Regulatory News :
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
2Q14
Changevs 2Q13
1H14
Changevs 1H13
Adjusted net income2
- in billions of dollars (B$)
3.2 -12%
6.5 -11%
- in dollars per share
1.38 -12%
2.84 -11%
Net income3 of 3.1 B$ in
2Q14 and 6.4 B$ in 1H14
Net-debt-to-equity ratio of 27.1%
at June 30, 2014
Hydrocarbon production of 2,054
kboe/d in 2Q14
Interim dividend for 2Q14 of 0.61
€/share payable in December 20144
Commenting on the results, Chairman and CEO Christophe de
Margerie said:
“Growing geopolitical tensions marked the second quarter
environment and, despite the stability of the Brent price, drew
attention to the sensitive balance of the oil markets.In this
context, the Group reported adjusted net income of $3.2 billion,
slightly less than in the previous quarter, essentially due to
exceptionally heavy maintenance in the Upstream. The highlight of
the quarter was the start-up of CLOV in deep-offshore Angola, which
demonstrates yet again the excellence of the Group in major project
management. Going forward, we are fully mobilized and focused on
starting up the next set of operated projects. In addition, the
final investment decisions to launch Kaombo in Angola and Edradour
in the UK, approved only after rigorous cost reductions, illustrate
the Group’s capital discipline and strengthen its production
profile through 2017.The Group performed relatively well in the
downstream, despite an unfavorable environment for refining and
marketing in Europe and scheduled turnarounds for maintenance on
several sites.Every segment is playing a role in optimizing the
asset portfolio. The sales of Shah Deniz in Azerbaijan, the coal
mines in South Africa and Totalgaz have been announced. Finally,
all the segments have progressed in setting detailed cost reduction
targets within the framework of the 3-year plan announced at the
beginning of the year. This plan, which is essential to the Group’s
performance and in keeping with the commitments on safety and
environment, will bear its first fruits in 2015.”
2Q14 1Q14 2Q13 2Q14vs2Q13
Expressed in millions dollarsexcept earnings per share
and number of shares 1H14 1H13 1H14
vs1H13
62,561 60,687 61,345 +2%
Sales
123,248 124,906 -1%
5,583
6,182 6,708 -17% Adjusted operating
income from business segments
11,765 14,211
-17%
3,824 3,699 4,005 -5%
Adjusted net operating income from business segments
7,523 8,031 -6%
3,051 3,092
3,041 -
- Upstream
6,143 6,298 -2%
401 346 518 -23%
- Refining & Chemicals
747 955 -22%
372 261 446 -17%
- Marketing & Services
633 778 -19%
3,151 3,327
3,581 -12% Adjusted net income
6,478 7,279 -11%
1.38 1.46
1.57 -12% Adjusted fully-diluted earnings per
share (dollars)
2.84 3.20 -11%
1.00 1.07 1.21 -17% Adjusted
fully-diluted earnings per share (euro)
2.07
2.44 -15%
2,281 2,277 2,274 -
Fully-diluted weighted-average shares (millions)
2,279 2,272 -
3,104 3,335 3,364 -8%
Net income (Group share)
6,439 5,312
+21%
8,723
5,865 7,459 +17%
Investments6
14,588 15,363 -5%
631
1,840 1,750 -64% Divestments
2,471 2,563 -4%
7,966 4,025
5,716 +39%
Net investments7
11,991 12,336 -3%
5,277
5,338 4,838 +9% Cash flow from operations
10,615 9,751 +9%
5,931
6,204 6,625 -10% Adjusted cash flow from
operations
12,135 13,380 -9%
- Highlights since the beginning of
the second quarter 20148
- Started up the deep-offshore CLOV
oil field in Angola
- Launched the developments of Kaombo
in ultra-deep offshore Angola and Edradour in the West of Shetland
area of the UK
- Discovered oil on Ivory Coast
deep-offshore block CI-514
- Acquired a 60% interest in the
Glenlivet gas field in the West of Shetland area of the UK
- Announced the sales of the Group’s
interests in the Shah Deniz field in Azerbaijan and coal mines in
South Africa
- Announced agreements to sell
Totalgaz and CCP Composites
- Signed an agreement for long-term
sales of LNG to Singapore
- Second quarter 2014 results
> Net operating income from business
segments
In the second quarter 2014, the Brent price averaged 109.7 $/b,
an increase of 7% compared to the second quarter 2013 and 1%
compared to the first quarter 2014. The Group’s European refining
margin indicator (ERMI) averaged 10.9 $/t compared to 24.1 $/t in
the second quarter 2013 and 6.6 $/t in the first quarter 2014.
The effective tax rate9 for the business segments was 48.8% in
the second quarter 2014 compared to 53.2% in the second quarter
2013, reflecting mainly the benefit of tax allowances in the
UK.
Adjusted net operating income from the business segments was
3,824 M$ in the second quarter 2014 compared to 4,005 M$ in the
second quarter 2013, a decrease of 5% mainly due to weaker
performance from Refining & Chemicals, which faced a
deteriorated refining environment in Europe, and less favorable
conditions for certain Marketing & Services activities. In the
Upstream, adjusted net operating income was stable despite a high
level of maintenance, notably thanks to a lower effective tax rate
this quarter.
> Net income (Group share)
Adjusted net income was 3,151 M$ compared to 3,581 M$ in the
second quarter 2013, a decrease of 12%.
Adjusted net income excludes the after-tax inventory effect, the
effect of changes in fair value and special items10:
- The after-tax inventory effect had a
positive impact on net income of 80 M$ in the second quarter 2014
compared to a negative impact of 525 M$ in the second quarter
2013.
- Changes in fair value had a negative
impact on net income of 29 M$ in the second quarter 2014 compared
to a negative impact of 31 M$ in the second quarter 2013.
- Special items11 had a negative impact
on net income of 98 M$ in the second quarter 2014 compared to a
positive impact of 339 M$ in the second quarter in 2013.
Net income (Group share) was 3,104 M$ compared to 3,364 M$ in
the second quarter 2013.
The effective tax rate for the Group was 55.1% in the second
quarter 2014 compared to 55.3% in the second quarter 2013.
On June 30, 2014, there were 2,284 million fully-diluted shares
compared to 2,277 million shares on June 30, 2013.
Adjusted fully-diluted earnings per share, based on 2,281
million fully-diluted weighted-average shares, was $1.38 compared
to $1.57 in the second quarter 2013.
Expressed in euro, adjusted fully-diluted earnings per share was
€1.00, a 17% decrease.
> Investments – divestments12
Investments, excluding acquisitions and including changes in
non-current loans, were 7.2 B$ in the second quarter 2014, an
increase of 12% compared to 6.4 B$ in the second quarter
2013.
Acquisitions were 1,100 M$ in the second quarter 2014,
essentially comprised of the acquisition of an interest in the Elk
and Antelope discoveries in Papua New Guinea, the acquisition of
additional Novatek13 shares and the carry on the Utica gas and
condensate field in the United States.
Asset sales in the second quarter 2014 were 201 M$.
Net investments14 were 8.0 B$ in the second quarter 2014
compared to 5.7 B$ in the second quarter 2013.
The sale of Usan was not completed with Sinopec. The Group is
actively pursuing the sale process for this asset.
> Cash flow
Cash flow from operations was 5,277 M$ in the second quarter
2014, an increase of 9% compared to the second quarter 2013.
Adjusted cash flow from operations15 was 5,931 M$ in the second
quarter 2014, a decrease of 10% compared to the second quarter
2013.
The Group’s net cash flow16 in the second quarter 2014 was
negative 2,689 M$ compared to negative 878 M$ in the second quarter
2013, reflecting essentially an increase in net investments between
the two periods.
The net-debt-to-equity ratio was 27.1% on June 30, 2014,
compared to 23.5% on March 31, 2014, and 27.6% on June 30,
201317.
> Net operating income from business
segments
In the first half 2014, the price of Brent averaged 108.9 $/b
compared to 107.5 $/b in the first half 2013. The ERMI was 8.7 $/t
compared to 25.5 $/t in the first half 2013.
The effective tax rate18 for the business segments was 52.5% in
the first half 2014 compared to 56.0% in the first half 2013,
reflecting mainly the benefit of tax allowances in the UK.
Adjusted net operating income from the business segments was
7,523 M$ in the first half 2014 compared to 8,031 M$ in the first
half 2013, a decrease of 6% that was mainly due to the weaker
performance of the downstream in a much weaker European refining
environment. In the Upstream, adjusted net operating income was
stable despite a high level of maintenance, notably thanks to a
lower effective tax rate this half.
