Final Results

Total S.A.
17 February 2005



February 17, 2005



                              2004 Record Results

Total reports sharply higher 2004 results:

•  +23% to 9.04 billion euros for adjusted net income(1)

•  +27% to 14.68 euros for adjusted earnings per share

•  +35% to 11.2 billion for adjusted net income expressed in dollars(2)

•  +40% to 18.26 for adjusted earnings per share expressed in dollars

Proposed 2004 dividend of 5.40 euros per share, a 15% increase



• Results expressed in dollars2-(3)

4th quarter 2004                                           Full year 2004

3.27 B$           +57%        Adjusted net income1         11.2 B$           +35%

5.36 $/share      +62%                                     18.26 $/share     +40%

4.20 B$           +122%       Net income                   12.0 B$           +50%



• Results in euros3

4th quarter 2004                                           Full year 2004

2.52 B€           +44%        Adjusted net income1         9.04 B€           +23%

4.13 €/share      +48%                                     14.68 €/share     +27%

3.24 B€           +104%       Net income                   9.61 B€           +37%


Paris, February 17, 2005 - The Board of Directors of Total, chaired by CEO
Thierry Desmarest, met on February 16, 2005 to review the fourth quarter 2004
results and to close the 2004 consolidated and parent company accounts.


Commenting on the results, Thierry Desmarest said :



The 2004 market environment has been favorable for the oil industry. The
combination of very high oil prices, a sharp increase in refining margins and a
rebound in petrochemical margins during the second half of the year allowed the
Group to reach a new record level of earnings, 9.04 billion euros for adjusted
net income, or an increase of 23% compared to 2003, despite the decline in the
dollar.

Thanks to the commitment of our teams, we enjoyed solid operational performance
by the business segments, particularly the continued growth of Upstream
production, as well as ongoing productivity programs, which made significant
contributions to the results.



Adjusted earnings per share increased by 27% to 14.68 euros. Expressed in
dollars, the increase was 40%.



Total pursued a large investment program of more than 8.7 billion euros, while
offering, through a combination of dividends and buybacks, the best return to
shareholders among the major oil companies.



Total is confident that it can extend its long-term profitable growth largely
through exploration successes and through giant projects currently being
negotiated.



• Total - consolidated accounts

4Q04     4Q03     %        in millions of euros                      2004       2003       %

34,832   27,533   +27%     Sales                                   122,700    104,652    +17%

5,077    3,209    +58%     Operating income from business segments  17,123     13,004    +32%
                           adjusted for special items

3,460    2,652    +30%     • Upstream                               12,820     10,476    +22%

1,192      400   +198%     • Downstream                              3,217      1,970    +63%

  425      157   +171%     • Chemicals                               1,086        558    +95%

2,504    1,633    +53%     Net operating income from business        8,792      6,973    +26%
                           segments adjusted for special items

2,366    1,747    +35%     Net income                                8,886      7,344    +21%
                           adjusted for special items

2,519    1,747    +44%     Adjusted net income*                      9,039      7,344    +23%

3,237    1,590    +104%    Net income                                9,612      7,025    +37%

4.13     2.79     +48%     Adjusted earnings per share (euros)       14.68      11.56    +27%

3,192    2,810    +14%     Investments                               8,668      7,728    +12%

654      578      +13%     Divestments                               1,192      1,878    -37%
                           at selling price

3,688    2,282    +62%     Cash flow from operating activities**    14,429     12,487    +16%


* adjusted for special items and excluding Total's equity share of amortization
  of goodwill and intangible assets related to the Sanofi-Aventis merger

** includes disbursements related to the Toulouse-AZF reserve of 29 M€ in the
   fourth quarter 2004, 85 M€ in the fourth quarter 2003, 316 M€ for the full year
   2004 and 719 M€ for the full year 2003


•Number of shares

4Q04      4Q03      %        millions                                 2004      2003   %

609.4     625.6     -3%      Fully-diluted weighted-average shares    615.9     635.1  -3%



• Market environment

4Q04     4Q03     %                                                  2004     2003   %

1.30     1.19     -8%*      €/$                                      1.24     1.13   -9%*

44.0     29.4     +50%      Brent ($/b)                              38.3     28.8   +33%

42.4     18.9     +124%     European refining margins                32.8     20.9   +57%
                            TRCV ($/t)

