream liquefied natural gas (LNG) assets for an overall enterprise value of $1.5 billion.

XML

Accounting policies (Policies)

6 Months Ended

Jun. 30, 2018

Accounting policies

Basis of preparation of the consolidated financial statements

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 June 30, 2018, 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 June 30, 2018, are consistent with those used for the financial statements at December 31, 2017, with the exception of those texts or amendments that must be applied for periods beginning January 1, 2018.

First-time application of IFRS 15 "Revenue from Contracts with Customers"

- First-time application of IFRS 15 "Revenue from Contracts with Customers"

The Group applied IFRS 15 as of January 1, 2018, without restating comparative information from past periods. The cumulative effect of the first application of the standard, recognized in equity as at January 1, 2018, is non-material. The new standard does not lead to any material change in the accounting principles applied by the Group.

First time application of IFRS 9 "Financial Instruments"

- First time application of IFRS 9 "Financial Instruments"

The Group applied IFRS 9 as of January 1, 2018 without restating comparative information from past periods. The impacts related to the first application of the standard, recognized in opening equity at January 1, 2018, are not material.

This standard has three components: classification and measurement of financial instruments, impairment of financial assets, and hedging transactions except macro hedging

The main changes induced by each component are the following:

1. The application of the "Classification and valuation of financial instruments" component led the Group to create a new non-recyclable component in its comprehensive income to record, from January 1, 2018, changes in the fair value of "Investments in equity instruments at the fair value through equity" previously classified as "Available-for-sale financial assets "under IAS 39.

2. The application of the "Impairment of financial assets" component has no significant impact for the Group on January 1, 2018.

3. The application of the "Hedging transactions" component led the Group to recognize in a separate component of the comprehensive income the changes in the Foreign Currency Basis Spread identified in the hedging relationships qualifying as a fair value hedge.

The application of the provisions of IFRS 9 "Financial Instruments" has no significant effect on the Group's balance sheet, income statement and consolidated equity as of June 30, 2018.

Major judgments and accounting estimates

The preparation of financial statements in accordance with IFRS for the closing as of June 30, 2018, requires the executive management to make estimates, assumptions and judgments that affect the information reported in the Consolidated Financial Statements and the Notes thereto.

These estimates, assumptions and judgments are based on historical experience and other factors believed to be reasonable at the date of preparation of the financial statements. They are reviewed on an on-going basis by management and therefore could be revised as circumstances change or as a result of new information.

Different estimates, assumptions and judgments could significantly affect the information reported, and actual results may differ from the amounts included in the Consolidated Financial Statements and the Notes thereto.

The main estimates, judgments and assumptions relate to the estimation of hydrocarbon reserves in application of the successful efforts method for the oil and gas activities, the impairment of assets, the employee benefits, the asset retirement obligations and the income taxes. These estimates and assumptions are described in the Notes to the Consolidated Financial Statements as of December 31, 2017.

Judgments in case of transactions not addressed by any accounting standard or interpretation

Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the management applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS concepts: faithful representation, relevance and materiality.

Application of IFRS 16 "Leases" on January 1, 2019

As regards the application of IFRS 16 "Leases" on January 1, 2019, the Group intends to:

- apply the simplified retrospective transition method, by accounting for the cumulative effect of the initial application of the standard at the date of first application, without restating the comparative periods

- use the following simplification measures provided by the standard in the transitional provisions:

o not apply the standard to contracts that the Group had not previously identified as containing a lease under IAS 17 and IFRIC 4,

o not take into account leases whose term ends within 12 months of the date of first application

- recognize each lease component of the lease as a separate lease, apart from non-lease components (services) of the lease.

XML

Changes in the Group structure (Tables)

6 Months Ended

Jun. 30, 2018

Marathon Oil Lybia Limited

Major business combinations

Summary of provisional purchase price allocation

($ million)	At the acquisition date
Intangible assets	326
Tangible assets	192
Other assets and liabilities	(91)
Net debt	24
Fair value of consideration transferred	451

Maersk Oil

Major business combinations

Summary of provisional purchase price allocation

($ million)	At the acquisition date
Goodwill	2,628
Intangible assets	4,227
Tangible assets	4,033
Other assets and liabilities	(3,223)
Including provision for site restitution	(2,100)
Including deferred tax	(675)
Net debt	(1,924)
Fair value of consideration transferred	5,741

Lapa and Iara concessions | Transfer of rights in the Lapa and Iara Concessions in Brazil

Major business combinations

Summary of provisional purchase price allocation

($ million)	At the acquisition date
Intangible assets	1,072
Tangible assets	1,662
Other assets and liabilities	(119)
Net debt	(665)
Fair value of consideration transferred	1,950

XML

Adjustment items (Tables)

6 Months Ended

Jun. 30, 2018

Adjustment items

Schedule of detail of the adjustment items

ADJUSTMENTS TO OPERATING INCOME

		Exploration	Gas,	Refining	Marketing	Corporate	Total
		&	Renewables	&	&
(M$)		Production	& Power	Chemicals	Services
2nd quarter 2018	Inventory valuation effect	—	—	569	134	—	703
	Effect of changes in fair value	—	16	—	—	—	16
	Restructuring charges	—	—	—	—	—	—
	Asset impairment charges	—	(424)	—	—	—	(424)
	Other items	(97)	(1)	—	—	—	(98)
Total		(97)	(409)	569	134	—	197
2nd quarter 2017	Inventory valuation effect	—	—	(372)	(54)	—	(426)
	Effect of changes in fair value	—	(27)	—	—	—	(27)
	Restructuring charges	(40)	—	—	—	—	(40)
	Asset impairment charges	(15)	1	—	—	—	(14)
	Other items	(77)	(25)	(39)	(26)	(64)	(231)
Total		(132)	(51)	(411)	(80)	(64)	(738)
1st half 2018	Inventory valuation effect	—	—	531	105	—	636
	Effect of changes in fair value	—	5	—	—	—	5
	Restructuring charges	(53)	—	—	—	—	(53)
	Asset impairment charges	—	(446)	—	—	—	(446)
	Other items	(97)	(93)	—	—	(9)	(199)
Total		(150)	(534)	531	105	(9)	(57)
1st half 2017	Inventory valuation effect	—	—	(289)	(69)	—	(358)
	Effect of changes in fair value	—	(27)	—	—	—	(27)
	Restructuring charges	(40)	—	—	—	—	(40)
	Asset impairment charges	(1,869)	(25)	(50)	—	—	(1,944)
	Other items	(77)	(114)	(65)	(26)	(64)	(346)
Total		(1,986)	(166)	(404)	(95)	(64)	(2,715)

ADJUSTMENTS TO NET INCOME, GROUP SHARE

		Exploration	Gas,	Refining	Marketing	Corporate	Total
		&	Renewables	&	&
(M$)		Production	& Power	Chemicals	Services
2nd quarter 2018	Inventory valuation effect	—	—	436	81	—	517
	Effect of changes in fair value	—	9	—	—	—	9
	Restructuring charges	(44)	(2)	—	—	—	(46)
	Asset impairment charges	—	(236)	—	—	—	(236)
	Gains (losses) on disposals of assets	(2)	—	—	—	—	(2)
	Other items	(71)	(3)	—	—	—	(74)
Total		(117)	(232)	436	81	—	168
2nd quarter 2017	Inventory valuation effect	—	—	(268)	(42)	—	(310)
	Effect of changes in fair value	—	(19)	—	—	—	(19)
	Restructuring charges	(12)	(3)	(39)	—	—	(54)
	Asset impairment charges	(27)	(5)	—	—	—	(32)
	Gains (losses) on disposals of assets	—	—	—	125	—	125
	Other items	(50)	(11)	(26)	(18)	(42)	(147)
Total		(89)	(38)	(333)	65	(42)	(437)
1st half 2018	Inventory valuation effect	—	—	412	60	—	472
	Effect of changes in fair value	—	1	—	—	—	1
	Restructuring charges	(59)	(8)	—	—	—	(67)
	Asset impairment charges	—	(248)	—	—	—	(248)
	Gains (losses) on disposals of assets	(103)	—	—	—	—	(103)
	Other items	(51)	(58)	(17)	—	(9)	(135)
Total		(213)	(313)	395	60	(9)	(80)
1st half 2017	Inventory valuation effect	—	—	(210)	(45)	—	(255)
	Effect of changes in fair value	—	(19)	—	—	—	(19)
	Restructuring charges	(12)	(8)	(39)	—	—	(59)
	Asset impairment charges	(1,641)	(59)	(50)	—	—	(1,750)
	Gains (losses) on disposals of assets	—	—	2,139	125	—	2,264
	Other items	(144)	(78)	(45)	(18)	(42)	(327)
Total		(1,797)	(164)	1,795	62	(42)	(146)