> Net income (Group share)
Adjusted net income was 6,478 M$ compared to 7,279 M$ in the
first half 2013, a decrease of 11%.
Adjusted net income excludes the after-tax inventory effect, the
effect of changes in fair value and special items19:
- The after-tax inventory effect had a
negative impact on net income of 57 M$ in the first half 2014
compared to negative impact of 593 M$ in the first half
2013.
- Changes in fair value had a negative
impact on net income of 8 M$ in the first half 2014 compared to a
negative impact of 30 M$ in the first half 2013.
- Special items20 had a positive impact
on net income of 26 M$ in the first half 2014, including mainly the
gain on the sale (partial IPO) of an interest in Gaztransport &
Technigaz (GTT) partially offset by the impairment of the Shtokman
project in Russia. Special items had a negative impact on net
income of 1,344 M$ in the first half 2013.
Net income (Group share) was 6,439 M$ compared to 5,312 M$ in
the first half 2013.
The effective tax rate for the Group was 56.5% in the first half
2014 compared to 57.4% in the first half 2013, reflecting mainly
the benefit of tax allowances in the UK, and, effective January 1,
2014, due to its fiscal situation in France, the Group is no longer
recognizing the benefit of tax credits related to net operating
losses in France.
On June 30, 2014, there were 2,284 million fully-diluted shares
compared to 2,277 million shares on June 30, 2013.
Adjusted fully-diluted earnings per share, based on 2,279
million fully-diluted weighted-average shares, was $2.84 in the
first half 2014 compared to $3.20 in the first half 2013.
Expressed in euro, adjusted fully-diluted earnings per share was
€2.07, a decrease of 15%.
> Investments – divestments21
Investments, excluding acquisitions and including changes in
non-current loans, were 12.4 B$ in the first half 2014, a decrease
of 4% compared to 12.9 B$ in the first half 2013.
Acquisitions were 1,399 M$ in the first half 2014, essentially
comprised of the acquisition of an interest in the Elk and Antelope
discoveries in Papua New Guinea, the acquisition of additional
Novatek22 shares and the carry on the Utica gas and condensate
field in the United States.
Asset sales in the first half 2014 were 1,677 B$, essentially
comprised of the sale of block 15/06 in Angola and the sale
(partial IPO) of an interest in Gaztransport & Technigaz
(GTT).
Net investments23 were 12.0 B$ in the first half 2014, compared
to 12.3 B$ in the first half 2013.
The sale of Usan was not completed with Sinopec. The Group is
actively pursuing the sale process for this asset.
> Cash flow
Cash flow from operations was 10,615 M$ in the first half 2014,
an increase of 9% compared to the first half 2013.
Adjusted cash flow from operations24 was 12,135 M$, a decrease
of 9% compared to the first half 2013.
The Group’s net cash flow25 was negative 1,376 M$ compared to
negative 2,585 M$ in the first half 2013, reflecting
essentially a decrease in investments and an increase in cash flow
between the two periods.
The net-debt-to-equity ratio was 27.1% on June 30, 2014,
compared to 27.6% on June 30, 201326.
- Analysis of business segment
results
Upstream
> Environment – liquids and gas price
realizations*
2Q14 1Q14 2Q13 2Q14vs2Q13
1H14 1H13 1H14 vs 1H13
109.7
108.2 102.4 +7% Brent ($/b)
108.9 107.5 +1%
103.0 102.1
96.6 +7% Average liquids price ($/b)
102.5 101.7 +1%
6.52 7.06
6.62 -2% Average gas price ($/Mbtu)
6.80 6.97 -2%
73.1 73.4
69.8 +5% Average hydrocarbon price ($/boe)
73.2 73.6 -1%
* consolidated subsidiaries, excluding fixed margins
> Production
2Q14 1Q14 2Q13 2Q14vs2Q13
Hydrocarbon production 1H14 1H13
1H14 vs 1H13
2,054 2,179 2,290 -10%
Combined production (kboe/d)
2,116
2,306 -8%
984 1,031 1,160 -15%
- Liquids (kb/d)
1,007 1,176 -14%
5,867
6,268 6,169 -5%
- Gas (Mcf/d)
6,066 6,153 -1%
Hydrocarbon production was 2,054 thousand barrels of oil
equivalent per day (kboe/d) in the second quarter 2014, a decrease
of 10% compared to the second quarter 2013, essentially due to the
following :
- -6.5% for changes in the portfolio,
essentially the expiration of the ADCO license in the United Arab
Emirates;
- -0.5% for security conditions which
improved in Nigeria but deteriorated in Libya; and
- -3% for the normal production decline
and the high level of planned maintenance, partially offset by the
ramp up on new projects.
Excluding the ADCO license, which expired in January 2014,
hydrocarbon production in the second quarter 2014 decreased by 4%
and 5% compared to the second quarter 2013 and first quarter 2014,
respectively.
In the first half 2014, hydrocarbon production was 2,116 kboe/d,
a decrease of 8% compared to the first half 2013, essentially due
to the following :
- -5.5% for changes in the portfolio,
essentially the expiration of the ADCO license in the United Arab
Emirates;
- -1% for security conditions in Libya
and Nigeria; and
- -1.5% for the normal production decline
and the high level of planned maintenance, partially offset by the
ramp up on new projects.
In the first half 2014, excluding the ADCO license, hydrocarbon
production decreased by 3% compared to the first half 2013.
> Results
2Q14 1Q14 2Q13 2Q14vs2Q13
In
millions of dollars 1H14 1H13
1H14 vs1H13
4,810 5,501 5,621 -14% Adjusted
operating income*
10,311 12,170 -15%
3,051 3,092 3,041 - Adjusted net
operating income*
6,143 6,298 -2% 769
733 687 +12%
- includes income from equity
affiliates
1,502 1,524 -1%
7,999 5,311 6,603
+21% Investments
13,310 13,544
-2%
568 1,799 1,456 -61%
Divestments
2,367 2,174 +9%
4,805 3,811 2,764 +74% Cash flow
from operations
8,616 8,245 +4%
4,841 5,133 5,595 -13% Adjusted
cash flow from operations
9,974 11,123
-10%
* detail of adjustment items shown in the business segment
information annex to financial statements.
Adjusted net operating income from the Upstream segment was
3,051 M$ in the second quarter 2014, stable compared to the second
quarter 2013. The negative impact of the decrease in hydrocarbon
production and the increase in costs due to the high level of
planned maintenance was offset mainly by the higher realized price
for liquids and the lower tax rate.
The effective tax rate for the Upstream segment was 52.3%
compared to 58.2% in the second quarter 2013. This decrease is
mainly due to tax allowances in the UK, notably on the Laggan
field, recognized in the second quarter 2014.
Adjusted net operating income from the Upstream segment in the
first half 2014 was 6,143 M$ compared to 6,298 M$ in the first
half 2013, a decrease of 2% reflecting essentially the lower
production and higher costs due to the high level of planned
maintenance, partially offset by the lower tax rate.
The return on average capital employed (ROACE27) for the
Upstream segment was 13% for the twelve months ended June 30, 2014,
compared to 13% for the twelve months ended March 31, 2014, and 14%
for the full-year 2013.
Refining & Chemicals
> Refinery throughput and utilization
rates*
2Q14 1Q14 2Q13
2Q14vs2Q13
1H14 1H13
1H14vs1H13
1,622 1,700 1,772 -8% Total
refinery throughput (kb/d)
1,662 1,769
-6%
634 617 729 -13%
- France
626 678 -8%
695 787 781 -11%
- Rest of Europe
741 824 -10%
293 296 262 +12%
- Rest of world
295 267 +10%
Utlization rates**
72% 77% 83% -
- Based on crude only
72% 83% -
74% 83% 87% -
- Based on crude and other feedstock
76% 86% -
* includes share of TotalErg. Results for refineries in South
Africa, French Antilles and Italy are reported in the Marketing
& Services segment.** based on distillation capacity at the
beginning of the year.
In the second quarter 2014, refinery throughput decreased by 8%
compared to the second quarter 2013, reflecting essentially the
turnarounds at Leuna and Vlissingen as well as voluntary shutdowns
in response to weak refining margins in Europe. Included in June
are the first runs from the new Satorp refinery, where all the
units are now operational.
In the first half 2014, refinery throughput decreased by 6%
compared to the first half 2013, reflecting essentially the
turnarounds at Grandpuits, Leuna and Vlissingen, as well as
voluntary shutdowns in response to weak refining margins in
Europe.
