Total: Fourth Quarter and Full-Year 2013 Results1

Total: Fourth Quarter and Full-Year 2013 Results¹

TOTAL

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

Â	Â	4Q13	Â	Change vs 4Q12	Â	2013	Â	Change vs 2012
Adjusted net income²	Â		Â		Â		Â
in billion euros (Bâ‚¬)		2.5		-19%		10.7		-12%
in billion dollars (B$)		3.4		-15%		14.3		-10%
in euros per share		1.08		-19%		4.73		-13%
in dollars per share	Â	1.48	Â	-15%	Â	6.28	Â	-10%
								Â
Net income³ Group share. Net income (Group share) for 4Q13 was 1,605 Mâ‚¬. 2013 -in billion euros (Bâ‚¬): 8.4 - in billion dollars (B$): 11.2 Net-debt-to-equity ratio of 23.3% at December 31, 2013 Hydrocarbon production of 2,299 kboe/d for full-year 2013 Increased dividend for 4Q13 to 0.61 â‚¬/share payable in June 2014⁴ Â

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

â€œThe Group reported 2013 adjusted net income of 14.3 billion dollars, a slight decrease from the previous year. Against a backdrop of growing demand, the upstream environment remained stable with a Brent price close 110 $/b. In the downstream, the significant deterioration of European refining margins was partially offset by a more favorable environment for petrochemicals.

The year 2013 marks an important step for the Group. In the Upstream, launching major projects, in key regions like Africa, Canada and Russia, as well as entering into promising new assets, notably in Brazil, allows us to confirm our objectives and strengthens the outlook for the Group beyond 2017. In the Downstream, the resilient results are evidence of the successful implementation of our ongoing restructuring plans.

As announced, the intensive investment phase that we embarked on to transform our production profile by 2017 reached a peak of 28 billion dollars in 2013.

Backed by a strong balance sheet and a commitment to a policy to provide competitive returns to our shareholders, the Board of Directors decided to propose a dividend increase for 2013 at the Annual Shareholders Meeting.

Having demonstrated strong operational progress in every segment, we are confident in the ability of our teams to develop value-creating projects and to prevail in the necessary battle against rising costs. It is with this ambition that we move forward to implement our model for sustainable growth and reaffirm our priority for safety and acceptability in our operations.â€

The Board of Directors of Total, led by Chairman and CEO Christophe de Margerie, met on February 11, 2014, and decided to propose at the Annual Shareholders Meeting on May 16, 2014, a dividend of 2.38 â‚¬/share for 2013, which represents a 3.4% increase for the remaining dividend.

Key figures¹

4Q13

3Q13

4Q12

4Q13
vs
4Q12

in millions of euros
except earnings per share and number of shares

2013

2012

2013
vs
2012

47,753

46,686

49,868

-4%

Sales

189,542

200,061

-5%

4,770

5,146

5,819

-18%

Adjusted operating income from business segments

20,779

24,866

-16%

2,797

2,989

3,320

-16%

Adjusted net operating income from business segments

11,925

13,351

-11%

2,250

2,329

2,686

-16%

- Upstream

9,370

11,145

-16%

321

330

367

-13%

- Refining & Chemicals

1,404

1,376

+2%

226

330

267

-15%

- Marketing & Services

1,151

830

+39%

2 467

2,716

3,041

-19%

Adjusted net income

10,745

12,276

-12%

1.08

1.19

1.34

-19%

Adjusted fully-diluted earnings per share (euros)

4.73

5.42

-13%

2,276

2,275

2,270

Fully-diluted weighted-average shares (millions)

2,272

2,267

1,605

2,761

2,341

-31%

Net income (Group share)

8,440

10,609

-20%

8,374

5,852

6,623

+26%

Investments⁶

25,922

22,943

+13%

676

2,188

1,566

-57%

Divestments

4,814

5,871

-18%

6,467

3,628

5,057

+28%

Net investments⁷

19,487

17,071

+14%

7,095

6,954

5,865

+21%

Cash flow from operations

21,473

22,462

-4%

4,696

5,421

5,691

-17%

Adjusted cash flow from operations

20,345

21,612

-6%

4Q13

3Q13

4Q12

4Q13
vs
4Q12

in millions of dollars⁸
except earnings per share and number of shares

2013

2012

2013
vs
2012

64,992

61,822

64,664

+1%

Sales

251,731

257,038

-2%

6,492

6,814

7,545

-14%

Adjusted operating income from business segments

27,597

31,948

-14%

3,807

3,958

4,305

-12%

Adjusted net operating income from business segments

15,838

17,153

-8%

3,062

3,084

3,483

-12%

- Upstream

12,444

14,319

-13%

437

437

476

-8%

- Refining & Chemicals

1,865

1,768

+5%

308

437

346

-11%

- Marketing & Services

1,529

1,066

+43%

3,358

3,597

3,943

-15%

Adjusted net income

14,270

15,772

-10%

1.48

1.58

1.74

-15%

Adjusted fully-diluted earnings per share (dollars)

6.28

6.96

-10%

2,276

2,275

2,270

Fully-diluted weighted-average shares (millions)

2,272

2,267

2,184

3,656

3,036

-28%

Net income (Group share)