XML

Shareholders' equity (Tables)

6 Months Ended

Jun. 30, 2018

Shareholders' equity

Detail of other comprehensive income

Detail of other comprehensive income showing items reclassified from equity to net income is presented in the table below:

(M$)		1st half 2018		1st half 2017
Actuarial gains and losses		67		158
Change in fair value of investments in equity instruments		5		—
Tax effect		(18)		(53)
Currency translation adjustment generated by the parent company		(2,630)		5,464
Sub-total items not potentially reclassifiable to profit and loss		(2,576)		5,569
Currency translation adjustment		968		(1,418)
- unrealized gain/(loss) of the period	1,078		(1,372)
- less gain/(loss) included in net income	110		46
Available for sale financial assets		—		—
- unrealized gain/(loss) of the period	—		—
- less gain/(loss) included in net income	—		—
Cash flow hedge		255		34
- unrealized gain/(loss) of the period	142		164
- less gain/(loss) included in net income	(113)		130
Variation of foreign currency basis spread		(27)		—
- unrealized gain/(loss) of the period	(27)		—
- less gain/(loss) included in net income	—		—
Share of other comprehensive income of equity affiliates, net amount		(132)		(463)
- unrealized gain/(loss) of the period	(93)		(465)
- less gain/(loss) included in net income	39		(2)
Other		(2)		—
Tax effect		(75)		(9)
Sub-total items potentially reclassifiable to profit and loss		987		(1,856)
Total other comprehensive income, net amount		(1,589)		3,713

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

	1st half 2018			1st half 2017
(M$)	Pre-tax amount	Tax effect	Net amount	Pre-tax amount	Tax effect	Net amount
Actuarial gains and losses	67	(18)	49	158	(53)	105
Change in fair value of investments in equity instruments	5	—	5	—	—	—
Currency translation adjustment generated by the parent company	(2,630)	—	(2,630)	5,464	—	5,464
Sub-total items not potentially reclassifiable to profit and loss	(2,558)	(18)	(2,576)	5,622	(53)	5,569
Currency translation adjustment	968	—	968	(1,418)	—	(1,418)
Available for sale financial assets	—	—	—	—	(1)	(1)
Cash flow hedge	255	(81)	174	34	(8)	26
Variation of foreign currency basis spread	(27)	6	(21)	—	—	—
Share of other comprehensive income of equity affiliates, net amount	(132)	—	(132)	(463)	—	(463)
Other	(2)	—	(2)	—	—	—
Sub-total items potentially reclassifiable to profit and loss	1,062	(75)	987	(1,847)	(9)	(1,856)
Total other comprehensive income	(1,496)	(93)	(1,589)	3,775	(62)	3,713

XML

Information by business segment (Tables)

6 Months Ended

Jun. 30, 2018

Information by business segment

Schedule of information by business segment

	Exploration	Gas,	Refining	Marketing
1st half 2018	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	5,865	7,359	45,088	43,836	3	—	102,151
Intersegment sales	14,717	898	17,396	491	34	(33,536)	—
Excise taxes	—	—	(1,714)	(11,043)	—	—	(12,757)
Revenues from sales	20,582	8,257	60,770	33,284	37	(33,536)	89,394
Operating expenses	(8,979)	(8,096)	(58,248)	(31,919)	(399)	33,536	(74,105)
Depreciation, depletion and impairment of tangible assets and mineral interests	(4,834)	(534)	(617)	(346)	(20)	—	(6,351)
Operating income	6,769	(373)	1,905	1,019	(382)	—	8,938
Net income (loss) from equity affiliates and other items	1,210	162	417	193	9	—	1,991
Tax on net operating income	(3,322)	(34)	(383)	(297)	181	—	(3,855)
Net operating income	4,657	(245)	1,939	915	(192)	—	7,074
Net cost of net debt							(791)
Non-controlling interests							74
Net income - group share							6,357

	Exploration	Gas,	Refining	Marketing
1st half 2018 (adjustments)(a)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	—	13	—	—	—	—	13
Intersegment sales	—	—	—	—	—	—	—
Excise taxes	—	—	—	—	—	—	—
Revenues from sales	—	13	—	—	—	—	13
Operating expenses	(150)	(101)	531	105	(9)	—	376
Depreciation, depletion and impairment of tangible assets and mineral interests	—	(446)	—	—	—	—	(446)
Operating income(b)	(150)	(534)	531	105	(9)	—	(57)
Net income (loss) from equity affiliates and other items	(167)	(15)	25	—	—	—	(157)
Tax on net operating income	104	(4)	(158)	(35)	—	—	(93)
Net operating income(b)	(213)	(553)	398	70	(9)	—	(307)
Net cost of net debt							(19)
Non-controlling interests							246
Net income - group share							(80)
(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	—	—	531	105	—
- On net operating income	—	—	415	70	—

	Exploration	Gas,	Refining	Marketing
1st half 2018 (adjusted)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	5,865	7,346	45,088	43,836	3	—	102,138
Intersegment sales	14,717	898	17,396	491	34	(33,536)	—
Excise taxes	—	—	(1,714)	(11,043)	—	—	(12,757)
Revenues from sales	20,582	8,244	60,770	33,284	37	(33,536)	89,381
Operating expenses	(8,829)	(7,995)	(58,779)	(32,024)	(390)	33,536	(74,481)
Depreciation, depletion and impairment of tangible assets and mineral interests	(4,834)	(88)	(617)	(346)	(20)	—	(5,905)
Adjusted operating income	6,919	161	1,374	914	(373)	—	8,995
Net income (loss) from equity affiliates and other items	1,377	177	392	193	9	—	2,148
Tax on net operating income	(3,426)	(30)	(225)	(262)	181	—	(3,762)
Adjusted net operating income	4,870	308	1,541	845	(183)	—	7,381
Net cost of net debt							(772)
Non-controlling interests							(172)
Adjusted net income - group share							6,437

	Exploration	Gas,	Refining	Marketing
1st half 2018	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Total expenditures	8,851	328	736	538	58	—	10,511
Total divestments	2,751	483	349	273	3	—	3,859
Cash flow from operating activities (*)	8,197	(75)	(110)	781	(466)	—	8,327

(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated.

