3rd Quarter Results

TOTAL

Third Quarter and First Nine Months 2011

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

	Â		Â		Â	Â	Â		Â
		3Q11		Change				9M11		Change vs
Â	Â	Â	Â	vs 3Q10	Â	Â	Â	Â	Â	9M10
											Â
Adjusted net income¹
											Â
- in billion euros (Bâ‚¬)		2.8		+13%				8.7		+13%
- in billion dollars (B$)		4.0		+24%				12.2		+20%
											Â
- in euros per share		1.24		+12%				3.86		+12%
- in dollars per share		1.75		+23%				5.43		+20%
											Â
											Â
Net income (Group share) (Bâ‚¬)		3.3		+17%				10.0		+17%
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
											Â
Net-debt-to-equity ratio of 15.2% at September 30, 2011
Hydrocarbon production of 2,319 kboe/d in the third quarter 2011 Interim dividend for 3Q11 of 0.57 â‚¬ per share payable in March 2012²
											Â

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

Â«Total reported adjusted net income of 2.8 billion euros for the third quarter, stable compared to the second quarter, despite a slightly weaker environment. The Group benefited from improved operational performance in refining and confirmed the solid profitability of its operations, mainly driven by the Upstream.

The successful start-up of Pazflor in Angola, one of the largest deep-offshore oil facilities ever built, shows once again Totalâ€™s expertise in operating technologically complex major projects. Pazflor is the first of many major start-ups that will ensure our growth over the coming years.

Also during the third quarter, our new, bolder exploration strategy paid off with three major discoveries in Azerbaijan, French Guyana and Norway. Over the coming quarters, we will continue to pursue this strategy with an active and promising exploration program.

Finally, the Group demonstrated its new dynamic by recently announcing an ambitious reorganization project for the Downstream-Chemicals³. This new organization is centered around two main competencies, one industrial and the other commercial, and will make our existing operations more competitive as well as improve the outlook for profitable growth. Â»

Key figures⁴

3Q11

in millions of euros

9M11

3Q11

2Q11

3Q10

except earnings per share and number of shares

9M11

9M10

3Q10

9M10

46,163

45,009

40,180

15%

Sales

137,201

119,112

15%

5,881

5,896

4,728

24%

Adjusted operating income from business segments

18,146

14,695

23%

2,950

2,901

2,643

12%

Adjusted net operating income from business segments

9,214

7,886

17%

2,323

2,457

2,123

- Upstream

7,629

6,297

21%

388

197

264

47%

- Downstream

861

902

-5%

239

247

256

-7%

- Chemicals

724

687

2,801

2,794

2,475

13%

Adjusted net income

8,699

7,732

13%

1.24

1.24

1.1

12%

Adjusted fully-diluted earnings per share (euros)

3.86

3.45

12%

2,261.0

2,255.5

2,244.9

Fully-diluted weighted-average shares (millions)

2,254.9

2,243.3

3,314

2,726

2,827

17%

Net income (Group share)

9,986

8,541

17%

3,921

7,570

4,092

-4%

Investments⁵

17,174

11,247

53%

5,082

1,338

1,074

Divestments

7,083

2,972

-1,161

6,232

3,018

Net investments

10,091

8,275

22%

5,964

5,064

4,904

22%

Cash flow from operations

16,742

15,106

11%

4,575

4,675

4,359

Adjusted cash flow from operations

14,195

13,348

3Q11

2Q11

3Q10

3Q11

in millions of dollars⁶

9M11

9M10

9M11

except earnings per share and number of shares

3Q10

9M10

65,214

64,772

51,872

26%

Sales

192,973

156,573

23%

8,308

8,485

6,104

36%

Adjusted operating income from business segments

25,522

19,317

32%

4,167

4,175

3,412

22%

Adjusted net operating income from business segments

12,959

10,366

25%

3,282

3,536

2,741

20%

- Upstream

10,730

8,277

30%

548

284

341

61%

- Downstream

1,211

1,186

338

355

330

- Chemicals

1,018

903

13%

3,957

4,021

3,195

24%

Adjusted net income

12,235

10,164

20%

1.75

1.78

1.42

23%

Adjusted fully-diluted earnings per share (euros)

5.43

4.53

20%

2,261.0

2,255.5

2,244.9

Fully-diluted weighted-average shares (millions)

2,254.9

2,243.3

4,682

3,923

3,650

28%

Net income (Group share)

14,045

11,227

25%

5,539

10,894

5,283

Investments⁵

24,155

14,784

63%

7,179

1,926

1,387

Divestments

9,962

3,907

-1,640

8,968

3,896

Net investments

14,193

10,877

30%

8,425

7,288

6,331

33%

Cash flow from operations

23,548

19,857

19%

6,463

6,728

5,627

+15%

Adjusted cash flow from operations

19,965

17,546

+14%

Highlights since the beginning of the third quarter 2011

Started production at the Pazflor field on deep-offshore Block 17 in Angola
Giant gas discovery in the Caspian Sea on the Absheron permit in Azerbaijan
Giant oil discovery on the deep-offshore Guyane Maritime permit in French Guyana
Two discoveries in Norway, one on the Norvarg permit in the Barents Sea and one on Alve North in the Norwegian Sea
Acquired a 40% interest in five exploration offshore permits in the Lamu Basin in Kenya and an interest in three deep-offshore blocks in the Macassar Strait in Indonesia
Acquired a 25% interest in the Gorgoglione concession and two exploration licenses situated in the same zone, increasing Totalâ€™s share to 75% of the Tempa Rossa field in Italy
Signed the agreement with Novatek for Total to join the Yamal LNG project in Russia with a 20% interest
Finalized the sale of 48.83% interest in the Spanish company, CEPSA, for 3.7Â billion euros
Project for the reorganization of Downstream and Chemicals⁷ that creates two new dynamic and more competitive segments : Refining & Chemicals and Supply & Marketing

Third quarter 2011 results

> Operating income

In the third quarter 2011, the Brent price averaged 113.4 $/b, an increase of 47% compared to the third quarter 2010 but a decrease of 3% compared to the second quarter 2011. The European refining margin indicator (ERMI) averaged 13.4 $/t, a decrease of 18% compared to the third quarter 2010 and the second quarter 2011.

The euro-dollar exchange rate averaged 1.41 $/â‚¬ in the third quarter 2011, 1.29 $/â‚¬ in the third quarter 2010 and 1.44 $/â‚¬ in the second quarter 2011.

In this environment, the adjusted operating income⁸ from the business segments was 5,881Â Mâ‚¬, an increase of 24% compared to the third quarter 2010. Expressed in dollars, the increase was 36%.

The effective tax rate⁹ for the business segments was 59.0% in the third quarter 2011 compared to 56.1% in the third quarter 2010.

Adjusted net operating income from the business segments was 2,950 Mâ‚¬ compared to 2,643Â Mâ‚¬ in the third quarter 2010, an increase of 12%.
Expressed in dollars, adjusted net operating income from the business segments was 4.2Â billion dollars (B$), an increase of 22% compared to the third quarter 2010.
The lower relative increase in adjusted net operating income from the business segments compared to the increase in adjusted operating income from the business segments is mainly due to the increase in the effective tax rate for the business segments.

> Net income (Group share)

Adjusted net income was 2,801 Mâ‚¬ compared to 2,475 Mâ‚¬ in the third quarter 2010, an increase of 13%. Expressed in dollars, adjusted net income increased by 24%.

Adjusted net income excludes the after-tax inventory effect, special items and from January 1, 2011, the effect of changes in fair value¹⁰Â :

The after-tax inventory effect had a negative impact on net income of 87 Mâ‚¬ in the third quarter 2011 and 48Â Mâ‚¬ in the third quarter 2010.
Changes in fair value had a negative impact on net income of 10 Mâ‚¬ in the third quarter 2011.
Special items¹¹ had a positive impact on net income of 610 Mâ‚¬ in the third quarter 2011, comprised essentially of gains on the sales of the Groupâ€™s interests in CEPSA and the Ocensa pipeline in Colombia, partially offset by asset impairments. In the third quarter 2010, special items had a positive impact on net income of 400 Mâ‚¬.

Net income (Group share) was 3,314 Mâ‚¬ compared to 2,827 Mâ‚¬ in the third quarter 2010.

The effective tax rate for the Group was 57.9% in the third quarter 2011.

Adjusted fully-diluted earnings per share, based on 2,261.0 million fully-diluted weighted-average shares, was â‚¬1.24 compared to â‚¬1.10 in the third quarter 2010, an increase of 12%.

Expressed in dollars, adjusted fully-diluted earnings per share increased by 23% to $1.75.

> Investments â€“ divestments¹²

Investments, excluding acquisitions and including the change in non-current loans, were 3.3Â Bâ‚¬ (4.7 B$) in the third quarter 2011 compared to 3.0 Bâ‚¬ (3.8 B$) in the third quarter 2010.

Acquisitions were 445 Mâ‚¬ in the third quarter 2011, including essentially the acquisition of an additional 25% interest in the Tempa Rossa project in Italy and 40% interest in exploration blocks in Kenya.

Asset sales in the third quarter 2011 were 4,955 Mâ‚¬, comprised essentially of the sale of the Groupâ€™s 48.83% interest in CEPSA, part of the Specialty Chemicals resins activities, a 10% interest in the Ocensa pipeline in Colombia and the sale of Sanofi shares.

Net investments¹³ were a negative 1.2 Bâ‚¬ (1.6 B$) in the third quarter 2011 compared to a positive 3.0 Bâ‚¬ (3.9 B$) in the third quarter 2010.