11,209

13,630

-18%

11,397

7,749

8,588

+33%

Investments⁶

34,427

29,477

+17%

920

2,897

2,031

-55%

Divestments

6,393

7,543

-15%

8,802

4,804

6,557

+34%

Net investments⁷

25,881

21,933

+18%

9,656

9,208

7,605

+27%

Cash flow from operations

28,518

28,859

-1%

6,391

7,178

7,380

-13%

Adjusted cash flow from operations

27,020

27,767

-3%

Highlights since the beginning of the fourth quarter 2013⁹
- Started production on the Ekofisk South field in the Norwegian North Sea and on Phase 2 of the Itau gas and condensate field in Bolivia
- Launched Vega Pleyade in Argentina, Fort Hills in Canada, Yamal LNG in Russia and Shah Deniz Phase 2 in Azerbaijan
- Discovered oil and gas on the Harir block in Kurdistan in Iraq
- Acquired a 20% interest in the giant Libra oil field in the pre-salt Santos Basin of Brazil
- Signed an agreement to acquire an interest in the Elk and Antelope gas discoveries in Papua New Guinea
- Acquired exploration permits for deep-offshore blocks in Oman and Malaysia and shale gas acreage in the UK
- Sold the remaining interest in the Ocensa pipeline in Colombia and the interest in Angola block 15/06
- Finalized the sale of an equity interest in Total E&P Congo to Qatar Petroleum International
- Total selected to construct a solar power plant in South Africa
Fourth quarter 2013 results

> Operating income from business segments

In the fourth quarter 2013, the Brent price averaged 109.2 $/b, a decrease of 1% compared to the fourth quarter 2012 and the third quarter 2013. The European refining margin indicator (ERMI) averaged 10.1Â $/t compared to 33.9 $/t in the fourth quarter 2012 and 10.6 $/t in the third quarter 2013.

The euro-dollar exchange rate averaged 1.36 $/â‚¬ in the fourth quarter 2013 compared to 1.30 $/â‚¬ in the fourth quarter 2012 and 1.32 $/â‚¬ in the third quarter 2013.

In this context, the adjusted operating income from the business segments was 4,770Â Mâ‚¬, a decrease of 18% compared to the fourth quarter 2012¹⁰. Expressed in dollars, the decrease was 14%. Compared to the fourth quarter 2012, this decrease is due to lower results from the Upstream segment and, to a lesser extent, from the Refining & Chemicals and Marketing & Services segments.

The effective tax rate¹¹ for the business segments was 55.3% in the fourth quarter 2013 compared to 51.7% in the fourth quarter 2012, reflecting mainly an increase in the Upstream tax rate.

Adjusted net operating income from the business segments was 2,797 Mâ‚¬ compared to 3,320Â Mâ‚¬ in the fourth quarter 2012, a decrease of 16%. Expressed in dollars, adjusted net operating income from the business segments was 3.8 billion dollars (B$), a decrease of 12% compared to the fourth quarter 2012, mainly due to lower results from the Upstream segment and, to a lesser extent, from the Refining & Chemicals and Marketing & Services segments.

> Net income (Group share)

Adjusted net income was 2,467 Mâ‚¬ compared to 3,041 Mâ‚¬ in the fourth quarter 2012, a decrease of 19%. Expressed in dollars, adjusted net income decreased by 15%.

Adjusted net income excludes the after-tax inventory effect, the effect of changes in fair value, and special items¹²:

The after-tax inventory effect had a negative impact on net income of 74 Mâ‚¬ in the fourth quarter 2013 and a negative impact of 312 Mâ‚¬ in the fourth quarter 2012.
Changes in fair value had a negative impact on net income of 14 Mâ‚¬ in the fourth quarter 2013 compared to a positive impact of 10 Mâ‚¬ in the fourth quarter 2012.
Special items¹³ had a negative impact on net income of 774 Mâ‚¬ in the fourth quarter 2013, comprised mainly of charges and write-offs related to the restructuring of Downstream activities in France. In the fourth quarter 2012, special items had a negative impact on net income of 398 Mâ‚¬.

Net income (Group share) was 1,605 Mâ‚¬ compared to 2,341 Mâ‚¬ in the fourth quarter 2012.

The effective tax rate for the Group was 56.8% in the fourth quarter 2013 compared to 52.5% in the fourth quarter 2012, in line with the changes in effective tax rates for the business segments described herein.

Adjusted fully-diluted earnings per share, based on 2,276 million fully-diluted weighted-average shares, was â‚¬1.08 compared to â‚¬1.34 in the fourth quarter 2012, a decrease of 19%.

Expressed in dollars, adjusted fully-diluted earnings per share fell by 15% to $1.48.

> Investments â€“ Divestments¹⁴

Investments, excluding acquisitions and including changes in non-current loans, were 6.6Â Bâ‚¬ (8.9 B$) in the fourth quarter 2013 compared to 5.4 Bâ‚¬ (7.0 B$) in the fourth quarter 2012.

Acquisitions were 1.4 Bâ‚¬ (1.9 B$) in the fourth quarter 2013, comprised essentially of the acquisition of an interest in the Libra field in Brazil, an additional 0.8% stake in Novatek¹⁵, and the carry on the Utica gas and condensate field in the United States.

Asset sales in the fourth quarter 2013 were 242 Mâ‚¬ (329 M$), comprised essentially of the sale of the remaining interest in the Ocensa pipeline in Colombia.

Net investments¹⁶ were 6.5 Bâ‚¬ (8.8 B$) in the fourth quarter 2013 compared to 5.1 Bâ‚¬ (6.6 B$) in the fourth quarter 2012. The fourth quarter 2013 includes the sale of a minority equity interest in Total E&P Congo to Qatar Petroleum International which is shown in the financing section of the cash flow statement.

> Cash flow

Cash flow from operations was 7,095 Mâ‚¬ in the fourth quarter 2013 compared to 5,865Â Mâ‚¬ in the fourth quarter 2012. The increase was due mainly to favorable changes in working capital.