	Exploration	Gas,	Refining	Marketing
1st half 2017	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	4,171	5,868	35,921	35,129	9	—	81,098
Intersegment sales	10,666	583	12,362	443	195	(24,249)	—
Excise taxes	—	—	(1,381)	(9,142)	—	—	(10,523)
Revenues from sales	14,837	6,451	46,902	26,430	204	(24,249)	70,575
Operating expenses	(7,234)	(6,326)	(44,796)	(25,394)	(552)	24,249	(60,053)
Depreciation, depletion and impairment of tangible assets and mineral interests	(6,412)	(112)	(532)	(302)	(19)	—	(7,377)
Operating income	1,191	13	1,574	734	(367)	—	3,145
Net income (loss) from equity affiliates and other items	677	(32)	2,601	288	16	—	3,550
Tax on net operating income	(951)	(61)	(498)	(231)	385	—	(1,356)
Net operating income	917	(80)	3,677	791	34	—	5,339
Net cost of net debt							(533)
Non-controlling interests							80
Net income - group share							4,886

	Exploration	Gas,	Refining	Marketing
1st half 2017 (adjustments)(a)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	—	(27)	—	—	—	—	(27)
Intersegment sales	—	—	—	—	—	—	—
Excise taxes	—	—	—	—	—	—	—
Revenues from sales	—	(27)	—	—	—	—	(27)
Operating expenses	(117)	(114)	(354)	(95)	(64)	—	(744)
Depreciation, depletion and impairment of tangible assets and mineral interests	(1,869)	(25)	(50)	—	—	—	(1,944)
Operating income(b)	(1,986)	(166)	(404)	(95)	(64)	—	(2,715)
Net income (loss) from equity affiliates and other items	(214)	(79)	2,156	126	—	—	1,989
Tax on net operating income	376	9	41	26	22	—	474
Net operating income(b)	(1,824)	(236)	1,793	57	(42)	—	(252)
Net cost of net debt							(14)
Non-controlling interests							120
Net income - group share							(146)
(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	—	—	(289)	(69)	—
- On net operating income	—	—	(212)	(50)	—

	Exploration	Gas,	Refining	Marketing
1st half 2017 (adjusted)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	4,171	5,895	35,921	35,129	9	—	81,125
Intersegment sales	10,666	583	12,362	443	195	(24,249)	—
Excise taxes	—	—	(1,381)	(9,142)	—	—	(10,523)
Revenues from sales	14,837	6,478	46,902	26,430	204	(24,249)	70,602
Operating expenses	(7,117)	(6,212)	(44,442)	(25,299)	(488)	24,249	(59,309)
Depreciation, depletion and impairment of tangible assets and mineral interests	(4,543)	(87)	(482)	(302)	(19)	—	(5,433)
Adjusted operating income	3,177	179	1,978	829	(303)	—	5,860
Net income (loss) from equity affiliates and other items	891	47	445	162	16	—	1,561
Tax on net operating income	(1,327)	(70)	(539)	(257)	363	—	(1,830)
Adjusted net operating income	2,741	156	1,884	734	76	—	5,591
Net cost of net debt							(519)
Non-controlling interests							(40)
Adjusted net income - group share							5,032

	Exploration	Gas,	Refining	Marketing
1st half 2017	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Total expenditures	6,084	392	667	697	43	—	7,883
Total divestments	245	27	2,760	218	8	—	3,258
Cash flow from operating activities (*)	5,637	40	3,729	582	(647)	—	9,341

(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated.

	Exploration	Gas,	Refining	Marketing
2nd quarter 2018	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	3,398	3,268	23,349	22,528	(3)	—	52,540
Intersegment sales	7,793	430	9,440	293	(63)	(17,893)	—
Excise taxes	—	—	(867)	(5,571)	—	—	(6,438)
Revenues from sales	11,191	3,698	31,922	17,250	(66)	(17,893)	46,102
Operating expenses	(4,934)	(3,570)	(30,369)	(16,416)	(122)	17,893	(37,518)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,484)	(464)	(304)	(172)	(11)	—	(3,435)
Operating income	3,773	(336)	1,249	662	(199)	—	5,149
Net income (loss) from equity affiliates and other items	569	128	289	107	11	—	1,104
Tax on net operating income	(1,772)	(19)	(279)	(194)	85	—	(2,179)
Net operating income	2,570	(227)	1,259	575	(103)	—	4,074
Net cost of net debt							(440)
Non-controlling interests							87
Net income - group share							3,721

	Exploration	Gas,	Refining	Marketing
2nd quarter 2018 (adjustments)(a)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	—	24	—	—	—	—	24
Intersegment sales	—	—	—	—	—	—	—
Excise taxes	—	—	—	—	—	—	—
Revenues from sales	—	24	—	—	—	—	24
Operating expenses	(97)	(9)	569	134	—	—	597
Depreciation, depletion and impairment of tangible assets and mineral interests	—	(424)	—	—	—	—	(424)
Operating income(b)	(97)	(409)	569	134	—	—	197
Net income (loss) from equity affiliates and other items	(66)	(4)	46	1	—	—	(23)
Tax on net operating income	46	(7)	(177)	(38)	—	—	(176)
Net operating income(b)	(117)	(420)	438	97	—	—	(2)
Net cost of net debt							(9)
Non-controlling interests							179
Net income - group share							168
(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	—	—	569	134	—
- On net operating income	—	—	438	97	—

	Exploration	Gas,	Refining	Marketing
2nd quarter 2018 (adjusted)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	3,398	3,244	23,349	22,528	(3)	—	52,516
Intersegment sales	7,793	430	9,440	293	(63)	(17,893)	—
Excise taxes	—	—	(867)	(5,571)	—	—	(6,438)
Revenues from sales	11,191	3,674	31,922	17,250	(66)	(17,893)	46,078
Operating expenses	(4,837)	(3,561)	(30,938)	(16,550)	(122)	17,893	(38,115)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,484)	(40)	(304)	(172)	(11)	—	(3,011)
Adjusted operating income	3,870	73	680	528	(199)	—	4,952
Net income (loss) from equity affiliates and other items	635	132	243	106	11	—	1,127
Tax on net operating income	(1,818)	(12)	(102)	(156)	85	—	(2,003)
Adjusted net operating income	2,687	193	821	478	(103)	—	4,076
Net cost of net debt							(431)
Non-controlling interests							(92)
Adjusted net income - group share							3,553

	Exploration	Gas,	Refining	Marketing
2nd quarter 2018	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Total expenditures	2,980	79	404	310	14	—	3,787
Total divestments	500	405	324	45	—	—	1,274
Cash flow from operating activities (*)	4,628	104	999	841	(326)	—	6,246

(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated.

	Exploration	Gas,	Refining	Marketing
2nd quarter 2017	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	2,068	2,671	17,347	17,831	(2)	—	39,915
Intersegment sales	5,118	274	6,016	169	90	(11,667)	—
Excise taxes	—	—	(680)	(4,753)	—	—	(5,433)
Revenues from sales	7,186	2,945	22,683	13,247	88	(11,667)	34,482
Operating expenses	(3,547)	(2,857)	(21,918)	(12,729)	(319)	11,667	(29,703)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,344)	(40)	(245)	(158)	(11)	—	(2,798)
Operating income	1,295	48	520	360	(242)	—	1,981
Net income (loss) from equity affiliates and other items	487	13	148	258	(6)	—	900
Tax on net operating income	(512)	(24)	(142)	(123)	214	—	(587)
Net operating income	1,270	37	526	495	(34)	—	2,294
Net cost of net debt							(267)
Non-controlling interests							10
Net income - group share							2,037

	Exploration	Gas,	Refining	Marketing
2nd quarter 2017 (adjustments)(a)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	—	(27)	—	—	—	—	(27)
Intersegment sales	—	—	—	—	—	—	—
Excise taxes	—	—	—	—	—	—	—
Revenues from sales	—	(27)	—	—	—	—	(27)
Operating expenses	(117)	(25)	(411)	(80)	(64)	—	(697)
Depreciation, depletion and impairment of tangible assets and mineral interests	(15)	1	—	—	—	—	(14)
Operating income(b)	(132)	(51)	(411)	(80)	(64)	—	(738)
Net income (loss) from equity affiliates and other items	(4)	(16)	(53)	121	—	—	48
Tax on net operating income	47	9	129	21	22	—	228
Net operating income(b)	(89)	(58)	(335)	62	(42)	—	(462)
Net cost of net debt							(7)
Non-controlling interests							32
Net income - group share							(437)
(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	—	—	(372)	(54)	—
- On net operating income	—	—	(270)	(45)	—

	Exploration	Gas,	Refining	Marketing
2nd quarter 2017 (adjusted)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	2,068	2,698	17,347	17,831	(2)	—	39,942
Intersegment sales	5,118	274	6,016	169	90	(11,667)	—
Excise taxes	—	—	(680)	(4,753)	—	—	(5,433)
Revenues from sales	7,186	2,972	22,683	13,247	88	(11,667)	34,509
Operating expenses	(3,430)	(2,832)	(21,507)	(12,649)	(255)	11,667	(29,006)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,329)	(41)	(245)	(158)	(11)	—	(2,784)
Adjusted operating income	1,427	99	931	440	(178)	—	2,719
Net income (loss) from equity affiliates and other items	491	29	201	137	(6)	—	852
Tax on net operating income	(559)	(33)	(271)	(144)	192	—	(815)
Adjusted net operating income	1,359	95	861	433	8	—	2,756
Net cost of net debt							(260)
Non-controlling interests							(22)
Adjusted net income - group share							2,474

	Exploration	Gas,	Refining	Marketing
2nd quarter 2017	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Total expenditures	3,448	77	401	258	21	—	4,205
Total divestments	132	23	20	182	3	—	360
Cash flow from operating activities (*)	2,836	(100)	1,967	251	(314)	—	4,640

(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated.