*change in the dollar versus the euro


• Special items

4Q04      4Q03     in millions of euros                                        2004   2003

(847)     (25)     Impact of special items on operating income from business   (847)  (25)
                   segments

(119)     (1)      • Restructuring charges                                     (119)   (1)
(631)a    (17)     • Impairments                                               (631)a (17)
(97)b     (7)      • Other                                                     (97)b   (7)

871       (157)    Impact of special items on net income                        726  (319)

1,690     -        • Gain on dilution from the Sanofi-Aventis merger net of   1,690     -
                     Total's share of special items related to purchase
                     accounting

53        (8)      • Gain/(loss) on asset sales                                  53    22

-         -        • Additional Toulouse-AZF reserve                            (98)    -

(100)     (110)    • Restructuring charges and early retirement plans          (143)  (144)

(688)c    (11)     • Impairments                                               (688)c  (11)

(84)      (28)     • Other                                                      (88)  (186)d

a including (597) M€ in the Chemicals segment

b including (92) M€ for a provision for environmental remediation in the
Chemicals segment

c including (553) M€ in the Chemicals segment

d including (155) M€ for a provision for alleged anti-competitive practices in
the Chemicals segment



• Adjustment for amortization of Sanofi-Aventis merger-related intangibles

4Q04      4Q03     in millions of euros                                        2004   2003

(153)     -        Impact on equity income from Total's share* of amortization (153)  -
                   of goodwill and intangible assets related to Sanofi-Aventis
                   merger

* based on 13% ownership of Sanofi-Aventis at December 31, 2004


• Total's fourth quarter 2004 results

>  Operating income

Compared to the fourth quarter 2003, the fourth quarter 2004 was marked by sharp
increases in crude oil prices and refining margins. The Brent price rose by 50%
to an average of 44.0 $/b. European refining margins (TRCV) hit a record high of
42.4 $/t on average for the quarter. Over the same period, petrochemical margins
rebounded.

The positive impact of the improved oil and chemicals environment was partially
offset by the 8% decrease in the dollar relative to the euro.


In this context, the operating income from the business segments adjusted for
special items increased by 58% to 5,077 million euros (M€) in the fourth quarter
2004 from   3,209 M€ in the fourth quarter 2003.


Special items had a negative impact of 847 M€ on fourth quarter 2004 operating
income from the business segments, primarily due to the impairment of assets in
the vinyl products and polyethylene activities in Europe.

In the fourth quarter 2003, special items had a negative impact of 25 M€ on
operating income from the business segments.


Net operating income adjusted for special items increased by 53% to 2,504 M€ in
the fourth quarter 2004 from 1,633 M€ in the fourth quarter 2003. The lower
percentage increase, relative to the increase in operating income, is due
primarily to a higher effective tax rate in the fourth quarter 2004.

>  Net income

Net income adjusted for special items rose to 2,366 M€ in the fourth quarter
2004 from 1,747 M€ in the fourth quarter 2003.


Special items had a net positive impact of 871 M€ on fourth quarter 2004 net
income and were comprised mainly of :

  • positive impacts primarily from the gain on dilution related to the merger
    of Sanofi and Aventis, net of the impact on equity income of Total's share
    of items recorded by Sanofi-Aventis as part of the merger (restructuring
    charges, write-offs of certain in-progress R&D costs, and charges resulting
    from the adjustment of inventories to market value);
  • partially offsetting the above were negative impacts primarily from the
    after-tax effect of the special items affecting operating income, notably
    the asset impairments related to the vinyl products and polyethylene
    activities in Europe, as well as impairments of goodwill in the Chemicals
    and Upstream segments.

In the fourth quarter 2003, special items had a negative impact on net income of
157 M€.


Fourth quarter 2004 net income includes a net negative impact of 153 M€ on
equity income from affiliates for Total's share of the amortization of goodwill
and intangible assets related to the Sanofi-Aventis merger.

Adjusted net income, which excludes this 153 M€ negative impact as well as the
special items, rose to 2,519 M€ in the fourth quarter 2004, an increase of 44%
compared to the fourth quarter 2003.


During the fourth quarter 2004, the Group bought back 6.05 million of its shares
for 1.0 billion euros (B€).


