Total: Third Quarter and First Nine Months 2015...
Total: Third Quarter and First Nine Months 2015 Results
Total S.A.
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
| Â | Â | 3Q15 | Â |
Change
vs 3Q14 |
 | 9M15 |  |
Change
vs 9M14 |
| Â | Â | Â | Â | |||||
| Adjusted net income1 | ||||||||
| - in billions of dollars (B$) |
2.8 |
-23% |
8.4 |
-16% | ||||
| - in dollars per share |
1.17 |
-25% |
3.64 |
-17% | ||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Â | ||||||||
| Net income2 of 1.1 B$ in 3Q15 | ||||||||
| Net-debt-to-equity ratio of 26.6% at September 30, 2015 | ||||||||
| Hydrocarbon production of 2,342 kboe/d in the third quarter 2015 | ||||||||
| 3Q15 interim dividend of 0.61 €/share payable in April 20163 | ||||||||
Total’s Board of Directors, under the chairmanship of Thierry Desmarest, met on October 28, 2015, to review the Group’s third quarter accounts. Commenting on the results, CEO Patrick Pouyanné said:
“In a context where the oil price has fallen by 50% in one year,
Total was able to demonstrate its resilience by limiting to 23% the
decrease in its third quarter adjusted net income of $2.8 billion. The
Group is benefiting from its integrated model, production growth and
discipline on both investments and operating costs. For the first nine
months of 2015, the Group’s adjusted net income decreased by only 16%
while the oil price fell by 48%.
In the Upstream, the start
ups of Surmont 2 in Canada and Gladstone LNG in Australia bring the
number of major projects delivered to six so far this year and
production growth to more than 10% year on year. Upstream is also ahead
of schedule in the execution of its cost reduction program, and the
Group is on track to exceed its target of $1.2 billion in savings for
2015.
In the Downstream, Refining & Chemicals and Marketing
& Services were able to take full advantage of favorable margins. In
addition, Downstream is pursuing the execution of its programs for
operational excellence as well as restructuring in Europe with the
shut-down of the Carling steam cracker in October.
This
quarter, Total has again demonstrated its ability to sell assets at the
best price, consistent with its strategy: six new asset sales were
announced since the start of the quarter totaling around $3 billion.
Organic
investments after nine months were $16.6 billion, in line with the
objective of $23-24 billion for 2015.
Finally, Total
preserved its solid balance sheet by maintaining gearing below 27% and
is pursuing a disciplined strategy to continue to reduce its breakeven
price.â€
Key figures4
| 3Q15 | Â | 2Q15 | Â | 3Q14 | Â |
3Q15
vs 3Q14 |
 |
In millions of dollars, except effective tax rate,
earnings per share and number of shares |
 | 9M15 |  | 9M14 |  |
9M15
vs 9M14 |
| 40,580 | Â | 44,715 | Â | 60,363 | Â | -33% | Â | Sales | Â | 127,608 | Â | 183,611 | Â | -31% |
| 3,204 | Â | 4,064 | Â | 6,134 | Â | -48% | Â | Adjusted operating income from business segments | Â | 10,579 | Â | 17,899 | Â | -41% |
| 2,963 | Â | 3,334 | Â | 3,927 | Â | -25% | Â | Adjusted net operating income from business segments | Â | 9,077 | Â | 11,450 | Â | -21% |
| 1,107 | Â | 1,560 | Â | 2,765 | Â | -60% | Â | Upstream | Â | 4,026 | Â | 8,908 | Â | -55% |
| 1,433 | 1,349 | 786 | +82% | Refining & Chemicals | 3,882 | 1,533 | x2.5 | |||||||
| 423 | Â | 425 | Â | 376 | Â | +13% | Â | Marketing & Services | Â | 1,169 | Â | 1,009 | Â | +16% |
| 493 | Â | 677 | Â | 949 | Â | -48% | Â | Contribution of equity affiliates to adjusted net income | Â | 1,804 | Â | 2,662 | Â | -32% |
| 27.2% | Â | 39.6% | Â | 54.1% | Â | Â | Â | Group effective tax rate5 | Â | 35.5% | Â | 55.7% | Â | Â |
| 2,756 | Â | 3,085 | Â | 3,558 | Â | -23% | Â | Adjusted net income | Â | 8,443 | Â | 10,036 | Â | -16% |
| 1.17 | Â | 1.34 | Â | 1.56 | Â | -25% | Â | Adjusted fully-diluted earnings per share (dollars) | Â | 3.64 | Â | 4.40 | Â | -17% |
| 1.06 | Â | 1.21 | Â | 1.17 | Â | -9% | Â | Adjusted fully-diluted earnings per share (euros)* | Â | 3.27 | Â | 3.25 | Â | +1% |
| 2,312 | Â | 2,292 | Â | 2,285 | Â | +1% | Â | Fully-diluted weighted-average shares (millions) | Â | 2,295 | Â | 2,279 | Â | +1% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 1,079 | Â | 2,971 | Â | 3,463 | Â | -69% | Â | Net income (Group share) | Â | 6,713 | Â | 9,902 | Â | -32% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 6,040 | Â | 6,590 | Â | 7,769 | Â | -22% | Â | Investments6 | Â | 21,439 | Â | 22,357 | Â | -4% |
| 410 | Â | 1,893 | Â | 2,030 | Â | -80% | Â | Divestments | Â | 5,287 | Â | 4,501 | Â | +17% |
| 5,630 | Â | 4,616 | Â | 5,740 | Â | -2% | Â | Net investments7 | Â | 16,071 | Â | 17,731 | Â | -9% |
| 5,989 | Â | 4,732 | Â | 7,639 | Â | -22% | Â | Cash flow from operations | Â | 15,108 | Â | 18,254 | Â | -17% |
| 5,059 | Â | 5,317 | Â | 6,741 | Â | -25% | Â | Adjusted cash flow from operations | Â | 15,011 | Â | 18,876 | Â | -20% |
* Average €-$ exchange rate: 1.1117 in the third quarter 2015 and 1.1144 in the first nine months 2015.