> Results
2Q14 1Q14 2Q13 2Q14vs2Q13
In
millions of dollars(except the ERMI) 1H14
1H13
1H14vs1H13
10.9 6.6 24.1 -55% European
refining margin
indicator - ERMI ($/t)
8.7 25.5 -66%
368 328 520 -29%
Adjusted operating income*
696 958
-27%
401 346 518 -23%
Adjusted net operating income*
747 955
-22%
174 139 146 +18%
- contribution of Specialty
chemicals**
313 265 +18%
475 250 499 -5%
Investments
725 1,202 -40%
15 11 272 -94% Divestments
26 308 -92%
(133) 1,593
1,713 na Cash flow from operations
1,460 1,331 +10%
683 617
800 -15% Adjusted cash flow from operations
1,300 1,441 -10%
* detail of adjustment items shown in the business segment
information annex to financial statements.** Hutchinson, Bostik,
Atotech.
The ERMI averaged 10.9 $/t in the second quarter 2014, a
decrease of 55% compared to the second quarter 2013. Petrochemical
margins remained high in the United States but retreated in Europe
and Asia.
Adjusted net operating income from the Refining & Chemicals
segment was 401 M$ in the second quarter 2014, compared to 518 M$
in the second quarter 2013, reflecting essentially the
deterioration of the European refining environment, partially
offset by the ongoing implementation of synergy and efficiency
plans between the two periods.
Adjusted net operating income from the Refining & Chemicals
segment for the first half 2014 was 747 M$, a decrease of 22%
compared to the first half 2013, reflecting essentially the strong
deterioration of the European refining environment.
The ROACE28 for the Refining & Chemicals segment was 8% for
the twelve months ended June 30, 2014, compared to 9% for the
twelve months ended March 31, 2014, and 9% for the full-year
2013.
Marketing & Services
> Refined product sales
2Q14 1Q14
2Q13
2Q14vs2Q13
Sales in kb/d*
1H14 1H13
1H14vs1H13
1,102 1,058 1,150 -4% Europe
1,080 1,129 -4%
731 593
633 +15% Rest of world
662
620 +7%
1,833 1,651 1,783
+3% Total Marketing & Services sales
1,742
1,749 -
* excludes trading and bulk Refining sales, includes share of
TotalErg
In the second quarter 2014, sales increased by 3% compared to
the second quarter last year, mainly due to higher network sales,
particularly in Africa, Middle East and Europe, partially offset by
lower sales of domestic fuels and LPGs.
Sales volumes for the first half 2014 were stable compared to
the first half 2013, due to the offsetting effects of a 4% decrease
in European sales and net growth outside of Europe, particularly in
the Americas and Middle East.
> Results
2Q14 1Q14
2Q13
2Q14vs2Q13
In millions of dollars
1H14 1H13
1H14vs1H13
28,213 26,470 26,851 +5% Sales
54,683 54,583 -
405 353
567 -29% Adjusted operating income*
758 1,083 -30%
372 261
446 -17% Adjusted net operating income*
633 778 -19%
(8) 28 -
na
- contribution of New Energies
20 (17) na
203 276 318 -36%
Investments
479 564 -15%
28
26 16 +75% Divestments
54
66 -18%
304 89 542 -44%
Cash flow from operations
393 422
-7%
551 379 704 -22%
Adjusted cash flow from operations
930 1,255
-26%
* detail of adjustment items shown in the business segment
information annex to financial statements.
The Marketing & Services segment’s sales were 28 B$ in the
second quarter 2014, an increase of 5% compared to the second
quarter 2013.
Adjusted net operating income from the Marketing & Services
segment was 372 M$ in the second quarter 2014, a decrease of 17%
compared to the second quarter 2013, reflecting in particular less
favorable margins in Europe related to weather conditions.
Adjusted net operating income from the Marketing & Services
segment in the first half 2014 was 633 M$, a decrease of 19%
compared to the first half 2013, essentially due to the impact of
weather conditions on sales and a less favorable trend in European
margins, partially offset by a global increase in the marketing of
petroleum products in growing markets.
The ROACE29 for the Marketing & Services segment was 14% for
the twelve months ended June 30, 2014, compared to 15% for the
twelve months ended March 31, 2014, and 16% for the full-year
2013.
- TOTAL S.A. parent company
accounts
Net income for TOTAL S.A., the parent company, was 3,397 M€ in
the first half 2014, compared to 3,876 M€ in the first half
2013.
The ROACE30 for the Group for the twelve months ended June 30,
2014, was 12%. This compares with 12% for the twelve months ended
March 31, 2014, and 13% for the full-year 2013.
Return on equity for the twelve months ended June 30, 2014, was
14%.
In the Upstream, before the end of this year, CLOV should reach
its production plateau of 160 kb/d, and the Group should start up
Laggan-Tormore and Ofon Phase 2. In exploration, results are
expected in the coming months from high-potential wells currently
drilling in Angola’s Kwanza basin, in South Africa and in
Indonesia.
In the downstream, all of the units at the Satorp refinery in
Saudi Arabia are operational. Since the start of the third quarter
2014, European refining margins have improved compared to the very
low levels in the first half 2014, but remain very volatile.
Several asset sales have been announced this year, and, as they
are closed, the program total will be well within the objective of
$15-20 billion for the 2012-14 period.
In addition, all of the teams are involved in the finalization
of the announced cost reduction plan, which will be presented at
the Investors’ day on September 22, 2014.
As approved by the Board of Directors on April 29, 2014, Total
will pay a first quarter 2014 interim dividend of 0.61 €/share on
September 26, 2014.
■ ■ ■
To listen to CFO Patrick de La Chevardière’s conference call
with financial analysts today at 14:00 (London time) please log on
to www.total.com or call +44 (0)203 364 5196 in Europe
or +1 855 255 3886 in the United States. For a replay,
please consult the website or call +44 (0)203 367 9460 in
Europe or +1 877 642 3018 in the United States (code:
288310).
This document does not constitute the Financial Report for the
first half which will be separately published, in accordance with
article L.451-1-2 III of the French Code monétaire et financier,
and is available on the Total website www.total.com..
This press release presents the first half 2014 results from the
consolidated financial statements of TOTAL S.A. as of June 30,
2014. The notes to these consolidated financial statements
(unaudited) are available on the TOTAL web site
(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 itemsDue 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
effectThe 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 valueThe 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.
Euro amounts presented herein represent dollar amounts converted
at the average euro-dollar exchange rate for the applicable period
and are not the result of financial statements prepared in
euros.
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 segmentfor
the second quarter and first half 2014
2Q14 1Q14 2Q13
2Q14 vs2Q13
Combined liquids and gas production by region
(kboe/d) 1H14 1H13
1H14 vs1H13
329 394 383 -14% Europe
361 388 -7%
618 655 688 -10% Africa
637 690 -8%
380 405 527 -28% Middle East
393
535 -27%
91 82 70 +30% North America
86 71 +21%
157 159 171 -8% South America
158 172 -8%
238
242 229 +4% Asia-Pacific
240 232 +3%
241 242
222 +9% CIS
241 218
+11%
2,054 2,179 2,290 -10%
Total production
2,116 2,306 -8%
544 583 678 -20% Includes equity
affiliates
563 679 -17%
2Q14
1Q14 2Q13
2Q14vs 2Q13
Liquids production by region (kb/d)
1H14 1H13
1H14 vs1H13
159 172 154 +3% Europe
165 160 +3%
482 508 542 -11% Africa
495 547 -10%
190 203 320 -41% Middle East
197
324 -39%
40 34 27 +48% North America
37 27 +37%
50 50 55 -9% South America
50 56 -11%
29 30 29
- Asia-Pacific
29 30 -3%
34 34 33
+3% CIS
34 32 +6%
984 1,031 1,160 -15% Total
production
1,007 1,176 -14%
197
208 323 -39% Includes equity affiliates
202 324 -38%
2Q14 1Q14
2Q13
2Q14 vs2Q13
Gas production by region (Mcf/d) 1H14
1H13
1H14 vs1H13
936 1,215 1,285 -27% Europe
1,075 1,250 -14%
710 748 741 -4%
Africa
729 724 +1%
1,042 1,104 1,105 -6% Middle East
1,073 1,135 -5%
285 266 242 +18% North America
276 246 +12%
601 609 649 -7% South America
605
643 -6%
1,188 1,202 1,121 +6% Asia-Pacific
1,194
1,136 +5%
1,105 1,124 1,026 +8%
CIS
1,114 1,019 +9%
5,867
6,268 6,169 -5% Total production
6,066 6,153 -1%
1,895 2,029
1,900 - Includes equity affiliates
1,962 1,911 +3%
2Q14 1Q14
2Q13
2Q14 vs2Q13
Liquefied natural gas 1H14 1H13
1H14 vs1H13
2.93 3.12 2.89 +1% LNG sales*
(Mt)
6.05 5.82 +4%
* sales, Group share, excluding trading; 2013 data restated to
reflect volume estimates for Bontang LNG in Indonesia based on the
2013 SEC coefficient.
- Downstream (Refining & Chemicals
and Marketing & Services)
2Q14 1Q14 2Q13
2Q14vs2Q13
Refined product sales by region (kb/d)*
1H14 1H13
1H14vs1H13
2,017 2,005 2,074 -3% Europe **
2,011 2,077 -3%
587 475 442 +33%
Africa
531 445 +19%
643 474 544 +18% Americas
559 513 +9%
611 573 520 +18%
Rest of world
592 513 +15%
3,858 3,528 3,580 +8% Total
consolidated sales
3,693 3,547 +4%
576 634 635 -9% Includes bulk
sales
605 629 -4%
1,449
1,243 1,162 +25% Includes trading
1,346 1,169 +15%
* includes share of TotalErg.** restated historical amounts.