Adjusted earnings per share, based on 609.4 million fully-diluted
weighted-average shares, increased to 4.13 euros from 2.79 euros in the fourth
quarter 2003, an increase of 48%, which is a higher percentage increase than for
the adjusted net income thanks to the accretive effect of share buybacks during
2004.


Net income rose to 3,237 M€ in the fourth quarter 2004 from 1,590 M€ in the
fourth quarter 2003.


>  Cash flow

Cash flow from operating activities increased to 3,688 M€, a 62% increase
compared to the fourth quarter 2003. Excluding disbursements related to the
Toulouse-AZF reserve of 29 M€ in the fourth quarter 2004 and 85 M€ in the fourth
quarter 2003, the increase in cash flow from operating activities would have
been 57%.


Investments rose to 3,192 M€, or about 4.1 B$, including 0.6 B$ of assets
received in a swap with Gaz de France involving the gas transmission and supply
companies Gaz du Sud-Ouest (GSO) and Compagnie Francaise du Methane (CFM).


Divestments in the fourth quarter 2004 were 654 M€, or about 0.8 B$, including
assets transferred to Gaz de France as part of a swap (approximately 0.2 B$) and
the sale of some financial participations.


Net cash flow(4)  was 1,150 M€ in the fourth quarter 2004 compared to 50 M€ in
the fourth quarter 2003.


• Upstream

>   Results

4Q04      4Q03      %        in millions of euros                   2004       2003       %

3,460     2,652     +30%     Operating income                     12,820     10,476     +22%
                             adjusted for special items

1,422     1,395     +2%      Net operating income                  5,834      5,259     +11%
                             adjusted for special items

2,246    1,748    +28%       Investments                           6,170      5,302     +16%

322      119      +171%      Divestments                             637        428     +49%
                             at selling price

3,077    2,190    +41%     Cash flow from operating activities    10,316      9,214     +12%



Operating income from the Upstream segment adjusted for special items increased
by 30% to 3,460 M€ in the fourth quarter 2004 from 2,652 M€ in the fourth
quarter 2003.



Fourth quarter 2004 net operating income from the Upstream segment adjusted for
special items was 1,422 M€, an increase of 2%.

This increase, which is significantly lower than the percentage increase for
operating income, is due primarily to two factors :

•  a higher average tax rate in the fourth quarter 2004 compared to the
fourth quarter 2003, due mainly to an increase in production taxed at
higher-than-average rates  (Nigerian concessions) and to the temporary decrease
in production that is taxed at lower-than-average rates (shut-down of the Sincor
upgrader in Venezuela and suspended Gulf of Mexico production following
Hurricane Ivan),

•  the impact of reallocating the full-year 2003 contribution of Cepsa in
the fourth quarter 2003 ; if the reallocation had been made since the beginning
of 2003, the increase in the fourth quarter 2004 Upstream net operating income
would have been 10%.



The strong increase in cash flow from Upstream operating activities was related
primarily to the fourth quarter 2004 decrease in working capital.

>   Production

4Q04      4Q03      %        Upstream production                  2004       2003       %

2,628     2,588     +2%      Hydrocarbon production (kboe/d)      2,585      2,539      +2%

1,684     1,697     -1%      • Liquids (kb/d)                     1,695      1,661      +2%

5,323     4,865     +9%      • Gas (Mcfd)                         4,894      4,786      +2%



Hydrocarbon production rose to 2,628 thousand equivalent barrels per day (kboe/
d) in the fourth quarter 2004 compared to 2,588 kboe/d in the fourth quarter
2003, representing an increase of 1.5%.

Adjusted for the negative impact of higher oil and gas prices on entitlement
volumes from production sharing and buy-back contracts(5) ( price effect ), the
underlying increase in production was 4%.

The main contributions to the production growth came from Nigeria, notably the
Amenam field, Libya, Angola and Indonesia.



For the full year 2004, hydrocarbon production increased by 2%. Liquids
production increased by 2% to 1,695 kb/d, and gas production also increased by
2%.

Adjusted for the price effect, 2004 hydrocarbon production growth was 3.7% in
2004.



In addition to numerous start-ups during the year, notably Yucal Placer in
Venezuela, Skirne Byggve in Norway, and Peciko Phase III in Indonesia (where
operated production set a new record high), production ramp-ups on fields
launched in 2003, including Amenam in Nigeria, Matterhorn in the US and Jasmin
in Angola, contributed strongly to 2004 production growth.

