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TOTAL: Fourth Quarter and Full-Year 2012 Results


Attachment:

  TOTAL: Fourth Quarter and Full-Year 2012 Results

Business Wire

PARIS -- February 13, 2013

Regulatory News:

TOTAL (Paris:FP) (LSE:TTA) (NYSE:TOT):

                           4Q12       Change                2012       Change
                                      vs 4Q11                          vs 2011
Adjusted net                                                          
income^1
                                                                        
- in billion euros         3.1        +13%                  12.4       +8%
(B€)
- in billion dollars       4.0        +9%                   15.9       -
(B$)
                                                                        
- in euros per share       1.36       +13%                  5.45       +8%
- in dollars per           1.76       +8%                   7.01       -1%
share
                                                                        
                                                                        
Net income(2) of 10.7 B€ in 2012
Net-debt-to-equity ratio of 21.4% at December 31, 2012
Upstream production of 2,300 kboe/d for full-year 2012
Dividend in 4Q12 of 0.59 €/share payable in June 2013(3)

Commenting on the results, Chairman and CEO Christophe de Margerie said:

“In 2012, Total again delivered solid performance with net income of 12.4
billion euros and reinforced its strong financial position. The environment
remained favorable in the Upstream, with Brent prices above 110 $/b and, in
the Downstream, refining margins benefited from a temporary rebound at
mid-year.

With safety as the priority, the Group continues to progress towards its three
main objectives. To successfully start-up projects, on time and in budget, for
the Group’s profitable growth over the coming years. To rely on a recently
expanded exploration portfolio for more significant discoveries. And, finally,
to continue the restructuring of downstream activities for improved
profitability and resilience in an evolving market.

The Group has embarked on an important program of investments and asset sales
to deliver value-creating growth, all while preserving a strong balance sheet,
providing shareholder returns, and keeping its environmental and social
commitments. It is thus with discipline, determination and optimism that the
Group prepares for its future.”

The Board of Directors of Total, led by Chairman and CEO Christophe de
Margerie, met on February 12, 2013, and decided to propose at the Annual
Shareholders Meeting on May 17, 2013, a dividend of 2.34 €/share for 2012, an
increase of approximately 3% compared to the previous year.

  * Key figures^4

                                                  in millions of
                                       4Q12       euros                                              2012
4Q12         3Q12         4Q11         vs         except earnings        2012          2011          vs
                                       4Q11       per share and                                      2011
                                                  number of shares
49,868       49,890       47,492       +5%        Sales                  200,061       184,693       +8%
                                                  Adjusted
5,874        6,540        6,263        -6%        operating income       24,986        24,409        +2%
                                                  from business
                                                  segments
                                                  Adjusted net
3,358        3,698        3,049        +10%       operating income       13,437        12,263        +10%
                                                  from business
                                                  segments
2,679        2,891        2,852        -6%        - Upstream             11,186        10,602        +6%
406          564          35           x12        - Refining &           1,414         848           +67%
                                                  Chemicals
273          243          162          +69%       - Marketing &          837           813           +3%
                                                  Services
3,081        3,348        2,725        +13%       Adjusted net           12,361        11,424        +8%
                                                  income
                                                  Adjusted
1.36         1.48         1.20         +13%       fully-diluted          5.45          5.06          +8%
                                                  earnings per
                                                  share (euros)
                                                  Fully-diluted
2,270        2,268        2,264        -          weighted-average       2,267         2,257         -
                                                  shares
                                                  (millions)
                                                                                                      
2,381        3,066        2,290        +4%        Net income             10,694        12,276        -13%
                                                  (Group share)
                                                                                                      
6,623        5,416        7,367        -10%       Investments^5          22,943        24,541        -7%
1,566        1,635        1,495        +5%        Divestments            5,871         8,578         -32%
5,057        3,781        5,872        -14%       Net investments        17,072        15,963        +7%
5,865        5,163        2,794        x2         Cash flow from         22,462        19,536        +15%
                                                  operations
                                                  Adjusted cash
5,691        6,058        5,865        -3%        flow from              21,612        20,060        +8%
                                                  operations
                                                                                                      
                                                  in millions of
                                       4Q12       dollars^6 except                                   2012
4Q12         3Q12         4Q11         vs         earnings per           2012          2011          vs
                                       4Q11       share and number                                   2011
                                                  of shares
64,664       62,375       64,029       +1%        Sales                  257,038       257,093       -
                                                  Adjusted
7,617        8,177        8,444        -10%       operating income       32,102        33,977        -6%
                                                  from business
                                                  segments
                                                  Adjusted net
4,354        4,623        4,111        +6%        operating income       17,264        17,070        +1%
                                                  from business
                                                  segments
3,474        3,614        3,845        -10%       = Upstream             14,372        14,758        -3%
526          705          47           x11        = Refining &           1,817         1,180         +54%
                                                  Chemicals
354          304          218          +62%       = Marketing &          1,075         1,132         -5%
                                                  Services
3,995        4,186        3,674        +9%        Adjusted net           15,881        15,902        -
                                                  income
                                                  Adjusted
1.76         1.85         1.62         +8%        fully-diluted          7.01          7.05          -1%
                                                  earnings per
                                                  share (euros)
                                                  Fully-diluted
2,270        2,268        2,264        -          weighted-average       2,267         2,257         -
                                                  shares
                                                  (millions)
                                                                                                      
3,087        3,833        3,087        -          Net income             13,740        17,088        -20%
                                                  (Group share)
                                                                                                      
8,588        6,771        9,932        -14%       Investments^5          29,477        34,161        -14%
2,031        2,044        2,016        +1%        Divestments            7,543         11,941        -37%
6,557        4,727        7,917        -17%       Net investments        21,934        22,220        -1%
7,605        6,455        3,767        x2         Cash flow from         28,859        27,194        +6%
                                                  operations
                                                  Adjusted cash
7,380        7,574        7,907        -7%        flow from              27,767        27,924        -1%
                                                  operations

  * Highlights since the beginning of the fourth quarter 2012^7

       * Start-up of production on Atla in the Norwegian North Sea and South
         Mahakam in Indonesia
       * Significant discoveries on the North Platte prospect in the Gulf of
         Mexico and on Garantiana in the Norwegian North Sea
       * Expanded exploration acreage by acquiring blocks in Papua New Guinea,
         Indonesia, Kazakhstan, Tajikistan, and Republic of Cyprus.
       * Signed heads of agreement for 25-year extension of partnership on the
         Al Khalij field in Qatar
       * Announced sale of the Group’s interest in the offshore OML 138 block
         in Nigeria which includes the Usan field
       * Received a firm offer and entered into exclusive negotiations with a
         consortium of buyers for the sale of TIGF, a natural gas transport
         and storage affiliate in France
       * Received a firm offer and entered into exclusive negotiations for the
         sale by Total of its affiliate GPN SA and related interests in the
         Belgian company Rosier SA, both of which are in the fertilizers
         business
       * Exchanged assets in the Norwegian North Sea to increase the Group’s
         participation rights in the Oseberg and Dagny fields to 14.7% and
         39.54%, respectively
       * Significant commercial achievement of SunPower with its sale of the
         Antelope Valley projects (AVSP) in the US, the largest photovoltaic
         development in the world

  * Fourth quarter 2012 results

> Operating income from business segments

In the fourth quarter 2012, the Brent price averaged 110.1 $/b, an increase of
1% compared to the fourth quarter 2011 and the third quarter 2012. The
European refining margin indicator (ERMI) averaged 33.9 $/t for the fourth
quarter 2012, compared to 15.1 $/t for the fourth quarter 2011 and 51.0 $/t
for the third quarter 2012.