XML

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

6 Months Ended

Jun. 30, 2018

Reconciliation of the information by business segment with consolidated financial statements

Schedule of reconciliation of the information by business segment with consolidated financial statements

			Consolidated
1st half 2018			statement
(M$)	Adjusted	Adjustments(a)	of income
Sales	102,138	13	102,151
Excise taxes	(12,757)	—	(12,757)
Revenues from sales	89,381	13	89,394
Purchases net of inventory variation	(60,623)	578	(60,045)
Other operating expenses	(13,496)	(202)	(13,698)
Exploration costs	(362)	—	(362)
Depreciation, depletion and impairment of tangible assets and mineral interests	(5,905)	(446)	(6,351)
Other income	628	147	775
Other expense	(115)	(488)	(603)
Financial interest on debt	(849)	(19)	(868)
Financial income and expense from cash & cash equivalents	(95)	—	(95)
Cost of net debt	(944)	(19)	(963)
Other financial income	561	—	561
Other financial expense	(329)	—	(329)
Net income (loss) from equity affiliates	1,403	184	1,587
Income taxes	(3,590)	(93)	(3,683)
Consolidated net income	6,609	(326)	6,283
Group share	6,437	(80)	6,357
Non-controlling interests	172	(246)	(74)

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

			Consolidated
1st half 2017			statement
(M$)	Adjusted	Adjustments(a)	of income
Sales	81,125	(27)	81,098
Excise taxes	(10,523)	—	(10,523)
Revenues from sales	70,602	(27)	70,575
Purchases net of inventory variation	(46,929)	(456)	(47,385)
Other operating expenses	(11,984)	(288)	(12,272)
Exploration costs	(396)	—	(396)
Depreciation, depletion and impairment of tangible assets and mineral interests	(5,433)	(1,944)	(7,377)
Other income	314	2,581	2,895
Other expense	(116)	(281)	(397)
Financial interest on debt	(662)	(14)	(676)
Financial income and expense from cash & cash equivalents	(48)	—	(48)
Cost of net debt	(710)	(14)	(724)
Other financial income	513	—	513
Other financial expense	(319)	—	(319)
Net income (loss) from equity affiliates	1,169	(311)	858
Income taxes	(1,639)	474	(1,165)
Consolidated net income	5,072	(266)	4,806
Group share	5,032	(146)	4,886
Non-controlling interests	40	(120)	(80)

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

			Consolidated
2nd quarter 2018			statement
(M$)	Adjusted	Adjustments(a)	of income
Sales	52,516	24	52,540
Excise taxes	(6,438)	—	(6,438)
Revenues from sales	46,078	24	46,102
Purchases net of inventory variation	(31,263)	664	(30,599)
Other operating expenses	(6,694)	(67)	(6,761)
Exploration costs	(158)	—	(158)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,011)	(424)	(3,435)
Other income	254	(2)	252
Other expense	(55)	(358)	(413)
Financial interest on debt	(469)	(9)	(478)
Financial income and expense from cash & cash equivalents	(54)	—	(54)
Cost of net debt	(523)	(9)	(532)
Other financial income	321	—	321
Other financial expense	(159)	—	(159)
Net income (loss) from equity affiliates	766	337	1,103
Income taxes	(1,911)	(176)	(2,087)
Consolidated net income	3,645	(11)	3,634
Group share	3,553	168	3,721
Non-controlling interests	92	(179)	(87)

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

			Consolidated
2nd quarter 2017			statement
(M$)	Adjusted	Adjustments(a)	of income
Sales	39,942	(27)	39,915
Excise taxes	(5,433)	—	(5,433)
Revenues from sales	34,509	(27)	34,482
Purchases net of inventory variation	(22,939)	(459)	(23,398)
Other operating expenses	(5,868)	(238)	(6,106)
Exploration costs	(199)	—	(199)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,784)	(14)	(2,798)
Other income	206	364	570
Other expense	(58)	(48)	(106)
Financial interest on debt	(338)	(7)	(345)
Financial income and expense from cash & cash equivalents	(37)	—	(37)
Cost of net debt	(375)	(7)	(382)
Other financial income	285	—	285
Other financial expense	(159)	—	(159)
Net income (loss) from equity affiliates	578	(268)	310
Income taxes	(700)	228	(472)
Consolidated net income	2,496	(469)	2,027
Group share	2,474	(437)	2,037
Non-controlling interests	22	(32)	(10)

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

XML

Changes in the Group structure - Main acquisitions and divestments (Details) $ in Millions				1 Months Ended
	Mar. 18, 2018 USD ($) item	Mar. 15, 2018	Jan. 15, 2018 USD ($)	Jan. 31, 2018	Mar. 01, 2018 USD ($)
Marathon Oil Lybia Limited
Main acquisitions and divestments
Acquisition cost					$ 451
Martin Linge field
Main acquisitions and divestments
Percentage of interest in joint operation sold		51.00%
Garantiana Discovery
Main acquisitions and divestments
Percentage of interest in joint operation sold		40.00%
TotalErg joint venture
Main acquisitions and divestments
Percentage of interest in joint venture sold by the co-venturer				51.00%
Percentage of interest in joint venture sold				49.00%
Lapa and Iara concessions | Transfer of rights in the Lapa and Iara Concessions in Brazil
Main acquisitions and divestments
Acquisition cost			$ 1,950
Lapa field | Transfer of rights in the Lapa and Iara Concessions in Brazil
Main acquisitions and divestments
Percentage of rights acquired			35.00%
Iara area | Transfer of rights in the Lapa and Iara Concessions in Brazil
Main acquisitions and divestments
Percentage of rights acquired			22.50%
Waha Concessions | Marathon Oil Lybia Limited
Main acquisitions and divestments
Percentage of acquired entity's interest in joint operation					16.33%
Umm Shaif & Nasr and Lower Zakum concessions
Main acquisitions and divestments
Number of offshore concessions in which participating interests awarded | item	2
Payment of global bonus for acquired interest	$ 1,450
Umm Shaif & Nasr concession
Main acquisitions and divestments
Percentage of interest acquired	20.00%
Lower Zakum concession
Main acquisitions and divestments
Percentage of interest acquired	5.00%

XML

Changes in the Group structure - Major business combinations, Lapa and Iara concessions (Details) - Transfer of rights in the Lapa and Iara Concessions in Brazil $ in Millions	Jan. 15, 2018 USD ($) bbl / d
Lapa and Iara concessions
Major business combinations
Acquisition cost	$ 1,950
Provisional purchase price allocation
Intangible assets	1,072
Tangible assets	1,662
Other assets and liabilities	(119)
Net debt	(665)
Fair value of consideration transferred	$ 1,950
Lapa field
Major business combinations
Percentage of rights acquired	35.00%
FPSO capacity (in barrels per day) | bbl / d	100,000
Iara area
Major business combinations
Percentage of rights acquired	22.50%

XML

Changes in the Group structure - Major business combinations, Marathon Oil Lybia Limited (Details) - Marathon Oil Lybia Limited $ in Millions	Mar. 01, 2018 USD ($)
Major business combinations
Acquisition cost	$ 451
Provisional purchase price allocation
Intangible assets	326
Tangible assets	192
Other assets and liabilities	(91)
Net debt	24
Fair value of consideration transferred	$ 451
Waha Concessions
Major business combinations
Percentage of acquired entity's interest in joint operation	16.33%

