Total : Second Quarter and First Half 2014 Resu...
Total : Second Quarter and First Half 2014 Results1
TOTAL
| Â | 2Q14 | Â |
Change |
 |  | 1H14 |  |
Change |
||||
| Â | ||||||||||||
|
Adjusted net income2 |
||||||||||||
| Â | ||||||||||||
|
- in billions of dollars (B$) |
3.2 | -12% | 6.5 | -11% | ||||||||
|
- in dollars per share |
1.38 | -12% | 2.84 | -11% | ||||||||
| Â | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||
|
Net income3 of 3.1 B$ in 2Q14 and 6.4 B$ in 1H14 Net-debt-to-equity ratio of 27.1% at June 30, 2014 Hydrocarbon production of 2,054 kboe/d in 2Q14 Interim dividend for 2Q14 of 0.61 €/share payable in December 20144 |
||||||||||||
Commenting on the results, Chairman and CEO Christophe de Margerie said:
“Growing geopolitical tensions marked the second quarter environment and, despite the stability of the Brent price, drew attention to the sensitive balance of the oil markets.
In this context, the Group reported adjusted net income of $3.2 billion, slightly less than in the previous quarter, essentially due to exceptionally heavy maintenance in the Upstream. The highlight of the quarter was the start-up of CLOV in deep-offshore Angola, which demonstrates yet again the excellence of the Group in major project management. Going forward, we are fully mobilized and focused on starting up the next set of operated projects. In addition, the final investment decisions to launch Kaombo in Angola and Edradour in the UK, approved only after rigorous cost reductions, illustrate the Group’s capital discipline and strengthen its production profile through 2017.
The Group performed relatively well in the downstream, despite an unfavorable environment for refining and marketing in Europe and scheduled turnarounds for maintenance on several sites.
Every segment is playing a role in optimizing the asset portfolio. The sales of Shah Deniz in Azerbaijan, the coal mines in South Africa and Totalgaz have been announced. Finally, all the segments have progressed in setting detailed cost reduction targets within the framework of the 3-year plan announced at the beginning of the year. This plan, which is essential to the Group’s performance and in keeping with the commitments on safety and environment, will bear its first fruits in 2015.â€
- Key figures5
| 2Q14 | Â | 1Q14 | Â | 2Q13 | Â |
2Q14 vs 2Q13 |
 |
Expressed in millions dollars except earnings per share and number of shares |
 | 1H14 |  | 1H13 |  |
1H14 vs 1H13 |
| 62,561 | Â | 60,687 | Â | 61,345 | Â | +2% | Â | Sales | Â | 123,248 | Â | 124,906 | Â | -1% |
| 5,583 | Â | 6,182 | Â | 6,708 | Â | -17% | Â | Adjusted operating income from business segments | Â | 11,765 | Â | 14,211 | Â | -17% |
| 3,824 | Â | 3,699 | Â | 4,005 | Â | -5% | Â | Adjusted net operating income from business segments | Â | 7,523 | Â | 8,031 | Â | -6% |
| 3,051 | Â | 3,092 | Â | 3,041 | Â | - | Â |
- Upstream |
 | 6,143 |  | 6,298 |  | -2% |
| 401 | 346 | 518 | -23% |
- Refining & Chemicals |
747 | 955 | -22% | |||||||
| 372 | Â | 261 | Â | 446 | Â | -17% | Â |
- Marketing & Services |
 | 633 |  | 778 |  | -19% |
| 3,151 | Â | 3,327 | Â | 3,581 | Â | -12% | Â | Adjusted net income | Â | 6,478 | Â | 7,279 | Â | -11% |
| 1.38 | Â | 1.46 | Â | 1.57 | Â | -12% | Â | Adjusted fully-diluted earnings per share (dollars) | Â | 2.84 | Â | 3.20 | Â | -11% |
| 1.00 | Â | 1.07 | Â | 1.21 | Â | -17% | Â | Adjusted fully-diluted earnings per share (euro) | Â | 2.07 | Â | 2.44 | Â | -15% |
| 2,281 | Â | 2,277 | Â | 2,274 | Â | - | Â | Fully-diluted weighted-average shares (millions) | Â | 2,279 | Â | 2,272 | Â | - |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 3,104 | Â | 3,335 | Â | 3,364 | Â | -8% | Â | Net income (Group share) | Â | 6,439 | Â | 5,312 | Â | +21% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 8,723 | Â | 5,865 | Â | 7,459 | Â | +17% | Â |
Investments6 |
 | 14,588 |  | 15,363 |  | -5% |
| 631 | Â | 1,840 | Â | 1,750 | Â | -64% | Â | Divestments | Â | 2,471 | Â | 2,563 | Â | -4% |
| 7,966 | Â | 4,025 | Â | 5,716 | Â | +39% | Â |
Net investments7 |
 | 11,991 |  | 12,336 |  | -3% |
| 5,277 | Â | 5,338 | Â | 4,838 | Â | +9% | Â | Cash flow from operations | Â | 10,615 | Â | 9,751 | Â | +9% |
| 5,931 | Â | 6,204 | Â | 6,625 | Â | -10% | Â | Adjusted cash flow from operations | Â | 12,135 | Â | 13,380 | Â | -9% |
-
Highlights since the beginning of the second quarter 20148
- Started up the deep-offshore CLOV oil field in Angola
- Launched the developments of Kaombo in ultra-deep offshore Angola and Edradour in the West of Shetland area of the UK
- Discovered oil on Ivory Coast deep-offshore block CI-514
- Acquired a 60% interest in the Glenlivet gas field in the West of Shetland area of the UK
- Announced the sales of the Group’s interests in the Shah Deniz field in Azerbaijan and coal mines in South Africa
- Announced agreements to sell Totalgaz and CCP Composites
- Signed an agreement for long-term sales of LNG to Singapore
- Second quarter 2014 results
> Net operating income from business segments
In the second quarter 2014, the Brent price averaged 109.7 $/b, an increase of 7% compared to the second quarter 2013 and 1% compared to the first quarter 2014. The Group’s European refining margin indicator (ERMI) averaged 10.9 $/t compared to 24.1 $/t in the second quarter 2013 and 6.6 $/t in the first quarter 2014.
The effective tax rate9 for the business segments was 48.8% in the second quarter 2014 compared to 53.2% in the second quarter 2013, reflecting mainly the benefit of tax allowances in the UK.
Adjusted net operating income from the business segments was 3,824 M$ in the second quarter 2014 compared to 4,005 M$ in the second quarter 2013, a decrease of 5% mainly due to weaker performance from Refining & Chemicals, which faced a deteriorated refining environment in Europe, and less favorable conditions for certain Marketing & Services activities. In the Upstream, adjusted net operating income was stable despite a high level of maintenance, notably thanks to a lower effective tax rate this quarter.
> Net income (Group share)
Adjusted net income was 3,151 M$ compared to 3,581 M$ in the second quarter 2013, a decrease of 12%.
Adjusted net income excludes the after-tax inventory effect, the effect of changes in fair value and special items10:
- The after-tax inventory effect had a positive impact on net income of 80 M$ in the second quarter 2014 compared to a negative impact of 525Â M$ in the second quarter 2013.
- Changes in fair value had a negative impact on net income of 29 M$ in the second quarter 2014 compared to a negative impact of 31 M$ in the second quarter 2013.
- Special items11 had a negative impact on net income of 98 M$ in the second quarter 2014 compared to a positive impact of 339 M$ in the second quarter in 2013.
Net income (Group share) was 3,104 M$ compared to 3,364 M$ in the second quarter 2013.
The effective tax rate for the Group was 55.1% in the second quarter 2014 compared to 55.3% in the second quarter 2013.
On June 30, 2014, there were 2,284 million fully-diluted shares compared to 2,277 million shares on June 30, 2013.
Adjusted fully-diluted earnings per share, based on 2,281 million fully-diluted weighted-average shares, was $1.38 compared to $1.57 in the second quarter 2013.
Expressed in euro, adjusted fully-diluted earnings per share was €1.00, a 17% decrease.
> Investments – divestments12
Investments, excluding acquisitions and including changes in non-current loans, were 7.2Â B$ in the second quarter 2014, an increase of 12% compared to 6.4Â B$ in the second quarter 2013.
Acquisitions were 1,100 M$ in the second quarter 2014, essentially comprised of the acquisition of an interest in the Elk and Antelope discoveries in Papua New Guinea, the acquisition of additional Novatek13 shares and the carry on the Utica gas and condensate field in the United States.
Asset sales in the second quarter 2014 were 201 M$.
Net investments14 were 8.0 B$ in the second quarter 2014 compared to 5.7Â B$ in the second quarter 2013.
The sale of Usan was not completed with Sinopec. The Group is actively pursuing the sale process for this asset.
> Cash flow
Cash flow from operations was 5,277 M$ in the second quarter 2014, an increase of 9% compared to the second quarter 2013.
Adjusted cash flow from operations15 was 5,931 M$ in the second quarter 2014, a decrease of 10% compared to the second quarter 2013.
The Group’s net cash flow16 in the second quarter 2014 was negative 2,689 M$ compared to negative 878 M$ in the second quarter 2013, reflecting essentially an increase in net investments between the two periods.
The net-debt-to-equity ratio was 27.1% on June 30, 2014, compared to 23.5% on March 31, 2014, and 27.6% on June 30, 201317.
- First half 2014 results
> Net operating income from business segments
In the first half 2014, the price of Brent averaged 108.9 $/b compared to 107.5 $/b in the first half 2013. The ERMI was 8.7 $/t compared to 25.5 $/t in the first half 2013.
The effective tax rate18 for the business segments was 52.5% in the first half 2014 compared to 56.0% in the first half 2013, reflecting mainly the benefit of tax allowances in the UK.
Adjusted net operating income from the business segments was 7,523 M$ in the first half 2014 compared to 8,031 M$ in the first half 2013, a decrease of 6% that was mainly due to the weaker performance of the downstream in a much weaker European refining environment. In the Upstream, adjusted net operating income was stable despite a high level of maintenance, notably thanks to a lower effective tax rate this half.
> Net income (Group share)
Adjusted net income was 6,478 M$ compared to 7,279 M$ in the first half 2013, a decrease of 11%.
Adjusted net income excludes the after-tax inventory effect, the effect of changes in fair value and special items19:
- The after-tax inventory effect had a negative impact on net income of 57 M$ in the first half 2014 compared to negative impact of 593Â M$ in the first half 2013.
- Changes in fair value had a negative impact on net income of 8 M$ in the first half 2014 compared to a negative impact of 30 M$ in the first half 2013.
- Special items20 had a positive impact on net income of 26 M$ in the first half 2014, including mainly the gain on the sale (partial IPO) of an interest in Gaztransport & Technigaz (GTT) partially offset by the impairment of the Shtokman project in Russia. Special items had a negative impact on net income of 1,344 M$ in the first half 2013.
Net income (Group share) was 6,439 M$ compared to 5,312 M$ in the first half 2013.
The effective tax rate for the Group was 56.5% in the first half 2014 compared to 57.4% in the first half 2013, reflecting mainly the benefit of tax allowances in the UK, and, effective January 1, 2014, due to its fiscal situation in France, the Group is no longer recognizing the benefit of tax credits related to net operating losses in France.
