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 25, 2019

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 333-229950) 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 2019 and six months ended June 30, 2019, and a description of certain recent developments relating to its business, as well as a capitalization table as of June 30, 2019.

TABLE OF CONTENTS

Exhibit 99.1	Results for the Second Quarter of 2019 and Six Months Ended June 30, 2019
Exhibit 99.2	Recent Developments
Exhibit 99.3	Capitalization and Indebtedness

EXHIBIT INDEX

Exhibit 99.1	Results for the Second Quarter of 2019 and Six Months Ended June 30, 2019
Exhibit 99.2	Recent Developments
Exhibit 99.3	Capitalization and Indebtedness

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 25, 2019	By:	/s/ ANTOINE LARENAUDIE
		Name:	Antoine LARENAUDIE
		Title:	Group Treasurer

EX-99.1

Exhibit 99.1

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The financial information on pages 1-15 of this exhibit concerning TOTAL S.A. and all of its direct and indirect consolidated companies located in or outside of France (collectively, "TOTAL" or the "Group") with respect to the second quarter 2019 and six months ended June 30, 2019, has been derived from TOTAL’s unaudited consolidated balance sheets as of June 30, 2019, unaudited statements of income, comprehensive income, cash flow, business segment information for the second quarter 2019 and six months ended June 30, 2019 and unaudited consolidated statements of changes in shareholders’ equity for the six months ended June 30, 2019 presented on pages 16-30 and 40-43 of this exhibit.

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

A. KEY FIGURES

2Q19		1Q19			2Q18			2Q19 vs 2Q18			in millions of dollars (except earnings per share and number of shares)	1H19		1H18		1H19 vs 1H18
	51,242		51,205			52,540			-2	%	Non-Group sales		102,447		102,151		n/a
											Adjusted net operating income(a) from business segments
	2,022		1,722			2,315			-13	%	• Exploration & Production*		3,744		4,132		-9	%
	429		592			565			-24	%	• Integrated Gas, Renewables & Power*		1,021		1,046		-2	%
	715		756			821			-13	%	• Refining & Chemicals		1,471		1,541		-5	%
	423		343			478			-12	%	• Marketing & Services		766		845		-9	%
	812		711			1,103			-26	%	Net income (loss) from equity affiliates		1,523		1,587		-4	%
	1.00		1.16			1.38			-27	%	Fully-diluted earnings per share ($)		2.16		2.38		-9	%
	2,625		2,620			2,646			-1	%	Fully-diluted weighted-average shares (millions)		2,622		2,608		+1	%
	2,756		3,111			3,721			-26	%	Net income (Group share)		5,867		6,357		-8	%
	3,028		2,784			2,780			+9	%	Organic investments(b)		5,811		5,400		+8	%
	402		306			(267)			n/a		Net acquisitions(c)		709		1,252		-43	%
	3,430		3,090			2,513			+36	%	Net investments(d)		6,520		6,652		-2	%
	6,251		3,629			6,246			-		Cash flow from operations		9,880		8,327		+19	%
											Of which:
	(317)		(2,970	)		(856	)		n/a		• (increase)/decrease in working capital(e)		(3,287)		(4,078)		n/a
	(501)		(503	)		(398	)		+26	%	• financial charges		(1,004)		(696)		+44	%

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

* 2Q18 and 1H18 restated; historical data for 2017 and 2018 available on www.total.com.

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

2Q19		1Q19		2Q18		2Q19 vs 2Q18				1H19		1H18		1H19 vs 1H18
	68.9		63.1		74.4		-7	%	Brent ($/b)		66.0		70.6		-7	%
	2.5		2.9		2.8		-11	%	Henry Hub ($/Mbtu)		2.7		2.8		-5	%
	4.1		6.3		7.2		-44	%	NBP ($/Mbtu)		5.2		7.2		-27	%
	4.9		6.6		8.8		-44	%	JKM ($/Mbtu)		5.8		9.1		-37	%
	63.7		58.7		68.4		-7	%	Average liquids price ($/b)**		61.2		64.7		-5	%
	3.82		4.51		4.62		-17	%	Average gas price ($/Mbtu)**		4.16		4.71		-12	%
	27.6		33.0		33.9		-19	%	Variable cost margin – European refining, VCM ($/t)		30.6		31.7		-4	%

____________________

* The indicators are shown on page 15.

** Consolidated subsidiaries.

___________________

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

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

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

(d) "Net investments" = Organic investments + net acquisitions (see page 13).

(e) The change in working capital as determined using the replacement cost method and effective second quarter 2019 including organic loan repayments from equity affiliates was $(456) million in 2Q19, $(2,404) million in 1Q19, $(153) million in 2Q18, (2,860) in 1H19 and (3,442)in 1H18. Effective second quarter 2019, organic loan repayments from equity affiliates are defined as loan repayments from equity affiliates coming from their cash flow from operations.

1

Production*

2Q19		1Q19		2Q18		2Q19 vs 2Q18				1H19		1H18		1H19 vs 1H18
	2,957		2,946		2,717		+9	%	Hydrocarbon production (kboe/d)		2,951		2,710		+9	%
	1,407		1,425		1,400		+1	%	•         Oil (including bitumen) (kb/d)**		1,416		1,349		+5	%
	1,549		1,521		1,317		+18	%	•         Gas (including condensates and associated NGL) (kboe/d)**		1,535		1,361		+13	%

2Q19		1Q19		2Q18		2Q19 vs 2Q18				1H19		1H18		1H19 vs 1H18
	2,957		2,946		2,717		+9	%	Hydrocarbon production (kboe/d)		2,951		2,710		+9	%
	1,624		1,629		1,582		+3	%	•         Liquids (kb/d)		1,627		1,532		+6	%
	7,477		7,321		6,176		+21	%	•         Gas (Mcf/d)		7,399		6,419		+15	%

____________________

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

Hydrocarbon production was 2,957 thousand barrels of oil equivalent per day (kboe/d) in second quarter 2019, an increase of 9% compared to 2,717 in second quarter 2018, due to:

•+13% related to the start-up and ramp-up of new projects, including Yamal LNG in Russia, Ichthys in Australia, Kaombo in Angola and Egina in Nigeria,

•-3% due to the natural decline of the fields,

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

Hydrocarbon production was 2,951 thousand barrels of oil equivalent per day (kboe/d) in the first half 2019, an increase of 9% compared to 2,710 in the first half 2018, due to:

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

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

•-3% due to the natural decline of the fields,

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

2

B. ANALYSIS OF BUSINESS SEGMENT RESULTS

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

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

The effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS, which requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories recorded at their fair value based on forward prices. Furthermore, TOTAL, in its trading activities, enters into storage contracts, the future effects of which are recorded at fair value in the Group’s internal economic performance. IFRS, by requiring accounting for storage contracts on an accrual basis, precludes recognition of this fair value effect.

The adjusted business segment results (adjusted operating income and adjusted net operating income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value. For further information on the adjustments affecting operating income on a segment-by-segment basis, and for a reconciliation of segment figures to figures reported in TOTAL’s interim consolidated financial statements, see pages 24-30 and 40-45 of this exhibit.

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

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

3

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

•  Production

2Q19		1Q19		2Q18		2Q19 vs 2Q18			Hydrocarbon production	1H19		1H18		1H19 vs 1H18
	2,398		2,428		2,375		+1	%	EP (kboe/d)		2,413		2,367		+2	%
	1,551		1,563		1,544		-		•         Liquids (kb/d)		1,557		1,495		+4	%
	4,629		4,707		4,536		+2	%	•         Gas (Mcf/d)		4,668		4,755		-2	%

•  Results

2Q19			1Q19			2Q18			2Q19 vs 2Q18			in millions of dollars (except effective tax rate)	1H19			1H18			1H19 vs 1H18
	2,273			1,794			3,119			-27	%	Non-Group sales		4,067			5,337			-24	%
	2,967			2,952			3,629			-18	%	Operating income		5,919			6,478			-9	%
	173			194			256			-32	%	Net income (loss) from equity affiliates and other items		367			577			-36	%
	39.5	%		48.6	%		46.6	%		n/a		Effective tax rate*		44.0	%		47.5	%		n/a
	(1,161)			(1,424)			(1,687)			-31	%	Tax on net operating income		(2,585)			(3,119)			-17	%
	1,979			1,722			2,198			-10	%	Net operating income		3,701			3,936			-6	%
	43			-			117			-63	%	Adjustments affecting net operating income		43			196			-78	%
	2,022			1,722			2,315			-13	%	Adjusted net operating income**		3,744			4,132			-9	%
	239			213			327			-27	%	• including income from equity affiliates		452			555			-19	%
	1,995			1,958			1,785			+12	%	Organic investments		3,953			3,583			+10	%
	204			38			361			-44	%	Net acquisitions		242			1,932			-87	%
	2,199			1,996			2,146			+2	%	Net investments		4,195			5,515			-24	%

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

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

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

•$2,022 million in the second quarter 2019, a decrease of 13% year-on-year, reflecting lower Brent and natural gas prices.

•$3,744 million in the first half 2019, a decrease of 9%, for the same reasons as well as the higher exploration expenses in the first quarter 2019.

Adjusted net operating income for the Exploration & Production segment excludes special items. In the second quarter 2019, the exclusion of special items had a positive impact of $43 million on the segment’s adjusted net operating income, compared to a positive impact of $117 million in the second quarter 2018. In the first half 2019, the exclusion of special items had a positive impact of $43 million on the segment’s adjusted net operating income, compared to a positive impact of $196 million in the first half of 2018.

In the second quarter 2019, the segment’s operating cash flow excluding financial charges, except those related to leases was $3,768 million, a decrease of 16% compared to $4,474 million in the second quarter 2018. In the first half 2019, the segment’s operating cash flow excluding financial charges, except those related to leases was $7,704 million, a decrease of 1% compared to $7,796 million in the first half 2018. In the second quarter 2019, the segment’s operating cash flow excluding the change in working capital at replacement cost¹ and excluding financial charges, except those related to leases was $4,882 million, an increase of 2% compared to $4,800 million in the second quarter 2018, driven by the start-up of strong cash generating fields. In the first half 2019, the segment’s operating cash flow excluding the change in working capital at replacement cost¹ and excluding financial charges, except those related to leases was $9,128 million, an increase of 5% compared to $8,721 million in the first half 2018, driven by the same reasons mentioned above. Exploration & Production generated $2.9 billion of cash flow after organic investments and $5.2 billion of cash flow after organic investments in the first half 2019.

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

4

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

•  Production and liquefied natural gas (LNG) sales

2Q19		1Q19		2Q18		2Q19 vs 2Q18			Hydrocarbon production	1H19		1H18		1H19 vs 1H18
	559		518		342		+63	%	iGRP (kboe/d)		538		343		+57	%
	73		66		38		+92	%	•         Liquids (kb/d)		70		37		+87	%
	2,848		2,614		1,640		+74	%	•         Gas (Mcf/d)		2,731		1,664		+64	%

2Q19		1Q19		2Q18		2Q19 vs 2Q18			LNG in Mt	1H19		1H18		1H19 vs 1H18
	8.5		7.7		3.9		x2.2		Overall LNG sales		16.2		7.7		x2.1
	4.1		3.8		2.5		+65	%	•         including sales from equity production*		7.9		5.0		+59	%
	6.7		6.0		2.7		x2.5		•         including sales by TOTAL from equity production and third party purchases		12.7		5.4		x2.4

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

Total LNG sales more than doubled compared to last year for the second quarter 2018 and first half 2019 due to the start-up of Yamal LNG trains 2 and 3 in Russia, Ichthys in Australia, the first Cameron LNG train in the United States, and the acquisition of the portfolio of LNG contracts from Engie in 2018.

The growth in condensate production compared to last year is essentially due to the start-up of condensate production from Ichthys in Australia in the third quarter 2018.

•  Results

2Q19		1Q19		2Q18		2Q19 vs 2Q18			in millions of dollars	1H19		1H18		1H19 vs 1H18
	3,789		6,419		3,547		+7	%	Non-Group sales		10,208		7,887		+29	%
	215		322		(192)		n/a		Operating income		537		(82)		n/a
	661		380		441		+50	%	Net income (loss) from equity affiliates and other items		1,041		795		+31	%
	(450)		(173)		(104)		x4.3		Tax on net operating income		(623)		(237)		x2.7
	426		529		145		x2.9		Net operating income		955		476		x2.0
	3		63		420		-99	%	Adjustments affecting net operating income		66		570		-88	%
	429		592		565		-24	%	Adjusted net operating income*		1,021		1,046		-2	%
	195		255		250		-22	%	• including income from equity affiliates		450		478		-6	%
	442		493		388		+14	%	Organic investments		935		724		+29	%
	159		400		(380)		n/a		Net acquisitions		559		(294)		n/a
	601		893		8		x75.1		Net investments		1,494		430		x3.5

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

Adjusted net operating income for the Integrated Gas, Renewables & Power segment was $429 million in the second quarter 2019, a decrease of 24% compared to $565 million in the second quarter 2018, and $1,021 million in the first half 2019, a decrease of 2% compared to $1,046 million in the first half 2018, impacted notably by lower gas prices in Europe and Asia and the amortization of new projects.

Adjusted net operating income for the Integrated Gas, Renewables & Power segment excludes special items. In the second quarter 2019, the exclusion of special items had a positive impact of $3million on the segment’s adjusted net operating income, compared to a positive impact of $420 million in the second quarter 2018. In the first half 2019, the exclusion of special items had a positive impact of $66 million on the segment’s adjusted net operating income, compared to a positive impact of $570 million in the first half 2018.

In the second quarter 2019, the segment’s operating cash flow excluding the change in working capital at replacement cost and excluding financial charges, except those related to leases was $869 million, an increase of 77% compared to $492 million in the second quarter 2018, driven notably by the ramp-ups of Ichthys in Australia and Yamal LNG in Russia as well as the strong performance of total LNG sales. In the first half 2019, the segment’s operating cash flow excluding the change in working capital at replacement cost and excluding financial charges, except those related to leases was $1,479 million, an increase of 67% compared to $885 million in the first half 2018, driven by the same reasons mentioned above.

5

B.3. Refining & Chemicals segment

•  Refinery throughput and utilization rates*

2Q19			1Q19			2Q18			2Q19 vs 2Q18				1H19			1H18			1H19 vs 1H18
	1,595			1,862			1,734			-8	%	Total refinery throughput (kb/d)		1,729			1,783			-3	%
	447			592			569			-21	%	• France		520			597			-13	%
	679			823			670			+1	%	• Rest of Europe		721			708			+6	%
	469			447			495			-5	%	• Rest of world		458			479			-4	%
	77	%		89	%		83	%				Utilization rates based on crude only**		83	%		85	%

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

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

Refinery throughput volumes:

•decreased by 8% in the second quarter 2019 year-on-year, notably as a result of the shutdown at Grandpuit in France and the lower throughput at Leuna in Germany linked to contaminated crude from Russia.

•decreased by 3% in the first half 2019 year-on-year for the same reasons.

•  Results

2Q19		1Q19		2Q18		2Q19 vs 2Q18			in millions of dollars	1H19		1H18		1H19 vs 1H18
	22,509		21,711		23,349		-4	%	Non-Group sales		44,220		45,088		-2	%
	484		1,244		1,249		-61	%	Operating income		1,728		1,905		-9	%
	111		149		289		-62	%	Net income (loss) from equity affiliates and other items		260		417		-38	%
	46		(292)		(279)		n/a		Tax on net operating income		(246)		(383)		-36	%
	641		1,101		1,259		-49	%	Net operating income		1,742		1,939		-10	%
	74		(345)		(438)		n/a		Adjustments affecting net operating income		(271)		(398)		-32	%
	715		756		821		-13	%	Adjusted net operating income*		1,471		1,541		-5	%
	353		240		386		-9	%	Organic investments		593		694		-15	%
	(58)		(124)		(306)		n/a		Net acquisitions		(182)		(307)		n/a
	295		116		80		x3.7		Net investments		411		387		+6	%

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

Adjusted net operating income for the Refining & Chemicals segment was $715 million in the second quarter 2019, a decrease of 13% compared to $821 million in the second quarter 2018, and $1,471 million in the first half 2019, a decrease of 5% compared to $1,541 million in the first half 2018, notably due to the decrease in European refining variable cost margin (VCM) of 19% in the second quarter 2019 and 4% in the first half 2019, as well as lower throughput volume.

Adjusted net operating income for the Refining & Chemicals segment excludes any after-tax inventory valuation effect and special items. In the second quarter 2019, the exclusion of the inventory valuation effect had a positive impact of $1million on the segment’s adjusted net operating income, compared to a negative impact of $438 million in the second quarter 2018. In the second quarter 2019, the exclusion of special items had a positive impact of $73 million on the segment’s adjusted net operating income and no impact on the segment’s adjusted net operating income in the second quarter 2018. In the first half 2019, the exclusion of the inventory valuation effect had a negative impact of $344million on the segment’s adjusted net operating income, compared to a negative impact of $415 million in the first half 2018. In the first half 2019, the exclusion of special items had a positive impact of $73 million on the segment’s adjusted net operating income, compared to a positive impact of $17 million in the first half 2018.

In the second quarter 2019, the segment’s operating cash flow excluding the change in working capital at replacement cost and excluding financial charges, except those related to leases was $806 million a decrease of 21% compared to $1,018 million in the second quarter 2018. In the first half 2019, the segment’s operating cash flow excluding the change in working capital at replacement cost and excluding financial charges, except those related to leases remains stable at $1,910 million compared to $1,938 in the first half 2018.

In the second quarter 2019, the segment’s cash flow from operating activities excluding financial charges was $1,658 million an increase of 66% compared to $999 million in the second quarter 2018.

6

B.4. Marketing & Services segment

•  Petroleum product sales

2Q19		1Q19		2Q18		2Q19 vs 2Q18			sales in kb/d*	1H19		1H18		1H19 vs 1H18
	1,860		1,836		1,799		+3	%	Total Marketing & Services sales		1,848		1,800		+3	%
	1,004		1,012		1,001			-	• Europe		1,008		997		+1	%
	856		824		798		+7	%	• Rest of world		840		803		+5	%

*Excludes trading and bulk refining sales.

Sales of petroleum products increased by 3% in the second quarter 2019 and the first half 2019, due to the development of activities in the African and American regions, notably Mexico and Brazil.

•  Results

2Q19		1Q19		2Q18		2Q19 vs 2Q18			in millions of dollars	1H19		1H18		1H19 vs 1H18
	22,671		21,279		22,528		+1	%	Non-Group sales		43,950		43,836			-
	450		569		662		-32	%	Operating income		1,019		1,019			-
	111		(10)		107		+4	%	Net income (loss) from equity affiliates and other items		101		193		-47	%
	(170)		(164)		(194)		-12	%	Tax on net operating income		(334)		(297)		+12	%
	391		395		575		-32	%	Net operating income		786		915		-14	%
	32		(52)		(97)		n/a		Adjustments affecting net operating income		(20)		(70)		-71	%
	423		343		478		-12	%	Adjusted net operating income*		766		845		-9	%
	204		80		205		-1	%	Organic investments		283		342		-17	%
	96		(8)		60		+61	%	Net acquisitions		89		(77)		n/a
	300		72		265		+13	%	Net investments		372		265		+40	%

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

Adjusted net operating income for the Marketing & Services segment was $423 million in the second quarter 2019, a decrease of 12% compared to $478 million in the second quarter 2018, and $766 million in the first half 2019, a decrease of 9% compared to $845 million in the first half 2018.

Adjusted net operating income for the Marketing & Services segment excludes any after-tax inventory valuation effect and special items. In the second quarter 2019, the exclusion of the inventory valuation effect had a positive impact of $25 million on the segment’s adjusted net operating income, compared to a negative impact of $97 million in the second quarter 2018. In the second quarter 2019, the exclusion of special items had a positive impact of $7 million on the segment’s adjusted net operating income and no impact on the segment’s adjusted net operating income in the second quarter 2018. In the first half 2019, the exclusion of the inventory valuation effect had a negative impact of $27 million on the segment’s adjusted net operating income, compared to a negative impact of $70 million in the first half 2018. In the first half 2019, the exclusion of special items had a positive impact of $7 million on the segment’s adjusted net operating income and no impact on the segment’s adjusted net operating income in the first half 2018.

In the second quarter 2019, the segment’s operating cash flow excluding the change in working capital at replacement cost and excluding financial charges, except those related to leases was $626 million a decrease of 3% compared to $646 million in the second quarter 2018. In the first half 2019, the segment’s operating cash flow excluding the change in working capital at replacement cost and excluding financial charges, except those related to leases was $1,208 million an increase of 12% compared to $1,076 million in the first half 2018.

7

C. GROUP RESULTS

•  Net income (Group share)

In the second quarter 2019, net income (Group share) was $2,756 million, a decrease of 26% compared to $3,721 million in the second quarter 2018. In the first half 2019, net income (Group share) was $5,867 million, a decrease of 8% compared to $6,357 million in the first half 2018.

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

Adjusted net income (Group share) was:

•$2,887 million in the second quarter 2019, a decrease of 19% compared to the second quarter 2018 reflecting the decrease in the net operating income of the segments and the increase in the net cost of net debt compared to the second quarter 2018, mainly due to the rise in U.S. dollar interest rates.

•$5,646 million in the first half 2019, a decrease of 12% compared to the first half 2018, for the same reasons.

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

•$(131) million in the second quarter 2019.

•$221 million in the first half 2019.

•  Fully-diluted shares and share buyback

The number of fully-diluted shares was 2,619 million on June 30, 2019.

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

•the buyback of shares issued in 2019 under the scrip dividend option (not renewed at the 2019 Shareholders’ meeting) to cancel any dilution related to the exercise of this option: 14.9 million shares repurchased in the second quarter 2019 and 16.1 million shares in the first half 2019.; and

•the buyback of additional shares: 7.5 million shares repurchased in the second quarter 2019 for $0.41 billion and 13.7 million shares in the first half 2019 for $0.76 billion as part of the $5 billion buyback program for 2018-2020.

•  Asset sales - acquisitions

Asset sales consisted of:

•$212 million in the second quarter 2019, due notably to the sale of the interest in the Wepec refinery in China; and

•$575 million in the first half 2019, due notably to the sale of the interest in the Wepec refinery in China and the sale of the Group’s interest in the Hazira terminal in India and polystyrene activities in China.

Acquisitions consisted of:

•$614 million in the second quarter 2019, due notably to the acquisition of Chevron’s interest in the Danish Underground Consortium in Denmark, the joint development with Saudi Aramco of a network of service stations in Saudi Arabia, the alliance with the Adani group in the natural gas and retail fuel network in India and the capital increase in Total Eren for its acquisition of Novenergia; and

•$1,284 million in the first half 2019, due notably to the reasons mentioned above as well as the signing of the acquisition of a 10% stake in Arctic LNG 2 project in Russia.

¹ Details shown on page 13 of this exhibit.

² Details shown on pages 13 and 31 to 33 of this exhibit.

8

•  Cash flow

The Group’s cash flow from operating activities remains stable in the second quarter 2019 at $6,251 million, compared to $6,246 million in the second quarter 2018. The Group’s cash flow from operating activities was $9,880 million in the first half 2019, an increase of 19% compared to $8,327 million in the first half 2018.

The change in working capital at replacement cost in the second quarter 2019, which is the (increase)/decrease in working capital of $(317) million as determined in accordance with IFRS adjusted for the pre-tax inventory valuation effect of $40 million, was $(357) million, compared to $(153) million in the second quarter 2018. The change in working capital at replacement cost in the first half 2019, which is the (increase)/decrease in working capital of $(3,287) million as determined in accordance with IFRS adjusted for the pre-tax inventory valuation effect of $526 million, was $(2,761) million, compared to $(3,442) million in the first half 2018.