>   12/31/04 Reserves

Reserves at December 31                                             2004      2003      %

Hydrocarbon reserves (Mboe)                                        11,148    11,401    -2%

• Liquids (Mb)                                                      7,003     7,323    -4%

• Gas (Bcf)                                                        22,785    22,267    +2%



Proved reserves, calculated according to SEC rules, were 11,148 Mboe at December
31, 2004. At the current production rate, the reserve life is 11.8 years. The
negative impact on proved reserves related to the application of high year-end
prices as required by the SEC (Brent at 40.47 $/b on 12/31/2004) was
approximately 270 Mboe.



The reserve replacement rate(6) for the 2002-2004 period, based on SEC rules,
was 120% for the consolidated subsidiaries only and 106% for the Group.

Excluding the impact of changes in year-end prices and using a Brent 25 $/b
scenario, the reserve replacement rate for the 2002-2004 period would be 131%
for the consolidated subsidiaries only and 116% for the Group.



Over the same period, for consolidated subsidiaries only, the finding cost(7)
was 0.8 $/boe and the reserve replacement cost(8) was 5.4 $/boe.



As of year-end 2004, Total's portfolio of proved and probable reserves(9) is
solid and diversified, representing close to 20 years of production at the
current rate(10).

>  Recent highlights

Successful exploration in the fourth quarter 2004 included discoveries, such as
in Nigeria west of the Usan field (Total-operated, 20%), in Bolivia on the Ipati
block (Total-operated, 80%) and in Algeria on the Timimoun permit
(Total-operated, 63.75%).

In addition, Total announced that it entered the Bechar permit in Algeria with
an 80% interest.


Since the start of 2005, Total has announced a new extension of the Usan
discovery in Nigeria, the acquisition of a 49% interest in Block 4 of Plataforma
Deltana in Venezuela, participation in two exploration blocks in the Australian
deep offshore and on two blocks in Mauritania.



Also during the fourth quarter 2004, in Venezuela the Sincor upgrader was
debottlenecked, increasing its capacity to 215 kb/d. The upgrader was restarted
early in December as expected.


In Upstream LNG, sales(11) grew by 7% in 2004, and the Group took important new
steps, notably signing an agreement in Iran to set the general framework for the
Pars LNG project (Total 30%).


At the beginning of 2005, Yemen LNG (Total 42.9%, project leader) signed three
heads of agreements to sell LNG over 20 years to Tractebel (2.5 Mt/y), Total (2
Mt/y) and Kogas (1.3 to 2 Mt/y). Calls for tenders on the development of the
project have been issued.


In mid-stream gas, Total and Gaz de France signed the final agreements to swap
interests in GSO and CFM and giving the Group access to regasification capacity
of 2.25 Bm3/year(12) in the Fos Cavaou terminal currently under development in
the south of France.



In addition, Total has secured regasification capacity of 10 Bm3/year, over a
period of 20 years starting in 2009, at the Sabine Pass LNG receiving terminal,
which is under development in Louisiana (US).



• Downstream

>   Results

4Q04      4Q03     %         in millions of euros                  2004       2003       %

1,192     400      +198%     Operating income                     3,217      1,970      +63%
                             adjusted for special items

834       182      +358%     Net operating income                 2,302      1,460      +58%
                             adjusted for special items

623      704       -12%      Investments                          1,516      1,235      +23%

73       346       -79%      Divestments                            200        466      -57%
                             at selling price

159      (213)     ns        Cash flow from operating activities  3,111      3,099      -



Operating income from the Downstream segment adjusted for special items
increased by 198% to 1,192 M€ from 400 M€ in the fourth quarter 2003.



The increase was due mainly to a sharp improvement in the refining environment
during the fourth quarter 2004, despite a decline in the dollar. Strong
distillate demand in Europe combined with an increase in the price differential
between heavy and light grades of crude created favorable market conditions that
were only partially reflected by the increase in TRCV margins.



Downstream results also continued to benefit from self-help programs.



Net operating income from the Downstream segment adjusted for special items rose
to 834 M€ in the fourth quarter 2004 from 182 M€ in the fourth quarter 2003.

The larger increase, relative to the increase in operating income, is due mainly
to the negative impact on the Downstream segment of allocating the full-year
2003 contribution of Cepsa among the operating segments starting in the fourth
quarter 2003, versus the former practice of including the entire Cepsa
contribution in the Downstream segment only.