> Cash flow

Cash flow from operations was 5,964 Mâ‚¬ in the third quarter 2011 compared to 4,904 Mâ‚¬ in the third quarter 2010, an increase of 22% due mainly to the increase in results and the favorable change in working capital.

Adjusted cash flow from operations¹⁴ was 4,575 Mâ‚¬, an increase of 5% compared to the third quarter 2010. Expressed in dollars, adjusted cash flow from operations was 6.5 B$, an increase of 15%.

The Groupâ€™s net cash flow¹⁵ was 7,125 Mâ‚¬ compared to 1,886Â Mâ‚¬ in the third quarter 2010. Expressed in dollars, the Groupâ€™s net cash flow was 10.1 B$ in the third quarter 2011.

Results for the first nine months of 2011

> Operating income

Compared to the first nine months of 2010, the oil market environment for the first nine months of 2011 was marked by a 45% increase in the average Brent price to 111.9 $/b and the average price of gas increased by 29% to 6.44 $/Mbtu. The European refining margin indicator (ERMI) decreased by 30% to 18.1 $/t.
The average euro-dollar exchange rate was 1.41 $/â‚¬ compared to 1.31 $/â‚¬ in the first nine months of 2010.

In this environment, the adjusted operating income from the business segments in the first nine months of 2011 was 18,146Â Mâ‚¬, an increase of 23% compared to the same period last year¹⁶.
Expressed in dollars, adjusted operating income from the business segments was 25.5Â B$, an increase of 32% compared to the first nine months of 2010, essentially due to the positive effect of higher hydrocarbon prices on the performance of the Upstream.

The effective tax rate for the business segments was 57.5% for the first nine months of 2011 compared to 55.6% for the same period last year.

Adjusted net operating income from the business segments was 9,214 Mâ‚¬ compared to 7,886Â Mâ‚¬ in the first nine months of 2010, an increase of 17%.

Expressed in dollars, adjusted net operating income from the business segments increased by 25%. The lower relative increase in adjusted net operating income from the business segments compared to the increase in adjusted operating income from the business segments is mainly due to the increase in the effective tax rate for the business segments.

> Net income (Group share)

Adjusted net income increased by 13% to 8,699 Mâ‚¬ from 7,732 Mâ‚¬ in the first nine months of 2010.

Adjusted net income excludes the after-tax inventory effect, special items and from January 1, 2011, the effect of changes in fair value¹⁷Â :

The after-tax inventory effect had a positive impact on net income of 785 Mâ‚¬ compared to 465Â Mâ‚¬ in the first nine months of 2010.
Changes in fair value had a positive impact on net income of 12 Mâ‚¬ in the first nine months of 2011.
Special items¹⁸ had a positive impact on net income of 490 Mâ‚¬ compared to 425 Mâ‚¬ in the first nine months of 2010.

In the first nine months of 2010, the Groupâ€™s share of adjustment items related to Sanofi had a negative impact on net income of 81Â Mâ‚¬.

Net income (Group share) was 9,986 Mâ‚¬ compared to 8,541 Mâ‚¬ in the first nine months of 2010.

The effective tax rate for the Group was 57.6% in the first nine months of 2011.

As of September 30, 2011, there were 2,263.4 million fully-diluted shares compared to 2,246.9 on September 30, 2010.

Adjusted fully-diluted earnings per share, based on 2,254.9 million fully-diluted weighted-average shares, was â‚¬3.86 in the first nine months of 2011 compared to â‚¬3.45 euros in the first nine months of 2010, an increase of 12%.

Expressed in dollars, adjusted fully-diluted earnings per share was $5.43 compared to $4.53 in the first nine months of 2010, an increase of 20%.

> Investments â€“ divestments¹⁹

Investments, excluding acquisitions and including changes in non-current loans, were 9.6Â Bâ‚¬ (13.5 B$) in the first nine months of 2011 compared to 8.4 Bâ‚¬ (11.1Â B$) in the first nine months of 2010.

Acquisitions were 7.0 Bâ‚¬ (9.8 B$) in the first nine months of 2011 comprised essentially of the acquisition of interests in Fort Hills and Voyageur in Canada, 12% of Novatek, an additional 25% interest in Tempa Rossa in Italy and 60% of SunPower.

Asset sales in the first nine months of 2011 were 6.5 Bâ‚¬ (9.1 B$), essentially comprised of sales of the Groupâ€™s interests in CEPSA and its E&P Cameroon subsidiary, sales of Sanofi shares, interests in the Joslyn project in Canada, in the Ocensa pipeline in Colombia and part of the Specialty Chemicals resins activities.

Net investments were 10.1 Bâ‚¬, an increase of 22% compared to 8.3Â Bâ‚¬ in the first nine months of 2010. Expressed in dollars, net investments at the end of September 2011 were 14.2 B$, an increase of 30%.

> Cash flow

Cash flow from operations was 16,742 Mâ‚¬, an increase of 11% compared to the first nine months of 2010, essentially due to the increase in net income and more favorable changes in working capital than in 2010.

Adjusted cash flow from operations²⁰ was 14,195 Mâ‚¬ in the first nine months of 2011, an increase of 6% compared to the same period last year. Expressed in dollars, adjusted cash flow from operations was 20.0 B$, an increase of 14%.

The Groupâ€™s net cash flow²¹ was 6,651 Mâ‚¬ compared to 6,831Â Mâ‚¬ in the first nine months of 2010. Expressed in dollars, the Groupâ€™s net cash flow was 9.4 B$ in the first nine months of 2011.

The net-debt-to-equity ratio was 15.2% on September 30, 2011, compared to 24.3% on June 30, 2011, and 18.2% on September 30, 2010²².

Analysis of business segment results

Upstream

> Environment â€“ liquids and gas price realizations*

3Q11

9M11

3Q11

2Q11

3Q10

9M11

9M10

3Q10

9M10

113.4

117.0

76.9

+47%

Brent ($/b)

111.9

77.1

+45%

106.8

110.6

72.8

+47%

Average liquids price ($/b)

105.3

74.0

+42%

6.56

6.60

5.13

+28%

Average gas price ($/Mbtu)

6.44

5.00

+29%

75.3

76.9

54.9

+37%

Average hydrocarbons price ($/boe)

74.5

55.1

+35%

* consolidated subsidiaries, excluding fixed margin and buy-back contracts.

> Production

3Q11

9M11

3Q11

2Q11

3Q10

Hydrocarbon production

9M11

9M10

3Q10

9M10

2,319

2,311

2,340

-1%

Combined production (kboe/d)

2,333

2,375

-2%

1,176

1,197

1,325

-11%

= Liquids (kb/d)

1,222

1,341

-9%

6,228

6,077

5,529

+13%

= Gas (Mcf/d)

6,063

5,635

+8%

Hydrocarbon production was 2,319 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2011, a decrease of 0.9% compared to the same quarter last year, essentially as a result ofÂ :

-1.5% for normal decline, net of production ramp-ups on new projects and lower turnarounds,
+4% for changes in the portfolio, integrating the net share of Novatek production and impact of the sale of interests in CEPSA,
+1% for the end of OPEC reductions,
-2.5% for security conditions in Libya,
-2% for the price effect²³.

In the first nine months of 2011, hydrocarbon production was 2,333 kboe/d, a decrease of 1.8% compared to the same period last year, essentially as a result of :

-1.5% for normal decline, net of production ramp-ups on new projects,
+2.5% for changes in the portfolio, integrating the net share of Novatek production and impact of the sale of interests in CEPSA,
+1% for the end of OPEC reductions,
-2% for security conditions in Libya,
-2% for the price effect²³.

> Results

3Q11

2Q11

3Q10

3Q11

in millions of euros

9M11

9M10

9M11

3Q10

9M10

5,208

5,390

4,190

24%

Adjusted operating income*

16,419

12,958

27%

2,323

2,457

2,123

Adjusted net operating income*

7,629

6,297

21%

433

366

335

29%

- includes income from equity affiliates

1,173

941

25%

3,289

6,868

3,400

-3%

Investments

15,389

9,266

66%

953

921

1,035

-8%

Divestments

2,209

1,296

70%

3,158

5,605

2,831

12%

Cash flow from operating activities

13,406

11,665

15%

3,855

4,010

3,498

10%

Adjusted cash flow

12,136

10,517

15%

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

Adjusted net operating income from the Upstream segment was 2,323Â Mâ‚¬ in the third quarter 2011 compared to 2,123 Mâ‚¬ in the third quarter 2010, an increase of 9%.

Expressed in dollars, the increase is 20% and reflects mainly the impact of higher hydrocarbon prices.

The effective tax rate for the Upstream segment was 63.9% compared to 59.5% in the third quarter 2010, essentially due to higher hydrocarbon prices, mix effects and an increase in UK petroleum taxes.

Adjusted net operating income from the Upstream segment in the first nine months of 2011 was 7,629 Mâ‚¬ compared to 6,297 Mâ‚¬ for the same period last year, an increase of 21%. Expressed in dollars, adjusted net operating income from the Upstream segment was 10.7 B$, an increase of 30% compared to the first nine months of 2010, essentially due to the impact of higher hydrocarbon prices.

The return on average capital employed (ROACE²⁴) for the Upstream segment was 21%, for the twelve months ended September 30, 2011, stable compared to the twelve months ended June 30, 2011, and to the full year 2010.

The annualized third quarter 2011 ROACE for the Upstream segment was 19%.