The euro-dollar exchange rate averaged 1.30 $/€ in the fourth quarter 2012,
compared to 1.35 $/€ in the fourth quarter 2011 and 1.25 $/€ in the third
quarter 2012.

In this environment, the adjusted operating income^8 from business segments
was 5,874 M€, a decrease of 6% compared to the fourth quarter 2011. Expressed
in dollars, there was a decrease of 10%. This decrease is essentially due to
the decrease in Upstream results compared to the fourth quarter 2011, which
was only partially offset by improved results from Refining & Chemicals and
Marketing & Services.

The effective tax rate^9 for the business segments was 51.5% in the fourth
quarter 2012 compared to 59.0% in the fourth quarter 2011, essentially due to
a decrease in the effective tax rate for the Upstream and the increased
contribution of downstream activities to the pre-tax results of the Group.

Adjusted net operating income from the business segments was 3,358 M€ compared
to 3,049 M€ in the fourth quarter 2011, an increase of 10%. Expressed in
dollars, the adjusted net operating income from the business segments
increased to 4.4 B$, an increase of 6% compared to the fourth quarter 2011,
thanks to a stronger net contribution from Refining & Chemicals and, to a
lesser degree, Marketing & Services.

Although the adjusted operating income from business segments decreased, the
adjusted net operating income from business segments increased compared to the
fourth quarter 2011, mainly due to a lower effective tax rate for the business
segments.

> Net income (Group share)

Adjusted net income was 3,081 M€ in the fourth quarter 2012 compared to 2,725
M€ in the fourth quarter 2011, an increase of 13%. Expressed in dollars,
adjusted net income increased by 9%.

Adjusted net income excludes the after-tax inventory effect, the effect of
changes in fair value, and special items^10:

  * The after-tax inventory effect had a negative impact on net income of 312
    M€ in the fourth quarter 2012 compared to a positive impact of 49 M€ in
    the fourth quarter 2011.
  * Changes in fair value had a positive impact on net income of 10 M€ in the
    fourth quarter 2012 compared with a positive impact of 20 M€ in the fourth
    quarter 2011.
  * Special items^11 had a negative impact on net income of 398 M€ in the
    fourth quarter 2012, comprised essentially of an impairment of chemicals
    assets in Europe, a reserve for the restoration of the Lacq site in France
    where activities will be shut-down, and a provision for abandonment costs
    relating to Elgin in the UK. These special items were partially offset by
    gains on the sale of Upstream assets in Colombia. In the fourth quarter
    2011, special items had a negative impact of 504 M€.

Net income (Group share) was 2,381 M€ compared to 2,290 M€ in the fourth
quarter 2011.

The effective tax rate for the Group was 52.2% in the fourth quarter 2012,
compared to 60.8% in the fourth quarter 2011, an evolution in line with the
effective tax rate of the business segments described below.

Adjusted fully-diluted earnings per share, based on 2,270.2 million
fully-diluted weighted-average shares, increased by 13% to €1.36, compared to
€1.20 in the fourth quarter 2011.

Expressed in dollars, adjusted fully-diluted earnings per share increased by
8% to $1.76.

> Investments – Divestments^12

Investments, excluding acquisitions and including changes in non-current
loans, were 5.4 B€ (7.0 B$) in the fourth quarter 2012 compared to 5.2 B€ (7.0
B$) in the fourth quarter 2011.

Acquisitions were 578 M€ (749 M$) in the fourth quarter 2012, comprised
essentially of the acquisition of exploration licenses in Iraq, Bulgaria,
Kazakhstan and Yemen, the acquisition of Upstream assets in Norway, and a
carry agreement in the Utica shale gas and condensates field in the US.

Asset sales in the fourth quarter 2012 were 881 M€ (1,142 M$), including
mainly the sale of the Upstream affiliate in Colombia, Upstream assets in the
UK, Nigeria and Norway, and the Group’s interest in the French company
Geostock.

Net investments^13 were 5.1 B€ (6.6 B$) in the fourth quarter 2012 compared
to 5.9 B€ (7.9 B$) in the fourth quarter 2011.

> Cash flow

Cash flow from operations was 5,865 M€ in the fourth quarter 2012 compared to
2,794 M€ in the fourth quarter 2011. This increase of more than 100% is
explained essentially by lower working capital requirements, noting that the
fourth quarter 2011 was impacted by a significant increase in working capital
requirements at year-end.

Adjusted cash flow from operations^14 was 5,691 M€, a decrease of 3% compared
to the fourth quarter 2011. Expressed in dollars, adjusted cash flow from
operations was 7.4 B$, a decrease of 7%.

The Group’s net cash flow^15 was positive 808 M€ compared to negative 3,087 M€
in the fourth quarter 2011, due to a significant increase in cash flow from
operations and lower net investments compared to those in the fourth quarter
2011. Expressed in dollars, the Group’s net cash flow was 1.0 B$ in the fourth
quarter 2012.

  * Results for the full-year 2012

> Operating income

On average, the oil market environment was stable compared to the previous
year. For 2012, the average Brent price remained around 111.7 $/b and the
average realized price of gas for the Group increased by 3% to 6.74 $/Mbtu,
compared to 6.53 $/Mbtu in 2011. In the Downstream, the ERMI increased to 36.0
$/t on average for 2012, compared to 17.4 $/t in 2011.

The euro-dollar exchange rate averaged 1.28 $/€ in 2012 compared to 1.39 $/€
in 2011.

In this environment, the adjusted operating income from the business segments
was 24,986 M€, an increase of 2% compared to 2011^16. Expressed in dollars,
the adjusted operating income for the business segments was 32.1 B$, a
decrease of 6% compared to 2011, essentially due to lower Upstream results
which were partially offset by improved results from Refining & Chemicals and
Marketing & Services.

The effective tax rate for the business segments was 55.2% in 2012 compared to
57.9% in 2011, essentially due to a decrease in the effective tax rate for
Upstream and the increased contribution of downstream activities to the Group
results.

Adjusted net operating income from the business segments was 13,437 M€
compared to 12,263 M€ in 2011, an increase of 10%.

Expressed in dollars, adjusted net operating income from the business segments
increased by 1%. The fact that adjusted net operating income from the business
segments increased in 2012 while the adjusted operating income from the
business segments decreased compared to 2011 is explained mainly by the
decrease in the effective tax rates in the two periods and an increase in the
contribution of equity affiliates to adjusted results.

> Net income (Group share)

Adjusted net income was 12,361 M€ in 2012, an increase of 8% compared to
11,424 M€ in 2011. Expressed in dollars, adjusted net income of 15.9 B$ was
stable compared to 2011.

Adjusted net income excludes the after-tax inventory effect, special items and
the effect of changes in fair value^17:

  * The after-tax inventory effect had a negative impact on net income of 157
    M€ in 2012 and a positive impact of 834 M€ in 2011.
  * Changes in fair value had a negative impact on net income of 7 M€ in 2012
    and a positive impact of 32 M€ in 2011.
  * Special items^18 had a negative impact on net income of 1,503 M€ in 2012,
    comprised essentially of an impairment of assets in the Barnett in the US,
    provisions for abandonment costs relating to Elgin in the UK, a one-off
    tax of 4% on petroleum stocks in France, an impairment of chemicals assets
    in Europe, and a provision relating to a settlement agreement in progress
    with the SEC and DoJ in the US. These special items were partially offset
    by gains on asset sales. In 2011, special items had a negative impact of
    14 M€.

