3rd Quarter & 9 Mths Results

Total Fina Elf.
20 November 2001

         Third Quarter 2001 net income excluding non-recurring items

              - 1.76 billion euros, a 17% decrease
              - 2.55 euros per share, a 14% decrease

        First nine months 2001 net income excluding non-recurring items
              - 6.09 billion euros, an 11% increase

Paris, November 20, 2001 - The Board of Directors of TotalFinaElf, chaired by 
CEO Thierry Desmarest, expressed its sympathy for and solidarity with all those 
affected by the tragic explosion at the fertilizer plant operated by Grande 
Paroisse in Toulouse. The board paid hommage to the rescue teams and more 
specifically to the teams of Grande Paroisse for demonstrating their 
professionalism and their devotion in the delicate operation of securing the 
site. Without drawing conclusions about the cause of the explosion, this event 
is a harsh reminder that ' zero-risk ' does not exist. The ongoing objective of 
TotalFinaElf is to manage risk with the absolute priority being accorded to 
safety, a requirement that today is strengthened anew.

The Board reviewed the Group's unaudited third quarter 2001 results.

TotalFinaElf resisted the less favorable oil market environment of the third 
quarter 2001, limiting the decrease in earnings per share excluding non-
recurring items to 14% versus the same quarter last year.

For the first nine months of 2001, net income excluding non-recurring items rose
to 6.09 billion euros, an 11% increase compared to the same period last year. 
The positive impacts on operating income from self-help programs, which continue
to be in line with announced targets, were the drivers behind this good 
performance.

Third quarter 2001 results

Consolidated sales for the third quarter 2001 declined by 16% to 25.95 billion 
euros compared to the third quarter 2000.

Overall, the oil market environment was less favorable in the third quarter 
2001. The average Brent oil price decreased by 17% to $25.3/b in the third 
quarter 2001 from $30.4/b in the same quarter last year. European refining 
margins fell sharply to $12.9/t from $27.0/t. The dollar appreciated by 1% 
against the euro, with the euro/dollar exchange rate averaging 0.89 in the third
quarter 2001 versus 0.90 in the third quarter 2000.

Operating income from the business segments decreased by 23% to 3.09 billion 
euros in the third quarter 2001 from 4.02 billion euros in the third quarter 
2000. There were no non-recurring items affecting operating income from the 
business segments in either quarter.

Net operating income from the business segments excluding non-recurring items in
the third quarter 2001 declined by 23% to 1.77 billion euros from 2.29 billion 
euros in the same quarter last year.

Net income (Group share) excluding non-recurring items for the third quarter 
2001 was 1.76 billion euros, a decrease of 17% from the same period last year.

Earnings per share excluding non-recurring items, calculated based on 690.8 
million fully-diluted weighted-average shares for the third quarter 2001, 
declined by 14% to 2.55 euros compared to 2.97 euros for the same quarter last 
year. The limited decline reflects the active implementation of the Group's 
share buy-back program.

Net income (Group share) for the third quarter 2001 was 2.30 billion euros, a 
decrease of only 5% compared to the third quarter 2000. The third quarter 2001 
includes non-recurring items, notably capital gains on sales of Sanofi-
Synthelabo and Cogema shares. The third quarter 2001 results do not include any 
provisions related to the explosion of the Grande Paroisse plant in Toulouse; 
however, the potential impact on TotalFinaElf, assuming that Grande Paroisse 
should be found liable and should its liability be extended to all the damage, 
could be about 300 million euros. This amount may be adjusted before the 2001 
accounts are closed.

During the third quarter 2001, TotalFinaElf bought back 13.98 million(1) of its 
shares for 2.15 billion euros.

At September 30, 2001, the fully-diluted number of shares fell to 685 million(2)
versus 718 million at September 30, 2000.