Highlights since the beginning of the third quarter 20158
- Shipped the first liquefied natural gas cargo from Gladstone LNG in Australia
- Started production on Dalia Phase 1A on Block 17 in Angola
- Started production at Surmont 2 in Canada
- Discoveries of oil at Ukot South in Nigeria and gas in the Leo well offshore Argentina and entry to Block 7 in Egypt with a 25% interest
- Sold a 20% interest in the Laggan field and its satellites in the United Kingdom for approximately $900 million
- Sold North Sea midstream gas assets for approximately $900 million
- Sold a 10% interest in the Fort Hills project in Canada, a 15% interest in the Gina Krog project in Norway, a 50% interest in Géosel in France and marketing and distribution activities in Turkey for a total of more than $1 billion
- Started up the lubricants plant in Singapore
Analysis of business segments
Upstream
> Environment – liquids and gas price realizations*
| 3Q15 | Â | 2Q15 | Â | 3Q14 | Â |
3Q15
vs 3Q14 |
 |  |  | 9M15 |  | 9M14 |  |
9M15
vs 9M14 |
| 50.5 | Â | 61.9 | Â | 101.9 | Â | -50% | Â | Brent ($/b) | Â | 55.3 | Â | 106.5 | Â | -48% |
| 44.0 | Â | 58.2 | Â | 94.0 | Â | -53% | Â | Average liquids price ($/b) | Â | 50.5 | Â | 99.6 | Â | -49% |
| 4.47 | Â | 4.67 | Â | 6.40 | Â | -30% | Â | Average gas price ($/Mbtu) | Â | 4.85 | Â | 6.67 | Â | -27% |
| 36.6 | Â | 45.4 | Â | 69.1 | Â | -47% | Â | Average hydrocarbon price ($/boe) | Â | 41.3 | Â | 71.8 | Â | -42% |
* Consolidated subsidiaries, excluding fixed margins.
> Production
|
3Q15 |
 | 2Q15 |  | 3Q14 |  |
3Q15
vs 3Q14 |
 | Hydrocarbon production |  | 9M15 |  | 9M14 |  |
9M15
vs 9M14 |
| 2,342 | Â | 2,299 | Â | 2,122 | Â | +10% | Â | Combined production (kboe/d) | Â | 2,345 | Â | 2,118 | Â | +11% |
| 1,241 | Â | 1,215 | Â | 1,043 | Â | +19% | Â | Liquids (kb/d) | Â | 1,232 | Â | 1,019 | Â | +21% |
| 6,003 | Â | 5,910 | Â | 5,902 | Â | +2% | Â | Gas (Mcf/d) | Â | 6,074 | Â | 6,011 | Â | +1% |
Hydrocarbon production was 2,342 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2015, an increase of more than 10% compared to the third quarter 2014, due to the following:
- +6% for new project start ups and ramp ups, notably CLOV, West Franklin Phase 2, Eldfisk II and Termokarstovoye;
- +6% due to portfolio changes, mainly the addition of the new ADCO concession in the United Arab Emirates, partially offset by asset sales in the North Sea, Nigeria and Azerbaijan;
- -5% due to shutdowns in Yemen and in Libya; and
- +3% due to the price effect, better field performance and lower maintenance, offsetting natural decline.
In the first nine months of 2015, hydrocarbon production was 2,345 kboe/d, an increase of 11% compared to the first nine months of 2014, due to the following:
- +7% for new project start ups and ramp ups;
- +6% due to portfolio changes, as noted above;
- -3% due to shutdowns in Yemen and in Libya; and
- +1% due to the price effect and lower maintenance offsetting natural decline.
> Results
|
3Q15 |
 | 2Q15 |  | 3Q14 |  |
3Q15
vs 3Q14 |
 | In millions of dollars, except effective tax rate |  | 9M15 |  | 9M14 |  |
9M15
vs 9M14 |
| 994 | Â | 1,995 | Â | 4,671 | Â | -79% | Â | Adjusted operating income* | Â | 4,520 | Â | 14,982 | Â | -70% |
| 33.8% | Â | 47.3% | Â | 59.1% | Â | Â | Â | Effective tax rate** | Â | 44.5% | Â | 57.1% | Â | Â |
| 1,107 | Â | 1,560 | Â | 2,765 | Â | -60% | Â | Adjusted net operating income* | Â | 4,026 | Â | 8,908 | Â | -55% |
| 316 | Â | 489 | Â | 824 | Â | -62% | Â | includes income from equity affiliates | Â | 1,308 | Â | 2,326 | Â | -44% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 5,173 | Â | 5,653 | Â | 6,923 | Â | -25% | Â | Investments | Â | 18,977 | Â | 20,233 | Â | -6% |
| 272 | Â | 379 | Â | 1,924 | Â | -86% | Â | Divestments | Â | 1,813 | Â | 4,291 | Â | -58% |
| 2,320 | Â | 2,713 | Â | 5,442 | Â | -57% | Â | Cash flow from operations | Â | 8,558 | Â | 14,058 | Â | -39% |
| 2,736 | Â | 3,010 | Â | 5,028 | Â | -46% | Â | Adjusted cash flow from operations | Â | 8,665 | Â | 15,002 | Â | -42% |
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Tax on
adjusted net operating income / (adjusted net operating income - income
from equity affiliates - dividends received from investments + tax on
adjusted net operating income).
Adjusted net operating income from the Upstream segment was:
- 1,107 M$ in the third quarter 2015, a decrease of 60% compared to the third quarter 2014, essentially due to the lower price of hydrocarbons, partially offset by a decrease in operating costs, and a favorable tax adjustment in Nigeria; and
- 4,026 M$ in the first nine months of 2015, a decrease of 55% compared to the first nine months of 2014, essentially due to the lower price of hydrocarbons, partially offset by a decrease in operating costs, a lower effective tax rate linked to the lower prices and an increase in production.
Refining & Chemicals
> Refinery throughput and utilization rates*
|
3Q15 |
 | 2Q15 |  | 3Q14 |  |
3Q15
vs 3Q14 |
 |  |  | 9M15 |  | 9M14 |  |
9M15
vs 9M14 |
| 1,973 | Â | 1,909 | Â | 1,884 | Â | +5% | Â | Total refinery throughput (kb/d) | Â | 1,938 | Â | 1,735 | Â | +12% |
| 662 | Â | 613 | Â | 672 | Â | -1% | Â | France | Â | 671 | Â | 641 | Â | +5% |
| 891 | 875 | 840 | +6% | Rest of Europe | 853 | 774 | +10% | |||||||
| 420 | Â | 421 | Â | 372 | Â | +13% | Â | Rest of world | Â | 414 | Â | 320 | Â | +29% |
| Â | Â | Â | Â | Â | Â | Â | Â | Utlization rates** | Â | Â | Â | Â | Â | Â |
| 87% | 84% | 82% | Based on crude only | 86% | 75% | |||||||||
| 90% | Â | 87% | Â | 86% | Â | Â | Â | Based on crude and other feedstock | Â | 89% | Â | 79% | Â | Â |
* Includes share of TotalErg. Results for refineries in South Africa,
the French Antilles and Italy are reported in the Marketing & Services
segment.
** Based on distillation capacity at the beginning
of the year.
Refinery throughput:
- increased by 5% in the third quarter 2015 compared to the third quarter 2014, due to the start up of SATORP and the strong performance of sites in Europe; and
- increased by 12% in the first nine months of 2015 compared to the first nine months of 2014. Utilization rates were higher in an environment of favorable margins notably due to the improved availability of the refineries, the ramp up of SATORP and a lower level of seasonal maintenance this year.