On June 30, 2014, there were 2,284 million fully-diluted shares compared to 2,277 million shares on June 30, 2013.
Adjusted fully-diluted earnings per share, based on 2,279 million fully-diluted weighted-average shares, was $2.84 in the first half 2014 compared to $3.20 in the first half 2013.
Expressed in euro, adjusted fully-diluted earnings per share was €2.07, a decrease of 15%.
> Investments – divestments21
Investments, excluding acquisitions and including changes in non-current loans, were 12.4 B$ in the first half 2014, a decrease of 4% compared to 12.9Â B$ in the first half 2013.
Acquisitions were 1,399 M$ in the first half 2014, essentially comprised of the acquisition of an interest in the Elk and Antelope discoveries in Papua New Guinea, the acquisition of additional Novatek22 shares and the carry on the Utica gas and condensate field in the United States.
Asset sales in the first half 2014 were 1,677 B$, essentially comprised of the sale of block 15/06 in Angola and the sale (partial IPO) of an interest in Gaztransport & Technigaz (GTT).
Net investments23 were 12.0 B$ in the first half 2014, compared to 12.3Â B$ in the first half 2013.
The sale of Usan was not completed with Sinopec. The Group is actively pursuing the sale process for this asset.
> Cash flow
Cash flow from operations was 10,615 M$ in the first half 2014, an increase of 9% compared to the first half 2013.
Adjusted cash flow from operations24 was 12,135 M$, a decrease of 9% compared to the first half 2013.
The Group’s net cash flow25 was negative 1,376 M$ compared to negative 2,585 M$ in the first half 2013, reflecting essentially a decrease in investments and an increase in cash flow between the two periods.
The net-debt-to-equity ratio was 27.1% on June 30, 2014, compared to 27.6% on June 30, 201326.
- Analysis of business segment results
Upstream
> Environment – liquids and gas price realizations*
| 2Q14 | Â | 1Q14 | Â | 2Q13 | Â |
2Q14 vs 2Q13 |
 |  |  | 1H14 |  | 1H13 |  | 1H14 vs 1H13 |
| 109.7 | Â | 108.2 | Â | 102.4 | Â | +7% | Â | Brent ($/b) | Â | 108.9 | Â | 107.5 | Â | +1% |
| 103.0 | Â | 102.1 | Â | 96.6 | Â | +7% | Â | Average liquids price ($/b) | Â | 102.5 | Â | 101.7 | Â | +1% |
| 6.52 | Â | 7.06 | Â | 6.62 | Â | -2% | Â | Average gas price ($/Mbtu) | Â | 6.80 | Â | 6.97 | Â | -2% |
| 73.1 | Â | 73.4 | Â | 69.8 | Â | +5% | Â | Average hydrocarbon price ($/boe) | Â | 73.2 | Â | 73.6 | Â | -1% |
* consolidated subsidiaries, excluding fixed margins
> Production
| 2Q14 | Â | 1Q14 | Â | 2Q13 | Â |
2Q14 vs 2Q13 |
 | Hydrocarbon production |  | 1H14 |  | 1H13 |  | 1H14 vs 1H13 |
| 2,054 | Â | 2,179 | Â | 2,290 | Â | -10% | Â | Combined production (kboe/d) | Â | 2,116 | Â | 2,306 | Â | -8% |
| 984 | Â | 1,031 | Â | 1,160 | Â | -15% | Â |
- Liquids (kb/d) |
 | 1,007 |  | 1,176 |  | -14% |
| 5,867 | Â | 6,268 | Â | 6,169 | Â | -5% | Â |
- Gas (Mcf/d) |
 | 6,066 |  | 6,153 |  | -1% |
Hydrocarbon production was 2,054 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2014, a decrease of 10% compared to the second quarter 2013, essentially due to the following :
- -6.5% for changes in the portfolio, essentially the expiration of the ADCO license in the United Arab Emirates;
- -0.5% for security conditions which improved in Nigeria but deteriorated in Libya; and
- -3% for the normal production decline and the high level of planned maintenance, partially offset by the ramp up on new projects.
Excluding the ADCO license, which expired in January 2014, hydrocarbon production in the second quarter 2014 decreased by 4% and 5% compared to the second quarter 2013 and first quarter 2014, respectively.
In the first half 2014, hydrocarbon production was 2,116 kboe/d, a decrease of 8% compared to the first half 2013, essentially due to the following :
- -5.5% for changes in the portfolio, essentially the expiration of the ADCO license in the United Arab Emirates;
- -1% for security conditions in Libya and Nigeria; and
- -1.5% for the normal production decline and the high level of planned maintenance, partially offset by the ramp up on new projects.
In the first half 2014, excluding the ADCO license, hydrocarbon production decreased by 3% compared to the first half 2013.
> Results
| 2Q14 | Â | 1Q14 | Â | 2Q13 | Â |
2Q14 vs 2Q13 |
 | In millions of dollars |  | 1H14 |  | 1H13 |  |
1H14 vs |
| 4,810 | Â | 5,501 | Â | 5,621 | Â | -14% | Â | Adjusted operating income* | Â | 10,311 | Â | 12,170 | Â | -15% |
| 3,051 | Â | 3,092 | Â | 3,041 | Â | - | Â | Adjusted net operating income* | Â | 6,143 | Â | 6,298 | Â | -2% |
| 769 | Â | 733 | Â | 687 | Â | +12% | Â |
- includes income from equity affiliates |
 | 1,502 |  | 1,524 |  | -1% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 7,999 | Â | 5,311 | Â | 6,603 | Â | +21% | Â | Investments | Â | 13,310 | Â | 13,544 | Â | -2% |
| 568 | Â | 1,799 | Â | 1,456 | Â | -61% | Â | Divestments | Â | 2,367 | Â | 2,174 | Â | +9% |
| 4,805 | Â | 3,811 | Â | 2,764 | Â | +74% | Â | Cash flow from operations | Â | 8,616 | Â | 8,245 | Â | +4% |
| 4,841 | Â | 5,133 | Â | 5,595 | Â | -13% | Â | Adjusted cash flow from operations | Â | 9,974 | Â | 11,123 | Â | -10% |
* detail of adjustment items shown in the business segment information annex to financial statements.
Adjusted net operating income from the Upstream segment was 3,051 M$ in the second quarter 2014, stable compared to the second quarter 2013. The negative impact of the decrease in hydrocarbon production and the increase in costs due to the high level of planned maintenance was offset mainly by the higher realized price for liquids and the lower tax rate.
The effective tax rate for the Upstream segment was 52.3% compared to 58.2% in the second quarter 2013. This decrease is mainly due to tax allowances in the UK, notably on the Laggan field, recognized in the second quarter 2014.
Adjusted net operating income from the Upstream segment in the first half 2014 was 6,143 M$ compared to 6,298Â M$ in the first half 2013, a decrease of 2% reflecting essentially the lower production and higher costs due to the high level of planned maintenance, partially offset by the lower tax rate.
The return on average capital employed (ROACE27) for the Upstream segment was 13% for the twelve months ended June 30, 2014, compared to 13% for the twelve months ended March 31, 2014, and 14% for the full-year 2013.
Refining & Chemicals
> Refinery throughput and utilization rates*
| 2Q14 | Â | 1Q14 | Â | 2Q13 | Â |
2Q14 |
 |  |  | 1H14 |  | 1H13 |  |
1H14 |
| 1,622 | Â | 1,700 | Â | 1,772 | Â | -8% | Â | Total refinery throughput (kb/d) | Â | 1,662 | Â | 1,769 | Â | -6% |
| 634 | Â | 617 | Â | 729 | Â | -13% | Â |
- France |
 | 626 |  | 678 |  | -8% |
| 695 | 787 | 781 | -11% |
- Rest of Europe |
741 | 824 | -10% | |||||||
| 293 | Â | 296 | Â | 262 | Â | +12% | Â |
- Rest of world |
 | 295 |  | 267 |  | +10% |
| Â | Â | Â | Â | Â | Â | Â | Â | Utlization rates** | Â | Â | Â | Â | Â | Â |
| 72% | 77% | 83% | - |
- Based on crude only |
72% | 83% | - | |||||||
| 74% | Â | 83% | Â | 87% | Â | - | Â |
- Based on crude and other feedstock |
 | 76% |  | 86% |  | - |
* includes share of TotalErg. 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 second quarter 2014, refinery throughput decreased by 8% compared to the second quarter 2013, reflecting essentially the turnarounds at Leuna and Vlissingen as well as voluntary shutdowns in response to weak refining margins in Europe. Included in June are the first runs from the new Satorp refinery, where all the units are now operational.
In the first half 2014, refinery throughput decreased by 6% compared to the first half 2013, reflecting essentially the turnarounds at Grandpuits, Leuna and Vlissingen, as well as voluntary shutdowns in response to weak refining margins in Europe.
> Results
| 2Q14 | Â | 1Q14 | Â | 2Q13 | Â |
2Q14 vs 2Q13 |
 |
In millions of dollars (except the ERMI) |
 | 1H14 |  | 1H13 |  |
1H14 |
| 10.9 | Â | 6.6 | Â | 24.1 | Â | -55% | Â |
European refining margin
indicator - ERMI ($/t) |
 | 8.7 |  | 25.5 |  | -66% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 368 | Â | 328 | Â | 520 | Â | -29% | Â | Adjusted operating income* | Â | 696 | Â | 958 | Â | -27% |
| 401 | Â | 346 | Â | 518 | Â | -23% | Â | Adjusted net operating income* | Â | 747 | Â | 955 | Â | -22% |
| 174 | Â | 139 | Â | 146 | Â | +18% | Â |
- contribution of Specialty chemicals** |
 | 313 |  | 265 |  | +18% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 475 | Â | 250 | Â | 499 | Â | -5% | Â | Investments | Â | 725 | Â | 1,202 | Â | -40% |
| 15 | Â | 11 | Â | 272 | Â | -94% | Â | Divestments | Â | 26 | Â | 308 | Â | -92% |
| (133) | Â | 1,593 | Â | 1,713 | Â | na | Â | Cash flow from operations | Â | 1,460 | Â | 1,331 | Â | +10% |
| 683 | Â | 617 | Â | 800 | Â | -15% | Â | Adjusted cash flow from operations | Â | 1,300 | Â | 1,441 | Â | -10% |
* detail of adjustment items shown in the business segment information annex to financial statements.
** Hutchinson, Bostik, Atotech.
The ERMI averaged 10.9 $/t in the second quarter 2014, a decrease of 55% compared to the second quarter 2013. Petrochemical margins remained high in the United States but retreated in Europe and Asia.
Adjusted net operating income from the Refining & Chemicals segment was 401 M$ in the second quarter 2014, compared to 518 M$ in the second quarter 2013, reflecting essentially the deterioration of the European refining environment, partially offset by the ongoing implementation of synergy and efficiency plans between the two periods.
Adjusted net operating income from the Refining & Chemicals segment for the first half 2014 was 747Â M$, a decrease of 22% compared to the first half 2013, reflecting essentially the strong deterioration of the European refining environment.