Downstream

> Refinery throughput and utilization rates*

3Q11

9M11

3Q11

2Q11

3Q10

9M11

9M10

3Q10

9M10

1,922

1,855

2,068

-7%

Total refinery throughput (kb/d)

1,930

2,067

-7%

752

692

773

-3%

France

731

746

-2%

904

877

1,038

-13%

Rest of Europe

941

1,066

-12%

266

286

257

+4%

Rest of world

258

255

+1%

Utilization rates**

77%

75%

74%

Based on crude only

77%

75%

81%

79%

80%

Based on crude and other feedstock

82%

80%

* includes share of CEPSA through July 31, 2011, and, starting October 2010, of TotalErg.
** based on distillation capacity at the beginning of the year.

In the third quarter 2011, refinery throughput decreased by 7% compared to the third quarter 2010 and increased by 4% compared to the second quarter 2011. The decrease compared to the third quarter 2010 was mainly due to the sale of interests in CEPSA and to the higher level of turnarounds (Antwerp, Port Arthur) than in the previous year.

In the first nine months of 2011, refinery throughput decreased by 7% compared to the same period last year, reflecting essentially a higher level of turnarounds in 2011 and work on the Lindsey refinery.

> Results

3Q11

2Q11

3Q10

3Q11

in millions of euros

9M11

9M10

9M11

(except the ERMI)

3Q10

9M10

13.4

16.3

16.4

-18%

European refining margin

18.1

25.7

-30%

indicator - ERMI ($/t)

482

228

237

Adjusted operating income*

996

977

388

197

264

47%

Adjusted net operating income*

861

902

-5%

-2

- includes income from equity affiliates

118

-62%

440

462

568

-23%

Investments

1,166

1,586

-26%

2,691

x96

Divestments

2,742

x42

1,775

900

97%

Cash flow from operating activities

2,940

2,396

23%

553

398

555

Adjusted cash flow

1,311

1,652

-21%

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

The European refining margin indicator (ERMI) averaged 13.4 $/t in the third quarter 2011, a decrease of 18% compared to the third quarter 2010. In the first nine months of 2011, the ERMI averaged 18.1 $/t, a decrease of 30% compared to the same period in 2010.

Adjusted net operating income from the Downstream segment was 388 Mâ‚¬ in the third quarter 2011, an increase of 47% compared to the third quarter 2010.
Expressed in dollars, adjusted net operating income from the Downstream segment was 548 M$, an increase of 61%, despite an environment that remained difficult, due in particular to improved operational performance in refining in the third quarter 2011, as well as more favorable conditions for supply optimization.

In the first nine months of 2011, adjusted net operating income from the Downstream segment was 861 Mâ‚¬, a decrease of 5% compared to the same period last year.

Expressed in dollars, adjusted net operating income from the Downstream segment was 1.2Â B$ in the first nine months of 2011, an increase of 2% compared to the first nine months of 2010.

The ROACE²⁵ for the Downstream segment was 8% for the twelve months ended September 30, 2011, compared to 6% for the twelve months ended June 30, 2011, and 8% for the full year 2010.

The annualized third quarter 2011 ROACE for the Downstream segment was 11%.

Chemicals

3Q11

2Q11

3Q10

3Q11

9M11

9M10

9M11

3Q10

in millions of euros

9M10

4,669

5,291

4,460

Sales

15,065

13,272

14%

3,096

3,400

2,748

13%

- Base chemicals

9,815

8,074

22%

1,572

1,891

1,710

-8%

- Specialties

5,249

5,185

191

278

301

-37%

Adjusted operating income*

731

760

-4%

239

247

256

-7%

Adjusted net operating income*

724

687

137

132

133

- Base chemicals

388

326

19%

109

118

125

-13%

- Specialties

348

366

-5%

168

209

111

51%

Investments

548

349

57%

1,094

-10

Divestments

1,120

324

359

138

215

67%

Cash flow from operating activities

353

602

-41%

177

336

322

-45%

Adjusted cash flow

802

968

-17%

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

In the third quarter 2011, the environment remained globally favorable for specialty chemicals but deteriorated for petrochemicals due to softer demand.

Sales for the Chemicals segment were 4.7 Bâ‚¬ in the third quarter 2011.

The adjusted net operating income for the Chemicals segment was 239 Mâ‚¬ in the third quarter 2011, a decrease of 7% compared to the third quarter 2010. The impact of lower petrochemical margins in Europe and the US was offset mainly by stronger results from Qatar and South Korea. The slight decrease in specialty chemical results was mainly due to the sale of part of the resins activities at the beginning of the quarter.

In the first nine months of 2011, adjusted net operating income for the Chemicals segment was 724Â Mâ‚¬ compared to 687 Mâ‚¬ for the same period last year, an increase of 5%.

The ROACE²⁶ for the Chemicals segment was 12% for the twelve months ended September 30, 2011, stable compared to the twelve months ended June 30, 2011, and to the full year 2010.

The annualized third quarter 2011 ROACE for the Chemicals segment was 13%.

Summary and outlook

The ROACE for the Group for the twelve months ended September 30, 2011, was 17% compared to 16% for the twelve months ended June 30, 2011, and 16% for the full year 2010.
The annualized third quarter 2011 ROACE for the Group was 16%.

Return on equity for the twelve months ended September 30, 2011, was 19%.

Investments excluding acquisitions²⁷ were 13.5 B$ in the first nine months of 2011, in line with the budget.

The net-debt-to-equity ratio as of September 30, 2011, was 15.2% compared to 24.3% at the end of the second quarter 2011. Supported by its strong results, the Groupâ€™s net-debt-to-equity ratio is expected to be in the lower end of its 20-30% range at year-end 2011.

Pursuant to the October 27, 2011, decision by the Board of Directors, Total will pay the third quarter interim dividend of â‚¬0.57 per share on March 22, 2012²⁸.

In the fourth quarter 2011, the production ramp-up from the Pazflor field in Angola and the progressive recovery of production in Libya are expected to be partially offset by turnarounds at Snovhit and Yemen LNG.

Pending partner approvals, Total expects to launch in the coming months a series of major new projects, including Ofon 2 and Egina in Nigeria, Ichthys in Australia, and Tempa Rossa in Italy. Launching the Shtokman project in Russia remains contingent on an improvement in the fiscal regime and the agreement of the partners.

Total is in the notification / consultation process with labor representatives for the project to reorganize the Downstream and Chemicals segments that should allow the company to put in place a dynamic and more competitive organization at the start of 2012.

The Group begins the fourth quarter confident in an environment where conditions remain favorable for the Upstream and refining margins are slightly improved.

â– â– â–

To listen to CFO Patrick de La ChevardiÃ¨reâ€™s conference call with financial analysts today at 15:00 (Paris time) please log on to www.total.com or call +44Â (0)207Â 162Â 0177 in Europe or +1Â 334Â 323Â 6203 in the U.S. For a replay available until November 14, please consult the website or call +44Â 207Â 031 4064 in Europe or 1Â 954Â 334Â 0342 in the US (codeÂ : 905154).

The September 30, 2011 notes to the consolidated financial statements are available on the Total web site (www.total.com).This document may contain forward-looking statements, including 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.
Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, 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. Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the companyâ€™s financial results is provided in documents filed by the Group with the French AutoritÃ© des MarchÃ©s Financiers and the U.S. Securities and Exchange Commission (â€œSECâ€).

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.
Adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Downstream and Chemicals segments are presented according to the replacement cost method. This method is used to assess the segmentsâ€™ performance and facilitate the comparability of the segmentsâ€™ performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
As from January 1, 2011, the effect of changes in fair value presented as an adjustment item reflects for some transactions differences between internal measures of performance used by TOTALâ€™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 Groupâ€™s internal economic performance. IFRS precludes recognition of this fair value effect.
(iv) Until June 30, 2010, TOTALâ€™s equity share of adjustment items reconciling â€œBusiness net incomeâ€ to Net income attributable to equity holders of Sanofi
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 as from January 1^st, 2011 and excluding TOTALâ€™s equity share of adjustment items related to Sanofi until June 30, 2010.

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 â€“ 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 SECâ€™s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our FormÂ 20-F, File NÂ°Â 1-10888, available from us at 2,Â Place Jean Millier â€“ La DÃ©fenseÂ 6 â€“ 92078 Paris â€“ La DÃ©fense Cedex, France, or at our WebÂ site: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SECâ€™s WebÂ site: www.sec.gov.

