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Total : Third Quarter and First Nine Months 2013 Results1



  Total : Third Quarter and First Nine Months 2013 Results1

Business Wire

PARIS -- October 31, 2013

Regulatory News:

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

                                        Change                   Change
                             3Q13                     9M13                  
                                        vs 3Q12                  vs 9M12
                                                                
Adjusted net income^2
                                                                              
- in billion euros           2.7        -19%          8.3        -10%
(B€)
- in billion dollars         3.6        -14%          10.9       -8%
(B$)
                                                                              
- in euros per share         1.19       -19%          3.65       -11%
                                                                              
- in dollars per share       1.58       -15%          4.80       -8%

Net income^3 of 2.8 B€ in  3Q13 and 6.8 B€ in the first nine months  of 2013

Net-debt-to-equity ratio of 23.0% on September 30, 2013

Hydrocarbon production of 2,299 kboe/d in 3Q13

Interim dividend for 3Q13 of 0.59 €/share payable in March 2014^4

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

« With adjusted net income of 2.7 billion euros, Total reports solid third
quarter performance, slightly better than the second quarter, and a stronger
financial position.

In the Upstream, significant progress was made in the quarter with the
start-up of Kashagan in Kazahkstan, of Ekofisk South in Norway and the launch
of major projects, including the Fort Hills mining project in Canada that will
contribute to our growth for several decades. In addition, by seizing a unique
opportunity to take a share of the most prolific pre-salt discovery in the
world, Total starts a new chapter of its story in Brazil as part of the
consortium in charge of developing the giant Libra field. So, the Group is
improving its outlook for sustainable post-2017 production growth under terms
consistent with its strict return criteria, while confirming its commitment to
reduce near-term investment.

In the downstream segments, the quality of the results this quarter, given the
poor environment for refining, clearly shows the effectiveness of the ongoing
restructuring program. The successful start-up of the first units of the
Satorp refinery in Saudi Arabia illustrates the capacity of the Group and its
teams to progress in a responsible and sustainable manner in the fulfillment
of its objectives. »

  * Key figures ^ 5

                                  in millions of
                           3Q13   euros                                  9M13
3Q13     2Q13     3Q12     vs     except earnings    9M13      9M12      vs
                           3Q12   per share and                          9M12
                                  number of shares
46,686   46,973   49,890   -6%    Sales              141,789   150,193   -6%
                                  Adjusted
5,146    5,084    6,561    -22%   operating income   16,009    19,047    -16%
                                  from business
                                  segments
                                  Adjusted net
2,989    3,025    3,709    -19%   operating income   9,128     10,031    -9%
                                  from business
                                  segments
2,329    2,325    2,897    -20%   - Upstream         7,120     8,459     -16%
330      370      567      -42%   - Refining &       1,083     1,009     +7%
                                  Chemicals
330      330      245      +35%   - Marketing &      925       563       +64%
                                  Services
2,716    2,699    3,364    -19%   Adjusted net       8,278     9,235     -10%
                                  income
                                  Adjusted
1.19     1.19     1.48     -19%   fully-diluted      3.65      4.08      -11%
                                  earnings per
                                  share (euros)
                                  Fully-diluted
2,275    2,274    2,268    -      weighted-average   2,269     2,265     -
                                  shares
                                  (millions)
2,761    2,537    3,082    -10%   Net income         6,835     8,268     -17%
                                  (Group share)
5,852    5,712    5,416    +8%    Investments^6      17,548    16,320    +8%
2,188    1,334    1,635    +34%   Divestments        4,138     4,305     -4%
3,664    4,378    3,781    -3%    Net investments    13,410    12,015    +12%
6,954    3,706    5,163    +35%   Cash flow from     14,378    16,597    -13%
                                  operations
                                  Adjusted cash
5,421    5,019    6,058    -11%   flow from          15,649    15,921    -2%
                                  operations
                                  in millions of
                           3Q13   dollars^7                              9M13
3Q13     2Q13     3Q12     vs     except earnings    9M13      9M12      vs
                           3Q12   per share and                          9M12
                                  number of shares
61,822   61,356   62,372   -1%    Sales              186,750   192,367   -3%
                                  Adjusted
6,814    6,641    8,203    -17%   operating income   21,085    24,395    -14%
                                  from business
                                  segments
                                  Adjusted net
3,958    3,951    4,637    -15%   operating income   12,022    12,848    -6%
                                  from business
                                  segments
3,084    3,037    3,622    -15%   - Upstream         9,378     10,834    -13%
437      483      709      -38%   - Refining &       1,426     1,292     +10%
                                  Chemicals
437      431      306      +43%   - Marketing &      1,218     721       +69%
                                  Services
3,597    3,525    4,206    -14%   Adjusted net       10,903    11,828    -8%
                                  income
                                  Adjusted
1.58     1.55     1.85     -15%   fully-diluted      4.80      5.22      -8%
                                  earnings per
                                  share (dollars)
                                  Fully-diluted
2,275    2,274    2,268    -      weighted-average   2,269     2,265     -
                                  shares
                                  (millions)
3,656    3,314    3,853    -5%    Net income         9,002     10,590    -15%
                                  (Group share)
7,749    7,461    6,771    +14%   Investments^6      23,112    20,903    +11%
2,897  1,742      2,044    +42%   Divestments        5,450     5,514     -1%
4,852  5,719      4,727    +3%    Net investments    17,662    15,389    +15%
9,208  4,841      6,455    +43%   Cash flow from     18,937    21,257    -11%
                                  operations
                                  Adjusted cash
7,178  6,556      7,574    -5%    flow from          20,611    20,392    +1%
                                  operations