(1) includes 0.83 million shares used to cover stock option program

(2) On November 20, the Board of Directors approved the cancellation of         
    35,368,000 shares, reducing the Group's legal capital to 7,050,977,980      
    euros, which is represented by 705,097,798 shares with a par value of 10    
    euros per share

Consolidated accounts TotalFinaElf

3Q01         3Q00     %     in billions of euros     9 mos 01   9 mos 00    %
 
                                                     
25.95       30.90   - 16%    Sales                    81.63     83.32     - 2%

3.09         4.02   -23%     Operating income         10.62     10.83     -2%
                             from business segments 
                             excluding non-recurring
                             items

1.77         2.29   -23%     Net operating income     6.20       6.12     + 1%
                             from business segments
                             excluding non-recurring
                             items

1.76         2.11   -17%     Net income (Group share) 6.09       5.51     + 11%
                             excluding non-recurring 
                             items

2.30         2.43   - 5%     Net income (Group share) 7.01       5.84     + 20%

2.55         2.97   -14%     Earnings per share(euros)8.72       7.81     + 12%
                             excluding non-recurring 
                             items

2.65         2.19   +21%     Investments              7.47       6.14     +22%

2.18         1.58   +38%     Divestments at selling   5.29       2.41     + 120%
                             price**
               
 
* impact of non-recurring items on net income
  3Q01: gains on asset sales (+ 0.60 BEUR) and other (-0.06 BEUR) 
  3Q00: gains on asset sales (+ 0.32 BEUR)

  9 months 2001: gains on asset sales (+0.98 BEUR) and other (-0.06 BEUR)
  9 months 2000: gains on asset sales (+0.47 BEUR) and other (-0.14 BEUR)

**includes repayment of long-term loans

Number of shares

3Q01         3Q00     %      millions              9 mos 01   9 mos 00      %

690.8        709.4  - 3%     Fully-diluted          698.7       705.9     -1%
                             weighted
                             -average number of
                             shares   

Oil market environment

3Q01        3Q00       %                           9 mos 01  9 mos 00      %

0.89        0.90     + 1%*   EUR/$                   0.90       0.94    + 4%*

25.3       30.4      - 17%   Brent ($/b)            26.1       28.1      -7%

12.9       27.0      -52%    Refining margins       15.6       21.3     -27%
                             TRCV ($/t)

* change in the dollar versus the euro

Upstream

Operating income for the Upstream segment was 2.25 billion euros for the third 
quarter 2001, a 16% decrease compared to the third quarter 2000. The decrease 
resulted essentially from the decline in oil prices.

Hydrocarbon production rose to 2.07 million barrels of oil equivalent per day 
(Mboe/d) in the third quarter 2001 from 2.04 Mboe/d in the third quarter 2000, 
an increase of 1.5%. Excluding the impact of asset sales, production rose by 
2.5%. The production increase was driven primarily by the start up of the Elgin-
Franklin fields in the U.K. North Sea and by the first phase of production for 
Sincor in Venezuela, both of these being partially offset by larger maintenance 
operations undertaken in the third quarter 2001 than in the same period last 
year.

In Europe, the highlight of the third quarter was the start up at the beginning 
of September of the Franklin field, joining the Elgin field, which began 
production in March 2001.

In the CIS, the first appraisal well on the eastern part of the Kashagan field 
in Kazakhstan was drilled and successfully tested, marking a very positive step 
in the understanding and appreciation of the potential of this field.

In West Africa, a new discovery was made on Block 14 (Tombua) in Angola.

In South America, development of the Carina and Aries gas fields, offshore 
Tierra del Fuego in Argentina, has been launched. In Venezuela, within the 
framework of opening the gas sector to international companies, TotalFinaElf was
awarded the Yucal Placer North and Yucal Placer South blocks where significant 
gas fields are located.

In North America, development of the Matterhorn field in the Gulf of Mexico has 
been launched.

In Gas & Power activities in Argentina, TotalFinaElf finalized the acquisition 
of 70% of the Hidroneuquen company in September after having acquired 64% of the
Central Puerto company last July.

Other Upstream projects, notably Girassol (Angola), Sincor (Venezuela) and South
Pars (Iran), are progressing satisfactorily and according to schedule.