Third quarter and first nine months 2011
operating information by segment

Upstream

3Q11

2Q11

3Q10

3Q11 vs 3Q10

Combined liquids and gas production by region (kboe/d)

9M11

9M10

9M11 vs 9M10

474

475

521

-9%

Europe

510

581

-12%

623

628

765

-19%

Africa

647

754

-14%

581

571

534

Middle East

578

522

11%

North America

194

190

179

South America

190

178

232

241

253

-8%

Asia-Pacific

238

251

-5%

147

140

CIS

103

2,319

2,311

2,340

-1%

Total production

2,333

2,375

-2%

600

605

455

32%

Includes equity and non-consolidated affiliates

569

435

31%

3Q11

2Q11

3Q10

3Q11 vs 3Q10

Liquids production by region (kb/d)

9M11

9M10

9M11 vs 9M10

234

240

251

-7%

Europe

246

270

-9%

481

484

617

-22%

Africa

505

616

-18%

316

321

313

Middle East

321

308

-3%

North America

-3%

-7%

South America

-13%

Asia-Pacific

-13%

85%

CIS

54%

1,176

1,197

1,325

-11%

Total production

1,222

1,341

-9%

312

331

304

Includes equity and non-consolidated affiliates

323

295

3Q11

2Q11

3Q10

3Q11 vs 3Q10

Gas production by region (Mcf/d)

9M11

9M10

9M11 vs 9M10

1,299

1,284

1,464

-11%

Europe

1,441

1,696

-15%

720

734

758

-5%

Africa

724

703

1,430

1,355

1,207

18%

Middle East

1,392

1,164

20%

228

226

203

12%

North America

219

194

13%

707

650

593

19%

South America

643

581

11%

1,173

1,209

1,249

-6%

Asia-Pacific

1,194

1,239

-4%

671

619

x12

CIS

450

6,228

6,077

5,529

13%

Total production

6,063

5,635

1,560

1,478

820

90%

Includes equity and non-consolidated affiliates

1,331

756

76%

3Q11

2Q11

3Q10

3Q11 vs 3Q10

Liquefied natural gas

9M11

9M10

9M11 vs 9M10

3.36

3.34

3.35

LNG sales* (Mt)

10.08

9.2

10%

* sales, Group share, excluding trading ; 2010 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2010 SEC coefficient.

Downstream

3Q11

9M11

3Q11

2Q11

3Q10

Refined products sales by region (kb/d)*

9M11

9M10

3Q10

9M10

1,888

1,855

1,920

-2%

Europe

1,903

1,917

-1%

307

310

286

+7%

Africa

304

290

+5%

101

104

102

-1%

Americas

102

121

-16%

174

169

161

+8%

Rest of world

170

157

+8%

2,470

2,438

2,469

Total consolidated sales

2,479

2,485

1,270

1,341

1,300

-2%

Trading

1,266

1,272

3,740

3,779

3,769

-1%

Total refined product sales

3,745

3,757

* includes trading, share of CEPSA through July 31, 2011, and, starting October 1, 2010, of TotalErg.

Adjustment items

Adjustments to operating income from business segments

3Q11	Â	2Q11	Â	3Q10	Â	in millions of euros	Â	9M11	Â	9M10
(326)	Â	(63)	Â	(15)	Â	Special items affecting operating income from the business segments	Â	(389)	Â	(89)
-	Â	-	Â	-	Â	Restructuring charges	Â	-	Â	-
(245)		-		(15)		Impairments		(245)		(23)
(81)	Â	(63)	Â	-	Â	Other	Â	(144)	Â	(66)
(112)	Â	(87)	Â	(104)	Â	Pre-tax inventory effect : FIFO vs. replacement cost	Â	1,157	Â	596
(14)	Â	(55)	Â	-	Â	Effect of change in fair value	Â	15	Â	-
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(452)	Â	(205)	Â	(119)	Â	Total adjustments affecting operating income from the business segments	Â	783	Â	507

Adjustments to net income (Group share)

3Q11	Â	2Q11	Â	3Q10	Â	in millions of euros	Â	9M11	Â	9M10
610	Â	47	Â	400	Â	Special items affecting net income (Group share)	Â	490	Â	425
1,054	Â	205	Â	502	Â	- Gain on asset sales	Â	1,270	Â	694
(56)		-		(1)		- Restructuring charges		(56)		(11)
(251)		(47)		(101)		- Impairments		(298)		(166)
(137)	Â	(111)	Â	-	Â	- Other	Â	(426)	Â	(92)
(87)	Â	(74)	Â	(48)	Â	After-tax inventory effect : FIFO vs. replacement cost	Â	785	Â	465
(10)	Â	(41)	Â	-	Â	Effect of changes in fair value	Â	12	Â	-
-	Â	-	Â	-	Â	Equity share of adjustment items related to Sanofi*	Â	-	Â	(81)
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
513	Â	(68)	Â	352	Â	Total adjustments to net income	Â	1,287	Â	809

* effective JulyÂ 1,Â 2010, Sanofi is no longer treated as an equity affiliate

	Â		Â		Â	Effective tax rates	Â		Â
											Â
3Q11	Â	2Q11	Â	3Q10	Â	Effective tax rate*	Â	9M11	Â	9M10
63.9%		61.6%		59.5%		Upstream		60.9%		59.2%
57.9%	Â	59.4%	Â	56.3%	Â	Group	Â	57.6%	Â	55.4%

* tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates, dividends received from investments, and impairments of acquisition goodwill + tax on adjusted net operating income).

Investments â€“ Divestments

3Q11

9M11

3Q11

2Q11

3Q10

in millions of euros

9M11

9M10

3Q10

9M10

3,349

3,467

2,982

+12%

Investments excluding acquisitions*

9,603

8,440

+14%

287

242

160

+79%

- Capitalized exploration

746

580

+29%

210

151

-38%

- Change in non-current loans**

396

-76%

445

4,008

1,023

-57%

Acquisitions

6,982

2,545

3,794

7,475

4,005

-5%

Investments including acquisitions*

16,585

10,985

+51%

4,955

1,243

987

Asset sales

6,494

2,710

(1,161)

6,232

3,018

Net investments

10,091

8,275

+22%

3Q11

9M11

3Q11

2Q11

3Q10

Expressed in millions of dollars***

9M11

9M10

3Q10

9M10

4,731

4,989

3,850

+23%

Investments excluding acquisitions*

13,507

11,094

+22%

405

348

207

+96%

- Capitalized exploration

1,049

762

+38%

131

302

195

-33%

- Change in non-current loans**

134

521

-74%

629

5,768

1,321

-52%

Acquisitions

9,820

3,345

5,360

10,757

5,170

+4%

Investments including acquisitions*

23,327

14,440

+62%

7,000

1,789

1,274

Asset sales

9,134

3,562

(1,640)

8,968

3,896

Net investments

14,193

10,877

+30%

* includes changes in non-current loans.
** includes net investments in equity affiliates and non-consolidatedÂ companies + net financing for employees related stock purchase plans.
*** dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the period.

Net-debt-to-equity ratio
	Â		Â		Â
in millions of euros	Â	9/30/2011	Â	6/30/2011	Â	9/30/2010
Current borrowings		10,406		12,289		10,201
Net current financial assets		(923)		(2,737)		(1,351)
Non-current financial debt		22,415		20,410		21,566
Hedging instruments of non-current debt		(2,012)		(1,756)		(1,760)
Cash and cash equivalents	Â	(19,942)	Â	(13,387)	Â	(18,247)
Net debt	Â	9,944	Â	14,819	Â	10,409
Â	Â	Â	Â	Â	Â	Â
Shareholdersâ€™ equity		65,290		61,371		57,583
Estimated dividend payable		(1,254)		(1,248)		(1,273)
Minority interests	Â	1,467	Â	934	Â	838
Equity	Â	65,503	Â	61,057	Â	57,148
Â	Â	Â	Â	Â	Â	Â
Net-debt-to-equity ratio	Â	15.2%	Â	24.3%	Â	18.2%

2011 Sensitivities*
	Â		Â		Â	Impact on adjusted	Â	Impact on adjusted
		Scenario		Change		operating		net operating
Â	Â	Â	Â	Â	Â	income(e)	Â	income(e)
Dollar	Â	1.30 $/â‚¬	Â	+0.1 $ per â‚¬	Â	-1.6 Bâ‚¬	Â	-0.8 Bâ‚¬
Brent	Â	80 $/b	Â	+1 $/b	Â	+0.27 Bâ‚¬ / 0.35 B$	Â	+0.13 Bâ‚¬ / 0.17 B$
European refining margins ERMI	Â	30 $/t	Â	+1 $/t	Â	+0.07 Bâ‚¬ / 0.09 B$	Â	+0.05 Bâ‚¬ / 0.07 B$

* sensitivities are revised once per year upon publication of the previous yearâ€™s fourth quarter results. The impact of the â‚¬-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 80% and 75% respectively, and the remaining impact of the â‚¬-$ sensitivity is essentially in the Downstream segment.