In the second quarter 2019, operating cash flow excluding the change in working capital at replacement cost was $6,707 million, an increase of 5% compared to $6,399 million in the second quarter 2018. In the first half 2019, operating cash flow excluding the change in working capital at replacement cost was $12,740 million, an increase of 8% compared to $11,769 million in the second quarter 2018. In the second quarter 2019, operating cash flow excluding the change in working capital at replacement cost, without financial charges was $7,208 million, an increase of 6% compared to $6,797 million in the second quarter 2018. In the first half 2019, operating cash flow excluding the change in working capital at replacement cost, without financial charges was $13,744 million, an increase of 10% compared to $12,465 million in the first half 2018.

The Group’s net cash flow¹ was:

•$3,277 million in the second quarter 2019, a 16% decrease compared to last year due to an increase in net acquisitions;

•$6,220 million in the first half 2019, a 22% increase compared to last year due to higher operating cash flow before working capital changes and lower net acquisitions.

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

9

D. PROFITABILITY

Return on equity for the twelve months ended June 30, 2019, was 11.1%, an increase compared to the same period a year ago.

in millions of dollars	07/01/2018 - 06/30/2019			04/01/2018 - 03/31/2019			07/01/2017- 06/30/2018
Adjusted net income		13,125			13,810			12,299
Adjusted shareholders’ equity		117,787			118,094			113,251
Return on equity (ROE)		11.1	%		11.7	%		10.9	%

Return on average capital employed was 10.4% for the twelve months ended June 30, 2019, an increase compared to the same period a year ago.

in millions of dollars	07/01/2018 - 06/30/2019			04/01/2018 - 03/31/2019			07/01/2017- 06/30/2018
Adjusted net operating income		15,087			15,697			13,748
Adjusted capital employed		145,247			146,210			136,355
ROACE		10.4	%		10.7	%		10.1	%

E. 2019 SENSITIVITIES*

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

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

** In a $60/b Brent environment.

F. SUMMARY AND OUTLOOK

Since the start of the third quarter 2019, Brent has traded above $60/b in a context of renewed OPEC+ quotas and uncertainties about the evolution of production in Libya, Venezuela and Iran. The environment remains volatile, with uncertainty about hydrocarbon demand growth related to the outlook for global economic growth.

The Group maintains its spending discipline in 2019 with an organic investment target of around $14 billion and an average production cost of $5.5/boe. The organic pre-dividend cash flow breakeven will remain below $30/b.

Production growth should exceed 9% in 2019, due to the ramp-up of projects started in 2018 and the start-ups in the first half 2019 of Kaombo Sul in Angola and Culzean in the UK North Sea, as well as the upcoming Johan Sverdrup in Norway and Iara 1 in Brazil. The Group will continue to take advantage of the favorable cost environment to sanction new projects, notably Arctic LNG 2 and Lapa 3.

At the beginning of the third quarter, European refining margins, while still volatile, increased at the start of the third quarter and the Downstream should benefit from restarting the Grandpuit refinery in France and the Leuna refinery in Germany.

In this context, the Group is continuing to implement its shareholder return policy. The dividend in euro will be increased by 3.1% in 2019 representing a total increase of 6.5% since 2017, in line with the target increase of 10% over the period 2018-2020. TOTAL will buy back $1.5 billion of shares in 2019 at $60/b as part of its $5 billion share buyback program over the 2018-2020 period.

10

FORWARD-LOOKING STATEMENTS

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

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

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

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

•     changes in currency exchange rates and currency devaluations;

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

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

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

•     changes in the current capital expenditure plans of TOTAL;

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

•     the financial resources of competitors;

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

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

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

•     the ability to obtain governmental or regulatory approvals;

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

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

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

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

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

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

11

OPERATING INFORMATION BY SEGMENT

•  Group production (EP + iGRP)

2Q19		1Q19		2Q18		2Q19 vs 2Q18			Combined liquids and gas production by region (kboe/d)	1H19		1H18		1H19 vs 1H18
	997		990		842		+18	%	Europe and Central Asia		993		864		+15	%
	686		697		672		+2	%	Africa		691		673		+3	%
	703		686		681		+3	%	Middle East and North Africa		695		660		+5	%
	358		373		401		-11	%	Americas		365		386		-5	%
	214		201		121		+76	%	Asia-Pacific		207		128		+62	%
	2,957		2,946		2,717		+9	%	Total production		2,951		2,710		+9	%
	750		709		616		+22	%	• includes equity affiliates		730		670		+9	%
2Q19		1Q19		2Q18		2Q19 vs 2Q18			Liquids production by region (kb/d)	1H19		1H18		1H19 vs 1H18
	328		352		332		-1	%	Europe and Central Asia		340		315		+8	%
	549		540		511		+7	%	Africa		545		507		+7	%
	546		522		539		+1	%	Middle East and North Africa		534		520		+3	%
	160		177		190		-16	%	Americas		168		177		-5	%
	41		39		11		x3.8		Asia-Pacific		40		12		x3.4
	1,624		1,629		1,582		+3	%	Total production		1,627		1,532		+6	%
	225		217		233		-3	%	• includes equity affiliates		221		268		-18	%
2Q19		1Q19		2Q18		2Q19 vs 2Q18			Gas production by region (Mcf/d)	1H19		1H18		1H19 vs 1H18
	3,639		3,426		2,754		+32	%	Europe and Central Asia		3,532		2,954		+20	%
	703		792		772		-9	%	Africa		748		815		-8	%
	866		905		787		+10	%	Middle East and North Africa		885		774		+14	%
	1,107		1,101		1,192		-7	%	Americas		1,104		1,175		-6	%
	1,162		1,097		671		+73	%	Asia-Pacific		1,130		701		+61	%
	7,477		7,321		6,176		+21	%	Total production		7,399		6,419		+15	%
	2,868		2,653		2,026		+42	%	• includes equity affiliates		2,761		2,141		+29	%

•  Downstream (Refining & Chemicals and Marketing & Services)

2Q19		1Q19		2Q18		2Q19 vs 2Q18			Petroleum product sales by region (kb/d)	1H19		1H18		1H19 vs 1H18
	2,018		2,022		1,942		+4	%	Europe		2,020		1,922		+5	%
	751		658		652		+15	%	Africa		705		703			-
	846		839		802		+6	%	Americas		842		781		+8	%
	536		616		644		-17	%	Rest of world		576		662		-13	%
	4,152		4,135		4,040		+3	%	Total consolidated sales		4,143		4,068		+2	%
	535		557		556		-4	%	• includes bulk sales		546		563		-3	%
	1,757		1,742		1,685		+4	%	• includes trading		1,749		1,705		+3	%

12

ADJUSTMENT ITEMS

•  Adjustment items to net income (Group share)

2Q19		1Q19		2Q18		in millions of dollars	1H19		1H18
	(56)		(14)		(358)	Special items affecting net income (Group share)		(70)		(553)
	-		-		(2)	• Gain (loss) on asset sales		-		(103)
	(31)		(2)		(46)	• Restructuring charges		(33)		(67)
	(57)		-		(236)	• Impairments		(57)		(248)
	32		(12)		(74)	• Other		20		(135)
	(28)		388		517	After-tax inventory effect: FIFO vs. replacement cost		360		472
	(47)		(22)		9	Effect of changes in fair value		(69)		1
	(131)		352		168	Total adjustments affecting net income		221		(80)

INVESTMENTS — DIVESTMENTS

2Q19		1Q19		2Q18		2Q19 vs 2Q18			in millions of dollars	1H19		1H18		1H19 vs 1H18
	3,028		2,784		2,780		+9	%	Organic investments (a)		5,811		5,400		+8	%
	185		232		137		+35	%	• Capitalized exploration		417		248		+68	%
	370		130		140		x2.6		• Increase in non-current loans		500		311		+61	%
	(254)		(134)		(581)		n/a		• Repayment of non-current loans, excluding organic loan repayment from equity affiliates*		(388)		(997)		n/a
	614		669		426		+44	%	Acquisitions (b)		1,284		4,114		-69	%
	212		363		693		-69	%	Asset sales (c)		575		2,862		-80	%
	-		-		-		n/a		Other transactions with non-controlling interests (d)		-		-		n/a
	3,430		3,090		2,513		+36	%	Net investments (a+b-c-d)		6,520		6,652		-2	%
	(99)		-		-		n/a		Organic loan repayment from equity affiliates* (e)		(99)		-		n/a
	3,331		3,090		2,513		+33	%	Cash flow used in investing activities (a+b-c+e)		6,421		6,652		-3	%

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

CASH FLOW

2Q19		1Q19		2Q18		2Q19 vs 2Q18			in millions of dollars	1H19		1H18		1H19 vs 1H18
	7,208		6,536		6,797		+6	%	Operating cash flow before working capital changes w/o financial charges (DACF)		13,744		12,465		+10	%
	(501)		(503)		(398)		n/a		• Financial charges		(1,004)		(696)		n/a
	6,707		6,033		6,399		+5	%	Operating cash flow before working capital changes (a)		12,740		11,769		+8	%
	(317)		(2,970)		(856)		n/a		• (Increase) decrease in working capital		(3,287)		(4,078)		n/a
	(40)		566		703		n/a		• Inventory effect		526		636		-17	%
	(99)		-		-		n/a		• Organic repayment of loans from equity affiliates		(99)		-			-
	6,251		3,629		6,246		-		Cash flow from operations		9,880		8,327		+19	%
	3,028		2,784		2,780		+9	%	Organic investments (b)		5,811		5,400		+8	%
	3,679		3,249		3,619		+2	%	Free cash flow after organic investments, w/o net asset sales (a-b)		6,929		6,369		+9	%
	3,430		3,090		2,513		+36	%	Net investments (c)		6,520		6,652		-2	%
	3,277		2,943		3886		-16	%	Net cash flow (a-c)		6,220		5,117		+22	%

13

GEARING RATIOS*

in millions of dollars	06/30/2019			03/31/2019			06/30/2018
Current borrowings		16,221			13,906			15,659
Net current financial assets		(3,110)			(2,722)			(2,806)
Net financial assets classified as held for sale		-			227			-
Non-current financial debt		45,394			44,396			38,362
Hedging instruments of non-current debt		(771)			(637)			(967)
Cash and cash equivalents		(26,723)			(25,432)			(26,475)
Net debt (a)		31,011			29,738			23,773
Shareholders’ equity – Group share		116,862			117,993			117,975
Non-controlling interests		2,362			2,365			2,288
Shareholders’ equity (b)		119,224			120,358			120,263
Net-debt-to-capital ratio = a/(a+b)		20.6	%		19.8	%		16.5	%

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

RETURN ON AVERAGE CAPITAL EMPLOYED

•  Twelve months ended June 30, 2019

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

•  Twelve months ended March 31, 2019

in millions of dollars	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services
Adjusted net operating income		8,452			2,530			3,415			1,628
Capital employed at 03/31/2018*		93,276			30,996			13,428			7,409
Capital employed at 03/31/2019*		90,051			37,235			13,153			8,255
ROACE		9.2	%		7.4	%		25.7	%		20.8	%

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

14

MAIN INDICATORS

	$/€		Brent ($/b)		Average liquids price* ($/b)		Average gas price* ($/Mbtu)		Variable cost margin, European refining** ($/t)
Second quarter 2019		1.12		68.9		63.7		3.82		27.6
First quarter 2019		1.14		63.1		58.7		4.51		33.0
Fourth quarter 2018		1.14		68.8		59.2		5.01		40.8
Third quarter 2018		1.16		75.2		68.8		5.06		47.2
Second quarter 2018		1.19		74.4		68.4		4.62		33.9

____________________

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

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

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

15

CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
		2nd quarter	1st quarter	2nd quarter
(M$)(a)		2019	2019	2018
Sales		51,242	51,205	52,540
Excise taxes		(6,040)	(6,081)	(6,438)
	Revenues from sales	45,202	45,124	46,102
Purchases, net of inventory variation		(30,390)	(29,721)	(30,599)
Other operating expenses		(7,078)	(6,725)	(6,761)
Exploration costs		(170)	(288)	(158)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,661)	(3,466)	(3,435)
Other income		321	247	252
Other expense		(189)	(209)	(413)
Financial interest on debt		(568)	(561)	(478)
Financial income and expense from cash & cash equivalents		(42)	(28)	(54)
	Cost of net debt	(610)	(589)	(532)
Other financial income		326	160	321
Other financial expense		(188)	(195)	(159)
Net income (loss) from equity affiliates		812	711	1,103
Income taxes		(1,571)	(1,909)	(2,087)
Consolidated net income		2,804	3,140	3,634
Group share		2,756	3,111	3,721
Non-controlling interests		48	29	(87)
Earnings per share ($)		1.01	1.17	1.38
Fully-diluted earnings per share ($)		1.00	1.16	1.38
(a) Except for per share amounts.

16

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
	2nd quarter	1st quarter	2nd quarter
(M$)	2019	2019	2018
Consolidated net income	2,804	3,140	3,634
Other comprehensive income
Actuarial gains and losses	(223)	164	42
Change in fair value of investments in equity instruments	74	33	(2)
Tax effect	59	(45)	(20)
Currency translation adjustment generated by the parent company	1,057	(1,531)	(4,761)
Items not potentially reclassifiable to profit and loss	967	(1,379)	(4,741)
Currency translation adjustment	(619)	806	1,330
Cash flow hedge	(246)	(127)	77
Variation of foreign currency basis spread	43	11	2
Share of other comprehensive income of equity affiliates, net amount	(135)	388	36
Other	1	1	(2)
Tax effect	69	38	(27)
Items potentially reclassifiable to profit and loss	(887)	1,117	1,416
Total other comprehensive income (net amount)	80	(262)	(3,325)
Comprehensive income	2,884	2,878	309
Group share	2,797	2,840	450
Non-controlling interests	87	38	(141)

17

CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
		1st half	1st half
(M$)(a)		2019	2018
Sales		102,447	102,151
Excise taxes		(12,121)	(12,757)
	Revenues from sales	90,326	89,394
Purchases, net of inventory variation		(60,111)	(60,045)
Other operating expenses		(13,803)	(13,698)
Exploration costs		(458)	(362)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,127)	(6,351)
Other income		568	775
Other expense		(398)	(603)
Financial interest on debt		(1,129)	(868)
Financial income and expense from cash & cash equivalents		(70)	(95)
	Cost of net debt	(1,199)	(963)
Other financial income		486	561
Other financial expense		(383)	(329)
Net income (loss) from equity affiliates		1,523	1,587
Income taxes		(3,480)	(3,683)
Consolidated net income		5,944	6,283
Group share		5,867	6,357
Non-controlling interests		77	(74)
Earnings per share ($)		2.17	2.39
Fully-diluted earnings per share ($)		2.16	2.38
(a) Except for per share amounts.

18

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
	1st half	1st half
(M$)	2019	2018
Consolidated net income	5,944	6,283
Other comprehensive income
Actuarial gains and losses	(59)	67
Change in fair value of investments in equity instruments	107	5
Tax effect	14	(18)
Currency translation adjustment generated by the parent company	(474)	(2,630)
Items not potentially reclassifiable to profit and loss	(412)	(2,576)
Currency translation adjustment	187	968
Cash flow hedge	(373)	255
Variation of foreign currency basis spread	54	(27)
Share of other comprehensive income of equity affiliates, net amount	253	(132)
Other	2	(2)
Tax effect	107	(75)
Items potentially reclassifiable to profit and loss	230	987
Total other comprehensive income (net amount)	(182)	(1,589)
Comprehensive income	5,762	4,694
Group share	5,637	4,806
Non-controlling interests	125	(112)

19

CONSOLIDATED BALANCE SHEET
TOTAL
	June 30,     2019	March 31,     2019	December 31,   2018	June 30,     2018
(M$)	(unaudited)	(unaudited)		(unaudited)
ASSETS
Non-current assets
Intangible assets, net	29,229	28,727	28,922	24,562
Property, plant and equipment, net	118,063	117,881	113,324	114,047
Equity affiliates : investments and loans	26,473	25,996	23,444	22,443
Other investments	1,660	1,468	1,421	1,396
Non-current financial assets	771	637	680	967
Deferred income taxes	6,022	6,246	6,663	5,348
Other non-current assets	2,306	2,156	2,509	3,384
Total non-current assets	184,524	183,111	176,963	172,147
Current assets
Inventories, net	16,410	17,075	14,880	18,392
Accounts receivable, net	20,349	19,321	17,270	16,974
Other current assets	15,958	16,237	14,724	14,408
Current financial assets	3,536	3,373	3,654	3,609
Cash and cash equivalents	26,723	25,432	27,907	26,475
Assets classified as held for sale	-	314	1,364	-
Total current assets	82,976	81,752	79,799	79,858
Total assets	267,500	264,863	256,762	252,005
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares	8,301	8,231	8,227	8,305
Paid-in surplus and retained earnings	123,351	123,702	120,569	121,896
Currency translation adjustment	(11,177)	(11,606)	(11,313)	(9,764)
Treasury shares	(3,613)	(2,334)	(1,843)	(2,462)
Total shareholders' equity - Group share	116,862	117,993	115,640	117,975
Non-controlling interests	2,362	2,365	2,474	2,288
Total shareholders' equity	119,224	120,358	118,114	120,263
Non-current liabilities
Deferred income taxes	11,486	11,339	11,490	11,969
Employee benefits	3,375	3,150	3,363	3,329
Provisions and other non-current liabilities	21,629	21,020	21,432	18,807
Non-current financial debt	45,394	44,396	40,129	38,362
Total non-current liabilities	81,884	79,905	76,414	72,467
Current liabilities
Accounts payable	27,059	26,416	26,134	25,021
Other creditors and accrued liabilities	22,686	23,361	22,246	17,792
Current borrowings	16,221	13,906	13,306	15,659
Other current financial liabilities	426	651	478	803
Liabilities directly associated with the assets classified as held for sale	-	266	70	-
Total current liabilities	66,392	64,600	62,234	59,275
Total liabilities & shareholders' equity	267,500	264,863	256,762	252,005

20

CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
	2nd quarter	1st quarter	2nd quarter
(M$)	2019	2019	2018
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income	2,804	3,140	3,634
Depreciation, depletion, amortization and impairment	3,819	3,716	3,508
Non-current liabilities, valuation allowances and deferred taxes	239	140	35
(Gains) losses on disposals of assets	(191)	(173)	(148)
Undistributed affiliates' equity earnings	(168)	(306)	(298)
(Increase) decrease in working capital	(317)	(2,970)	(856)
Other changes, net	65	82	371
Cash flow from operating activities	6,251	3,629	6,246
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions	(2,881)	(2,704)	(3,513)
Acquisitions of subsidiaries, net of cash acquired	(208)	-	12
Investments in equity affiliates and other securities	(437)	(753)	(146)
Increase in non-current loans	(370)	(130)	(140)
Total expenditures	(3,896)	(3,587)	(3,787)
Proceeds from disposals of intangible assets and property, plant and equipment	155	8	304
Proceeds from disposals of subsidiaries, net of cash sold	(1)	147	(7)
Proceeds from disposals of non-current investments	58	208	396
Repayment of non-current loans	353	134	581
Total divestments	565	497	1,274
Cash flow used in investing activities	(3,331)	(3,090)	(2,513)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders	449	1	473
- Treasury shares	(1,279)	(491)	(1,182)
Dividends paid:
- Parent company shareholders	(2,935)	(1,830)	(2,692)
- Non-controlling interests	(93)	-	(72)
Net issuance (repayment) of perpetual subordinated notes	-	-	-
Payments on perpetual subordinated notes	(175)	(140)	(116)
Other transactions with non-controlling interests	-	(150)	-
Net issuance (repayment) of non-current debt	2,331	1,250	52
Increase (decrease) in current borrowings	37	(1,526)	(738)
Increase (decrease) in current financial assets and liabilities	(164)	106	(1,779)
Cash flow used in financing activities	(1,829)	(2,780)	(6,054)
Net increase (decrease) in cash and cash equivalents	1,091	(2,241)	(2,321)
Effect of exchange rates	200	(234)	(1,296)
Cash and cash equivalents at the beginning of the period	25,432	27,907	30,092
Cash and cash equivalents at the end of the period	26,723	25,432	26,475

21

CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
	1st half	1st half
(M$)	2019	2018
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income	5,944	6,283
Depreciation, depletion, amortization and impairment	7,535	6,554
Non-current liabilities, valuation allowances and deferred taxes	379	149
(Gains) losses on disposals of assets	(364)	(273)
Undistributed affiliates' equity earnings	(474)	(557)
(Increase) decrease in working capital	(3,287)	(4,078)
Other changes, net	147	249
Cash flow from operating activities	9,880	8,327
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions	(5,585)	(9,178)
Acquisitions of subsidiaries, net of cash acquired	(208)	(714)
Investments in equity affiliates and other securities	(1,190)	(308)
Increase in non-current loans	(500)	(311)
Total expenditures	(7,483)	(10,511)
Proceeds from disposals of intangible assets and property, plant and equipment	163	2,282
Proceeds from disposals of subsidiaries, net of cash sold	146	(4)
Proceeds from disposals of non-current investments	266	584
Repayment of non-current loans	487	997
Total divestments	1,062	3,859
Cash flow used in investing activities	(6,421)	(6,652)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders	450	482
- Treasury shares	(1,770)	(1,740)
Dividends paid:
- Parent company shareholders	(4,765)	(4,208)
- Non-controlling interests	(93)	(84)
Net issuance (repayment) of perpetual subordinated notes	-	-
Payments on perpetual subordinated notes	(315)	(266)
Other transactions with non-controlling interests	(150)	-
Net issuance (repayment) of non-current debt	3,581	(2,428)
Increase (decrease) in current borrowings	(1,489)	969
Increase (decrease) in current financial assets and liabilities	(58)	(624)
Cash flow used in financing activities	(4,609)	(7,899)
Net increase (decrease) in cash and cash equivalents	(1,150)	(6,224)
Effect of exchange rates	(34)	(486)
Cash and cash equivalents at the beginning of the period	27,907	33,185
Cash and cash equivalents at the end of the period	26,723	26,475

22

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL
(unaudited)
	Common shares issued		Paid-in surplus and retained earnings	Currency translation adjustment	Treasury shares		Shareholders' equity - Group Share	Non-controlling interests	Total shareholders' equity
(M$)	Number	Amount			Number	Amount
As of January 1, 2018	2,528,989,616	7,882	112,040	(7,908)	(8,376,756)	(458)	111,556	2,481	114,037
Net income of the first 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	-	-	-	-	-	-	-	-	-
Net issuance (repayment) 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
Net income of the second half 2018	-	-	5,089	-	-	-	5,089	178	5,267
Other comprehensive Income	-	-	(325)	(1,549)	-	-	(1,874)	(31)	(1,905)
Comprehensive Income	-	-	4,764	(1,549)	-	-	3,215	147	3,362
Dividend	-	-	(3,811)	-	-	-	(3,811)	(13)	(3,824)
Issuance of common shares	19,315,374	53	1,096	-	-	-	1,149	-	1,149
Purchase of treasury shares	-	-	-	-	(39,709,967)	(2,324)	(2,324)	-	(2,324)
Sale of treasury shares(a)	-	-	(240)	-	4,075,807	240	-	-	-
Share-based payments	-	-	102	-	-	-	102	-	102
Share cancellation	(44,590,699)	(131)	(2,572)	-	44,590,699	2,703	-	-	-
Net issuance (repayment) of perpetual subordinated notes	-	-	-	-	-	-	-	-	-
Payments on perpetual subordinated notes	-	-	(154)	-	-	-	(154)	-	(154)
Other operations with  non-controlling interests	-	-	(513)	-	-	-	(513)	(103)	(616)
Other items	-	-	1	-	-	-	1	155	156
As of December 31, 2018	2,640,602,007	8,227	120,569	(11,313)	(32,473,281)	(1,843)	115,640	2,474	118,114
Net income of the first half 2019	-	-	5,867	-	-	-	5,867	77	5,944
Other comprehensive Income	-	-	(366)	136	-	-	(230)	48	(182)
Comprehensive Income	-	-	5,501	136	-	-	5,637	125	5,762
Dividend	-	-	(3,875)	-	-	-	(3,875)	(93)	(3,968)
Issuance of common shares	26,281,753	74	1,271	-	-	-	1,345	-	1,345
Purchase of treasury shares	-	-	-	-	(32,331,446)	(1,770)	(1,770)	-	(1,770)
Sale of treasury shares(a)	-	-	-	-	4,010	-	-	-	-
Share-based payments	-	-	103	-	-	-	103	-	103
Share cancellation	-	-	-	-	-	-	-	-	-
Net issuance (repayment) of perpetual subordinated notes	-	-	(5)	-	-	-	(5)	-	(5)
Payments on perpetual subordinated notes	-	-	(207)	-	-	-	(207)	-	(207)
Other operations with  non-controlling interests	-	-	-	-	-	-	-	(150)	(150)
Other items	-	-	(6)	-	-	-	(6)	6	-
As of June 30,  2019	2,666,883,760	8,301	123,351	(11,177)	(64,800,717)	(3,613)	116,862	2,362	119,224
(a)Treasury shares related to the restricted stock grants.