The ROACE28 for the Refining & Chemicals segment was 8% for the twelve months ended June 30, 2014, compared to 9% for the twelve months ended March 31, 2014, and 9% for the full-year 2013.
Marketing & Services
> Refined product sales
| 2Q14 | Â | 1Q14 | Â |
2Q13 |
 |
2Q14 vs 2Q13 |
 |
Sales in kb/d* |
 | 1H14 |  | 1H13 |  |
1H14 |
| 1,102 | Â | 1,058 | Â | 1,150 | Â | -4% | Â | Europe | Â | 1,080 | Â | 1,129 | Â | -4% |
| 731 | Â | 593 | Â | 633 | Â | +15% | Â | Rest of world | Â | 662 | Â | 620 | Â | +7% |
| 1,833 | Â | 1,651 | Â | 1,783 | Â | +3% | Â | Total Marketing & Services sales | Â | 1,742 | Â | 1,749 | Â | - |
* excludes trading and bulk Refining sales, includes share of TotalErg
In the second quarter 2014, sales increased by 3% compared to the second quarter last year, mainly due to higher network sales, particularly in Africa, Middle East and Europe, partially offset by lower sales of domestic fuels and LPGs.
Sales volumes for the first half 2014 were stable compared to the first half 2013, due to the offsetting effects of a 4% decrease in European sales and net growth outside of Europe, particularly in the Americas and Middle East.
> Results
| 2Q14 | Â | 1Q14 | Â |
2Q13 |
 |
2Q14 vs 2Q13 |
 | In millions of dollars |  | 1H14 |  | 1H13 |  |
1H14 |
| 28,213 | Â | 26,470 | Â | 26,851 | Â | +5% | Â | Sales | Â | 54,683 | Â | 54,583 | Â | - |
| 405 | Â | 353 | Â | 567 | Â | -29% | Â | Adjusted operating income* | Â | 758 | Â | 1,083 | Â | -30% |
| 372 | Â | 261 | Â | 446 | Â | -17% | Â | Adjusted net operating income* | Â | 633 | Â | 778 | Â | -19% |
| (8) | Â | 28 | Â | - | Â | na | Â |
- contribution of New Energies |
 | 20 |  | (17) |  | na |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 203 | Â | 276 | Â | 318 | Â | -36% | Â | Investments | Â | 479 | Â | 564 | Â | -15% |
| 28 | Â | 26 | Â | 16 | Â | +75% | Â | Divestments | Â | 54 | Â | 66 | Â | -18% |
| 304 | Â | 89 | Â | 542 | Â | -44% | Â | Cash flow from operations | Â | 393 | Â | 422 | Â | -7% |
| 551 | Â | 379 | Â | 704 | Â | -22% | Â | Adjusted cash flow from operations | Â | 930 | Â | 1,255 | Â | -26% |
* detail of adjustment items shown in the business segment information annex to financial statements.
The Marketing & Services segment’s sales were 28 B$ in the second quarter 2014, an increase of 5% compared to the second quarter 2013.
Adjusted net operating income from the Marketing & Services segment was 372 M$ in the second quarter 2014, a decrease of 17% compared to the second quarter 2013, reflecting in particular less favorable margins in Europe related to weather conditions.
Adjusted net operating income from the Marketing & Services segment in the first half 2014 was 633Â M$, a decrease of 19% compared to the first half 2013, essentially due to the impact of weather conditions on sales and a less favorable trend in European margins, partially offset by a global increase in the marketing of petroleum products in growing markets.
The ROACE29 for the Marketing & Services segment was 14% for the twelve months ended June 30, 2014, compared to 15% for the twelve months ended March 31, 2014, and 16% for the full-year 2013.
- TOTAL S.A. parent company accounts
Net income for TOTAL S.A., the parent company, was 3,397 M€ in the first half 2014, compared to 3,876 M€ in the first half 2013.
- Summary and outlook
The ROACE30 for the Group for the twelve months ended June 30, 2014, was 12%. This compares with 12% for the twelve months ended March 31, 2014, and 13% for the full-year 2013.
Return on equity for the twelve months ended June 30, 2014, was 14%.
In the Upstream, before the end of this year, CLOV should reach its production plateau of 160 kb/d, and the Group should start up Laggan-Tormore and Ofon Phase 2. In exploration, results are expected in the coming months from high-potential wells currently drilling in Angola’s Kwanza basin, in South Africa and in Indonesia.
In the downstream, all of the units at the Satorp refinery in Saudi Arabia are operational. Since the start of the third quarter 2014, European refining margins have improved compared to the very low levels in the first half 2014, but remain very volatile.
Several asset sales have been announced this year, and, as they are closed, the program total will be well within the objective of $15-20 billion for the 2012-14 period.
In addition, all of the teams are involved in the finalization of the announced cost reduction plan, which will be presented at the Investors’ day on September 22, 2014.
As approved by the Board of Directors on April 29, 2014, Total will pay a first quarter 2014 interim dividend of 0.61 €/share on September 26, 2014.
â– â– â–
To listen to CFO Patrick de La Chevardière’s conference call with financial analysts today at 14:00 (London time) please log on to www.total.com or call +44 (0)203 364 5196 in Europe or +1 855 255 3886 in the United States. For a replay, please consult the website or call +44 (0)203 367 9460 in Europe or +1 877 642 3018 in the United States (code: 288310).
This document does not constitute the Financial Report for the first half which will be separately published, in accordance with article L.451-1-2 III of the French Code monétaire et financier, and is available on the Total website www.total.com..
This press release presents the first half 2014 results from the consolidated financial statements of TOTAL S.A. as of June 30, 2014. The notes to these consolidated financial statements (unaudited) are available on the TOTAL web site (www.total.com).
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 Company’s financial results or the Group’s activities is provided in the most recent Registration Document filed by the Company with the French Autorité des Marchés Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SECâ€).
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 segments’ performance and facilitate the comparability of the segments’ 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 TOTAL’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 Group’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.
Euro amounts presented herein represent dollar amounts converted at the average euro-dollar exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – 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 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° 1-10888, available from us at 2, Place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense 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 SEC’s website: www.sec.gov.
Operating information by segment
for the second quarter and first half 2014
- Upstream
| 2Q14 | Â | 1Q14 | Â | 2Q13 | Â |
2Q14 vs |
 | Combined liquids and gas production by region (kboe/d) |  | 1H14 |  | 1H13 |  |
1H14 vs |
| 329 | Â | 394 | Â | 383 | Â | -14% | Â | Europe | Â | 361 | Â | 388 | Â | -7% |
| 618 | 655 | 688 | -10% | Africa | 637 | 690 | -8% | |||||||
| 380 | 405 | 527 | -28% | Middle East | 393 | 535 | -27% | |||||||
| 91 | 82 | 70 | +30% | North America | 86 | 71 | +21% | |||||||
| 157 | 159 | 171 | -8% | South America | 158 | 172 | -8% | |||||||
| 238 | 242 | 229 | +4% | Asia-Pacific | 240 | 232 | +3% | |||||||
| 241 | Â | 242 | Â | 222 | Â | +9% | Â | CIS | Â | 241 | Â | 218 | Â | +11% |
| 2,054 | Â | 2,179 | Â | 2,290 | Â | -10% | Â | Total production | Â | 2,116 | Â | 2,306 | Â | -8% |
| 544 | Â | 583 | Â | 678 | Â | -20% | Â | Includes equity affiliates | Â | 563 | Â | 679 | Â | -17% |
| 2Q14 | Â | 1Q14 | Â | 2Q13 | Â |
2Q14 |
 | Liquids production by region (kb/d) |  | 1H14 |  | 1H13 |  |
1H14 vs |
| 159 | Â | 172 | Â | 154 | Â | +3% | Â | Europe | Â | 165 | Â | 160 | Â | +3% |
| 482 | 508 | 542 | -11% | Africa | 495 | 547 | -10% | |||||||
| 190 | 203 | 320 | -41% | Middle East | 197 | 324 | -39% | |||||||
| 40 | 34 | 27 | +48% | North America | 37 | 27 | +37% | |||||||
| 50 | 50 | 55 | -9% | South America | 50 | 56 | -11% | |||||||
| 29 | 30 | 29 | - | Asia-Pacific | 29 | 30 | -3% | |||||||
| 34 | Â | 34 | Â | 33 | Â | +3% | Â | CIS | Â | 34 | Â | 32 | Â | +6% |
| 984 | Â | 1,031 | Â | 1,160 | Â | -15% | Â | Total production | Â | 1,007 | Â | 1,176 | Â | -14% |
| 197 | Â | 208 | Â | 323 | Â | -39% | Â | Includes equity affiliates | Â | 202 | Â | 324 | Â | -38% |
| 2Q14 | Â | 1Q14 | Â | 2Q13 | Â |
2Q14 vs |
 | Gas production by region (Mcf/d) |  | 1H14 |  | 1H13 |  |
1H14 vs  |
| 936 | Â | 1,215 | Â | 1,285 | Â | -27% | Â | Europe | Â | 1,075 | Â | 1,250 | Â | -14% |
| 710 | 748 | 741 | -4% | Africa | 729 | 724 | +1% | |||||||
| 1,042 | 1,104 | 1,105 | -6% | Middle East | 1,073 | 1,135 | -5% | |||||||
| 285 | 266 | 242 | +18% | North America | 276 | 246 | +12% | |||||||
| 601 | 609 | 649 | -7% | South America | 605 | 643 | -6% | |||||||
| 1,188 | 1,202 | 1,121 | +6% | Asia-Pacific | 1,194 | 1,136 | +5% | |||||||
| 1,105 | Â | 1,124 | Â | 1,026 | Â | +8% | Â | CIS | Â | 1,114 | Â | 1,019 | Â | +9% |
| 5,867 | Â | 6,268 | Â | 6,169 | Â | -5% | Â | Total production | Â | 6,066 | Â | 6,153 | Â | -1% |
| 1,895 | Â | 2,029 | Â | 1,900 | Â | - | Â | Includes equity affiliates | Â | 1,962 | Â | 1,911 | Â | +3% |
| 2Q14 | Â | 1Q14 | Â | 2Q13 | Â |
2Q14 vs |
 | Liquefied natural gas |  | 1H14 |  | 1H13 |  |
1H14 vs |
| 2.93 | Â | 3.12 | Â | 2.89 | Â | +1% | Â | LNG sales* (Mt) | Â | 6.05 | Â | 5.82 | Â | +4% |
* sales, Group share, excluding trading; 2013 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2013 SEC coefficient.
- Downstream (Refining & Chemicals and Marketing & Services)
| 2Q14 | Â | 1Q14 | Â | 2Q13 | Â |
2Q14 |
 | Refined product sales by region (kb/d)* |  | 1H14 |  | 1H13 |  |
1H14 |
| 2,017 | Â | 2,005 | Â | 2,074 | Â | -3% | Â | Europe ** | Â | 2,011 | Â | 2,077 | Â | -3% |
| 587 | 475 | 442 | +33% | Africa | 531 | 445 | +19% | |||||||
| 643 | 474 | 544 | +18% | Americas | 559 | 513 | +9% | |||||||
| 611 | Â | 573 | Â | 520 | Â | +18% | Â | Rest of world | Â | 592 | Â | 513 | Â | +15% |
| 3,858 | Â | 3,528 | Â | 3,580 | Â | +8% | Â | Total consolidated sales | Â | 3,693 | Â | 3,547 | Â | +4% |
| 576 | Â | 634 | Â | 635 | Â | -9% | Â | Includes bulk sales | Â | 605 | Â | 629 | Â | -4% |
| 1,449 | Â | 1,243 | Â | 1,162 | Â | +25% | Â | Includes trading | Â | 1,346 | Â | 1,169 | Â | +15% |
* includes share of TotalErg.