Return on average capital employed

Twelve months ended September 30, 2011

in millions of euros

Upstream

Downstream

Chemicals

Segments

Group

Adjusted net operating income

9,929

1,127

894

11,950

11,828

Capital employed at 9/30/2010*

41,629

15,379

7,232

64,240

68,242

Capital employed at 9/30/2011*

51,851

12,691

7,194

71,736

72,764

ROACE

21.2%

8.0%

12.4%

17.6%

16.8%

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

Twelve months ended June 30, 2011

in millions of euros

Upstream

Downstream

Chemicals

Segments

Group

Adjusted net operating income

9,729

1,003

911

11,643

11,450

Capital employed at 6/30/2010*

43,908

16,010

7,286

67,204

72,042

Capital employed at 6/30/2011*

46,671

14,921

7,938

69,530

72,843

ROACE

21.5%

6.5%

12.0%

17.0%

15.8%

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

Twelve months ended September 30, 2010

in millions of euros

Upstream

Downstream

Chemicals

Segments

Group

Adjusted net operating income

8,245

953

759

9,957

10,272

Capital employed at 9/30/2009*

35,514

13,513

6,845

55,872

61,030

Capital employed at 9/30/2010*

41,629

15,379

7,232

64,240

68,242

ROACE

21.4%

6.6%

10.8%

16.6%

15.9%

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

Total financial statements

Third quarter 2011 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME	Â		Â		Â
TOTAL
(unaudited)
						Â
(Mâ‚¬) ^(a)		3^rd quarter 2011		2^nd quarter 2011		3^rd quarter 2010
Sales		46,163		45,009		40,180
Excise taxes		(4,638)		(4,544)		(4,952)
Revenues from sales		41,525		40,465		35,228
Purchases, net of inventory variation		(29,018)		(28,386)		(23,918)
Other operating expenses		(5,061)		(4,804)		(4,841)
Exploration costs		(242)		(179)		(160)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,873)		(1,531)		(1,805)
Other income		1,334		246		540
Other expense		(212)		(138)		(61)
Financial interest on debt		(262)		(159)		(126)
Financial income from marketable securities & cash equivalents		114		55		40
Cost of net debt		(148)		(104)		(86)
Other financial income		108		335		111
Other financial expense		(115)		(104)		(103)
Equity in net income (loss) of affiliates		497		444		401
Income taxes		(3,448)		(3,432)		(2,426)
Consolidated net income		3,347		2,812		2,880
Group share		3,314		2,726		2,827
Minority interests		33		86		53
Earnings per share (â‚¬)		1.47		1.21		1.27
Fully-diluted earnings per share (â‚¬)		1.47		1.21		1.26
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	Â		Â		Â
TOTAL
(unaudited)
						Â
(Mâ‚¬)		3^rd quarter 2011		2^nd quarter 2011		3^rd quarter 2010
Consolidated net income		3,347		2,812		2,880
Other comprehensive income
Currency translation adjustment		2,309		(666)		(3,527)
Available for sale financial assets		(389)		315		4
Cash flow hedge		(54)		(11)		(38)
Share of other comprehensive income of associates, net amount		(131)		(16)		(200)
Other		(2)		(4)		(9)
						Â
Tax effect		82		(35)		13
Total other comprehensive income (net amount)		1,815		(417)		(3,757)
Â		Â		Â		Â
Comprehensive income		5,162		2,395		(877)
- Group share		5,077		2,326		(865)
- Minority interests		85		69		(12)

CONSOLIDATED STATEMENT OF INCOME	Â		Â
TOTAL
(unaudited)
				Â
(Mâ‚¬) ^(a)		9 months 2011		9 months 2010
Sales		137,201		119,112
Excise taxes		(13,609)		(14,396)
Revenues from sales		123,592		104,716
Purchases, net of inventory variation		(84,659)		(69,548)
Other operating expenses		(14,567)		(14,386)
Exploration costs		(680)		(667)
Depreciation, depletion and amortization of tangible assets and mineral interests		(5,090)		(5,261)
Other income		1,665		814
Other expense		(409)		(387)
Financial interest on debt		(557)		(339)
Financial income from marketable securities & cash equivalents		216		88
Cost of net debt		(341)		(251)
Other financial income		518		324
Other financial expense		(327)		(293)
Equity in net income (loss) of affiliates		1,447		1,438
Income taxes		(10,952)		(7,773)
Consolidated net income		10,197		8,726
Group share		9,986		8,541
Minority interests		211		185
Earnings per share (â‚¬)		4.45		3.82
Fully-diluted earnings per share (â‚¬)		4.43		3.81
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	Â		Â
TOTAL
(unaudited)
				Â
(Mâ‚¬)		9 months 2011		9 months 2010
Consolidated net income		10,197		8,726
Other comprehensive income
Currency translation adjustment		(335)		1,469
Available for sale financial assets		41		(48)
Cash flow hedge		(89)		(89)
Share of other comprehensive income of associates, net amount		(234)		275
Other		(4)		(6)
				Â
Tax effect		53		31
Total other comprehensive income (net amount)		(568)		1,632
Â		Â		Â
Comprehensive income		9,629		10,358
- Group share		9,433		10,179
- Minority interests		196		179

CONSOLIDATED BALANCE SHEET	Â		Â		Â		Â
TOTAL
								Â
								Â
(Mâ‚¬)		September 30, 2011 (unaudited)		June 30, 2011 (unaudited)		December 31, 2010		September 30, 2010 (unaudited)
ASSETS
Non-current assets
Intangible assets, net		10,280		8,961		8,917		9,214
Property, plant and equipment, net		59,729		55,323		54,964		54,341
Equity affiliates : investments and loans		11,455		11,054		11,516		11,322
Other investments		3,767		5,287		4,590		4,825
Hedging instruments of non-current financial debt		2,012		1,756		1,870		1,760
Other non-current assets		4,248		3,727		3,655		3,210
Total non-current assets		91,491		86,108		85,512		84,672
Current assets
Inventories, net		16,024		15,950		15,600		14,171
Accounts receivable, net		18,786		18,267		18,159		17,435
Other current assets		7,938		8,474		7,483		8,332
Current financial assets		1,172		3,122		1,205		1,686
Cash and cash equivalents		19,942		13,387		14,489		18,247
Total current assets		63,862		59,200		56,936		59,871
Assets classified as held for sale		1,630		5,211		1,270		-
Total assets		156,983		150,519		143,718		144,543
								Â
LIABILITIES & SHAREHOLDERS' EQUITY
								Â
Shareholders' equity
Common shares		5,909		5,903		5,874		5,872
Paid-in surplus and retained earnings		65,862		64,148		60,538		58,569
Currency translation adjustment		(3,091)		(5,177)		(2,495)		(3,286)
Treasury shares		(3,390)		(3,503)		(3,503)		(3,572)
Total shareholders' equity - Group Share		65,290		61,371		60,414		57,583
Minority interests		1,467		934		857		838
Total shareholders' equity		66,757		62,305		61,271		58,421
Non-current liabilities
Deferred income taxes		10,601		9,619		9,947		9,757
Employee benefits		2,180		2,111		2,171		2,125
Provisions and other non-current liabilities		8,920		8,419		9,098		8,693
Total non-current liabilities		21,701		20,149		21,216		20,575
Non-current financial debt		22,415		20,410		20,783		21,566
Current liabilities
Accounts payable		18,753		18,395		18,450		16,191
Other creditors and accrued liabilities		16,361		16,191		11,989		17,254
Current borrowings		10,406		12,289		9,653		10,201
Other current financial liabilities		249		385		159		335
Total current liabilities		45,769		47,260		40,251		43,981
Liabilities directly associated with the assets classified as held for sale		341		395		197		-
Total liabilities and shareholders' equity		156,983		150,519		143,718		144,543

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â		Â
TOTAL
(unaudited)
						Â
(Mâ‚¬)		3^rd quarter 2011		2^nd quarter 2011		3^rd quarter 2010
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		3,347		2,812		2,880
Depreciation, depletion and amortization		2,062		1,641		1,912
Non-current liabilities, valuation allowances and deferred taxes		312		283		34
Impact of coverage of pension benefit plans		-		-		-
(Gains) losses on sales of assets		(1,282)		(229)		(445)
Undistributed affiliates' equity earnings		(34)		59		(154)
(Increase) decrease in working capital		1,501		476		649
Other changes, net		58		22		28
Cash flow from operating activities		5,964		5,064		4,904
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(3,802)		(3,215)		(2,913)
Acquisitions of subsidiaries, net of cash acquired		170		(979)		(856)
Investments in equity affiliates and other securities		(69)		(3,071)		(85)
Increase in non-current loans		(220)		(305)		(238)
Total expenditures		(3,921)		(7,570)		(4,092)
Proceeds from disposal of intangible assets and property, plant and equipment		213		620		873
Proceeds from disposal of subsidiaries, net of cash sold		399		171		(11)
Proceeds from disposal of non-current investments		4,343		452		125
Repayment of non-current loans		127		95		87
Total divestments		5,082		1,338		1,074
Cash flow used in investing activities		1,161		(6,232)		(3,018)
						Â
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		77		354		3
- Treasury shares		-		-		-
- Minority shareholders		-		-		-
Dividends paid:
- Parent company shareholders		(1,283)		(2,572)		-
- Minority shareholders		(35)		(61)		(8)
Other transactions with minority shareholders		-		59		-
Net issuance (repayment) of non-current debt		1,034		678		1,690
Increase (decrease) in current borrowings		(2,541)		(200)		383
Increase (decrease) in current financial assets and liabilities		1,999		(1,123)		(341)
Cash flow used in financing activities		(749)		(2,865)		1,727
Net increase (decrease) in cash and cash equivalents		6,376		(4,033)		3,613
Effect of exchange rates		179		93		(198)
Cash and cash equivalents at the beginning of the period		13,387		17,327		14,832
Cash and cash equivalents at the end of the period		19,942		13,387		18,247

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â
TOTAL
(unaudited)
				Â
(Mâ‚¬)		9 months 2011		9 months 2010
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		10,197		8,726
Depreciation, depletion and amortization		5,591		5,779
Non-current liabilities, valuation allowances and deferred taxes		1,160		328
Impact of coverage of pension benefit plans		-		-
(Gains) losses on sales of assets		(1,517)		(617)
Undistributed affiliates' equity earnings		(157)		(337)
(Increase) decrease in working capital		1,390		1,162
Other changes, net		78		65
Cash flow from operating activities		16,742		15,106
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(12,391)		(9,335)
Acquisitions of subsidiaries, net of cash acquired		(809)		(856)
Investments in equity affiliates and other securities		(3,290)		(398)
Increase in non-current loans		(684)		(658)
Total expenditures		(17,174)		(11,247)
Proceeds from disposal of intangible assets and property, plant and equipment		839		996
Proceeds from disposal of subsidiaries, net of cash sold		570		310
Proceeds from disposal of non-current investments		5,085		1,404
Repayment of non-current loans		589		262
Total divestments		7,083		2,972
Cash flow used in investing activities		(10,091)		(8,275)
				Â
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		481		14
- Treasury shares		-		49
- Minority shareholders		-		-
Dividends paid:
- Parent company shareholders		(3,855)		(2,548)
- Minority shareholders		(97)		(90)
Other transactions with minority shareholders		59		(450)
Net issuance (repayment) of non-current debt		3,940		3,732
Increase (decrease) in current borrowings		(2,253)		759
Increase (decrease) in current financial assets and liabilities		365		(1,291)
Cash flow used in financing activities		(1,360)		175
Net increase (decrease) in cash and cash equivalents		5,291		7,006
Effect of exchange rates		162		(421)
Cash and cash equivalents at the beginning of the period		14,489		11,662
Cash and cash equivalents at the end of the period		19,942		18,247