Net income (Group share) was 10,694 M€ compared to 12,276 M€.

The effective tax rate for the Group was 56.2% in 2012 compared to 58.4% in
2011.

On December 31, 2012, there were 2,270.4 million fully-diluted shares compared
to 2,263.8 million on December 31, 2011.

In 2012, adjusted fully-diluted earnings per share, based on 2,266.6 million
fully-diluted weighted-average shares, was €5.45, an increase of 8% compared
to €5.06 in 2011.

Expressed in dollars, adjusted fully-diluted earnings per share was $7.01
compared to $7.05 in 2011, a decrease of 1%.

> Investments – divestments^19

Investments, excluding acquisitions and including changes in non-current
loans, were 18.5 B€ (23.8 B$) in 2012 compared to 14.8 B€ (20.6 B$) in 2011,
due to an increase in investments relating to new Upstream projects under
development.

Acquisitions were 3.1 B€ (4.0 B$) in 2012, comprised essentially of the
acquisition of interests in exploration and production licenses in Uganda, an
additional 1.3% stake in Novatek^20, various exploration licenses, the
minority interest in Fina Antwerp Olefins and the carry agreement in the Utica
shale gas and condensates field in the US.

For 2012, asset sales were 4.6 B€ (5.9 B$), comprised essentially of sales of
the remainder of the Group’s shares of Sanofi, a stake in the Gassled pipeline
in Norway, Upstream assets in Nigeria, the UK, Colombia and France, as well as
interests in Pec-Rhin and Geostock in France and in Composites One in the US.

Net investments were 17.1 B€ (21.9 B$) in 2012, compared to 16.0 B€ (22.2 B$)
in 2011, an increase of 7%. Expressed in dollars, net investments in 2012
decreased 1%, mainly due to a significant decrease in acquisitions compared to
2011.

> Cash flow

Cash flow from operations was 22,462 M€ (28.9 B$) in 2012, an increase of 15%
compared to 2011, essentially due to the change in working capital
requirements between the two periods.

Adjusted cash flow from operations^21 was 21,612 M€, an increase of 8%.
Expressed in dollars, adjusted cash flow from operations ^ was 27.8 B$, a
decrease of 1% compared to 2011.

The Group’s net cash flow^22 was 5,390 M€ compared to 3,573 M€ in 2011.
Expressed in dollars, the Group’s net cash flow ^ was 6.9 B$ in 2012.

The net-debt-to-equity ratio was 21.4% on December 31, 2012, compared to 23.0%
on December 31, 2011.^23

  * Analysis of business segment results

Upstream

> Environment – liquids and gas price realizations*

                                    4Q12                                                  2012
4Q12        3Q12        4Q11        vs                            2012        2011        vs
                                    4Q11                                                  2011
110.1       109.5       109.3       +1%        Brent ($/b)        111.7       111.3       -
                                               Average
106.4       107.6       104.3       +2%        liquids            107.7       105.0       +3%
                                               price ($/b)
                                               Average gas
6.94        6.00        6.79        +2%        price              6.74        6.53        +3%
                                               ($/Mbtu)
                                               Average
77.0        75.8        75.9        +1%        hydrocarbons       77.3        74.9        +3%
                                               price
                                               ($/boe)

* consolidated subsidiaries, excluding fixed margins. Effective first quarter
2012, over/under-lifting valued at market prices.

> Production

                        4Q12                                             2012
4Q12    3Q12    4Q11    vs     Hydrocarbon production    2012    2011    vs
                        4Q11                                             2011
2,293   2,272   2,384   -4%    Combined production       2,300   2,346   -2%
                               (kboe/d)
1,206   1,225   1,237   -3%    - Liquids (kb/d)          1,220   1,226   -
5,897   5,680   6,201   -5%    - Gas (Mcf/d)             5,880   6,098   -4%

Hydrocarbon production was 2,293 thousand barrels of oil equivalent per day
(kboe/d) in the fourth quarter 2012, a decrease of 4% compared to the fourth
quarter 2011, essentially as a result of:

  * +4.5% for start-ups and ramp-ups from new projects,
  * -3.5% for normal decline and turnarounds,
  * -3% for the incident at Elgin in the UK North Sea and flooding in Nigeria,
    and
  * -2% for disruptions related to security conditions in Yemen and the
    production shut-down in Syria, net of the positive effect of the return of
    production in Libya.

In 2012, hydrocarbon production was 2,300 kboe/d, a decrease of 2% compared to
2011, essentially as a result of:

  * +4.5% for start-ups and ramp-ups from new projects,
  * -4% for normal decline,
  * +1.5% for changes in the portfolio, comprised essentially of an increased
    share of Novatek production and the impact of the sale of CEPSA and assets
    in the UK, France, Nigeria, and Cameroon,
  * -2% for incidents at Elgin in the UK North Sea and Ibewa in Nigeria,
  * -1.5% for disruptions related to security conditions in Yemen and the
    production shut-down in Syria, net of the positive effect of the return of
    production in Libya, and
  * -0.5% for price effect^24.

> Reserves

Reserves at December 31       2012     2011     %
Hydrocarbon reserves (Mboe)   11,368   11,423   -
= Liquids (Mb)                5,686    5,784    -2%
= Gas (Bcf)                   30,877   30,717   +1%

Proved reserves based on SEC rules (based on Brent at 111.13 $/b) were 11,368
Mboe at December 31, 2012. Based on the 2012 average rate of production, the
reserve life is more than 13 years.

The 2012 proved reserve replacement rate^25, based on SEC rules, was 93%.

The 2012 organic proved reserve replacement rate^26 was 100% in a constant
price environment.

At year-end 2012, Total had a solid and diversified portfolio of proved and
probable reserves^27 representing more than 20 years of reserve life based on
the 2012 average production rate, and resources^28 representing more than 45
years of production.

> Results

Effective July 1, 2012, the Upstream segment no longer includes the activities
of New Energies, which are now reported with Marketing & Services (previously
Supply & Marketing). As a result, certain information has been restated
according to the new organization.

                                    4Q12       in millions                                 2012
4Q12        3Q12        4Q11        vs         of euros          2012         2011         vs
                                    4Q11                                                   2011
                                               Adjusted
5,035       5,537       6,104       -18%       operating         22,108       22,609       -2%
                                               income*
                                               Adjusted
2,679       2,891       2,852       -6%        net               11,186       10,602       +6%
                                               operating
                                               income*
                                               - includes
                                               adjusted
350         578         488         -28%       income from       1,856        1,704        +9%

                                               equity
                                               affiliates
5,518       4,567       6,134       -10%       Investments       19,618       20,662       -5%
1,415       401         399         x4         Divestments       2,798        2,591        +8%
                                               Cash flow
4,429       3,457       3,547       +25%       from              18,950       17,044       +11%
                                               operations
                                               Adjusted
4,494       5,105       5,451       -18%       cash flow         18,306       17,661       +4%
                                               from
                                               operations

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

Adjusted net operating income from the Upstream segment was 2,679 M€ in the
fourth quarter 2012 compared to 2,852 M€ in the fourth quarter 2011, a
decrease of 6%.