Adjusted cash flow from operations¹⁷ was 4,696 Mâ‚¬, a decrease of 17% compared to the fourth quarter 2012. Expressed in dollars, adjusted cash flow from operations was 6.4Â B$, a decrease of 13%.

The Groupâ€™s net cash flow¹⁸ was 628 Mâ‚¬ (0.9 B$) compared to 808Â Mâ‚¬ (1.0 B$) in the fourth quarter 2012.

Results for the full-year 2013

> Operating income from business segments

On average, the upstream environment remained stable compared to the previous year with a Brent price of 108.7 $/b compared to 111.7 $/b in 2012, and an average realized gas price for the Groupâ€™s consolidated subsidiaries that increased by 6% to 7.12 $/Mbtu from 6.74Â $/Mbtu in 2012. In the downstream, the ERMI (European refining margin indicator) decreased sharply to 17.9Â $/t on average compared to 36.0 $/t in 2012.
The euro-dollar exchange rate averaged 1.33 $/â‚¬ compared to 1.28 $/â‚¬ in 2012.

In this context, the adjusted operating income from the business segments was 20,779Â Mâ‚¬, a decrease of 16% compared to 2012¹⁹.

Expressed in dollars, adjusted operating income from the business segments was 27.6 B$, a decrease of 14% compared to 2012, due to a lower contribution from the Upstream segment, which was partially offset by a higher contribution from Marketing & Services.

The effective tax rate for the business segments was 55.5% in 2013 compared to 55.3% in 2012.

Adjusted net operating income from the business segments was 11,925 Mâ‚¬ compared to 13,351 Mâ‚¬ in 2012, a decrease of 11%.

Expressed in dollars, adjusted net operating income from the business segments decreased by 8%.

> Net income (Group share)

Adjusted net income decreased by 12% to 10,745 Mâ‚¬ in 2013 from 12,276 Mâ‚¬ inÂ 2012. Expressed in dollars, adjusted net income was 14.3 B$, a decrease of 10% compared to 2012.

Adjusted net income excludes the after-tax inventory effect, special items and the effect of changes in fair value²⁰ :

The after-tax inventory effect had a negative impact on net income of 549 Mâ‚¬ in 2013 and a negative impact of 157Â Mâ‚¬ in 2012.
Changes in fair value had a negative impact on net income of 44 Mâ‚¬ in 2013 and a negative impact of 7 Mâ‚¬ in 2012.
Special items²¹ had a negative impact on net income of 1,712 Mâ‚¬ in 2013, comprised mainly of the loss on the sale of the Voyageur upgrader project in Canada, the impairment of Upstream assets in the Barnett field in the United States and in Syria, charges and write-offs related to the restructuring of Downstream activities in France, partially offset by the gain on the sales of TIGF and Upstream assets in Italy. Special items had a negative impact on net income of 1,503 Mâ‚¬ in 2012.

The effective tax rate for the Group was 56.8% in 2013 compared to 56.5% in 2012.

On December 31, 2013, there were 2,276 million fully-diluted shares comparedÂ to 2,270Â million on December 31, 2012.

In 2013, adjusted fully-diluted earnings per share, based on 2,272 million fully-diluted weighted-average shares, was â‚¬4.73 compared to â‚¬5.42 in 2012, a decrease of 13%.

Expressed in dollars, adjusted fully-diluted earnings per share was $6.28 comparedÂ to $6.96 in 2012, a decrease of 10%.

> Investments â€“ Divestments²²

Investments, excluding acquisitions and including changes in non-current loans, were 21.3 Bâ‚¬ (28.3 B$) in 2013 compared to 18.5 Bâ‚¬ (23.8 B$) in 2012, an increase reflecting the investments for the large number of Upstream projects under development.

Acquisitions were 3.4 Bâ‚¬ (4.5 B$) in 2013, comprised essentially of the acquisition of an interest in the Libra field in Brazil, an additional 6% stake in the Ichthys project in Australia, an additional 1.6% stake in Novatek²³, the carry on the Utica gas and condensate field in the United States, and the bonuses for exploration permits in South Africa, Mozambique and Brazil.

Asset sales in 2013 were 3.6 Bâ‚¬ (4.7 B$), comprised essentially of the sale of TIGF, a 25% interest in the Tempa Rossa field in Italy, the interest in the Voyageur upgrader project in Canada, some fertilizer activities, and the exploration and production assets in Trinidad & Tobago.

Net investments were 19.5 Bâ‚¬ (25.9 B$) in 2013, an increase of 14% compared to 17.1Â Bâ‚¬ (21.9 B$) in 2012. Included in 2013 is 1.6 Bâ‚¬ (2.2 B$) related to the sale of minority equity interests in Total E&P Congo and Block 14 in Angola, which are shown in the financing section of the cash flow statement.

Expressed in dollars, net investments inÂ 2013 increased by 18%, mainly due to an increase in organic investments in the Upstream segment.

> Cash flow

Cash flow from operations was 21,473 Mâ‚¬ (28.5 B$) a decrease of 4% compared to 2012, reflecting the decrease in net income, partially offset by the change in working capital between the two periods.

Adjusted cash flow from operations²⁴ was 20,345 Mâ‚¬ in 2013, a decrease of 6%. Expressed in dollars, adjusted cash flow from operationswas 27.0 B$, a decrease of 3% compared to 2012.

The Groupâ€™s net cash flow²⁵ was 1,986 Mâ‚¬ (2.6 B$) in 2013 compared to 5,391Â Mâ‚¬ (6.9Â B$) in 2012.

The net-debt-to-equity ratio was 23.3% on December 31, 2013 compared to 21.9% on December 31, 2012²⁶.