  * Highlights since the beginning of the third quarter 2013

       * Started up the Kashagan field in Kazakhstan and the Ekofisk South
         field in the Norwegian North Sea
       * Launched the Fort Hills mining project in Canada, the Incahuasi gas
         and condensate field in Bolivia and the offshore Vega Pleyade field
         in Argentina
       * Obtained 20% of the giant Libra oil field, in the Santos Basin in
         Brazil
       * Discovered oil and gas on the Harir block in Kurdistan in Iraq
       * Acquired offshore exploration acreage in South Africa
       * Completed the sales of TIGF, the natural gas transportation and
         storage subsidiary in France, and the E&P assets in Trinidad & Tobago
       * Announced the modernization project for the Carling petrochemicals
         platform in France
       * Shipped first cargoes of refined products from the Satorp refining
         and petrochemicals platform in Jubail, Saudi Arabia
       * Launched SunPower’s Project Salvador, the construction of the largest
         solar power plant in Chile

  * Third quarter 2013 results

> Operating income from business segments

In the third quarter 2013, the Brent price averaged 110.3 $/b, an increase of
1% compared to the third quarter 2012. The European refining margin indicator
(ERMI) averaged 10.6 $/t, a decrease of 79% compared to the third quarter
2012. The environment for petrochemicals improved compared to the same period
last year.

The euro-dollar exchange rate averaged 1.32 $/€ in the third quarter 2013
compared to 1.25 $/€ in the third quarter 2012.

In this context, the adjusted operating income^8 from business segments was
5,146 M€, a decrease of 22% compared to the third quarter 2012. Expressed in
dollars, the decrease was 17%.

The effective tax rate^9 for the business segments was 54.8% in the third
quarter 2013 compared to 53.6% in the third quarter 2012.

Adjusted net operating income from the business segments was 2,989 M€ compared
to 3,709 M€ in the third quarter 2012, a decrease of 19%.

Expressed in dollars, adjusted net operating income from the business segments
was 4.0 billion dollars (B$), a decrease of 15% compared to the third quarter
2012. This decrease is mainly due to a lower contribution from Upstream, which
reflects an unfavorable production mix and higher exploration charges, and a
lower contribution from Refining & Chemicals, partially offset by robust
performance at Marketing & Services.

> Net income (Group share)

Adjusted net income was 2,716 M€ in the third quarter 2013 compared to 3,364
M€ in the third quarter 2012, a decrease of 19%. Expressed in dollars,
adjusted net income decreased by 14%.

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 24
    M€ in the third quarter 2013 and a positive impact on net income of 524 M€
    in the third quarter 2012.
  * Changes in fair value had a negative impact on net income of 7 M€ in the
    third quarter 2013 and a negative impact on net income of 6 M€ the third
    quarter 2012.
  * Special items had a positive impact on net income of 76 M€ in the third
    quarter 2013, comprised mainly of the gain on the sale of TIGF in France,
    essentially offset by impairments, including assets in the Barnett field
    in the United States and in Syria. In the third quarter 2012, special
    items had a negative impact on net income of 800 M€.

Net income (Group share) was 2,761 M€ compared to 3,082 M€ in the third
quarter 2012.

The effective tax rate for the Group was 55.8% in the third quarter 2013.

Adjusted fully-diluted earnings per share, based on 2,275 million
fully-diluted weighted-average shares, decreased by 19% to €1.19 from €1.48 in
the third quarter 2012.

Expressed in dollars, adjusted fully-diluted earnings per share decreased by
15% to $1.58.

> Investments – Divestments^11

Investments, excluding acquisitions and including changes in non-current
loans, were 5.0 B€ (6.6 B$) in the third quarter 2013 compared to 4.9 B€ (6.1
B$) in the third quarter 2012.

Acquisitions were 549 M€ in the third quarter 2013, comprised essentially of
the bonus for exploration licenses in South Africa and Brazil and the carry on
the Utica gas and condensate field in the United States.

Asset sales in the third quarter 2013 were 1,849 M€, comprised essentially of
the sale of TIGF in France and the Group’s exploration and production assets
in Trinidad & Tobago.

Net investments^12 were 3.7 B€ (4.9 B$) in the third quarter 2013 compared to
3.8 B€ (4.7 B$) in the third quarter 2012.