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY									Â		Â		Â		Â		Â
TOTAL	Â		Â		Â		Â
(unaudited)		Â		Â		Â		Â		Â		Â		Â		Â		Â
		Common shares issued				Paid-in surplus and retained earnings		Currency translation adjustment		Treasury shares				Shareholders' equity Group Share		Minority interests		Total shareholders' equity
(Mâ‚¬)		Number		Amount		Â		Â		Number		Amount		Â		Â		Â
As of January 1, 2010		2,348,422,884		5,871		55,372		(5,069)		(115,407,190)		(3,622)		52,552		987		53,539
Net income of the first nine months		-		-		8,541		-		-		-		8,541		185		8,726
Other comprehensive Income		-		-		(155)		1,793		-		-		1,638		(6)		1,632
Comprehensive Income		-		-		8,386		1,793		-		-		10,179		179		10,358
Dividend		-		-		(5,096)		-		-		-		(5,096)		(90)		(5,186)
Issuance of common shares		408,017		1		13		-		-		-		14		-		14
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares (1)		-		-		(1)		-		1,270,478		50		49		-		49
Share-based payments		-		-		97		-		-		-		97		-		97
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with minority interests		-		-		(202)		(10)		-		-		(212)		(238)		(450)
Other items		-		-		-		-		-		-		-		-		-
As of September 30, 2010		2,348,830,901		5,872		58,569		(3,286)		(114,136,712)		(3,572)		57,583		838		58,421
Net income of the fourth quarter		-		-		2,030		-		-		-		2,030		51		2,081
Other comprehensive Income		-		-		(61)		788		-		-		727		15		742
Comprehensive Income		-		-		1,969		788		-		-		2,757		66		2,823
Dividend		-		-		(2)		-		-		-		(2)		(62)		(64)
Issuance of common shares		810,030		2		25		-		-		-		27		-		27
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares (1)		-		-		(69)		-		1,649,033		69		-		-		-
Share-based payments		-		-		43		-		-		-		43		-		43
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with minority interests		-		-		3		3		-		-		6		15		21
Other items		-		-		-		-		-		-		-		-		-
As of December 31, 2010		2,349,640,931		5,874		60,538		(2,495)		(112,487,679)		(3,503)		60,414		857		61,271
Net income of the first nine months		-		-		9,986		-		-		-		9,986		211		10,197
Other comprehensive Income		-		-		45		(598)		-		-		(553)		(15)		(568)
Comprehensive Income		-		-		10,031		(598)		-		-		9,433		196		9,629
Dividend		-		-		(5,173)		-		-		-		(5,173)		(97)		(5,270)
Issuance of common shares		14,112,010		35		446		-		-		-		481		-		481
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares (1)		-		-		(113)		-		2,931,034		113		-		-		-
Share-based payments		-		-		124		-		-		-		124		-		124
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with minority interests		-		-		-		2		-		-		2		57		59
Other items		-		-		9		-		-		-		9		454		463
As of September 30, 2011		2,363,752,941		5,909		65,862		(3,091)		(109,556,645)		(3,390)		65,290		1,467		66,757
																		Â
(1) Treasury shares related to the stock option purchase plans and restricted stock grants

BUSINESS SEGMENT INFORMATION	Â		Â		Â		Â		Â		Â
TOTAL
(unaudited)
Â		Â		Â		Â		Â		Â		Â
3^rd quarter 2011 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		5,272		36,220		4,669		2		-		46,163
Intersegment sales		6,571		1,582		243		45		(8,441)		-
Excise taxes		-		(4,638)		-		-		-		(4,638)
Revenues from sales		11,843		33,164		4,912		47		(8,441)		41,525
Operating expenses		(5,443)		(32,559)		(4,624)		(136)		8,441		(34,321)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,281)		(464)		(119)		(9)		-		(1,873)
Operating income		5,119		141		169		(98)		-		5,331
Equity in net income (loss) of affiliates and other items		922		347		319		24		-		1,612
Tax on net operating income		(3,401)		(58)		(45)		41		-		(3,463)
Net operating income		2,640		430		443		(33)		-		3,480
Net cost of net debt												(133)
Minority interests		Â		Â		Â		Â		Â		(33)
Net income												3,314
Â		Â		Â		Â		Â		Â		Â
3^rd quarter 2011 (adjustments) ^(a) (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		(14)		-		-		-				(14)
Intersegment sales
Excise taxes		Â		Â		Â		Â		Â		Â
Revenues from sales		(14)		-		-		-				(14)
Operating expenses		-		(173)		(19)		-				(192)
Depreciation, depletion and amortization of tangible assets and mineral interests		(75)		(168)		(3)		-		Â		(246)
Operating income^(b)		(89)		(341)		(22)		-				(452)
Equity in net income (loss) of affiliates and other items		530		339		243		15				1,127
Tax on net operating income		(124)		44		(17)		(71)		Â		(168)
Net operating income^(b)		317		42		204		(56)				507
Net cost of net debt												-
Minority interests		Â		Â		Â		Â		Â		6
Net income												513
												Â
(a) Adjustments include special items, inventory valuation effect and, as from January 1^st, 2011, the effect of changes in fair value. Â (b) Of which inventory valuation effect
On operating income		-		(100)		(12)		-
On net operating income		-		(83)		(7)		-
Â		Â		Â		Â		Â		Â		Â
3^rdquarter 2011 (adjusted) (Mâ‚¬) ^(a)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		5,286		36,220		4,669		2		-		46,177
Intersegment sales		6,571		1,582		243		45		(8,441)		-
Excise taxes		-		(4,638)		-		-		-		(4,638)
Revenues from sales		11,857		33,164		4,912		47		(8,441)		41,539
Operating expenses		(5,443)		(32,386)		(4,605)		(136)		8,441		(34,129)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,206)		(296)		(116)		(9)		-		(1,627)
Adjusted operating income		5,208		482		191		(98)		-		5,783
Equity in net income (loss) of affiliates and other items		392		8		76		9		-		485
Tax on net operating income		(3,277)		(102)		(28)		112		-		(3,295)
Adjusted net operating income		2,323		388		239		23		-		2,973
Net cost of net debt												(133)
Minority interests		Â		Â		Â		Â		Â		(39)
Ajusted net income		Â		Â		Â		Â		Â		2,801
Adjusted fully-diluted earnings per share (â‚¬)		Â		Â		Â		Â		Â		1.24
(a) Except for per share amounts.
Â		Â		Â		Â		Â		Â		Â
3^rdquarter 2011 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Total expenditures		3,289		440		168		24				3,921
Total divestments		953		2,691		1,094		344				5,082
Cash flow from operating activities		3,158		1,775		359		672		Â		5,964

BUSINESS SEGMENT INFORMATION	Â		Â		Â		Â		Â		Â
TOTAL
(unaudited)
Â		Â		Â		Â		Â		Â		Â
2^nd quarter 2011 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		5,166		34,551		5,291		1		-		45,009
Intersegment sales		6,341		1,535		345		43		(8,264)		-
Excise taxes		-		(4,544)		-		-		-		(4,544)
Revenues from sales		11,507		31,542		5,636		44		(8,264)		40,465
Operating expenses		(5,072)		(31,149)		(5,251)		(161)		8,264		(33,369)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,100)		(300)		(122)		(9)		-		(1,531)
Operating income		5,335		93		263		(126)		-		5,565
Equity in net income (loss) of affiliates and other items		473		37		18		255		-		783
Tax on net operating income		(3,275)		(20)		(117)		(53)		-		(3,465)
Net operating income		2,533		110		164		76		-		2,883
Net cost of net debt												(71)
Minority interests		Â		Â		Â		Â		Â		(86)
Net income												2,726
Â		Â		Â		Â		Â		Â		Â
2^nd quarter 2011 (adjustments) ^(a) (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		(55)		-		-		-				(55)
Intersegment sales
Excise taxes		Â		Â		Â		Â		Â		Â
Revenues from sales		(55)		-		-		-				(55)
Operating expenses		-		(135)		(15)		-				(150)
Depreciation, depletion and amortization of tangible assets and mineral interests		-		-		-		-		Â		-
Operating income^(b)		(55)		(135)		(15)		-				(205)
Equity in net income (loss) of affiliates and other items		121		(2)		(37)		43				125
Tax on net operating income		10		50		(31)		(2)		Â		27
Net operating income^(b)		76		(87)		(83)		41				(53)
Net cost of net debt												-
Minority interests		Â		Â		Â		Â		Â		(15)
Net income												(68)
Â
(a) Adjustments include special items, inventory valuation effect and, as from January 1^st, 2011, the effect of changes in fair value. Â (b) Of which inventory valuation effect
On operating income		-		(72)		(15)		-
On net operating income		-		(42)		(17)		-
Â		Â		Â		Â		Â		Â		Â
2^ndquarter 2011 (adjusted) (Mâ‚¬) ^(a)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		5,221		34,551		5,291		1		-		45,064
Intersegment sales		6,341		1,535		345		43		(8,264)		-
Excise taxes		-		(4,544)		-		-		-		(4,544)
Revenues from sales		11,562		31,542		5,636		44		(8,264)		40,520
Operating expenses		(5,072)		(31,014)		(5,236)		(161)		8,264		(33,219)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,100)		(300)		(122)		(9)		-		(1,531)
Adjusted operating income		5,390		228		278		(126)		-		5,770
Equity in net income (loss) of affiliates and other items		352		39		55		212		-		658
Tax on net operating income		(3,285)		(70)		(86)		(51)		-		(3,492)
Adjusted net operating income		2,457		197		247		35		-		2,936
Net cost of net debt												(71)
Minority interests		Â		Â		Â		Â		Â		(71)
Ajusted net income		Â		Â		Â		Â		Â		2,794
Adjusted fully-diluted earnings per share (â‚¬)		Â		Â		Â		Â		Â		1.24
(a) Except for per share amounts.
Â		Â		Â		Â		Â		Â		Â
2^ndquarter 2011 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Total expenditures		6,868		462		209		31		-		7,570
Total divestments		921		28		12		377		-		1,338
Cash flow from operating activities		5,605		7		138		(686)		-		5,064