23

INFORMATIONS BY BUSINESS SEGMENT

TOTAL

(unaudited)

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

24

INFORMATIONS BY BUSINESS SEGMENT

TOTAL

(unaudited)

1st quarter 2019	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Non-Group sales	1,794	6,419	21,711	21,279	2	-	51,205
Intersegment sales	7,716	627	8,017	162	27	(16,549)	-
Excise taxes	-	-	(776)	(5,305)	-	-	(6,081)
Revenues from sales	9,510	7,046	28,952	16,136	29	(16,549)	45,124
Operating expenses	(4,029)	(6,409)	(27,334)	(15,334)	(177)	16,549	(36,734)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,529)	(315)	(374)	(233)	(15)	-	(3,466)
Operating income	2,952	322	1,244	569	(163)	-	4,924
Net income (loss) from equity affiliates and other items	194	380	149	(10)	1	-	714
Tax on net operating income	(1,424)	(173)	(292)	(164)	60	-	(1,993)
Net operating income	1,722	529	1,101	395	(102)	-	3,645
Net cost of net debt							(505)
Non-controlling interests							(29)
Net income - group share							3,111
1st quarter 2019 (adjustments)(a)	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Non-Group sales	-	(27)	-	-	-	-	(27)
Intersegment sales	-	-	-	-	-	-	-
Excise taxes	-	-	-	-	-	-	-
Revenues from sales	-	(27)	-	-	-	-	(27)
Operating expenses	-	(58)	492	74	-	-	508
Depreciation, depletion and impairment of tangible assets and mineral interests	-	-	-	-	-	-	-
Operating income  (b)	-	(85)	492	74	-	-	481
Net income (loss) from equity affiliates and other items	-	6	2	-	-	-	8
Tax on net operating income	-	16	(149)	(22)	-	-	(155)
Net operating income  (b)	-	(63)	345	52	-	-	334
Net cost of net debt							(4)
Non-controlling interests							22
Net income - group share							352
(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	-	-	492	74	-
- On net operating income	-	-	345	52	-
1st quarter 2019 (adjusted)	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Non-Group sales	1,794	6,446	21,711	21,279	2	-	51,232
Intersegment sales	7,716	627	8,017	162	27	(16,549)	-
Excise taxes	-	-	(776)	(5,305)	-	-	(6,081)
Revenues from sales	9,510	7,073	28,952	16,136	29	(16,549)	45,151
Operating expenses	(4,029)	(6,351)	(27,826)	(15,408)	(177)	16,549	(37,242)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,529)	(315)	(374)	(233)	(15)	-	(3,466)
Adjusted operating income	2,952	407	752	495	(163)	-	4,443
Net income (loss) from equity affiliates and other items	194	374	147	(10)	1	-	706
Tax on net operating income	(1,424)	(189)	(143)	(142)	60	-	(1,838)
Adjusted net operating income	1,722	592	756	343	(102)	-	3,311
Net cost of net debt							(501)
Non-controlling interests							(51)
Adjusted net income - group share							2,759
1st quarter 2019	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Total expenditures	2,025	1,118	285	144	15		3,587
Total divestments	29	225	169	72	2		497
Cash flow from operating activities	3,936	892	(538)	232	(893)		3,629

25

INFORMATIONS BY BUSINESS SEGMENT

TOTAL

(unaudited)

2nd quarter 2018	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Non-Group sales	3,119	3,547	23,349	22,528	(3)	-	52,540
Intersegment sales	7,646	469	9,440	293	(63)	(17,785)	-
Excise taxes	-	-	(867)	(5,571)	-	-	(6,438)
Revenues from sales	10,765	4,016	31,922	17,250	(66)	(17,785)	46,102
Operating expenses	(4,791)	(3,605)	(30,369)	(16,416)	(122)	17,785	(37,518)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,345)	(603)	(304)	(172)	(11)	-	(3,435)
Operating income	3,629	(192)	1,249	662	(199)	-	5,149
Net income (loss) from equity affiliates and other items	256	441	289	107	11	-	1,104
Tax on net operating income	(1,687)	(104)	(279)	(194)	85	-	(2,179)
Net operating income	2,198	145	1,259	575	(103)	-	4,074
Net cost of net debt							(440)
Non-controlling interests							87
Net income - group share							3,721
2nd quarter 2018 (adjustments)(a)	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
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	-
2nd quarter 2018 (adjusted)	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Non-Group sales	3,119	3,523	23,349	22,528	(3)	-	52,516
Intersegment sales	7,646	469	9,440	293	(63)	(17,785)	-
Excise taxes	-	-	(867)	(5,571)	-	-	(6,438)
Revenues from sales	10,765	3,992	31,922	17,250	(66)	(17,785)	46,078
Operating expenses	(4,694)	(3,596)	(30,938)	(16,550)	(122)	17,785	(38,115)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,345)	(179)	(304)	(172)	(11)	-	(3,011)
Adjusted operating income	3,726	217	680	528	(199)	-	4,952
Net income (loss) from equity affiliates and other items	322	445	243	106	11	-	1,127
Tax on net operating income	(1,733)	(97)	(102)	(156)	85	-	(2,003)
Adjusted net operating income	2,315	565	821	478	(103)	-	4,076
Net cost of net debt							(431)
Non-controlling interests							(92)
Adjusted net income - group share							3,553
2nd quarter 2018	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Total expenditures	2,612	447	404	310	14		3,787
Total divestments	466	439	324	45	-		1,274
Cash flow from operating activities	4,474	258	999	841	(326)		6,246

26

INFORMATIONS BY BUSINESS SEGMENT

TOTAL

(unaudited)

1sthalf 2019	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Non-Group sales	4,067	10,208	44,220	43,950	2	-	102,447
Intersegment sales	15,302	1,259	16,310	301	63	(33,235)	-
Excise taxes	-	-	(1,537)	(10,584)	-	-	(12,121)
Revenues from sales	19,369	11,467	58,993	33,667	65	(33,235)	90,326
Operating expenses	(8,234)	(10,287)	(56,502)	(32,178)	(406)	33,235	(74,372)
Depreciation, depletion and impairment of tangible assets and mineral interests	(5,216)	(643)	(763)	(470)	(35)	-	(7,127)
Operating income	5,919	537	1,728	1,019	(376)	-	8,827
Net income (loss) from equity affiliates and other items	367	1,041	260	101	27	-	1,796
Tax on net operating income	(2,585)	(623)	(246)	(334)	124	-	(3,664)
Net operating income	3,701	955	1,742	786	(225)	-	6,959
Net cost of net debt							(1,015)
Non-controlling interests							(77)
Net income - group share							5,867
1sthalf 2019 (adjustments)(a)	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Non-Group sales	-	(86)	-	-	-	-	(86)
Intersegment sales	-	-	-	-	-	-	-
Excise taxes	-	-	-	-	-	-	-
Revenues from sales	-	(86)	-	-	-	-	(86)
Operating expenses	-	(112)	449	40	-	-	377
Depreciation, depletion and impairment of tangible assets and mineral interests	(43)	(11)	(10)	-	-	-	(64)
Operating income  (b)	(43)	(209)	439	40	-	-	227
Net income (loss) from equity affiliates and other items	-	413	(47)	(7)	-	-	359
Tax on net operating income	-	(270)	(121)	(13)	-	-	(404)
Net operating income  (b)	(43)	(66)	271	20	-	-	182
Net cost of net debt							(8)
Non-controlling interests							47
Net income - group share							221
(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	-	-	486	40	-
- On net operating income	-	-	344	27	-
1sthalf 2019 (adjusted)	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Non-Group sales	4,067	10,294	44,220	43,950	2	-	102,533
Intersegment sales	15,302	1,259	16,310	301	63	(33,235)	-
Excise taxes	-	-	(1,537)	(10,584)	-	-	(12,121)
Revenues from sales	19,369	11,553	58,993	33,667	65	(33,235)	90,412
Operating expenses	(8,234)	(10,175)	(56,951)	(32,218)	(406)	33,235	(74,749)
Depreciation, depletion and impairment of tangible assets and mineral interests	(5,173)	(632)	(753)	(470)	(35)	-	(7,063)
Adjusted operating income	5,962	746	1,289	979	(376)	-	8,600
Net income (loss) from equity affiliates and other items	367	628	307	108	27	-	1,437
Tax on net operating income	(2,585)	(353)	(125)	(321)	124	-	(3,260)
Adjusted net operating income	3,744	1,021	1,471	766	(225)	-	6,777
Net cost of net debt							(1,007)
Non-controlling interests							(124)
Adjusted net income - group share							5,646
1sthalf 2019	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Total expenditures	4,282	1,975	648	527	51		7,483
Total divestments	89	574	239	157	3		1,062
Cash flow from operating activities	7,704	1,533	1,120	843	(1,320)		9,880

27

TOTAL

(unaudited)

1sthalf 2018	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Non-Group sales	5,337	7,887	45,088	43,836	3	-	102,151
Intersegment sales	14,423	961	17,396	491	34	(33,305)	-
Excise taxes	-	-	(1,714)	(11,043)	-	-	(12,757)
Revenues from sales	19,760	8,848	60,770	33,284	37	(33,305)	89,394
Operating expenses	(8,721)	(8,123)	(58,248)	(31,919)	(399)	33,305	(74,105)
Depreciation, depletion and impairment of tangible assets and mineral interests	(4,561)	(807)	(617)	(346)	(20)	-	(6,351)
Operating income	6,478	(82)	1,905	1,019	(382)	-	8,938
Net income (loss) from equity affiliates and other items	577	795	417	193	9	-	1,991
Tax on net operating income	(3,119)	(237)	(383)	(297)	181	-	(3,855)
Net operating income	3,936	476	1,939	915	(192)	-	7,074
Net cost of net debt							(791)
Non-controlling interests							74
Net income - group share							6,357
1sthalf 2018 (adjustments)(a)	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
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	121	(21)	(158)	(35)	-	-	(93)
Net operating income  (b)	(196)	(570)	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	-
1sthalf 2018 (adjusted)	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Non-Group sales	5,337	7,874	45,088	43,836	3	-	102,138
Intersegment sales	14,423	961	17,396	491	34	(33,305)	-
Excise taxes	-	-	(1,714)	(11,043)	-	-	(12,757)
Revenues from sales	19,760	8,835	60,770	33,284	37	(33,305)	89,381
Operating expenses	(8,571)	(8,022)	(58,779)	(32,024)	(390)	33,305	(74,481)
Depreciation, depletion and impairment of tangible assets and mineral interests	(4,561)	(361)	(617)	(346)	(20)	-	(5,905)
Adjusted operating income	6,628	452	1,374	914	(373)	-	8,995
Net income (loss) from equity affiliates and other items	744	810	392	193	9	-	2,148
Tax on net operating income	(3,240)	(216)	(225)	(262)	181	-	(3,762)
Adjusted net operating income	4,132	1,046	1,541	845	(183)	-	7,381
Net cost of net debt							(772)
Non-controlling interests							(172)
Adjusted net income - group share							6,437
1sthalf 2018	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Total expenditures	8,157	1,022	736	538	58		10,511
Total divestments	2,642	592	349	273	3		3,859
Cash flow from operating activities	7,796	326	(110)	781	(466)		8,327

28

Reconciliation of the information by business segment with Consolidated Financial Statements

TOTAL

(unaudited)

			Consolidated
2nd quarter 2019			statement
(M$)	Adjusted	Adjustments(a)	of income
Sales	51,301	(59)	51,242
Excise taxes	(6,040)	-	(6,040)
Revenues from sales	45,261	(59)	45,202
Purchases net of inventory variation	(30,295)	(95)	(30,390)
Other operating expenses	(7,042)	(36)	(7,078)
Exploration costs	(170)	-	(170)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,597)	(64)	(3,661)
Other income	253	68	321
Other expense	(117)	(72)	(189)
Financial interest on debt	(564)	(4)	(568)
Financial income and expense from cash & cash equivalents	(42)	-	(42)
Cost of net debt	(606)	(4)	(610)
Other financial income	326	-	326
Other financial expense	(188)	-	(188)
Net income (loss) from equity affiliates	457	355	812
Income taxes	(1,322)	(249)	(1,571)
Consolidated net income	2,960	(156)	2,804
Group share	2,887	(131)	2,756
Non-controlling interests	73	(25)	48
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
			Consolidated
2nd quarter 2018			statement
(M$)	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.

29

Reconciliation of the information by business segment with Consolidated Financial Statements

TOTAL

(unaudited)

			Consolidated
1sthalf 2019			statement of
(M$)	Adjusted	Adjustments(a)	income
Sales	102,533	(86)	102,447
Excise taxes	(12,121)	-	(12,121)
Revenues from sales	90,412	(86)	90,326
Purchases net of inventory variation	(60,533)	422	(60,111)
Other operating expenses	(13,758)	(45)	(13,803)
Exploration costs	(458)	-	(458)
Depreciation, depletion and impairment of tangible assets and mineral interests	(7,063)	(64)	(7,127)
Other income	453	115	568
Other expense	(190)	(208)	(398)
Financial interest on debt	(1,121)	(8)	(1,129)
Financial income and expense from cash & cash equivalents	(70)	-	(70)
Cost of net debt	(1,191)	(8)	(1,199)
Other financial income	486	-	486
Other financial expense	(383)	-	(383)
Net income (loss) from equity affiliates	1,071	452	1,523
Income taxes	(3,076)	(404)	(3,480)
Consolidated net income	5,770	174	5,944
Group share	5,646	221	5,867
Non-controlling interests	124	(47)	77
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
			Consolidated
1sthalf 2018			statement of
(M$)	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.

30

TOTAL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE FIRST SIX MONTHS 2019

(unaudited)

1) Accounting policies

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

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

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

>First-time application of IFRS 16 "Leases"

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

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

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

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

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

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

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

In addition, the Group is currently analyzing the facts and circumstances and contractual terms of each lease agreement used in Joint Operations to determine whether the decision of the IFRS Interpretation Committee of March 2019 dealing with the recognition of lease liabilities in the context of unincorporated joint operations has an impact on its consolidated financial statements.

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

The impact on fixed assets is broken down as follows:

(in M$)

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

31

2) Changes in the Group structure

2.1) Main acquisitions and divestments

>Integrated Gas, Renewables & Power

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

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

>Exploration & Production

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

3) Adjustment items

Description of the business segments

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL and which is reviewed by the main operational decision-making body of the Group, namely the Executive Committee.

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

Sales prices between business segments approximate market prices.

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

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

-An Exploration & Production segment;

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

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

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

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

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

32

Adjustment items

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

Adjustment items include:

(i)Special items

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

(ii)The inventory valuation effect

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

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

(iii)Effect of changes in fair value

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

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

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

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

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

33

ADJUSTMENTS TO OPERATING INCOME
(M$)		Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Total
2nd quarter  2019	Inventory valuation effect	-	-	(6)	(34)	-	(40)
	Effect of changes in fair value	-	(59)	-	-	-	(59)
	Restructuring charges	-	-	-	-	-	-
	Asset impairment charges	(43)	(11)	(10)	-	-	(64)
	Other items	-	(54)	(37)	-	-	(91)
Total		(43)	(124)	(53)	(34)	-	(254)
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
1st half 2019	Inventory valuation effect	-	-	486	40	-	526
	Effect of changes in fair value	-	(86)	-	-	-	(86)
	Restructuring charges	-	-	-	-	-	-
	Asset impairment charges	(43)	(11)	(10)	-	-	(64)
	Other items	-	(112)	(37)	-	-	(149)
Total		(43)	(209)	439	40	-	227
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)

34

ADJUSTMENTS TO NET INCOME, GROUP SHARE
(M$)		Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Total
2nd quarter  2019	Inventory valuation effect	-	-	(3)	(25)	-	(28)
	Effect of changes in fair value	-	(47)	-	-	-	(47)
	Restructuring charges	-	(14)	(17)	-	-	(31)
	Asset impairment charges	(43)	(6)	(8)	-	-	(57)
Gains (losses) on disposals of assets		-	-	-	-	-	-
	Other items	-	86	(48)	(6)	-	32
Total		(43)	19	(76)	(31)	-	(131)
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
1st half 2019	Inventory valuation effect	-	-	341	19	-	360
	Effect of changes in fair value	-	(69)	-	-	-	(69)
	Restructuring charges	-	(16)	(17)	-	-	(33)
	Asset impairment charges	(43)	(6)	(8)	-	-	(57)
Gains (losses) on disposals of assets		-	-	-	-	-	-
	Other items	-	74	(48)	(6)	-	20
Total		(43)	(17)	268	13	-	221
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	(34)	(75)	(17)	-	(9)	(135)
Total		(196)	(330)	395	60	(9)	(80)

4) Shareholders’ equity

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

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

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

As a result, as of June 30, 2019, TOTAL S.A. holds 64,800,717 TOTAL shares, representing 2.43% of its share capital, which are deducted from the consolidated shareholders’ equity and allocated as follows:

Shares to be cancelled (1)			57,130,510
	Repurchased during Q4 2018	27,360,278
	Repurchased during Q1 2019	7,374,542
	Repurchased during Q2 2019	22,395,690
Shares to be allocated as part of free share grant plans (2)			7,670,207
	2016 Plan	4,683,986
	2017 Plan	2,918,835
	Other Plans	67,386
Treasury shares Total	(1)+(2)	64,800,717

35

Dividend

The Shareholders’ meeting of May 29, 2019 approved the distribution of a dividend of €2.56 per share for the 2018 fiscal year and the payment of a balance of €0.64 per share to be distributed after the deduction of the three interim dividends of €0.64 per share that had already been paid. Given the decision made by the Board of Directors on February 6, 2019 not to propose to the Shareholders’ meeting the renewal of the scrip dividend option beginning with the payment of the final 2018 dividend, the final 2018 dividend has been paid exclusively in cash.

Dividend 2018	First interim	Second interim	Third interim	Final
Amount	€0.64	€0.64	€0.64	€0.64
Declaration of distribution (1)	September 19, 2018	December 12, 2018	March 13, 2019	May 29, 2019
Ex-dividend date	September 25, 2018	December 18, 2018	March 19, 2019	June 11, 2019
Payment date	October 12, 2018	January 10, 2019	April 5, 2019	June 13, 2019
Scrip dividend option	Yes	Yes	Yes	No
Issue price (2)	€52.95	€48.27	€49,30	-
Number of shares subscribed	18,783,197	1,212,767	14,864,169	-

⁽¹⁾ Date on which the Board of Directors met and declared the distribution of the dividend. The declaration of distribution is decided by the shareholders for the final dividend.

⁽²⁾ The issue price of the new share is equal to the average Euronext Paris opening price of the TOTAL shares for the 20 trading days preceding the declaration of distribution, reduced by the amount of the dividend, without any discount.

Moreover, the Board of Directors held on July 24, 2019, set the second interim dividend for the fiscal year 2019 at €0.66 per share. This interim dividend will be detached on January 6, 2020 and paid in cash on January 8, 2020.

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

Earnings per share in Euro

Earnings per share in Euro, calculated from the earnings per share in U.S. dollars converted at the average Euro/USD exchange rate for the period, amounted to €0.89 per share for the 2^nd quarter 2019 (€1.03 per share for the 1^st quarter 2019 and €1.16 per share for the 2^nd quarter 2018). Diluted earnings per share calculated using the same method amounted to €0.89 per share for the 2^nd quarter 2019 (€1.02 per share for the 1st quarter 2019 and €1.16 per share for the 2^nd quarter 2018).

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

Perpetual subordinated notes

The Group has issued perpetual subordinated notes in April 2019:

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

The Group has tendered perpetual subordinated in April 2019:

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

36

Other comprehensive income

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

(M$)	1st half 2019		1st half 2018
Actuarial gains and losses		(59)		67
Change in fair value of investments in equity instruments		107		5
Tax effect		14		(18)
Currency translation adjustment generated by the parent company		(474)		(2,630)
Sub-total items not potentially reclassifiable to profit and loss		(412)		(2,576)
Currency translation adjustment		187		968
- unrealized gain/(loss) of the period	233		1,078
- less gain/(loss) included in net income	46		110
Cash flow hedge		(373)		255
- unrealized gain/(loss) of the period	(303)		142
- less gain/(loss) included in net income	70		(113)
Variation of foreign currency basis spread		54		(27)
- unrealized gain/(loss) of the period	25		(27)
- less gain/(loss) included in net income	(29)		-
Share of other comprehensive income of equity affiliates, net amount		253		(132)
- unrealized gain/(loss) of the period	265		(93)
- less gain/(loss) included in net income	12		39
Other		2		(2)
Tax effect		107		(75)
Sub-total items potentially reclassifiable to profit and loss		230		987
Total other comprehensive income, net amount		(182)		(1,589)

37

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

	1st half 2019			1st half 2018
(M$)	pre-tax amount	Tax effect	Net amount	pre-tax amount	Tax effect	Net amount
Actuarial gains and losses	(59)	16	(43)	67	(18)	49
Change in fair value of investments in equity instruments	107	(2)	105	5	-	5
Currency translation adjustment generated by the parent company	(474)	-	(474)	(2,630)	-	(2,630)
Sub-total items not potentially reclassifiable to profit and loss	(426)	14	(412)	(2,558)	(18)	(2,576)
Currency translation adjustment	187	-	187	968	-	968
Cash flow hedge	(373)	125	(248)	255	(81)	174
Variation of foreign currency basis spread	54	(18)	36	(27)	6	(21)
Share of other comprehensive income of equity affiliates, net amount	253	-	253	(132)	-	(132)
Other	2	-	2	(2)	-	(2)
Sub-total items potentially reclassifiable to profit and loss	123	107	230	1,062	(75)	987
Total other comprehensive income	(303)	121	(182)	(1,496)	(93)	(1,589)

5) Financial debt

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

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

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

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

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

-Bond 0.166% 2019-2029 (CHF 200 million).

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

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

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

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

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

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

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

-Bond 3.750% issued in 2014 and maturing in June 2019 (AUD 100 million).