>   Refinery throughput

4Q04      4Q03      %        Refinery throughput (kb/d)           2004       2003       %

2,485     2,602     -4%      Total refinery throughput*           2,496      2,481      +1%

  951     1,069    -11%      France                                 995        968      +3%

1,202     1,199      -       Rest of Europe*                      1,188      1,200      -1%

  332       334     -1%      Rest of world                          313        313        -

* includes share of Cepsa



Refinery throughput was 2,485 kb/d in the fourth quarter 2004. The utilization
rate was 92% despite major turnarounds for maintenance at refineries in Dunkirk,
Vlissingen and Antwerp.



For the full year 2004, refinery throughput increased by 1% to 2,496 kb/d
compared to 2,481 kb/d in 2003. The utilization rate rose to 93% in 2004 from
92% in 2003.



>  Recent highlights

Total announced in October the signing of a joint venture with Sinochem for the
creation of a network of 200 service stations in northern China, where the two
companies are already working together at the Dalian refinery.



In November, Total acquired a service station network in Puerto Rico that has
about a 6% market share.


l Chemicals

>   Results

4Q04     4Q03     %        in millions of euros                   2004       2003       %

5,245    4,335    +21%     Sales                                20,042     17,260     +16%

  425      157   +171%    Operating income                       1,086        558     +95%
                          adjusted for special items

  248       56   +343%    Net operating income                     656        254    +158%
                          adjusted for special items

  292     327    -11%     Investments                              905      1,115     -19%

  54       94    -43%     Divestments                              122        891     -86%
                          at selling price

327      172      +90%      Cash flow from operating activities    556        268    +107%

* includes disbursements related to the Toulouse-AZF reserve of 29 M€ in the
fourth quarter 2004, 85 M€ in the fourth quarter 2003, 316 M€ for the full year
2004 and 719 M€ for the full year 2003



Chemicals sales increased by 21% to 5,245 M€ in the fourth quarter 2004 from
4,335 M€ in the fourth quarter 2003.



Operating income adjusted for special items increased sharply to 425 M€ from 157
M€ in the fourth quarter 2003.



This performance was due mainly to a higher contribution from base chemicals,
reflecting the rebound in petrochemicals that began in the third quarter 2004.
The improvement in the utilization rate of the steamcrackers compared to the
fourth quarter 2003 allowed the Group to benefit fully from the favorable market
conditions.



In the fourth quarter 2004, margins for the Intermediates improved despite the
weakness of the dollar and an increase in raw material costs.



Specialties continued to perform well in terms of results and cash flow.



Net operating income from the Chemicals segment adjusted for special items rose
to 248 M€ in the fourth quarter 2004 from 56 M€ in the fourth quarter 2003.

>   Recent highlights

Arkema, an entity comprised of three activities (Vinyl Products, Industrial
Chemicals and Performance Polymers) was created on October 1, 2004. Its
management team is building an organization that will allow Arkema to be
spun-off as an independent entity in 2006(13).



In January 2005, Arkema announced a plan to restructure its vinyl products
business in France, to improve the performance of its chlorochemicals chain.


• Total's full year 2004 results

Consolidated sales increased by 17% to 122,700 M€ in 2004 from 104,652 M€ in
2003.

> Operating income

Operating income from the business segments adjusted for special items increased
by 32% to 17,123 M€ from 13,004 M€ in 2003.



The 4.1 B€ increase from 2003 to 2004 in operating income from business segments
adjusted for special items is due primarily to the 3.7 B€ improvement in the
market environment, which includes :

•     + 3.1 B€  higher oil and gas prices(14)

•     + 1.5 B€ stronger refining environment, including benefits not reflected
      in the higher TRCV margin(15)

•     - 1.1 B€   decline in the dollar relative to the euro

•     + 0.3 B€ better market conditions for Chemicals

•     - 0.2 B€   weaker environment for marketing

•     + 0.1 B€ stronger environment for shipping



In the Upstream segment, the benefit of 3.7% underlying production growth was
partially offset by an increase in technical costs to 8.0 $/boe in 2004. More
than half of the 0.7 $/boe increase in technical costs compared to 2003 is due
to the impacts of foreign exchange and of the price effect on production volumes
(production sharing and buy-back contracts).

