Total: Second Quarter and First Half 2009 Results

Companies

TotalEnergies SE (TTE)

UK 100

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-- Second quarter adjusted net income³	Â	1.7 billion euros	Â	-54%
		2.3 billion dollars		-60%
		0.77 euros per share		-53%
		1.05 dollars per share		-59%
-- First half adjusted net income		3.8 billion euros		-45%
		5.1 billion dollars		-52%
-- First half net income (Group share)		4.5 billion euros		-46%

2Q09	Â	1Q09	Â	2Q08	Â	2Q09 vsvs 2Q082Q08	Â	in millions of euros except earnings per share and number of shares	Â	1H09	Â	1H08	Â	1H09 vsvs 1H081H08
31,430		30,041		48,200		-35%		Sales		61,471		92,413		-33%
3,044		3,615		7,786		-61%		Adjusted operating income from business segments		6,659		14,905		-55%
1,678		2,050		3,756		-55%		Adjusted net operating income from business segments		3,728		6,956		-46%
1,451		1,482		3,099		-53%		= Upstream		2,933		5,830		-50%
156		600		587		-73%		= Downstream		756		898		-16%
71		-32		70		+1%		= Chemicals		39		228		-83%
1,721		2,113		3,723		-54%		Adjusted net income		3,834		6,977		-45%
0.77		0.95		1.65		-53%		Adjusted fully-diluted earnings per share (euros)		1.72		3.10		-45%
2,235.6		2,235.4		2,252.9		-1%		Fully-diluted weighted-average shares (millions)		2,235.5		2,253.4		-1%
2,169		2,290		4,732		-54%		Net income (Group share)		4,459		8,334		-46%
3,634		2,935		2,868		+27%		Investments⁶		6,569		5,511		+19%
3,575		2,840		2,138		+67%		Investments⁶ including net investments in equity affiliates and non-consolidated companies		6,415		4,684		+37%
858		472		726		+18%		Divestments		1,330		924		+44%
1,939		3,994		1,922		+1%		Cash flow from operations		5,933		7,238		-18%
3,237		3,372		4,798		-33%		Adjusted cash flow from operations		6,609		9,129		-28%

2Q09	Â	1Q09	Â	2Q08	Â	2Q09 vsvs 2Q082Q08	Â	in millions of dollars⁷ except earnings per share and number of shares	Â	1H09	Â	1H08	Â	1H09 vsvs 1H081H08
42,845		39,140		75,298		-43%		Sales		81,929		141,429		-42%
4,150		4,710		12,163		-66%		Adjusted operating income from business segments		8,875		22,811		-61%
2,287		2,671		5,868		-61%		Adjusted net operating income from business segments		4,969		10,645		-53%
1,978		1,931		4,841		-59%		= Upstream		3,909		8,922		-56%
213		782		917		-77%		= Downstream		1,008		1,374		-27%
97		-42		109		-11%		= Chemicals		52		349		-85%
2,346		2,753		5,816		-60%		Adjusted net income		5,110		10,678		-52%
1.05		1.23		2.58		-59%		Adjusted fully-diluted earnings per share (dollars)		2.29		4.74		-52%
2,235.6		2,235.4		2,252.9		-1%		Fully-diluted weighted-average shares (millions)		2,235.5		2,253.4		-1%
2,957		2,984		7,392		-60%		Net income (Group share)		5,943		12,754		-53%
4,954		3,824		4,480		+11%		Investments⁶		8,755		8,434		+4%
4,873		3,700		3,340		+46%		Investments⁶ including net investments in equity affiliates and non-consolidated companies		8,550		7,168		+19%
1,170		615		1,134		+3%		Divestments		1,773		1,414		+25%
2,643		5,204		3,003		-12%		Cash flow from operations		7,908		11,077		-29%
4,413		4,393		7,495		-41%		Adjusted cash flow from operations		8,808		13,971		-37%

2Q09	Â	1Q09	Â	2Q08	Â	2Q09 vsvs 2Q082Q08	Â	Â	Â	1H09	Â	1H08	Â	1H09 vsvs 1H081H08
59.1		44.5		121.2		-51%		Brent ($/b)		51.7		109.0		-53%
54.8		41.5		114.9		-52%		Average liquids price ($/b)		48.2		102.8		-53%
4.71		5.98		7.29		-35%		Average gas price ($/Mbtu)		5.36		6.97		-23%
44.2		38.8		87.3		-49%		Average hydrocarbons price ($/boe)		41.5		78.8		-47%