Adjustment items
- Adjustments to operating
income
2Q14 1Q14 2Q13
In millions of
dollars 1H14 1H13
(62) (115)
(49) Special items affecting operating income
(177) (56)
- - -
- Restructuring charges
- (2)
(40) - -
- Impairments
(40) (5)
(22) (115) (49)
- Other
(137) (49)
117 (181)
(762) Pre-tax inventory effect : FIFO vs. replacement cost
(64) (878)
(36) 26 (42)
Effect of changes in fair value
(10)
(39)
19 (270) (853) Total
adjustments affecting operating income
(251)
(973)
- Adjustments to net income (Group
share)
2Q14 1Q14 2Q13
In millions of
dollars 1H14 1H13
(98) 124
339 Special items affecting net income
(Group share)
26 (1,344)
- 599 372
= Gain (loss) on asset sales
599
(1,274)
(5) - -
- Restructuring charges
(5) (33)
(76) (350) -
- Impairments
(426) (4)
(17) (125) (33)
- Other
(142) (33)
80 (137) (525)
After-tax inventory effect : FIFO vs. replacement cost
(57) (593)
(29) 21 (31)
Effect of changes in fair value
(8)
(30)
(47) 8 (217) Total
adjustments affecting net income
(39) (1,967)
Effective tax rates
2Q14 1Q14 2Q13
Effective tax
rate* 1H14 1H13
52.3% 59.5%
58.2% Upstream
56.3% 60.6%
55.1% 57.7% 55.3% Group
56.5% 57.4%
* 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
2Q14 1Q14 2Q13
2Q14vs2Q13
Expressed in millions of dollars 1H14
1H13
1H14vs1H13
7,193 5,202 6,449 +12%
Investments excluding acquisitions
12,395
12,864 -4%
362 319 518 -30%
- Capitalized exploration
681 996 -32%
1,075 261 367 x3
- Increase in non-current loans
1,336 991 +35%
(430) (364) (357)
+20%
- Repayment of non-current loans
(794) (616) +29%
1,100
299 653 +68% Acquisitions
1,399
1,883 -26%
201 1,476 1,393
-86% Asset sales
1,677 1,947
-14%
126 - (7) na Other
transactions with non-controlling interests
126
464 -73%
7,966 4,025 5,716
+39% Net investments*
11,991
12,336 -3%
* Net investments = investments including acquisitions – asset
sales – other transactions with non-controlling interests.
Net-debt-to-equity ratio
in millions of dollars
6/30/2014
3/31/2014
6/30/2013
Current borrowings
13,525
11,676
13,119
Net current financial assets
(531)
(522)
(609)
Net financial assets classified as held
for sale
(62)
(17)
1,014
Non-current financial debt
39,433
37,506
29,557
Hedging instruments of non-current
debt
(1,973)
(1,758)
(1,708)
Cash and cash equivalents
(22,166)
(22,787)
(15,118)
Net debt
28,226
24,098
26,255
Shareholders’ equity
102,872
103,136
94,790
Estimated dividend payable
(1,894)
(3,817)
(1,750)
Non-controlling interests
3,344
3,248
2,225
Equity
104,322
102,567
95,265
Net-debt-to-equity ratio
27.1%
23.5%
27.6%
2014 sensitivities*
Scenario Change
Impact on adjustedoperating
income(e)
Impact on adjustednet operating
income(e)
Dollar 1.30 $/€ +0.1 $ per € -0.7 B$ -0.3 B$
Brent
100 $/b +1 $/b +0.30 B$ +0.15 B$
European refiningmargin index
(ERMI)
30 $/t +1 $/t +0.08 B$ +0.05 B$
*Sensitivities are revised once per year upon publication of the
previous year’s fourth quarter results. Following the change to
dollar-denominated reporting, effective January 1, 2014, the €-$
sensitivity has been changed. The impact of the €-$ sensitivity on
operating income and on net operating income is 60% and 80%
attributable to the Refining & Chemicals segment,
respectively.
Sensitivities are estimates based on assumptions about the
Group’s portfolio in 2014. Actual results could vary significantly
from estimates based on the application of these sensitivities.
Return on average capital employed
- Twelve months ended June 30,
2014
in millions of dollars
Upstream
Refining & Chemicals
Marketing & Services
Group
Adjusted net operating income
12,295
1,649
1,409
14,431
Capital employed at 6/30/2013*
91,097
20,924
9,838
118,852
Capital employed at 6/30/2014*
103,572
19,265
10,324
129,967
ROACE 12.6% 8.2%
14.0% 11.6%
- Twelve months ended March 31,
2014
in millions of dollars
Upstream
Refining & Chemicals
Marketing & Services
Group
Adjusted net operating income
12,285
1,766
1,483
14,863
Capital employed at 3/31/2013*
86,034
21,860
9,610
116,094
Capital employed at 3/31/2014*
97,924
18,516
10,314
126,068
ROACE 13.4% 8.7%
14.9% 12.3%
in millions of dollars
Upstream
Refining & Chemicals
Marketing & Services
Group
Adjusted net operating income
12,450
1,857
1,554
15,230
Capital employed at 12/31/2012*
84,260
20,783
9,232
111,080
Capital employed at 12/31/2013*
95,529
19,752
10,051
122,451
ROACE 13.8% 9.2%
16.1% 13.0%
* at replacement cost (excluding after-tax inventory
effect).
1 TOTAL changed the presentation currency of the Group’s
Consolidated Financial Statements from the euro to the US dollar,
effective January 1, 2014, to make its financial information more
readable by better reflecting the performance of its activities,
which are carried out mainly in US dollars. Comparative 2013
information has been restated.
2 Definition of adjusted results on page 2 – euro amounts
represent dollar amounts converted at the average €-$ exchange rate
for the period: 1.3711 $/€ in the second quarter 2014, 1.3062 $/€
in the second quarter 2013, 1.3696 $/€ in the first quarter 2014,
1.3703 $/€ in the first half 2014 and 1.3134 $/€ in the first half
2013.
3 Group share.
4 The ex-dividend date will be December 15, 2014, and the
payment date will be December 17, 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 16 and the inventory
valuation effect is explained on page 13.
6 Including acquisitions.
7 Net investments = investments including acquisitions – asset
sales – other transactions with non-controlling interests.
8 Certain transactions referred to in the highlights are subject
to approval by authorities or to other conditions as per the
agreements.
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 Detail shown on page 13.
11 Detail shown on page 16.
12 Detail shown on page 17.
13 The Group’s interest in Novatek was 18.0% at June 30,
2014.
14 Net investments = investments including acquisitions and
changes in non-current loans – asset sales – other transactions
with non-controlling interests.
15 Cash flow from operations at replacement cost before changes
in working capital.
16 Net cash flow = cash flow from operations - net investments
(including other transactions with non-controlling interests).
17 Detail shown on page 18.
18 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).
19 Detail shown on page 13.
20 Detail shown on page 16.
21 Detail shown on page 17.
22 The Group’s interest in Novatek was 18.0% at June 30,
2014
23 Net investments = investments including acquisitions and
changes in non-current loans – asset sales – other transactions
with non-controlling interests.
24 Cash flow from operations at replacement cost before changes
in working capital.
25 Net cash flow = cash flow from operations - net investments
(including other transactions with non-controlling interests).
26 Detail shown on page 18.
27 Calculated based on adjusted net operating income and average
capital employed, using replacement cost, as shown on page 19.
28 Calculated based on adjusted net operating income and average
capital employed, using replacement cost, as shown on page 19.
29 Calculated based on adjusted net operating income and average
capital employed, using replacement cost, as shown on page 19.