> Results
|
3Q15 |
 | 2Q15 |  | 3Q14 |  |
3Q15
vs 3Q14 |
 |
In millions of dollars
except the ERMI |
 | 9M15 |  | 9M14 |  |
9M15
vs 9M14 |
| 54.8 | Â | 54.1 | Â | 29.9 | Â | +83% | Â | European refining margin indicator - ERMI ($/t) | Â | 52.0 | Â | 15.8 | Â | x3 |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 1,713 | Â | 1,604 | Â | 974 | Â | +76% | Â | Adjusted operating income* | Â | 4,652 | Â | 1,670 | Â | x2.8 |
| 1,433 | Â | 1,349 | Â | 786 | Â | +82% | Â | Adjusted net operating income* | Â | 3,882 | Â | 1,533 | Â | x2.5 |
| 128 | Â | 135 | Â | 161 | Â | -20% | Â | including Specialty Chemicals** | Â | 379 | Â | 473 | Â | -20% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 358 | Â | 465 | Â | 422 | Â | -15% | Â | Investments | Â | 1,257 | Â | 1,147 | Â | +10% |
| 12 | Â | 874 | Â | 9 | Â | +33% | Â | Divestments | Â | 2,652 | Â | 35 | Â | na |
| 2,291 | Â | 1,700 | Â | 1,729 | Â | +33% | Â | Cash flow from operations | Â | 4,305 | Â | 3,189 | Â | +35% |
| 1,797 | Â | 1,566 | Â | 1,263 | Â | +42% | Â | Adjusted cash flow from operations | Â | 4,743 | Â | 2,563 | Â | +85% |
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Hutchinson and
Atotech, Bostik until February 2015.
The Refining & Chemicals segment continued to benefit from an environment as favorable this quarter as it was last quarter. The European refining margin indicator (ERMI) remained stable at 54.8 $/t, mainly due to the summer demand in gasoline. Petrochemical margins, meanwhile, continued to be supported by a strong demand for polymers and the decrease in oil-linked raw material prices.
Adjusted net operating income from the Refining & Chemicals segment was:
- 1,433 M$ in the third quarter 2015, nearly double the third quarter 2014 level. The segment benefited fully from the environment through strong industrial performance and continued to reduce its operating costs, offsetting a negative inventory effect on non-European platforms; and
- 3,882 M$ in the first nine months of 2015, more than twice the level of the first nine months of 2014, due to strong industrial performance in a period of high margins.
Marketing & Services
> Petroleum product sales
|
3Q15 |
 | 2Q15* |  | 3Q14 |  |
3Q15
vs 3Q14 |
 | Sales in kb/d** |  | 9M15 |  | 9M14 |  |
9M15
vs 9M14 |
| 1,825 | Â | 1,836 | Â | 1,781 | Â | +2% | Â | Total Marketing & Services sales | Â | 1,825 | Â | 1,755 | Â | +4% |
| 1,103 | Â | 1,097 | Â | 1,107 | Â | - | Â | Europe | Â | 1,101 | Â | 1,089 | Â | +1% |
| 722 | Â | 739 | Â | 674 | Â | +7% | Â | Rest of world | Â | 724 | Â | 666 | Â | +9% |
* 2Q15 volumes restated.
** Excludes trading and bulk
refining sales, includes share of TotalErg.
Petroleum product sales were:
- 2% higher in the third quarter 2015 compared to the third quarter last year, benefiting from strong sales in growth markets; and
- 4% higher in the first nine months of 2015 compared to the first nine months of 2014. In addition to strong growth in Africa, the sector is also performing well in Europe, benefiting from its strategic repositioning and a market boosted by lower prices.
> Results
|
3Q15 |
 | 2Q15 |  | 3Q14 |  |
3Q15
vs 3Q14 |
 | In millions of dollars |  | 9M15 |  | 9M14 |  |
9M15
vs 9M14 |
| 19,522 | Â | 20,419 | Â | 27,747 | Â | -30% | Â | Sales | Â | 59,561 | Â | 82,430 | Â | -28% |
| 497 | Â | 465 | Â | 489 | Â | +2% | Â | Adjusted operating income* | Â | 1,407 | Â | 1,247 | Â | +13% |
| 423 | Â | 425 | Â | 376 | Â | +13% | Â | Adjusted net operating income* | Â | 1,169 | Â | 1,009 | Â | +16% |
| (82) | Â | (45) | Â | 5 | Â | na | Â | including New Energies | Â | (169) | Â | 25 | Â | na |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 501 | Â | 436 | Â | 398 | Â | +26% | Â | Investments | Â | 1,152 | Â | 877 | Â | +31% |
| 121 | Â | 627 | Â | 56 | Â | x2.2 | Â | Divestments | Â | 800 | Â | 110 | Â | x7 |
| 1,011 | Â | 379 | Â | 701 | Â | +44% | Â | Cash flow from operations | Â | 2,034 | Â | 1,094 | Â | +86% |
| 518 | Â | 531 | Â | 542 | Â | -4% | Â | Adjusted cash flow from operations | Â | 1,467 | Â | 1,472 | Â | - |
* Detail of adjustment items shown in the business segment information annex to financial statements.
Adjusted net operating income from the Marketing & Services segment was:
- 423 M$ in the third quarter 2015, an increase of 13% compared to the third quarter 2014, mainly due to higher volumes and margins; and
- 1,169 M$ in the first nine months of 2015, an increase of 16% compared to the first nine months of 2014, in an environment of favorable prices for retail marketing.
Group results
> Net operating income from business segments
Adjusted net operating income from the business segments was:
- 2,963 M$ in the third quarter 2015, a decrease of 25% compared to the third quarter 2014, despite the 50% drop in the Brent price, that reflected weaker performance by the Upstream, due to the lower oil price, partially offset by the excellent results of the Downstream;
- 9,077 M$ in the first nine months of 2015, a decrease of 21% compared to the first nine months of 2014, despite the 48% drop in the Brent price, demonstrating the strong performance of the Group’s integrated model and its cost reduction program.
The effective tax rate9 for the business segments was:
- 29.8% in the third quarter 2015 compared to 52.1% in the third quarter 2014, reflecting mainly the decreased tax rate for the Upstream and the increased weight of Downstream in the results;
- 35.0% in the first nine months of 2015 compared to 52.3% in the first nine months of 2014, for the same reasons.
> Net income (Group share)
Adjusted net income was:
- 2,756 M$ in the third quarter 2015 compared to 3,558 M$ in the third quarter 2014, a decrease of 23% despite the 50% drop in the Brent price;
- 8,443 M$ in the first nine months of 2015 compared to 10,036 M$ in the first nine months of 2014, a decrease of 16% in an environment where the Brent price fell by 48%.
Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value10.
Adjustment items11 had a negative impact on net income (Group share) of 1,677 M$ in the third quarter 2015. This includes a negative 760 M$ inventory valuation effect and a 650 M$ impairment for the interest in Fort Hills that is in the process of being sold. In the first nine months of 2015, total adjustments affecting net income (Group share) had a negative impact of 1,730 M$.
The number of fully-diluted shares was 2,310 million on September 30, 2015, compared to 2,285 million on September 30, 2014.
> Divestments – acquisitions
Asset sales were:
- 395 M$ in the third quarter 2015, comprised notably of the sale of coal mining assets in South Africa;
- 3,867 M$ in the first nine months of 2015, comprised mainly of the sales of Bostik, interests in onshore blocks in Nigeria, Totalgaz and coal mining assets in South Africa.
Acquisitions were:
- 631 M$ in the third quarter 2015;
- 3,408 M$ in the first nine months 2015, comprised mainly of the entry into the new ADCO concession in the United Arab Emirates, the acquisition of a further 0.7% in the capital of Novatek, bringing the participation to 18.9%, and the carry on the Utica gas and condensate field in the United States.
> Cash flow
The Group’s net cash flow12 was:
- 359 M$ in the third quarter 2015 compared to 1,899 M$ in the third quarter 2014. This decrease was due to the decline in the Upstream results, partially offset by the excellent Downstream results; and
- -963 M$ in the first nine months of 2015 compared to 523 M$ in the first nine months of 2014. The 9% decrease in net investments partially offset the 17% decrease in cash flow from operations in the context of a 48% lower Brent price.
Summary and outlook
Quarter after quarter, Total has demonstrated its resilience in a weaker environment, and the results encourage the Group to pursue its performance improvement programs in all of the areas under its control. Total’s teams are committed to starting up new projects and reducing costs.
In the Upstream, Laggan-Tormore and Moho Ph 1b are scheduled to start up by the end of 2015, and thus the Group will have delivered eight major projects this year. Production is now expected to increase by at least 9% in 2015, compared to the initial objective of more than 8%. The organic growth strategy targets an average 6-7% increase in production per year from 2014 to 2017, delivering significantly higher cash flows for the segment in a constant environment.
In the Downstream, the Antwerp integrated platform will undergo partial maintenance in the fourth quarter 2015. In October, the ERMI averaged more than 30 $/t, and petrochemical margins have fallen but remain higher than the average of the past few years. In an environment that remains globally favorable, the Downstream is pursuing its plans to further reduce breakevens in Refining & Chemicals and grow the contribution from Marketing & Services.
Total is executing its ambitious strategy for the benefit of its shareholders: exiting the cycle of intensive investment, lowering operating costs and growing production will allow the Group to organically cover its cash dividend in 2017 at 60 $/b.
-- -- --
To listen to CFO Patrick de La Chevardière’s conference call with financial analysts today at 14:30 (London time) please log on to total.com or call +44 (0)203 427 1917 in Europe or +1 646 254 3363 in the United States (code 3134512). For a replay, please consult the website or call +44 (0)203 427 0598 in Europe or +1 347 366 9565 in the United States (code: 3134512).
Operating information by segment
Upstream
| 3Q15 | Â | 2Q15 | Â | 3Q14 | Â |
3Q15
vs 3Q14 |
 |
Combined liquids and gas
production by region (kboe/d) |
 | 9M15 |  | 9M14 |  |
9M15
vs 9M14 |
| 364 | Â | 360 | Â | 340 | Â | +7% | Â | Europe | Â | 372 | Â | 354 | Â | +5% |
| 685 | 663 | 665 | +3% | Africa | 678 | 646 | +5% | |||||||
| 486 | 477 | 387 | +26% | Middle East | 501 | 391 | +28% | |||||||
| 96 | 107 | 89 | +8% | North America | 100 | 87 | +15% | |||||||
| 153 | 156 | 159 | -4% | South America | 155 | 159 | -3% | |||||||
| 245 | 251 | 237 | +3% | Asia-Pacific | 253 | 239 | +6% | |||||||
| 313 | Â | 285 | Â | 245 | Â | +28% | Â | CIS | Â | 286 | Â | 242 | Â | +18% |
| 2,342 | Â | 2,299 | Â | 2,122 | Â | +10% | Â | Total production | Â | 2,345 | Â | 2,118 | Â | +11% |
| 574 | Â | 547 | Â | 562 | Â | +2% | Â | includes equity affiliates | Â | 565 | Â | 563 | Â | - |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 3Q15 | Â | 2Q15 | Â | 3Q14 | Â |
3Q15
vs 3Q14 |
 | Liquids production by region (kb/d) |  | 9M15 |  | 9M14 |  |
9M15
vs 9M14 |
| 159 | 159 | 161 | -1% | Europe | 160 | 164 | -2% | |||||||
| 542 | 530 | 539 | +1% | Africa | 541 | 510 | +6% | |||||||
| 359 | 347 | 190 | +89% | Middle East | 355 | 194 | +83% | |||||||
| 45 | 48 | 39 | +15% | North America | 45 | 37 | +22% | |||||||
| 46 | 48 | 50 | -8% | South America | 48 | 50 | -4% | |||||||
| 30 | 32 | 30 | - | Asia-Pacific | 33 | 30 | +10% | |||||||
| 60 | Â | 51 | Â | 34 | Â | +76% | Â | CIS | Â | 50 | Â | 34 | Â | +47% |
| 1,241 | Â | 1,215 | Â | 1,043 | Â | +19% | Â | Total production | Â | 1,232 | Â | 1,019 | Â | +21% |
| 230 | Â | 218 | Â | 199 | Â | +16% | Â | includes equity affiliates | Â | 218 | Â | 201 | Â | +9% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 3Q15 | Â | 2Q15 | Â | 3Q14 | Â |
3Q15
vs 3Q14 |
 | Gas production by region (Mcf/d) |  | 9M15 |  | 9M14 |  |
9M15
vs 9M14 |
| 1,115 | 1,086 | 982 | +14% | Europe | 1,155 | 1,044 | +11% | |||||||
| 719 | 663 | 643 | +12% | Africa | 690 | 700 | -1% | |||||||
| 708 | 720 | 1,076 | -34% | Middle East | 808 | 1,074 | -25% | |||||||
| 280 | 332 | 284 | -1% | North America | 309 | 278 | +11% | |||||||
| 598 | 602 | 613 | -2% | South America | 596 | 608 | -2% | |||||||
| 1,240 | 1,258 | 1,178 | +5% | Asia-Pacific | 1,265 | 1,189 | +6% | |||||||
| 1,343 | Â | 1,249 | Â | 1,126 | Â | +19% | Â | CIS | Â | 1,251 | Â | 1,118 | Â | +12% |
| 6,003 | Â | 5,910 | Â | 5,902 | Â | +2% | Â | Total production | Â | 6,074 | Â | 6,011 | Â | +1% |
| 1,850 | Â | 1,764 | Â | 1,966 | Â | -6% | Â | includes equity affiliates | Â | 1,858 | Â | 1,963 | Â | -5% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 3Q15 | Â | 2Q15 | Â | 3Q14 | Â |
3Q15
vs 3Q14 |
 | Liquefied natural gas |  | 9M15 |  | 9M14 |  |
9M15
vs 9M14 |
| 2.47 | Â | 2.34 | Â | 2.98 | Â | -17% | Â | LNG sales* (Mt) | Â | 7.58 | Â | 9.09 | Â | -17% |
* Sales, Group share, excluding trading; 2014 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2014 SEC coefficient.