In the Downstream segment, self-help programs contributed 0.15 B€ to the
improvement in 2004 operating income.

In the Chemicals segment, the 12% increase in olefin production (which includes
the integration of the Total-Samsung JV in South Korea) and ongoing self-help
programs contributed 0.2 B€ to the improvement in operating income.



Special items had a negative impact of 847 M€(16) on operating income from the
business segments in 2004.

In 2003, special items had a negative impact of 25 M€16 on operating income from
the business segments.



Net operating income from the business segments adjusted for special items
increased by 26% to 8,792 M€ in 2004 from 6,973 M€ in 2003. The lower percentage
increase, relative to the increase in operating income, is due primarily to a
higher effective tax rate in 2004.

> Net income

Net income adjusted for special items increased to 8,886 M€ from 7,344 M€ in
2003.



Special items had a positive effect on net income of 726 M€16 in 2004. In 2003,
special items had a negative effect on net income of 319 M€16.



Adjusted net income for 2004, which excludes the negative impact of 153 M€ on
equity income for Total's share of the amortization of goodwill and intangible
assets related to the Sanofi-Aventis merger as well as special items, showed an
increase of 23% to 9,039 M€ as compared to 7,344 M€ in 2003.



In 2004, the Group bought back 22.55 million of its shares for 3.55 B€. In
January 2005, the Group bought back 1.5 million of its shares for 0.24 B€.

At December 31, 2004, there were 607.4 million fully-diluted shares compared to
625.1 million fully-diluted shares at the end of 2003.



Adjusted earnings per share, calculated based on 615.9 million fully-diluted
shares in 2004, was 14.68 euros compared to 11.56 euros in 2003, an increase of
27%, reflecting the accretive effect of the share buyback.



Reported net income increased to 9,612 M€ in 2004 from 7,025 M€ in 2003.

> Cash flow

Cash flow from operating activities rose to 14,429 M€ in 2004, a 16% increase
compared to 2003. Excluding disbursements related to the reserve for
Toulouse-AZF of 316 M€ in 2004 and 719 M€ in 2003, cash flow from operations
increased by 12%.



In 2004, investments were 8,668 M€, or about 10.7 B$, in line with estimates
made using an exchange rate assumption of 1.1 dollars per euro.



Divestments in 2004 were 1,192 M€, including sales of financial particpations
and, in the Upstream segment, sales of non-strategic assets and asset swaps with
Gaz de France involving GSO and CFM in France.



Net cash flow was 6,953 M€ in 2004 compared to 6,637 M€ in 2003.



The net-debt-to-equity ratio was 26.7% at December 31, 2004 compared to 25.9% at
December 31, 2003.


l 2005 Sensitivities
                                  Change         Sensitivities 2005(e)(17)
                                                 Operating income        Net income
€/$                               + 0.1 $/€      - 1.05 B€               - 0.60 B€


Brent                             + 1 $/b        + 0.45 B€               + 0.20 B€

Refining margins TRCV             + 1 $/t        + 0.09 B€               + 0.06 B€

• Total S.A. parent company accounts and proposed dividend

The parent company, Total S.A., reported net earnings of 3,443 M€ in 2004
compared to 3,272 M€ in 2003. The Board of Directors, after closing the
accounts, decided to propose at the May 17, 2005 Annual General Meeting a
dividend of 5.40 euros per share for 2004, a 15% increase compared to 2003.

The pay-out ratio for Total in 2004, based on adjusted net income, would be 37%,
above the average of the other majors(18).



Taking into account the interim dividend payment of 2.40 euros per share made on
November 24, 2004, the remaining dividend payable of 3 euros per action will be
paid on May 24, 2005.



• Adoption of IFRS accounting

As indicated in the September 5, 2004 presentation, impacts related to the
adoption of International Financial Reporting Standards (IFRS), effective as of
January 1, 2004 for the balance sheet and 2004 results, will be published in
April 2005. There will be a conference call on April 13, 2005 to review the main
elements of the change to IFRS.


• Summary and outlook

The return on average capital employed (ROACE(19)) for Total was 24% in 2004,
which was at the highest level among the majors. Profitability increased in 2004
for all business segments :

•  Upstream ROACE increased to 35% from 29% in 2003.

   Recalculated using the reference environment20, 2004 ROACE was 21%.

•  Downstream ROACE increased to 25% from 15% in 2003.