** restated historical amounts.
Adjustment items
- Adjustments to operating income
| 2Q14 | Â | 1Q14 | Â | 2Q13 | Â | In millions of dollars | Â | 1H14 | Â | 1H13 |
| (62) | Â | (115) | Â | (49) | Â | Special items affecting operating income | Â | (177) | Â | (56) |
| - | Â | - | Â | - | Â |
- Restructuring charges |
 | - |  | (2) |
| (40) | - | - |
- Impairments |
(40) | (5) | |||||
| (22) | Â | (115) | Â | (49) | Â |
- Other |
 | (137) |  | (49) |
| 117 | Â | (181) | Â | (762) | Â | Pre-tax inventory effect : FIFO vs. replacement cost | Â | (64) | Â | (878) |
| (36) | Â | 26 | Â | (42) | Â | Effect of changes in fair value | Â | (10) | Â | (39) |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 19 | Â | (270) | Â | (853) | Â | Total adjustments affecting operating income | Â | (251) | Â | (973) |
- Adjustments to net income (Group share)
| 2Q14 | Â | 1Q14 | Â | 2Q13 | Â | In millions of dollars | Â | 1H14 | Â | 1H13 |
| (98) | Â | 124 | Â | 339 | Â |
Special items affecting net income
(Group share) |
 | 26 |  | (1,344) |
| - | Â | 599 | Â | 372 | Â | = Gain (loss) on asset sales | Â | 599 | Â | (1,274) |
| (5) | Â | - | Â | - | Â |
- Restructuring charges |
 | (5) |  | (33) |
| (76) | (350) | - |
- Impairments |
(426) | (4) | |||||
| (17) | Â | (125) | Â | (33) | Â |
- Other |
 | (142) |  | (33) |
| 80 | Â | (137) | Â | (525) | Â | After-tax inventory effect : FIFO vs. replacement cost | Â | (57) | Â | (593) |
| (29) | Â | 21 | Â | (31) | Â | Effect of changes in fair value | Â | (8) | Â | (30) |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| (47) | Â | 8 | Â | (217) | Â | Total adjustments affecting net income | Â | (39) | Â | (1,967) |
Effective tax rates
| 2Q14 | Â | 1Q14 | Â | 2Q13 | Â | Effective tax rate* | Â | 1H14 | Â | 1H13 |
| 52.3% | Â | 59.5% | Â | 58.2% | Â | Upstream | Â | 56.3% | Â | 60.6% |
| 55.1% | Â | 57.7% | Â | 55.3% | Â | Group | Â | 56.5% | Â | 57.4% |
* 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
| 2Q14 | Â | 1Q14 | Â | 2Q13 | Â |
2Q14 |
 | Expressed in millions of dollars |  | 1H14 |  | 1H13 |  |
1H14 |
| 7,193 | Â | 5,202 | Â | 6,449 | Â | +12% | Â | Investments excluding acquisitions | Â | 12,395 | Â | 12,864 | Â | -4% |
| 362 | 319 | 518 | -30% |
- Capitalized exploration |
681 | 996 | -32% | |||||||
| 1,075 | 261 | 367 | x3 |
- Increase in non-current loans |
1,336 | 991 | +35% | |||||||
| (430) | Â | (364) | Â | (357) | Â | +20% | Â |
- Repayment of non-current loans |
 | (794) |  | (616) |  | +29% |
| 1,100 | Â | 299 | Â | 653 | Â | +68% | Â | Acquisitions | Â | 1,399 | Â | 1,883 | Â | -26% |
| 201 | Â | 1,476 | Â | 1,393 | Â | -86% | Â | Asset sales | Â | 1,677 | Â | 1,947 | Â | -14% |
| 126 | Â | - | Â | (7) | Â | na | Â | Other transactions with non-controlling interests | Â | 126 | Â | 464 | Â | -73% |
| 7,966 | Â | 4,025 | Â | 5,716 | Â | +39% | Â | Net investments* | Â | 11,991 | Â | 12,336 | Â | -3% |
* Net investments = investments including acquisitions – asset sales – other transactions with non-controlling interests.
Net-debt-to-equity ratio
|
in millions of dollars |
 | 6/30/2014 |  |
3/31/2014 |
 |
6/30/2013 |
|
Current borrowings |
 | 13,525 |  |
11,676 |
 |
13,119 |
|
Net current financial assets |
(531) |
(522) |
(609) |
|||
|
Net financial assets classified as held for sale |
(62) |
(17) |
1,014 |
|||
|
Non-current financial debt |
39,433 |
37,506 |
29,557 |
|||
|
Hedging instruments of non-current debt |
(1,973) |
(1,758) |
(1,708) |
|||
|
Cash and cash equivalents |
 | (22,166) |  |
(22,787) |
 |
(15,118) |
|
Net debt |
 | 28,226 |  |
24,098 |
 |
26,255 |
| Â | Â | Â | Â | Â | Â | Â |
|
Shareholders’ equity |
102,872 |
103,136 |
94,790 |
|||
|
Estimated dividend payable |
(1,894) |
(3,817) |
(1,750) |
|||
|
Non-controlling interests |
 | 3,344 |  |
3,248 |
 |
2,225 |
|
Equity |
 | 104,322 |  |
102,567 |
 |
95,265 |
| Â | Â | Â | Â | Â | Â | Â |
|
Net-debt-to-equity ratio |
 | 27.1% |  |
23.5% |
 |
27.6% |
2014 sensitivities*
| Â | Scenario | Change |
Impact on adjusted |
Impact on adjusted |
| Dollar | 1.30 $/€ | +0.1 $ per € | -0.7 B$ | -0.3 B$ |
| Brent | 100 $/b | +1 $/b | +0.30 B$ | +0.15 B$ |
|
European refining |
30 $/t | +1 $/t | +0.08 B$ | +0.05 B$ |
*Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Following the change to dollar-denominated reporting, effective January 1, 2014, the €-$ sensitivity has been changed. The impact of the €-$ sensitivity on operating income and on net operating income is 60% and 80% attributable to the Refining & Chemicals segment, respectively.
Sensitivities are estimates based on assumptions about the Group’s portfolio in 2014. Actual results could vary significantly from estimates based on the application of these sensitivities.
Return on average capital employed
- Twelve months ended June 30, 2014
|
in millions of dollars |
 |
Upstream |
 |
Refining & Chemicals |
 |
Marketing & Services |
 |  |
Group |
|
Adjusted net operating income |
 |
12,295 |
 |
1,649 |
 |
1,409 |
14,431 |
||
|
Capital employed at 6/30/2013* |
91,097 |
20,924 |
9,838 |
118,852 |
|||||
|
Capital employed at 6/30/2014* |
 |
103,572 |
 |
19,265 |
 |
10,324 |
129,967 |
||
| ROACE | Â | 12.6% | Â | 8.2% | Â | 14.0% | 11.6% |
- Twelve months ended March 31, 2014
|
in millions of dollars |
 |
Upstream |
 |
Refining & Chemicals |
 |
Marketing & Services |
 |  |
Group |
|
Adjusted net operating income |
 |
12,285 |
 |
1,766 |
 |
1,483 |
14,863 |
||
|
Capital employed at 3/31/2013* |
86,034 |
21,860 |
9,610 |
116,094 |
|||||
|
Capital employed at 3/31/2014* |
 |
97,924 |
 |
18,516 |
 |
10,314 |
126,068 |
||
| ROACE | Â | 13.4% | Â | 8.7% | Â | 14.9% | 12.3% |
- Full-year 2013
|
in millions of dollars |
 |
Upstream |
 |
Refining & Chemicals |
 |
Marketing & Services |
 |  |
Group |
|
Adjusted net operating income |
 |
12,450 |
 |
1,857 |
 |
1,554 |
15,230 |
||
|
Capital employed at 12/31/2012* |
84,260 |
20,783 |
9,232 |
111,080 |
|||||
|
Capital employed at 12/31/2013* |
 |
95,529 |
 |
19,752 |
 |
10,051 |
122,451 |
||
| ROACE | Â | 13.8% | Â | 9.2% | Â | 16.1% | 13.0% |
* at replacement cost (excluding after-tax inventory effect).
1 TOTAL changed the presentation currency of the Group’s Consolidated Financial Statements from the euro to the US dollar, effective January 1, 2014, to make its financial information more readable by better reflecting the performance of its activities, which are carried out mainly in US dollars. Comparative 2013 information has been restated.
2 Definition of adjusted results on page 2 – euro amounts represent dollar amounts converted at the average €-$ exchange rate for the period: 1.3711 $/€ in the second quarter 2014, 1.3062 $/€ in the second quarter 2013, 1.3696 $/€ in the first quarter 2014, 1.3703 $/€ in the first half 2014 and 1.3134 $/€ in the first half 2013.
3 Group share.
4 The ex-dividend date will be December 15, 2014, and the payment date will be December 17, 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 16 and the inventory valuation effect is explained on page 13.
6 Including acquisitions.
7 Net investments = investments including acquisitions – asset sales – other transactions with non-controlling interests.
8 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.
9 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).
10 Detail shown on page 13.
11 Detail shown on page 16.
12 Detail shown on page 17.
13 The Group’s interest in Novatek was 18.0% at June 30, 2014.
14 Net investments = investments including acquisitions and changes in non-current loans – asset sales – other transactions with non-controlling interests.
15 Cash flow from operations at replacement cost before changes in working capital.
16 Net cash flow = cash flow from operations - net investments (including other transactions with non-controlling interests).
17 Detail shown on page 18.
18 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).
19 Detail shown on page 13.
20 Detail shown on page 16.
21 Detail shown on page 17.
22 The Group’s interest in Novatek was 18.0% at June 30, 2014
23 Net investments = investments including acquisitions and changes in non-current loans – asset sales – other transactions with non-controlling interests.
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 non-controlling interests).
26 Detail shown on page 18.
27 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 19.
28 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 19.
29 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 19.
30 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 19.