Downstream (Refining & Chemicals and Marketing & Services)
| 3Q15 | Â | 2Q15* | Â | 3Q14 | Â |
3Q15
vs 3Q14 |
 | Petroleum product sales by region (kb/d)** |  | 9M15 |  | 9M14 |  |
9M15
vs 9M14 |
| 2,234 | Â | 2,118 | Â | 2,053 | Â | +9% | Â | Europe | Â | 2,136 | Â | 2,025 | Â | +5% |
| 611 | 655 | 540 | +13% | Africa | 643 | 534 | +20% | |||||||
| 585 | 625 | 632 | -7% | Americas | 597 | 583 | +2% | |||||||
| 612 | Â | 639 | Â | 604 | Â | +1% | Â | Rest of world | Â | 636 | Â | 596 | Â | +7% |
| 4,042 | Â | 4,037 | Â | 3,829 | Â | +6% | Â | Total consolidated sales | Â | 4,012 | Â | 3,738 | Â | +7% |
| 618 | Â | 632 | Â | 621 | Â | -1% | Â | Includes bulk sales | Â | 626 | Â | 610 | Â | +3% |
| 1,599 | Â | 1,569 | Â | 1,427 | Â | +12% | Â | Includes trading | Â | 1,561 | Â | 1,373 | Â | +14% |
* 2Q15 volumes restated.
** Includes share of TotalErg.
Adjustment items
> Adjustments to operating income
| 3Q15 | Â | 2Q15 | Â | 3Q14 | Â | In millions of dollars | Â | 9M15 | Â | 9M14 |
| (654) | Â | (474) | Â | (216) | Â | Special items affecting operating income | Â | (2,505) | Â | (393) |
| - | Â | - | Â | - | Â | Restructuring charges | Â | - | Â | - |
| (650) | (248) | (122) | Impairments | (1,944) | (162) | |||||
| (4) | Â | (226) | Â | (94) | Â | Other | Â | (561) | Â | (231) |
| (1,127) | Â | 250 | Â | (563) | Â | Pre-tax inventory effect: FIFO vs. replacement cost | Â | (649) | Â | (627) |
| (10) | Â | (10) | Â | 17 | Â | Effect of changes in fair value | Â | (16) | Â | 7 |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| (1,791) | Â | (234) | Â | (762) | Â | Total adjustments affecting operating income | Â | (3,170) | Â | (1,013) |
> Adjustment to net income (Group share)
| 3Q15 | Â | 2Q15 | Â | 3Q14 | Â | In millions of dollars | Â | 9M15 | Â | 9M14 |
| (912) | Â | (282) | Â | 294 | Â | Special items affecting net income (Group share) | Â | (1,289) | Â | 320 |
| (98) | Â | 327 | Â | 580 | Â | Gain (loss) on asset sales | Â | 1,231 | Â | 1,179 |
| (12) | - | (7) | Restructuring charges | (43) | (12) | |||||
| (650) | (245) | (187) | Impairments | (2,004) | (613) | |||||
| (152) | Â | (364) | Â | (92) | Â | Other | Â | (473) | Â | (234) |
| (760) | Â | 174 | Â | (403) | Â | After-tax inventory effect: FIFO vs. replacement cost | Â | (432) | Â | (460) |
| (5) | Â | (6) | Â | 14 | Â | Effect of changes in fair value | Â | (9) | Â | 6 |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| (1,677) | Â | (114) | Â | (95) | Â | Total adjustments affecting net income | Â | (1,730) | Â | (134) |
2015 Sensitivities*
| Â | Â | Scenario | Â | Change | Â |
Impact on adjusted
operating income |
 |
Impact on adjusted
net operating income |
| Dollar |  | 1.30 $/€ |  | -0.1 $ per € |  | +0.7 B$ |  | +0.2 B$ |
| Brent | Â | 60 $/b | Â | +10 $/b | Â | +3.1 B$ | Â | +1.7 B$ |
| European refining margin indicator (ERMI) | Â | 25 $/t | Â | +1 $/t | Â | +0.08 B$ | Â | +0.05 B$ |
* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. The impact of the $-€ sensitivity on operating income is 60% attributable to Exploration & Production. The impact of the $-€ sensitivity on adjusted net operating income is attributable 90% to Refining & Chemicals. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2015. Actual results could vary significantly from estimates based on the application of these sensitivities.
Investments - Divestments
| 3Q15 | Â | 2Q15 | Â | 3Q14 | Â |
3Q15
vs 3Q14 |
 | In millions of dollars |  | 9M15 |  | 9M14 |  |
9M15
vs 9M14 |
| 5,394 | Â | 5,148 | Â | 7,032 | Â | -23% | Â | Investments excluding acquisitions | Â | 16,611 | Â | 19,428 | Â | -14% |
| 170 | 396 | 512 | -67% | capitalized exploration | 966 | 1,193 | -19% | |||||||
| 523 | 391 | 868 | -40% | increase in non-current loans | 1,707 | 2,204 | -23% | |||||||
| (15) | Â | (1,160) | Â | (326) | Â | -95% | Â | repayment of non-current loans | Â | (1,420) | Â | (1,120) | Â | +27% |
| 631 | Â | 282 | Â | 411 | Â | +54% | Â | Acquisitions | Â | 3,408 | Â | 1,809 | Â | +88% |
| 395 | Â | 733 | Â | 1,704 | Â | -77% | Â | Asset sales | Â | 3,867 | Â | 3,381 | Â | +14% |
| - | Â | 81 | Â | (1) | Â | na | Â | Other transactions with non-controlling interests | Â | 81 | Â | 125 | Â | -35% |
| 5,630 | Â | 4,616 | Â | 5,740 | Â | -2% | Â | Net investments* | Â | 16,071 | Â | 17,731 | Â | -9% |
* Net investments = investments including acquisitions - asset sales - other transactions with non-controlling interests.