2Q09	Â	1Q09	Â	2Q08	Â	2Q09 vsvs 2Q082Q08	Â	in millions of euros	Â	1H09	Â	1H08	Â	1H09 vsvs 1H081H08
2,843		2,892		6,964		-59%		Adjusted operating income*		5,735		13,387		-57%
1,451		1,482		3,099		-53%		Adjusted net operating income*		2,933		5,830		-50%
176		227		317		-44%		includes income from equity affiliates		403		599		-33%
2,664		2,250		2,076		+28%		Investments		4,914		4,254		+16%
105		129		565		-81%		Divestments		234		672		-65%
1,943		2,578		3,643		-47%		Cash flow from operating activities		4,521		7,894		-43%
2,550		2,679		3,904		-35%		Adjusted cash flow		5,229		7,749		-33%

in millions of euros	Â	6/30/2009	Â	3/31/2009	Â	6/30/2008
Current borrowings		7,916		4,771		4,795
Net current financial assets		(123)		(80)		(49)
Non-current financial debt		19,640		19,078		14,777
Hedging instruments of non-current debt		(875)		(934)		(540)
Cash and cash equivalents		(14,299)		(13,319)		(7,245)
Net debt		12,259		9,516		11,738
Â		Â		Â		Â
Shareholders equity		51,299		52,597		48,273
Estimated dividend payable*		(2,541)		(3,812)		(2,315)
Minority interests		963		1,004		855
Equity		49,721		49,789		46,813
Â		Â		Â		Â
Net-debt-to-equity ratio		24.7%		19.1%		25.1%

Â	Â	Scenario	Â	Change	Â	Impact on adjusted operating income(e)	Â	Impact on adjusted net operating income(e)
Dollar		1.30 $/â‚¬		+0.1 $ per â‚¬		-1.3 Bâ‚¬		-0.7 Bâ‚¬
Brent		60 $/b		+1 $/b		+0.32 Bâ‚¬ / 0.42 B$		+0.15 Bâ‚¬ / 0.20 B$
European refining margins TRCV		30 $/t		+1 $/t		+0.08 Bâ‚¬ / 0.11 B$		+0.06 Bâ‚¬ / 0.07 B$

in millions of euros	Â	Upstream	Â	Downstream	Â	Chemicals**	Â	Segments	Â	Â	Â	Group
Adjusted net operating income		7,827		2,427		479		10,733				11,388
Capital employed at 6/30/2008*		26,676		13,491		7,394		47,561				56,107
Capital employed at 6/30/2009*		35,385		13,939		6,915		56,239				62,294
ROACE		25.2%		17.7%		6.7%		20.7%				19.2%

CONSOLIDATED STATEMENT OF INCOME	Â		Â		Â
TOTAL
(unaudited)
						Â
(Mâ‚¬) ^(a)		2^nd quarter 2009		1^st quarter 2009		2^nd quarter 2008
Sales		31,430		30,041		48,200
Excise taxes		(4,856)		(4,573)		(4,900)
Revenues from sales		26,574		25,468		43,300
Purchases, net of inventory variation		(16,300)		(15,228)		(27,958)
Other operating expenses		(4,724)		(4,675)		(4,439)
Exploration costs		(155)		(176)		(203)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,636)		(1,520)		(1,384)
Other income		106		15		15
Other expense		(216)		(87)		(121)
Financial interest on debt		(140)		(171)		(204)
Financial income from marketable securities & cash equivalents		40		55		113
Cost of net debt		(100)		(116)		(91)
Other financial income		240		159		229
Other financial expense		(82)		(81)		(80)
Equity in income (loss) of affiliates		393		467		538
Income taxes		(1,877)		(1,902)		(4,931)
Consolidated net income		2,223		2,324		4,875
Group share^*		2,169		2,290		4,732
Minority interests		54		34		143
Earnings per share (â‚¬)		0,97		1,03		2,12
Fully-diluted earnings per share (â‚¬)^**		0,97		1,02		2,10
Â		Â		Â		Â
* Adjusted net income		1,721		2,113		3,723
** Adjusted fully-diluted earnings per share (â‚¬)		0,77		0,95		1,65
(a) Except for per share amounts.