XML

Changes in the Group structure - Major business combinations, Maersk Oil (Details) - Mar. 08, 2018 - Maersk Oil $ in Millions	€ / shares	USD ($) EquityInstruments
Major business combinations
Purchase consideration		$ 5,741
Fair value of equity interest issued in consideration		$ 5,585
Shares issued in consideration | EquityInstruments		97,522,593
Market price of shares issued as consideration (in Euros per share) | € / shares	€ 46.11
Price adjustments paid on closing		$ 156
Provisional fair value of identifiable acquired assets, liabilities and contingent liabilities		3,113
Amounts recognised as of acquisition date for each major class of assets acquired and liabilities assumed [abstract]
Goodwill		2,628
Intangible assets		4,227
Tangible assets		4,033
Other assets and liabilities		(3,223)
Including provision for site restitution		(2,100)
Including deferred tax		(675)
Net debt		(1,924)
Fair value of consideration transferred		$ 5,741

XML

Adjustment items (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($) segment	Jun. 30, 2017 USD ($)
Business segment information
Number of business segments | segment				4
Operating income	$ 5,149		$ 1,981	$ 8,938	$ 3,145
Net income, Group share	3,721	$ 2,636	2,037	6,357	4,886
Adjustments
Business segment information
Operating income	197		(738)	(57)	(2,715)
Net income, Group share	168		(437)	(80)	(146)
Adjustments - Inventory valuation effect
Business segment information
Operating income	703		(426)	636	(358)
Net income, Group share	517		(310)	472	(255)
Adjustments - Effect of changes in fair value
Business segment information
Operating income	16		(27)	5	(27)
Net income, Group share	9		(19)	1	(19)
Adjustments - Restructuring charges
Business segment information
Operating income			(40)	(53)	(40)
Net income, Group share	(46)		(54)	(67)	(59)
Adjustments - Asset impairment charges
Business segment information
Operating income	(424)		(14)	(446)	(1,944)
Net income, Group share	(236)		(32)	(248)	(1,750)
Adjustments - Gains (losses) on disposals of assets
Business segment information
Net income, Group share	(2)		125	(103)	2,264
Adjustments - Other items
Business segment information
Operating income	(98)		(231)	(199)	(346)
Net income, Group share	(74)		(147)	(135)	(327)
Exploration & Production
Business segment information
Operating income	3,773		1,295	6,769	1,191
Exploration & Production | Adjustments
Business segment information
Operating income	(97)		(132)	(150)	(1,986)
Net income, Group share	(117)		(89)	(213)	(1,797)
Exploration & Production | Adjustments - Restructuring charges
Business segment information
Operating income			(40)	(53)	(40)
Net income, Group share	(44)		(12)	(59)	(12)
Exploration & Production | Adjustments - Asset impairment charges
Business segment information
Operating income			(15)		(1,869)
Net income, Group share			(27)		(1,641)
Exploration & Production | Adjustments - Gains (losses) on disposals of assets
Business segment information
Net income, Group share	(2)			(103)
Exploration & Production | Adjustments - Other items
Business segment information
Operating income	(97)		(77)	(97)	(77)
Net income, Group share	(71)		(50)	(51)	(144)
Gas, Renewables & Power
Business segment information
Operating income	(336)		48	(373)	13
Gas, Renewables & Power | Adjustments
Business segment information
Operating income	(409)		(51)	(534)	(166)
Net income, Group share	(232)		(38)	(313)	(164)
Gas, Renewables & Power | Adjustments - Effect of changes in fair value
Business segment information
Operating income	16		(27)	5	(27)
Net income, Group share	9		(19)	1	(19)
Gas, Renewables & Power | Adjustments - Restructuring charges
Business segment information
Net income, Group share	(2)		(3)	(8)	(8)
Gas, Renewables & Power | Adjustments - Asset impairment charges
Business segment information
Operating income	(424)		1	(446)	(25)
Net income, Group share	(236)		(5)	(248)	(59)
Gas, Renewables & Power | Adjustments - Other items
Business segment information
Operating income	(1)		(25)	(93)	(114)
Net income, Group share	(3)		(11)	(58)	(78)
Refining & Chemicals
Business segment information
Operating income	1,249		520	1,905	1,574
Refining & Chemicals | Adjustments
Business segment information
Operating income	569		(411)	531	(404)
Net income, Group share	436		(333)	395	1,795
Refining & Chemicals | Adjustments - Inventory valuation effect
Business segment information
Operating income	569		(372)	531	(289)
Net income, Group share	436		(268)	412	(210)
Refining & Chemicals | Adjustments - Restructuring charges
Business segment information
Net income, Group share			(39)		(39)
Refining & Chemicals | Adjustments - Asset impairment charges
Business segment information
Operating income					(50)
Net income, Group share					(50)
Refining & Chemicals | Adjustments - Gains (losses) on disposals of assets
Business segment information
Net income, Group share					2,139
Refining & Chemicals | Adjustments - Other items
Business segment information
Operating income			(39)		(65)
Net income, Group share			(26)	(17)	(45)
Marketing & Services
Business segment information
Operating income	662		360	1,019	734
Marketing & Services | Adjustments
Business segment information
Operating income	134		(80)	105	(95)
Net income, Group share	81		65	60	62
Marketing & Services | Adjustments - Inventory valuation effect
Business segment information
Operating income	134		(54)	105	(69)
Net income, Group share	81		(42)	60	(45)
Marketing & Services | Adjustments - Gains (losses) on disposals of assets
Business segment information
Net income, Group share			125		125
Marketing & Services | Adjustments - Other items
Business segment information
Operating income			(26)		(26)
Net income, Group share			(18)		(18)
Corporate
Business segment information
Operating income	$ (199)		(242)	(382)	(367)
Corporate | Adjustments
Business segment information
Operating income			(64)	(9)	(64)
Net income, Group share			(42)	(9)	(42)
Corporate | Adjustments - Other items
Business segment information
Operating income			(64)	(9)	(64)
Net income, Group share			$ (42)	$ (9)	$ (42)

XML

Shareholders' equity - Treasury shares (Details) - TOTAL S.A. - shares	3 Months Ended
	Jun. 30, 2018	Mar. 31, 2018
Shareholders' equity
Treasury shares	41,429,820
Percentage of share capital	1.55%
Shares intended to be canceled	32,600,041
Shares definitively acquired during the period and intended to be canceled	18,576,360	9,820,488
Shares intended to be canceled, buyback not yet executed	4,203,193
TOTAL share grant plans for Group employees
Shareholders' equity
Shares allocated or intended to be allocated to share purchase option plans or share grant plans	8,760,020
New TOTAL share purchase option plans or new share grant plans
Shareholders' equity
Shares allocated or intended to be allocated to share purchase option plans or share grant plans	69,759

XML

Shareholders' equity - Dividend (Details)	Jul. 25, 2018 € / shares	Jun. 28, 2018 € / shares shares	Jun. 01, 2018 dividend € / shares	Apr. 25, 2018 € / shares	Apr. 09, 2018 € / shares	Jan. 11, 2018 € / shares	Oct. 12, 2017 € / shares
Dividend
Dividend approved for the 2017 fiscal year (in Euros per share)			€ 2.48
Number of quarterly interim dividends already paid for fiscal year 2017 | dividend			3
Dividend paid (in Euros per share)		€ 0.62			€ 0.62	€ 0.62	€ 0.62
Number of trading days to determine stock dividend price			20 days
Share price for dividend paid in shares (in Euros per share)		€ 52.03
Number of shares issued in lieu of cash dividend | shares		5,798,335
Dividend decided by Board of Directors (in Euros per share)	€ 0.64			€ 0.64