Analysis of business segment results

Upstream

> Environment â€“ liquids and gas price realizations*

4Q13

3Q13

4Q12

4Q13
vs
4Q12

2013

2012

2013
vs
2012

109.2

110.3

110.1

-1%

Brent ($/b)

108.7

111.7

-3%

102.5

107.2

106.4

-4%

Average liquids price ($/b)

103.3

107.7

-4%

7.36

7.18

6.94

+6%

Average gas price ($/Mbtu)

7.12

6.74

+6%

74.6

77.3

77.0

-3%

Average hydrocarbon price ($/boe)

74.8

77.3

-3%

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

> Production

4Q13

3Q13

4Q12

4Q13
vs
4Q12

Hydrocarbon production

2013

2012

2013
vs
2012

2,284

2,299

2,293

Combined production (kboe/d)

2,299

2,300

1,142

1,174

1,206

-5%

- Liquids (kb/d)

1,167

1,220

-4%

6,260

6,167

5,897

+6%

- Gas (Mcf/d)

6,184

5,880

+5%

Hydrocarbon production was 2,284 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2013, a decrease of 0.5% compared to the fourth quarter 2012, essentially as a result of :

+1% for start-ups and growth from new projects;
-0.5% for normal decline, partially offset by lower maintenance, the restart of production from Elgin/Franklin in the UK North Sea and OML 58 in Nigeria; and
-1% for security issues in Nigeria and Libya, partially offset by improved security conditions in Yemen.

In 2013, hydrocarbon production was 2,299 kboe/d, stable compared to 2012, essentially as a result of :

+2.5% for start-ups and growth from new projects;
-1% for normal decline, partially offset by lower maintenance, the restart of production from Elgin/Franklin in the UK North Sea and OML 58 in Nigeria;
-0.5% for portfolio changes, including mainly the sale of interests in Nigeria, the UK, Colombia, and Trinidad & Tobago, net of higher production corresponding to the increased stake in Novatek; and
-1% for security issues in Nigeria and Libya, partially offset by improved security conditions in Yemen.

> Reserves

Reserves at December 31	Â	2013	Â	2012	Â	%
Hydrocarbon reserves (Mboe)	Â	11,526	Â	11,368	Â	+1%
- Liquids (Mb)	Â	5,413	Â	5,686	Â	-5%
- Gas (Bcf)	Â	33,026	Â	30,877	Â	+7%

Proved reserves based on SEC rules (based on Brent at 108.2Â $/b) were 11,526 Mboe at December 31, 2013. Based on the 2013 average rate of production, the reserve life is more than thirteen years.

The 2013 proved reserve replacement rate²⁷, based on SEC rules, was 119%.

The 2013 organic proved reserve replacement rate²⁸ was 109%.

At year-end 2013, Total had a solid and diversified portfolio of proved and probable reserves²⁹ representing more than twenty years of reserve life based on the 2013 average production rate, and resources³⁰ representing about fifty years of production.

> Results

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

4Q13

3Q13

4Q12

4Q13
vs
4Q12

in millions of euros

2013

2012

2013
vs
2012

4,100

4,486

5,049

-19%

Adjusted operating income*

17,854

22,056

-19%

2,250

2,329

2,686

-16%

Adjusted net operating income *

9,370

11,145

-16%

516

499

350

+47%

includes income from equity affiliates

2,175

1,856

+17%

7,021

5,064

5,518

+27%

Investments

22,396

19,618

+14%

584

2,114

1,415

-59%

Divestments

4,353

2,798

+56%

5,414

4,765

4,429

+22%

Cash flow from operations

16,457

18,950

-13%

3,733

4,373

4,494

-17%

Adjusted cash flow from operations

16,575

18,306

-9%

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

Adjusted net operating income from the Upstream segment was 2,250 Mâ‚¬ in the fourth quarter 2013 compared to 2,686 Mâ‚¬ in the fourth quarter 2012, a decrease of 16%.

Expressed in dollars, adjusted net operating income from the Upstream segment decreased by 12%, reflecting mainly a less favorable production mix, a lower average realized liquids price, and a higher tax rate for the Upstream segment.

The effective tax rate for the Upstream segment was 58.8% in the fourth quarter 2013 compared to 54.8% in the fourth quarter 2012, which was marked by favorable one-off items, like year-end tax adjustments and the reversal of a non-deductible loss.

Adjusted net operating income from the Upstream segment in 2013 was 9,370Â Mâ‚¬ compared to 11,145 Mâ‚¬ in 2012, a decrease of 16%. Expressed in dollars, adjusted net operating income from the Upstream segment was 12.4 B$, a decrease of 13%, mainly due to a less favorable production mix, higher technical costs, particularly for exploration, and a higher tax rate for the Upstream segment.

The effective tax rate for the Upstream segment was 60.1% in 2013 compared to 58.4% in 2012.

Technical costs for consolidated subsidiaries, in accordance with ASC 932³¹, were 26.1Â $/boe in 2013 compared to 22.8 $/boe in 2012, notably due to increased non-cash expenses relating to major project start-ups as well as increased exploration expenses.

The return on average capital employed (ROACE³²) for the Upstream segment was 14% for the full-year 2013 compared to 18% for the full-year 2012.

Refining & Chemicals

> Refinery throughput and utilization rates*

4Q13

3Q13

4Q12

4Q13
vs
4Q12

2013

2012

2013
vs
2012

1,580

1,759

1,648

-4%

Total refinery throughput (kb/d)

1,719

1,786

-4%

535

696

532

+1%

- France

647

657

-2%

755

784

847

-11%

- Rest of Europe

797

866

-8%

290

279

269

+8%

- Rest of world

275

263

+5%

Utlization rates**

73%

81%

76%

- Based on crude only

80%

82%

77%

86%

79%

- Based on crude and other feedstock

84%

86%

* 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 fourth quarter 2013, refinery throughput decreased by 4% compared to the fourth quarter 2012, essentially due to a turnaround at the Feyzin refinery, unscheduled maintenance at the Antwerp refinery, strikes at refineries in France, and voluntary shutdowns in response to weak refining margins.