CONSOLIDATED BALANCE SHEET	Â		Â		Â		Â
TOTAL
								Â
								Â
(Mâ‚¬)		June 30, 2009 (unaudited)		March 31, 2009 (unaudited)		December 31, 2008		June 30, 2008 (unaudited)
ASSETS
Non-current assets
Intangible assets, net		5,955		5,904		5,341		4,381
Property, plant and equipment, net		48,762		48,773		46,142		41,756
Equity affiliates : investments and loans		14,075		15,093		14,668		14,524
Other investments		1,211		1,192		1,165		1,246
Hedging instruments of non-current financial debt		875		934		892		540
Other non-current assets		3,095		3,244		3,044		2,179
Total non-current assets		73,973		75,140		71,252		64,626
Current assets
Inventories, net		11,749		10,097		9,621		17,185
Accounts receivable, net		15,226		14,940		15,287		21,856
Other current assets		9,253		9,047		9,642		9,644
Current financial assets		217		150		187		223
Cash and cash equivalents		14,299		13,319		12,321		7,245
Total current assets		50,744		47,553		47,058		56,153
Total assets		124,717		122,693		118,310		120,779
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares		5,931		5,931		5,930		6,003
Paid-in surplus and retained earnings		55,031		55,198		52,947		55,024
Currency translation adjustment		(4,656)		(3,523)		(4,876)		(6,483)
Treasury shares		(5,007)		(5,009)		(5,009)		(6,271)
Total shareholders' equity - Group Share		51,299		52,597		48,992		48,273
Minority interests		963		1,004		958		855
Total shareholders' equity		52,262		53,601		49,950		49,128
Non-current liabilities
Deferred income taxes		8,561		8,478		7,973		7,748
Employee benefits		2,006		2,035		2,011		2,533
Provisions and other non-current liabilities		8,087		8,391		7,858		6,567
Total non-current liabilities		18,654		18,904		17,842		16,848
Non-current financial debt		19,640		19,078		16,191		14,777
Current liabilities
Accounts payable		14,036		13,894		14,815		19,297
Other creditors and accrued liabilities		12,115		12,375		11,632		15,760
Current borrowings		7,916		4,771		7,722		4,795
Other current financial liabilities		94		70		158		174
Total current liabilities		34,161		31,110		34,327		40,026
Total Liabilities and shareholders' equity		124,717		122,693		118,310		120,779

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â		Â
TOTAL
(unaudited)
						Â
(Mâ‚¬)		2^nd quarter 2009		1^st quarter 2009		2^nd quarter 2008
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		2,223		2,324		4,875
Depreciation, depletion and amortization		1,712		1,661		1,482
Non-current liabilities, valuation allowances and deferred taxes		281		(68)		32
Impact of coverage of pension benefit plans		-		-		-
(Gains) losses on sales of assets		(31)		(15)		(15)
Undistributed affiliates' equity earnings		81		(79)		104
(Increase) decrease in working capital		(2,363)		145		(4,563)
Other changes, net		36		26		7
Cash flow from operating activities		1,939		3,994		1,922
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(3,312)		(2,484)		(2,619)
Acquisitions of subsidiaries, net of cash acquired		(109)		(47)		-
Investments in equity affiliates and other securities		(131)		(84)		(41)
Increase in non-current loans		(82)		(320)		(208)
Total expenditures		(3,634)		(2,935)		(2,868)
Proceeds from disposal of intangible assets and property, plant and equipment		55		60		16
Proceeds from disposal of subsidiaries, net of cash sold		-		-		84
Proceeds from disposal of non-current investments		726		299		20
Repayment of non-current loans		77		113		606
Total divestments		858		472		726
Cash flow used in investing activities		(2,776)		(2,463)		(2,142)
CASH FLOW (FROM)/USED FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		5		9		233
- Treasury shares		2		-		(284)
- Minority shareholders		-		-		-
Cash dividends paid:
- Parent company shareholders		(2,541)		-		(2,404)
- Minority shareholders		(141)		(4)		(127)
Net issuance (repayment) of non-current debt		2,010		2,844		1,562
Increase (decrease) in current borrowings		2,350		(3,417)		55
Increase (decrease) in current financial assets and liabilities		-		-		(18)
Cash flow (from) / used financing activities		1,685		(568)		(983)
Net increase (decrease) in cash and cash equivalents		848		963		(1,203)
Effect of exchange rates		132		35		107
Cash and cash equivalents at the beginning of the period		13,319		12,321		8,341
Cash and cash equivalents at the end of the period		14,299		13,319		7,245