Net-debt-to-equity ratio
| In millions of dollars | Â | 9/30/2015 | Â | 6/30/2015 | Â | 9/30/2014 |
| Current borrowings | Â | 13,296 | Â | 13,114 | Â | 11,826 |
| Net current financial assets | (3,246) | (2,351) | (848) | |||
| Net financial assets classified as held for sale | 94 | (16) | (77) | |||
| Non-current financial debt | 42,873 | 43,363 | 43,242 | |||
| Hedging instruments of non-current debt | (1,221) | (1,157) | (1,491) | |||
| Cash and cash equivalents | Â | (25,858) | Â | (27,322) | Â | (24,307) |
| Net debt | Â | 25,938 | Â | 25,631 | Â | 28,345 |
| Â | Â | Â | Â | Â | Â | Â |
| Shareholders’ equity - Group share | 96,093 | 97,244 | 100,408 | |||
| Estimated dividend payable | (1,573) | (1,561) | (1,746) | |||
| Non-controlling interests | Â | 3,068 | Â | 3,104 | Â | 3,382 |
| Adjusted shareholders' equity | Â | 97,588 | Â | 98,787 | Â | 102,044 |
| Â | Â | Â | Â | Â | Â | Â |
| Net-debt-to-equity ratio | Â | 26.6% | Â | 25.9% | Â | 27.8% |
Return on average capital employed
> Twelve months ended September 30, 2015
| In millions of dollars | Â | Upstream | Â |
Refining & |
 |
Marketing & |
 | Group |
| Adjusted net operating income | Â | 5,622 | Â | 4,838 | Â | 1,414 | 11,895 | |
| Capital employed at 9/30/2014* | 104,488 | 17,611 | 9,633 | 128,360 | ||||
| Capital employed at 9/30/2015* | Â | 108,425 | Â | 11,319 | Â | 7,865 | 123,904 | |
| ROACE | Â | 5.3% | Â | 33.4% | Â | 16.2% | 9.4% |
> Twelve months ended June 30, 2015
| In millions of dollars | Â | Upstream | Â |
Refining & |
 |
Marketing & |
 | Group |
| Adjusted net operating income | Â | 7,280 | Â | 4,191 | Â | 1,367 | 12,679 | |
| Capital employed at 6/30/2014* | 103,572 | 19,265 | 10,324 | 129,967 | ||||
| Capital employed at 6/30/2015* | Â | 107,214 | Â | 12,013 | Â | 8,234 | 124,001 | |
| ROACE | Â | 6.9% | Â | 26.8% | Â | 14.7% | 10.0% |
> Full-year 2014
| In millions of dollars | Â | Upstream | Â |
Refining & |
 |
Marketing & |
 | Group |
| Adjusted net operating income | Â | 10,504 | Â | 2,489 | Â | 1,254 | 13,530 | |
| Capital employed at 12/31/2013* | 95,529 | 19,752 | 10,051 | 122,451 | ||||
| Capital employed at 12/31/2014* | Â | 100,497 | Â | 13,451 | Â | 8,825 | 120,526 | |
| ROACE | Â | 10.7% | Â | 15.0% | Â | 13.3% | 11.1% |
* At replacement cost (excluding after-tax inventory effect).
This press release presents the results for the third quarter 2015 from the consolidated financial statements of TOTAL S.A. as of September 30, 2015. The notes to these consolidated financial statements (unaudited) are available on the TOTAL website 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, the French language version of which is 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, whose
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 press release, such as “potential reserves†or “resourcesâ€, 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 total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
1 Definition of adjusted results on page 2.
2
Group share.
3 The ex-dividend date will be March 21,
2016, and the payment date will be set for April 12, 2016.
4
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 10 and the inventory valuation effect is
explained on page 13.
5 Tax on adjusted net operating
income / (adjusted net operating income - income from equity affiliates
- dividends received from investments + tax on adjusted net operating
income).
6 Including acquisitions.
7 Net
investments = investments including acquisitions and changes in
non-current loans - 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 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 Details shown on page
13.
11 Details shown on page 10 and in the annex to the
accounts.
12 Net cash flow = cash flow from operations -
net investments (including other transactions with non-controlling
interests).
Total financial statements
Third quarter 2015 consolidated accounts, IFRS
| CONSOLIDATED STATEMENT OF INCOME | Â | Â | Â | |||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M$) (a) | Â |
3rd quarter
2015 |
 |
2nd quarter
2015 |
 |
3rd quarter
2014 |
| Sales | 40,580 | 44,715 | 60,363 | |||
| Excise taxes | (5,683) | (5,446) | (6,141) | |||
| Revenues from sales | 34,897 | 39,269 | 54,222 | |||
| Â | ||||||
| Purchases, net of inventory variation | (24,240) | (26,353) | (38,628) | |||
| Other operating expenses | (5,794) | (6,031) | (6,925) | |||
| Exploration costs | (275) | (352) | (433) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (3,345) | (2,831) | (3,082) | |||
| Other income | 430 | 722 | 641 | |||
| Other expense | (441) | (396) | (155) | |||
| Â | ||||||
| Financial interest on debt | (233) | (231) | (173) | |||
| Financial income from marketable securities & cash equivalents | 10 | 28 | 30 | |||
| Cost of net debt | (223) | (203) | (143) | |||
| Â | ||||||
| Other financial income | 185 | 255 | 176 | |||
| Other financial expense | (154) | (163) | (159) | |||
| Â | ||||||
| Equity in net income (loss) of affiliates | 486 | 685 | 851 | |||
| Â | ||||||
| Income taxes | Â | (461) | Â | (1,589) | Â | (2,837) |
| Consolidated net income | Â | 1,065 | Â | 3,013 | Â | 3,528 |
| Group share | Â | 1,079 | Â | 2,971 | Â | 3,463 |
| Non-controlling interests | Â | (14) | Â | 42 | Â | 65 |
| Earnings per share ($) | Â | 0.45 | Â | 1.29 | Â | 1.52 |
| Fully-diluted earnings per share ($) | Â | 0.45 | Â | 1.29 | Â | 1.52 |
| Â | Â | Â | ||||
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M$) | Â |
3rd quarter
2015 |
 |
2nd quarter
2015 |
 |
3rd quarter
2014 |
| Consolidated net income | Â | 1,065 | Â | 3,013 | Â | 3,528 |
| Â | ||||||
| Other comprehensive income | ||||||