Total financial statements
Second quarter 2014 consolidated accounts, IFRS
| CONSOLIDATED STATEMENT OF INCOME | Â | Â | Â | |||
| TOTAL | ||||||
| (unaudited, 2013 data converted from the Euro to the US Dollar) | ||||||
| Â | ||||||
| (M$) (a) | Â |
2nd quarter
2014 |
 |
1st quarter
2014 |
 |
2nd quarter
2013 |
| Sales | 62,561 | 60,687 | 61,345 | |||
| Excise taxes | (6,354) | (5,832) | (5,839) | |||
| Revenues from sales | 56,207 | 54,855 | 55,506 | |||
| Purchases, net of inventory variation | (40,371) | (38,332) | (39,631) | |||
| Other operating expenses | (7,229) | (7,364) | (7,288) | |||
| Exploration costs | (301) | (619) | (354) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (2,929) | (2,745) | (2,534) | |||
| Other income | 96 | 1,100 | 462 | |||
| Other expense | (163) | (149) | (120) | |||
| Financial interest on debt | (266) | (201) | (238) | |||
| Financial income from marketable securities & cash equivalents | 31 | 19 | 18 | |||
| Cost of net debt | (235) | (182) | (220) | |||
| Other financial income | 265 | 161 | 206 | |||
| Other financial expense | (183) | (166) | (179) | |||
| Equity in net income (loss) of affiliates | 874 | 473 | 794 | |||
| Income taxes | Â | (2,902) | Â | (3,597) | Â | (3,229) |
| Consolidated net income | Â | 3,129 | Â | 3,435 | Â | 3,413 |
| Group share | 3,104 | 3,335 | 3,364 | |||
| Non-controlling interests | Â | 25 | Â | 100 | Â | 49 |
| Earnings per share ($) | Â | 1.37 | Â | 1.47 | Â | 1.49 |
| Fully-diluted earnings per share ($) | Â | 1.36 | Â | 1.46 | Â | 1.48 |
| (a) Except for per share amounts. |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | Â | Â | Â | |||
| TOTAL | ||||||
| (unaudited, 2013 data converted from the Euro to the US Dollar) | ||||||
| Â | ||||||
| (M$) | Â |
2nd quarter
2014 |
 |
1st quarter
2014 |
 |
2nd quarter
2013 |
| Consolidated net income | Â | 3,129 | Â | 3,435 | Â | 3,413 |
| Other comprehensive income | ||||||
| Â | ||||||
| Actuarial gains and losses | (416) | (199) | (248) | |||
| Tax effect | 154 | 57 | 95 | |||
| Currency translation adjustment generated by the mother company | Â | (732) | Â | 3 | Â | 1,613 |
| Items not potentially reclassifiable to profit and loss | Â | (994) | Â | (139) | Â | 1,460 |
| Currency translation adjustment | 512 | 36 | (988) | |||
| Available for sale financial assets | (6) | 3 | 8 | |||
| Cash flow hedge | 30 | 35 | 80 | |||
| Share of other comprehensive income of equity affiliates, net amount | 436 | (456) | (541) | |||
| Other | (4) | (3) | (1) | |||
| Tax effect | Â | (5) | Â | (13) | Â | (32) |
| Items potentially reclassifiable to profit and loss | Â | 963 | Â | (398) | Â | (1,474) |
| Total other comprehensive income (net amount) | Â | (31) | Â | (537) | Â | (14) |
| Â | Â | Â | Â | Â | Â | Â |
| Comprehensive income | Â | 3,098 | Â | 2,898 | Â | 3,399 |
| - Group share | 3,078 | 2,801 | 3,368 | |||
| - Non-controlling interests | 20 | 97 | 31 |
| CONSOLIDATED STATEMENT OF INCOME | Â | Â | ||
| TOTAL | ||||
| (unaudited, 2013 data converted from the Euro to the US Dollar) | ||||
| Â | ||||
| (M$) (a) | Â |
1st half
2014 |
 |
1st half
2013 |
| Sales | 123,248 | 124,906 | ||
| Excise taxes | (12,186) | (11,380) | ||
| Revenues from sales | 111,062 | 113,526 | ||
| Purchases, net of inventory variation | (78,703) | (79,950) | ||
| Other operating expenses | (14,593) | (14,482) | ||
| Exploration costs | (920) | (760) | ||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (5,674) | (5,387) | ||
| Other income | 1,196 | 504 | ||
| Other expense | (312) | (2,141) | ||
| Financial interest on debt | (467) | (461) | ||
| Financial income from marketable securities & cash equivalents | 50 | 46 | ||
| Cost of net debt | (417) | (415) | ||
| Other financial income | 426 | 342 | ||
| Other financial expense | (349) | (348) | ||
| Equity in net income (loss) of affiliates | 1,347 | 1,743 | ||
| Income taxes | Â | (6,499) | Â | (7,204) |
| Consolidated net income | Â | 6,564 | Â | 5,428 |
| Group share | 6,439 | 5,312 | ||
| Non-controlling interests | Â | 125 | Â | 116 |
| Earnings per share ($) | Â | 2.84 | Â | 2.35 |
| Fully-diluted earnings per share ($) | Â | 2.82 | Â | 2.34 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | Â | Â | ||
| TOTAL | ||||
| (unaudited, 2013 data converted from the Euro to the US Dollar) | ||||
| Â | ||||
| (M$) | Â |
1st half
2014 |
 |
1st half
2013 |
| Consolidated net income | Â | 6,564 | Â | 5,428 |
| Other comprehensive income | ||||
| Â | ||||
| Actuarial gains and losses | (615) | (25) | ||
| Tax effect | 211 | 8 | ||
| Currency translation adjustment generated by the mother company | Â | (729) | Â | (599) |
| Items not potentially reclassifiable to profit and loss | Â | (1,133) | Â | (616) |
| Currency translation adjustment | 548 | (391) | ||
| Available for sale financial assets | (3) | 3 | ||
| Cash flow hedge | 65 | 95 | ||
| Share of other comprehensive income of equity affiliates, net amount | (20) | (494) | ||
| Other | (7) | (12) | ||
| Tax effect | Â | (18) | Â | (35) |
| Items potentially reclassifiable to profit and loss | Â | 565 | Â | (834) |
| Total other comprehensive income (net amount) | Â | (568) | Â | (1,450) |
| Â | Â | Â | Â | Â |
| Comprehensive income | Â | 5,996 | Â | 3,978 |
| - Group share | 5,879 | 3,908 | ||
| - Non-controlling interests | 117 | 70 |
| CONSOLIDATED BALANCE SHEET | Â | Â | Â | Â | ||||
| TOTAL | ||||||||
| (unaudited, 2013 data converted from the Euro to the US Dollar) | ||||||||
| Â | ||||||||
| (M$) | Â |
June 30, 2014 Â |
 |
March 31, 2014 Â |
 |
December 31, 2013 Â |
 |
June 30, 2013 Â |
| ASSETS | ||||||||
| Non-current assets | ||||||||
| Intangible assets, net | 18,995 | 18,899 | 18,395 | 17,424 | ||||
| Property, plant and equipment, net | 108,468 | 106,377 | 104,480 | 93,387 | ||||
| Equity affiliates : investments and loans | 21,256 | 19,951 | 20,417 | 19,037 | ||||
| Other investments | 1,786 | 2,091 | 1,666 | 1,583 | ||||
| Hedging instruments of non-current financial debt | 1,973 | 1,758 | 1,418 | 1,708 | ||||
| Deferred income taxes | 2,842 | 2,933 | 3,838 | 3,704 | ||||
| Other non-current assets | Â | 4,263 | Â | 4,265 | Â | 4,406 | Â | 3,813 |
| Total non-current assets | Â | 159,583 | Â | 156,274 | Â | 154,620 | Â | 140,656 |
| Current assets | ||||||||
| Inventories, net | 23,484 | 21,755 | 22,097 | 20,196 | ||||
| Accounts receivable, net | 21,698 | 23,359 | 23,422 | 25,587 | ||||
| Other current assets | 16,519 | 15,873 | 14,892 | 14,850 | ||||
| Current financial assets | 1,003 | 872 | 739 | 668 | ||||
| Cash and cash equivalents | 22,166 | 22,787 | 20,200 | 15,118 | ||||
| Assets classified as held for sale | Â | 4,317 | Â | 2,472 | Â | 3,253 | Â | 5,104 |
| Total current assets | Â | 89,187 | Â | 87,118 | Â | 84,603 | Â | 81,523 |
| Total assets | 248,770 | 243,392 | 239,223 | 222,179 | ||||
| Â | ||||||||
| LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
| Â | ||||||||
| Shareholders' equity | ||||||||
| Common shares | 7,511 | 7,496 | 7,493 | 7,490 | ||||
| Paid-in surplus and retained earnings | 101,100 | 101,568 | 98,254 | 94,637 | ||||
| Currency translation adjustment | (1,436) | (1,625) | (1,203) | (3,063) | ||||
| Treasury shares | Â | (4,303) | Â | (4,303) | Â | (4,303) | Â | (4,274) |
| Total shareholders' equity - Group Share | Â | 102,872 | Â | 103,136 | Â | 100,241 | Â | 94,790 |
| Non-controlling interests | Â | 3,344 | Â | 3,248 | Â | 3,138 | Â | 2,225 |
| Total shareholders' equity | Â | 106,216 | Â | 106,384 | Â | 103,379 | Â | 97,015 |
| Non-current liabilities | ||||||||
| Deferred income taxes | 16,397 | 17,045 | 17,850 | 16,736 | ||||
| Employee benefits | 4,725 | 4,362 | 4,235 | 4,751 | ||||
| Provisions and other non-current liabilities | 17,445 | 17,582 | 17,517 | 14,464 | ||||
| Non-current financial debt | Â | 39,433 | Â | 37,506 | Â | 34,574 | Â | 29,557 |
| Total non-current liabilities | Â | 78,000 | Â | 76,495 | Â | 74,176 | Â | 65,508 |
| Current liabilities | ||||||||
| Accounts payable | 28,902 | 28,621 | 30,282 | 26,380 | ||||
| Other creditors and accrued liabilities | 19,994 | 19,097 | 18,948 | 18,162 | ||||
| Current borrowings | 13,525 | 11,676 | 11,193 | 13,119 | ||||
| Other current financial liabilities | 472 | 350 | 381 | 59 | ||||
| Liabilities directly associated with the assets classified as held for sale | Â | 1,661 | Â | 769 | Â | 864 | Â | 1,936 |
| Total current liabilities | Â | 64,554 | Â | 60,513 | Â | 61,668 | Â | 59,656 |
| Total liabilities and shareholders' equity | 248,770 | 243,392 | 239,223 | 222,179 | ||||
| CONSOLIDATED STATEMENT OF CASH FLOW | Â | Â | Â | |||
| TOTAL | ||||||
| (unaudited, 2013 data converted from the Euro to the US Dollar) | ||||||
| Â | ||||||
| (M$) | Â |
2nd quarter
2014 |
 |
1st quarter
2014 |
 |
2nd quarter
2013 |
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||
| Â | ||||||
| Consolidated net income | 3,129 | 3,435 | 3,413 | |||
| Depreciation, depletion and amortization | 3,087 | 3,174 | 2,759 | |||
| Non-current liabilities, valuation allowances and deferred taxes | (156) | 399 | (108) | |||
| Impact of coverage of pension benefit plans | - | - | - | |||
| (Gains) losses on disposals of assets | (17) | (1,023) | (363) | |||
| Undistributed affiliates' equity earnings | (125) | 11 | 94 | |||
| (Increase) decrease in working capital | (771) | (685) | (1,025) | |||
| Other changes, net | Â | 130 | Â | 27 | Â | 68 |
| Cash flow from operating activities | 5,277 | 5,338 | 4,838 | |||
| Â | ||||||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||||
| Â | ||||||
| Intangible assets and property, plant and equipment additions | (6,800) | (5,448) | (6,836) | |||
| Acquisitions of subsidiaries, net of cash acquired | (414) | - | - | |||
| Investments in equity affiliates and other securities | (434) | (156) | (256) | |||
| Increase in non-current loans | Â | (1,075) | Â | (261) | Â | (367) |
| Total expenditures | (8,723) | (5,865) | (7,459) | |||
| Proceeds from disposals of intangible assets and property, plant and equipment | 135 | 1,020 | 1,106 | |||
| Proceeds from disposals of subsidiaries, net of cash sold | - | - | 264 | |||
| Proceeds from disposals of non-current investments | 66 | 456 | 23 | |||
| Repayment of non-current loans | Â | 430 | Â | 364 | Â | 357 |
| Total divestments | Â | 631 | Â | 1,840 | Â | 1,750 |
| Cash flow used in investing activities | (8,092) | (4,025) | (5,709) | |||