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

38

6) Related parties

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

In March 2019, the Group signed final agreements for the acquisition of a 10% direct interest in Arctic LNG2 with Novatek, in which TOTAL holds an interest of 19.40%. For the period ending June 30, 2019, the Group recognized its share of the net income generated by this transaction in Novatek’s financial statements, except for the gain on disposal that has been eliminated.

7) Other risks and contingent liabilities

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

FERC

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

A class action launched to seek damages from these three companies, was dismissed by a judgment of the U.S. District Court of New York issued on March 15, 2017. The Court of Appeal upheld this judgment on May 4, 2018.

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.

39

8) Information by business segment

1sthalf 2019	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Non-Group sales	4,067	10,208	44,220	43,950	2	-	102,447
Intersegment sales	15,302	1,259	16,310	301	63	(33,235)	-
Excise taxes	-	-	(1,537)	(10,584)	-	-	(12,121)
Revenues from sales	19,369	11,467	58,993	33,667	65	(33,235)	90,326
Operating expenses	(8,234)	(10,287)	(56,502)	(32,178)	(406)	33,235	(74,372)
Depreciation, depletion and impairment of tangible assets and mineral interests	(5,216)	(643)	(763)	(470)	(35)	-	(7,127)
Operating income	5,919	537	1,728	1,019	(376)	-	8,827
Net income (loss) from equity affiliates and other items	367	1,041	260	101	27	-	1,796
Tax on net operating income	(2,585)	(623)	(246)	(334)	124	-	(3,664)
Net operating income	3,701	955	1,742	786	(225)	-	6,959
Net cost of net debt							(1,015)
Non-controlling interests							(77)
Net income - group share							5,867
1sthalf 2019 (adjustments)(a)	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Non-Group sales	-	(86)	-	-	-	-	(86)
Intersegment sales	-	-	-	-	-	-	-
Excise taxes	-	-	-	-	-	-	-
Revenues from sales	-	(86)	-	-	-	-	(86)
Operating expenses	-	(112)	449	40	-	-	377
Depreciation, depletion and impairment of tangible assets and mineral interests	(43)	(11)	(10)	-	-	-	(64)
Operating income  (b)	(43)	(209)	439	40	-	-	227
Net income (loss) from equity affiliates and other items	-	413	(47)	(7)	-	-	359
Tax on net operating income	-	(270)	(121)	(13)	-	-	(404)
Net operating income  (b)	(43)	(66)	271	20	-	-	182
Net cost of net debt							(8)
Non-controlling interests							47
Net income - group share							221
(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	-	-	486	40	-
- On net operating income	-	-	344	27	-
1sthalf 2019 (adjusted)	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Non-Group sales	4,067	10,294	44,220	43,950	2	-	102,533
Intersegment sales	15,302	1,259	16,310	301	63	(33,235)	-
Excise taxes	-	-	(1,537)	(10,584)	-	-	(12,121)
Revenues from sales	19,369	11,553	58,993	33,667	65	(33,235)	90,412
Operating expenses	(8,234)	(10,175)	(56,951)	(32,218)	(406)	33,235	(74,749)
Depreciation, depletion and impairment of tangible assets and mineral interests	(5,173)	(632)	(753)	(470)	(35)	-	(7,063)
Adjusted operating income	5,962	746	1,289	979	(376)	-	8,600
Net income (loss) from equity affiliates and other items	367	628	307	108	27	-	1,437
Tax on net operating income	(2,585)	(353)	(125)	(321)	124	-	(3,260)
Adjusted net operating income	3,744	1,021	1,471	766	(225)	-	6,777
Net cost of net debt							(1,007)
Non-controlling interests							(124)
Adjusted net income - group share							5,646
1sthalf 2019	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Total expenditures	4,282	1,975	648	527	51		7,483
Total divestments	89	574	239	157	3		1,062
Cash flow from operating activities	7,704	1,533	1,120	843	(1,320)		9,880

40

1sthalf 2018	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Non-Group sales	5,337	7,887	45,088	43,836	3	-	102,151
Intersegment sales	14,423	961	17,396	491	34	(33,305)	-
Excise taxes	-	-	(1,714)	(11,043)	-	-	(12,757)
Revenues from sales	19,760	8,848	60,770	33,284	37	(33,305)	89,394
Operating expenses	(8,721)	(8,123)	(58,248)	(31,919)	(399)	33,305	(74,105)
Depreciation, depletion and impairment of tangible assets and mineral interests	(4,561)	(807)	(617)	(346)	(20)	-	(6,351)
Operating income	6,478	(82)	1,905	1,019	(382)	-	8,938
Net income (loss) from equity affiliates and other items	577	795	417	193	9	-	1,991
Tax on net operating income	(3,119)	(237)	(383)	(297)	181	-	(3,855)
Net operating income	3,936	476	1,939	915	(192)	-	7,074
Net cost of net debt							(791)
Non-controlling interests							74
Net income - group share							6,357
1sthalf 2018 (adjustments)(a)	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
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	121	(21)	(158)	(35)	-	-	(93)
Net operating income  (b)	(196)	(570)	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	-
1sthalf 2018 (adjusted)	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Non-Group sales	5,337	7,874	45,088	43,836	3	-	102,138
Intersegment sales	14,423	961	17,396	491	34	(33,305)	-
Excise taxes	-	-	(1,714)	(11,043)	-	-	(12,757)
Revenues from sales	19,760	8,835	60,770	33,284	37	(33,305)	89,381
Operating expenses	(8,571)	(8,022)	(58,779)	(32,024)	(390)	33,305	(74,481)
Depreciation, depletion and impairment of tangible assets and mineral interests	(4,561)	(361)	(617)	(346)	(20)	-	(5,905)
Adjusted operating income	6,628	452	1,374	914	(373)	-	8,995
Net income (loss) from equity affiliates and other items	744	810	392	193	9	-	2,148
Tax on net operating income	(3,240)	(216)	(225)	(262)	181	-	(3,762)
Adjusted net operating income	4,132	1,046	1,541	845	(183)	-	7,381
Net cost of net debt							(772)
Non-controlling interests							(172)
Adjusted net income - group share							6,437
1sthalf 2018	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Total expenditures	8,157	1,022	736	538	58		10,511
Total divestments	2,642	592	349	273	3		3,859
Cash flow from operating activities	7,796	326	(110)	781	(466)		8,327
-

41

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

42

2nd quarter 2018	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Non-Group sales	3,119	3,547	23,349	22,528	(3)	-	52,540
Intersegment sales	7,646	469	9,440	293	(63)	(17,785)	-
Excise taxes	-	-	(867)	(5,571)	-	-	(6,438)
Revenues from sales	10,765	4,016	31,922	17,250	(66)	(17,785)	46,102
Operating expenses	(4,791)	(3,605)	(30,369)	(16,416)	(122)	17,785	(37,518)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,345)	(603)	(304)	(172)	(11)	-	(3,435)
Operating income	3,629	(192)	1,249	662	(199)	-	5,149
Net income (loss) from equity affiliates and other items	256	441	289	107	11	-	1,104
Tax on net operating income	(1,687)	(104)	(279)	(194)	85	-	(2,179)
Net operating income	2,198	145	1,259	575	(103)	-	4,074
Net cost of net debt							(440)
Non-controlling interests							87
Net income - group share							3,721
2nd quarter 2018 (adjustments)(a)	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
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	-
2nd quarter 2018 (adjusted)	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Non-Group sales	3,119	3,523	23,349	22,528	(3)	-	52,516
Intersegment sales	7,646	469	9,440	293	(63)	(17,785)	-
Excise taxes	-	-	(867)	(5,571)	-	-	(6,438)
Revenues from sales	10,765	3,992	31,922	17,250	(66)	(17,785)	46,078
Operating expenses	(4,694)	(3,596)	(30,938)	(16,550)	(122)	17,785	(38,115)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,345)	(179)	(304)	(172)	(11)	-	(3,011)
Adjusted operating income	3,726	217	680	528	(199)	-	4,952
Net income (loss) from equity affiliates and other items	322	445	243	106	11	-	1,127
Tax on net operating income	(1,733)	(97)	(102)	(156)	85	-	(2,003)
Adjusted net operating income	2,315	565	821	478	(103)	-	4,076
Net cost of net debt							(431)
Non-controlling interests							(92)
Adjusted net income - group share							3,553
2nd quarter 2018	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)
Total expenditures	2,612	447	404	310	14		3,787
Total divestments	466	439	324	45	-		1,274
Cash flow from operating activities	4,474	258	999	841	(326)		6,246

43

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

			Consolidated
1sthalf 2019			statement of
(M$)	Adjusted	Adjustments(a)	income
Sales	102,533	(86)	102,447
Excise taxes	(12,121)	-	(12,121)
Revenues from sales	90,412	(86)	90,326
Purchases net of inventory variation	(60,533)	422	(60,111)
Other operating expenses	(13,758)	(45)	(13,803)
Exploration costs	(458)	-	(458)
Depreciation, depletion and impairment of tangible assets and mineral interests	(7,063)	(64)	(7,127)
Other income	453	115	568
Other expense	(190)	(208)	(398)
Financial interest on debt	(1,121)	(8)	(1,129)
Financial income and expense from cash & cash equivalents	(70)	-	(70)
Cost of net debt	(1,191)	(8)	(1,199)
Other financial income	486	-	486
Other financial expense	(383)	-	(383)
Net income (loss) from equity affiliates	1,071	452	1,523
Income taxes	(3,076)	(404)	(3,480)
Consolidated net income	5,770	174	5,944
Group share	5,646	221	5,867
Non-controlling interests	124	(47)	77
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
			Consolidated
1sthalf 2018			statement of
(M$)	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.

44

			Consolidated
2nd quarter 2019			statement
(M$)	Adjusted	Adjustments(a)	of income
Sales	51,301	(59)	51,242
Excise taxes	(6,040)	-	(6,040)
Revenues from sales	45,261	(59)	45,202
Purchases net of inventory variation	(30,295)	(95)	(30,390)
Other operating expenses	(7,042)	(36)	(7,078)
Exploration costs	(170)	-	(170)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,597)	(64)	(3,661)
Other income	253	68	321
Other expense	(117)	(72)	(189)
Financial interest on debt	(564)	(4)	(568)
Financial income and expense from cash & cash equivalents	(42)	-	(42)
Cost of net debt	(606)	(4)	(610)
Other financial income	326	-	326
Other financial expense	(188)	-	(188)
Net income (loss) from equity affiliates	457	355	812
Income taxes	(1,322)	(249)	(1,571)
Consolidated net income	2,960	(156)	2,804
Group share	2,887	(131)	2,756
Non-controlling interests	73	(25)	48
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
			Consolidated
2nd quarter 2018			statement
(M$)	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.

45

10) Post-closing

On July 10, 2019, TOTAL announced the signature of an agreement to divest several UK non-core assets to Petrogas NEO UK Ltd. The overall consideration for this deal amounts to 635 million dollars with an effective date of January 1, 2019. The transaction remains subject to approval from the relevant authorities and is expected to close in December 2019.

46

EX-99.2

Exhibit 99.2

RECENT DEVELOPMENTS

TOTAL announces the second 2019 interim dividend of €0.66/share, an increase of 3.1% compared to 2018

The Board of Directors, at the meeting held on July 24, 2019, declared the distribution of the second 2019 interim dividend at an amount of €0.66/share, an increase of 3.1% from the interim and final dividends paid in 2018, in accordance with the shareholder return policy for 2018-2020. This interim dividend, stable compared to the first 2019 interim dividend, will be detached and paid according to the following timetable:

	Shareholders	ADS holders
Ex-dividend date	January 6, 2020	January 2, 2020
Payment date	January 8, 2020	January 28, 2020

Total will develop the LNG market in Benin

On July 24, 2019, TOTAL S.A. (together with its direct and indirect consolidated companies located in or outside of France, “TOTAL” or the “Group”) announced the signing with the Republic of Benin and the Société Béninoise d’Energie Electrique (SBEE) of the Gas Supply Agreement and the Host Government Agreement for the development of a Liquefied Natural Gas (LNG) import floating terminal and the supply of up to 0.5 million tons per annum (Mtpa) of regasified LNG from TOTAL’s global portfolio to Benin for 15 years, starting in 2021.

TOTAL will develop and operate the regasification infrastructure that will comprise a floating storage and re-gasification unit (FSRU) located offshore Benin and an offshore pipeline connection to the existing and planned power plants in Maria Gléta. The agreement is subject to conditions precedents.

TOTAL Divests Assets in the UK to Petrogas

On July 10, 2019, TOTAL announced the signing of an agreement to divest several of its UK non-core assets to Petrogas NEO UK Ltd, the exploration and production arm of the Oman-based conglomerate MB Holding. Petrogas has partnered with Norway-based private equity investor HitecVision.

Formerly owned by Maersk Oil, these assets are located in the Eastern North Sea and include the fields listed below (see table). The overall consideration for this deal amounts to $635 million with an effective date of January 1, 2019. The transaction remains subject to approval from the relevant authorities and is expected to close in December 2019.

Following the Maersk Oil acquisition in 2018, TOTAL became the second largest operator in the North Sea, which is one of its core areas. The region is home to some of the Group’s current major projects: Culzean, which started up last month in the UK, and Johan Sverdrup in Norway with start-up planned for later this year.

The assets divested of in this transaction are as follows:

List of assets included in the transaction
Area	Field	Total interest sold	Operator
UK	Dumbarton	100%	TOTAL
	Balloch	100%
	Lochranza	100%
	Drumtochty	100%
	Flyndre	65.94%
	Affleck	66.67%
	Cawdor	60.6%
	GoldenEagle	31.56%	CNOOC
	Scott	5.16%
	Telford	2.36%

1

Kazakhstan: TOTAL Launches Phase 3 of the Dunga Field

On July 4, 2019, TOTAL announced the launch of Phase 3 development of the onshore Dunga field in the Mangystau Region of western Kazakhstan.

Phase 3 of the TOTAL-operated field will consist of adding wells to the existing infrastructure and upgrading the processing plant to increase its capacity.

The development has been made possible thanks to the approval by the Government of the Republic of Kazakhstan of a 15-year extension of the Production Sharing Agreement (PSA) for the field, originally signed in 1994 and due to expire in 2024.

The project requires a $300 million investment and will create 400 more direct jobs in the region at the peak of construction activity.

The Dunga oil field is operated by TOTAL (60%), alongside Oman Oil Company (20%) and Partex (20%).

2

TOTAL Starts Up the La Mède Biorefinery

On July 3, 2019, TOTAL announced the start-up of production of La Mède biorefinery in southeastern France, the final step in converting a former oil refinery into a new energies complex. Launched in 2015, the project represents a capital expenditure of €275 million.

The La Mède complex now encompasses:

-A biorefinery with a capacity of approximately 500,000 tons of biofuel per year.

-An 8-megawatt solar farm that can supply power to up to 13,000 people per year.

-A unit to produce up to 50,000 cubic meters per year of AdBlue®, an additive that reduces nitrogen oxide emissions from trucks.

-A logistics and storage hub with a capacity of 1.3 million cubic meters per year.

-A training center offering real facilities and able to host 2,500 learners a year.

As part of an agreement with the French government in May 2018, TOTAL had pledged to process no more than 300,000 tons of palm oil per year — less than 50% of the total volume of raw materials needed — and at least 50,000 tons of French-grown rapeseed.

Brazil: TOTAL Launches Phase 2 on the Giant Mero Field Development

On June 11, 2019, TOTAL announced the launch of the second phase of the Mero project (Libra block), located deep offshore, 180 kilometers off the coast of Rio de Janeiro, in the prolific p-salt area of the Santos Basin in Brazil.

This decision followed the production start-up on the field in November 2017 (Early Production System) and the launch of the first phase of the project (Mero 1) approximately a month later.

The Mero 2 FPSO is expected to start up by the end of 2022.

The Pioneiro de Libra FPSO, which has a capacity of 50,000 barrels per day and came on stream in 2017, is producing as expected while providing valuable information on the field, reservoir and productivity of the wells.

The Mero 1 project, currently under development, is progressing as per plan with a start-up scheduled in 2021.

3

Following the launch of Mero 2, the project is expected to add two further FPSOs of the same capacity, subject to approval by the partners. All four producing units will be deployed in the Northwestern part of the Libra block (Mero field), as the Central and South-East panels are under exploration until 2020.

The Libra Consortium is operated by Petrobras (40%) as part of an international partnership including TOTAL (20%), Shell (20%), CNOOC Limited (10%) and CNPC (10%). Pré-Sal Petróleo (PPSA) manages the Libra Production Sharing Contract.

UK: TOTAL starts up production of the Culzean field

On June 11, 2019, TOTAL announced the start-up of production on the Culzean gas condensate field located on Block 22/25a, 230 kilometers off the coast of Aberdeen, in the UK. With an anticipated plateau production of 100,000 barrels of oil equivalent per day (boe/d), Culzean will account for around 5% of the UK’s gas consumption, bringing to 18% the proportion of the country’s gas demand supplied by TOTAL.

The project includes the drilling of six wells, the construction of three bridge-linked platforms and of a Floating Storage and Offloading (FSO) unit. Gas from Culzean is exported via the CATS pipeline and the UK National Grid whilst condensate is stored in the FSO for offloading by shuttle tanker.

TOTAL operates Culzean with a 49.99% participating interest, alongside BP (32%) and JX Nippon (18.01%).

TOTAL starts up its Second Solar Power Plant in Japan

On June 3, 2019, TOTAL announced the start-up of commercial operation of a 25-megawattpeak solar power plant in Miyako, in Iwate Prefecture on Japan’s Honshu Island. Completed two years after the beginning of construction, the plant will generate enough clean and reliable electricity to serve over 8,000 Japanese households.

The facility is operated with nearly 77,000 high-efficiency SunPower solar panels, ensuring high performance in difficult weather conditions, including snow and low temperatures. The plant is connected to the electricity distribution grid to supply energy through the regional utility company.

4

The Miyako plant is jointly owned by Total Solar (50%) and Chubu Electric Power Co., Inc. (50%), one of Japan’s largest electric power utilities.

TOTAL strengthens its US LNG business with the takeover of Toshiba’s LNG portfolio

On June 1, 2019, TOTAL announced the signing of an agreement with Toshiba to acquire its portfolio of liquefied natural gas (LNG). The agreement includes a 20-year tolling agreement for 2.2 million tons per annum (Mtpa) of LNG from the Freeport LNG train 3 in Texas and the corresponding gas transportation agreements on the pipelines feeding the terminal. Train 3 of the Freeport LNG plant is expected to start up commercial operations by Q2 2020.

Under the transaction, TOTAL will acquire all the shares of Toshiba America LNG corporation for a consideration of $15 million. TOTAL will also be assigned all contracts related to Toshiba’s LNG business, currently held by Toshiba Energy Systems and Solutions Corp., for a consideration of $815 million to be paid by Toshiba to TOTAL.

TOTAL will receive from Toshiba a net cash consideration of $800 million payable at the closing date. The closing of the transaction remains subject to the applicable legally required approvals by regulatory authorities and partners. The transaction is expected to close by the end of 2019.

Results of the 2019 Capital increase reserved for employees and former employees of TOTAL

On May 31, 2019, TOTAL announced the results of its 2019 capital increase reserved for employees and former employees of the Group worldwide, carried out pursuant to the decision of the Board of Directors of TOTAL dated September 19, 2018 under the conditions set by the eighteenth resolution at the Shareholders’ Meeting on June 1, 2018.

The Chairman and CEO decided, on April 25, 2019, to set (i) the subscription price at €40.10 per share, corresponding to the average of closing prices of TOTAL shares on Euronext Paris over the 20 trading sessions preceding the date of the decision, minus a 20% discount and rounded to the next highest tenth of a euro; and (ii) the subscription period from April 26 to May 14, 2019 (inclusive).

At the end of this period, 45,096 employees in 99 countries, representing 38.81 % of the eligible Group employees and former employees, subscribed to this capital increase for an aggregate amount of €394.8 million, an increase of 16% compared to the subscription in 2018.

As a consequence, 10,047,337 new shares representing 0.38 % of TOTAL’s share capital as of April 30, 2019 were issued on June 6, 2019, carrying immediate dividend rights and were fully assimilated with existing TOTAL shares already listed on Euronext Paris.

Following this issuance, the employee shareholders in TOTAL’s share capital, within the meaning of Article L. 225-102 of the French Commercial Code, represented 5 % of TOTAL’s share capital as of April 30, 2019.

Ordinary Shareholders’ Meeting of May 29, 2019: approval of resolutions proposed by the Board of Directors

The Ordinary Shareholders’ Meeting of TOTAL held on May 29, 2019 under the chairmanship of Patrick Pouyanné, adopted Resolutions 1 to 11 proposed and recommended by the Board of Directors:

•Approval of the statutory and consolidated financial statements for the fiscal year 2018 and the distribution of a dividend of €2.56 per share, a 3.2% increase compared to the previous year. Given the three interim dividends of €0.64 per share paid on October 12, 2018, January 10 and April 5, 2019, the final dividend for the fiscal year 2018 was €0.64 per share. It was paid according to the following timetable:

	Shareholders	ADS holders
Ex-dividend date	June 11, 2019	June 7, 2019
Payment date	June 13, 2019	July 2, 2019

•Renewal of the directorships of Ms. Maria van der Hoeven and Mr. Jean Lemierre, for a three-year term;

5

•Appointment of Ms. Lise Croteau as a director for a three-year term;

•Appointment of Ms. Valérie Della Puppa Tibi as a director representing employee shareholders for a three-year term;

•Approval of the fixed and variable components of the total compensation and the in-kind benefits paid or granted to the Chairman and Chief Executive Officer for the fiscal year ended December 31, 2018 as well as approval of the principles and criteria for the determination, breakdown and allocation of the fixed, variable and extraordinary components of the total compensation including in-kind benefits attributable to the Chairman and Chief Executive Officer.

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

USA: LNG production starts up at Cameron LNG export terminal in Louisiana

On May 14, 2019, TOTAL announced that the Cameron LNG project had achieved its first liquefied natural gas (LNG) production from train 1.

TOTAL entered the Cameron LNG project through the acquisition of Engie’s upstream LNG business in 2018. Phase 1 of the Cameron LNG project consists of 13.5 million tons per annum (Mtpa) capacity including three LNG trains of 4.5 Mtpa each. Construction is ongoing for trains 2 and 3 with first production expected by the turn of the year and mid-2020 respectively.

The project is operated by Cameron LNG LLC jointly owned by Sempra Energy (50.2%), TOTAL (16.6%), Mitsui & Co., Ltd. (16.6%) and Mitsubishi/NYK (16.6%).

In addition, the Cameron LNG co-owners are currently discussing a potential expansion of the base project, already authorized by the Federal Energy Regulatory Commission (FERC), that would add two liquefaction trains of 4.5 Mtpa capacity each and two LNG storage tanks.

TOTAL agrees with Occidental to contingent acquisition of Anadarko’s assets in Africa

On May 5, 2019, TOTAL announced the signing of a binding agreement with Occidental to acquire Anadarko’s assets in Africa (Algeria, Ghana, Mozambique, South Africa) for a consideration of $8.8 billion in the event of a successful completion of Occidental’s ongoing bid for Anadarko. The transaction is contingent upon Occidental entering into and completing its proposed acquisition of Anadarko and to approval by the relevant authorities and is expected to close in 2020.

The assets to be acquired are:

-Algeria: 24.5% participating interest and operatorship of blocks 404a and 208 (Hassi Berkine, Ourhoud and El Merk fields) in the Berkine basin in which TOTAL already owns 12.25%. These fields represented a gross production of 320 kboe/d in 2018.