> Cash flow

Cash flow from operations was 6,954 M€ in the third quarter 2013, an increase
of 35% compared to 5,163 M€ in the third quarter 2012. The increase was due
mainly to favorable changes in working capital.

Adjusted cash flow from operations^13 was 5,421 M€, a decrease of 11% compared
to the third quarter 2012. Expressed in dollars, adjusted cash flow from
operations was 7.2 B$, a decrease of 5%.

The Group’s net cash flow^14 was 3,290 M€ in the third quarter 2013 compared
to 1,382 M€ in the third quarter 2012. Expressed in dollars, net cash flow was
4.4 B$ in the third quarter 2013 compared to 1.7 B$ in the third quarter 2012,
reflecting essentially the favorable evolution of changes in working capital.

  * Results for the first nine months 2013

> Operating income from business segments

Compared to the first nine months of 2012, the average Brent price decreased
by 3% to 108.5 $/b in the first nine months of 2013. The European refining
margin indicator (ERMI) averaged 20.5 $/t in the first nine months of 2013
compared to 36.7 $/t in the first nine months of 2012, a decrease of 44%. In
contrast, the petrochemicals environment on average improved, particularly in
Asia and the United States, between the two periods.

The euro-dollar exchange rate averaged 1.32 $/€ compared to 1.28 $/€ in the
first nine months of 2012.

In this context, the adjusted operating income from the business segments was
16,009 M€, or a decrease of 16% compared to the first nine months of 2012^15.

The effective tax rate for the business segments was 55.6% in the first nine
months of 2013 compared to 56.5% in the first nine months of 2012.

Adjusted net operating income from the business segments was 9,128 M€ compared
to 10,031 M€ in the first nine months of 2012, a decrease of 9%.

Expressed in dollars, adjusted net operating income from the business segments
decreased by 6%. This decrease is mainly due to a lower contribution from
Upstream, which was partially offset by better performance in the downstream
segments.

> Net income (Group share)

Adjusted net income decreased by 10% to 8,278 M€ from 9,235 M€ in the first
nine months of 2012. Expressed in dollars, adjusted net income decreased by
8%.

Adjusted net income excludes the after-tax inventory effect, special items and
the effect of changes in fair value^16:

  * The after-tax inventory effect had a negative impact on net income of 475
    M€ in the first nine months of 2013 compared to a positive impact of
    155 M€ in the first nine months of 2012.
  * Changes in fair value had a negative impact on net income of 30 M€ in the
    first nine months of 2013 compared to a negative impact of 17 M€ in the
    first nine months of 2012.
  * Special items had a negative impact on net income of 938 M€ in the first
    nine months of 2013, comprised mainly of the loss on the sale of the
    Voyageur upgrader project in Canada and the impairment of assets in the
    Barnett field in the United States, partially offset by the gain on the
    sale of TIGF in France and Upstream assets in Italy. Special items had a
    negative impact on net income of 1,105 M€ in the first nine months of
    2012.

Net income (Group share) was 6,835 M€ compared to 8,268 M€ in the first nine
months of 2012.

On September 30, 2013, there were 2,274 million fully-diluted shares compared
to 2,270 million fully-diluted shares on September 30, 2012.

Adjusted fully-diluted earnings per share, based on 2,269 million
fully-diluted shares, were €3.65, a decrease of 11% compared to the first nine
months of 2012.

Expressed in dollars, adjusted fully-diluted earnings per share were $4.80
compared to $5.22 in the first nine months of 2012, a decrease of 8%.

> Investments – divestments^17

Investments, excluding acquisitions and including changes in non-current
loans, were 14.8 B€ (19.4 B$) in the first nine months of 2013 compared to
13.2 B€ (16.9 B$) in the first nine months of 2012.

Acquisitions were 2.0 B€ (2.6 B$) in the first nine months of 2013, comprised
essentially of the acquisition of an additional 6% interest in the Ichthys
project in Australia, an additional 0.8% interest in Novatek^18, the carry on
the Utica gas and condensate field in the United States and the bonus for
exploration licenses in South Africa and Brazil.

Asset sales in the first nine months of 2013 were 3.3 B€ (4.4 B$)^19,
comprised essentially of the sale of TIGF in France, an interest in the Tempa
Rossa field in Italy, the Group’s 49% interest in the Voyageur upgrader
project in Canada and the exploration and production assets in Trinidad &
Tobago.

Net investments were 13.4 B€ (17.7 B$) in the first nine months of 2013,
compared to 12.0 B€ (15.4 B$) in the first nine months of 2012.

> Cash flow

Cash flow from operations was 14,378 M€, a decrease of 13% compared to the
first nine months of 2012, mainly due to lower results and unfavorable changes
in working capital.

Adjusted cash flow from operations^20 was 15,649 M€, a decrease of 2% compared
to the first nine months of 2012. Expressed in dollars, adjusted cash flow
from operations ^ was 20.6 B$, an increase of 1%.