Expressed in dollars, the decrease of 10% is explained principally by a
decrease in production between the two periods, higher exploration expenses in
the fourth quarter 2012, and the positive impact in the fourth quarter 2011 of
valuing overlifting/underlifting positions at market prices.

The effective tax rate for the Upstream segment in the fourth quarter 2012 was
54.8% compared to 59.9% in the fourth quarter 2011. This decrease was due to
portfolio mix effect and certain cyclical elements in the fourth quarter 2012,
including year-end tax adjustments relating to the exchange of assets in
Norway and the reversal of a non-deductible loss.

Adjusted net operating income from the Upstream segment in 2012 was 11,186 M€
compared to 10,602 M€ in 2011, an increase of 6%. Expressed in dollars,
adjusted net operating income from the Upstream segment was 14.4 B$, a
decrease of 3% compared to 2011 explained mainly by the decrease in
hydrocarbon production, since the increase technical costs (as discussed
below) was largely offset by the decrease in the effective tax rate for the
Upstream. The effective tax rate for the Upstream was 58.3% in 2012 compared
to 60.4% in 2011.

Technical costs for consolidated subsidiaries, in accordance with ASC 932^29,
were 22.8 $/boe in 2012, compared to 18.9 $/boe in 2011, mainly due to
increased depreciation of tangible assets relating to start-ups such as
Pazflor, Halfaya, and Usan, as well as increased exploration expenses.

The return on average capital employed (ROACE^30) for the Upstream segment was
18% in 2012 compared to 21% in 2011.

Refining & Chemicals

> Refinery throughput and utilization rates*

                        4Q12                                              2012
4Q12    3Q12    4Q11    vs                                2012    2011    vs
                        4Q11                                              2011
1,648   1,790   1,674   -2%    Total refinery             1,786   1,863   -4%
                               throughput (kb/d)
532     653     742     -28%   - France                   657     732     -10%
847     864     714     +19%   - Rest of Europe           866     885     -2%
269     273     218     +23%   - Rest of world            263     246     +7%
                               Utilization rates**
76%     82%     77%            - Based on crude only      82%     78%
79%     86%     79%            - Based on crude and       86%     83%      
                               other feedstock

* includes share of CEPSA, through July 31, 2011, and of TotalErg. Results for
refineries in South Africa, French Antilles and Italy are reported in the
Marketing & Supply segment.

** based on distillation capacity at the beginning of the year

In the fourth quarter 2012, refinery throughput decreased by 2% compared to
the fourth quarter 2011. This decrease is essentially due to the temporary
shut-down of the Normandy refinery in connection with the upgrading project
during the entire quarter and the closure of the Rome refinery at the end of
the third quarter 2012, the effects of which were largely offset by higher
throughput, compared to the fourth quarter 2011, at the Group’s other European
refineries and at the Port Arthur refinery in the US.

In 2012, refinery throughput decreased by 4% compared to 2011, reflecting
essentially the portfolio effect relating to the sale of the Group’s interest
in CEPSA at the end of July 2011 and the closure of the Rome refinery at the
end of the third quarter 2012. Excluding these portfolio effects, throughput
increased by 4% due to increased availability of the Group’s refineries.

As in 2011, 2012 was marked by higher levels of planned maintenance at
European refineries, in particular the temporary shut-down of the Normandy
refinery during the upgrading project at the end of 2012, as well as scheduled
maintenance at the Provence and Feyzin refineries.

> Results

                                   4Q12       in millions                                2012
4Q12       3Q12        4Q11        vs         of euros           2012        2011        vs
                                   4Q11       (except the                                2011
                                              ERMI)
                                              European
                                              refining
33.9       51.0        15.1        x2.2       margin             36.0        17.4        x2.1

                                              indicator -
                                              ERMI ($/t)
                                              Adjusted
449        646         (126)       n/a        operating          1,513       613         x2.5
                                              income*
                                              Adjusted net
406        564         35          x12        operating          1,414       848         +67%
                                              income*
                                              -
94         102         75          +25%       contribution       384         423         -9%
                                              of Specialty
                                              Chemicals**
573        441         624         -8%        Investments        1,944       1,910       +2%
101        55          58          +74%       Divestments        304         2,509       -88%
                                              Cash flow
502        1,036       (649)       n/a        from               2,127       2,146       -1%
                                              operations
                                              Adjusted
672        771         114         x5.9       cash flow          2,170       1,318       +65%
                                              from
                                              operations

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

** Hutchinson, Bostik, Atotech; including coatings and photocure resins until
they were sold in July 2011

The ERMI averaged 33.9 $/t in the fourth quarter 2012, nearly double the
average of 15.1 $/t during the fourth quarter 2011. For 2012, the ERMI was
36.0 $/t, more than double the average during 2011. This sharp increase in
2012 was mainly due to high levels of planned maintenance in the refining
sector, particularly in Europe during the 2012 summer.

Adjusted net operating income from the Refining & Chemicals segment was 406 M€
in the fourth quarter 2012, compared to 35 M€ in the fourth quarter 2011.
Expressed in dollars, the adjusted net operating income for the segment was
526 M$ compared to 47 M$ in the fourth quarter 2011. This significant increase
is essentially due to improvements in the refining environment between the two
periods.

Adjusted net operating income from the Refining & Chemicals segment in 2012
was 1,414 M€, an increase of 67% compared to 848 M$ in 2011. Expressed in
dollars, adjusted net operating income was 1.8 B$, an increase of 54% compared
to 2011. This increase is mainly due to the positive effect of improved
refining margins in Europe, noting that throughput at the Group’s refineries
decreased on a global basis by 4% between the two periods, and the
petrochemical environment weakened, particularly in Europe and in polymers.
The decrease in adjusted net operating income for the Specialty Chemicals is
attributable entirely to the sale of the resins business in mid-2011.
Excluding this portfolio effect, the adjusted net operating income for the
Specialty Chemicals would have increased slightly.

The ROACE for the Refining & Chemicals segment was 9% for 2012, compared to 5%
for 2011.

Marketing & Services

> Refined product sales

                                    4Q12       Sales in                                2012vs
4Q12        3Q12        4Q11        vs         kb/d*           2012        2011        2011
                                    4Q11
1,123       1,143       1,280       -12%       Europe          1,160       1,455       -20%
583         563         534         +9%        Rest of         550         532         +3%
                                               world
                                               Total
1,706       1,706       1,814       -6%        Marketing       1,710       1,987       -14%
                                               & Supply
                                               sales

* excludes trading and bulk sales, includes share of CEPSA, through July 31,
2011, and of TotalErg

In the fourth quarter 2012, sales of Marketing & Services decreased by 6%
compared to the fourth quarter 2011, essentially due to the sale of marketing
activities in the UK.

For 2012, the decrease in sales of 14% compared to 2011 was almost entirely
attributable to the sale of the Group’s interest in CEPSA and the sale of
marketing activities in the UK. Excluding these portfolio effects, sales would
have decreased by 1% on an annual basis with a notable decrease in Europe (3%)
partially offset by increased sales in Asia and the Middle East.

> Results

Effective July 1, 2012, Marketing & Services (previously Supply & Marketing)
includes the activities of New Energies. As a result, certain information has
been restated according to the new organization.