-Ghana: 27% participating interest in the Jubilee field and 19% participating interest in the TEN fields. These fields represented a gross production of 143 kb/d in 2018.

-Mozambique: 26.5% participating interest and operatorship in Area 1 where a 12.8 million ton per year LNG project is largely derisked and close to sanction.

-South Africa: exploration licences, close to TOTAL’s recent Brulpadda discovery.

Overall, these assets represented an equity production in 2018 of 96 kboe/d.

Despite the capital investment in Mozambique LNG, the acquisition is expected to be free cash flow positive from 2020 even at a Brent price of less than $50/b and to generate more than $1 billion/year of free cash flow from 2025 onwards after start-up of Mozambique LNG. As a result, TOTAL has confirmed that the previously announced shareholder return policy from 2018 to 2020 will be maintained with respect to the dividend increase (10% over 3 years) and share buyback ($5 billion).

EX-99.3

Exhibit 99.3

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, 2019, prepared on the basis of IFRS. Currency amounts are expressed in U.S. dollars ("dollars" or "$") or in euros ("euros" or "€").

	At June 30, 2019
	(in millions of dollars)
Current financial debt, including current portion of non-current financial debt
Current portion of non-current financial debt		4,936
Current financial debt		11,285
Current portion of financial instruments for interest rate swaps liabilities		345
Other current financial instruments — liabilities		81
Financial liabilities directly associated with assets held for sale		-
Total current financial debt		16,647
Non-current financial debt		45,394
Non-controlling interests		2,362
Shareholders’ equity
Common shares		8,301
Paid-in surplus and retained earnings		123,351
Currency translation adjustment		(11,177)
Treasury shares		(3,613)
Total shareholders’ equity — Group share		116,862
Total capitalization and non-current indebtedness		164,618

As of June 30, 2019, TOTAL S.A. had an authorized share capital of 3,697,167,569 ordinary shares with a par value of €2.50 per share, and an issued share capital of 2,666,883,760 ordinary shares (including 64,800,717 treasury shares from shareholders’ equity).

As of June 30, 2019, approximately $6,516 million of the Group’s non-current financial debt was secured and approximately $38,872 million was unsecured, and all of the Group’s current financial debt of $11,285 million was unsecured. As of June 30, 2019, TOTAL had no outstanding guarantees from third parties relating to its consolidated indebtedness. Since June 30, 2019, Total Capital International has issued $4 billion of non-current financial debt through a 4-tranches offering with maturity dates of 2 years, 5.5 years, 10.5 years and 30 years. For more information about TOTAL’s off balance sheet commitments and contingencies, see Note 13.1 of the Notes to TOTAL’s audited Consolidated Financial Statements in its Annual Report on Form 20-F for the year ended December 31, 2018, filed with the Securities and Exchange Commission on March 20, 2019, as amended on April 26, 2019.

Except as disclosed herein, there have been no material changes in the consolidated capitalization, indebtedness and contingent liabilities of TOTAL since June 30, 2019.

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2019
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, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	H1

XML

Consolidated statement of income $ in Millions	3 Months Ended						6 Months Ended
	Jun. 30, 2019 € / shares	Jun. 30, 2019 USD ($) $ / shares	Mar. 31, 2019 € / shares	Mar. 31, 2019 USD ($) $ / shares	Jun. 30, 2018 € / shares	Jun. 30, 2018 USD ($) $ / shares	Jun. 30, 2019 USD ($) $ / shares	Dec. 31, 2018 USD ($)	Jun. 30, 2018 USD ($) $ / shares
Consolidated statement of income
Sales		$ 51,242		$ 51,205		$ 52,540	$ 102,447		$ 102,151
Excise taxes		(6,040)		(6,081)		(6,438)	(12,121)		(12,757)
Revenues from sales		45,202		45,124		46,102	90,326		89,394
Purchases, net of inventory variation		(30,390)		(29,721)		(30,599)	(60,111)		(60,045)
Other operating expenses		(7,078)		(6,725)		(6,761)	(13,803)		(13,698)
Exploration costs		(170)		(288)		(158)	(458)		(362)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,661)		(3,466)		(3,435)	(7,127)		(6,351)
Other income		321		247		252	568		775
Other expense		(189)		(209)		(413)	(398)		(603)
Financial interest on debt		(568)		(561)		(478)	(1,129)		(868)
Financial income and expense from cash & cash equivalents		(42)		(28)		(54)	(70)		(95)
Cost of net debt		(610)		(589)		(532)	(1,199)		(963)
Other financial income		326		160		321	486		561
Other financial expense		(188)		(195)		(159)	(383)		(329)
Net income (loss) from equity affiliates		812		711		1,103	1,523		1,587
Income taxes		(1,571)		(1,909)		(2,087)	(3,480)		(3,683)
Consolidated net income		2,804		3,140		3,634	5,944	$ 5,267	6,283
Group share		2,756		3,111		3,721	5,867		6,357
Non-controlling interests		$ 48		$ 29		$ (87)	$ 77		$ (74)
Earnings per share (in dollars or Euros per share) | (per share)	€ 0.89	$ 1.01	€ 1.03	$ 1.17	€ 1.16	$ 1.38	$ 2.17		$ 2.39
Fully-diluted earnings per share (in dollars or Euros per share) | (per share)	€ 0.89	$ 1.00	€ 1.02	$ 1.16	€ 1.16	$ 1.38	$ 2.16		$ 2.38

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Consolidated statement of comprehensive income - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Consolidated statement of comprehensive income
Consolidated net income	$ 2,804	$ 3,140	$ 3,634	$ 5,944	$ 6,283
Other comprehensive income
Actuarial gains and losses	(223)	164	42	(59)	67
Change in fair value of investments in equity instruments	74	33	(2)	107	5
Tax effect	59	(45)	(20)	14	(18)
Currency translation adjustment generated by the parent company	1,057	(1,531)	(4,761)	(474)	(2,630)
Items not potentially reclassifiable to profit and loss	967	(1,379)	(4,741)	(412)	(2,576)
Currency translation adjustment	(619)	806	1,330	187	968
Cash flow hedge	(246)	(127)	77	(373)	255
Variation of foreign currency basis spread	43	11	2	54	(27)
Share of other comprehensive income of equity affiliates, net amount	(135)	388	36	253	(132)
Other	1	1	(2)	2	(2)
Tax effect	69	38	(27)	107	(75)
Items potentially reclassifiable to profit and loss	(887)	1,117	1,416	230	987
Total other comprehensive income (net amount)	80	(262)	(3,325)	(182)	(1,589)
Comprehensive income	2,884	2,878	309	5,762	4,694
Group share	2,797	2,840	450	5,637	4,806
Non-controlling interests	$ 87	$ 38	$ (141)	$ 125	$ (112)

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Consolidated balance sheet - USD ($) $ in Millions	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018
Non-current assets
Intangible assets, net	$ 29,229	$ 28,727	$ 28,922	$ 24,562
Property, plant and equipment, net	118,063	117,881	113,324	114,047
Equity affiliates: investments and loans	26,473	25,996	23,444	22,443
Other investments	1,660	1,468	1,421	1,396
Non-current financial assets	771	637	680	967
Deferred income taxes	6,022	6,246	6,663	5,348
Other non-current assets	2,306	2,156	2,509	3,384
Total non-current assets	184,524	183,111	176,963	172,147
Current assets
Inventories, net	16,410	17,075	14,880	18,392
Accounts receivable, net	20,349	19,321	17,270	16,974
Other current assets	15,958	16,237	14,724	14,408
Current financial assets	3,536	3,373	3,654	3,609
Cash and cash equivalents	26,723	25,432	27,907	26,475
Assets classified as held for sale		314	1,364
Total current assets	82,976	81,752	79,799	79,858
Total assets	267,500	264,863	256,762	252,005
Shareholders' equity
Common shares	8,301	8,231	8,227	8,305
Paid-in surplus and retained earnings	123,351	123,702	120,569	121,896
Currency translation adjustment	(11,177)	(11,606)	(11,313)	(9,764)
Treasury shares	(3,613)	(2,334)	(1,843)	(2,462)
Total shareholders' equity - Group share	116,862	117,993	115,640	117,975
Non-controlling interests	2,362	2,365	2,474	2,288
Total shareholders' equity	119,224	120,358	118,114	120,263
Non-current liabilities
Deferred income taxes	11,486	11,339	11,490	11,969
Employee benefits	3,375	3,150	3,363	3,329
Provisions and other non-current liabilities	21,629	21,020	21,432	18,807
Non-current financial debt	45,394	44,396	40,129	38,362
Total non-current liabilities	81,884	79,905	76,414	72,467
Current liabilities
Accounts payable	27,059	26,416	26,134	25,021
Other creditors and accrued liabilities	22,686	23,361	22,246	17,792
Current borrowings	16,221	13,906	13,306	15,659
Other current financial liabilities	426	651	478	803
Liabilities directly associated with the assets classified as held for sale		266	70
Total current liabilities	66,392	64,600	62,234	59,275
Total liabilities & shareholders' equity	$ 267,500	$ 264,863	$ 256,762	$ 252,005

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Consolidated statement of cash flow - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income	$ 2,804	$ 3,140	$ 3,634	$ 5,944	$ 6,283
Depreciation, depletion, amortization and impairment	3,819	3,716	3,508	7,535	6,554
Non-current liabilities, valuation allowances, and deferred taxes	239	140	35	379	149
(Gains) losses on disposals of assets	(191)	(173)	(148)	(364)	(273)
Undistributed affiliates' equity earnings	(168)	(306)	(298)	(474)	(557)
(Increase) decrease in working capital	(317)	(2,970)	(856)	(3,287)	(4,078)
Other changes, net	65	82	371	147	249
Cash flow from operating activities	6,251	3,629	6,246	9,880	8,327
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions	(2,881)	(2,704)	(3,513)	(5,585)	(9,178)
Acquisitions of subsidiaries, net of cash acquired	(208)		12	(208)	(714)
Investments in equity affiliates and other securities	(437)	(753)	(146)	(1,190)	(308)
Increase in non-current loans	(370)	(130)	(140)	(500)	(311)
Total expenditures	(3,896)	(3,587)	(3,787)	(7,483)	(10,511)
Proceeds from disposals of intangible assets and property, plant and equipment	155	8	304	163	2,282
Proceeds from disposals of subsidiaries, net of cash sold	(1)	147	(7)	146	(4)
Proceeds from disposals of non-current investments	58	208	396	266	584
Repayment of non-current loans	353	134	581	487	997
Total divestments	565	497	1,274	1,062	3,859
Cash flow used in investing activities	(3,331)	(3,090)	(2,513)	(6,421)	(6,652)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares: Parent company shareholders	449	1	473	450	482
Issuance (repayment) of shares: Treasury shares	(1,279)	(491)	(1,182)	(1,770)	(1,740)
Dividends paid: Parent company shareholders	(2,935)	(1,830)	(2,692)	(4,765)	(4,208)
Dividends paid: Non-controlling interests	(93)		(72)	(93)	(84)
Payments on perpetual subordinated notes	(175)	(140)	(116)	(315)	(266)
Other transactions with non-controlling interests		(150)		(150)
Net issuance (repayment) of non-current debt	2,331	1,250	52	3,581	(2,428)
Increase (decrease) in current borrowings	37	(1,526)	(738)	(1,489)	969
Increase (decrease) in current financial assets and liabilities	(164)	106	(1,779)	(58)	(624)
Cash flow used in financing activities	(1,829)	(2,780)	(6,054)	(4,609)	(7,899)
Net increase (decrease) in cash and cash equivalents	1,091	(2,241)	(2,321)	(1,150)	(6,224)
Effect of exchange rates	200	(234)	(1,296)	(34)	(486)
Cash and cash equivalents at the beginning of the period	25,432	27,907	30,092	27,907	33,185
Cash and cash equivalents at the end of the period	$ 26,723	$ 25,432	$ 26,475	$ 26,723	$ 26,475

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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, 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)
Net income		5,089		5,089			178	5,267
Other comprehensive income		(1,874)		(325)	(1,549)		(31)	(1,905)
Comprehensive income		3,215		4,764	(1,549)		147	3,362
Dividend		(3,811)		(3,811)			(13)	(3,824)
Issuance of common shares		1,149	$ 53	1,096				1,149
Issuance of common shares (in shares)			19,315,374
Purchase of treasury shares		(2,324)				$ (2,324)		(2,324)
Purchase of treasury shares (in shares)						(39,709,967)
Sale of treasury shares	[1]			(240)		$ 240
Sale of treasury shares (in shares)	[1]					4,075,807
Share-based payments		102		102				102
Share cancellation			$ (131)	(2,572)		$ 2,703
Share cancellation (in shares)			(44,590,699)			44,590,699
Payments on perpetual subordinated notes		(154)		(154)				(154)
Other operations with non-controlling interests		(513)		(513)			(103)	(616)
Other items		1		1			155	156
Equity as of the end of the period at Dec. 31, 2018		115,640	$ 8,227	120,569	(11,313)	$ (1,843)	2,474	118,114
Common shares issued as of the end of the period at Dec. 31, 2018			2,640,602,007			(32,473,281)
Net income								3,140
Other comprehensive income								(262)
Comprehensive income								2,878
Equity as of the end of the period at Mar. 31, 2019								120,358
Equity as of the beginning of the period at Dec. 31, 2018		115,640	$ 8,227	120,569	(11,313)	$ (1,843)	2,474	118,114
Common shares issued as of the beginning of the period at Dec. 31, 2018			2,640,602,007			(32,473,281)
Net income		5,867		5,867			77	5,944
Other comprehensive income		(230)		(366)	136		48	(182)
Comprehensive income		5,637		5,501	136		125	5,762
Dividend		(3,875)		(3,875)			(93)	(3,968)
Issuance of common shares		1,345	$ 74	1,271				1,345
Issuance of common shares (in shares)			26,281,753
Purchase of treasury shares		(1,770)				$ (1,770)		(1,770)
Purchase of treasury shares (in shares)						(32,331,446)
Sale of treasury shares (in shares)	[1]					4,010
Share-based payments		103		103				103
Net issuance (repayment) of perpetual subordinated notes		(5)		(5)				(5)
Payments on perpetual subordinated notes		(207)		(207)				(207)
Other operations with non-controlling interests							(150)	(150)
Other items		(6)		(6)			6
Equity as of the end of the period at Jun. 30, 2019		116,862	$ 8,301	123,351	(11,177)	$ (3,613)	2,362	119,224
Common shares issued as of the end of the period at Jun. 30, 2019			2,666,883,760			(64,800,717)
Equity as of the beginning of the period at Mar. 31, 2019								120,358
Net income								2,804
Other comprehensive income								80
Comprehensive income								2,884
Equity as of the end of the period at Jun. 30, 2019		$ 116,862	$ 8,301	$ 123,351	$ (11,177)	$ (3,613)	$ 2,362	$ 119,224
Common shares issued as of the end of the period at Jun. 30, 2019			2,666,883,760			(64,800,717)

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

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Accounting policies

6 Months Ended

Jun. 30, 2019

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 2019, are presented in U.S. dollars and have been prepared in accordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting”.

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

Ø First-time application of IFRS 16 "Leases"

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

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

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

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

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

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

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

In addition, the Group is currently analyzing the facts and circumstances and contractual terms of each lease agreement used in Joint Operations to determine whether the decision of the IFRS Interpretation Committee of March 2019 dealing with the recognition of lease liabilities in the context of unincorporated joint operations has an impact on its consolidated financial statements.

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

The impact on fixed assets is broken down as follows:

(in M$)

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

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Changes in the Group structure

6 Months Ended

Jun. 30, 2019

Changes in the Group structure

Changes in the Group structure

2) Changes in the Group structure

2.1) Main acquisitions and divestments

Ø Integrated Gas, Renewables & Power

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

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

Ø Exploration & Production

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

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Adjustment items

6 Months Ended

Jun. 30, 2019

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

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

- An Exploration & Production segment;

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

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

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

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

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

Adjustment items

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

Adjustment items include:

(i) Special items

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

(ii) The inventory valuation effect

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

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

(iii) Effect of changes in fair value

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

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

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

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

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

ADJUSTMENTS TO OPERATING INCOME

		Exploration	Integrated	Refining	Marketing	Corporate	Total
		&	Gas,	&	&
		Production	Renewables	Chemicals	Services
(M$)			& Power
2nd quarter 2019	Inventory valuation effect	—	—	(6)	(34)	—	(40)
	Effect of changes in fair value	—	(59)	—	—	—	(59)
	Restructuring charges	—	—	—	—	—	—
	Asset impairment charges	(43)	(11)	(10)	—	—	(64)
	Other items	—	(54)	(37)	—	—	(91)
Total		(43)	(124)	(53)	(34)	—	(254)
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
1st half 2019	Inventory valuation effect	—	—	486	40	—	526
	Effect of changes in fair value	—	(86)	—	—	—	(86)
	Restructuring charges	—	—	—	—	—	—
	Asset impairment charges	(43)	(11)	(10)	—	—	(64)
	Other items	—	(112)	(37)	—	—	(149)
Total		(43)	(209)	439	40	—	227
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)

ADJUSTMENTS TO NET INCOME, GROUP SHARE

		Exploration	Integrated	Refining	Marketing	Corporate	Total
		&	Gas,	&	&
		Production	Renewables	Chemicals	Services
(M$)			& Power
2nd quarter 2019	Inventory valuation effect	—	—	(3)	(25)	—	(28)
	Effect of changes in fair value	—	(47)	—	—	—	(47)
	Restructuring charges	—	(14)	(17)	—	—	(31)
	Asset impairment charges	(43)	(6)	(8)	—	—	(57)
	Gains (losses) on disposals of assets	—	—	—	—	—	—
	Other items	—	86	(48)	(6)	—	32
Total		(43)	19	(76)	(31)	—	(131)
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
1st half 2019	Inventory valuation effect	—	—	341	19	—	360
	Effect of changes in fair value	—	(69)	—	—	—	(69)
	Restructuring charges	—	(16)	(17)	—	—	(33)
	Asset impairment charges	(43)	(6)	(8)	—	—	(57)
	Gains (losses) on disposals of assets	—	—	—	—	—	—
	Other items	—	74	(48)	(6)	—	20
Total		(43)	(17)	268	13	—	221
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	(34)	(75)	(17)	—	(9)	(135)
Total		(196)	(330)	395	60	(9)	(80)

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Shareholders' equity

6 Months Ended

Jun. 30, 2019

Shareholders' equity

Shareholders' equity

4)  Shareholders’ equity

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

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

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

As a result, as of June 30, 2019, TOTAL S.A. holds 64,800,717 TOTAL shares, representing 2.43% of its share capital, which are deducted from the consolidated shareholders’ equity and allocated as follows:

Shares to be cancelled (1)	57,130,510
Repurchased during Q4 2018	27,360,278
Repurchased during Q1 2019	7,374,542
Repurchased during Q2 2019	22,395,690
Shares to be allocated as part of free share grant plans (2)	7,670,207
2016 Plan	4,683,986
2017 Plan	2,918,835
Other Plans	67,386
Treasury shares Total (1)+(2)	64,800,717

Dividend

The Shareholders’ meeting of May 29, 2019 approved the distribution of a dividend of €2.56 per share for the 2018 fiscal year and the payment of a balance of €0.64 per share to be distributed after the deduction of the three interim dividends of €0.64 per share that had already been paid. Given the decision made by the Board of Directors on February 6, 2019 not to propose to the Shareholders’ meeting the renewal of the scrip dividend option beginning with the payment of the final 2018 dividend, the final 2018 dividend has been paid exclusively in cash.

Dividend 2018	First interim		Second interim		Third interim		Final
Amount	€	0.64	€	0.64	€	0.64	€	0.64
Declaration of distribution(1)		September 19, 2018		December 12, 2018		March 13, 2019		May 29, 2019
Ex-dividend date		September 25, 2018		December 18, 2018		March 19, 2019		June 11, 2019
Payment date		October 12, 2018		January 10, 2019		April 5, 2019		June 13, 2019
Scrip dividend option		Yes		Yes		Yes		No
Issue price(2)	€	52.95	€	48.27	€	49.30		—
Number of shares subscribed		18,783,197		1,212,767		14,864,169		—

(1) Date on which the Board of Directors met and declared the distribution of the dividend. The declaration of distribution is decided by the shareholders for the final dividend.

(2) The issue price of the new share is equal to the average Euronext Paris opening price of the TOTAL shares for the 20 trading days preceding the declaration of distribution, reduced by the amount of the dividend, without any discount.

Moreover, the Board of Directors held on July 24, 2019, set the second interim dividend for the fiscal year 2019 at €0.66 per share. This interim dividend will be detached on January 6, 2020 and paid in cash on January 8, 2020.

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

Earnings per share in Euro

Earnings per share in Euro, calculated from the earnings per share in U.S. dollars converted at the average Euro/USD exchange rate for the period, amounted to €0.89 per share for the 2nd quarter 2019 (€1.03 per share for the 1st quarter 2019 and €1.16 per share for the 2nd quarter 2018). Diluted earnings per share calculated using the same method amounted to €0.89 per share for the 2nd quarter 2019 (€1.02 per share for the 1st quarter 2019 and €1.16 per share for the 2nd quarter 2018).

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

Perpetual subordinated notes

The Group has issued perpetual subordinated notes in April 2019:

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

The Group has tendered perpetual subordinated in April 2019:

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

Other comprehensive income

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

(M$)		1st half 2019		1st half 2018
Actuarial gains and losses		(59)		67
Change in fair value of investments in equity instruments		107		5
Tax effect		14		(18)
Currency translation adjustment generated by the parent company		(474)		(2,630)
Sub-total items not potentially reclassifiable to profit and loss		(412)		(2,576)
Currency translation adjustment		187		968
- unrealized gain/(loss) of the period	233		1,078
- less gain/(loss) included in net income	46		110
Cash flow hedge		(373)		255
- unrealized gain/(loss) of the period	(303)		142
- less gain/(loss) included in net income	70		(113)
Variation of foreign currency basis spread		54		(27)
- unrealized gain/(loss) of the period	25		(27)
- less gain/(loss) included in net income	(29)		—
Share of other comprehensive income of equity affiliates, net amount		253		(132)
- unrealized gain/(loss) of the period	265		(93)
- less gain/(loss) included in net income	12		39
Other		2		(2)
Tax effect		107		(75)
Sub-total items potentially reclassifiable to profit and loss		230		987
Total other comprehensive income, net amount		(182)		(1,589)

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

	1st half 2019			1st half 2018
(M$)	Pre-tax amount	Tax effect	Net amount	Pre-tax amount	Tax effect	Net amount
Actuarial gains and losses	(59)	16	(43)	67	(18)	49
Change in fair value of investments in equity instruments	107	(2)	105	5	—	5
Currency translation adjustment generated by the parent company	(474)	—	(474)	(2,630)	—	(2,630)
Sub-total items not potentially reclassifiable to profit and loss	(426)	14	(412)	(2,558)	(18)	(2,576)
Currency translation adjustment	187	—	187	968	—	968
Cash flow hedge	(373)	125	(248)	255	(81)	174
Variation of foreign currency basis spread	54	(18)	36	(27)	6	(21)
Share of other comprehensive income of equity affiliates, net amount	253	—	253	(132)	—	(132)
Other	2	—	2	(2)	—	(2)
Sub-total items potentially reclassifiable to profit and loss	123	107	230	1,062	(75)	987
Total other comprehensive income	(303)	121	(182)	(1,496)	(93)	(1,589)

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Financial debt

6 Months Ended

Jun. 30, 2019

Financial debt

Financial debt

5)  Financial debt

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

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

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

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

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

- Bond 0.166% 2019-2029 (CHF 200 million).