For the full-year 2013, refinery throughput decreased by 4% compared to the previous year, reflecting essentially a turnaround at the Antwerp refinery, higher maintenance at the Donges refinery, voluntary shutdowns in response to weak refining margins in late 2013, and the closure of the Rome refinery at the end of the third quarter 2012.

> Results

4Q13

3Q13

4Q12

4Q13
vs
4Q12

in millions of euros
(except the ERMI)

2013

2012

2013
vs
2012

10.1

10.6

33.9

-70%

European refining margin

indicator - ERMI ($/t)

17.9

36.0

-50%

300

262

388

-23%

Adjusted operating income *

1,329

1,455

-9%

321

330

367

-13%

Adjusted net operating income*

1,404

1,376

+2%

118

119

+28%

- contribution of Specialty Chemicals**

440

383

+15%

709

415

573

+24%

Investments

2,039

1,944

+5%

101

-68%

Divestments

275

304

-10%

1,356

840

502

+170%

Cash flow from operations

3,211

2,127

+51%

611

493

672

-9%

Adjusted cash flow from operations

2,239

2,170

+3%

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

The European refining margin indicator (ERMI) averaged 10.1 $/t in the fourth quarter 2013, a decrease of 70% compared to the average of 33.9 $/t in the fourth quarter 2012. For the full-year 2013, the ERMI was 17.9 $/t, a decrease of 50% compared to 2012. Petrochemical margins remained at high levels, particularly in the United States.

Adjusted net operating income from the Refining & Chemicals segment was 321 Mâ‚¬ in the fourth quarter 2013, compared to 367 Mâ‚¬ in the fourth quarter 2012.
Expressed in dollars, adjusted net operating income was 437Â M$ compared to 476 M$ in the fourth quarter 2012, reflecting essentially the deterioration of the refining environment, partially offset by the improvement in petrochemical margins and by the impact of efficiency plans, notably for fixed cost reductions, between the two periods.

For the full-year 2013, adjusted net operating income from the Refining & Chemicals segment was 1,404 Mâ‚¬, an increase of 2% compared to the 1,376 Mâ‚¬ in 2012.
Expressed in dollars, adjusted net operating income was 1.9 B$, an increase of 5% compared to 2012, despite the 50% decrease in refining margins. The increase was due in part to the tangible results realized from the implementation of planned synergies and operational efficiencies and to a more favorable environment for petrochemicals that offset the sharp decline in European refining margins.

In addition, the SATORP integrated refinery in Saudi Arabia has begun to export refined products after the successful start-up of its first units.

The ROACE³³ for the Refining & Chemicals segment was 9% for the full-year 2013, stable compared to the full-year 2012.

Marketing & Services

> Refined product sales

4Q13

3Q13

4Q12

4Q13
vs
4Q12

Sales in kb/d *

2013

2012

2013
vs
2012

1,150

1,144

1,123

+2%

Europe

1,138

1,160

-2%

605

599

583

+4%

Rest of world

611

550

+11%

1,755

1,743

1,706

+3%

Total Marketing & Services sales volumes

1,749

1,710

+2%

* excludes trading and bulk Refining sales, includes share of TotalErg.

In the fourth quarter 2013, sales volumes increased by 3% compared to the fourth quarter 2012. This increase was driven in particular by sales in the Americas, Africa and Middle East.

Overall for the full-year 2013, sales volumes increased by 2% compared to the previous year, due to growth in Africa and the Americas, partially offset by a decrease in Europe.

> Results

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

4Q13

3Q13

4Q12

4Q13
vs
4Q12

in millions of euros

2013

2012

2013
vs
2012

20,847

21,074

21,669

-4%

Sales

83,481

86,614

-4%

370

398

382

-3%

Adjusted operating income*

1,596

1,355

+18%

226

330

267

-15%

Adjusted net operating income*

1,151

830

+39%

(7)

+29%

- contribution of New Energies

(2)

(169)

610

326

508

+20%

Investments

1,365

1,301

+5%

+2%

Divestments

141

152

-7%

318

1,287

1,024

-69%

Cash flow from operations

1,926

1,132

+70%

422

472

353

+20%

Adjusted cash flow from operations

1,853

1,192

+55%

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

Marketing & Services sales were 20.8 Bâ‚¬ in the fourth quarter 2013, a decrease of 4% compared to the fourth quarter 2012.

Adjusted net operating income from the Marketing & Services segment was 226 Mâ‚¬ in the fourth quarter 2013 compared to 267 Mâ‚¬ in the fourth quarter 2012, reflecting lower margins in European markets.

For the full-year 2013, Marketing & Services sales were 83.5 Bâ‚¬, a decrease of 4% compared to 2012.

Adjusted net operating income from the Marketing & Services segment in 2013 was 1,151 Mâ‚¬ compared to 830 Mâ‚¬ inÂ 2012, an increase of 39% reflecting essentially the improvement in the performance of the New Energies, which had particularly negative results in 2012, as well as the overall improvement made in refined products marketing, particularly in emerging markets.

The ROACE³⁴ for the Marketing & Services segment was 16% for the full-year 2013 compared to 12% for the full-year 2012.

TOTAL S.A., parent company accounts

Net income for TOTAL S.A., the parent company, was 6,031 Mâ‚¬ in 2013, compared to 6,520 Mâ‚¬ in 2012.