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY										Â		Â		Â		Â
TOTAL		Â		Â		Â		Â
(unaudited)	Â		Â		Â		Â		Â		Â		Â		Â		Â
	Common shares issued				Paid-in surplus and retained earnings		Currency translation adjustment		Treasury shares				Shareholders' equity Group Share		Minority interests		Total shareholders' equity
(Mâ‚¬)	Number		Amount		Â		Â		Number		Amount		Â		Â		Â
As of January 1, 2008	2,395,532,097		5,989		48,797		(4,396)		(151,421,232)		(5,532)		44,858		842		45,700
Net income for the first half	-		-		8,334		-		-		-		8,334		244		8,578
Other comprehensive Income	-		-		(43)		(2,087)		-		-		(2,130)		(103)		(2,233)
Comprehensive Income	-		-		8,291		(2,087)		-		-		6,204		141		6,345
Dividend	-		-		(2,404)		-		-		-		(2,404)		(128)		(2,532)
Issuance of common shares	5,678,338		14		228		-		-		-		242		-		242
Purchase of treasury shares	-		-		-		-		(16,000,000)		(818)		(818)		-		(818)
Sale of treasury shares (1)	-		-		28		-		2,679,805		79		107		-		107
Share-based payments	-		-		84		-		-		-		84		-		84
Other operations with minority interests	-		-		-		-		-		-		-		-		-
Share cancellation	-		-		-		-		-		-		-		-		-
Transactions with shareholders	5,678,338		14		(2,064)		-		(13,320,195)		(739)		(2,789)		(128)		(2,917)
As of June 30, 2008	2,401,210,435		6,003		55,024		(6,483)		(164,741,427)		(6,271)		48,273		855		49,128
Net income for the second half	-		-		2,256		-		-		-		2,256		119		2,375
Other comprehensive Income	-		-		(215)		1,607		-		-		1,392		69		1,461
Comprehensive Income	-		-		2,041		1,607		-		-		3,648		188		3,836
Dividend	-		-		(2,541)		-		-		-		(2,541)		(85)		(2,626)
Issuance of common shares	597,639		2		18		-		-		-		20		-		20
Purchase of treasury shares	-		-		-		-		(11,600,000)		(521)		(521)		-		(521)
Sale of treasury shares (1)	-		-		(99)		-		3,259,332		142		43		-		43
Share-based payments	-		-		70		-		-		-		70		-		70
Other operations with minority interests	-		-		-		-		-		-		-		-		-
Share cancellation	(30,000,000)		(75)		(1,566)		-		30,000,000		1,641		-		-		-
Transactions with shareholders	(29,402,361)		(73)		(4,118)		-		21,659,332		1,262		(2,929)		(85)		(3,014)
As of December 31, 2008	2,371,808,074		5,930		52,947		(4,876)		(143,082,095)		(5,009)		48,992		958		49,950
Net income for the first half	-		-		4,459		-		-		-		4,459		88		4,547
Other comprehensive Income	-		-		96		220		-		-		316		86		402
Comprehensive Income	-		-		4,555		220		-		-		4,775		174		4,949
Dividend	-		-		(2,541)		-		-		-		(2,541)		(145)		(2,686)
Issuance of common shares	565,886		1		13		-		-		-		14		-		14
Purchase of treasury shares	-		-		-		-		-		-		-		-		-
Sale of treasury shares (1)	-		-		-		-		51,995		2		2		-		2
Share-based payments	-		-		80		-		-		-		80		-		80
Other operations with minority interests	-		-		(23)		-		-		-		(23)		(24)		(47)
Share cancellation	-		-		-		-		-		-		-		-		-
Transactions with shareholders	565,886		1		(2,471)		-		51,995		2		(2,468)		(169)		(2,637)
As of June 30, 2009	2,372,373,960		5,931		55,031		(4,656)		(143,030,100)		(5,007)		51,299		963		52,262

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ^(a)			Â
TOTAL	Â
(unaudited)
				Â
(Mâ‚¬)		1^st half 2009		1^st half 2008
Net income		4,547		8,578
Other comprehensive income
Currency translation adjustment		246		(1,927)
Available for sale financial assets		39		(43)
Cash flow hedge		58		-
Share of other comprehensive income of associates, net amount		93		(270)
Other		(11)		(1)
				Â
Tax effect		(23)		8
Total other comprehensive income (net amount)		402		(2,233)
Â		Â		Â
Comprehensive income		4,949		6,345
- Group share		4,775		6,204
- Minority interests		174		141
				Â
(a) In accordance with revised IAS 1, applicable from January 1, 2009.