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

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

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

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

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

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

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

- Bond 3.750% issued in 2014 and maturing in June 2019 (AUD 100 million).

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

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Related parties

6 Months Ended

Jun. 30, 2019

Related parties

Related parties

6)  Related parties

The related parties are principally equity affiliates and non-consolidated investments. In March 2019, the Group signed final agreements for the acquisition of a 10% direct interest in Arctic LNG2 with Novatek, in which TOTAL holds an interest of 19.40%. For the period ending June 30, 2019, the Group recognized its share of the net income generated by this transaction in Novatek’s financial statements, except for the gain on disposal that has been eliminated.

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Other risks and contingent liabilities

6 Months Ended

Jun. 30, 2019

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.

FERC

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

A class action launched to seek damages from these three companies, was dismissed by a judgment of the U.S. District Court of New York issued on March 15, 2017. The Court of Appeal upheld this judgment on May 4, 2018.

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.

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Information by business segment

6 Months Ended

Jun. 30, 2019

Information by business segment

Information by business segment

8)  Information by business segment

	Exploration	Integrated Gas,	Refining	Marketing
1st half 2019	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	4,067	10,208	44,220	43,950	2	—	102,447
Intersegment sales	15,302	1,259	16,310	301	63	(33,235)	—
Excise taxes	—	—	(1,537)	(10,584)	—	—	(12,121)
Revenues from sales	19,369	11,467	58,993	33,667	65	(33,235)	90,326
Operating expenses	(8,234)	(10,287)	(56,502)	(32,178)	(406)	33,235	(74,372)
Depreciation, depletion and impairment of tangible assets and mineral interests	(5,216)	(643)	(763)	(470)	(35)	—	(7,127)
Operating income	5,919	537	1,728	1,019	(376)	—	8,827
Net income (loss) from equity affiliates and other items	367	1,041	260	101	27	—	1,796
Tax on net operating income	(2,585)	(623)	(246)	(334)	124	—	(3,664)
Net operating income	3,701	955	1,742	786	(225)	—	6,959
Net cost of net debt							(1,015)
Non-controlling interests							(77)
Net income - group share							5,867

	Exploration	Integrated  Gas,	Refining	Marketing
1st half 2019 (adjustments)(a)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	—	(86)	—	—	—	—	(86)
Intersegment sales	—	—	—	—	—	—	—
Excise taxes	—	—	—	—	—	—	—
Revenues from sales	—	(86)	—	—	—	—	(86)
Operating expenses	—	(112)	449	40	—	—	377
Depreciation, depletion and impairment of tangible assets and mineral interests	(43)	(11)	(10)	—	—	—	(64)
Operating income(b)	(43)	(209)	439	40	—	—	227
Net income (loss) from equity affiliates and other items	—	413	(47)	(7)	—	—	359
Tax on net operating income	—	(270)	(121)	(13)	—	—	(404)
Net operating income(b)	(43)	(66)	271	20	—	—	182
Net cost of net debt							(8)
Non-controlling interests							47
Net income - group share							221
(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	—	—	486	40	—
- On net operating income	—	—	344	27	—

	Exploration	Integrated Gas,	Refining	Marketing
1st half 2019 (adjusted)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	4,067	10,294	44,220	43,950	2	—	102,533
Intersegment sales	15,302	1,259	16,310	301	63	(33,235)	—
Excise taxes	—	—	(1,537)	(10,584)	—	—	(12,121)
Revenues from sales	19,369	11,553	58,993	33,667	65	(33,235)	90,412
Operating expenses	(8,234)	(10,175)	(56,951)	(32,218)	(406)	33,235	(74,749)
Depreciation, depletion and impairment of tangible assets and mineral interests	(5,173)	(632)	(753)	(470)	(35)	—	(7,063)
Adjusted operating income	5,962	746	1,289	979	(376)	—	8,600
Net income (loss) from equity affiliates and other items	367	628	307	108	27	—	1,437
Tax on net operating income	(2,585)	(353)	(125)	(321)	124	—	(3,260)
Adjusted net operating income	3,744	1,021	1,471	766	(225)	—	6,777
Net cost of net debt							(1,007)
Non-controlling interests							(124)
Adjusted net income - group share							5,646

	Exploration	Integrated Gas,	Refining	Marketing
1st half 2019	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Total expenditures	4,282	1,975	648	527	51		7,483
Total divestments	89	574	239	157	3		1,062
Cash flow from operating activities	7,704	1,533	1,120	843	(1,320)		9,880

	Exploration	Integrated Gas,	Refining	Marketing
1st half 2018	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	5,337	7,887	45,088	43,836	3	—	102,151
Intersegment sales	14,423	961	17,396	491	34	(33,305)	—
Excise taxes	—	—	(1,714)	(11,043)	—	—	(12,757)
Revenues from sales	19,760	8,848	60,770	33,284	37	(33,305)	89,394
Operating expenses	(8,721)	(8,123)	(58,248)	(31,919)	(399)	33,305	(74,105)
Depreciation, depletion and impairment of tangible assets and mineral interests	(4,561)	(807)	(617)	(346)	(20)	—	(6,351)
Operating income	6,478	(82)	1,905	1,019	(382)	—	8,938
Net income (loss) from equity affiliates and other items	577	795	417	193	9	—	1,991
Tax on net operating income	(3,119)	(237)	(383)	(297)	181	—	(3,855)
Net operating income	3,936	476	1,939	915	(192)	—	7,074
Net cost of net debt							(791)
Non-controlling interests							74
Net income - group share							6,357

	Exploration	Integrated 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	121	(21)	(158)	(35)	—	—	(93)
Net operating income(b)	(196)	(570)	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	Integrated Gas,	Refining	Marketing
1st half 2018 (adjusted)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	5,337	7,874	45,088	43,836	3	—	102,138
Intersegment sales	14,423	961	17,396	491	34	(33,305)	—
Excise taxes	—	—	(1,714)	(11,043)	—	—	(12,757)
Revenues from sales	19,760	8,835	60,770	33,284	37	(33,305)	89,381
Operating expenses	(8,571)	(8,022)	(58,779)	(32,024)	(390)	33,305	(74,481)
Depreciation, depletion and impairment of tangible assets and mineral interests	(4,561)	(361)	(617)	(346)	(20)	—	(5,905)
Adjusted operating income	6,628	452	1,374	914	(373)	—	8,995
Net income (loss) from equity affiliates and other items	744	810	392	193	9	—	2,148
Tax on net operating income	(3,240)	(216)	(225)	(262)	181	—	(3,762)
Adjusted net operating income	4,132	1,046	1,541	845	(183)	—	7,381
Net cost of net debt							(772)
Non-controlling interests							(172)
Adjusted net income - group share							6,437

	Exploration	Integrated Gas,	Refining	Marketing
1st half 2018	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Total expenditures	8,157	1,022	736	538	58	—	10,511
Total divestments	2,642	592	349	273	3	—	3,859
Cash flow from operating activities	7,796	326	(110)	781	(466)	—	8,327

	Exploration	Integrated Gas,	Refining	Marketing
2nd quarter 2019	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	2,273	3,789	22,509	22,671	—	—	51,242
Intersegment sales	7,586	632	8,293	139	36	(16,686)	—
Excise taxes	—	—	(761)	(5,279)	—	—	(6,040)
Revenues from sales	9,859	4,421	30,041	17,531	36	(16,686)	45,202
Operating expenses	(4,205)	(3,878)	(29,168)	(16,844)	(229)	16,686	(37,638)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,687)	(328)	(389)	(237)	(20)	—	(3,661)
Operating income	2,967	215	484	450	(213)	—	3,903
Net income (loss) from equity affiliates and other items	173	661	111	111	26	—	1,082
Tax on net operating income	(1,161)	(450)	46	(170)	64	—	(1,671)
Net operating income	1,979	426	641	391	(123)	—	3,314
Net cost of net debt							(510)
Non-controlling interests							(48)
Net income - group share							2,756

	Exploration	Integrated Gas,	Refining	Marketing
2nd quarter 2019 (adjustments)(a)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	—	(59)	—	—	—	—	(59)
Intersegment sales	—	—	—	—	—	—	—
Excise taxes	—	—	—	—	—	—	—
Revenues from sales	—	(59)	—	—	—	—	(59)
Operating expenses	—	(54)	(43)	(34)	—	—	(131)
Depreciation, depletion and impairment of tangible assets and mineral interests	(43)	(11)	(10)	—	—	—	(64)
Operating income (b)	(43)	(124)	(53)	(34)	—	—	(254)
Net income (loss) from equity affiliates and other items	—	407	(49)	(7)	—	—	351
Tax on net operating income	—	(286)	28	9	—	—	(249)
Net operating income(b)	(43)	(3)	(74)	(32)	—	—	(152)
Net cost of net debt							(4)
Non-controlling interests							25
Net income - group share							(131)
(a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b)Of which inventory valuation effect
- On operating income	—	—	(6)	(34)	—
- On net operating income	—	—	(1)	(25)	—

	Exploration	Integrated Gas,	Refining	Marketing
2nd quarter 2019 (adjusted)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	2,273	3,848	22,509	22,671	—	—	51,301
Intersegment sales	7,586	632	8,293	139	36	(16,686)	—
Excise taxes	—	—	(761)	(5,279)	—	—	(6,040)
Revenues from sales	9,859	4,480	30,041	17,531	36	(16,686)	45,261
Operating expenses	(4,205)	(3,824)	(29,125)	(16,810)	(229)	16,686	(37,507)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,644)	(317)	(379)	(237)	(20)	—	(3,597)
Adjusted operating income	3,010	339	537	484	(213)	—	4,157
Net income (loss) from equity affiliates and other items	173	254	160	118	26	—	731
Tax on net operating income	(1,161)	(164)	18	(179)	64	—	(1,422)
Adjusted net operating income	2,022	429	715	423	(123)	—	3,466
Net cost of net debt							(506)
Non-controlling interests							(73)
Adjusted net income - group share							2,887

	Exploration	Integrated Gas,	Refining	Marketing
2nd quarter 2019	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Total expenditures	2,257	857	363	383	36		3,896
Total divestments	60	349	70	85	1		565
Cash flow from operating activities	3,768	641	1,658	611	(427)		6,251

	Exploration	Integrated Gas,
2nd quarter 2018	&	Renewables	Refining &	Marketing &
(M$)	Production	& Power	Chemicals	Services	Corporate	Intercompany	Total
Non-Group sales	3,119	3,547	23,349	22,528	(3)	—	52,540
Intersegment sales	7,646	469	9,440	293	(63)	(17,785)	—
Excise taxes	—	—	(867)	(5,571)	—	—	(6,438)
Revenues from sales	10,765	4,016	31,922	17,250	(66)	(17,785)	46,102
Operating expenses	(4,791)	(3,605)	(30,369)	(16,416)	(122)	17,785	(37,518)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,345)	(603)	(304)	(172)	(11)	—	(3,435)
Operating income	3,629	(192)	1,249	662	(199)	—	5,149
Net income (loss) from equity affiliates and other items	256	441	289	107	11	—	1,104
Tax on net operating income	(1,687)	(104)	(279)	(194)	85	—	(2,179)
Net operating income	2,198	145	1,259	575	(103)	—	4,074
Net cost of net debt							(440)
Non-controlling interests							87
Net income - group share							3,721

	Exploration	Integrated Gas,
2nd quarter 2018 (adjustments) (a)	&	Renewables	Refining &	Marketing &
(M$)	Production	& Power	Chemicals	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	—

	Exploration	Integrated Gas,
2nd quarter 2018 (adjusted)	&	Renewables	Refining &	Marketing &
(M$)	Production	& Power	Chemicals	Services	Corporate	Intercompany	Total
Non-Group sales	3,119	3,523	23,349	22,528	(3)	—	52,516
Intersegment sales	7,646	469	9,440	293	(63)	(17,785)	—
Excise taxes	—	—	(867)	(5,571)	—	-	(6,438)
Revenues from sales	10,765	3,992	31,922	17,250	(66)	(17,785)	46,078
Operating expenses	(4,694)	(3,596)	(30,938)	(16,550)	(122)	17,785	(38,115)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,345)	(179)	(304)	(172)	(11)	—	(3,011)
Adjusted operating income	3,726	217	680	528	(199)	—	4,952
Net income (loss) from equity affiliates and other items	322	445	243	106	11	—	1,127
Tax on net operating income	(1,733)	(97)	(102)	(156)	85	—	(2,003)
Adjusted net operating income	2,315	565	821	478	(103)	—	4,076
Net cost of net debt							(431)
Non-controlling interests							(92)
Adjusted net income - group share							3,553

	Exploration	Integrated Gas,
2nd quarter 2018	&	Renewables	Refining &	Marketing &
(M$)	Production	& Power	Chemicals	Services	Corporate	Intercompany	Total
Total expenditures	2,612	447	404	310	14		3,787
Total divestments	466	439	324	45	—		1,274
Cash flow from operating activities	4,474	258	999	841	(326)		6,246

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Reconciliation of the information by business segment with consolidated financial statements

6 Months Ended

Jun. 30, 2019

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 2019			statement
(M$)	Adjusted	Adjustments(a)	of income
Sales	102,533	(86)	102,447
Excise taxes	(12,121)	—	(12,121)
Revenues from sales	90,412	(86)	90,326
Purchases net of inventory variation	(60,533)	422	(60,111)
Other operating expenses	(13,758)	(45)	(13,803)
Exploration costs	(458)	—	(458)
Depreciation, depletion and impairment of tangible assets and mineral interests	(7,063)	(64)	(7,127)
Other income	453	115	568
Other expense	(190)	(208)	(398)
Financial interest on debt	(1,121)	(8)	(1,129)
Financial income and expense from cash & cash equivalents	(70)	—	(70)
Cost of net debt	(1,191)	(8)	(1,199)
Other financial income	486	—	486
Other financial expense	(383)	—	(383)
Net income (loss) from equity affiliates	1,071	452	1,523
Income taxes	(3,076)	(404)	(3,480)
Consolidated net income	5,770	174	5,944
Group share	5,646	221	5,867
Non-controlling interests	124	(47)	77

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

			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
2nd quarter 2019			statement
(M$)	Adjusted	Adjustments(a)	of income
Sales	51,301	(59)	51,242
Excise taxes	(6,040)	—	(6,040)
Revenues from sales	45,261	(59)	45,202
Purchases net of inventory variation	(30,295)	(95)	(30,390)
Other operating expenses	(7,042)	(36)	(7,078)
Exploration costs	(170)	—	(170)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,597)	(64)	(3,661)
Other income	253	68	321
Other expense	(117)	(72)	(189)
Financial interest on debt	(564)	(4)	(568)
Financial income and expense from cash & cash equivalents	(42)	—	(42)
Cost of net debt	(606)	(4)	(610)
Other financial income	326	—	326
Other financial expense	(188)	—	(188)
Net income (loss) from equity affiliates	457	355	812
Income taxes	(1,322)	(249)	(1,571)
Consolidated net income	2,960	(156)	2,804
Group share	2,887	(131)	2,756
Non-controlling interests	73	(25)	48

(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.

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Post closing

6 Months Ended

Jun. 30, 2018

Post closing

Post closing

10) Post-closing

On July 10, 2019, TOTAL announced the signature of an agreement to divest several UK non-core assets to Petrogas NEO UK Ltd. The overall consideration for this deal amounts to 635 million dollars with an effective date of January 1, 2019. The transaction remains subject to approval from the relevant authorities and is expected to close in December 2019.

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Accounting policies (Policies)

6 Months Ended

Jun. 30, 2019

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 2019, are presented in U.S. dollars and have been prepared in accordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting”.

Accounting principles applied in the interim financial statements

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

First-time application of IFRS 16 "Leases"

Ø First-time application of IFRS 16 "Leases"

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

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

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

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

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

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

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

In addition, the Group is currently analyzing the facts and circumstances and contractual terms of each lease agreement used in Joint Operations to determine whether the decision of the IFRS Interpretation Committee of March 2019 dealing with the recognition of lease liabilities in the context of unincorporated joint operations has an impact on its consolidated financial statements.

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

The impact on fixed assets is broken down as follows:

(in M$)

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

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Accounting policies (Tables)

6 Months Ended

Jun. 30, 2019

Accounting policies

Schedule of impact on fixed assets due to adoption of IFRS 16

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

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Adjustment items (Tables)

6 Months Ended

Jun. 30, 2019

Adjustment items

Schedule of detail of the adjustment items

ADJUSTMENTS TO OPERATING INCOME

		Exploration	Integrated	Refining	Marketing	Corporate	Total
		&	Gas,	&	&
		Production	Renewables	Chemicals	Services
(M$)			& Power
2nd quarter 2019	Inventory valuation effect	—	—	(6)	(34)	—	(40)
	Effect of changes in fair value	—	(59)	—	—	—	(59)
	Restructuring charges	—	—	—	—	—	—
	Asset impairment charges	(43)	(11)	(10)	—	—	(64)
	Other items	—	(54)	(37)	—	—	(91)
Total		(43)	(124)	(53)	(34)	—	(254)
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
1st half 2019	Inventory valuation effect	—	—	486	40	—	526
	Effect of changes in fair value	—	(86)	—	—	—	(86)
	Restructuring charges	—	—	—	—	—	—
	Asset impairment charges	(43)	(11)	(10)	—	—	(64)
	Other items	—	(112)	(37)	—	—	(149)
Total		(43)	(209)	439	40	—	227
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)

ADJUSTMENTS TO NET INCOME, GROUP SHARE

		Exploration	Integrated	Refining	Marketing	Corporate	Total
		&	Gas,	&	&
		Production	Renewables	Chemicals	Services
(M$)			& Power
2nd quarter 2019	Inventory valuation effect	—	—	(3)	(25)	—	(28)
	Effect of changes in fair value	—	(47)	—	—	—	(47)
	Restructuring charges	—	(14)	(17)	—	—	(31)
	Asset impairment charges	(43)	(6)	(8)	—	—	(57)
	Gains (losses) on disposals of assets	—	—	—	—	—	—
	Other items	—	86	(48)	(6)	—	32
Total		(43)	19	(76)	(31)	—	(131)
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
1st half 2019	Inventory valuation effect	—	—	341	19	—	360
	Effect of changes in fair value	—	(69)	—	—	—	(69)
	Restructuring charges	—	(16)	(17)	—	—	(33)
	Asset impairment charges	(43)	(6)	(8)	—	—	(57)
	Gains (losses) on disposals of assets	—	—	—	—	—	—
	Other items	—	74	(48)	(6)	—	20
Total		(43)	(17)	268	13	—	221
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	(34)	(75)	(17)	—	(9)	(135)
Total		(196)	(330)	395	60	(9)	(80)

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Shareholders' equity (Tables)

6 Months Ended

Jun. 30, 2019

Shareholders' equity

Schedule of treasury shares held

Shares to be cancelled (1)	57,130,510
Repurchased during Q4 2018	27,360,278
Repurchased during Q1 2019	7,374,542
Repurchased during Q2 2019	22,395,690
Shares to be allocated as part of free share grant plans (2)	7,670,207
2016 Plan	4,683,986
2017 Plan	2,918,835
Other Plans	67,386
Treasury shares Total (1)+(2)	64,800,717

Schedule of information about dividends paid

Dividend 2018	First interim		Second interim		Third interim		Final
Amount	€	0.64	€	0.64	€	0.64	€	0.64
Declaration of distribution(1)		September 19, 2018		December 12, 2018		March 13, 2019		May 29, 2019
Ex-dividend date		September 25, 2018		December 18, 2018		March 19, 2019		June 11, 2019
Payment date		October 12, 2018		January 10, 2019		April 5, 2019		June 13, 2019
Scrip dividend option		Yes		Yes		Yes		No
Issue price(2)	€	52.95	€	48.27	€	49.30		—
Number of shares subscribed		18,783,197		1,212,767		14,864,169		—

(1) Date on which the Board of Directors met and declared the distribution of the dividend. The declaration of distribution is decided by the shareholders for the final dividend.

(2) The issue price of the new share is equal to the average Euronext Paris opening price of the TOTAL shares for the 20 trading days preceding the declaration of distribution, reduced by the amount of the dividend, without any discount.