Proposed dividend

After closing the 2013 accounts, the Board of Directors decided to propose at the May 16, 2014, Annual Shareholders Meeting a 2.38 â‚¬/share dividend for 2013, which represents a 3.4% increase for the remaining dividend³⁵. Taking into account the interim dividends for the first three quarters of 2013 approved by the Board of Directors, the remaining 2013 dividend would increase to 0.61 â‚¬/ share and be paid on June 5, 2014.

Totalâ€™s dividend pay-out ratio, based on the adjusted net income for 2013, would be 50%.

Summary and outlook

The ROACE for the Group for 2013 was 13%, compared to 16% in 2012. Return on equity for 2013 was 15%, compared to 18% in 2012.

After reaching a peak of 28 B$ in 2013, the budget for organic investments was reduced to 26 B$ in 2014, more than 80% of which will be dedicated to Upstream. In addition, the Group has mobilized all of its teams with the objective to closely control their investments and reduce their operating costs while maintaining as an imperative the priority to safety.

The Groupâ€™s asset sale program, targeting 15-20 B$ over the 2012-14 period, generated 13 B$ in assets sales in 2012 and 2013³⁶. In 2014, with asset sales that are pending and under study, the Group expects to achieve the program target and potentially exceed it.

In the Upstream segment, Total confirmed its production growth targets of 2.6 Mboe/d in 2015 and the potential for about 3 Mboe/d in 2017. Essentially all of the projects needed to achieve these targets are either already producing or under development. In 2014, after the expiration of Adco license, production should benefit from ramp-ups on recently started projects and from the start-up of Total-operated projects, like CLOV in Angola, Laggan-Tormore in the UK North Sea and Ofon Phase 2 in Nigeria.

Total is continuing to pursue its ambitious exploration program with a stable budget of 2.8 B$. This program includes, in particular, high-potential prospects in Brazil, the Kwanza Basin in Angola, Ivory Coast and South Africa.

In the Refining & Chemicals segment, productivity and synergy gains related to the ongoing restructuring should continue in 2014 to contribute, in a constant environment, to the improvement in the segmentâ€™s profitability. Also in 2014, the start-up of the remaining units of the Satorp refinery at Jubail in Saudi Arabia will make the new, integrated platform fully operational.

The Marketing & Services segment plans to continue developing its positions in growth markets and to optimize its positions in Europe. New Energies, at breakeven in 2013, should continue to benefit from ongoing efforts at SunPower to improve productivity through growth and innovation.

The Group confirms its commitment to a policy of competitive returns to shareholders in accordance with its objectives for sustainable development.

Finally, to provide more comparable financial disclosure and to better reflect the performance of its activities, which are mainly dollar-based, Total has decided to change, effective January 1, 2014, its financial statements reporting from euros to U.S. dollars. The accounts of the parent company, TOTAL S.A., will remain in euros. The dividend will therefore continue to be fixed in euros.

Since the start of the year, the environment has remained favorable in the upstream, while refining margins have continued to deteriorate significantly in Europe.

â– â– â–

To listen to a presentation by CEO Christophe de Margerie to financial analysts today in London at 14:00 (London time) please log on to www.total.com or call +44Â (0)203Â 364 5196 in Europe or +1Â 855Â 255 3884 in the US. For a replay available until March 11, please consult the website or call +44(0)203Â 367 9460 in Europe or +1Â 877Â 642 3018 in the US (code: 284949 #).

This press release presents the fourth quarter and full-year 2013 results from the consolidated financial statements of TOTAL S.A. as of December 31, 2013. The audit procedures by the Statutory Auditors are underway. This documentÂ does not constitute the Annual Financial Report (Rapport Financier Annuel) within the meaning of article L. 451-1-2 of the French monetary and financial Code (Code monÃ©taire et financier).

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

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

Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Companyâ€™s financial results or the Groupâ€™s activities is provided in the most recent Registration Document filed by the Company with the French AutoritÃ© des MarchÃ©s Financiers and annual report on Form 20-F filed with the United States 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. These adjustment items include:

(i) Special items
Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the 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 price differentials between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects for some transactions differences between internal measures of performance used by 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.

The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.

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

Cautionary Note to U.S. Investors 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€“ Arche Nord Coupole/Regnault - 92078 Paris-La DÃ©fense 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 SECâ€™s website: www.sec.gov.

Operating information by segment

for the fourth quarter and full-year 2013

Upstream

4Q13

3Q13

4Q12

4Q13
vs
4Q12

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

2013

2012

2013
vs
2012

405

386

421

-4%

Europe

392

427

-8%

644

656

701

-8%

Africa

670

713

-6%

522

553

482

+8%

Middle East

536

493

+9%

+12%

North America

+6%

149

172

175

-15%

South America

166

182

-9%

242

235

227

+7%

Asia-Pacific

235

221

+6%

247

220

+12%

CIS

227

195

+16%

2,284

2,299

2,293

Total production

2,299

2,300

692

697

624

+11%

Includes equity affiliates

687

611

+12%

4Q13

3Q13

4Q12

4Q13
vs
4Q12

Liquids production by region (kboe/d)

2013

2012

2013
vs
2012

180

170

185

-3%

Europe

168

197

-15%

503

527

568

-11%

Africa

531

574

-7%

314

335

312

+1%

Middle East

324

311

+4%

+8%

North America

+12%

-12%

South America

-8%

-4%

Asia-Pacific

+11%

+33%

CIS

+19%

1,142

1,174

1,206

-5%

Total production

1,167

1,220

-4%

323

331

307

+5%

Includes equity affiliates

325

308

+6%

4Q13

3Q13

4Q12

4Q13
vs
4Q12

Gas production by region (Mcf/d)