XML

Shareholders' equity - Earnings per share (Details)	3 Months Ended						6 Months Ended
	Jun. 30, 2018 € / shares	Jun. 30, 2018 $ / shares	Mar. 31, 2018 € / shares	Mar. 31, 2018 $ / shares	Jun. 30, 2017 € / shares	Jun. 30, 2017 $ / shares	Jun. 30, 2018 $ / shares	Jun. 30, 2017 $ / shares
Earnings per share in euros
Earnings per share (in dollars or Euros per share) | (per share)	€ 1.16	$ 1.38	€ 0.81	$ 1.00	€ 0.71	$ 0.79	$ 2.39	$ 1.93
Fully-diluted earnings per share (in dollars per share) | (per share)	€ 1.16	$ 1.38	€ 0.81	$ 0.99	€ 0.71	$ 0.79	$ 2.38	$ 1.92

XML

Shareholders' equity - Other comprehensive income (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Shareholders' equity
Actuarial gains and losses	$ 42	$ 25	$ 32	$ 67		$ 158
Change in fair value of investments in equity instruments	(2)	7		5
Tax effect	(20)	2	(12)	(18)		(53)
Currency translation adjustment generated by the parent company	(4,761)	2,131	4,524	(2,630)		5,464
Sub-total items not potentially reclassifiable to profit and loss	(4,741)	2,165	4,544	(2,576)		5,569
Currency translation adjustment	1,330	(362)	(1,218)	968		(1,418)
Unrealized gain/(loss) of the period				1,078		(1,372)
Less gain/(loss) included in net income				110		46
Available for sale financial assets			1
Cash flow hedge	77	178	(79)	255		34
Unrealized gain/(loss) of the period				142		164
Less gain/(loss) included in net income				(113)		130
Variation of foreign currency basis spread	2	(29)		(27)
unrealized gain/(loss) of the period				(27)
Share of other comprehensive income of equity affiliates, net amount	36	(168)	(794)	(132)		(463)
Unrealized gain/(loss) of the period				(93)		(465)
Less gain/(loss) included in net income				39		(2)
Other	(2)		(3)	(2)
Tax effect	(27)	(48)	30	(75)		(9)
Sub-total items potentially reclassifiable to profit and loss	1,416	(429)	(2,063)	987		(1,856)
Total other comprehensive income, net amount	$ (3,325)	$ 1,736	$ 2,481	$ (1,589)	$ 3,012	$ 3,713

XML

Shareholders' equity - Tax effects of other comprehensive income (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Pre-tax amount
Actuarial gains and losses	$ 42	$ 25	$ 32	$ 67		$ 158
Change in fair value of investments in equity instruments	(2)	7		5
Currency translation adjustment generated by the parent company	(4,761)	2,131	4,524	(2,630)		5,464
Sub-total items not potentially reclassifiable to profit and loss				(2,558)		5,622
Currency translation adjustment	1,330	(362)	(1,218)	968		(1,418)
Available for sale financial assets			1
Cash flow hedge	77	178	(79)	255		34
Variation of foreign currency basis spread	2	(29)		(27)
Share of other comprehensive income of equity affiliates, net amount				(132)		(463)
Other	(2)		(3)	(2)
Sub-total items potentially reclassifiable to profit and loss				1,062		(1,847)
Total other comprehensive income				(1,496)		3,775
Tax effect
Actuarial gains and losses				(18)		(53)
Sub-total items not potentially reclassifiable to profit and loss	(20)	2	(12)	(18)		(53)
Available for sale financial assets						(1)
Cash flow hedge				(81)		(8)
Variation of foreign currency basis spread				6
Sub-total items potentially reclassifiable to profit and loss	(27)	(48)	30	(75)		(9)
Total other comprehensive income				(93)		(62)
Net amount
Actuarial gains and losses				49		105
Change in fair value of investments in equity instruments				5
Currency translation adjustment generated by the parent company	(4,761)	2,131	4,524	(2,630)		5,464
Sub-total items not potentially reclassifiable to profit and loss	(4,741)	2,165	4,544	(2,576)		5,569
Currency translation adjustment				968		(1,418)
Available for sale financial assets						(1)
Cash flow hedge				174		26
Variation of foreign currency basis spread				(21)
Share of other comprehensive income of equity affiliates, net amount	36	(168)	(794)	(132)		(463)
Other				(2)
Sub-total items potentially reclassifiable to profit and loss	1,416	(429)	(2,063)	987		(1,856)
Total other comprehensive income (net amount)	$ (3,325)	$ 1,736	$ 2,481	$ (1,589)	$ 3,012	$ 3,713

XML

Financial debt (Details) kr in Millions, SFr in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2018 CHF (SFr)	Jun. 30, 2018 NOK (kr)	Jun. 30, 2018 USD ($)
Financial debt
Amount of bonds issued			$ 0
USD Bond 1.450%, Issued in 2013, Maturing January 2018
Financial debt
Interest rate (as percent)	1.45%	1.45%	1.45%
Amount of bonds reimbursed			$ 1,000
NOK Bond 2.500%, Issued in 2013, Maturing June 2018
Financial debt
Interest rate (as percent)	2.50%	2.50%	2.50%
Amount of bonds reimbursed | kr		kr 600
USD Bond with Floating Rate Coupon, Issued in 2014, Maturing June 2018
Financial debt
Amount of bonds reimbursed			$ 135
CHF Bond 3.125%, Issued 2006-2008, Maturing June 2018
Financial debt
Interest rate (as percent)	3.125%	3.125%	3.125%
Amount of bonds reimbursed | SFr	SFr 525

XML

Other risks and contingent liabilities (Details) € in Millions		6 Months Ended
	Apr. 28, 2016 employee	Jun. 30, 2018 EUR (€) company
Exploration & Production | Yemen LNG Company Limited
Disclosure of contingent liabilities
Stake held in associate (as a percent)		39.62%
Contingent liabilities - legal proceedings | Alitalia
Disclosure of contingent liabilities
Alleged damages claimed | €		€ 908
Contingent liabilities - legal proceedings | FERC
Disclosure of contingent liabilities
Number of former employees issued order to show cause | employee	2
Number of companies involved in class action lawsuit | company		3