   Recalculated using the reference environment(20), 2004 ROACE was 13%.

•  Chemicals ROACE increased to 8.5% from 3.5% in 2003. Excluding
   Arkema, the 2004 Chemicals ROACE would have been 10%.

Recalculated using the reference environment20, ROACE was 8.5% in 2004 compared
to 7% in 2003.



Return on equity in 2004 was 31% compared to 26% in 2003.



The implementation of Total's strategy requires a sustained investment program.
Based on an exchange rate of €/$ 1.25, the 2005 Capex budget is approximately 12
B$, including 0.9 B$ for the proposed acquisition of a 25% stake in Novatek.



The net-debt-to-equity ratio for the Group is targeted to remain at around 25%
to 30%.



Total intends to pursue a dynamic dividend policy with a target pay-out ratio of
50% over the medium term.



Since the beginning of 2005, the oil market environment has remained favorable
with high oil prices, refining margins that are still strong despite a retreat
from the level of the fourth quarter, and an overall favorable environment for
Chemicals, although the dollar remains weak.



To listen to the presentation to financial analysts by CEO Thierry Desmarest
today at 11:00 (Paris time), please visit the Group's website www.total.com or
call [phone] from Europe or [phone] from the US (code:
Total). For a replay, access the website or call [phone] from Europe
or [phone] from the US (access code 640 029).



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 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. 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. Total  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 Autorite des Marches Financiers and
the US Securities and Exchange Commission.

The business segment information is presented in accordance with the Group
internal reporting system used by the Chief operating decision maker to measure
performance and allocate resources internally.



Due to their particular nature or significance, certain transactions qualified
as 'special items' are monitored at the Group level and excluded from the
business segment figures. In general, special items relate to transactions that
are significant, infrequent or unusual. However, in certain instances, certain
transactions such as restructuring costs or assets disposals, which are not
considered to be representative of normal course of business, may be qualified
as special items although they may have occurred within prior years or are
likely to recur within following years. Performance measures excluding special
items such as operating income, net operating income and net income adjusted for
special items, are meant to facilitate the analysis of the financial performance
and the comparison of income between periods.



Cautionary Note to U.S. Investors - The United States Securities and Exchange
Commission permits oil and gas companies, in their filings with the SEC, to
disclose only proved reserves that a company has demonstrated by actual
production or conclusive formation tests to be economically and legally
producible under existing economic and operating conditions. We use certain
terms in this presentation, such as proved and probable reserves, that the SEC's
guidelines strictly prohibit us from including in filings with the SEC. U.S.
Investors are urged to consider closely the disclosure in our Form 20-F, File N
degrees 1-10888, available from us at 2, place de la Coupole - La Defense 6 -
92078 Paris la Defense cedex - France. You can also obtain this form from the
SEC by calling 1-800-SEC-0330.



               Main operating information by segment

                Fourth quarter and full year 2004



• Upstream


4Q04      4Q03      %        Combined liquids and gas production  2004       2003       %
                             by region (kboe/d)

858       891       -4%      Europe                               832        880        -5%

840       770       +9%      Africa                               813        723        +12%

37        56        -34%     North America                         61         59         +3%

255       232       +10%     Far East                             245        232         +6%

442       414       +7%      Middle East                          412        441         -7%

187       214       -13%     South America                        213        196         +9%

9         11        -18%     Rest of world                          9          8        +13%

2,628     2,588     +2%      Total*                             2,585      2,539         +2%

* including production from consolidated subsidiaries of  2,253 kboe/d in 2004
and 2,210 kboe/d in 2003



4Q04      4Q03      %        Liquids production by region (kb/d)  2004       2003       %

442       458       -3%      Europe                               424        460        -8%

720       697       +3%      Africa                               730        646        +13%

2         4         -50%     North America                         16          4         x4

29        25        +16%     Far East                              31         25        +24%

382       361       +6%      Middle East                          357        388         -8%

100       141       -29%     South America                        128        130         -2%

9         11        -18%     Rest of world                          9          8        +13%

1,684     1,697     -1%      Total*                             1,695      1,661         +2%

* including production from consolidated subsidiaries of  1,411 kb/d in 2004 and
1,379 kb/d in 2003



4Q04      4Q03      %        Gas production by region (Mcfd)      2004       2003       %