The Group’s net cash flow^21 was 968 M€ compared to 4,582 M€ in the first nine
months of 2012. Expressed in dollars, the Group’s net cash flow ^ was 1.3 B$
in the first nine months of 2013, a decrease compared to the first nine months
of 2012 that was mainly due to higher net investments and unfavorable changes
in working capital.

The net-debt-to-equity ratio was 23.0% on September 30, 2013 compared to 21.2%
on September 30, 2012^22.

  * Analysis of business segment results

Upstream

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

> Environment – liquids and gas price realizations*

                        3Q13                                             9M13
3Q13    2Q13    3Q12    vs                               9M13    9M12    vs
                        3Q12                                             9M12
110.3   102.4   109.5   +1%    Brent ($/b)               108.5   112.2   -3%
107.2   96.6    107.6   -      Average liquids price     103.5   108.1   -4%
                               ($/b)
7.18    6.62    6.00    +20%   Average gas price         7.04    6.68    +5%
                               ($/Mbtu)
77.3    69.8    75.8    +2%    Average hydrocarbon       74.8    77.4    -3%
                               price ($/boe)

* consolidated subsidiaries, excluding fixed margins.

> Production

                        3Q13                                             9M13
3Q13    2Q13    3Q12    vs     Hydrocarbon production    9M13    9M12    vs
                        3Q12                                             9M12
2,299   2,290   2,272   +1%    Combined production       2,304   2,302   -
                               (kboe/d)
1,174   1,160   1,225   -4%    = Liquids (kb/d)          1,175   1,224   -4%
6,167   6,169   5,680   +9%    = Gas (Mcf/d)             6,158   5,875   +5%

Hydrocarbon production was 2,299 thousand barrels of oil equivalent per day
(kboe/d) in the third quarter 2013, an increase of 1% compared to the third
quarter 2012, essentially as a result of:

  * +1.5% for growth from new projects,
  * -0.5% for normal decline, partially offset by lower maintenance,
  * +2% for the restart of production from Elgin/Franklin in the UK North Sea
    and Ibewa in Nigeria,
  * -2% for security issues in Nigeria and Libya in the third quarter 2013,
    partially offset by improved security conditions in Yemen.

In the first nine months of 2013, hydrocarbon production was 2,304 kboe/d,
stable compared the first nine months of 2012, essentially as a result of:

  * +2.5% for growth from new projects,
  * -1.5% for normal decline and scheduled maintenance,
  * -1% for security issues in Nigeria and Libya, partially offset by improved
    security conditions in Yemen.

Results

                        3Q13                                             9M13
3Q13    2Q13    3Q12    vs     in millions of euros    9M13     9M12     vs
                        3Q12                                             9M12
4,486   4,308   5,551   -19%   Adjusted operating      13,754   17,007   -19%
                               income*
2,329   2,325   2,897   -20%   Adjusted net            7,120    8,459    -16%
                               operating income *
                                 * includes income
499     527     578     -14%       from equity         1,659    1,506    +10%
                                   affiliates
5,064   5,056   4,567   +11%   Investments             15,375   14,100   +9%
2,114   1,112   401     x5.3   Divestments             3,769    1,383    x2.7
4,765   2,128   3,457   +38%   Cash flow from          11,043   14,521   -24%
                               operations
4,373   4,283   5,105   -14%   Adjusted cash flow      12,842   13,812   -7%
                               from operations

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

In the third quarter 2013, adjusted net operating income from the Upstream
segment was 2,329 M€ compared to 2,897 M€ in the third quarter 2012, a
decrease of 20%. Expressed in dollars, adjusted net operating income decreased
by 15%, mainly due to an unfavorable production mix and higher exploration
charges in line with the more active drilling program.

The effective tax rate for the Upstream segment was 60.1% compared to 58.8% in
the third quarter 2012.

In the first nine months of 2013, adjusted net operating income from the
Upstream segment was 7,120 M€ compared to 8,459 M€ in the first nine months of
2012, a decrease of 16%. Expressed in dollars, adjusted net operating income
was 9,378 M$, or a decrease of 13% explained principally by an unfavorable
production mix, higher exploration charges and a decrease in average realized
hydrocarbon prices between the two periods.

The return on average capital employed (ROACE^23) for the Upstream segment was
15% for the twelve months ended September 30, 2013, compared to 16% for the
twelve months ended June 30, 2013.

Refining & Chemicals

> Refinery throughput and utilization rates*

                        3Q13                                             9M13
3Q13    2Q13    3Q12    vs                               9M13    9M12    vs
                        3Q12                                             9M12
1,759   1,772   1,790   -2%    Total refinery            1,764   1,833   -4%
                               throughput (kb/d)
696     729     653     +7%    - France                  684     699     -2%
784     781     864     -9%    - Rest of Europe          810     873     -7%
279     262     273     +2%    - Rest of world           270     261     +3%
                               Utlization rates**                         
81%     83%     82%            - Based on crude only     82%     83%
86%     87%     86%            - Based on crude and      86%     88%      
                               other feedstock

* includes share of TotalErg. Results for refineries in South Africa, French
Antilles and Italy are accounted for in the Marketing & Services segment.