                                       4Q12       in millions of                                   2012
4Q12         3Q12         4Q11         vs         euros                  2012         2011         vs
                                       4Q11                                                        2011
21,669       21,574       21,958       -1%        Sales                  86,614       85,325       +2%
                                                  Adjusted net
390          357          285          +37%       operating              1,365        1,187        +15%
                                                  income*
                                                  Adjusted net
273          243          162          +69%       operating              837          813          +3%
                                                  income*
                                                    * contribution
14           (6)          (76)         n/a            of New             (169)        (197)        n/a
                                                      Energies
508          383          545          -7%        Investments            1,301        1,834        -29%
46           41           527          -91%       Divestments            152          1,955        -92%
1,024        692          134          x8         Cash flow from         1,132        541          x2
                                                  operations
                                                  Adjusted cash
353          202          269          +31%       flow from              1,192        1,103        +8%
                                                  operations

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

Marketing & Services sales were 21.7 B€ for the fourth quarter 2012, basically
stable compared to the fourth quarter 2011.

Adjusted net operating income from the Marketing & Services segment was 273 M€
in the fourth quarter 2012, compared to 162 M€ in the fourth quarter 2011.
This increase reflects the improvement in the results of New Energies, largely
due to the sale by SunPower of a photovoltaic project in the US, as the
results relating to marketing activities were stable between the two periods.

For 2012, Marketing & Services sales were 86.6 B€, an increase of 2% compared
2011.

Adjusted net operating income from the Marketing & Services segment was 837 M€
in 2012, an increase of 3% compared to 813 M€ in 2011. This increase is
explained principally by the improved performance of New Energies. Marketing
activities continued to provide stable results despite sales volumes generally
decreasing, due in particular to improved results from activities in the
Asia-Pacific and Eastern European regions.

The ROACE for the Marketing & Services segment was 12% for 2012, compared to
13% for 2011.

  * TOTAL S.A., parent company accounts

Net income for TOTAL S.A., the parent company, was 6,520 M€ in 2012, compared
to 9,766 M€ in 2011.

  * Proposed dividend

After closing the 2012 accounts, the Board of Directors decided to propose at
the May 17, 2013, Annual Shareholders Meeting a dividend of 2.34 euros per
share for 2012, an increase of approximately 3% compared to the previous year.

Based on 2012 adjusted net income, the payout ratio would be 43%.

Taking into account the three 2012 interim dividends, the remaining 0.59 euros
per share would be paid on June 27, 2013.^31

  * Summary and outlook

The ROACE for the Group for 2012 was 16%, stable compared to 2011. Return on
equity for 2012 was 18%, also stable compared to 2011.

To create profitable and sustainable growth, Total invests in value-creating
projects and optimizes its portfolio, in particular by divesting non-core
assets and subsidiaries with limited growth potential or those in which the
Group has a low working interest.

The net investment budget of Total for 2013 is 22 B$, stable compared to 2011
and 2012. In executing its 2012-14 asset sale program of 15-20 B$, the Group
sold 6 B$ of assets in 2012 and anticipates reaching the low-end of its target
range by the end of 2013 with the closing of the Usan sale and other
divestments already in progress. The organic investment budget for 2013 is 28
B$, more than 80% of which will be dedicated to Upstream, principally for
highly competitive and profitable projects scheduled to start-up before 2017.

In the Upstream, Total confirms its production growth targets for 2015, 3% per
year on average over the period 2011-2015, and for 2017, a potential of 3
Mboe/d, all based on improved visibility. Total is focused on delivering its
projects on time and in budget. In 2013, production growth should be fueled by
2012 start-ups as well as anticipated 2013 start-ups, including Anguille in
Gabon, Angola LNG, Kashagan in Kazakhstan, and the extension of OML 58 in
Nigeria. In addition, the Group continues to work in cooperation with the UK
authorities towards a safe and progressive restart of Elgin-Franklin during
the first quarter 2013. Visibility on the Group’s production growth targets
will be further enhanced this year by the launch of additional major projects,
notably in West Africa.

The exploration budget has been increased to 2.8 B$ for 2013, and the
high-potential exploration program for 2013 reflects the new dynamic of the
Group, with prospects to be drilled in Ivory Coast, Gabon, Kenya, and Brazil.

In Refining & Chemicals, the restructuring in progress should yield
productivity gains and provide synergies in 2013, and in turn contribute to
increased profitability, in line with the objective of a segment ROACE of 13%
in 2015. The year 2013 also should be highlighted by the start-up of Jubail in
Saudi Arabia. This fully-integrated refinery will have a 400 kb/d capacity for
heavy crude and will provide refined products to growth markets like the
Middle East and Asia.

Marketing & Services seeks to continue to strengthen its worldwide positions
and to capitalize on its ability to respond to its customers’ needs. New
Energies will pursue its productivity, development, and innovation programs to
increase its contribution.

The Group confirms its commitment in favor of a competitive policy for returns
to shareholders, in keeping with its objective of sustainable growth.

To listen to a presentation by CEO Christophe de Margerie to financial
analysts today in London at 14:00 (London time) please log on to www.total.com
or call +44 (0)203 367 9462 in Europe or +1 866 907 5924 in the US. For a
replay, please consult the website or call +44(0)203 367 9460 in Europe or
+1 877 642 3018 in the US (code: 279 921).

^1 Definition of adjusted results on page 2 – dollar amounts represent euro
amounts converted at the average €-$ exchange rate for the period : 1.2967 $/€
for the 4^th quarter 2012, 1.3482 $/€ for the 4^th quarter 2011, 1.2502 $/€
for the 3^rd quarter 2012, 1.2848 $/€ for the full-year 2012, and 1.3920 $/€
for the full-year 2011.

^2 Group share. Net income (Group share) was 2,381 M€ for the 4^th quarter
2012.

^3 Pending approval at the May 17, 2013 Annual Shareholders Meeting,
ex-dividend date for the dividend will be June 24, 2013.

^4 Adjusted results are defined as income using replacement cost, adjusted for
special items, excluding the impact of changes for fair value. Adjusted cash
flow from operations is defined as cash flow from operations before changes in
working capital at replacement cost; adjustment items are on page 20 and the
inventory valuation effect is explained on page 17.

^5 including acquisitions

^6 Dollar amounts represent euro amounts converted at the average €-$ exchange
rate for the period.

^7 Certain transactions included in the highlights remain subject to approval
of authorities or satisfaction of conditions precedent under contractual
terms.

^8 Special items affecting operating income from the business segments had a
negative impact of 826 M€ in the 4^th quarter 2012 and a negative impact of
484 M€ in the 4^th quarter 2011.

^9 Defined as: (tax on adjusted net operating income) / (adjusted net
operating income – income from equity affiliates - dividends received from
investments + tax on adjusted net operating income).

^10 Adjustment items explained on page 17.

^11 Detail shown on page 20.

^12 Detail shown on page 21.

^13 Net investments = investments including acquisitions and changes in
non-current loans – asset sales.

^14 Cash flow from operations at replacement cost before changes in working
capital.

^15 Net cash flow = cash flow from operations - net investments.

^16 Special items affecting operating income from the business segments had a
negative impact of 2,342 M€ in 2012 and a negative impact of 873 M€ in 2011.

^17 Adjustment items explained on page 17.

^18 Detail shown on page 20.

^19 Detail shown on page 21.

^20 The Group’s interest in Novatek was 15.3% at December 31, 2012.

^21 Cash flow from operations at replacement cost before changes in working
capital.