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

Detail of other comprehensive income

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

(M$)		1st half 2019		1st half 2018
Actuarial gains and losses		(59)		67
Change in fair value of investments in equity instruments		107		5
Tax effect		14		(18)
Currency translation adjustment generated by the parent company		(474)		(2,630)
Sub-total items not potentially reclassifiable to profit and loss		(412)		(2,576)
Currency translation adjustment		187		968
- unrealized gain/(loss) of the period	233		1,078
- less gain/(loss) included in net income	46		110
Cash flow hedge		(373)		255
- unrealized gain/(loss) of the period	(303)		142
- less gain/(loss) included in net income	70		(113)
Variation of foreign currency basis spread		54		(27)
- unrealized gain/(loss) of the period	25		(27)
- less gain/(loss) included in net income	(29)		—
Share of other comprehensive income of equity affiliates, net amount		253		(132)
- unrealized gain/(loss) of the period	265		(93)
- less gain/(loss) included in net income	12		39
Other		2		(2)
Tax effect		107		(75)
Sub-total items potentially reclassifiable to profit and loss		230		987
Total other comprehensive income, net amount		(182)		(1,589)

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

	1st half 2019			1st half 2018
(M$)	Pre-tax amount	Tax effect	Net amount	Pre-tax amount	Tax effect	Net amount
Actuarial gains and losses	(59)	16	(43)	67	(18)	49
Change in fair value of investments in equity instruments	107	(2)	105	5	—	5
Currency translation adjustment generated by the parent company	(474)	—	(474)	(2,630)	—	(2,630)
Sub-total items not potentially reclassifiable to profit and loss	(426)	14	(412)	(2,558)	(18)	(2,576)
Currency translation adjustment	187	—	187	968	—	968
Cash flow hedge	(373)	125	(248)	255	(81)	174
Variation of foreign currency basis spread	54	(18)	36	(27)	6	(21)
Share of other comprehensive income of equity affiliates, net amount	253	—	253	(132)	—	(132)
Other	2	—	2	(2)	—	(2)
Sub-total items potentially reclassifiable to profit and loss	123	107	230	1,062	(75)	987
Total other comprehensive income	(303)	121	(182)	(1,496)	(93)	(1,589)

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Information by business segment (Tables)

6 Months Ended

Jun. 30, 2019

Information by business segment

Schedule of information by business segment

	Exploration	Integrated Gas,	Refining	Marketing
1st half 2019	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	4,067	10,208	44,220	43,950	2	—	102,447
Intersegment sales	15,302	1,259	16,310	301	63	(33,235)	—
Excise taxes	—	—	(1,537)	(10,584)	—	—	(12,121)
Revenues from sales	19,369	11,467	58,993	33,667	65	(33,235)	90,326
Operating expenses	(8,234)	(10,287)	(56,502)	(32,178)	(406)	33,235	(74,372)
Depreciation, depletion and impairment of tangible assets and mineral interests	(5,216)	(643)	(763)	(470)	(35)	—	(7,127)
Operating income	5,919	537	1,728	1,019	(376)	—	8,827
Net income (loss) from equity affiliates and other items	367	1,041	260	101	27	—	1,796
Tax on net operating income	(2,585)	(623)	(246)	(334)	124	—	(3,664)
Net operating income	3,701	955	1,742	786	(225)	—	6,959
Net cost of net debt							(1,015)
Non-controlling interests							(77)
Net income - group share							5,867

	Exploration	Integrated  Gas,	Refining	Marketing
1st half 2019 (adjustments)(a)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	—	(86)	—	—	—	—	(86)
Intersegment sales	—	—	—	—	—	—	—
Excise taxes	—	—	—	—	—	—	—
Revenues from sales	—	(86)	—	—	—	—	(86)
Operating expenses	—	(112)	449	40	—	—	377
Depreciation, depletion and impairment of tangible assets and mineral interests	(43)	(11)	(10)	—	—	—	(64)
Operating income(b)	(43)	(209)	439	40	—	—	227
Net income (loss) from equity affiliates and other items	—	413	(47)	(7)	—	—	359
Tax on net operating income	—	(270)	(121)	(13)	—	—	(404)
Net operating income(b)	(43)	(66)	271	20	—	—	182
Net cost of net debt							(8)
Non-controlling interests							47
Net income - group share							221
(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	—	—	486	40	—
- On net operating income	—	—	344	27	—

	Exploration	Integrated Gas,	Refining	Marketing
1st half 2019 (adjusted)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	4,067	10,294	44,220	43,950	2	—	102,533
Intersegment sales	15,302	1,259	16,310	301	63	(33,235)	—
Excise taxes	—	—	(1,537)	(10,584)	—	—	(12,121)
Revenues from sales	19,369	11,553	58,993	33,667	65	(33,235)	90,412
Operating expenses	(8,234)	(10,175)	(56,951)	(32,218)	(406)	33,235	(74,749)
Depreciation, depletion and impairment of tangible assets and mineral interests	(5,173)	(632)	(753)	(470)	(35)	—	(7,063)
Adjusted operating income	5,962	746	1,289	979	(376)	—	8,600
Net income (loss) from equity affiliates and other items	367	628	307	108	27	—	1,437
Tax on net operating income	(2,585)	(353)	(125)	(321)	124	—	(3,260)
Adjusted net operating income	3,744	1,021	1,471	766	(225)	—	6,777
Net cost of net debt							(1,007)
Non-controlling interests							(124)
Adjusted net income - group share							5,646

	Exploration	Integrated Gas,	Refining	Marketing
1st half 2019	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Total expenditures	4,282	1,975	648	527	51		7,483
Total divestments	89	574	239	157	3		1,062
Cash flow from operating activities	7,704	1,533	1,120	843	(1,320)		9,880

	Exploration	Integrated Gas,	Refining	Marketing
1st half 2018	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	5,337	7,887	45,088	43,836	3	—	102,151
Intersegment sales	14,423	961	17,396	491	34	(33,305)	—
Excise taxes	—	—	(1,714)	(11,043)	—	—	(12,757)
Revenues from sales	19,760	8,848	60,770	33,284	37	(33,305)	89,394
Operating expenses	(8,721)	(8,123)	(58,248)	(31,919)	(399)	33,305	(74,105)
Depreciation, depletion and impairment of tangible assets and mineral interests	(4,561)	(807)	(617)	(346)	(20)	—	(6,351)
Operating income	6,478	(82)	1,905	1,019	(382)	—	8,938
Net income (loss) from equity affiliates and other items	577	795	417	193	9	—	1,991
Tax on net operating income	(3,119)	(237)	(383)	(297)	181	—	(3,855)
Net operating income	3,936	476	1,939	915	(192)	—	7,074
Net cost of net debt							(791)
Non-controlling interests							74
Net income - group share							6,357

	Exploration	Integrated 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	121	(21)	(158)	(35)	—	—	(93)
Net operating income(b)	(196)	(570)	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	Integrated Gas,	Refining	Marketing
1st half 2018 (adjusted)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	5,337	7,874	45,088	43,836	3	—	102,138
Intersegment sales	14,423	961	17,396	491	34	(33,305)	—
Excise taxes	—	—	(1,714)	(11,043)	—	—	(12,757)
Revenues from sales	19,760	8,835	60,770	33,284	37	(33,305)	89,381
Operating expenses	(8,571)	(8,022)	(58,779)	(32,024)	(390)	33,305	(74,481)
Depreciation, depletion and impairment of tangible assets and mineral interests	(4,561)	(361)	(617)	(346)	(20)	—	(5,905)
Adjusted operating income	6,628	452	1,374	914	(373)	—	8,995
Net income (loss) from equity affiliates and other items	744	810	392	193	9	—	2,148
Tax on net operating income	(3,240)	(216)	(225)	(262)	181	—	(3,762)
Adjusted net operating income	4,132	1,046	1,541	845	(183)	—	7,381
Net cost of net debt							(772)
Non-controlling interests							(172)
Adjusted net income - group share							6,437

	Exploration	Integrated Gas,	Refining	Marketing
1st half 2018	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Total expenditures	8,157	1,022	736	538	58	—	10,511
Total divestments	2,642	592	349	273	3	—	3,859
Cash flow from operating activities	7,796	326	(110)	781	(466)	—	8,327

	Exploration	Integrated Gas,	Refining	Marketing
2nd quarter 2019	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	2,273	3,789	22,509	22,671	—	—	51,242
Intersegment sales	7,586	632	8,293	139	36	(16,686)	—
Excise taxes	—	—	(761)	(5,279)	—	—	(6,040)
Revenues from sales	9,859	4,421	30,041	17,531	36	(16,686)	45,202
Operating expenses	(4,205)	(3,878)	(29,168)	(16,844)	(229)	16,686	(37,638)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,687)	(328)	(389)	(237)	(20)	—	(3,661)
Operating income	2,967	215	484	450	(213)	—	3,903
Net income (loss) from equity affiliates and other items	173	661	111	111	26	—	1,082
Tax on net operating income	(1,161)	(450)	46	(170)	64	—	(1,671)
Net operating income	1,979	426	641	391	(123)	—	3,314
Net cost of net debt							(510)
Non-controlling interests							(48)
Net income - group share							2,756

	Exploration	Integrated Gas,	Refining	Marketing
2nd quarter 2019 (adjustments)(a)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	—	(59)	—	—	—	—	(59)
Intersegment sales	—	—	—	—	—	—	—
Excise taxes	—	—	—	—	—	—	—
Revenues from sales	—	(59)	—	—	—	—	(59)
Operating expenses	—	(54)	(43)	(34)	—	—	(131)
Depreciation, depletion and impairment of tangible assets and mineral interests	(43)	(11)	(10)	—	—	—	(64)
Operating income (b)	(43)	(124)	(53)	(34)	—	—	(254)
Net income (loss) from equity affiliates and other items	—	407	(49)	(7)	—	—	351
Tax on net operating income	—	(286)	28	9	—	—	(249)
Net operating income(b)	(43)	(3)	(74)	(32)	—	—	(152)
Net cost of net debt							(4)
Non-controlling interests							25
Net income - group share							(131)
(a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b)Of which inventory valuation effect
- On operating income	—	—	(6)	(34)	—
- On net operating income	—	—	(1)	(25)	—

	Exploration	Integrated Gas,	Refining	Marketing
2nd quarter 2019 (adjusted)	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Non-Group sales	2,273	3,848	22,509	22,671	—	—	51,301
Intersegment sales	7,586	632	8,293	139	36	(16,686)	—
Excise taxes	—	—	(761)	(5,279)	—	—	(6,040)
Revenues from sales	9,859	4,480	30,041	17,531	36	(16,686)	45,261
Operating expenses	(4,205)	(3,824)	(29,125)	(16,810)	(229)	16,686	(37,507)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,644)	(317)	(379)	(237)	(20)	—	(3,597)
Adjusted operating income	3,010	339	537	484	(213)	—	4,157
Net income (loss) from equity affiliates and other items	173	254	160	118	26	—	731
Tax on net operating income	(1,161)	(164)	18	(179)	64	—	(1,422)
Adjusted net operating income	2,022	429	715	423	(123)	—	3,466
Net cost of net debt							(506)
Non-controlling interests							(73)
Adjusted net income - group share							2,887

	Exploration	Integrated Gas,	Refining	Marketing
2nd quarter 2019	&	Renewables	&	&	Corporate	Intercompany	Total
(M$)	Production	& Power	Chemicals	Services
Total expenditures	2,257	857	363	383	36		3,896
Total divestments	60	349	70	85	1		565
Cash flow from operating activities	3,768	641	1,658	611	(427)		6,251

	Exploration	Integrated Gas,
2nd quarter 2018	&	Renewables	Refining &	Marketing &
(M$)	Production	& Power	Chemicals	Services	Corporate	Intercompany	Total
Non-Group sales	3,119	3,547	23,349	22,528	(3)	—	52,540
Intersegment sales	7,646	469	9,440	293	(63)	(17,785)	—
Excise taxes	—	—	(867)	(5,571)	—	—	(6,438)
Revenues from sales	10,765	4,016	31,922	17,250	(66)	(17,785)	46,102
Operating expenses	(4,791)	(3,605)	(30,369)	(16,416)	(122)	17,785	(37,518)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,345)	(603)	(304)	(172)	(11)	—	(3,435)
Operating income	3,629	(192)	1,249	662	(199)	—	5,149
Net income (loss) from equity affiliates and other items	256	441	289	107	11	—	1,104
Tax on net operating income	(1,687)	(104)	(279)	(194)	85	—	(2,179)
Net operating income	2,198	145	1,259	575	(103)	—	4,074
Net cost of net debt							(440)
Non-controlling interests							87
Net income - group share							3,721

	Exploration	Integrated Gas,
2nd quarter 2018 (adjustments) (a)	&	Renewables	Refining &	Marketing &
(M$)	Production	& Power	Chemicals	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	—

	Exploration	Integrated Gas,
2nd quarter 2018 (adjusted)	&	Renewables	Refining &	Marketing &
(M$)	Production	& Power	Chemicals	Services	Corporate	Intercompany	Total
Non-Group sales	3,119	3,523	23,349	22,528	(3)	—	52,516
Intersegment sales	7,646	469	9,440	293	(63)	(17,785)	—
Excise taxes	—	—	(867)	(5,571)	—	-	(6,438)
Revenues from sales	10,765	3,992	31,922	17,250	(66)	(17,785)	46,078
Operating expenses	(4,694)	(3,596)	(30,938)	(16,550)	(122)	17,785	(38,115)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,345)	(179)	(304)	(172)	(11)	—	(3,011)
Adjusted operating income	3,726	217	680	528	(199)	—	4,952
Net income (loss) from equity affiliates and other items	322	445	243	106	11	—	1,127
Tax on net operating income	(1,733)	(97)	(102)	(156)	85	—	(2,003)
Adjusted net operating income	2,315	565	821	478	(103)	—	4,076
Net cost of net debt							(431)
Non-controlling interests							(92)
Adjusted net income - group share							3,553

	Exploration	Integrated Gas,
2nd quarter 2018	&	Renewables	Refining &	Marketing &
(M$)	Production	& Power	Chemicals	Services	Corporate	Intercompany	Total
Total expenditures	2,612	447	404	310	14		3,787
Total divestments	466	439	324	45	—		1,274
Cash flow from operating activities	4,474	258	999	841	(326)		6,246

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

6 Months Ended

Jun. 30, 2019

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 2019			statement
(M$)	Adjusted	Adjustments(a)	of income
Sales	102,533	(86)	102,447
Excise taxes	(12,121)	—	(12,121)
Revenues from sales	90,412	(86)	90,326
Purchases net of inventory variation	(60,533)	422	(60,111)
Other operating expenses	(13,758)	(45)	(13,803)
Exploration costs	(458)	—	(458)
Depreciation, depletion and impairment of tangible assets and mineral interests	(7,063)	(64)	(7,127)
Other income	453	115	568
Other expense	(190)	(208)	(398)
Financial interest on debt	(1,121)	(8)	(1,129)
Financial income and expense from cash & cash equivalents	(70)	—	(70)
Cost of net debt	(1,191)	(8)	(1,199)
Other financial income	486	—	486
Other financial expense	(383)	—	(383)
Net income (loss) from equity affiliates	1,071	452	1,523
Income taxes	(3,076)	(404)	(3,480)
Consolidated net income	5,770	174	5,944
Group share	5,646	221	5,867
Non-controlling interests	124	(47)	77

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

			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
2nd quarter 2019			statement
(M$)	Adjusted	Adjustments(a)	of income
Sales	51,301	(59)	51,242
Excise taxes	(6,040)	—	(6,040)
Revenues from sales	45,261	(59)	45,202
Purchases net of inventory variation	(30,295)	(95)	(30,390)
Other operating expenses	(7,042)	(36)	(7,078)
Exploration costs	(170)	—	(170)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,597)	(64)	(3,661)
Other income	253	68	321
Other expense	(117)	(72)	(189)
Financial interest on debt	(564)	(4)	(568)
Financial income and expense from cash & cash equivalents	(42)	—	(42)
Cost of net debt	(606)	(4)	(610)
Other financial income	326	—	326
Other financial expense	(188)	—	(188)
Net income (loss) from equity affiliates	457	355	812
Income taxes	(1,322)	(249)	(1,571)
Consolidated net income	2,960	(156)	2,804
Group share	2,887	(131)	2,756
Non-controlling interests	73	(25)	48

(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)

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

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Accounting policies (Details) - USD ($) $ in Millions	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018
Accounting policies
Fixed assets	$ 118,063	$ 117,881	$ 113,324	$ 114,047
Weighted average incremental borrowing rate			4.50%
Increase/decrease due to application of IFRS 16
Accounting policies
Fixed assets			$ 5,698
Net debt			(5,505)
Other assets and liabilities			(193)
Right of use			5,698
Increase/decrease due to application of IFRS 16 | Buildings
Accounting policies
Right of use			2,278
Increase/decrease due to application of IFRS 16 | Machinery, plant and equipment
Accounting policies
Right of use			2,632
Increase/decrease due to application of IFRS 16 | Other
Accounting policies
Right of use			$ 788

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Changes in the Group structure - Main acquisitions and divestments (Details)	Apr. 01, 2019	Mar. 31, 2019	Mar. 15, 2019	Mar. 14, 2019	Mar. 04, 2019
Danish Underground Consortium
Main acquisitions and divestments
Proportion of ownership interest in associate	43.20%	31.20%
Chevron Denmark Inc. | Danish Underground Consortium
Main acquisitions and divestments
Percentage of interest acquired	12.00%
Chevron Denmark Inc. | Licence 8/06
Main acquisitions and divestments
Percentage of interest acquired	12.00%
Chevron Denmark Inc. | Tyra West pipeline
Main acquisitions and divestments
Percentage of interest acquired	7.50%
Arctic LNG 2
Main acquisitions and divestments
Percentage of interest acquired					10.00%
Ichthys LNG project
Main acquisitions and divestments
Percentage of interest sold			4.00%
Proportion of ownership interest in joint venture			26.00%	30.00%

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Adjustment items (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($) segment	Jun. 30, 2018 USD ($)
Business segment information
Number of business segments | segment				4
Operating income	$ 3,903		$ 5,149	$ 8,827	$ 8,938
Net income, Group share	2,756	$ 3,111	3,721	5,867	6,357
Adjustments
Business segment information
Operating income	(254)		197	227	(57)
Net income, Group share	(131)		168	221	(80)
Adjustments - Inventory valuation effect
Business segment information
Operating income	(40)		703	526	636
Net income, Group share	(28)		517	360	472
Adjustments - Effect of changes in fair value
Business segment information
Operating income	(59)		16	(86)	5
Net income, Group share	(47)		9	(69)	1
Adjustments - Restructuring charges
Business segment information
Operating income					(53)
Net income, Group share	(31)		(46)	(33)	(67)
Adjustments - Asset impairment charges
Business segment information
Operating income	(64)		(424)	(64)	(446)
Net income, Group share	(57)		(236)	(57)	(248)
Adjustments - Gains (losses) on disposals of assets
Business segment information
Net income, Group share			(2)		(103)
Adjustments - Other items
Business segment information
Operating income	(91)		(98)	(149)	(199)
Net income, Group share	32		(74)	20	(135)
Exploration & Production | Adjustments
Business segment information
Operating income	(43)		(97)	(43)	(150)
Net income, Group share	(43)		(117)	(43)	(196)
Exploration & Production | Adjustments - Restructuring charges
Business segment information
Operating income					(53)
Net income, Group share			(44)		(59)
Exploration & Production | Adjustments - Asset impairment charges
Business segment information
Operating income	(43)			(43)
Net income, Group share	(43)			(43)
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)		(97)
Net income, Group share			(71)		(34)
Integrated Gas, Renewables and Power | Adjustments
Business segment information
Operating income	(124)		(409)	(209)	(534)
Net income, Group share	19		(232)	(17)	(330)
Integrated Gas, Renewables and Power | Adjustments - Effect of changes in fair value
Business segment information
Operating income	(59)		16	(86)	5
Net income, Group share	(47)		9	(69)	1
Integrated Gas, Renewables and Power | Adjustments - Restructuring charges
Business segment information
Net income, Group share	(14)		(2)	(16)	(8)
Integrated Gas, Renewables and Power | Adjustments - Asset impairment charges
Business segment information
Operating income	(11)		(424)	(11)	(446)
Net income, Group share	(6)		(236)	(6)	(248)
Integrated Gas, Renewables and Power | Adjustments - Other items
Business segment information
Operating income	(54)		(1)	(112)	(93)
Net income, Group share	86		(3)	74	(75)
Refining & Chemicals | Adjustments
Business segment information
Operating income	(53)		569	439	531
Net income, Group share	(76)		436	268	395
Refining & Chemicals | Adjustments - Inventory valuation effect
Business segment information
Operating income	(6)		569	486	531
Net income, Group share	(3)		436	341	412
Refining & Chemicals | Adjustments - Restructuring charges
Business segment information
Net income, Group share	(17)			(17)
Refining & Chemicals | Adjustments - Asset impairment charges
Business segment information
Operating income	(10)			(10)
Net income, Group share	(8)			(8)
Refining & Chemicals | Adjustments - Other items
Business segment information
Operating income	(37)			(37)
Net income, Group share	(48)			(48)	(17)
Marketing & Services | Adjustments
Business segment information
Operating income	(34)		134	40	105
Net income, Group share	(31)		81	13	60
Marketing & Services | Adjustments - Inventory valuation effect
Business segment information
Operating income	(34)		134	40	105
Net income, Group share	(25)		$ 81	19	60
Marketing & Services | Adjustments - Other items
Business segment information
Net income, Group share	$ (6)			$ (6)
Corporate | Adjustments
Business segment information
Operating income					(9)
Net income, Group share					(9)
Corporate | Adjustments - Other items
Business segment information
Operating income					(9)
Net income, Group share					$ (9)

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Shareholders' equity - Treasury shares (Details) - TOTAL S.A.	Jun. 30, 2019 shares
Treasury shares	64,800,717
Percentage of share capital represented by treasury shares	2.43%
Shares to be cancelled	57,130,510
Shares to be allocated as part of free share grant plans	7,670,207
2016 Plan
Shares to be allocated as part of free share grant plans	4,683,986
2017 Plan
Shares to be allocated as part of free share grant plans	2,918,835
Other Plans
Shares to be allocated as part of free share grant plans	67,386
Shares repurchased during Q4 2018
Shares to be cancelled	27,360,278
Shares repurchased during Q1 2019
Shares to be cancelled	7,374,542
Shares repurchased during Q2 2019
Shares to be cancelled	22,395,690

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Shareholders' equity - Dividend (Details)									6 Months Ended
	Jan. 08, 2020 € / shares	Oct. 01, 2019 € / shares	Jul. 24, 2019 € / shares	Jun. 13, 2019 € / shares	May 29, 2019 item € / shares	Apr. 05, 2019 € / shares shares	Jan. 10, 2019 € / shares shares	Oct. 12, 2018 € / shares shares	Jun. 30, 2019
Dividend
Number of quarterly interim dividends paid for the 2018 fiscal year | item					3
Dividend approved for the 2018 fiscal year (in Euros per share)					€ 2.56
Number of trading days to determine stock dividend price									20 days
First interim
Dividend
Dividend paid (in Euros per share)		€ 0.66						€ 0.64
Issue price for dividend paid in shares (in Euros per share)								€ 52.95
Number of shares subscribed | shares								18,783,197
Second interim
Dividend
Dividend paid (in Euros per share)	€ 0.66						€ 0.64
Issue price for dividend paid in shares (in Euros per share)							€ 48.27
Number of shares subscribed | shares							1,212,767
Interim dividend set by Board of Directors (in Euros per share)			€ 0.66
Third interim
Dividend
Dividend paid (in Euros per share)						€ 0.64
Issue price for dividend paid in shares (in Euros per share)						€ 49.30
Number of shares subscribed | shares						14,864,169
Final
Dividend
Dividend paid (in Euros per share)				€ 0.64

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Shareholders' equity - Earnings per share (Details)	3 Months Ended						6 Months Ended
	Jun. 30, 2019 € / shares	Jun. 30, 2019 $ / shares	Mar. 31, 2019 € / shares	Mar. 31, 2019 $ / shares	Jun. 30, 2018 € / shares	Jun. 30, 2018 $ / shares	Jun. 30, 2019 $ / shares	Jun. 30, 2018 $ / shares
Earnings per share in euros
Earnings per share (in dollars or Euros per share) | (per share)	€ 0.89	$ 1.01	€ 1.03	$ 1.17	€ 1.16	$ 1.38	$ 2.17	$ 2.39
Diluted earnings per share (in dollars or Euros per share) | (per share)	€ 0.89	$ 1.00	€ 1.02	$ 1.16	€ 1.16	$ 1.38	$ 2.16	$ 2.38

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Shareholders' equity - Perpetual subordinated notes (Details) € in Millions	Apr. 30, 2019 EUR (€)
Perpetual subordinated notes issued, 1.750%, callable in 2024
Shareholders' equity
Interest rate (as percent)	1.75%
Principal amount	€ 1,500
Perpetual subordinated notes tendered, 2.250%, callable in 2021
Shareholders' equity
Interest rate (as percent)	2.25%
Principal amount	€ 1,500

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Shareholders' equity - Other comprehensive income (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Shareholders' equity
Actuarial gains and losses	$ (223)	$ 164	$ 42	$ (59)		$ 67
Change in fair value of investments in equity instruments	74	33	(2)	107		5
Tax effect	59	(45)	(20)	14		(18)
Currency translation adjustment generated by the parent company	1,057	(1,531)	(4,761)	(474)		(2,630)
Items not potentially reclassifiable to profit and loss	967	(1,379)	(4,741)	(412)		(2,576)
Currency translation adjustment	(619)	806	1,330	187		968
Unrealized gain/(loss) of the period				233		1,078
Less gain/(loss) included in net income				46		110
Cash flow hedge	(246)	(127)	77	(373)		255
Unrealized gain/(loss) of the period				(303)		142
Less gain/(loss) included in net income				70		(113)
Variation of foreign currency basis spread	43	11	2	54		(27)
unrealized gain/(loss) of the period				25		(27)
less gain/(loss) included in net income				(29)
Share of other comprehensive income of equity affiliates, net amount	(135)	388	36	253		(132)
Unrealized gain/(loss) of the period				265		(93)
Less gain/(loss) included in net income				12		39
Other	1	1	(2)	2		(2)
Tax effect	69	38	(27)	107		(75)
Sub-total items potentially reclassifiable to profit and loss	(887)	1,117	1,416	230		987
Total other comprehensive income, net amount	$ 80	$ (262)	$ (3,325)	$ (182)	$ (1,905)	$ (1,589)