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

In the third quarter 2013, refinery throughput decreased by 2% compared to the
third quarter 2012. The decrease was mainly due to the start of a scheduled
turnaround at Lindsey and maintenance at several of the Group’s refineries
during the third quarter 2013, as well as the closure of the Rome refinery at
the end of the third quarter 2012. In addition, there were voluntary
throughput reductions at the end third quarter 2013 due to the weakness of the
margins.

In the first nine months of 2013, refinery throughput decreased by 4% compared
to the first nine months of 2012, reflecting essentially the scheduled
turnaround at the Antwerp platform in 2013, increased maintenance at Donges,
as well as the closure of the Rome refinery at the end of the third quarter
2012.

> Results

                       3Q13   in millions of euros                       9M13
3Q13   2Q13    3Q12    vs     (except the ERMI)          9M13    9M12    vs
                       3Q12                                              9M12
                              European refining margin
10.6   24.1    51.0    -79%                              20.5    36.7    -44%
                              indicator - ERMI ($/t)
262    357     652     -60%   Adjusted operating         1,029   1,067   -4%
                              income*
330    370     567     -42%   Adjusted net operating     1,083   1,009   +7%
                              income*
                                * contribution of
119    113     102     +17%       Specialty              321     290     +11%
                                  Chemicals**
415    382     441     -6%    Investments                1,330   1,371   -3%
8      208     55      -85%   Divestments                243     203     +20%
840    1,303   1,036   -19%   Cash flow from             1,855   1,625   +14%
                              operations
493    572     771     -36%   Adjusted cash flow from    1,628   1,498   +9%
                              operations

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

** Hutchinson, Bostik, Atotech.

The European refining margin indicator (ERMI) averaged 10.6 $/t in the third
quarter, a decrease of 79% compared to the third quarter 2012. Petrochemical
margins improved globally (Europe, United States, Asia) compared to the same
period last year, reflecting the impact of lower raw material prices, naphtha
in Europe and Asia, ethane and LPG in the United States.

In the third quarter 2013, adjusted net operating income from the Refining &
Chemicals segment was 330 M€ compared to 567 M€ in the third quarter 2012.
Expressed in dollars, adjusted net operating income was 437 M$, a decrease of
38% compared to the third quarter 2012. Implementing operational efficiencies
and synergies as well as a more favorable petrochemicals environment partially
offset the sharp decrease in European refining margins.

As part of its downstream strategy, the Group announced in the third quarter
2013 a project to adapt and modernize its Carling petrochemicals platform and
restore its competitiveness. In addition, the integrated Satorp platform in
Saudi Arabia shipped its initial cargoes of refined products after
successfully starting up the first units of the refinery.

In the first nine months of 2013, adjusted net operating income from the
Refining & Chemicals segment was 1,083 M€, an increase of 7% compared to the
first nine months of 2012. Expressed in dollars, adjusted net operating income
was 1,426 M$, an increase of 10% compared to the first nine months of 2012,
despite the sharply lower refining margins (a decrease of 44% compared to the
first nine months 2012). The increase was due partly to the more favorable
petrochemicals environment and partly to the effectiveness of the Group’s
planned synergies and operational efficiency programs. The Specialty Chemicals
performed well despite a less favorable environment in Europe.

The ROACE^24 for the Refining & Chemicals segment for the twelve months ended
September 30, 2013, was 9% compared to 11% for the twelve months ended June
30, 2013.

Marketing & Services

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

> Refined product sales

                        3Q13                                         9M13
3Q13    2Q13    3Q12    vs     Sales in kb/d*        9M13    9M12    vs
                        3Q12                                         9M12
1,144   1,150   1,143   -      Europe                1,134   1,173   -3%
599     633     563     +6%    Rest of world         613     539     +14%
1,743   1,783   1,706   +2%    Total sales volumes   1,747   1,712   +2%

* Excludes trading and bulk refining sales, includes share of TotalErg.

In the third quarter 2013, sales increased by 2% compared to the third quarter
last year. This increase was driven by sales in the Americas, Africa and Asia.

In the first nine months of 2013, sales volumes increased by 2% compared to
the first nine months of 2012, mainly due to net increases in sales in the
Americas, Africa and Asia. Sales in Europe declined by 3%, with a marked
decrease in Italy that was related directly to the closure of the Rome
refinery.

> Results

                           3Q13   in millions of                        9M13
3Q13     2Q13     3Q12     vs     euros               9M13     9M12     vs
                           3Q12                                         9M12
21,074   20,561   21,574   -2%    Sales               62,634   64,945   -4%
398      419      358      +11%   Adjusted            1,226    973      +26%
                                  operating income*
330      330      245      +35%   Adjusted net        925      563      +64%
                                  operating income*
(7)      -        (8)      na     - contribution of   (20)     (183)    na
                                  New Energies
326      242      383      -15%   Investments         755      793      -5%
44       12       41       +7%    Divestments         94       106      -11%
1,287    414      692      +86%   Cash flow from      1,608    108      X14.9
                                  operations
                                  Adjusted cash
472      525      202      X2.3   flow from           1,431    839      +71%
                                  operations

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

Marketing & Services sales were 21.1 B€, a decrease of 2% compared to the
third quarter 2012.