BUSINESS SEGMENT INFORMATION	Â		Â		Â		Â		Â		Â
TOTAL
(unaudited)
Â		Â		Â		Â		Â		Â		Â
3^rd quarter 2010 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		4,410		31,307		4,460		3		-		40,180
Intersegment sales		5,660		1,149		243		44		(7,096)		-
Excise taxes		-		(4,952)		-		-		-		(4,952)
Revenues from sales		10,070		27,504		4,703		47		(7,096)		35,228
Operating expenses		(4,562)		(27,002)		(4,308)		(143)		7,096		(28,919)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,333)		(336)		(127)		(9)		-		(1,805)
Operating income		4,175		166		268		(105)		-		4,504
Equity in net income (loss) of affiliates and other items		595		101		43		149		-		888
Tax on net operating income		(2,386)		(27)		(82)		44		-		(2,451)
Net operating income		2,384		240		229		88		-		2,941
Net cost of net debt												(61)
Minority interests		Â		Â		Â		Â		Â		(53)
Net income												2,827
Â		Â		Â		Â		Â		Â		Â
3^rd quarter 2010 (adjustments) ^(a) (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales
Intersegment sales
Excise taxes		Â		Â		Â		Â		Â		Â
Revenues from sales
Operating expenses		-		(71)		(33)		-				(104)
Depreciation, depletion and amortization of tangible assets and mineral interests		(15)		-		-		-		Â		(15)
Operating income^(b)		(15)		(71)		(33)		-				(119)
Equity in net income (loss) of affiliates and other items		85		25		(6)		139				243
Tax on net operating income		191		22		12		(3)		Â		222
Net operating income^(b)		261		(24)		(27)		136				346
Net cost of net debt												-
Minority interests		Â		Â		Â		Â		Â		6
Net income												352
Â
(a) Adjustments include special items and inventory valuation effect. Â (b) Of which inventory valuation effect
On operating income		-		(71)		(33)		-
On net operating income		-		(24)		(30)		-
Â		Â		Â		Â		Â		Â		Â
3^rdquarter 2010 (adjusted) (Mâ‚¬) ^(a)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		4,410		31,307		4,460		3		-		40,180
Intersegment sales		5,660		1,149		243		44		(7,096)		-
Excise taxes		-		(4,952)		-		-		-		(4,952)
Revenues from sales		10,070		27,504		4,703		47		(7,096)		35,228
Operating expenses		(4,562)		(26,931)		(4,275)		(143)		7,096		(28,815)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,318)		(336)		(127)		(9)		-		(1,790)
Adjusted operating income		4,190		237		301		(105)		-		4,623
Equity in net income (loss) of affiliates and other items		510		76		49		10		-		645
Tax on net operating income		(2,577)		(49)		(94)		47		-		(2,673)
Adjusted net operating income		2,123		264		256		(48)		-		2,595
Net cost of net debt												(61)
Minority interests		Â		Â		Â		Â		Â		(59)
Ajusted net income		Â		Â		Â		Â		Â		2,475
Adjusted fully-diluted earnings per share (â‚¬)		Â		Â		Â		Â		Â		1.10
(a) Except for per share amounts.
Â		Â		Â		Â		Â		Â		Â
3^rdquarter 2010 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Total expenditures		3,400		568		111		13				4,092
Total divestments		1,035		28		(10)		21				1,074
Cash flow from operating activities		2,831		900		215		958		Â		4,904

BUSINESS SEGMENT INFORMATION	Â		Â		Â		Â		Â		Â
TOTAL
(unaudited)
Â		Â		Â		Â		Â		Â		Â
9 months 2011 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		16,582		105,540		15,065		14		-		137,201
Intersegment sales		19,851		4,699		885		129		(25,564)		-
Excise taxes		-		(13,609)		-		-		-		(13,609)
Revenues from sales		36,433		96,630		15,950		143		(25,564)		123,592
Operating expenses		(16,453)		(93,801)		(14,766)		(450)		25,564		(99,906)
Depreciation, depletion and amortization of tangible assets and mineral interests		(3,621)		(1,083)		(360)		(26)		-		(5,090)
Operating income		16,359		1,746		824		(333)		-		18,596
Equity in net income (loss) of affiliates and other items		1,738		443		419		294		-		2,894
Tax on net operating income		(10,203)		(529)		(286)		(12)		-		(11,030)
Net operating income		7,894		1,660		957		(51)		-		10,460
Net cost of net debt												(263)
Minority interests		Â		Â		Â		Â		Â		(211)
Net income												9,986
Â		Â		Â		Â		Â		Â		Â
9 months 2011 (adjustments) ^(a) (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		15		-		-		-				15
Intersegment sales
Excise taxes		Â		Â		Â		Â		Â		Â
Revenues from sales		15		-		-		-				15
Operating expenses		-		918		96		-				1,014
Depreciation, depletion and amortization of tangible assets and mineral interests		(75)		(168)		(3)		-		Â		(246)
Operating income^(b)		(60)		750		93		-				783
Equity in net income (loss) of affiliates and other items		651		351		231		69				1,302
Tax on net operating income		(326)		(302)		(91)		(73)		Â		(792)
Net operating income^(b)		265		799		233		(4)				1,293
Net cost of net debt												-
Minority interests		Â		Â		Â		Â		Â		(6)
Net income												1,287
												Â
(a) Adjustments include special items, inventory valuation effect and, as from January 1^st, 2011, the effect of changes in fair value. Â (b) Of which inventory valuation effect
On operating income		-		1,054		103		-
On net operating income		-		719		88		-
Â		Â		Â		Â		Â		Â		Â
9 months 2011 (adjusted) (Mâ‚¬)^(a)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		16,567		105,540		15,065		14		-		137,186
Intersegment sales		19,851		4,699		885		129		(25,564)		-
Excise taxes		-		(13,609)		-		-		-		(13,609)
Revenues from sales		36,418		96,630		15,950		143		(25,564)		123,577
Operating expenses		(16,453)		(94,719)		(14,862)		(450)		25,564		(100,920)
Depreciation, depletion and amortization of tangible assets and mineral interests		(3,546)		(915)		(357)		(26)		-		(4,844)
Adjusted operating income		16,419		996		731		(333)		-		17,813
Equity in net income (loss) of affiliates and other items		1,087		92		188		225		-		1,592
Tax on net operating income		(9,877)		(227)		(195)		61		-		(10,238)
Adjusted net operating income		7,629		861		724		(47)		-		9,167
Net cost of net debt												(263)
Minority interests		Â		Â		Â		Â		Â		(205)
Ajusted net income		Â		Â		Â		Â		Â		8,699
Adjusted fully-diluted earnings per share (â‚¬)		Â		Â		Â		Â		Â		3.86
(a) Except for per share amounts.
Â		Â		Â		Â		Â		Â		Â
9 months 2011 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Total expenditures		15,389		1,166		548		71				17,174
Total divestments		2,209		2,742		1,120		1,012				7,083
Cash flow from operating activities		13,406		2,940		353		43		Â		16,742