30 Calculated based on adjusted net operating income and average
capital employed, using replacement cost, as shown on page 19.
Total financial
statements
Second quarter 2014 consolidated accounts,
IFRS
CONSOLIDATED STATEMENT OF INCOME
TOTAL (unaudited, 2013 data converted from the Euro to the
US Dollar) (M$) (a)
2nd quarter
2014
1st quarter
2014
2nd quarter
2013
Sales 62,561 60,687 61,345 Excise taxes
(6,354) (5,832) (5,839) Revenues from sales 56,207 54,855 55,506
Purchases, net of inventory variation (40,371) (38,332) (39,631)
Other operating expenses (7,229) (7,364) (7,288) Exploration costs
(301) (619) (354) Depreciation, depletion and amortization of
tangible assets and mineral interests (2,929) (2,745) (2,534) Other
income 96 1,100 462 Other expense (163) (149) (120) Financial
interest on debt (266) (201) (238) Financial income from marketable
securities & cash equivalents 31 19 18 Cost of net debt (235)
(182) (220) Other financial income 265 161 206 Other financial
expense (183) (166) (179) Equity in net income (loss) of affiliates
874 473 794 Income taxes (2,902) (3,597)
(3,229)
Consolidated net income 3,129
3,435 3,413 Group share 3,104 3,335 3,364
Non-controlling interests 25 100 49 Earnings
per share ($) 1.37 1.47 1.49 Fully-diluted
earnings per share ($) 1.36 1.46 1.48 (a)
Except for per share amounts.
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar)
(M$)
2nd quarter
2014
1st quarter
2014
2nd quarter
2013
Consolidated net income 3,129
3,435 3,413 Other comprehensive income
Actuarial gains and losses (416) (199) (248) Tax effect 154
57 95 Currency translation adjustment generated by the mother
company (732) 3 1,613 Items not potentially
reclassifiable to profit and loss (994) (139)
1,460 Currency translation adjustment 512 36 (988) Available for
sale financial assets (6) 3 8 Cash flow hedge 30 35 80 Share of
other comprehensive income of equity affiliates, net amount 436
(456) (541) Other (4) (3) (1) Tax effect (5) (13)
(32) Items potentially reclassifiable to profit and loss
963 (398) (1,474)
Total other comprehensive
income (net amount) (31) (537)
(14)
Comprehensive income 3,098 2,898
3,399 - Group share 3,078 2,801 3,368 -
Non-controlling interests 20 97 31
CONSOLIDATED STATEMENT OF
INCOME TOTAL (unaudited, 2013 data
converted from the Euro to the US Dollar) (M$) (a)
1st half
2014
1st half
2013
Sales 123,248 124,906 Excise taxes (12,186)
(11,380) Revenues from sales 111,062 113,526 Purchases, net of
inventory variation (78,703) (79,950) Other operating expenses
(14,593) (14,482) Exploration costs (920) (760) Depreciation,
depletion and amortization of tangible assets and mineral interests
(5,674) (5,387) Other income 1,196 504 Other expense (312) (2,141)
Financial interest on debt (467) (461) Financial income from
marketable securities & cash equivalents 50 46 Cost of net debt
(417) (415) Other financial income 426 342 Other financial expense
(349) (348) Equity in net income (loss) of affiliates 1,347 1,743
Income taxes (6,499) (7,204)
Consolidated net
income 6,564 5,428 Group share
6,439 5,312 Non-controlling interests 125 116
Earnings per share ($) 2.84 2.35 Fully-diluted
earnings per share ($) 2.82 2.34
CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar)
(M$)
1st half
2014
1st half
2013
Consolidated net income 6,564
5,428 Other comprehensive income Actuarial
gains and losses (615) (25) Tax effect 211 8 Currency translation
adjustment generated by the mother company (729)
(599) Items not potentially reclassifiable to profit and loss
(1,133) (616) Currency translation adjustment 548
(391) Available for sale financial assets (3) 3 Cash flow hedge 65
95 Share of other comprehensive income of equity affiliates, net
amount (20) (494) Other (7) (12) Tax effect (18) (35)
Items potentially reclassifiable to profit and loss 565
(834)
Total other comprehensive income (net amount)
(568) (1,450)
Comprehensive income 5,996
3,978 - Group share 5,879 3,908 - Non-controlling
interests 117 70
CONSOLIDATED BALANCE SHEET
TOTAL (unaudited, 2013 data converted from the
Euro to the US Dollar) (M$)
June 30, 2014
March 31, 2014
December 31, 2013
June 30, 2013
ASSETS Non-current assets Intangible assets, net
18,995 18,899 18,395 17,424 Property, plant and equipment, net
108,468 106,377 104,480 93,387 Equity affiliates : investments and
loans 21,256 19,951 20,417 19,037 Other investments 1,786 2,091
1,666 1,583 Hedging instruments of non-current financial debt 1,973
1,758 1,418 1,708 Deferred income taxes 2,842 2,933 3,838 3,704
Other non-current assets 4,263 4,265 4,406
3,813
Total non-current assets 159,583
156,274 154,620 140,656
Current assets Inventories, net 23,484 21,755 22,097 20,196
Accounts receivable, net 21,698 23,359 23,422 25,587 Other current
assets 16,519 15,873 14,892 14,850 Current financial assets 1,003
872 739 668 Cash and cash equivalents 22,166 22,787 20,200 15,118
Assets classified as held for sale 4,317 2,472
3,253 5,104
Total current assets 89,187
87,118 84,603 81,523
Total assets 248,770 243,392 239,223
222,179 LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity Common shares 7,511 7,496 7,493
7,490 Paid-in surplus and retained earnings 101,100 101,568 98,254
94,637 Currency translation adjustment (1,436) (1,625) (1,203)
(3,063) Treasury shares (4,303) (4,303)
(4,303) (4,274)
Total shareholders' equity - Group
Share 102,872 103,136
100,241 94,790 Non-controlling
interests 3,344 3,248
3,138 2,225 Total shareholders' equity
106,216 106,384 103,379
97,015 Non-current liabilities Deferred income
taxes 16,397 17,045 17,850 16,736 Employee benefits 4,725 4,362
4,235 4,751 Provisions and other non-current liabilities 17,445
17,582 17,517 14,464 Non-current financial debt 39,433
37,506 34,574 29,557
Total non-current
liabilities 78,000 76,495
74,176 65,508 Current liabilities
Accounts payable 28,902 28,621 30,282 26,380 Other creditors and
accrued liabilities 19,994 19,097 18,948 18,162 Current borrowings
13,525 11,676 11,193 13,119 Other current financial liabilities 472
350 381 59 Liabilities directly associated with the assets
classified as held for sale 1,661 769 864
1,936
Total current liabilities 64,554
60,513 61,668 59,656
Total liabilities and shareholders' equity 248,770
243,392 239,223 222,179 CONSOLIDATED
STATEMENT OF CASH FLOW TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar)
(M$)
2nd quarter
2014
1st quarter
2014
2nd quarter
2013
CASH FLOW FROM OPERATING ACTIVITIES Consolidated net
income 3,129 3,435 3,413 Depreciation, depletion and amortization
3,087 3,174 2,759 Non-current liabilities, valuation allowances and
deferred taxes (156) 399 (108) Impact of coverage of pension
benefit plans - - - (Gains) losses on disposals of assets (17)
(1,023) (363) Undistributed affiliates' equity earnings (125) 11 94
(Increase) decrease in working capital (771) (685) (1,025) Other
changes, net 130 27 68
Cash flow from
operating activities 5,277 5,338 4,838
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions
(6,800) (5,448) (6,836) Acquisitions of subsidiaries, net of cash
acquired (414) - - Investments in equity affiliates and other
securities (434) (156) (256) Increase in non-current loans
(1,075) (261) (367)
Total expenditures
(8,723) (5,865) (7,459) Proceeds from
disposals of intangible assets and property, plant and equipment
135 1,020 1,106 Proceeds from disposals of subsidiaries, net of
cash sold - - 264 Proceeds from disposals of non-current
investments 66 456 23 Repayment of non-current loans 430
364 357
Total divestments 631
1,840 1,750 Cash flow used in
investing activities (8,092) (4,025)
(5,709)
CASH FLOW USED IN FINANCING
ACTIVITIES
Issuance (repayment) of shares: - Parent company
shareholders 304 33 432 - Treasury shares - - - Dividends paid: -
Parent company shareholders (1,901) (1,835) (1,772) -