In the third quarter 2013, adjusted net operating income from the Marketing &
Services segment was 330 M€ an increase of 35% compared to the third quarter
2012, mainly due to higher margins and volumes, particularly in the lubricants
and retail network.

In the first nine months of 2013, adjusted net operating income from the
Marketing & Services segment was 925 M€, an increase of 64% compared to the
first nine months of 2012. The increase was due mainly to the improved
performance of New Energies, which had a significant net loss for the first
nine months of 2012, as well as overall improvements for marketing of refined
products, particularly in emerging markets.

The ROACE^25 for the Marketing & Services segment for the twelve months ended
September 30, 2013, was 17% compared to 14% for the twelve months ended June
30, 2013.

  * Summary and outlook

The ROACE^26 for the Group for the twelve months ended was 14% compared to 15%
for the twelve months ended June 30, 2013.

Return on equity for the twelve months ended September 30, 2013, was 16%.

With the recent launch and start-up of several projects, Total is progressing
toward its objectives for 2015-2017, while laying the foundation for longer
term growth.

In the Upstream, after launching the major Fort Hills mining project in
Canada, the Group is continuing to evaluate the Kaombo project in Angola and
the Yamal LNG project in Russia.

In the downstream, the progressive start-up of the Satorp platform in Jubail,
Saudi Arabia should be achieved in early 2014.

Following the sale of TIGF in France, the Group is continuing to actively
manage and optimize its asset portfolio to achieve its 2012-14 objective of
selling 15-20 B$ of assets.

While the Brent price has remained robust since the start of the fourth
quarter, refining margins in Europe weakened to very low levels and the
environment for petrochemicals appears less favorable than in the third
quarter, due to seasonally lower demand.

As approved by the Board of Directors on October 30, 2013, Total will pay a
third quarter 2013 interim dividend of 0.59 €/share on March 27, 2014.

To listen to CFO Patrick de La Chevardière’s conference call with financial
analysts today at 15:00 (Paris time) please log on to www.total.com  or call
+44 (0) 203 194 0570 in Europe or +1 855 255 3883 in the United States. For a
replay, please consult the www.total.com website or call +44 (0) 203 367 9460
in Europe or +1 877 642 3018 in the United States (code: 283 844).

This press release presents the third quarter and first nine months 2013
results from the consolidated financial statements of TOTAL S.A. as of
September 30, 2013. The notes to these consolidated financial statements are
available on the TOTAL website www.total.com.

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

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

(iii) Effect of changes in fair value

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

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

Furthermore, TOTAL, in its trading activities, enters into storage contracts,
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 – Arche Nord
Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website:
www.total.com. You can also obtain this form from the SEC by calling
1-800-SEC-0330 or on the SEC’s website: www.sec.gov.

                       Operating information by segment

                 for third quarter and first nine months 2013

  * Upstream

                        3Q13   Combined liquids and                      9M13
3Q13    2Q13    3Q12    vs     gas production by         9M13    9M12    vs
                        3Q12   region (kboe/d)                           9M12
386     383     361     +7%    Europe                    387     430     -10%
656     688     737     -11%   Africa                    678     717     -5%
553     527     501     +10%   Middle East               541     496     +9%
77      70      71      +8%    North America             73      69      +6%
172     171     182     -5%    South America             172     184     -7%
235     229     230     +2%    Asia-Pacific              233     219     +6%
220     222     190     +16%   CIS                       220     187     +18%
2,299   2,290   2,272   +1%    Total production          2,304   2,302   -
697     678     615     +13%   Includes equity           685     607     +13%
                               affiliates
                        3Q13   Liquids production by                     9M13
3Q13    2Q13    3Q12    vs     region (kboe/d)           9M13    9M12    vs
                        3Q12                                             9M12
170     154     179     -5%    Europe                    164     201     -18%
527     542     587     -10%   Africa                    540     575     -6%
335     320     323     +4%    Middle East               328     311     +5%
29      27      25      +16%   North America             28      25      +12%
53      55      56      -5%    South America             55      60      -8%
30      29      28      +7%    Asia-Pacific              30      26      +15%
30      33      27      +11%   CIS                       30      26      +15%
1,174   1,160   1,225   -4%    Total production          1,175   1,224   -4%
331     323     316     +5%    Includes equity           326     309     +6%
                               affiliates
                        3Q13   Gas production by                         9M13
3Q13    2Q13    3Q12    vs     region (Mcf/d)            9M13    9M12    vs
                        3Q12                                             9M12
1,185   1,285   1,011   +17%   Europe                    1,228   1,255   -2%
654     741     763     -14%   Africa                    701     722     -3%
1,212   1,105   971     +25%   Middle East               1,161   1,010   +15%
269     242     260     +3%    North America             254     252     +1%
667     649     650     +3%    South America             651     691     -6%
1,151   1,121   1,135   +1%    Asia-Pacific              1,141   1,076   +6%
1,029   1,026   890     +16%   CIS                       1,022   869     +18%
6,167   6,169   5,680   +9%    Total production          6,158   5,875   +5%
2,002   1,900   1,618   +24%   Includes equity           1,942   1,612   +20%
                               affiliates
                        3Q13                                             9M13
3Q13    2Q13    3Q12    vs     Liquefied natural gas     9M13    9M12    vs
                        3Q12                                             9M12
3.01    2.86    2.94    +2%    LNG sales* (Mt)           8.77    8.77    -