BUSINESS SEGMENT INFORMATION	Â		Â		Â		Â		Â		Â
TOTAL
(unaudited)
Â		Â		Â		Â		Â		Â		Â
9 months 2010 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		13,525		92,305		13,272		10		-		119,112
Intersegment sales		16,679		3,624		750		131		(21,184)		-
Excise taxes		-		(14,396)		-		-		-		(14,396)
Revenues from sales		30,204		81,533		14,022		141		(21,184)		104,716
Operating expenses		(13,380)		(79,083)		(12,861)		(461)		21,184		(84,601)
Depreciation, depletion and amortization of tangible assets and mineral interests		(3,881)		(959)		(393)		(28)		-		(5,261)
Operating income		12,943		1,491		768		(348)		-		14,854
Equity in net income (loss) of affiliates and other items		893		256		166		581		-		1,896
Tax on net operating income		(7,381)		(441)		(220)		186		-		(7,856)
Net operating income		6,455		1,306		714		419		-		8,894
Net cost of net debt												(168)
Minority interests		Â		Â		Â		Â		Â		(185)
Net income												8,541
Â		Â		Â		Â		Â		Â		Â
9 months 2010 (adjustments) ^(a) (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales
Intersegment sales
Excise taxes		Â		Â		Â		Â		Â		Â
Revenues from sales
Operating expenses		-		514		16		-				530
Depreciation, depletion and amortization of tangible assets and mineral interests		(15)		-		(8)		-		Â		(23)
Operating income^(b)		(15)		514		8		-				507
Equity in net income (loss) of affiliates and other items^(c)		(61)		66		16		223				244
Tax on net operating income		234		(176)		3		(5)		Â		56
Net operating income^(b)		158		404		27		218				807
Net cost of net debt												-
Minority interests		Â		Â		Â		Â		Â		2
Net income												809
Â
(a) Adjustments include special items, inventory valuation effect and, until June 30,2010, equity share of adjustments related to Sanofi. Â (b) Of which inventory valuation effect
On operating income		-		564		32		-
On net operating income		-		443		20		-
(c) Of which equity share of adjustments related to Sanofi		-		-		-		(81)
Â		Â		Â		Â		Â		Â		Â
9 months 2010 (adjusted) (Mâ‚¬) ^(a)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		13,525		92,305		13,272		10		-		119,112
Intersegment sales		16,679		3,624		750		131		(21,184)		-
Excise taxes		-		(14,396)		-		-		-		(14,396)
Revenues from sales		30,204		81,533		14,022		141		(21,184)		104,716
Operating expenses		(13,380)		(79,597)		(12,877)		(461)		21,184		(85,131)
Depreciation, depletion and amortization of tangible assets and mineral interests		(3,866)		(959)		(385)		(28)		-		(5,238)
Adjusted operating income		12,958		977		760		(348)		-		14,347
Equity in net income (loss) of affiliates and other items		954		190		150		358		-		1,652
Tax on net operating income		(7,615)		(265)		(223)		191		-		(7,912)
Adjusted net operating income		6,297		902		687		201		-		8,087
Net cost of net debt												(168)
Minority interests		Â		Â		Â		Â		Â		(187)
Ajusted net income		Â		Â		Â		Â		Â		7,732
Adjusted fully-diluted earnings per share (â‚¬)		Â		Â		Â		Â		Â		3.45
(a) Except for per share amounts.
Â		Â		Â		Â		Â		Â		Â
9 months 2010 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Total expenditures		9,266		1,586		349		46				11,247
Total divestments		1,296		66		324		1,286				2,972
Cash flow from operating activities		11,665		2,396		602		443		Â		15,106

Reconciliation of the information by business segment with consolidated financial statements
	Â		Â		Â
TOTAL
(unaudited)
						Â
3^rd quarter 2011 (Mâ‚¬)		Adjusted		Adjustments ^(a)		Consolidated statement of income
Sales		46,177		(14)		46,163
Excise taxes		(4,638)		-		(4,638)
Revenues from sales		41,539		(14)		41,525
Purchases net of inventory variation		(28,906)		(112)		(29,018)
Other operating expenses		(4,981)		(80)		(5,061)
Exploration costs		(242)		-		(242)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,627)		(246)		(1,873)
Other income		69		1,265		1,334
Other expense		(95)		(117)		(212)
Financial interest on debt		(262)		-		(262)
Financial income from marketable securities & cash equivalents		114		-		114
Cost of net debt		(148)		-		(148)
Other financial income		108		-		108
Other financial expense		(115)		-		(115)
Equity in net income (loss) of affiliates		518		(21)		497
Income taxes		(3,280)		(168)		(3,448)
Consolidated net income		2,840		507		3,347
Group share		2,801		513		3,314
Minority interests		39		(6)		33
						Â
(a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.
						Â
						Â
3^rd quarter 2010 (Mâ‚¬)		Adjusted		Adjustments ^(a)		Consolidated statement of income
Sales		40,180		-		40,180
Excise taxes		(4,952)		-		(4,952)
Revenues from sales		35,228		-		35,228
Purchases net of inventory variation		(23,814)		(104)		(23,918)
Other operating expenses		(4,841)		-		(4,841)
Exploration costs		(160)		-		(160)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,790)		(15)		(1,805)
Other income		223		317		540
Other expense		(41)		(20)		(61)
Financial interest on debt		(126)		-		(126)
Financial income from marketable securities & cash equivalents		40		-		40
Cost of net debt		(86)		-		(86)
Other financial income		111		-		111
Other financial expense		(103)		-		(103)
Equity in net income (loss) of affiliates		455		(54)		401
Income taxes		(2,648)		222		(2,426)
Consolidated net income		2,534		346		2,880
Group share		2,475		352		2,827
Minority interests		59		(6)		53
						Â
(a) Adjustments include special items and inventory valuation effect.

Reconciliation of the information by business segment with consolidated financial statements
	Â		Â		Â
TOTAL
(unaudited)
						Â
9 months 2011 (Mâ‚¬)		Adjusted		Adjustments ^(a)		Consolidated statement of income
Sales		137,186		15		137,201
Excise taxes		(13,609)		-		(13,609)
Revenues from sales		123,577		15		123,592
Purchases net of inventory variation		(85,816)		1,157		(84,659)
Other operating expenses		(14,424)		(143)		(14,567)
Exploration costs		(680)		-		(680)
Depreciation, depletion and amortization of tangible assets and mineral interests		(4,844)		(246)		(5,090)
Other income		178		1,487		1,665
Other expense		(224)		(185)		(409)
Financial interest on debt		(557)		-		(557)
Financial income from marketable securities & cash equivalents		216		-		216
Cost of net debt		(341)		-		(341)
Other financial income		518		-		518
Other financial expense		(327)		-		(327)
Equity in net income (loss) of affiliates		1,447		-		1,447
Income taxes		(10,160)		(792)		(10,952)
Consolidated net income		8,904		1,293		10,197
Group share		8,699		1,287		9,986
Minority interests		205		6		211
						Â
(a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.
						Â
						Â
9 months 2010 (Mâ‚¬)		Adjusted		Adjustments ^(a)		Consolidated statement of income
Sales		119,112		-		119,112
Excise taxes		(14,396)		-		(14,396)
Revenues from sales		104,716		-		104,716
Purchases net of inventory variation		(70,144)		596		(69,548)
Other operating expenses		(14,320)		(66)		(14,386)
Exploration costs		(667)		-		(667)
Depreciation, depletion and amortization of tangible assets and mineral interests		(5,238)		(23)		(5,261)
Other income		303		511		814
Other expense		(208)		(179)		(387)
Financial interest on debt		(339)		-		(339)
Financial income from marketable securities & cash equivalents		88		-		88
Cost of net debt		(251)		-		(251)
Other financial income		324		-		324
Other financial expense		(293)		-		(293)
Equity in net income (loss) of affiliates		1,526		(88)		1,438
Income taxes		(7,829)		56		(7,773)
Consolidated net income		7,919		807		8,726
Group share		7,732		809		8,541
Minority interests		187		(2)		185
						Â
(a) Adjustments include special items, inventory valuation effect and, until June 30,2010, equity share of adjustments related to Sanofi.

¹ Adjusted results defined on page 2 - dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the period : 1.4127 $/â‚¬ for the 3^rd quarter 2011, 1.2910 $/â‚¬ for the 3^rd quarter 2010, 1.4391 $/â‚¬ for the 2^nd quarter 2011, 1.4065 $/â‚¬ for the first 9 months of 2011 and 1.3145 $/â‚¬ for the first 9 months of 2010.

² The ex-dividend date for the interim dividend will be March 19, 2012 and the payment date will be March 22, 2012.

³ Notification / consultation process with labor representatives in progress.

⁴ Adjusted results (adjusted operating income, adjusted net operating income and adjusted net income) are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value from January 1, 2011, and, through June 30, 2010, excluding Totalâ€™s equity share of adjustments related to Sanofi. 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 17 and the inventory valuation effect are explained on page 13.

⁵ Including acquisitions.

⁶ Dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the period.

⁷ Notification / consultation process with labor representatives in progress.

⁸ Special items affecting operating income from the business segments had a negative impact of 326 Mâ‚¬ in the 3^rd quarter 2011 and a negative impact of 15 Mâ‚¬ in the 3^rd quarter 2010.

⁹ Defined as: (tax on adjusted net operating income) / (adjusted net operating income â€“ income from equity affiliates, dividends received from investments and impairments of acquisition goodwill + tax on adjusted net operating income).

¹⁰ Adjustment items explained on page 13.

¹¹ Detail shown on page 16.

¹² Detail shown on page 17.

¹³ Net investments = investments including acquisitions and changes in non-current loans â€“ asset sales.

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

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

¹⁶ Special items affecting operating income from the business segments had a negative impact of 389 Mâ‚¬ in the first nine months of 2011 and a negative impact of 89 Mâ‚¬ in the first nine months of 2010.

¹⁷ Adjustment items explained on page 13.

¹⁸ Detail shown on page 16.

¹⁹ Detail shown on page 17.

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 18.

²³ Impact of changing hydrocarbon prices on entitlement volumes.

²⁴ Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 19.

²⁵ Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 19.

²⁶ Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 19.

²⁷ Includes changes in non-current loans.

²⁸ Ex-dividend date will be March 19, 2012.

TOTAL
2, place de la Coupole
La DÃ©fense 6
92 400 Courbevoie France
Tel. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24
Bertrand DE LA NOUE
Martin DEFFONTAINES
Laurent KETTENMEYER
Matthieu GOT
Karine KACZKA
or
Robert HAMMOND (U.S.)
Tel.: (1) 713-483-5070
Fax: (1) 713-483-5629

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