| Â | ||||||
|
CASH FLOW USED IN FINANCING ACTIVITIES |
||||||
| Â | ||||||
| Issuance (repayment) of shares: | ||||||
| - Parent company shareholders | 304 | 33 | 432 | |||
| - Treasury shares | - | - | - | |||
| Dividends paid: | ||||||
| - Parent company shareholders | (1,901) | (1,835) | (1,772) | |||
| - Non-controlling interests | (139) | (7) | (92) | |||
| Other transactions with non-controlling interests | 126 | - | (7) | |||
| Net issuance (repayment) of non-current debt | 2,931 | 4,189 | 734 | |||
| Increase (decrease) in current borrowings | 956 | (1,167) | (894) | |||
| Increase (decrease) in current financial assets and liabilities | 65 | (117) | 6 | |||
| Cash flow used in financing activities | Â | 2,342 | Â | 1,096 | Â | (1,593) |
| Net increase (decrease) in cash and cash equivalents | (473) | 2,409 | (2,464) | |||
| Effect of exchange rates | (148) | 178 | 404 | |||
| Cash and cash equivalents at the beginning of the period | Â | 22,787 | Â | 20,200 | Â | 17,178 |
| Cash and cash equivalents at the end of the period | Â | 22,166 | Â | 22,787 | Â | 15,118 |
|
CONSOLIDATED STATEMENT OF CASH FLOW |
 |  | ||
|
TOTAL |
||||
|
(unaudited, 2013 data converted from the Euro to the US Dollar) |
||||
| Â | ||||
| (M$) | Â |
1st half
2014 |
 |
1st half
2013 |
| CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Â | ||||
| Consolidated net income | 6,564 | 5,428 | ||
| Depreciation, depletion and amortization | 6,261 | 5,805 | ||
| Non-current liabilities, valuation allowances and deferred taxes | 243 | (49) | ||
| Impact of coverage of pension benefit plans | - | - | ||
| (Gains) losses on disposals of assets | (1,040) | 1,510 | ||
| Undistributed affiliates' equity earnings | (114) | (372) | ||
| (Increase) decrease in working capital | (1,456) | (2,751) | ||
| Other changes, net | Â | 157 | Â | 180 |
| Cash flow from operating activities | 10,615 | 9,751 | ||
| Â | ||||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||
| Â | ||||
| Intangible assets and property, plant and equipment additions | (12,248) | (13,325) | ||
| Acquisitions of subsidiaries, net of cash acquired | (414) | (21) | ||
| Investments in equity affiliates and other securities | (590) | (1,026) | ||
| Increase in non-current loans | Â | (1,336) | Â | (991) |
| Total expenditures | (14,588) | (15,363) | ||
| Proceeds from disposals of intangible assets and property, plant and equipment | 1,155 | 1,660 | ||
| Proceeds from disposals of subsidiaries, net of cash sold | - | 264 | ||
| Proceeds from disposals of non-current investments | 522 | 23 | ||
| Repayment of non-current loans | Â | 794 | Â | 616 |
| Total divestments | Â | 2,471 | Â | 2,563 |
| Cash flow used in investing activities | (12,117) | (12,800) | ||
| Â | ||||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||
| Â | ||||
| Issuance (repayment) of shares: | ||||
| - Parent company shareholders | 337 | 432 | ||
| - Treasury shares | - | - | ||
| Dividends paid: | - | - | ||
| - Parent company shareholders | (3,736) | (3,532) | ||
| - Non-controlling interests | (146) | (94) | ||
| Other transactions with non-controlling interests | 126 | 464 | ||
| Net issuance (repayment) of non-current debt | 7,120 | 4,499 | ||
| Increase (decrease) in current borrowings | (211) | (5,162) | ||
| Increase (decrease) in current financial assets and liabilities | (52) | 1,184 | ||
| Cash flow used in financing activities | Â | 3,438 | Â | (2,209) |
| Net increase (decrease) in cash and cash equivalents | 1,936 | (5,258) | ||
| Effect of exchange rates | 30 | (33) | ||
| Cash and cash equivalents at the beginning of the period | Â | 20,200 | Â | 20,409 |
| Cash and cash equivalents at the end of the period | Â | 22,166 | Â | 15,118 |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | Â | Â | Â | |||||||||||||||
| TOTAL | Â | Â | Â | Â | Â | Â | ||||||||||||
| (unaudited, 2013 data converted from the Euro to the US Dollar) | 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 |
Non-controlling interests | Total shareholders' equity | ||||||||||||
| (M$) | Â | Number | Â | Amount | Â | Â | Â | Â | Â | Number | Â | Amount | Â | Â | Â | Â | Â | Â |
| As of January 1, 2013 | Â | 2,365,933,146 | Â | 7,454 | Â | 92,485 | Â | (1,696) | Â | (108,391,639) | Â | (4,274) | Â | 93,969 | Â | 1,689 | Â | 95,658 |
| Net income of the first half 2013 | - | - | 5,312 | - | - | - | 5,312 | 116 | 5,428 | |||||||||
| Other comprehensive Income | - | - | (37) | (1,367) | - | - | (1,404) | (46) | (1,450) | |||||||||
| Comprehensive Income | - | - | 5,275 | (1,367) | - | - | 3,908 | 70 | 3,978 | |||||||||
| Dividend | - | - | (3,526) | - | - | - | (3,526) | (94) | (3,620) | |||||||||
| Issuance of common shares | 10,802,845 | 36 | 396 | - | - | - | 432 | - | 432 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | - | - | 980 | - | - | - | - | |||||||||
| Share-based payments | - | - | 97 | - | - | - | 97 | - | 97 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Other operations with non-controlling interests | - | - | (92) | - | - | - | (92) | 556 | 464 | |||||||||
| Other items | - | - | 2 | - | - | - | 2 | 4 | 6 | |||||||||
| As of June 30, 2013 | Â | 2,376,735,991 | Â | 7,490 | Â | 94,637 | Â | (3,063) | Â | (108,390,659) | Â | (4,274) | Â | 94,790 | Â | 2,225 | Â | 97,015 |
| Net income from Jully 1 to December 31, 2013 | - | - | 5,916 | - | - | - | 5,916 | 177 | 6,093 | |||||||||
| Other comprehensive Income | - | - | 510 | 1,859 | - | - | 2,369 | (10) | 2,359 | |||||||||
| Comprehensive Income | - | - | 6,426 | 1,859 | - | - | 8,285 | 167 | 8,452 | |||||||||
| Dividend | - | - | (3,590) | - | - | - | (3,590) | (62) | (3,652) | |||||||||
| Issuance of common shares | 942,169 | 3 | 50 | - | - | - | 53 | - | 53 | |||||||||
| Purchase of treasury shares | - | - | - | - | (4,414,200) | (238) | (238) | - | (238) | |||||||||
| Sale of treasury shares (1) | - | - | (209) | - | 3,590,411 | 209 | - | - | - | |||||||||
| Share-based payments | - | - | 92 | - | - | - | 92 | - | 92 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Other operations with non-controlling interests | - | - | 841 | 1 | - | - | 842 | 799 | 1,641 | |||||||||
| Other items | - | - | 7 | - | - | - | 7 | 9 | 16 | |||||||||
| As of December 31, 2013 | Â | 2,377,678,160 | Â | 7,493 | Â | 98,254 | Â | (1,203) | Â | (109,214,448) | Â | (4,303) | Â | 100,241 | Â | 3,138 | Â | 103,379 |
| Net income of the first half 2014 | - | - | 6,439 | - | - | - | 6,439 | 125 | 6,564 | |||||||||
| Other comprehensive Income | - | - | (329) | (231) | - | - | (560) | (8) | (568) | |||||||||
| Comprehensive Income | - | - | 6,110 | (231) | - | - | 5,879 | 117 | 5,996 | |||||||||
| Dividend | - | - | (3,794) | - | - | - | (3,794) | (146) | (3,940) | |||||||||
| Issuance of common shares | 5,192,417 | 18 | 319 | - | - | - | 337 | - | 337 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | - | - | 7,200 | - | - | - | - | |||||||||
| Share-based payments | - | - | 82 | - | - | - | 82 | - | 82 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Other operations with non-controlling interests | - | - | 128 | (2) | - | - | 126 | 183 | 309 | |||||||||
| Other items | - | - | 1 | - | - | - | 1 | 52 | 53 | |||||||||
| As of June 30, 2014 | Â | 2,382,870,577 | Â | 7,511 | Â | 101,100 | Â | (1,436) | Â | (109,207,248) | Â | (4,303) | Â | 102,872 | Â | 3,344 | Â | 106,216 |
| Â | ||||||||||||||||||
| (1) Treasury shares related to the restricted stock grants. | ||||||||||||||||||
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | ||||||
| TOTAL | ||||||||||||
| (unaudited, 2013 data converted from the Euro to the US Dollar) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 6,205 | 28,143 | 28,213 | - | - | 62,561 | ||||||
| Intersegment sales | 8,057 | 11,740 | 402 | 46 | (20,245) | - | ||||||
| Excise taxes | Â | - | Â | (1,281) | Â | (5,073) | Â | - | Â | - | Â | (6,354) |
| Revenues from sales | 14,262 | 38,602 | 23,542 | 46 | (20,245) | 56,207 | ||||||
| Operating expenses | (7,174) | (37,744) | (22,966) | (262) | 20,245 | (47,901) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,314) | Â | (408) | Â | (198) | Â | (9) | Â | - | Â | (2,929) |
| Operating income | 4,774 | 450 | 378 | (225) | - | 5,377 | ||||||
| Equity in net income (loss) of affiliates and other items | 719 | 65 | 98 | 7 | - | 889 | ||||||
| Tax on net operating income | Â | (2,471) | Â | (114) | Â | (128) | Â | (218) | Â | - | Â | (2,931) |
| Net operating income | 3,022 | 401 | 348 | (436) | - | 3,335 | ||||||
| Net cost of net debt | (206) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (25) |
| Net income | 3,104 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2014 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | (36) | - | - | - | - | (36) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | (36) | - | - | - | - | (36) | ||||||
| Operating expenses | - | 122 | (27) | - | - | 95 | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | - | Â | (40) | Â | - | Â | - | Â | - | Â | (40) |
| Operating income (b) | (36) | 82 | (27) | - | - | 19 | ||||||
| Equity in net income (loss) of affiliates and other items | - | (32) | (7) | - | - | (39) | ||||||
| Tax on net operating income | Â | 7 | Â | (50) | Â | 10 | Â | - | Â | - | Â | (33) |
| Net operating income (b) | (29) | - | (24) | - | - | (53) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 6 |
| Net income | (47) | |||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | 122 | (5) | - | ||||||||
| On net operating income | - | 77 | (3) | - | ||||||||
| Â | Â |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  |
|
2nd quarter 2014 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 6,241 | 28,143 | 28,213 | - | - | 62,597 | ||||||
| Intersegment sales | 8,057 | 11,740 | 402 | 46 | (20,245) | - | ||||||
| Excise taxes | Â | - | Â | (1,281) | Â | (5,073) | Â | - | Â | - | Â | (6,354) |
| Revenues from sales | 14,298 | 38,602 | 23,542 | 46 | (20,245) | 56,243 | ||||||
| Operating expenses | (7,174) | (37,866) | (22,939) | (262) | 20,245 | (47,996) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,314) | Â | (368) | Â | (198) | Â | (9) | Â | - | Â | (2,889) |
| Adjusted operating income | 4,810 | 368 | 405 | (225) | - | 5,358 | ||||||
| Equity in net income (loss) of affiliates and other items | 719 | 97 | 105 | 7 | - | 928 | ||||||