2,267     2,373     -4%      Europe                               2,218      2,286      -3%

  640       371    +73%      Africa                                 444        404     +10%

  181       267    -32%      North America                          241        294     -18%

1,394     1,137    +23%      Far East                             1,224      1,156      +6%

  324       297     +9%      Middle East                            293        283      +4%

  517       420    +23%      South America                          474        363     +31%

    -         -      -       Rest of world                            -          -       -

5,323    4,865      +9%      Total*                               4,894      4,786      +2%

* including production from consolidated subsidiaries of  4,636 Mcfd in 2004 and
4,540 Mcfd in 2003




• Downstream



Refined product sales by region (kb/d)                             2004      2003      %

Europe                                                            2,693     2,744     -2%

Africa                                                              306       282     +9%

Americas                                                            605       525     +15%

Middle East                                                          65        60      +8%

Far East                                                             73        29     +152%

Rest of world                                                        29        12     +142%

Total                                                             3,771     3,652       +3%

* includes trading and share of Cepsa


• Chemicals


4Q04      4Q03      %        Key figures - Chemicals (B€)         2004       2003       %

5.25      4.34      +21%     Sales                                20.04      17.26      +16%

2.85      2.11      +35%     • Base chemicals and polymers        10.30      7.91       +30%

0.91      0.83      +10%     • Intermediates                       3.71      3.60        +3%

1.50      1.40      +7%      • Specialties                         6.02      5.74        +5%

(0.01)    0.00      ns       • Corporate - Chemicals               0.01      0.01         -

0.43      0.16      +169%    Operating income                      1.09      0.56       +95%
                             adjusted for special items

0.27      0.05      +440%    • Base chemicals and polymers         0.49      0.10      +390%

0.04      0.02      +100%    • Intermediates                       0.14      0.13        +8%

0.12      0.12      -        • Specialties                         0.49      0.43       +14%

0.00      (0.03)    ns       • Corporate - Chemicals              (0.03)    (0.10)      ns






(1) adjusted net income = net income (Group share) adjusted for special items
and excluding Total's equity share of amortization of goodwill and intangible
assets related to the Sanofi-Aventis merger (153 M€ for the fourth quarter  and
full year 2004)


(2) dollar amounts represent euro accounts converted at the average €/$ exchange
rate for the period (1.2977 dollars per euro in the fourth quarter 2004, 1.1891
in the fourth quarter 2003, 1.2439 for the full year 2004, and 1.1312 for the
full year 2003)


(3)  percent change relative to the same 2003 period


(4) net cash flow = cash flow from operating activities + divestments -
investments


(5) approximately 27% of Total's 2004 production was covered by production
sharing and buy-back contracts


(6) ratio of changes in reserves excluding production (i.e. revisions,
discoveries, extensions, acquisitions, sales of reserves) divided by production


(7) (explorations costs + unproved property acquisition) / (revisions +
discoveries, extensions of reserves)


(8) (exploration and development costs + proved and unproved acquisitions) /
(revisions + discoveries, extensions + acquisitions of reserves)


(9) see disclaimer on page 16


(10) 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 Brent 25 $/b environment


(11) Total share, excluding trading


(12) 1 Bm3/y = approx. 0.1 Bcfd


(13) subject to market conditions and after informing/consulting with labor
representatives


(14) this amount takes into account the fact that the change in the average gas
price realization between 2003 and 2004 was smaller than the change in the
average liquids price realization ; in 2004, the average gas price increased by
14% to 3.74 $/Mbtu while the average liquids price increased by 31% to 36.8 $/b


(15) mainly on the valorization of products and the cost of feedstock


(16) special items are shown in the table on page 3


(17) based on reference environment : Brent = 25 $/b ; TRCV = 15 $/t ; €/$ =
     1.25


(18) ExxonMobil, BP, RD/Shell, ChevronTexaco


(19) adjusted for special items and excluding Total's equity share of
amortization of goodwill and intangible assets related to the Sanofi-Aventis
merger


(20) Brent = 25 $/b ; TRCV = 15 $/t ; €/$ = 1.25 ; inventory at replacement
cost. Downstream ROACE calculated in this reference environment is comparable to
the ROACE calculated in the former reference environment (TRCV = 12 $/t ; €/$ =
1.10)


                      This information is provided by RNS
            The company news service from the London Stock Exchange         SFFSWWSISESE