3Q01      3Q00      %    Upstream - key figures    9 mos 01    9 mos 00     %

2.07      2.04     + 1%  Hydrocarbon production     2.15         2.11       +2%
                        (Mboe/d)       
     
1.37      1.41     -3%  -Liquids (Mb/d)             1.42         1.44      - 1%
3.79      3.43   + 10%  -Gas (Bcfd)                 3.97         3.62     + 10%

2.25      2.69   - 16%  Operating income (BEUR)     7.41         7.35     + 1%
                        excluding non-recurring
                        items

1.94      1.37   +42%   Investments(BEUR)           5.29         4.10     +29%


Downstream

Operating income for the Downstream segment was 0.62 billion euros in the third 
quarter 2001, a decrease of 33% compared to the third quarter 2000.

The change in the Downstream operating income was due to the decline in European
refining  margins.  Overall, the other elements (internal programs of 
synergies/productivity gains, improvement in European marketing margins, lower 
trading-shipping profits and lower refining margins in the US) had a slightly 
positive impact on the operating income.

Refinery throughput rose by 2% to 2.49 Mb/d in the third quarter 2001 from 2.44 
Mb/d in the third quarter 2000.

In France, TotalFinaElf acquired Air Liquide's 50% interest in the liquefied 
petroleum gas (LPG) marketing joint venture which existed between the two 
companies.

In Italy, TotalFinaElf acquired 40 service stations along the highways from ENI,
making the Group the third largest marketer on the Italian highways with a 
market share of 8%.

TotalFinaElf launched 'GR Actys Eurotrafic' in November, a gas card designed for
fleet operators. This payment card is accepted in 13 European countries and 
across the entire network of Total, Fina and Elf stations.

3Q01    3Q00      %       Downstream - key figures     9 mos 01  9 mos 00    %

2.49    2.44     +2%     Refinery throughput* (Mb/j)    2.49        2.40    +4%

0.62    0.92     -33%    Operating income (BEUR)        2.38        2.13   +12%
                         excluding non-recurring items

0.32    0.20     +60%    Investments (BEUR)             0.82        0.59   +39%

*including share of Cepsa 

Chemicals

Sales for the Chemicals segment declined to 4.86 billion euros in the third 
quarter 2001, a 6% decrease compared to the third quarter 2000.

Operating income for the third quarter 2001 fell by 46% compared to the same 
quarter last year, settling at 0.22 billion euros. The decrease was primarily 
due to lower petrochemical margins and, to a lesser degree, to the slowdown in 
the Specialties and Intermediates & performance polymers markets in the US.

3Q01   3Q00      %     Chemicals                      9 mos 01    9 mos 00    %
                       key figures(BEUR)  
                                                   
4.86   5.19     -6%    Sales                          15.35       15.51     -1%
                                       
                       Sales by sector 

1.76   2.03    - 13%   - Petrochemicals & plastics     5.59        5.95     -6%
                       - Intermediates & performance
1.14   1.24    -8%       polymers                      3.70        3.79     -2%

1.94   1.91    +2%     - Specialties                   6.02        5.74     +5%

0.22   0.41   -46%     Operating income*               0.83        1.35     -39%

                       Operating income by sector*
0.02   0.15   -87%     - Petrochemicals & plastics     0.09        0.48     -81%
                       - Intermediates & performance
0.10   0.12  - 17%       polymers                      0.38        0.39     -3% 
0.12   0.16  -25%      - Specialties                   0.41        0.49   - 16%

0.33   0.48  31%       Investments                    1.08         1.18    -8%

* excluding non-recurring items

Results for the first nine months of 2001

Consolidated sales for the first nine months of 2001 were 81.63 billion euros, a
2% decrease compared to the same period last year.

For the first nine months of 2001, the oil market environment was generally less
favorable than it was a year ago due to a pull-back in oil prices and refining 
margins. The average Brent oil price was slightly lower at $26.1/b for the first
nine months of 2001 from $28.1/b average in the first nine months of 2000. 
European refining margins fell to $15.6/t versus $21.3/t. The dollar appreciated
by 4% against the euro, with the average exchange rate at 0.90 in 2001 compared 
to 0.94 in 2000.

Operating income from the business segments excluding non-recurring items 
declined by 2% in the first nine months of 2001 to 10.62 billion euros from 
10.83 billion euros in the first nine months of 2000. There were no non-
recurring items included in these figures.