| Tax on net operating income | Â |
(2,478) |
 | (64) |  | (138) |  | (218) |  | - |  | (2,898) |
| Adjusted net operating income | 3,051 | 401 | 372 | (436) | - | 3,388 | ||||||
| Net cost of net debt | (206) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (31) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 3,151 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.38 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 7,999 | 475 | 203 | 46 | - | 8,723 | ||||||
| Total divestments | 568 | 15 | 28 | 20 | - | 631 | ||||||
| Cash flow from operating activities | Â | 4,805 | Â | (133) | Â | 304 | Â | 301 | Â | - | Â | 5,277 |
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | ||||||
| TOTAL | ||||||||||||
| (unaudited, 2013 data converted from the Euro to the US Dollar) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st quarter 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 6,666 | 27,539 | 26,470 | 12 | - | 60,687 | ||||||
| Intersegment sales | 7,436 | 11,956 | 408 | 49 | (19,849) | - | ||||||
| Excise taxes | Â | - | Â | (1,160) | Â | (4,672) | Â | - | Â | - | Â | (5,832) |
| Revenues from sales | 14,102 | 38,335 | 22,206 | 61 | (19,849) | 54,855 | ||||||
| Operating expenses | (6,514) | (37,792) | (21,689) | (169) | 19,849 | (46,315) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,176) | Â | (378) | Â | (182) | Â | (9) | Â | - | Â | (2,745) |
| Operating income | 5,412 | 165 | 335 | (117) | - | 5,795 | ||||||
| Equity in net income (loss) of affiliates and other items | 1,327 | 54 | (8) | 46 | - | 1,419 | ||||||
| Tax on net operating income | Â | (3,492) | Â | 6 | Â | (80) | Â | (74) | Â | - | Â | (3,640) |
| Net operating income | 3,247 | 225 | 247 | (145) | - | 3,574 | ||||||
| Net cost of net debt | (139) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (100) |
| Net income | 3,335 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st quarter 2014 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 26 | - | - | - | - | 26 | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | 26 | - | - | - | - | 26 | ||||||
| Operating expenses | (115) | (163) | (18) | - | - | (296) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Operating income (b) | (89) | (163) | (18) | - | - | (270) | ||||||
| Equity in net income (loss) of affiliates and other items | 280 | (8) | - | - | - | 272 | ||||||
| Tax on net operating income | Â | (36) | Â | 50 | Â | 4 | Â | - | Â | - | Â | 18 |
| Net operating income (b) | 155 | (121) | (14) | - | - | 20 | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (12) |
| Net income | 8 | |||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | (163) | (18) | - | ||||||||
| On net operating income | - | (111) | (14) | - | ||||||||
| Â | Â |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  |
|
1st quarter 2014 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 6,640 | 27,539 | 26,470 | 12 | - | 60,661 | ||||||
| Intersegment sales | 7,436 | 11,956 | 408 | 49 | (19,849) | - | ||||||
| Excise taxes | Â | - | Â | (1,160) | Â | (4,672) | Â | - | Â | - | Â | (5,832) |
| Revenues from sales | 14,076 | 38,335 | 22,206 | 61 | (19,849) | 54,829 | ||||||
| Operating expenses | (6,399) | (37,629) | (21,671) | (169) | 19,849 | (46,019) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,176) | Â | (378) | Â | (182) | Â | (9) | Â | - | Â | (2,745) |
| Adjusted operating income | 5,501 | 328 | 353 | (117) | - | 6,065 | ||||||
| Equity in net income (loss) of affiliates and other items | 1,047 | 62 | (8) | 46 | - | 1,147 | ||||||
| Tax on net operating income | Â | (3,456) | Â | (44) | Â | (84) | Â | (74) | Â | - | Â | (3,658) |
| Adjusted net operating income | 3,092 | 346 | 261 | (145) | - | 3,554 | ||||||
| Net cost of net debt | (139) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (88) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 3,327 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.46 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st quarter 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 5,311 | 250 | 276 | 28 | - | 5,865 | ||||||
| Total divestments | 1,799 | 11 | 26 | 4 | - | 1,840 | ||||||
| Cash flow from operating activities | Â | 3,811 | Â | 1,593 | Â | 89 | Â | (155) | Â | - | Â | 5,338 |
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | ||||||
| TOTAL | ||||||||||||
| (unaudited, 2013 data converted from the Euro to the US Dollar) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2013
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 6,240 | 28,160 | 26,851 | 94 | - | 61,345 | ||||||
| Intersegment sales | 8,508 | 12,809 | 1,058 | 35 | (22,410) | - | ||||||
| Excise taxes | Â | - | Â | (1,091) | Â | (4,748) | Â | - | Â | - | Â | (5,839) |
| Revenues from sales | 14,748 | 39,878 | 23,161 | 129 | (22,410) | 55,506 | ||||||
| Operating expenses | (7,195) | (39,672) | (22,541) | (275) | 22,410 | (47,273) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (1,974) | Â | (390) | Â | (160) | Â | (10) | Â | - | Â | (2,534) |
| Operating income | 5,579 | (184) | 460 | (156) | - | 5,699 | ||||||
| Equity in net income (loss) of affiliates and other items | 1,022 | 62 | 51 | 28 | - | 1,163 | ||||||
| Tax on net operating income | Â | (3,160) | Â | 88 | Â | (138) | Â | (57) | Â | - | Â | (3,267) |
| Net operating income | 3,441 | (34) | 373 | (185) | - | 3,595 | ||||||
| Net cost of net debt | (182) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (49) |
| Net income | 3,364 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2013 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | (42) | - | - | - | - | (42) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | (42) | - | - | - | - | (42) | ||||||
| Operating expenses | - | (704) | (107) | - | - | (811) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Operating income (b) | (42) | (704) | (107) | - | - | (853) | ||||||
| Equity in net income (loss) of affiliates and other items | 331 | (48) | - | - | - | 283 | ||||||
| Tax on net operating income | Â | 111 | Â | 200 | Â | 34 | Â | - | Â | - | Â | 345 |
| Net operating income (b) | 400 | (552) | (73) | - | - | (225) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 8 |
| Net income | (217) | |||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | (655) | (107) | - | ||||||||
| On net operating income | - | (460) | (73) | - | ||||||||
| Â | Â |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  |
|
2nd quarter 2013 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 6,282 | 28,160 | 26,851 | 94 | - | 61,387 | ||||||
| Intersegment sales | 8,508 | 12,809 | 1,058 | 35 | (22,410) | - | ||||||
| Excise taxes | Â | - | Â | (1,091) | Â | (4,748) | Â | - | Â | - | Â | (5,839) |
| Revenues from sales | 14,790 | 39,878 | 23,161 | 129 | (22,410) | 55,548 | ||||||
| Operating expenses | (7,195) | (38,968) | (22,434) | (275) | 22,410 | (46,462) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (1,974) | Â | (390) | Â | (160) | Â | (10) | Â | - | Â | (2,534) |
| Adjusted operating income | 5,621 | 520 | 567 | (156) | - | 6,552 | ||||||
| Equity in net income (loss) of affiliates and other items | 691 | 110 | 51 | 28 | - | 880 | ||||||
| Tax on net operating income | Â | (3,271) | Â | (112) | Â | (172) | Â | (57) | Â | - | Â | (3,612) |
| Adjusted net operating income | 3,041 | 518 | 446 | (185) | - | 3,820 | ||||||
| Net cost of net debt | (182) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (57) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 3,581 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.57 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2013
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 6,603 | 499 | 318 | 39 | - | 7,459 | ||||||
| Total divestments | 1,456 | 272 | 16 | 6 | - | 1,750 | ||||||
| Cash flow from operating activities | Â | 2,764 | Â | 1,713 | Â | 542 | Â | (181) | Â | - | Â | 4,838 |
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | ||||||
| TOTAL | ||||||||||||
| (unaudited, 2013 data converted from the Euro to the US Dollar) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st half 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 12,871 | 55,682 | 54,683 | 12 | - | 123,248 | ||||||
| Intersegment sales | 15,493 | 23,696 | 810 | 95 | (40,094) | - | ||||||
| Excise taxes | Â | - | Â | (2,441) | Â | (9,745) | Â | - | Â | - | Â | (12,186) |
| Revenues from sales | 28,364 | 76,937 | 45,748 | 107 | (40,094) | 111,062 | ||||||
| Operating expenses | (13,688) | (75,536) | (44,655) | (431) | 40,094 | (94,216) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (4,490) | Â | (786) | Â | (380) | Â | (18) | Â | - | Â | (5,674) |
| Operating income | 10,186 | 615 | 713 | (342) | - | 11,172 | ||||||
| Equity in net income (loss) of affiliates and other items | 2,046 | 119 | 90 | 53 | - | 2,308 | ||||||
| Tax on net operating income | Â | (5,963) | Â | (108) | Â | (208) | Â | (292) | Â | - | Â | (6,571) |
| Net operating income | 6,269 | 626 | 595 | (581) | - | 6,909 | ||||||
| Net cost of net debt | (345) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (125) |
| Net income | 6,439 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st half 2014 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | (10) | - | - | - | - | (10) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | (10) | - | - | - | - | (10) | ||||||
| Operating expenses | (115) | (41) | (45) | - | - | (201) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | - | Â | (40) | Â | - | Â | - | Â | - | Â | (40) |
| Operating income (b) | (125) | (81) | (45) | - | - | (251) | ||||||
| Equity in net income (loss) of affiliates and other items | 280 | (40) | (7) | - | - | 233 | ||||||
| Tax on net operating income | Â | (29) | Â | - | Â | 14 | Â | - | Â | - | Â | (15) |
| Net operating income (b) | 126 | (121) | (38) | - | - | (33) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (6) |
| Net income | (39) | |||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | (41) | (23) | - | ||||||||
| On net operating income | - | (34) | (17) | - | ||||||||
| Â | Â |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  |
|
1st half 2014 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 12,881 | 55,682 | 54,683 | 12 | - | 123,258 | ||||||
| Intersegment sales | 15,493 | 23,696 | 810 | 95 | (40,094) | - | ||||||
| Excise taxes | Â | - | Â | (2,441) | Â | (9,745) | Â | - | Â | - | Â | (12,186) |