^22 Net cash flow = cash flow from operations - net investments.

^23 Detail shown on page 22.

^24 Impact of changing hydrocarbon prices on entitlement volumes.

^25 Change in reserves excluding production i.e. (revisions + discoveries,
extensions + acquisitions – divestments) / production for the period.

^26 The reserve replacement rate in an environment with a constant 110.96 $/b
oil price, excluding acquisitions and divestments.

^27 Limited to proved and probable reserves covered by E&P contracts on fields
that have been drilled and for which technical studies have demonstrated
economic development in a 100 $/b Brent environment, including projects
developed by mining.

^28 Proved and probable reserves plus contingent resources (potential average
recoverable reserves from known accumulations - Society of Petroleum Engineers
- 03/07).

^29 FASB Accounting Standards Codification Topic 932, Extractive industries –
Oil and Gas

^30 Calculated based on adjusted net operating income and average capital
employed, using replacement cost, as shown on page 23.

^31 the ex-dividend date for the remainder of the 2012 dividend would be June
24, 2013 ; for the ADR (NYSE:TOT) the ex-dividend date would be June 19, 2013

This press release presents the 2012 results from the consolidated financial
statements of TOTAL S.A. as of December 31, 2012. The audit procedures by the
Statutory Auditors are underway. This document does not constitute the
Annual Financial Report (Rapport Financier Annuel) within the meaning of
article L. 451-1-2 of the French monetary and financial Code (Code monétaire
et financier).

This document may contain forward-looking information on the Group (including
objectives and trends), as well as forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, notably with
respect to the financial condition, results of operations, business, strategy
and plans of TOTAL. These data do not represent forecasts within the meaning
of European Regulation No. 809/2004.

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

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

Financial information by business segment is reported in accordance with the
internal reporting system and shows internal segment information that is used
to manage and measure the performance of TOTAL. 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. These adjustment items include:

(i) Special items
Due to their unusual nature or particular significance, certain transactions
qualified as "special items" are excluded from the business segment figures.
In general, special items relate to transactions that are significant,
infrequent or unusual. However, in certain instances, transactions such as
restructuring costs or asset disposals, which are not considered to be
representative of the normal course of business, may be qualified as special
items although they may have occurred within prior years or are likely to
occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Downstream and Chemicals segments are presented
according to the replacement cost method. This method is used to assess the
segments’ performance and facilitate the comparability of the segments’
performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In,
First-Out) method, the variation of inventory values in the statement of
income is, depending on the nature of the inventory, determined using either
the month-end prices differential between one period and another or the
average prices of the period rather than the historical value. The inventory
valuation effect is the difference between the results according to the FIFO
(First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
As from January 1, 2011, the effect of changes in fair value presented as an
adjustment item reflects for some transactions differences between internal
measures of performance used by TOTAL’s management and the accounting for
these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using
period-end spot prices. In order to best reflect the management of economic
exposure through derivative transactions, internal indicators used to measure
performance include valuations of trading inventories based on forward prices.
Furthermore, TOTAL, in its trading activities, enters into storage contracts,
which future effects are recorded at fair value in Group’s internal economic
performance. IFRS precludes recognition of this fair value effect.
The adjusted results (adjusted operating income, adjusted net operating
income, adjusted net income) are defined as replacement cost results, adjusted
for special items, excluding the effect of changes in fair value.

Dollar amounts presented herein represent euro amounts converted at the
average euro-dollar exchange rate for the applicable period and are not the
result of financial statements prepared in dollars.

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in
their filings with the SEC, to separately disclose proved, probable and
possible reserves that a company has determined in accordance with SEC rules.
We may use certain terms in this presentation, such as resources, that the
SEC’s guidelines strictly prohibit us from including in filings with the SEC.
U.S. investors are urged to consider closely the disclosure in our Form 20-F,
File N° 1-10888, available from us at 2, place Jean Millier – La Défense 6 –
92078 Paris – La Défense Cedex, France, or at our Web site: www.total.com. You
can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the
SEC’s Web site: www.sec.gov.

  Operating information by segment for the fourth quarter and full-year 2012

  * Upstream

                                               Combined
                                    4Q12       liquids and                                2012
4Q12        3Q12        4Q11        vs         gas                2012        2011        vs
                                    4Q11       production                                 2011
                                               by region
                                               (kboe/d)
421         361         518         -19%       Europe             427         512         -17%
701         737         693         +1%        Africa             713         659         +8%
482         501         546         -12%       Middle East        493         570         -14%
67          71          67          -          North              69          67          +3%
                                               America
175         182         182         -4%        South              182         188         -3%
                                               America
227         230         212         +7%        Asia-Pacific       221         231         -4%
220         190         166         +33%       CIS                195         119         +64%
2,293       2,272       2,384       -4%        Total              2,300       2,346       -2%
                                               production
                                               Includes
624         615         580         +8%        equity             611         571         +7%
                                               affiliates
                                    4Q12       Liquids                                    2012
4Q12        3Q12        4Q11        vs         production         2012        2011        vs
                                    4Q11       by region                                  2011
                                               (kb/d)
185         179         244         -24%       Europe             197         245         -20%
568         587         553         +3%        Africa             574         517         +11%
312         323         304         +3%        Middle East        311         317         -2%
26          25          22          +18%       North              25          27          -7%
                                               America
57          56          62          -8%        South              59          71          -17%
                                               America
28          28          25          +12%       Asia-Pacific       27          27          -
30          27          27          +11%       CIS                27          22          +23%
1,206       1,225       1,237       -3%        Total              1,220       1,226       -
                                               production
                                               Includes
307         316         295         +4%        equity             308         316         -3%
                                               affiliates

                                    4Q12       Gas                                        2012
4Q12        3Q12        4Q11        vs         production         2012        2011        vs
                                    4Q11       by region                                  2011
                                               (Mcf/d)
1,270       1,011       1,491       -15%       Europe             1,259       1,453       -13%
654         763         688         -5%        Africa             705         715         -1%
930         971         1,307       -29%       Middle East        990         1,370       -28%
228         260         246         -7%        North              246         227         +8%
                                               America
657         650         664         -1%        South              682         648         +5%
                                               America
1,127       1,135       1,056       +7%        Asia-Pacific       1,089       1,160       -6%
1,031       890         749         +38%       CIS                909         525         +73%
5,897       5,680       6,201       -5%        Total              5,880       6,098       -4%
                                               production
                                               Includes
1,712       1,618       1,537       +11%       equity             1,637       1,383       +18%
                                               affiliates
                                    4Q12       Liquefied                                  2012
4Q12        3Q12        4Q11        vs         natural gas        2012        2011        vs
                                    4Q11                                                  2011
2.73        2.92        3.15        -13%       LNG sales*         11.42       13.19       -13%
                                               (Mt)

* sales, Group share, excluding trading; 2012 data restated to reflect volume
estimates for Bontang LNG in Indonesia based on the 2012 SEC coefficient

  * Downstream (Refining & Chemicals and Marketing & Supply)

                                    4Q12       Refined                                    2012
                                               product
4Q12        3Q12        4Q11        vs         sales by           2012        2011        vs
                                    4Q11       region                                     2011
                                               (kb/d)*
1,964       1,979       2,049       -4%        Europe             2,018       2,281       -12%
413         411         378         +9%        Africa             404         387         +4%
435         535         409         +6%        Americas           480         481         -
531         399         486         +9%        Rest of            501         490         +2%
                                               world
                                               Total
3,343       3,324       3,322       +1%        consolidated       3,403       3,639       -6%
                                               sales
545         539         446         +22%       Includes           532         437         +22%
                                               bulk sales
1,092       1,080       1,062       +3%        Includes           1,161       1,215       -4%
                                               trading