| Â | ||||||
| Actuarial gains and losses | 46 | 248 | (1,010) | |||
| Tax effect | (21) | (81) | 358 | |||
| Currency translation adjustment generated by the parent company | Â | 132 | Â | 2,963 | Â | (5,748) |
| Items not potentially reclassifiable to profit and loss | Â | 157 | Â | 3,130 | Â | (6,400) |
| Currency translation adjustment | (736) | (1,160) | 2,717 | |||
| Available for sale financial assets | (3) | (12) | (21) | |||
| Cash flow hedge | (95) | 36 | 44 | |||
| Share of other comprehensive income of equity affiliates, net amount | (626) | (201) | (276) | |||
| Other | - | (2) | 7 | |||
| Tax effect | Â | 31 | Â | (8) | Â | (10) |
| Items potentially reclassifiable to profit and loss | Â | (1,429) | Â | (1,347) | Â | 2,461 |
| Total other comprehensive income (net amount) | Â | (1,272) | Â | 1,783 | Â | (3,939) |
| Â | Â | Â | Â | Â | Â | Â |
| Comprehensive income | Â | (207) | Â | 4,796 | Â | (411) |
| Group share | (167) | 4,749 | (452) | |||
| Non-controlling interests | (40) | 47 | 41 |
| Â | Â | |||
| CONSOLIDATED STATEMENT OF INCOME | ||||
| TOTAL | ||||
| (unaudited) | ||||
| Â | ||||
| (M$) (a) | Â |
9 months
2015 |
 |
9 months
2014 |
| Sales | 127,608 | 183,611 | ||
| Excise taxes | (16,479) | (18,327) | ||
| Revenues from sales | 111,129 | 165,284 | ||
| Â | ||||
| Purchases, net of inventory variation | (74,797) | (117,331) | ||
| Other operating expenses | (18,097) | (21,518) | ||
| Exploration costs | (1,264) | (1,353) | ||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (10,048) | (8,756) | ||
| Other income | 2,773 | 1,837 | ||
| Other expense | (1,279) | (467) | ||
| Â | ||||
| Financial interest on debt | (726) | (640) | ||
| Financial income from marketable securities & cash equivalents | 69 | 80 | ||
| Cost of net debt | (657) | (560) | ||
| Â | ||||
| Other financial income | 582 | 602 | ||
| Other financial expense | (483) | (508) | ||
| Â | ||||
| Equity in net income (loss) of affiliates | 1,761 | 2,198 | ||
| Â | ||||
| Income taxes | Â | (3,034) | Â | (9,336) |
| Consolidated net income | Â | 6,586 | Â | 10,092 |
| Group share | 6,713 | 9,902 | ||
| Non-controlling interests | Â | (127) | Â | 190 |
| Earnings per share ($) | Â | 2.90 | Â | 4.36 |
| Fully-diluted earnings per share ($) | Â | 2.89 | Â | 4.35 |
| (a) Except for per share amounts. |
| Â | Â | |||
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||
| TOTAL | ||||
| (unaudited) | ||||
| Â | ||||
| (M$) | Â |
9 months
2015 |
 |
9 months
2014 |
| Consolidated net income | Â | 6,586 | Â | 10,092 |
| Â | ||||
| Other comprehensive income | ||||
| Â | ||||
| Actuarial gains and losses | 199 | (1,625) | ||
| Tax effect | (138) | 569 | ||
| Currency translation adjustment generated by the parent company | Â | (5,097) | Â | (6,477) |
| Items not potentially reclassifiable to profit and loss | Â | (5,036) | Â | (7,533) |
| Currency translation adjustment | 1,852 | 3,265 | ||
| Available for sale financial assets | (7) | (24) | ||
| Cash flow hedge | (189) | 109 | ||
| Share of other comprehensive income of equity affiliates, net amount | 215 | (296) | ||
| Other | 1 | - | ||
| Tax effect | Â | 60 | Â | (28) |
| Items potentially reclassifiable to profit and loss | Â | 1,932 | Â | 3,026 |
| Total other comprehensive income (net amount) | Â | (3,104) | Â | (4,507) |
| Â | Â | Â | Â | Â |
| Comprehensive income | Â | 3,482 | Â | 5,585 |
| Group share | 3,666 | 5,427 | ||
| Non-controlling interests | (184) | 158 |
| Â | Â | Â | Â | |||||
| CONSOLIDATED BALANCE SHEET | ||||||||
| TOTAL | ||||||||
| Â | ||||||||
| Â | ||||||||
| (M$) | Â |
September 30, 2015
(unaudited) |
 |
June 30, 2015
(unaudited) |
 |
December 31, 2014
(unaudited) |
 |
September 30, 2014
(unaudited) |
| Â | ||||||||
| ASSETS | ||||||||
| Â | ||||||||
| Non-current assets | ||||||||
| Intangible assets, net | 15,639 | 16,101 | 14,682 | 18,071 | ||||
| Property, plant and equipment, net | 108,886 | 110,023 | 106,876 | 109,437 | ||||
| Equity affiliates : investments and loans | 19,200 | 19,380 | 19,274 | 21,043 | ||||
| Other investments | 1,227 | 1,248 | 1,399 | 1,645 | ||||
| Hedging instruments of non-current financial debt | 1,221 | 1,157 | 1,319 | 1,491 | ||||
| Deferred income taxes | 3,439 | 3,145 | 4,079 | 2,684 | ||||
| Other non-current assets | Â | 4,292 | Â | 4,047 | Â | 4,192 | Â | 4,184 |
| Total non-current assets | Â | 153,904 | Â | 155,101 | Â | 151,821 | Â | 158,555 |
| Â | ||||||||
| Current assets | ||||||||
| Inventories, net | 14,773 | 17,373 | 15,196 | 20,873 | ||||
| Accounts receivable, net | 12,306 | 14,415 | 15,704 | 20,511 | ||||
| Other current assets | 15,102 | 15,072 | 15,702 | 15,798 | ||||
| Current financial assets | 3,448 | 2,439 | 1,293 | 1,205 | ||||
| Cash and cash equivalents | 25,858 | 27,322 | 25,181 | 24,307 | ||||
| Assets classified as held for sale | Â | 3,734 | Â | 2,754 | Â | 4,901 | Â | 5,327 |
| Total current assets | Â | 75,221 | Â | 79,375 | Â | 77,977 | Â | 88,021 |
| Total assets | 229,125 | 234,476 | 229,798 | 246,576 | ||||
| Â | ||||||||
| Â | ||||||||
| LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
| Â | ||||||||
| Shareholders' equity | ||||||||
| Common shares | 7,602 | 7,549 | 7,518 | 7,516 | ||||
| Paid-in surplus and retained earnings | 103,519 | 103,286 | 94,646 | 101,979 | ||||
| Currency translation adjustment | (10,443) | (9,243) | (7,480) | (4,727) | ||||
| Treasury shares | Â | (4,585) | Â | (4,348) | Â | (4,354) | Â | (4,360) |
| Total shareholders' equity - Group share | Â | 96,093 | Â | 97,244 | Â | 90,330 | Â | 100,408 |
| Non-controlling interests | Â | 3,068 | Â | 3,104 | Â | 3,201 | Â | 3,382 |