| Revenues from sales | 28,374 | 76,937 | 45,748 | 107 | (40,094) | 111,072 | ||||||
| Operating expenses | (13,573) | (75,495) | (44,610) | (431) | 40,094 | (94,015) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (4,490) | Â | (746) | Â | (380) | Â | (18) | Â | - | Â | (5,634) |
| Adjusted operating income | 10,311 | 696 | 758 | (342) | - | 11,423 | ||||||
| Equity in net income (loss) of affiliates and other items | 1,766 | 159 | 97 | 53 | - | 2,075 | ||||||
| Tax on net operating income | Â | (5,934) | Â | (108) | Â | (222) | Â | (292) | Â | - | Â | (6,556) |
| Adjusted net operating income | 6,143 | 747 | 633 | (581) | - | 6,942 | ||||||
| Net cost of net debt | (345) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (119) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 6,478 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2.84 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st half 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 13,310 | 725 | 479 | 74 | - | 14,588 | ||||||
| Total divestments | 2,367 | 26 | 54 | 24 | - | 2,471 | ||||||
| Cash flow from operating activities | Â | 8,616 | Â | 1,460 | Â | 393 | Â | 146 | Â | - | Â | 10,615 |
|
BUSINESS SEGMENT INFORMATION |
 |  |  |  |  |  | ||||||
|
TOTAL |
||||||||||||
|
(unaudited, 2013 data converted from the Euro to the US Dollar) |
||||||||||||
| Â | ||||||||||||
|
1st half 2013
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 13,439 | 56,709 | 54,583 | 175 | - | 124,906 | ||||||
| Intersegment sales | 18,195 | 25,901 | 1,201 | 102 | (45,399) | - | ||||||
| Excise taxes | Â | - | Â | (2,187) | Â | (9,193) | Â | - | Â | - | Â | (11,380) |
| Revenues from sales | 31,634 | 80,423 | 46,591 | 277 | (45,399) | 113,526 | ||||||
| Operating expenses | (15,271) | (79,481) | (45,291) | (548) | 45,399 | (95,192) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (4,232) | Â | (783) | Â | (352) | Â | (20) | Â | - | Â | (5,387) |
| Operating income | 12,131 | 159 | 948 | (291) | - | 12,947 | ||||||
| Equity in net income (loss) of affiliates and other items | (94) | 157 | 8 | 29 | - | 100 | ||||||
| Tax on net operating income | Â | (6,984) | Â | 17 | Â | (282) | Â | (28) | Â | - | Â | (7,277) |
| Net operating income | 5,053 | 333 | 674 | (290) | - | 5,770 | ||||||
| Net cost of net debt | (342) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (116) |
| Net income | 5,312 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st half 2013 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | (39) | - | - | - | - | (39) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | (39) | - | - | - | - | (39) | ||||||
| Operating expenses | - | (794) | (135) | - | - | (929) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | - | Â | (5) | Â | - | Â | - | Â | - | Â | (5) |
| Operating income (b) | (39) | (799) | (135) | - | - | (973) | ||||||
| Equity in net income (loss) of affiliates and other items | (1,544) | (61) | (13) | - | - | (1,618) | ||||||
| Tax on net operating income | Â | 338 | Â | 238 | Â | 44 | Â | - | Â | - | Â | 620 |
| Net operating income (b) | (1,245) | (622) | (104) | - | - | (1,971) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 4 |
| Net income | (1,967) | |||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | (743) | (135) | - | ||||||||
| On net operating income | - | (506) | (91) | - | ||||||||
| Â | Â |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  |
|
1st half 2013 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 13,478 | 56,709 | 54,583 | 175 | - | 124,945 | ||||||
| Intersegment sales | 18,195 | 25,901 | 1,201 | 102 | (45,399) | - | ||||||
| Excise taxes | Â | - | Â | (2,187) | Â | (9,193) | Â | - | Â | - | Â | (11,380) |
| Revenues from sales | 31,673 | 80,423 | 46,591 | 277 | (45,399) | 113,565 | ||||||
| Operating expenses | (15,271) | (78,687) | (45,156) | (548) | 45,399 | (94,263) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (4,232) | Â | (778) | Â | (352) | Â | (20) | Â | - | Â | (5,382) |
| Adjusted operating income | 12,170 | 958 | 1,083 | (291) | - | 13,920 | ||||||
| Equity in net income (loss) of affiliates and other items | 1,450 | 218 | 21 | 29 | - | 1,718 | ||||||
| Tax on net operating income | Â | (7,322) | Â | (221) | Â | (326) | Â | (28) | Â | - | Â | (7,897) |
| Adjusted net operating income | 6,298 | 955 | 778 | (290) | - | 7,741 | ||||||
| Net cost of net debt | (342) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (120) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 7,279 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 3.20 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st half 2013
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 13,544 | 1,202 | 564 | 53 | - | 15,363 | ||||||
| Total divestments | 2,174 | 308 | 66 | 15 | - | 2,563 | ||||||
| Cash flow from operating activities | Â | 8,245 | Â | 1,331 | Â | 422 | Â | (247) | Â | - | Â | 9,751 |
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | Â | Â | Â | |||
| (unaudited, 2013 data converted from the Euro to the US Dollar) | ||||||
| Â | ||||||
|
2nd quarter 2014
(M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Sales | 62,597 | (36) | 62,561 | |||
| Excise taxes | (6,354) | - | (6,354) | |||
| Revenues from sales | 56,243 | (36) | 56,207 | |||
| Purchases, net of inventory variation | (40,488) | 117 | (40,371) | |||
| Other operating expenses | (7,207) | (22) | (7,229) | |||
| Exploration costs | (301) | - | (301) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (2,889) | (40) | (2,929) | |||
| Other income | 96 | - | 96 | |||
| Other expense | (133) | (30) | (163) | |||
| Financial interest on debt | (266) | - | (266) | |||
| Financial income from marketable securities & cash equivalents | 31 | - | 31 | |||
| Cost of net debt | (235) | - | (235) | |||
| Other financial income | 265 | - | 265 | |||
| Other financial expense | (183) | - | (183) | |||
| Equity in net income (loss) of affiliates | 883 | (9) | 874 | |||
| Income taxes | Â | (2,869) | Â | (33) | Â | (2,902) |
| Consolidated net income | 3,182 | (53) | 3,129 | |||
| Group share | 3,151 | (47) | 3,104 | |||
| Non-controlling interests | 31 | (6) | 25 | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Â | ||||||
|
2nd quarter 2013
(M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Sales | 61,387 | (42) | 61,345 | |||
| Excise taxes | (5,839) | - | (5,839) | |||
| Revenues from sales | 55,548 | (42) | 55,506 | |||
| Purchases, net of inventory variation | (38,869) | (762) | (39,631) | |||
| Other operating expenses | (7,239) | (49) | (7,288) | |||
| Exploration costs | (354) | - | (354) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (2,534) | - | (2,534) | |||
| Other income | 131 | 331 | 462 | |||
| Other expense | (89) | (31) | (120) | |||
| Financial interest on debt | (238) | - | (238) | |||
| Financial income from marketable securities & cash equivalents | 18 | - | 18 | |||
| Cost of net debt | (220) | - | (220) | |||
| Other financial income | 206 | - | 206 | |||
| Other financial expense | (179) | - | (179) | |||
| Equity in net income (loss) of affiliates | 811 | (17) | 794 | |||
| Income taxes | Â | (3,574) | Â | 345 | Â | (3,229) |
| Consolidated net income | 3,638 | (225) | 3,413 | |||
| Group share | 3,581 | (217) | 3,364 | |||
| Non-controlling interests | 57 | (8) | 49 | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | Â | Â | Â | |||
| (unaudited, 2013 data converted from the Euro to the US Dollar) | ||||||
| Â | ||||||
|
1st half 2014
(M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Sales | 123,258 | (10) | 123,248 | |||
| Excise taxes | (12,186) | - | (12,186) | |||
| Revenues from sales | 111,072 | (10) | 111,062 | |||
| Purchases, net of inventory variation | (78,639) | (64) | (78,703) | |||
| Other operating expenses | (14,456) | (137) | (14,593) | |||
| Exploration costs | (920) | - | (920) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (5,634) | (40) | (5,674) | |||
| Other income | 548 | 648 | 1,196 | |||
| Other expense | (263) | (49) | (312) | |||
| Financial interest on debt | (467) | - | (467) | |||
| Financial income from marketable securities & cash equivalents | 50 | - | 50 | |||
| Cost of net debt | (417) | - | (417) | |||
| Other financial income | 426 | - | 426 | |||
| Other financial expense | (349) | - | (349) | |||
| Equity in net income (loss) of affiliates | 1,713 | (366) | 1,347 | |||
| Income taxes | Â | (6,484) | Â | (15) | Â | (6,499) |
| Consolidated net income | 6,597 | (33) | 6,564 | |||
| Group share | 6,478 | (39) | 6,439 | |||
| Non-controlling interests | 119 | 6 | 125 | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Â | ||||||
|
1st half 2013
(M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Sales | 124,945 | (39) | 124,906 | |||
| Excise taxes | (11,380) | - | (11,380) | |||
| Revenues from sales | 113,565 | (39) | 113,526 | |||
| Purchases, net of inventory variation | (79,072) | (878) | (79,950) | |||
| Other operating expenses | (14,431) | (51) | (14,482) | |||
| Exploration costs | (760) | - | (760) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (5,382) | (5) | (5,387) | |||
| Other income | 173 | 331 | 504 | |||
| Other expense | (216) | (1,925) | (2,141) | |||
| Financial interest on debt | (461) | - | (461) | |||
| Financial income from marketable securities & cash equivalents | 46 | - | 46 | |||
| Cost of net debt | (415) | - | (415) | |||
| Other financial income | 342 | - | 342 | |||
| Other financial expense | (348) | - | (348) | |||
| Equity in net income (loss) of affiliates | 1,767 | (24) | 1,743 | |||
| Income taxes | Â | (7,824) | Â | 620 | Â | (7,204) |
| Consolidated net income | 7,399 | (1,971) | 5,428 | |||
| Group share | 7,279 | (1,967) | 5,312 | |||
| Non-controlling interests | 120 | (4) | 116 | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
TOTAL S.A.
Capital 5Â 945 861 837,50 euros
542 051 180 R.C.S. Nanterre
Total
Martin DEFFONTAINES
Karine KACZKA
Magali PAILHE
Patrick GUENKEL
Tel. : +44 (0)207 719 7962
Fax : +44 (0)207 719 7959
or
Robert HAMMOND (U.S.), Tel. : +1 713-483-5070
Fax : +1 713-483-5629
or
2, place Jean Millier
Arche Nord Coupole/Regnault
92 400 Courbevoie France
Latest directors dealings
- 29 minutes ago Tertiary Minerals
- 29 minutes ago Hargreaves Services
- 13 hours ago ASOS
- 13 hours ago MJ Gleeson
- 13 hours ago Rolls-Royce Holdings