* 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 & Services)

                        3Q13   Refined product sales                     9M13
3Q13    2Q13    3Q12    vs     by region (kb/d)*         9M13    9M12    vs
                        3Q12                                             9M12
2,004   1,973   1,979   +1%    Europe                    1,985   2,030   -2%
430     442     411     +5%    Africa                    440     401     +10%
490     544     535     -8%    Americas                  505     495     +2%
397     520     399     -1%    Rest of world             474     497     -5%
3,321   3,479   3,324   -      Total consolidated        3,404   3,423   -1%
                               sales
496     534     539     -8%    Includes bulk sales       517     527     -2%
1,082   1,162   1,080   -      Includes trading          1,140   1,184   -4%

* Includes share of TotalErg.

                               Adjustment items

  * Adjustments to operating income

3Q13    2Q13    3Q12      in millions of euros              9M13      9M12
(772)   (37)    (1,362)   Special items affecting           (815)     (1,516)
                          operating income
-       -       (16)      - Restructuring charges           (2)       (64)
(656)   -       (1,134)   - Impairments                     (660)     (1,134)
(116)   (37)    (212)     - Other                           (153)     (318)
(43)    (581)   766       Pre-tax inventory effect : FIFO   (712)     228
                          vs. replacement cost
(9)     (32)    (8)       Effect of changes in fair value   (39)      (22)
                                                                       
(824)   (650)   (604)     Total adjustments affecting       (1,566)   (1,310)
                          operating income

  * Adjustments to net income (Group share)

3Q13    2Q13    3Q12    in millions of euros                9M13      9M12
                        Special items affecting net
76      262     (800)   income                              (938)     (1,105)

                        (Group share)
888     287     202     - Gain (loss) on asset sales        (72)      355
(16)    -       (33)    - Restructuring charges             (42)      (73)
(447)   -       (737)   - Impairments                       (450)     (775)
(349)   (25)    (232)   - Other                             (374)     (612)
(24)    (400)   524     After-tax inventory effect : FIFO   (475)     155
                        vs. replacement cost
(7)     (24)    (6)     Effect of changes in fair value     (30)      (17)
                                                                       
45      (162)   (282)   Total adjustments affecting net     (1,443)   (967)
                        income

                             Effective tax rates

3Q13    2Q13    3Q12    Effective tax rate*   9M13    9M12
60.1%   58.3%   58.8%   Upstream              60.5%   59.5%
55.8%   55.6%   55.2%   Group                 56.8%   57.8%

* 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

                        3Q13                                             9M13
3Q13    2Q13    3Q12    vs     in millions of euros    9M13     9M12     vs
                        3Q12                                             9M12
4,964   4,939   4,903   +1%    Investments excluding   14,757   13,156   +12%
                               acquisitions*
328     397     303     +8%    - Capitalized           1,086    972      +12%
                               exploration
176     9       455     -61%   - Change in             462      845      -45%
                               non-current loans**
549     500     294     +87%   Acquisitions            1,983    2,564    -23%
5,513   5,439   5,197   +6%    Investments including   16,740   15,720   +6%
                               acquisitions*
1,849   1,061   1,416   +31%   Asset sales             3,330    3,705    -10%
3,664   4,378   3,781   -3%    Net investments**       13,410   12,015   +12%
                        3Q13   in millions of                            9M13
3Q13    2Q13    3Q12    vs     dollars***              9M13     9M12     vs
                        3Q12                                             9M12
6,573   6,451   6,130   +7%    Investments excluding   19,436   16,850   +15%
                               acquisitions*
434     519     379     +15%   - Capitalized           1,430    1,245    +15%
                               exploration
233     12      569     -59%   - Change in             609      1,082    -44%
                               non-current loans**
727     653     368     +98%   Acquisitions            2,612    3,284    -20%
7,300   7,104   6,498   +12%   Investments including   22,048   20,134   +10%
                               acquisitions*
2,448   1,386   1,770   +38%   Asset sales             4,386    4,745    -8%
4,852   5,719   4,727   +3%    Net investments**       17,662   15,389   +15%