* includes share of CEPSA, through July 31, 2011, and of TotalErg

                               Adjustment items

  * Adjustments to operating income

4Q12          3Q12          4Q11        in millions         2012          2011
                                        of euros
                                        Special items
(826)         (1,362)       (484)       affecting           (2,342)       (873)
                                        operating
                                        income
                                        -
62            (16)          -           Restructuring       (2)           -
                                        charges
(340)         (1,134)       (535)       - Impairments       (1,474)       (781)
(548)         (212)         51          - Other             (866)         (92)
                                        Pre-tax
                                        inventory
(462)         766           58          effect : FIFO       (234)         1,215
                                        vs.
                                        replacement
                                        cost
                                        Effect of
13            (8)           30          changes in          (9)           45
                                        fair value
                                                                           
                                        Total
                                        adjustments
(1,275)       (604)         (396)       affecting           (2,585)       387
                                        operating
                                        income

  * Adjustments to net income (Group share)

4Q12        3Q12        4Q11        in millions         2012          2011       
                                    of euros
                                    Special items
                                    affecting net
(398)       (800)       (504)       operating           (1,503)       (14)
                                    income (Group
                                    share)
226         202         268         - Gain on           581           1,538
                                    asset sales
                                    -
(4)         (33)        (66)        Restructuring       (77)          (122)
                                    charges
(337)       (737)       (716)       - Impairments       (1,112)       (1,014)
(283)       (232)       10          - Other             (895)         (416)
                                    After-tax
                                    inventory
(312)       524         49          effect : FIFO       (157)         834
                                    vs.
                                    replacement
                                    cost
                                    Effect of
10          (6)         20          changes in          (7)           32
                                    fair value
                                                                       
                                    Total
(700)       (282)       (435)       adjustments         (1,667)       852
                                    affecting net
                                    income

                             Effective tax rates

4Q12        3Q12        4Q11        Effective tax       2012        2011     
                                    rate*
54.8%       58.8%       59.9%       Upstream            58.3%       60.4%
52.2%       55.3%       60.8%       Group               56.2%       58.4%

* tax on adjusted net operating income / (adjusted net operating income -
income from equity affiliates - dividends received from investments + tax on
adjusted net operating income)

                          Investments - Divestments

                                    4Q12       in millions of                                    2012
4Q12        3Q12        4Q11        vs         euros                   2012         2011         vs      
                                    4Q11                                                         2011
                                               Investments
5,360       4,903       5,225       +3%        excluding               18,516       14,828       +25%
                                               acquisitions*
380         303         328         +16%         * Capitalized         1,352        1,074        +26%
                                                   exploration
                                                 * Change in
(181)       455         244         n/a            non-recurrent       664          339          +96%
                                                   loans**
578         294         1,858       -69%       Acquisitions            3,142        8,840        -64%
                                               Investments
5,938       5,197       7,083       -16%       including               21,658       23,668       -8%
                                               acquisitions*
881         1,416       1,211       -27%       Asset sales             4,586        7,705        -40%
5,057       3,781       5,872       -14%       Net investments**       17,072       15,963       +7%
                                    4Q12       in millions of                                    2012
4Q12        3Q12        4Q11        vs         dollars***              2012         2011         vs
                                    4Q11                                                         2011
                                               Investments
6,950       6,130       7,044       -1%        excluding               23,789       20,641       +15%
                                               acquisitions*
493         379         442         +11%         * Capitalized         1,737        1,495        +16%
                                                   exploration
                                                 * Change in
(235)       569         329         n/a            non-recurrent       853          472          +81%
                                                   loans**
749         368         2,505       -70%       Acquisitions            4,037        12,305       -67%
                                               Investments
7,700       6,498       9,549       -19%       including               27,826       32,946       -16%
                                               acquisitions*
1,142       1,770       1,633       -30%       Asset sales             5,892        10,725       -45%
6,557       4,727       7,917       -17%       Net investments**       21,934       22,220       -1%

* includes changes in non-current loans

** includes net investments in equity affiliates and
non-consolidated companies + net financing for employee-related stock purchase
plans

*** dollar amounts represent euro amounts converted at the average €-$
exchange rate for the period

                           Net-debt-to-equity ratio

in millions of euros         12/31/2012       09/30/2012       12/31/2011    
Current borrowings           11,016           10,647           9,675
Net current financial        (1,386)          (1,493)          (533)
assets
Non-current financial        756              -                -
debt
Hedging instruments of       22,274           24,606           22,557
non-current debt
Cash and cash                (1,626)          (1,796)          (1,976)
equivalents
Current borrowings           (15,469)         (16,833)         (14,025)
Net debt                     15,565           15,131           15,698
                                                                
Shareholders’ equity         72,912           72,789           68,037
Estimated dividend           (1,299)          (1,291)          (1,255)
payable
Non-controlling              1,281            1,275            1,352
interests
Equity                       72,894           72,773           68,134
                                                                
Net-debt-to-equity           21.4%            20.8%            23.0%
ratio

                             2013 Sensitivities*

                                            Impact on        Impact on
               Scenario       Change        adjusted         adjusted net    
                                            operating        operating
                                            income(e)        income(e)
Dollar         1.30 $/€       +0.1 $        -2.2 B€          -0.95 B€
                              par €
Brent          100 $/b        +1 $/b        +0.24 B€ /       +0.11 B€ /
                                            0.31 B$          0.14 B$
European
refining       30 $/t         +1 $/t        +0.08 B€ /       +0.05 B€ /
margins                                     0.1 B$           0.06 B$
(ERMI)

* Sensitivities are revised once per year upon publication of the previous
year’s fourth quarter results. Sensitivities are estimates based on
assumptions of the Group’s portfolio in 2013. Actual results could vary
significantly from estimates based on the application of these sensitivities.

The impact of the €-$ sensitivity on adjusted operating income and adjusted
net operating income attributable to the Upstream segment are approximately
80% and 70% respectively. The remaining impact is essentially on the Refining
& Chemicals segment.