2013

2012

2013
vs
2012

1,242

1,185

1,270

-2%

Europe

1,231

1,259

-2%

690

654

+6%

Africa

699

705

-1%

1,139

1,212

930

+22%

Middle East

1,155

990

+17%

261

269

228

+14%

North America

256

246

+4%

554

667

657

-16%

South America

627

682

-8%

1,258

1,151

1,127

+12%

Asia-Pacific

1,170

1,089

+7%

1,116

1,029

1,031

+8%

CIS

1,046

909

+15%

6,260

6,167

5,897

+6%

Total production

6,184

5,880

+5%

1,995

2,002

1,712

+17%

Includes equity affiliates

1,955

1,637

+19%

4Q13

3Q13

4Q12

4Q13
vs
4Q12

Liquefied natural gas

2013

2012

2013
vs
2012

3.35

3.01

2.73

+23%

LNG sales* (Mt)

12.13

11.42

+6%

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

Downstream (Refining & Chemicals and Marketing & Services)

4Q13

3Q13

4Q12

4Q13

vs 4Q12

Refined product sales by region (kb/d)*

2013

2012

2013

vs 2012

1,945

2,004

1,964

-1%

Europe

1,975

2,018

-2%

496

430

413

+20%

Africa

454

404

+12%

473

490

435

+9%

Americas

497

480

+4%

546

397

531

+3%

Rest of world

492

501

-2%

3,460

3,321

3,343

+3%

Total consolidated sales

3,418

3,403

505

496

545

-7%

Includes bulk sales

514

532

-3%

1,200

1,082

1,092

+10%

Includes trading

1,155

1,161

-1%

* includes share of TotalErg.

Adjustment items

Adjustments to operating income

4Q13	Â	3Q13	Â	4Q12	Â	in millions of euros	Â	2013	Â	2012
(422)	Â	(772)	Â	(826)	Â	Special items affecting operating income	Â	(1,237)	Â	(2,342)
(282)	Â	-	Â	62	Â	- Restructuring charges	Â	(284)	Â	(2)
(132)		(656)		(340)		- Impairments		(792)		(1,474)
(8)	Â	(116)	Â	(548)	Â	- Other	Â	(161)	Â	(866)
(90)	Â	(43)	Â	(462)	Â	Pre-tax inventory effect : FIFO vs. replacement cost	Â	(802)	Â	(234)
(17)	Â	(9)	Â	13	Â	Effect of changes in fair value	Â	(56)	Â	(9)
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(529)	Â	(824)	Â	(1,275)	Â	Total adjustments affecting operating income	Â	(2,095)	Â	(2,585)

Adjustments to net income (Group share)

4Q13	Â	3Q13	Â	4Q12	Â	in millions of euros	Â	2013	Â	2012
(774)	Â	76	Â	(398)	Â	Special items affecting net income (Group share)	Â	(1,712)	Â	(1,503)
-	Â	888	Â	226	Â	- Gain (loss) on asset sales	Â	(72)	Â	581
(386)		(16)		(4)		- Restructuring charges		(428)		(77)
(136)		(447)		(337)		- Impairments		(586)		(1,112)
(252)	Â	(349)	Â	(283)	Â	- Other	Â	(626)	Â	(895)
(74)	Â	(24)	Â	(312)	Â	After-tax inventory effect : FIFO vs. replacement cost	Â	(549)	Â	(157)
(14)	Â	(7)	Â	10	Â	Effect of changes in fair value	Â	(44)	Â	(7)
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(862)	Â	45	Â	(700)	Â	Total adjustments affecting net income	Â	(2,305)	Â	(1,667)

Effective tax rates

4Q13	Â	3Q13	Â	4Q12	Â	Effective tax rate*	Â	2013	Â	2012
58.8%	Â	60.1%	Â	54.8%	Â	Upstream	Â	60.1%	Â	58.4%
56.8%	Â	55.8%	Â	52.5%	Â	Group	Â	56.8%	Â	56.5%

* 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

4Q13

3Q13

4Q12

4Q13
vs
4Q12

in millions of euros

2013

2012

2013
vs
2012

6,555

4,964

5,360

+22%

Investments excluding acquisitions*

21,312

18,516

+15%

285

328

380

-25%

Capitalized exploration

1,371

1,352

+1%

484

176

(181)

Change in non-current loans**

946

664

+42%

1,385

549

578

x2.4

Acquisitions

3,368

3,142

+7%

7,940

5,513

5,938

+34%

Investments including acquisitions*

24,680

21,658

+14%

242

1,849

881

-73%

Asset sales

3,572

4,586

-22%

1,231

Other transactions with minority interests

1,621

6,467

3,628

5,057

+28%

Net investments***

19,487

17,071

+14%

4Q13

3Q13

4Q12

4Q13
vs
4Q12

in millions of dollars****

2013

2012

2013
vs
2012

8,921

6,573

6,950

+29%

Investments excluding acquisitions*

28,304

23,789

+19%

388

434

493

-21%

Capitalized exploration

1,821

1,737

+5%

659

233

(235)

Change in non-current loans**

1,256

853

+47%

1,885

727

749

x2.5

Acquisitions

4,473

4,037

+11%

10,806

7,300

7,700

+40%

Investments including acquisitions*

32,778

27,826

+18%

329

2,448

1,142

-71%

Asset sales

4,744

5,892

-19%

1,675

Other transactions with minority interests

2,153

8,802

4,804

6,557

+34%

Net investments***

25,881

21,933

+18%

* includes changes in non-current loans.
** includes net investments in equity affiliates and non-consolidatedÂ companies + net financing for employee-related stock purchase plans.
*** net investments = investments including acquisitions â€“ asset sales â€“ other transactions with minority interests.
**** dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the period.