* 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                        9/30/2013   6/30/2013   9/30/2012
Current borrowings                          8,209       10,030      10,647
Net current financial assets                (297)       (465)       (1,493)
Net financial assets classified as held     (42)        775         -
for sale
Non-current financial debt                  25,128      22,595      24,606
Hedging instruments of non-current debt     (1,362)     (1,306)     (1,796)
Cash and cash equivalents                   (14,891)    (11,558)    (16,833)
Net debt                                    16,745      20,071      15,131
                                                                     
Shareholders’ equity                        72,484      72,461      71,338
Estimated dividend payable                  (1,313)     (1,313)     (1,291)
Non-controlling interests                   1,724       1,701       1,275
Equity                                      72,895      72,849      71,322
                                                                     
Net-debt-to-equity ratio                    23.0%       27.6%       21.2%

                             2013 sensitivities*

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

* 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 September 30, 2013

in millions of euros         Upstream   Refining &   Marketing &       Group
                                        Chemicals    Services
Adjusted net operating       9,806      1,450        1,192             12,032
income
Capital employed at          62,707     15,857       7,600             83,551
9/30/2012*
Capital employed at          67,487     15,443       6,833             87,578
9/30/2013*
ROACE                        15.1%      9.3%         16.5%             14.1%

  * Twelve months ended June 30, 2013

in millions of euros         Upstream   Refining &   Marketing &       Group
                                        Chemicals    Services
Adjusted net operating       10,374     1,687        1,107             12,679
income
Capital employed at          58,668     16,014       8,003             83,729
06/30/2012*
Capital employed at          69,644     15,998       7,511             90,858
06/30/2013*
ROACE                        16.2%      10.5%        14.3%             14.5%

  * Full-year 2012

in millions of euros         Upstream   Refining &   Marketing &       Group
                                        Chemicals    Services
Adjusted net operating       11,145     1,376        830               12,927
income
Capital employed at          56,910     15,454       6,852             79,976
12/31/2011*
Capital employed at          63,862     15,726       6,986             84,152
12/31/2012*
ROACE                        18.5%      8.8%         12.0%             15.8%

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

^1 Following the application of revised accounting standard IAS 19 effective
January 1, 2013, the information for 2011 and 2012 has been restated; however,
the impact on such restated results is not significant (see note 1 of the
notes to the consolidated financial statements).

^2 Definition of adjusted results on page 2 – dollar amounts represent euro
amounts converted at the average €-$ exchange rate for the period: 1.3242 $/€
in 3Q13, 1.2502 $/€ in 3Q12, 1.3062 $/€ in 2Q13, 1.3171 $/€ in 9M13, and
1.2808 $/€ in 9M12.

^3 Group share.

^4 The ex-dividend date for the interim dividend will be March 24, 2014, and
the payment date will be March 27, 2014.

^5 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 18 and the
inventory valuation effect is explained on page 15.

^6 Including acquisitions.

^7 Dollar amounts represent euro amounts converted at the average €-$ exchange
rate for the period.

^8 Special items affecting operating income from the business segments had a
negative impact of 772 M€ in 3Q13 and a negative impact of 1,362 M€ in 3Q12.

^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 15.

^11 Detail shown on page 19.

^12 Net investments = investments including acquisitions and changes in
non-current loans – asset sales.

^13 Cash flow from operations at replacement cost before changes in working
capital.

^14 Net cash flow = cash flow from operations - net investments.

^15 Special items affecting operating income from the business segments had a
negative impact of 815 M€ in the first nine months of 2013 and a negative
impact of 1,428 M€ in the first nine months of 2012.

^16 Adjustment items explained on page 15.

^17 Detail shown on page 19.

^18 As of September 30, 2013, the Group owns 16.2% of the share capital of
Novatek.

^19 This amount does not include the sale of an interest in block 14 in
Angola, which was reported in the cash flow statement of the first quarter
2013 as a transaction involving a non-controlling interest.

^20 Cash flow from operations at replacement cost before changes in working
capital.

^21 Net cash flow = cash flow from operations - net investments.

^22 Detail shown on page 20.

^23 Calculated based on adjusted net operating income and average capital
employed, using replacement cost, as shown on page 21.

^24 Calculated based on adjusted net operating income and average capital
employed, using replacement cost, as shown on page 21.

^25 Calculated based on adjusted net operating income and average capital
employed, using replacement cost, as shown on page 21.

^26 Calculated based on adjusted net operating income and average capital
employed, using replacement cost, as shown on page 21.

Contact:

TOTAL S.A.
Martin DEFFONTAINES
Karine KACZKA
Magali PAILHE
Patrick GUENKEL
Tel. : (33) 1 47 44 58 53
Fax : (33) 1 47 44 58 24
or
Robert HAMMOND (U.S.)
Tel. : (1) 713-483-5070
Fax : (1) 713-483-5629
or
2, place Jean Millier
Arche Nord Coupole/Regnault
92 400 Courbevoie France

TOTAL S.A.
Capital 5 941 838 402,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
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