Non-controlling interests (139) (7) (92) Other transactions with
non-controlling interests 126 - (7) Net issuance (repayment) of
non-current debt 2,931 4,189 734 Increase (decrease) in current
borrowings 956 (1,167) (894) Increase (decrease) in current
financial assets and liabilities 65 (117) 6
Cash flow used in
financing activities 2,342 1,096
(1,593) Net increase (decrease) in cash and cash
equivalents (473) 2,409 (2,464) Effect of
exchange rates (148) 178 404 Cash and cash equivalents at the
beginning of the period 22,787 20,200 17,178
Cash and cash equivalents at the end of the period
22,166 22,787 15,118
CONSOLIDATED STATEMENT OF CASH
FLOW
TOTAL
(unaudited, 2013 data converted from the
Euro to the US Dollar)
(M$)
1st half
2014
1st half
2013
CASH FLOW FROM OPERATING ACTIVITIES Consolidated net
income 6,564 5,428 Depreciation, depletion and amortization 6,261
5,805 Non-current liabilities, valuation allowances and deferred
taxes 243 (49) Impact of coverage of pension benefit plans - -
(Gains) losses on disposals of assets (1,040) 1,510 Undistributed
affiliates' equity earnings (114) (372) (Increase) decrease in
working capital (1,456) (2,751) Other changes, net 157
180
Cash flow from operating activities 10,615
9,751 CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment
additions (12,248) (13,325) Acquisitions of subsidiaries, net of
cash acquired (414) (21) Investments in equity affiliates and other
securities (590) (1,026) Increase in non-current loans
(1,336) (991)
Total expenditures (14,588)
(15,363) Proceeds from disposals of intangible assets and
property, plant and equipment 1,155 1,660 Proceeds from disposals
of subsidiaries, net of cash sold - 264 Proceeds from disposals of
non-current investments 522 23 Repayment of non-current loans
794 616
Total divestments 2,471
2,563 Cash flow used in investing activities
(12,117) (12,800) CASH FLOW USED IN
FINANCING ACTIVITIES Issuance (repayment) of shares: -
Parent company shareholders 337 432 - Treasury shares - - Dividends
paid: - - - Parent company shareholders (3,736) (3,532) -
Non-controlling interests (146) (94) Other transactions with
non-controlling interests 126 464 Net issuance (repayment) of
non-current debt 7,120 4,499 Increase (decrease) in current
borrowings (211) (5,162) Increase (decrease) in current financial
assets and liabilities (52) 1,184
Cash flow used in financing
activities 3,438 (2,209) Net
increase (decrease) in cash and cash equivalents 1,936
(5,258) Effect of exchange rates 30 (33) Cash and cash
equivalents at the beginning of the period 20,200
20,409
Cash and cash equivalents at the end of the period
22,166 15,118 CONSOLIDATED STATEMENT
OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL (unaudited,
2013 data converted from the Euro to the US Dollar)
Common shares
issued Paid-in surplus and retained earnings Currency
translation adjustment Treasury shares Shareholders'
equity -
Group Share
Non-controlling interests Total shareholders' equity
(M$)
Number Amount
Number Amount
As of January 1, 2013
2,365,933,146 7,454 92,485
(1,696) (108,391,639)
(4,274) 93,969 1,689
95,658 Net income of the first half 2013 - - 5,312 - - -
5,312 116 5,428 Other comprehensive Income - - (37) (1,367) - -
(1,404) (46) (1,450)
Comprehensive Income - -
5,275 (1,367) - - 3,908
70 3,978 Dividend - - (3,526) - - - (3,526) (94)
(3,620) Issuance of common shares 10,802,845 36 396 - - - 432 - 432
Purchase of treasury shares - - - - - - - - - Sale of treasury
shares (1) - - - - 980 - - - - Share-based payments - - 97 - - - 97
- 97 Share cancellation - - - - - - - - - Other operations with
non-controlling interests - - (92) - - - (92) 556 464 Other items -
- 2 - - - 2 4 6
As of June 30, 2013
2,376,735,991 7,490 94,637
(3,063) (108,390,659)
(4,274) 94,790 2,225
97,015 Net income from Jully 1 to December 31, 2013 - -
5,916 - - - 5,916 177 6,093 Other comprehensive Income - - 510
1,859 - - 2,369 (10) 2,359
Comprehensive Income -
- 6,426 1,859 - - 8,285
167 8,452 Dividend - - (3,590) - - - (3,590) (62)
(3,652) Issuance of common shares 942,169 3 50 - - - 53 - 53
Purchase of treasury shares - - - - (4,414,200) (238) (238) - (238)
Sale of treasury shares (1) - - (209) - 3,590,411 209 - - -
Share-based payments - - 92 - - - 92 - 92 Share cancellation - - -
- - - - - - Other operations with non-controlling interests - - 841
1 - - 842 799 1,641 Other items - - 7 - - - 7 9 16
As of
December 31, 2013 2,377,678,160
7,493 98,254 (1,203)
(109,214,448) (4,303) 100,241
3,138 103,379 Net income of the first
half 2014 - - 6,439 - - - 6,439 125 6,564 Other comprehensive
Income - - (329) (231) - - (560) (8) (568)
Comprehensive
Income - - 6,110 (231) -
- 5,879 117 5,996 Dividend - - (3,794)
- - - (3,794) (146) (3,940) Issuance of common shares 5,192,417 18
319 - - - 337 - 337 Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - - - 7,200 - - - - Share-based
payments - - 82 - - - 82 - 82 Share cancellation - - - - - - - - -
Other operations with non-controlling interests - - 128 (2) - - 126
183 309 Other items - - 1 - - - 1 52 53
As of June 30, 2014
2,382,870,577 7,511
101,100 (1,436) (109,207,248)
(4,303) 102,872 3,344
106,216 (1) Treasury shares related to the
restricted stock grants.
BUSINESS SEGMENT INFORMATION
TOTAL (unaudited, 2013
data converted from the Euro to the US Dollar)
2nd quarter 2014
(M$)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
6,205 28,143 28,213 - - 62,561 Intersegment sales 8,057 11,740 402
46 (20,245) - Excise taxes - (1,281) (5,073)
- - (6,354)
Revenues from sales
14,262 38,602 23,542 46 (20,245)
56,207 Operating expenses (7,174) (37,744) (22,966) (262)
20,245 (47,901) Depreciation, depletion and amortization of
tangible assets and mineral interests (2,314) (408)
(198) (9) - (2,929)
Operating
income 4,774 450 378 (225) -
5,377 Equity in net income (loss) of affiliates and other
items 719 65 98 7 - 889 Tax on net operating income (2,471)
(114) (128) (218) - (2,931)
Net operating income 3,022 401 348
(436) - 3,335 Net cost of net debt (206)
Non-controlling interests
(25)
Net income
3,104
2nd
quarter 2014 (adjustments) (a)
(M$)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales (36)
- - - - (36) Intersegment sales - - - - - - Excise taxes -
- - - - -
Revenues from
sales (36) - - - -
(36) Operating expenses - 122 (27) - - 95 Depreciation,
depletion and amortization of tangible assets and mineral interests
- (40) - - - (40)
Operating income (b) (36) 82
(27) - - 19 Equity in net income (loss)
of affiliates and other items - (32) (7) - - (39) Tax on net
operating income 7 (50) 10 - -
(33)
Net operating income (b) (29)
- (24) - - (53) Net cost of net
debt - Non-controlling interests
6
Net income
(47) (a) Adjustments include special items, inventory
valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation
effect
On operating income - 122 (5) - On net operating income - 77 (3) -
2nd quarter 2014
(adjusted)
(M$) (a)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
6,241 28,143 28,213 - - 62,597 Intersegment sales 8,057 11,740 402
46 (20,245) - Excise taxes - (1,281) (5,073)
- - (6,354)
Revenues from sales
14,298 38,602 23,542 46 (20,245)
56,243 Operating expenses (7,174) (37,866) (22,939) (262)
20,245 (47,996) Depreciation, depletion and amortization of
tangible assets and mineral interests (2,314) (368)
(198) (9) - (2,889)
Adjusted
operating income 4,810 368 405
(225) - 5,358 Equity in net income (loss) of
affiliates and other items 719 97 105 7 - 928 Tax on net operating
income
(2,478)
(64) (138) (218) - (2,898)
Adjusted net operating income 3,051 401
372 (436) - 3,388 Net cost of net debt
(206) Non-controlling interests
(31)
Adjusted net
income
3,151 Adjusted fully-diluted
earnings per share ($)
1.38 (a) Except
for earnings per share.