                      Return on average capital employed

  * Twelve months ended December 31, 2012

in millions                      Refining        Marketing
of euros          Upstream       &               & Supply                Group     
                                 Chemicals
Adjusted
net               11,186         1,414           837                     13,012
operating
income
Capital
employed at       57,331         15,883          6,999                   81,066
12/31/2011*
Capital
employed at       64,413         16,403          7,254                   85,880
12/31/2012*
ROACE             18.4%          8.8%            11.7%                   15.6%

  * Twelve months ended September 30, 2012

in millions                      Refining        Marketing
of euros          Upstream       &               & Supply                Group     
                                 Chemicals
Adjusted
net               11,359         1,043           726                     12,621
operating
income
Capital
employed at       49,791         14,692          7,253                   72,764
09/30/2011*
Capital
employed at       63,293         16,413          7,800                   85,003
09/30/2012*
ROACE             20.1%          6.7%            9.6%                    16.0%

  * Twelve months ended December 31, 2011

in millions                      Refining        Marketing
of euros          Upstream       &               & Supply                Group     
                                 Chemicals
Adjusted
net               10,602         848             813                     12,045
operating
income
Capital
employed at       43,671         17,265          5,909                   70,866
12/31/2010*
Capital
employed at       57,331         15,883          6,999                   81,066
12/31/2011*
ROACE             21.0%          5.1%            12.6%                   15.9%

* at replacement cost (excluding after-tax inventory effect)

CONSOLIDATED STATEMENT                                                      
OF INCOME
TOTAL
(unaudited)
                                                                              
                               4^th            3^rd            4^th
(M€) ^(a)                      quarter         quarter         quarter

                               2012            2012            2011
Sales                          49,868          49,890          47,492
Excise taxes                   (4,399)         (4,411)         (4,534)
Revenues from sales            45,469          45,479          42,958
Purchases, net of              (31,854)        (30,609)        (29,233)
inventory variation
Other operating expenses       (6,221)         (5,528)         (5,276)
Exploration costs              (504)           (317)           (339)
Depreciation, depletion
and amortization of            (2,413)         (3,246)         (2,416)
tangible assets and
mineral interests
Other income                   474             474             281
Other expense                  (239)           (129)           (838)
Financial interest on          (160)           (154)           (156)
debt
Financial income from
marketable securities &        33              8               57
cash equivalents
Cost of net debt               (127)           (146)           (99)
Other financial income         123             141             91
Other financial expense        (110)           (135)           (102)
Equity in net income           392             641             478
(loss) of affiliates
Income taxes                   (2,572)         (3,488)         (3,121)
Consolidated net income        2,418           3,137           2,384
Group share                    2,381           3,066           2,290
Non-controlling                37              71              94
interests
Earnings per share (€)         1.05            1.36            1.02
Fully-diluted earnings         1.05            1.35            1.01
per share (€)
^(a) Except for per
share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE                                     
INCOME
TOTAL                            
(unaudited)
                                                                              
                                  4^th           3^rd           4^th
(M€)                              quarter        quarter        quarter

                                  2012           2012           2011
Consolidated net income           2,418          3,137          2,384
Other comprehensive income
Currency translation              (1,000)        (1,007)        1,833
adjustment
Available for sale                4              (183)          296
financial assets
Cash flow hedge                   29             33             5
Share of other
comprehensive income of           (31)           86             219
associates, net amount
Other                             2              (2)            2
                                                                              
Tax effect                        (9)            37             (108)
Total other comprehensive         (1,005)        (1,036)        2,247
income (net amount)
                                                                 
Comprehensive income              1,413          2,101          4,631
- Group share                     1,407          2,061          4,478
- Non-controlling                 6              40             153
interests

CONSOLIDATED STATEMENT OF INCOME                                            
TOTAL
 
                                                                              
                                               Year            Year
(M€) ^(a)                                                     
                                               2012            2011
Sales                                          200,061         184,693
Excise taxes                                   (17,762)        (18,143)
Revenues from sales                            182,299         166,550
Purchases, net of inventory variation          (126,798)       (113,892)
Other operating expenses                       (22,668)        (19,843)
Exploration costs                              (1,446)         (1,019)
Depreciation, depletion and amortization       (9,525)         (7,506)
of tangible assets and mineral interests
Other income                                   1,462           1,946
Other expense                                  (915)           (1,247)
Financial interest on debt                     (671)           (713)
Financial income from marketable               100             273
securities & cash equivalents
Cost of net debt                               (571)           (440)
Other financial income                         558             609
Other financial expense                        (499)           (429)
Equity in net income (loss) of                 2,010           1,925
affiliates
Income taxes                                   (13,066)        (14,073)
Consolidated net income                        10,841          12,581
Group share                                    10,694          12,276
Non-controlling interests                      147             305
Earnings per share (€)                         4.74            5.46
Fully-diluted earnings per share (€)           4.72            5.44
^(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                              
TOTAL                                               
 
                                                                              
                                                     Year         Year
(M€)                                                             
                                                     2012         2011
Consolidated net income                              10,841       12,581
Other comprehensive income
Currency translation adjustment                      (701)        1,498
Available for sale financial assets                  (338)        337
Cash flow hedge                                      65           (84)
Share of other comprehensive income of               160          (15)
associates, net amount
Other                                                (13)         (2)
                                                                              
Tax effect                                           63           (55)
Total other comprehensive income (net amount)        (764)        1,679
                                                                   
Comprehensive income                                 10,077       14,260
- Group share                                        9,969        13,911
- Non-controlling interests                          108          349

CONSOLIDATED BALANCE                                                        
SHEET
TOTAL
                                                                              
                                                                              
                                           September 30,
(M€)                       December        2012                December
                           31, 2012                            31, 2011
                                           (unaudited)
ASSETS
Non-current assets
Intangible assets,         12,858          12,964              12,413
net
Property, plant and        69,332          70,583              64,457
equipment, net
Equity affiliates :
investments and            13,759          14,413              12,995
loans
Other investments          1,190           1,181               3,674
Hedging instruments
of non-current             1,626           1,796               1,976
financial debt
Deferred income            1,832           1,612               1,767
taxes
Other non-current          3,715           3,603               3,104
assets
Total non-current          104,312         106,152             100,386
assets
Current assets
Inventories, net           17,397          17,266              18,122
Accounts receivable,       19,206          20,331              20,049
net
Other current assets       10,086          11,377              10,767
Current financial          1,562           1,726               700
assets
Cash and cash              15,469          16,833              14,025
equivalents
Assets classified as       3,797           -                   -
held for sale
Total current assets       67,517          67,533              63,663
Total assets               171,829         173,685             164,049
LIABILITIES &
SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares              5,915           5,915               5,909
Paid-in surplus and        71,827          70,703              66,506
retained earnings
Currency translation       (1,488)         (487)               (988)
adjustment
Treasury shares            (3,342)         (3,342)             (3,390)
Total shareholders'        72,912          72,789              68,037
equity - Group Share
Non-controlling            1,281           1,275               1,352
interests
Total shareholders'        74,193          74,064              69,389
equity
Non-current
liabilities
Deferred income            12,785          13,167              12,260
taxes
Employee benefits          1,973           1,987               2,232
Provisions and other
non-current                11,585          11,170              10,909
liabilities
Non-current                22,274          24,606              22,557
financial debt
Total non-current          48,617          50,930              47,958
liabilities
Current liabilities
Accounts payable           21,648          20,869              22,086
Other creditors and        14,698          16,942              14,774
accrued liabilities
Current borrowings         11,016          10,647              9,675
Other current
financial                  176             233                 167
liabilities
Other current
financial                  1,481           -                   -
liabilities
Total current              49,019          48,691              46,702
liabilities
Total liabilities
and shareholders'          171,829         173,685             164,049
equity

CONSOLIDATED STATEMENT OF                                                   
CASH FLOW
TOTAL
(unaudited)
                                                                              
                                4^th           3^rd             4^th
(M€)                            quarter        quarter          quarter

                                2012           2012             2011
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income         2,418          3,137            2,384
Depreciation, depletion         2,801          3,413            3,037
and amortization
Non-current liabilities,
valuation allowances and        317            803              505
deferred taxes
Impact of coverage of           -              -                -
pension benefit plans
(Gains) losses on sales         (456)          (419)            (73)
of assets
Undistributed affiliates'                      (135)
equity earnings                 119            *Story too
                                               large*

[TRUNCATED]
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