XML

Information by business segment (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Business segment information
Sales	$ 52,540	$ 49,611	$ 39,915	$ 102,151	$ 81,098
Excise taxes	(6,438)	(6,319)	(5,433)	(12,757)	(10,523)
Revenues from sales	46,102	43,292	34,482	89,394	70,575
Operating expenses	(37,518)		(29,703)	(74,105)	(60,053)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,435)	(2,916)	(2,798)	(6,351)	(7,377)
Operating income	5,149		1,981	8,938	3,145
Net income (loss) from equity affiliates and other items	1,104		900	1,991	3,550
Tax on net operating income	(2,179)		(587)	(3,855)	(1,356)
Net operating income	4,074		2,294	7,074	5,339
Net cost of net debt	(440)		(267)	(791)	(533)
Non-controlling interests	87	(13)	10	74	80
Net income - group share	3,721	2,636	2,037	6,357	4,886
Total expenditures	3,787	6,724	4,205	10,511	7,883
Total divestments	1,274	2,585	360	3,859	3,258
Cash flow from operating activities	6,246	$ 2,081	4,640	8,327	9,341
Intercompany
Business segment information
Sales	(17,893)		(11,667)	(33,536)	(24,249)
Revenues from sales	(17,893)		(11,667)	(33,536)	(24,249)
Operating expenses	17,893		11,667	33,536	24,249
Exploration & Production
Business segment information
Sales	3,398		2,068	5,865	4,171
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,484)		(2,344)	(4,834)	(6,412)
Operating income	3,773		1,295	6,769	1,191
Net income (loss) from equity affiliates and other items	569		487	1,210	677
Tax on net operating income	(1,772)		(512)	(3,322)	(951)
Net operating income	2,570		1,270	4,657	917
Total expenditures	2,980		3,448	8,851	6,084
Total divestments	500		132	2,751	245
Cash flow from operating activities	4,628		2,836	8,197	5,637
Exploration & Production | Business segments and Corporate
Business segment information
Revenues from sales	11,191		7,186	20,582	14,837
Operating expenses	(4,934)		(3,547)	(8,979)	(7,234)
Exploration & Production | Intercompany
Business segment information
Sales	(7,793)		(5,118)	(14,717)	(10,666)
Gas, Renewables & Power
Business segment information
Sales	3,268		2,671	7,359	5,868
Depreciation, depletion and impairment of tangible assets and mineral interests	(464)		(40)	(534)	(112)
Operating income	(336)		48	(373)	13
Net income (loss) from equity affiliates and other items	128		13	162	(32)
Tax on net operating income	(19)		(24)	(34)	(61)
Net operating income	(227)		37	(245)	(80)
Total expenditures	79		77	328	392
Total divestments	405		23	483	27
Cash flow from operating activities	104		(100)	(75)	40
Gas, Renewables & Power | Business segments and Corporate
Business segment information
Revenues from sales	3,698		2,945	8,257	6,451
Operating expenses	(3,570)		(2,857)	(8,096)	(6,326)
Gas, Renewables & Power | Intercompany
Business segment information
Sales	(430)		(274)	(898)	(583)
Refining & Chemicals
Business segment information
Sales	23,349		17,347	45,088	35,921
Excise taxes	(867)		(680)	(1,714)	(1,381)
Depreciation, depletion and impairment of tangible assets and mineral interests	(304)		(245)	(617)	(532)
Operating income	1,249		520	1,905	1,574
Net income (loss) from equity affiliates and other items	289		148	417	2,601
Tax on net operating income	(279)		(142)	(383)	(498)
Net operating income	1,259		526	1,939	3,677
Total expenditures	404		401	736	667
Total divestments	324		20	349	2,760
Cash flow from operating activities	999		1,967	(110)	3,729
Refining & Chemicals | Business segments and Corporate
Business segment information
Revenues from sales	31,922		22,683	60,770	46,902
Operating expenses	(30,369)		(21,918)	(58,248)	(44,796)
Refining & Chemicals | Intercompany
Business segment information
Sales	(9,440)		(6,016)	(17,396)	(12,362)
Marketing & Services
Business segment information
Sales	22,528		17,831	43,836	35,129
Excise taxes	(5,571)		(4,753)	(11,043)	(9,142)
Depreciation, depletion and impairment of tangible assets and mineral interests	(172)		(158)	(346)	(302)
Operating income	662		360	1,019	734
Net income (loss) from equity affiliates and other items	107		258	193	288
Tax on net operating income	(194)		(123)	(297)	(231)
Net operating income	575		495	915	791
Total expenditures	310		258	538	697
Total divestments	45		182	273	218
Cash flow from operating activities	841		251	781	582
Marketing & Services | Business segments and Corporate
Business segment information
Revenues from sales	17,250		13,247	33,284	26,430
Operating expenses	(16,416)		(12,729)	(31,919)	(25,394)
Marketing & Services | Intercompany
Business segment information
Sales	(293)		(169)	(491)	(443)
Corporate
Business segment information
Sales	(3)		(2)	3	9
Depreciation, depletion and impairment of tangible assets and mineral interests	(11)		(11)	(20)	(19)
Operating income	(199)		(242)	(382)	(367)
Net income (loss) from equity affiliates and other items	11		(6)	9	16
Tax on net operating income	85		214	181	385
Net operating income	(103)		(34)	(192)	34
Total expenditures	14		21	58	43
Total divestments			3	3	8
Cash flow from operating activities	(326)		(314)	(466)	(647)
Corporate | Business segments and Corporate
Business segment information
Revenues from sales	(66)		88	37	204
Operating expenses	(122)		(319)	(399)	(552)
Corporate | Intercompany
Business segment information
Sales	63		(90)	(34)	(195)
Adjustments
Business segment information
Sales	24		(27)	13	(27)
Revenues from sales	24		(27)	13	(27)
Operating expenses	597		(697)	376	(744)
Depreciation, depletion and impairment of tangible assets and mineral interests	(424)		(14)	(446)	(1,944)
Operating income	197		(738)	(57)	(2,715)
Net income (loss) from equity affiliates and other items	(23)		48	(157)	1,989
Tax on net operating income	(176)		228	(93)	474
Net operating income	(2)		(462)	(307)	(252)
Net cost of net debt	(9)		(7)	(19)	(14)
Non-controlling interests	179		32	246	120
Net income - group share	168		(437)	(80)	(146)
Adjustments | Exploration & Production
Business segment information
Depreciation, depletion and impairment of tangible assets and mineral interests			(15)		(1,869)
Operating income	(97)		(132)	(150)	(1,986)
Net income (loss) from equity affiliates and other items	(66)		(4)	(167)	(214)
Tax on net operating income	46		47	104	376
Net operating income	(117)		(89)	(213)	(1,824)
Net income - group share	(117)		(89)	(213)	(1,797)
Adjustments | Exploration & Production | Business segments and Corporate
Business segment information
Operating expenses	(97)		(117)	(150)	(117)
Adjustments | Gas, Renewables & Power
Business segment information
Sales	24		(27)	13	(27)
Depreciation, depletion and impairment of tangible assets and mineral interests	(424)		1	(446)	(25)
Operating income	(409)		(51)	(534)	(166)
Net income (loss) from equity affiliates and other items	(4)		(16)	(15)	(79)
Tax on net operating income	(7)		9	(4)	9
Net operating income	(420)		(58)	(553)	(236)
Net income - group share	(232)		(38)	(313)	(164)
Adjustments | Gas, Renewables & Power | Business segments and Corporate
Business segment information
Revenues from sales	24		(27)	13	(27)
Operating expenses	(9)		(25)	(101)	(114)
Adjustments | Refining & Chemicals
Business segment information
Depreciation, depletion and impairment of tangible assets and mineral interests					(50)
Operating income	569		(411)	531	(404)
Net income (loss) from equity affiliates and other items	46		(53)	25	2,156
Tax on net operating income	(177)		129	(158)	41
Net operating income	438		(335)	398	1,793
Net income - group share	436		(333)	395	1,795
Adjustments | Refining & Chemicals | Business segments and Corporate
Business segment information
Operating expenses	569		(411)	531	(354)
Adjustments | Marketing & Services
Business segment information
Operating income	134		(80)	105	(95)
Net income (loss) from equity affiliates and other items	1		121		126
Tax on net operating income	(38)		21	(35)	26
Net operating income	97		62	70	57
Net income - group share	81		65	60	62
Adjustments | Marketing & Services | Business segments and Corporate
Business segment information
Operating expenses	134		(80)	105	(95)
Adjustments | Corporate
Business segment information
Operating income			(64)	(9)	(64)
Tax on net operating income			22		22
Net operating income			(42)	(9)	(42)
Net income - group share			(42)	(9)	(42)
Adjustments | Corporate | Business segments and Corporate
Business segment information
Operating expenses			(64)	(9)	(64)
Adjustments - Inventory valuation effect
Business segment information
Operating income	703		(426)	636	(358)
Net income - group share	517		(310)	472	(255)
Adjustments - Inventory valuation effect | Refining & Chemicals
Business segment information
Operating income	569		(372)	531	(289)
Net operating income	438		(270)	415	(212)
Net income - group share	436		(268)	412	(210)
Adjustments - Inventory valuation effect | Marketing & Services
Business segment information
Operating income	134		(54)	105	(69)
Net operating income	97		(45)	70	(50)
Net income - group share	81		(42)	60	(45)
Adjusted
Business segment information
Sales	52,516		39,942	102,138	81,125
Excise taxes	(6,438)		(5,433)	(12,757)	(10,523)
Revenues from sales	46,078		34,509	89,381	70,602
Operating expenses	(38,115)		(29,006)	(74,481)	(59,309)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,011)		(2,784)	(5,905)	(5,433)
Operating income	4,952		2,719	8,995	5,860
Net income (loss) from equity affiliates and other items	1,127		852	2,148	1,561
Tax on net operating income	(2,003)		(815)	(3,762)	(1,830)
Net operating income	4,076		2,756	7,381	5,591
Net cost of net debt	(431)		(260)	(772)	(519)
Non-controlling interests	(92)		(22)	(172)	(40)
Net income - group share	3,553		2,474	6,437	5,032
Adjusted | Intercompany
Business segment information
Sales	(17,893)		(11,667)	(33,536)	(24,249)
Revenues from sales	(17,893)		(11,667)	(33,536)	(24,249)
Operating expenses	17,893		11,667	33,536	24,249
Adjusted | Exploration & Production
Business segment information
Sales	3,398		2,068	5,865	4,171
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,484)		(2,329)	(4,834)	(4,543)
Operating income	3,870		1,427	6,919	3,177
Net income (loss) from equity affiliates and other items	635		491	1,377	891
Tax on net operating income	(1,818)		(559)	(3,426)	(1,327)
Net operating income	2,687		1,359	4,870	2,741
Adjusted | Exploration & Production | Business segments and Corporate
Business segment information
Revenues from sales	11,191		7,186	20,582	14,837
Operating expenses	(4,837)		(3,430)	(8,829)	(7,117)
Adjusted | Exploration & Production | Intercompany
Business segment information
Sales	(7,793)		(5,118)	(14,717)	(10,666)
Adjusted | Gas, Renewables & Power
Business segment information
Sales	3,244		2,698	7,346	5,895
Depreciation, depletion and impairment of tangible assets and mineral interests	(40)		(41)	(88)	(87)
Operating income	73		99	161	179
Net income (loss) from equity affiliates and other items	132		29	177	47
Tax on net operating income	(12)		(33)	(30)	(70)
Net operating income	193		95	308	156
Adjusted | Gas, Renewables & Power | Business segments and Corporate
Business segment information
Revenues from sales	3,674		2,972	8,244	6,478
Operating expenses	(3,561)		(2,832)	(7,995)	(6,212)
Adjusted | Gas, Renewables & Power | Intercompany
Business segment information
Sales	(430)		(274)	(898)	(583)
Adjusted | Refining & Chemicals
Business segment information
Sales	23,349		17,347	45,088	35,921
Excise taxes	(867)		(680)	(1,714)	(1,381)
Depreciation, depletion and impairment of tangible assets and mineral interests	(304)		(245)	(617)	(482)
Operating income	680		931	1,374	1,978
Net income (loss) from equity affiliates and other items	243		201	392	445
Tax on net operating income	(102)		(271)	(225)	(539)
Net operating income	821		861	1,541	1,884
Adjusted | Refining & Chemicals | Business segments and Corporate
Business segment information
Revenues from sales	31,922		22,683	60,770	46,902
Operating expenses	(30,938)		(21,507)	(58,779)	(44,442)
Adjusted | Refining & Chemicals | Intercompany
Business segment information
Sales	(9,440)		(6,016)	(17,396)	(12,362)
Adjusted | Marketing & Services
Business segment information
Sales	22,528		17,831	43,836	35,129
Excise taxes	(5,571)		(4,753)	(11,043)	(9,142)
Depreciation, depletion and impairment of tangible assets and mineral interests	(172)		(158)	(346)	(302)
Operating income	528		440	914	829
Net income (loss) from equity affiliates and other items	106		137	193	162
Tax on net operating income	(156)		(144)	(262)	(257)
Net operating income	478		433	845	734
Adjusted | Marketing & Services | Business segments and Corporate
Business segment information
Revenues from sales	17,250		13,247	33,284	26,430
Operating expenses	(16,550)		(12,649)	(32,024)	(25,299)
Adjusted | Marketing & Services | Intercompany
Business segment information
Sales	(293)		(169)	(491)	(443)
Adjusted | Corporate
Business segment information
Sales	(3)		(2)	3	9
Depreciation, depletion and impairment of tangible assets and mineral interests	(11)		(11)	(20)	(19)
Operating income	(199)		(178)	(373)	(303)
Net income (loss) from equity affiliates and other items	11		(6)	9	16
Tax on net operating income	85		192	181	363
Net operating income	(103)		8	(183)	76
Adjusted | Corporate | Business segments and Corporate
Business segment information
Revenues from sales	(66)		88	37	204
Operating expenses	(122)		(255)	(390)	(488)
Adjusted | Corporate | Intercompany
Business segment information
Sales	$ 63		$ (90)	$ (34)	$ (195)