2nd
quarter 2014
(M$)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Total expenditures
7,999 475 203 46 - 8,723 Total divestments 568 15 28 20 - 631 Cash
flow from operating activities 4,805 (133) 304
301 - 5,277
BUSINESS SEGMENT
INFORMATION
TOTAL (unaudited, 2013 data converted from the Euro to the
US Dollar)
1st quarter
2014
(M$)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
6,666 27,539 26,470 12 - 60,687 Intersegment sales 7,436 11,956 408
49 (19,849) - Excise taxes - (1,160) (4,672)
- - (5,832)
Revenues from sales
14,102 38,335 22,206 61 (19,849)
54,855 Operating expenses (6,514) (37,792) (21,689) (169)
19,849 (46,315) Depreciation, depletion and amortization of
tangible assets and mineral interests (2,176) (378)
(182) (9) - (2,745)
Operating
income 5,412 165 335 (117) -
5,795 Equity in net income (loss) of affiliates and other
items 1,327 54 (8) 46 - 1,419 Tax on net operating income
(3,492) 6 (80) (74) - (3,640)
Net operating income 3,247 225 247
(145) - 3,574 Net cost of net debt (139)
Non-controlling interests
(100)
Net income
3,335
1st
quarter 2014 (adjustments) (a)
(M$)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales 26 -
- - - 26 Intersegment sales - - - - - - Excise taxes -
- - - - -
Revenues from
sales 26 - - - - 26
Operating expenses (115) (163) (18) - - (296) Depreciation,
depletion and amortization of tangible assets and mineral interests
- - - - - -
Operating
income (b) (89) (163) (18) -
- (270) Equity in net income (loss) of affiliates and
other items 280 (8) - - - 272 Tax on net operating income
(36) 50 4 - - 18
Net
operating income (b) 155 (121) (14)
- - 20 Net cost of net debt - Non-controlling
interests
(12)
Net income 8 (a)
Adjustments include special items, inventory valuation effect and
the effect of changes in fair value.
(b) Of which inventory valuation
effect
On operating income - (163) (18) - On net operating income - (111)
(14) -
1st quarter 2014
(adjusted)
(M$) (a)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
6,640 27,539 26,470 12 - 60,661 Intersegment sales 7,436 11,956 408
49 (19,849) - Excise taxes - (1,160) (4,672)
- - (5,832)
Revenues from sales
14,076 38,335 22,206 61 (19,849)
54,829 Operating expenses (6,399) (37,629) (21,671) (169)
19,849 (46,019) Depreciation, depletion and amortization of
tangible assets and mineral interests (2,176) (378)
(182) (9) - (2,745)
Adjusted
operating income 5,501 328 353
(117) - 6,065 Equity in net income (loss) of
affiliates and other items 1,047 62 (8) 46 - 1,147 Tax on net
operating income (3,456) (44) (84) (74)
- (3,658)
Adjusted net operating income
3,092 346 261 (145) -
3,554 Net cost of net debt (139) Non-controlling interests
(88)
Adjusted net income
3,327 Adjusted fully-diluted earnings per share ($)
1.46 (a) Except for earnings per share.
1st quarter 2014
(M$)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Total expenditures
5,311 250 276 28 - 5,865 Total divestments 1,799 11 26 4 - 1,840
Cash flow from operating activities 3,811 1,593
89 (155) - 5,338
BUSINESS SEGMENT
INFORMATION
TOTAL (unaudited, 2013 data converted from the Euro to the
US Dollar)
2nd quarter
2013
(M$)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
6,240 28,160 26,851 94 - 61,345 Intersegment sales 8,508 12,809
1,058 35 (22,410) - Excise taxes - (1,091)
(4,748) - - (5,839)
Revenues from sales
14,748 39,878 23,161 129
(22,410) 55,506 Operating expenses (7,195) (39,672)
(22,541) (275) 22,410 (47,273) Depreciation, depletion and
amortization of tangible assets and mineral interests
(1,974) (390) (160) (10) -
(2,534)
Operating income 5,579 (184)
460 (156) - 5,699 Equity in net income
(loss) of affiliates and other items 1,022 62 51 28 - 1,163 Tax on
net operating income (3,160) 88 (138)
(57) - (3,267)
Net operating income
3,441 (34) 373 (185) -
3,595 Net cost of net debt (182) Non-controlling interests
(49)
Net income 3,364
2nd quarter 2013 (adjustments)
(a)
(M$)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales (42)
- - - - (42) Intersegment sales - - - - - - Excise taxes -
- - - - -
Revenues from
sales (42) - - - -
(42) Operating expenses - (704) (107) - - (811)
Depreciation, depletion and amortization of tangible assets and
mineral interests - - - - -
-
Operating income (b) (42)
(704) (107) - - (853) Equity in
net income (loss) of affiliates and other items 331 (48) - - - 283
Tax on net operating income 111 200 34
- - 345
Net operating income (b)
400 (552) (73) - - (225)
Net cost of net debt - Non-controlling interests
8
Net income (217) (a) Adjustments include special
items, inventory valuation effect and the effect of changes in fair
value.
(b) Of which inventory valuation
effect
On operating income - (655) (107) - On net operating income - (460)
(73) -
2nd quarter 2013
(adjusted)
(M$) (a)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
6,282 28,160 26,851 94 - 61,387 Intersegment sales 8,508 12,809
1,058 35 (22,410) - Excise taxes - (1,091)
(4,748) - - (5,839)
Revenues from sales
14,790 39,878 23,161 129
(22,410) 55,548 Operating expenses (7,195) (38,968)
(22,434) (275) 22,410 (46,462) Depreciation, depletion and
amortization of tangible assets and mineral interests
(1,974) (390) (160) (10) -
(2,534)
Adjusted operating income 5,621 520
567 (156) - 6,552 Equity in net income
(loss) of affiliates and other items 691 110 51 28 - 880 Tax on net
operating income (3,271) (112) (172)
(57) - (3,612)
Adjusted net operating income
3,041 518 446 (185) -
3,820 Net cost of net debt (182) Non-controlling interests
(57)
Adjusted net income
3,581 Adjusted fully-diluted earnings per share ($)
1.57 (a) Except for earnings per share.
2nd quarter 2013
(M$)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Total expenditures
6,603 499 318 39 - 7,459 Total divestments 1,456 272 16 6 - 1,750
Cash flow from operating activities 2,764 1,713
542 (181) - 4,838
BUSINESS SEGMENT
INFORMATION
TOTAL (unaudited, 2013 data converted from the Euro to the
US Dollar)
1st half
2014
(M$)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
12,871 55,682 54,683 12 - 123,248 Intersegment sales 15,493 23,696
810 95 (40,094) - Excise taxes - (2,441)
(9,745) - - (12,186)
Revenues from
sales 28,364 76,937 45,748 107
(40,094) 111,062 Operating expenses (13,688) (75,536)
(44,655) (431) 40,094 (94,216) Depreciation, depletion and
amortization of tangible assets and mineral interests
(4,490) (786) (380) (18) -
(5,674)
Operating income 10,186 615 713
(342) - 11,172 Equity in net income (loss) of
affiliates and other items 2,046 119 90 53 - 2,308 Tax on net
operating income (5,963) (108) (208)
(292) - (6,571)
Net operating income
6,269 626 595 (581) -
6,909 Net cost of net debt (345) Non-controlling interests
(125)
Net income 6,439
1st half 2014 (adjustments)
(a)
(M$)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales (10)
- - - - (10) Intersegment sales - - - - - - Excise taxes -
- - - - -
Revenues from
sales (10) - - - -
(10) Operating expenses (115) (41) (45) - - (201)
Depreciation, depletion and amortization of tangible assets and
mineral interests - (40) - - -
(40)
Operating income (b) (125)
(81) (45) - - (251) Equity in
net income (loss) of affiliates and other items 280 (40) (7) - -
233 Tax on net operating income (29) - 14
- - (15)
Net operating income
(b) 126 (121) (38) - -
(33) Net cost of net debt - Non-controlling interests
(6)
Net income (39) (a) Adjustments include
special items, inventory valuation effect and the effect of changes
in fair value.
(b) Of which inventory valuation
effect
On operating income - (41) (23) - On net operating income - (34)
(17) -
1st half 2014
(adjusted)
(M$) (a)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
12,881 55,682 54,683 12 - 123,258 Intersegment sales 15,493 23,696
810 95 (40,094) - Excise taxes - (2,441)
(9,745) - - (12,186)
Revenues from
sales 28,374 76,937 45,748 107
(40,094) 111,072 Operating expenses (13,573) (75,495)
(44,610) (431) 40,094 (94,015) Depreciation, depletion and
amortization of tangible assets and mineral interests
(4,490) (746) (380) (18) -
(5,634)
Adjusted operating income 10,311 696
758 (342) - 11,423 Equity in net income
(loss) of affiliates and other items 1,766 159 97 53 - 2,075 Tax on
net operating income (5,934) (108) (222)
(292) - (6,556)
Adjusted net operating
income 6,143 747 633 (581) -
6,942 Net cost of net debt (345) Non-controlling interests
(119)
Adjusted net income
6,478 Adjusted fully-diluted earnings per share ($)
2.84 (a) Except for earnings per share.