BUSINESS SEGMENT INFORMATION	Â		Â		Â		Â		Â		Â
TOTAL
(unaudited)
Â		Â		Â		Â		Â		Â		Â
1^sthalf 2009 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		7,874		46,686		6,902		9		-		61,471
Intersegment sales		7,349		1,646		276		79		(9,350)		-
Excise taxes		-		(9,429)		-		-		-		(9,429)
Revenues from sales		15,223		38,903		7,178		88		(9,350)		52,042
Operating expenses		(7,367)		(36,253)		(6,635)		(353)		9,350		(41,258)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,121)		(683)		(335)		(17)		-		(3,156)
Operating income		5,735		1,967		208		(282)		-		7,628
Equity in income (loss) of affiliates and other items		572		127		(121)		336		-		914
Tax on net operating income		(3,413)		(581)		1		143		-		(3,850)
Net operating income		2,894		1,513		88		197		-		4,692
Net cost of net debt												(145)
Minority interests		Â		Â		Â		Â		Â		(88)
Net income												4,459
Â		Â		Â		Â		Â		Â		Â
1^sthalf 2009 (adjustments) ^(a) (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales
Intersegment sales
Excise taxes		Â		Â		Â		Â		Â		Â
Revenues from sales
Operating expenses		-		1,097		259		-				1,356
Depreciation, depletion and amortization of tangible assets and mineral interests		-		(62)		(43)		-		Â		(105)
Operating income^(b)		-		1,035		216		-				1,251
Equity in income (loss) of affiliates and other items^(c)		(39)		63		(138)		(141)				(255)
Tax on net operating income		-		(341)		(29)		-		Â		(370)
Net operating income^(b)		(39)		757		49		(141)				626
Net cost of net debt												-
Minority interests		Â		Â		Â		Â		Â		(1)
Net income												625
(a) Adjustments include special items, inventory valuation effect and equity share of adjustments and selected items related to Sanofi-Aventis Â (b) Of which inventory valuation effect		Â		Â		Â		Â		Â		Â
On operating income		-		1,278		264		-
On net operating income		-		945		171		-
(c) Of which equity share of adjustments and selected items related to Sanofi-Aventis		-		-		-		(182)		Â		Â
1^sthalf 2009 (adjusted) (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		7,874		46,686		6,902		9		-		61,471
Intersegment sales		7,349		1,646		276		79		(9,350)		-
Excise taxes		-		(9,429)		-		-		-		(9,429)
Revenues from sales		15,223		38,903		7,178		88		(9,350)		52,042
Operating expenses		(7,367)		(37,350)		(6,894)		(353)		9,350		(42,614)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,121)		(621)		(292)		(17)		-		(3,051)
Adjusted operating income		5,735		932		(8)		(282)		-		6,377
Equity in income (loss) of affiliates and other items		611		64		17		477		-		1,169
Tax on net operating income		(3,413)		(240)		30		143		-		(3,480)
Adjusted net operating income		2,933		756		39		338		-		4,066
Net cost of net debt												(145)
Minority interests		Â		Â		Â		Â		Â		(87)
Ajusted net income												3,834
Â		Â		Â		Â		Â		Â		Â
1^st half 2009 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Total expenditures		4,914		1,320		294		41				6,569
Total divestments		234		62		14		1,020				1,330
Cash flow from operating activities		4,521		1,620		458		(666)		Â		5,933

CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)			Â		Â
TOTAL	Â
(unaudited)
		Â		Â		Â
2^nd quarter 2009 (Mâ‚¬)		Adjusted		Adjustments		Consolidated statement of income
Sales		31,430		-		31,430
Excise taxes		(4,856)		-		(4,856)
Revenues from sales		26,574		-		26,574
Purchases net of inventory variation		(17,365)		1,065		(16,300)
Other operating expenses		(4,641)		(83)		(4,724)
Exploration costs		(155)		-		(155)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,531)		(105)		(1,636)
Other income		78		28		106
Other expense		(56)		(160)		(216)
Financial interest on debt		(140)		-		(140)
Financial income from marketable securities & cash equivalents		40		-		40
Cost of net debt		(100)		-		(100)
Other financial income		240		-		240
Other financial expense		(82)		-		(82)
Equity in income (loss) of affiliates		441		(48)		393
Income taxes		(1,630)		(247)		(1,877)
Consolidated net income		1,773		450		2,223
Group share		1,721		448		2,169
Minority interests		52		2		54
						Â
						Â
		Â		Â		Â
2^nd quarter 2008 (Mâ‚¬)		Adjusted		Adjustments		Consolidated statement of income
Sales		48,200		-		48,200
Excise taxes		(4,900)		-		(4,900)
Revenues from sales		43,300		-		43,300
Purchases net of inventory variation		(29,645)		1,687		(27,958)
Other operating expenses		(4,439)		-		(4,439)
Exploration costs		(203)		-		(203)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,384)		-		(1,384)
Other income		13		2		15
Other expense		(26)		(95)		(121)
Financial interest on debt		(204)		-		(204)
Financial income from marketable securities & cash equivalents		113		-		113
Cost of net debt		(91)		-		(91)
Other financial income		229		-		229
Other financial expense		(80)		-		(80)
Equity in income (loss) of affiliates		573		(35)		538
Income taxes		(4,398)		(533)		(4,931)
Consolidated net income		3,849		1,026		4,875
Group share		3,723		1,009		4,732
Minority interests		126		17		143

2Q09	Â	1Q09	Â	2Q08	Â	2Q09 vsvs 2Q082Q08	Â	Â	Â	1H09	Â	1H08	Â	1H09 vsvs 1H081H08
2,175		2,236		2,297		-5%		Total refinery throughput (kb/d)		2,205		2,341		-6%
925		895		932		-1%		= France		910		931		-2%
1,024		1,086		1,055		-3%		= Rest of Europe		1,055		1,111		-5%
226		255		310		-27%		= Rest of world		240		299		-20%
								Utilization rates
79%		81%		85%				= Based on crude only		80%		86%
84%		86%		88%		Â		= Based on crude and other feedstock		85%		90%		Â

2Q09	Â	1Q09	Â	2Q08	Â	2Q09 vsvs 2Q082Q08	Â	in millions of euros	Â	1H09	Â	1H08	Â	1H09 vs 1H08
3,684		3,218		5,478		-33%		Sales		6,902		10,707		-36%
2,164		1,776		3,632		-40%		= Base chemicals		3,940		7,052		-44%
1,520		1,442		1,846		-18%		= Specialties		2,962		3,655		-19%
Â		Â		Â		Â		Â		Â		Â		Â
60		(68)		78		-23%		Adjusted operating income *		(8)		276		na
71		(32)		70		+1%		Adjusted net operating income *		39		228		-83%
19		(40)		(23)		na		Base chemicals		(20)		38		na
58		16		97		-40%		Specialties		74		195		-62%
Â		Â		Â		Â		Â		Â		Â		Â
115		179		221		-48%		Investments		294		385		-24%
8		6		12		-33%		Divestments		14		19		-26%
280		178		169		+66%		Cash flow from operating activities		458		(33)		na
114		(134)		152		-25%		Adjusted cash flow		(20)		418		na

2Q09	Â	1Q09	Â	2Q08	Â	2Q09 vs 2Q08	Â	Combined liquids and gas production by region (kboe/d)	Â	1H09	Â	1H08	Â	1H09 vs 1H08
574		686		601		-4%		Europe		629		614		+2%
713		741		789*		-10%		Africa		728		819*		-11%
13		11		14		-7%		North America		12		15		-20%
248		255		246		+1%		Far East		251		249		+1%
420		419		433		-3%		Middle East		419		435		-4%
193		184		244*		-21%		South America		189		230*		-18%
21		26		26*		-19%		Rest of world		24		27*		-11%
2,182		2,322		2,353		-7%		Total production		2,252		2,389		-6%
342		350		418		-18%		Includes equity and non-consolidated affiliates		346		407		-15%

2Q09	Â	1Q09	Â	2Q08	Â	2Q09 vs 2Q08	Â	Liquids production by region (kb/d)	Â	1H09	Â	1H08	Â	1H09 vs 1H08
275		320		299		-8%		Europe		297		299		-1%
600		633		657*		-9%		Africa		618		687*		-10%
11		10		11		-		North America		10		11		-9%
33		36		27		+22%		Far East		34		27		+26%
310		315		331		-6%		Middle East		312		333		-6%
87		85		134*		-35%		South America		86		122*		-30%
12		14		12*		-		Rest of world		13		12*		+8%
1,328		1,413		1,471		-10%		Total production		1,370		1,491		-8%
289		294		366		-21%		Includes equity and non-consolidated affiliates		291		353		-18%