The continued pursuit of self-help measures, notably internal growth combined 
with synergies/productivity programs, nearly offset the negative impacts linked 
to a weaker environment and changes in the scope of the company (ie, first 
quarter 2001 divestment of Downstream assets in France as required by the EU 
Commission).

Net operating income from the business segments excluding non-recurring items 
rose by 1% in the first nine months of 2001 to 6.20 billion euros from 6.12 
billion euros in the same period last year.

Net income excluding non-recurring items rose by 11% for the first nine months 
of 2001 to 6.09 billion euros from 5.51 billion euros in the same period last 
year.

Earnings per share excluding non-recurring items for the first nine months of 
2001, calculated based on 698.7 million fully-diluted weighted-average shares, 
rose by 12% to 8.72 euros from 7.81 euros for the first nine months of 2000.

Net income (Group share) for the first nine months of 2001 rose by 20% to 7.01 
billion euros. This figure includes non-recurring items, notably gains on asset 
sales.

The net-debt-to-equity ratio for September 30, 2001, is 23% compared to 28% at 
June 30, 2001.

During the first nine months of 2001, TotalFinaElf bought back 26.23 million(3) 
of its shares for 4.1 billion euros.

Hydrocarbon production increased by 1.9% in the first nine months of 2001 to 
2.15 Mboe/d from 2.11 Mboe/d in the first nine months of 2000. Excluding the 
impact of asset sales, Upstream production grew by 3.7%.

Refinery throughput rose by 4% in the first nine months of 2001 to 2.49 Mb/d 
from 2.40 Mb/d in the first nine months of 2000.

Sales for the Chemicals segment fell slightly to 15.35 billion euros, a 1% 
decline for the first nine months of 2001 compared to the same period last year.

Summary and outlook

Over the first nine months of 2001, investments were 7.47 billion euros, with 
Upstream accounting for 71% of the total. This represents a 22% increase over 
the investment level of the first nine months of 2000.

Divestments for the first nine months of 2001, based on selling price, were 4.61
billion euros(4). Included were the sale of some Sanofi-Synthelabo shares, a 
portion of Total FinaElf's holdings in Cogema, the shares of Ultramar Diamond 
Shamrock, and the divestment of Downstream assets in France required by the EU 
Commission.

Free cash flow(5) for the first nine months of 2001 was 8.72 billion euros.

Year to date through October 31, 2001, TotalFinaElf has bought back 32.48 
million(6) shares of its own stock, or 4.4% of its share capital, for 5 billion 
euros.

Since the start of the fourth quarter, the oil market environment is marked by 
an significant pull back of oil prices.

TotalFinaElf maintains strict investment criteria for Upstream development 
projects, requiring that they offer a low breakeven point, to better position 
the Group to resist a downturn in oil prices but at the same time fully preserve
its ability to benefit from a higher price environment. In addition, the Group 
expects to maintain ample financial flexibility thanks to a combination of 
strong cash flow from operations and its large ongoing program of divesting non-
strategic assets.
   
3  includes 2.76 million shares used to cover stock option program

4  excluding repayment of long-term loans

5  free cash flow = cash flow from operating activities + divestments -         
   investments 

6  including 2.76 million shares used to cover stock option program

The September 30, 2001 interim accounts are available on the company web site. 
These accounts are unaudited. The financial data concerning third quarter and 
the first nine months of 2000 that are included in this document are based on 
internal reporting. This document may contain forward-looking statements within 
the meaning of the Private Securities Litigation Reform Act of 1995 with respect
to the financial condition, results of operations, business, strategy and plans 
of the TotalFinaElf Group. 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. The financial information contained in
this document has been prepared in accordance with French GAAP, and certain 
elements would differ materially upon reconciliation to US GAAP. The 
TotalFinaElf Group does not assume 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 company's 
financial results is provided in documents filed by the Group and its affiliates
with the French Commission des Operations de Bourse and the US Securities and 
Exchange Commission.


To listen to a replay of today's conference call held by Robert Castaigne, CFO 
of TotalFinaElf, please consult the company web site www. totalfinaelf. com or 
dial + 44 (0) 208 288 44 59 (access code 614 292) from Europe or + 1 303 804 18 
55 (access code 131 3538) from the US.