1st half 2014
(M$)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Total expenditures
13,310 725 479 74 - 14,588 Total divestments 2,367 26 54 24 - 2,471
Cash flow from operating activities 8,616 1,460
393 146 - 10,615
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited, 2013 data converted from the
Euro to the US Dollar)
1st half 2013
(M$)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
13,439 56,709 54,583 175 - 124,906 Intersegment sales 18,195 25,901
1,201 102 (45,399) - Excise taxes - (2,187)
(9,193) - - (11,380)
Revenues from
sales 31,634 80,423 46,591 277
(45,399) 113,526 Operating expenses (15,271) (79,481)
(45,291) (548) 45,399 (95,192) Depreciation, depletion and
amortization of tangible assets and mineral interests
(4,232) (783) (352) (20) -
(5,387)
Operating income 12,131 159 948
(291) - 12,947 Equity in net income (loss) of
affiliates and other items (94) 157 8 29 - 100 Tax on net operating
income (6,984) 17 (282) (28) -
(7,277)
Net operating income 5,053 333
674 (290) - 5,770 Net cost of net debt
(342) Non-controlling interests
(116)
Net income
5,312
1st half
2013 (adjustments) (a)
(M$)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales (39)
- - - - (39) Intersegment sales - - - - - - Excise taxes -
- - - - -
Revenues from
sales (39) - - - -
(39) Operating expenses - (794) (135) - - (929)
Depreciation, depletion and amortization of tangible assets and
mineral interests - (5) - - -
(5)
Operating income (b) (39)
(799) (135) - - (973) Equity in
net income (loss) of affiliates and other items (1,544) (61) (13) -
- (1,618) Tax on net operating income 338 238
44 - - 620
Net operating income
(b) (1,245) (622) (104) -
- (1,971) Net cost of net debt - Non-controlling
interests
4
Net income (1,967) (a)
Adjustments include special items, inventory valuation effect and
the effect of changes in fair value.
(b) Of which inventory valuation
effect
On operating income - (743) (135) - On net operating income - (506)
(91) -
1st half 2013
(adjusted)
(M$) (a)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
13,478 56,709 54,583 175 - 124,945 Intersegment sales 18,195 25,901
1,201 102 (45,399) - Excise taxes - (2,187)
(9,193) - - (11,380)
Revenues from
sales 31,673 80,423 46,591 277
(45,399) 113,565 Operating expenses (15,271) (78,687)
(45,156) (548) 45,399 (94,263) Depreciation, depletion and
amortization of tangible assets and mineral interests
(4,232) (778) (352) (20) -
(5,382)
Adjusted operating income 12,170 958
1,083 (291) - 13,920 Equity in net
income (loss) of affiliates and other items 1,450 218 21 29 - 1,718
Tax on net operating income (7,322) (221)
(326) (28) - (7,897)
Adjusted net operating
income 6,298 955 778 (290) -
7,741 Net cost of net debt (342) Non-controlling interests
(120)
Adjusted net income
7,279 Adjusted fully-diluted earnings per share ($)
3.20 (a) Except for earnings per share.
1st half 2013
(M$)
Upstream Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Total expenditures
13,544 1,202 564 53 - 15,363 Total divestments 2,174 308 66 15 -
2,563 Cash flow from operating activities 8,245 1,331
422 (247) - 9,751
Reconciliation of
the information by business segment with consolidated financial
statements TOTAL (unaudited, 2013
data converted from the Euro to the US Dollar)
2nd quarter 2014
(M$)
Adjusted Adjustments (a)
Consolidated statement of income Sales 62,597
(36) 62,561 Excise taxes (6,354) - (6,354) Revenues
from sales 56,243 (36) 56,207 Purchases, net of inventory variation
(40,488) 117 (40,371) Other operating expenses (7,207) (22) (7,229)
Exploration costs (301) - (301) Depreciation, depletion and
amortization of tangible assets and mineral interests (2,889) (40)
(2,929) Other income 96 - 96 Other expense (133) (30) (163)
Financial interest on debt (266) - (266) Financial income from
marketable securities & cash equivalents 31 - 31 Cost of net
debt (235) - (235) Other financial income 265 - 265 Other financial
expense (183) - (183) Equity in net income (loss) of affiliates 883
(9) 874 Income taxes (2,869) (33) (2,902)
Consolidated net income 3,182 (53)
3,129 Group share 3,151 (47) 3,104 Non-controlling interests
31 (6) 25 (a) Adjustments include special items, inventory
valuation effect and the effect of changes in fair value.
2nd quarter 2013
(M$)
Adjusted Adjustments (a)
Consolidated statement of income Sales 61,387
(42) 61,345 Excise taxes (5,839) - (5,839) Revenues
from sales 55,548 (42) 55,506 Purchases, net of inventory variation
(38,869) (762) (39,631) Other operating expenses (7,239) (49)
(7,288) Exploration costs (354) - (354) Depreciation, depletion and
amortization of tangible assets and mineral interests (2,534) -
(2,534) Other income 131 331 462 Other expense (89) (31) (120)
Financial interest on debt (238) - (238) Financial income from
marketable securities & cash equivalents 18 - 18 Cost of net
debt (220) - (220) Other financial income 206 - 206 Other financial
expense (179) - (179) Equity in net income (loss) of affiliates 811
(17) 794 Income taxes (3,574) 345 (3,229)
Consolidated net income 3,638 (225)
3,413 Group share 3,581 (217) 3,364 Non-controlling
interests 57 (8) 49 (a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
Reconciliation of the information by business segment with
consolidated financial statements TOTAL
(unaudited, 2013 data converted from the Euro to the US
Dollar)
1st half 2014
(M$)
Adjusted Adjustments (a)
Consolidated statement of income Sales 123,258
(10) 123,248 Excise taxes (12,186) - (12,186)
Revenues from sales 111,072 (10) 111,062 Purchases, net of
inventory variation (78,639) (64) (78,703) Other operating expenses
(14,456) (137) (14,593) Exploration costs (920) - (920)
Depreciation, depletion and amortization of tangible assets and
mineral interests (5,634) (40) (5,674) Other income 548 648 1,196
Other expense (263) (49) (312) Financial interest on debt (467) -
(467) Financial income from marketable securities & cash
equivalents 50 - 50 Cost of net debt (417) - (417) Other financial
income 426 - 426 Other financial expense (349) - (349) Equity in
net income (loss) of affiliates 1,713 (366) 1,347 Income taxes
(6,484) (15) (6,499)
Consolidated net
income 6,597 (33) 6,564 Group share 6,478
(39) 6,439 Non-controlling interests 119 6 125 (a)
Adjustments include special items, inventory valuation effect and
the effect of changes in fair value.
1st
half 2013
(M$)
Adjusted Adjustments (a)
Consolidated statement of income Sales 124,945
(39) 124,906 Excise taxes (11,380) - (11,380)
Revenues from sales 113,565 (39) 113,526 Purchases, net of
inventory variation (79,072) (878) (79,950) Other operating
expenses (14,431) (51) (14,482) Exploration costs (760) - (760)
Depreciation, depletion and amortization of tangible assets and
mineral interests (5,382) (5) (5,387) Other income 173 331 504
Other expense (216) (1,925) (2,141) Financial interest on debt
(461) - (461) Financial income from marketable securities &
cash equivalents 46 - 46 Cost of net debt (415) - (415) Other
financial income 342 - 342 Other financial expense (348) - (348)
Equity in net income (loss) of affiliates 1,767 (24) 1,743 Income
taxes (7,824) 620 (7,204)
Consolidated net
income 7,399 (1,971) 5,428 Group share
7,279 (1,967) 5,312 Non-controlling interests 120 (4) 116
(a) Adjustments include special items, inventory valuation effect
and the effect of changes in fair value.
TOTAL S.A.Capital 5 945 861 837,50 euros542 051 180 R.C.S.
Nanterre
www.total.com
TotalMartin DEFFONTAINESKarine KACZKAMagali PAILHEPatrick
GUENKELTel. : +44 (0)207 719 7962Fax : +44 (0)207 719 7959orRobert
HAMMOND (U.S.), Tel. : +1 713-483-5070Fax : +1
713-483-5629or2, place Jean MillierArche Nord Coupole/Regnault92
400 Courbevoie France
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