Net-debt-to-equity ratio

in millions of euros	Â	12/31/2013	Â	9/30/2013	Â	12/31/2012
Current borrowings	Â	8,116	Â	8,209	Â	11,016
Net current financial assets		(260)		(297)		(1,386)
Net financial assets classified as held for sale		(130)		(42)		756
Non-current financial debt		25,069		25,128		22,274
Hedging instruments of non-current debt		(1,028)		(1,362)		(1,626)
Cash and cash equivalents	Â	(14,647)	Â	(14,891)	Â	(15,469)
Net debt	Â	17 120	Â	16 745	Â	15 565
Â	Â	Â	Â	Â	Â	Â
Shareholdersâ€™ equity		72,629		72,484		71,185
Estimated dividend payable		(1,362)		(1,313)		(1,299)
Non-controlling interests	Â	2,281	Â	1,724	Â	1,280
Equity	Â	73,548	Â	72,895	Â	71,166
Â	Â	Â	Â	Â	Â	Â
Net-debt-to-equity ratio	Â	23.3%	Â	23.0%	Â	21.9%

2014 sensitivities*

Â	Â	Scenario	Â	Change	Â	Impact on adjusted operating income (e)	Â	Impact on adjusted net operating income (e)
Dollar	Â	1.30 $/â‚¬	Â	+0.1 $ per â‚¬	Â	-1.65 Bâ‚¬	Â	-0.95 Bâ‚¬
Brent	Â	100 $/b	Â	+1 $/b	Â	+0.30 B$	Â	+0.15 B$
European refining margins (ERMI)	Â	30 $/t	Â	+1 $/t	Â	+0.08 B$	Â	+0.05 B$

*Sensitivities are revised once per year upon publication of the previous yearâ€™s fourth quarter results. Sensitivities are estimates based on assumptions of the Groupâ€™s portfolio in 2014. Actual results could vary significantly from estimates based on the application of these sensitivities.

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

Return on average capital employed

Full-year 2013

in millions of euros	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Group
Adjusted net operating income	Â	9,370	Â	1,404	Â	1,151		11,452
Capital employed at 12/31/2012*		63,862		15,726		6,986		84,152
Capital employed at 12/31/2013*	Â	69,266	Â	14,297	Â	7,259		88,739
ROACE	Â	14.1%	Â	9.4%	Â	16.2%		13.2%

Twelve months ended September 30, 2013

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

Full-year 2012

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

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

¹ Following the application of revised accounting standard IAS 19 effective January 1, 2013, the information for 2012 has been restated; however, the impact on such restated results is not significant (see note 1 of the notes to the consolidated financial statements).
²Definition of adjusted results on page 2 â€“ dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the period: 1.3610 $/â‚¬ in 4Q13, 1.2967 $/â‚¬ in 4Q12, 1.3242 $/â‚¬ in 3Q13, 1.3281 $/â‚¬ full-year 2013, and 1.2848 $/â‚¬ full-year 2012.
³ Group share. Net income (Group share) for 4Q13 was 1,605 Mâ‚¬.
⁴Pending approval at the May 16, 2014, Annual Shareholders Meeting, ex-dividend date will be June 2, 2014.
⁵ Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. Adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 20 and the inventory valuation effect is explained on page 17.
⁶Including acquisitions.
⁷Net investments = investments including acquisitions â€“ asset sales â€“ other transactions with minority interests.
⁸Dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the period
⁹ Certain transactions included in the highlights remain subject to approval of authorities or satisfaction of conditions precedent under contractual terms.
¹⁰ Special items affecting operating income from the business segments had a negative impact of 422 Mâ‚¬ in 4Q13 and a negative impact of 826 Mâ‚¬ in 4Q12.
¹¹ 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).
¹² Detail shown on page 17.
¹³ Detail shown on page 20.
¹⁴ Detail shown on page 21.
¹⁵ The Groupâ€™s interest in Novatek was 17.0% at December 31, 2013.
¹⁶ Net investments = investments including acquisitions and changes in non-current loans â€“ asset sales â€“ other transactions with minority interests.
¹⁷ Cash flow from operations at replacement cost before changes in working capital.
¹⁸ Net cash flow = cash flow from operations - net investments (including other transactions with minority interests).
¹⁹ Special items affecting operating income from the business segments had a negative impact of 1,237 Mâ‚¬ in 2013 and a negative impact of 2,342 Mâ‚¬ in 2012.
²⁰ Detail shown on page 17.
²¹ Detail shown on page 20.
²² Detail shown on page 21.
²³ The Groupâ€™s interest in Novatek was 17.0% at December 31, 2013.
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 minority interests).
²⁶ Detail shown on page 22.
²⁷ Change in reserves excluding production i.e. (revisions + discoveries, extensions + acquisitions â€“ divestments) / production for the period.
²⁸ The reserve replacement rate in a constant oil price environment of 111.13 $/b, excluding acquisitions and divestments.
²⁹ Limited to proved and probable reserves covered by E&P contracts on fields that have been drilled and for which technical studies have demonstrated economic development in a 100 $/b Brent environment, including projects developed by mining.
³⁰ Proved and probable reserves plus contingent resources (potential average recoverable reserves from known accumulations - Society of Petroleum Engineers - 03/07).
³¹ FASB Accounting Standards Codification Topic 932, Extractive industries â€“ Oil and Gas
³² Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 23.
³³ Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 23.
³⁴ Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 23.
³⁵ the ex-dividend date for the remainder of the 2013 dividend would be June 2, 2014.
³⁶ including other transactions with minority interests.