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Shareholders' equity - Tax effects of other comprehensive income (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Pre-tax amount
Actuarial gains and losses	$ (223)	$ 164	$ 42	$ (59)		$ 67
Change in fair value of investments in equity instruments	74	33	(2)	107		5
Currency translation adjustment generated by the parent company	1,057	(1,531)	(4,761)	(474)		(2,630)
Sub-total items not potentially reclassifiable to profit and loss				(426)		(2,558)
Currency translation adjustment	(619)	806	1,330	187		968
Cash flow hedge	(246)	(127)	77	(373)		255
Variation of foreign currency basis spread	43	11	2	54		(27)
Share of other comprehensive income of equity affiliates, net amount				253		(132)
Other	1	1	(2)	2		(2)
Sub-total items potentially reclassifiable to profit and loss				123		1,062
Total other comprehensive income				(303)		(1,496)
Tax effect
Actuarial gains and losses				16		(18)
Change in fair value of investments in equity instruments				(2)
Sub-total items not potentially reclassifiable to profit and loss	59	(45)	(20)	14		(18)
Cash flow hedge				125		(81)
Variation of foreign currency basis spread				(18)		6
Sub-total items potentially reclassifiable to profit and loss	69	38	(27)	107		(75)
Total other comprehensive income				121		(93)
Net amount
Actuarial gains and losses				(43)		49
Change in fair value of investments in equity instruments				105		5
Currency translation adjustment generated by the parent company	1,057	(1,531)	(4,761)	(474)		(2,630)
Items not potentially reclassifiable to profit and loss	967	(1,379)	(4,741)	(412)		(2,576)
Currency translation adjustment				187		968
Cash flow hedge				(248)		174
Variation of foreign currency basis spread				36		(21)
Share of other comprehensive income of equity affiliates, net amount	(135)	388	36	253		(132)
Other				2		(2)
Items potentially reclassifiable to profit and loss	(887)	1,117	1,416	230		987
Total other comprehensive income (net amount)	$ 80	$ (262)	$ (3,325)	$ (182)	$ (1,905)	$ (1,589)

XML

Financial debt (Details) € in Millions, £ in Millions, SFr in Millions, $ in Millions, $ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2019 HKD ($)	Jun. 30, 2019 AUD ($)	Jun. 30, 2019 GBP (£)	Jun. 30, 2019 CHF (SFr)	Jun. 30, 2019 EUR (€)	Jun. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)
Increase/decrease due to application of IFRS 16
Financial debt
Financial debt							$ 5,555
Sub-lease financial asset							50
Net debt							$ 5,505
USD Bond 3.455% 2019-2029
Financial debt
Amount of bonds issued						$ 1,250
Interest rate (as percent)	3.455%	3.455%	3.455%	3.455%	3.455%	3.455%
GBP Bond 1.660% 2019-2026
Financial debt
Amount of bonds issued | £			£ 500
Interest rate (as percent)	1.66%	1.66%	1.66%	1.66%	1.66%	1.66%
Euro Bond 0.696% 2019-2028
Financial debt
Amount of bonds issued | €					€ 650
Interest rate (as percent)	0.696%	0.696%	0.696%	0.696%	0.696%	0.696%
Euro Bond 1.535% 2019-2039
Financial debt
Amount of bonds issued | €					€ 650
Interest rate (as percent)	1.535%	1.535%	1.535%	1.535%	1.535%	1.535%
CHF Bond 0.166% 2019-2029
Financial debt
Amount of bonds issued | SFr				SFr 200
Interest rate (as percent)	0.166%	0.166%	0.166%	0.166%	0.166%	0.166%
Euro Bond 4.875 % Issued in 2009, Maturing January 2019
Financial debt
Interest rate (as percent)	4.875%	4.875%	4.875%	4.875%	4.875%	4.875%
Amount of bonds reimbursed | €					€ 1,200
USD Bond 2.125 % Issued in 2014, Maturing January 2019
Financial debt
Interest rate (as percent)	2.125%	2.125%	2.125%	2.125%	2.125%	2.125%
Amount of bonds reimbursed						$ 750
AUD Bond 4.125 % Issued in 2014, Maturing March 2019
Financial debt
Interest rate (as percent)	4.125%	4.125%	4.125%	4.125%	4.125%	4.125%
Amount of bonds reimbursed		$ 150
HKD Bond 4.180 % Issued in 2009, Maturing June 2019
Financial debt
Interest rate (as percent)	4.18%	4.18%	4.18%	4.18%	4.18%	4.18%
Amount of bonds reimbursed	$ 750
USD Bond 2.100 % Issued in 2014, Maturing June 2019
Financial debt
Interest rate (as percent)	2.10%	2.10%	2.10%	2.10%	2.10%	2.10%
Amount of bonds reimbursed						$ 1,000
USD Bond 3-month Libor + 35 basis points Issued in 2014, Maturing June 2019
Financial debt
Amount of bonds reimbursed						$ 250
Interest rate basis	3-month Libor	3-month Libor	3-month Libor	3-month Libor	3-month Libor	3-month Libor
Adjustment to interest rate basis (as a percent)	0.35%	0.35%	0.35%	0.35%	0.35%	0.35%
AUD Bond 3.750 % Issued in 2014, Maturing June 2019
Financial debt
Interest rate (as percent)	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%
Amount of bonds reimbursed		$ 100

XML

Related parties (Details)		1 Months Ended
	Mar. 31, 2019	Mar. 31, 2019
Arctic LNG 2
Related parties
Percentage of interest acquired		10.00%
Novatek
Related parties
Proportion of ownership interest in associate	19.40%

XML

Other risks and contingent liabilities (Details)		6 Months Ended
	Apr. 28, 2016 employee	Jun. 30, 2019 company
Yemen LNG Company Limited
Disclosure of contingent liabilities
Stake held in associate (as a percent)		39.62%
Contingent liabilities - legal proceedings | FERC
Disclosure of contingent liabilities
Number of companies involved in class action lawsuit | company		3
Contingent liabilities - legal proceedings | FERC | Total Gas & Power North America Inc.
Disclosure of contingent liabilities
Number of former employees issued order to show cause | employee	2

XML

Information by business segment (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Business segment information
Sales	$ 51,242	$ 51,205	$ 52,540	$ 102,447	$ 102,151
Excise taxes	(6,040)	(6,081)	(6,438)	(12,121)	(12,757)
Revenues from sales	45,202	45,124	46,102	90,326	89,394
Operating expenses	(37,638)		(37,518)	(74,372)	(74,105)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,661)	(3,466)	(3,435)	(7,127)	(6,351)
Operating income	3,903		5,149	8,827	8,938
Net income (loss) from equity affiliates and other items	1,082		1,104	1,796	1,991
Tax on net operating income	(1,671)		(2,179)	(3,664)	(3,855)
Net operating income	3,314		4,074	6,959	7,074
Net cost of net debt	(510)		(440)	(1,015)	(791)
Non-controlling interests	(48)	(29)	87	(77)	74
Net income, Group share	2,756	3,111	3,721	5,867	6,357
Total expenditures	3,896	3,587	3,787	7,483	10,511
Total divestments	565	497	1,274	1,062	3,859
Cash flow from operating activities	6,251	$ 3,629	6,246	9,880	8,327
Intercompany
Business segment information
Sales	(16,686)		(17,785)	(33,235)	(33,305)
Revenues from sales	(16,686)		(17,785)	(33,235)	(33,305)
Operating expenses	16,686		17,785	33,235	33,305
Exploration & Production
Business segment information
Sales	2,273		3,119	4,067	5,337
Total expenditures	2,257		2,612	4,282	8,157
Total divestments	60		466	89	2,642
Cash flow from operating activities	3,768		4,474	7,704	7,796
Exploration & Production | Business segments and Corporate
Business segment information
Revenues from sales	9,859		10,765	19,369	19,760
Operating expenses	(4,205)		(4,791)	(8,234)	(8,721)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,687)		(2,345)	(5,216)	(4,561)
Operating income	2,967		3,629	5,919	6,478
Net income (loss) from equity affiliates and other items	173		256	367	577
Tax on net operating income	(1,161)		(1,687)	(2,585)	(3,119)
Net operating income	1,979		2,198	3,701	3,936
Exploration & Production | Intercompany
Business segment information
Sales	(7,586)		(7,646)	(15,302)	(14,423)
Integrated Gas, Renewables and Power
Business segment information
Sales	3,789		3,547	10,208	7,887
Total expenditures	857		447	1,975	1,022
Total divestments	349		439	574	592
Cash flow from operating activities	641		258	1,533	326
Integrated Gas, Renewables and Power | Business segments and Corporate
Business segment information
Revenues from sales	4,421		4,016	11,467	8,848
Operating expenses	(3,878)		(3,605)	(10,287)	(8,123)
Depreciation, depletion and impairment of tangible assets and mineral interests	(328)		(603)	(643)	(807)
Operating income	215		(192)	537	(82)
Net income (loss) from equity affiliates and other items	661		441	1,041	795
Tax on net operating income	(450)		(104)	(623)	(237)
Net operating income	426		145	955	476
Integrated Gas, Renewables and Power | Intercompany
Business segment information
Sales	(632)		(469)	(1,259)	(961)
Refining & Chemicals
Business segment information
Sales	22,509		23,349	44,220	45,088
Excise taxes	(761)		(867)	(1,537)	(1,714)
Total expenditures	363		404	648	736
Total divestments	70		324	239	349
Cash flow from operating activities	1,658		999	1,120	(110)
Refining & Chemicals | Business segments and Corporate
Business segment information
Revenues from sales	30,041		31,922	58,993	60,770
Operating expenses	(29,168)		(30,369)	(56,502)	(58,248)
Depreciation, depletion and impairment of tangible assets and mineral interests	(389)		(304)	(763)	(617)
Operating income	484		1,249	1,728	1,905
Net income (loss) from equity affiliates and other items	111		289	260	417
Tax on net operating income	46		(279)	(246)	(383)
Net operating income	641		1,259	1,742	1,939
Refining & Chemicals | Intercompany
Business segment information
Sales	(8,293)		(9,440)	(16,310)	(17,396)
Marketing & Services
Business segment information
Sales	22,671		22,528	43,950	43,836
Excise taxes	(5,279)		(5,571)	(10,584)	(11,043)
Total expenditures	383		310	527	538
Total divestments	85		45	157	273
Cash flow from operating activities	611		841	843	781
Marketing & Services | Business segments and Corporate
Business segment information
Revenues from sales	17,531		17,250	33,667	33,284
Operating expenses	(16,844)		(16,416)	(32,178)	(31,919)
Depreciation, depletion and impairment of tangible assets and mineral interests	(237)		(172)	(470)	(346)
Operating income	450		662	1,019	1,019
Net income (loss) from equity affiliates and other items	111		107	101	193
Tax on net operating income	(170)		(194)	(334)	(297)
Net operating income	391		575	786	915
Marketing & Services | Intercompany
Business segment information
Sales	(139)		(293)	(301)	(491)
Corporate
Business segment information
Sales			(3)	2	3
Total expenditures	36		14	51	58
Total divestments	1			3	3
Cash flow from operating activities	(427)		(326)	(1,320)	(466)
Corporate | Business segments and Corporate
Business segment information
Revenues from sales	36		(66)	65	37
Operating expenses	(229)		(122)	(406)	(399)
Depreciation, depletion and impairment of tangible assets and mineral interests	(20)		(11)	(35)	(20)
Operating income	(213)		(199)	(376)	(382)
Net income (loss) from equity affiliates and other items	26		11	27	9
Tax on net operating income	64		85	124	181
Net operating income	(123)		(103)	(225)	(192)
Corporate | Intercompany
Business segment information
Sales	(36)		63	(63)	(34)
Adjustments
Business segment information
Sales	(59)		24	(86)	13
Revenues from sales	(59)		24	(86)	13
Operating expenses	(131)		597	377	376
Depreciation, depletion and impairment of tangible assets and mineral interests	(64)		(424)	(64)	(446)
Operating income	(254)		197	227	(57)
Net income (loss) from equity affiliates and other items	351		(23)	359	(157)
Tax on net operating income	(249)		(176)	(404)	(93)
Net operating income	(152)		(2)	182	(307)
Net cost of net debt	(4)		(9)	(8)	(19)
Non-controlling interests	25		179	47	246
Net income, Group share	(131)		168	221	(80)
Adjustments | Exploration & Production
Business segment information
Operating income	(43)		(97)	(43)	(150)
Net income, Group share	(43)		(117)	(43)	(196)
Adjustments | Exploration & Production | Business segments and Corporate
Business segment information
Operating expenses			(97)		(150)
Depreciation, depletion and impairment of tangible assets and mineral interests	(43)			(43)
Operating income	(43)		(97)	(43)	(150)
Net income (loss) from equity affiliates and other items			(66)		(167)
Tax on net operating income			46		121
Net operating income	(43)		(117)	(43)	(196)
Adjustments | Integrated Gas, Renewables and Power
Business segment information
Sales	(59)		24	(86)	13
Operating income	(124)		(409)	(209)	(534)
Net income, Group share	19		(232)	(17)	(330)
Adjustments | Integrated Gas, Renewables and Power | Business segments and Corporate
Business segment information
Revenues from sales	(59)		24	(86)	13
Operating expenses	(54)		(9)	(112)	(101)
Depreciation, depletion and impairment of tangible assets and mineral interests	(11)		(424)	(11)	(446)
Operating income	(124)		(409)	(209)	(534)
Net income (loss) from equity affiliates and other items	407		(4)	413	(15)
Tax on net operating income	(286)		(7)	(270)	(21)
Net operating income	(3)		(420)	(66)	(570)
Adjustments | Refining & Chemicals
Business segment information
Operating income	(53)		569	439	531
Net income, Group share	(76)		436	268	395
Adjustments | Refining & Chemicals | Business segments and Corporate
Business segment information
Operating expenses	(43)		569	449	531
Depreciation, depletion and impairment of tangible assets and mineral interests	(10)			(10)
Operating income	(53)		569	439	531
Net income (loss) from equity affiliates and other items	(49)		46	(47)	25
Tax on net operating income	28		(177)	(121)	(158)
Net operating income	(74)		438	271	398
Adjustments | Marketing & Services
Business segment information
Operating income	(34)		134	40	105
Net income, Group share	(31)		81	13	60
Adjustments | Marketing & Services | Business segments and Corporate
Business segment information
Operating expenses	(34)		134	40	105
Operating income	(34)		134	40	105
Net income (loss) from equity affiliates and other items	(7)		1	(7)
Tax on net operating income	9		(38)	(13)	(35)
Net operating income	(32)		97	20	70
Adjustments | Corporate
Business segment information
Operating income					(9)
Net income, Group share					(9)
Adjustments | Corporate | Business segments and Corporate
Business segment information
Operating expenses					(9)
Operating income					(9)
Net operating income					(9)
Adjustments - Inventory valuation effect
Business segment information
Operating income	(40)		703	526	636
Net income, Group share	(28)		517	360	472
Adjustments - Inventory valuation effect | Refining & Chemicals
Business segment information
Operating income	(6)		569	486	531
Net income, Group share	(3)		436	341	412
Adjustments - Inventory valuation effect | Refining & Chemicals | Business segments and Corporate
Business segment information
Operating income	(6)		569	486	531
Net operating income	(1)		438	344	415
Adjustments - Inventory valuation effect | Marketing & Services
Business segment information
Operating income	(34)		134	40	105
Net income, Group share	(25)		81	19	60
Adjustments - Inventory valuation effect | Marketing & Services | Business segments and Corporate
Business segment information
Operating income	(34)		134	40	105
Net operating income	(25)		97	27	70
Adjusted
Business segment information
Sales	51,301		52,516	102,533	102,138
Excise taxes	(6,040)		(6,438)	(12,121)	(12,757)
Revenues from sales	45,261		46,078	90,412	89,381
Operating expenses	(37,507)		(38,115)	(74,749)	(74,481)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,597)		(3,011)	(7,063)	(5,905)
Operating income	4,157		4,952	8,600	8,995
Net income (loss) from equity affiliates and other items	731		1,127	1,437	2,148
Tax on net operating income	(1,422)		(2,003)	(3,260)	(3,762)
Net operating income	3,466		4,076	6,777	7,381
Net cost of net debt	(506)		(431)	(1,007)	(772)
Non-controlling interests	(73)		(92)	(124)	(172)
Net income, Group share	2,887		3,553	5,646	6,437
Adjusted | Intercompany
Business segment information
Sales	(16,686)		(17,785)	(33,235)	(33,305)
Revenues from sales	(16,686)		(17,785)	(33,235)	(33,305)
Operating expenses	16,686		17,785	33,235	33,305
Adjusted | Exploration & Production
Business segment information
Sales	2,273		3,119	4,067	5,337
Adjusted | Exploration & Production | Business segments and Corporate
Business segment information
Revenues from sales	9,859		10,765	19,369	19,760
Operating expenses	(4,205)		(4,694)	(8,234)	(8,571)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,644)		(2,345)	(5,173)	(4,561)
Operating income	3,010		3,726	5,962	6,628
Net income (loss) from equity affiliates and other items	173		322	367	744
Tax on net operating income	(1,161)		(1,733)	(2,585)	(3,240)
Net operating income	2,022		2,315	3,744	4,132
Adjusted | Exploration & Production | Intercompany
Business segment information
Sales	(7,586)		(7,646)	(15,302)	(14,423)
Adjusted | Integrated Gas, Renewables and Power
Business segment information
Sales	3,848		3,523	10,294	7,874
Adjusted | Integrated Gas, Renewables and Power | Business segments and Corporate
Business segment information
Revenues from sales	4,480		3,992	11,553	8,835
Operating expenses	(3,824)		(3,596)	(10,175)	(8,022)
Depreciation, depletion and impairment of tangible assets and mineral interests	(317)		(179)	(632)	(361)
Operating income	339		217	746	452
Net income (loss) from equity affiliates and other items	254		445	628	810
Tax on net operating income	(164)		(97)	(353)	(216)
Net operating income	429		565	1,021	1,046
Adjusted | Integrated Gas, Renewables and Power | Intercompany
Business segment information
Sales	(632)		(469)	(1,259)	(961)
Adjusted | Refining & Chemicals
Business segment information
Sales	22,509		23,349	44,220	45,088
Excise taxes	(761)		(867)	(1,537)	(1,714)
Adjusted | Refining & Chemicals | Business segments and Corporate
Business segment information
Revenues from sales	30,041		31,922	58,993	60,770
Operating expenses	(29,125)		(30,938)	(56,951)	(58,779)
Depreciation, depletion and impairment of tangible assets and mineral interests	(379)		(304)	(753)	(617)
Operating income	537		680	1,289	1,374
Net income (loss) from equity affiliates and other items	160		243	307	392
Tax on net operating income	18		(102)	(125)	(225)
Net operating income	715		821	1,471	1,541
Adjusted | Refining & Chemicals | Intercompany
Business segment information
Sales	(8,293)		(9,440)	(16,310)	(17,396)
Adjusted | Marketing & Services
Business segment information
Sales	22,671		22,528	43,950	43,836
Excise taxes	(5,279)		(5,571)	(10,584)	(11,043)
Adjusted | Marketing & Services | Business segments and Corporate
Business segment information
Revenues from sales	17,531		17,250	33,667	33,284
Operating expenses	(16,810)		(16,550)	(32,218)	(32,024)
Depreciation, depletion and impairment of tangible assets and mineral interests	(237)		(172)	(470)	(346)
Operating income	484		528	979	914
Net income (loss) from equity affiliates and other items	118		106	108	193
Tax on net operating income	(179)		(156)	(321)	(262)
Net operating income	423		478	766	845
Adjusted | Marketing & Services | Intercompany
Business segment information
Sales	(139)		(293)	(301)	(491)
Adjusted | Corporate
Business segment information
Sales			(3)	2	3
Adjusted | Corporate | Business segments and Corporate
Business segment information
Revenues from sales	36		(66)	65	37
Operating expenses	(229)		(122)	(406)	(390)
Depreciation, depletion and impairment of tangible assets and mineral interests	(20)		(11)	(35)	(20)
Operating income	(213)		(199)	(376)	(373)
Net income (loss) from equity affiliates and other items	26		11	27	9
Tax on net operating income	64		85	124	181
Net operating income	(123)		(103)	(225)	(183)
Adjusted | Corporate | Intercompany
Business segment information
Sales	$ (36)		$ 63	$ (63)	$ (34)

XML

Reconciliation of the information by business segment with consolidated financial statements (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Business segment information
Sales	$ 51,242	$ 51,205	$ 52,540	$ 102,447		$ 102,151
Excise taxes	(6,040)	(6,081)	(6,438)	(12,121)		(12,757)
Revenues from sales	45,202	45,124	46,102	90,326		89,394
Purchases, net of inventory variation	(30,390)	(29,721)	(30,599)	(60,111)		(60,045)
Other operating expenses	(7,078)	(6,725)	(6,761)	(13,803)		(13,698)
Exploration costs	(170)	(288)	(158)	(458)		(362)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,661)	(3,466)	(3,435)	(7,127)		(6,351)
Other income	321	247	252	568		775
Other expense	(189)	(209)	(413)	(398)		(603)
Financial interest on debt	(568)	(561)	(478)	(1,129)		(868)
Financial income and expense from cash & cash equivalents	(42)	(28)	(54)	(70)		(95)
Cost of net debt	(610)	(589)	(532)	(1,199)		(963)
Other financial income	326	160	321	486		561
Other financial expense	(188)	(195)	(159)	(383)		(329)
Net income (loss) from equity affiliates	812	711	1,103	1,523		1,587
Income taxes	(1,571)	(1,909)	(2,087)	(3,480)		(3,683)
Consolidated net income	2,804	3,140	3,634	5,944	$ 5,267	6,283
Group share	2,756	3,111	3,721	5,867		6,357
Non-controlling interests	48	$ 29	(87)	77		(74)
Adjusted
Business segment information
Sales	51,301		52,516	102,533		102,138
Excise taxes	(6,040)		(6,438)	(12,121)		(12,757)
Revenues from sales	45,261		46,078	90,412		89,381
Purchases, net of inventory variation	(30,295)		(31,263)	(60,533)		(60,623)
Other operating expenses	(7,042)		(6,694)	(13,758)		(13,496)
Exploration costs	(170)		(158)	(458)		(362)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,597)		(3,011)	(7,063)		(5,905)
Other income	253		254	453		628
Other expense	(117)		(55)	(190)		(115)
Financial interest on debt	(564)		(469)	(1,121)		(849)
Financial income and expense from cash & cash equivalents	(42)		(54)	(70)		(95)
Cost of net debt	(606)		(523)	(1,191)		(944)
Other financial income	326		321	486		561
Other financial expense	(188)		(159)	(383)		(329)
Net income (loss) from equity affiliates	457		766	1,071		1,403
Income taxes	(1,322)		(1,911)	(3,076)		(3,590)
Consolidated net income	2,960		3,645	5,770		6,609
Group share	2,887		3,553	5,646		6,437
Non-controlling interests	73		92	124		172
Adjustments
Business segment information
Sales	(59)		24	(86)		13
Revenues from sales	(59)		24	(86)		13
Purchases, net of inventory variation	(95)		664	422		578
Other operating expenses	(36)		(67)	(45)		(202)
Depreciation, depletion and impairment of tangible assets and mineral interests	(64)		(424)	(64)		(446)
Other income	68		(2)	115		147
Other expense	(72)		(358)	(208)		(488)
Financial interest on debt	(4)		(9)	(8)		(19)
Cost of net debt	(4)		(9)	(8)		(19)
Net income (loss) from equity affiliates	355		337	452		184
Income taxes	(249)		(176)	(404)		(93)
Consolidated net income	(156)		(11)	174		(326)
Group share	(131)		168	221		(80)
Non-controlling interests	$ (25)		$ (179)	$ (47)		$ (246)

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Post closing (Details) $ in Millions	Jul. 10, 2019 USD ($)
Disposal of non-core assets
Post closing events
Agreed upon consideration for divestiture of non-core assets to Petrogas NEO UK Ltd.	$ 635