XML

Reconciliation of the information by business segment with consolidated financial statements (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Business segment information
Sales	$ 52,540	$ 49,611	$ 39,915	$ 102,151		$ 81,098
Excise taxes	(6,438)	(6,319)	(5,433)	(12,757)		(10,523)
Revenues from sales	46,102	43,292	34,482	89,394		70,575
Purchases, net of inventory variation	(30,599)	(29,446)	(23,398)	(60,045)		(47,385)
Other operating expenses	(6,761)	(6,937)	(6,106)	(13,698)		(12,272)
Exploration costs	(158)	(204)	(199)	(362)		(396)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,435)	(2,916)	(2,798)	(6,351)		(7,377)
Other income	252	523	570	775		2,895
Other expense	(413)	(190)	(106)	(603)		(397)
Financial interest on debt	(478)	(390)	(345)	(868)		(676)
Financial income and expense from cash & cash equivalents	(54)	(41)	(37)	(95)		(48)
Cost of net debt	(532)	(431)	(382)	(963)		(724)
Other financial income	321	240	285	561		513
Other financial expense	(159)	(170)	(159)	(329)		(319)
Net income (loss) from equity affiliates	1,103	484	310	1,587		858
Income taxes	(2,087)	(1,596)	(472)	(3,683)		(1,165)
Consolidated net income	3,634	2,649	2,027	6,283	$ 3,493	4,806
Group share	3,721	2,636	2,037	6,357		4,886
Non-controlling interests	(87)	$ 13	(10)	(74)		(80)
Adjusted
Business segment information
Sales	52,516		39,942	102,138		81,125
Excise taxes	(6,438)		(5,433)	(12,757)		(10,523)
Revenues from sales	46,078		34,509	89,381		70,602
Purchases, net of inventory variation	(31,263)		(22,939)	(60,623)		(46,929)
Other operating expenses	(6,694)		(5,868)	(13,496)		(11,984)
Exploration costs	(158)		(199)	(362)		(396)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,011)		(2,784)	(5,905)		(5,433)
Other income	254		206	628		314
Other expense	(55)		(58)	(115)		(116)
Financial interest on debt	(469)		(338)	(849)		(662)
Financial income and expense from cash & cash equivalents	(54)		(37)	(95)		(48)
Cost of net debt	(523)		(375)	(944)		(710)
Other financial income	321		285	561		513
Other financial expense	(159)		(159)	(329)		(319)
Net income (loss) from equity affiliates	766		578	1,403		1,169
Income taxes	(1,911)		(700)	(3,590)		(1,639)
Consolidated net income	3,645		2,496	6,609		5,072
Group share	3,553		2,474	6,437		5,032
Non-controlling interests	92		22	172		40
Adjustments
Business segment information
Sales	24		(27)	13		(27)
Revenues from sales	24		(27)	13		(27)
Purchases, net of inventory variation	664		(459)	578		(456)
Other operating expenses	(67)		(238)	(202)		(288)
Depreciation, depletion and impairment of tangible assets and mineral interests	(424)		(14)	(446)		(1,944)
Other income	(2)		364	147		2,581
Other expense	(358)		(48)	(488)		(281)
Financial interest on debt	(9)		(7)	(19)		(14)
Cost of net debt	(9)		(7)	(19)		(14)
Net income (loss) from equity affiliates	337		(268)	184		(311)
Income taxes	(176)		228	(93)		474
Consolidated net income	(11)		(469)	(326)		(266)
Group share	168		(437)	(80)		(146)
Non-controlling interests	$ (179)		$ (32)	$ (246)		$ (120)

XML

Post closing events (Details) - Business combination € in Billions, $ in Billions	Jul. 13, 2018 USD ($)	Jul. 06, 2018 EUR (€)
Direct Energie
Post closing events
Percentage of voting equity interests acquired		73.04%
Acquisition cost | €		€ 1.4
Engie's portfolio of LNG assets
Post closing events
Acquisition cost | $	$ 1.5