TTA: TOTAL: Trading Statement
UK Regulatory Announcement
Chart updated around the middle of the month following the end of each quarter
European Brent Average liquids Average gas
€/$ refining ($/b) price*** ($/b) price
quarter 1.30 33.9 110.1 106.4 6.94
quarter 1.25 51.0 109.5 107.6 6.00
quarter 1.28 38.2 108.3 101.6 7.10
quarter 1.31 20.9 118.6 115.2 7.16
quarter 1.35 15.1 109.3 104.3 6.79
* European Refining Margin Indicator (ERMI) is an indicator intended to
represent the margin after variable costs for a hypothetical complex refinery
located around Rotterdam in Northern Europe that processes a mix of crude oil
and other inputs commonly supplied to this region to produce and market the
main refined products at prevailing prices in this region. The indicator
margin may not be representative of the actual margins achieved by Total in
any period because of Total’s particular refinery configurations, product mix
effects or other company-specific operating conditions.
** 1 $/t = 0.136 $/b
*** consolidated subsidiaries, excluding fixed margin contracts. Beginning
with the first quarter of 2012, includes hydrocarbon production overlifting /
underlifting position valued at market price.
Disclaimer: data is based on Total’s reporting, is not audited and is subject
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