| Total shareholders' equity | Â | 99,161 | Â | 100,348 | Â | 93,531 | Â | 103,790 |
| Â | ||||||||
| Non-current liabilities | ||||||||
| Deferred income taxes | 12,836 | 13,458 | 14,810 | 16,222 | ||||
| Employee benefits | 4,312 | 4,426 | 4,758 | 5,232 | ||||
| Provisions and other non-current liabilities | 17,053 | 17,353 | 17,545 | 17,017 | ||||
| Non-current financial debt | Â | 42,873 | Â | 43,363 | Â | 45,481 | Â | 43,242 |
| Total non-current liabilities | Â | 77,074 | Â | 78,600 | Â | 82,594 | Â | 81,713 |
| Â | ||||||||
| Current liabilities | ||||||||
| Accounts payable | 20,003 | 22,469 | 24,150 | 27,394 | ||||
| Other creditors and accrued liabilities | 17,991 | 18,718 | 16,641 | 19,610 | ||||
| Current borrowings | 13,296 | 13,114 | 10,942 | 11,826 | ||||
| Other current financial liabilities | 202 | 88 | 180 | 357 | ||||
| Liabilities directly associated with the assets classified as held for sale | Â | 1,398 | Â | 1,139 | Â | 1,760 | Â | 1,886 |
| Total current liabilities | Â | 52,890 | Â | 55,528 | Â | 53,673 | Â | 61,073 |
| Total liabilities and shareholders' equity | 229,125 | 234,476 | 229,798 | 246,576 |
| Â | Â | Â | ||||
| CONSOLIDATED STATEMENT OF CASH FLOW | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M$) | Â |
3rd quarter
2015 |
 |
2nd quarter
2015 |
 |
3rd quarter
2014 |
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||
| Â | ||||||
| Consolidated net income | 1,065 | 3,013 | 3,528 | |||
| Depreciation, depletion and amortization | 3,519 | 3,113 | 3,288 | |||
| Non-current liabilities, valuation allowances and deferred taxes | (540) | 285 | 106 | |||
| Impact of coverage of pension benefit plans | - | - | - | |||
| (Gains) losses on disposals of assets | 22 | (459) | (479) | |||
| Undistributed affiliates' equity earnings | (61) | (221) | (260) | |||
| (Increase) decrease in working capital | 2,057 | (835) | 1,461 | |||
| Other changes, net | Â | (73) | Â | (164) | Â | (5) |
| Cash flow from operating activities | 5,989 | 4,732 | 7,639 | |||
| Â | ||||||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||||
| Â | ||||||
| Intangible assets and property, plant and equipment additions | (5,266) | (5,991) | (6,733) | |||
| Acquisitions of subsidiaries, net of cash acquired | (76) | (3) | (1) | |||
| Investments in equity affiliates and other securities | (175) | (205) | (167) | |||
| Increase in non-current loans | Â | (523) | Â | (391) | Â | (868) |
| Total expenditures | (6,040) | (6,590) | (7,769) | |||
| Proceeds from disposals of intangible assets and property, plant and equipment | 6 | 221 | 1,413 | |||
| Proceeds from disposals of subsidiaries, net of cash sold | 289 | 403 | - | |||
| Proceeds from disposals of non-current investments | 100 | 109 | 291 | |||
| Repayment of non-current loans | Â | 15 | Â | 1,160 | Â | 326 |
| Total divestments | Â | 410 | Â | 1,893 | Â | 2,030 |
| Cash flow used in investing activities | (5,630) | (4,697) | (5,739) | |||
| Â | ||||||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||||
| Â | ||||||
| Issuance (repayment) of shares: | ||||||
| - Parent company shareholders | 4 | 438 | 53 | |||
| - Treasury shares | (237) | - | (289) | |||
| Dividends paid: | ||||||
| - Parent company shareholders | (681) | (6) | (1,837) | |||
| - Non-controlling interests | (25) | (70) | (7) | |||
| Issuance of perpetual subordinated notes | - | - | - | |||
| Payments on perpetual subordinated notes | - | - | - | |||
| Other transactions with non-controlling interests | - | 81 | (1) | |||
| Net issuance (repayment) of non-current debt | 356 | 1,635 | 5,019 | |||
| Increase (decrease) in current borrowings | 23 | (512) | (1,235) | |||
| Increase (decrease) in current financial assets and liabilities | (1,096) | (79) | (44) | |||
| Cash flow used in financing activities | Â | (1,656) | Â | 1,487 | Â | 1,659 |
| Net increase (decrease) in cash and cash equivalents | (1,297) | 1,522 | 3,559 | |||
| Effect of exchange rates | (167) | 749 | (1,418) | |||
| Cash and cash equivalents at the beginning of the period | Â | 27,322 | Â | 25,051 | Â | 22,166 |
| Cash and cash equivalents at the end of the period | Â | 25,858 | Â | 27,322 | Â | 24,307 |
| Â | Â | |||
| CONSOLIDATED STATEMENT OF CASH FLOW | ||||
| TOTAL | ||||
| (unaudited) | ||||
| Â | ||||
| (M$) | Â |
9 months
2015 |
 |
9 months
2014 |
| Â | ||||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Â | ||||
| Consolidated net income | 6,586 | 10,092 | ||
| Depreciation, depletion and amortization | 11,056 | 9,549 | ||
| Non-current liabilities, valuation allowances and deferred taxes | (701) | 349 | ||
| Impact of coverage of pension benefit plans | - | - | ||
| (Gains) losses on disposals of assets | (1,794) | (1,519) | ||
| Undistributed affiliates' equity earnings | (350) | (374) | ||
| (Increase) decrease in working capital | 746 | 5 | ||
| Other changes, net | Â | (435) | Â | 152 |
| Cash flow from operating activities | 15,108 | 18,254 | ||
| Â | ||||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||
| Â | ||||
| Intangible assets and property, plant and equipment additions | (19,213) | (18,981) | ||
| Acquisitions of subsidiaries, net of cash acquired | (86) | (415) | ||
| Investments in equity affiliates and other securities | (433) | (757) | ||
| Increase in non-current loans | Â | (1,707) | Â | (2,204) |
| Total expenditures | (21,439) | (22,357) | ||
| Proceeds from disposals of intangible assets and property, plant and equipment | 1,186 | 2,568 | ||
| Proceeds from disposals of subsidiaries, net of cash sold | 2,450 | - | ||
| Proceeds from disposals of non-current investments | 231 | 813 | ||
| Repayment of non-current loans | Â | 1,420 | Â | 1,120 |
| Total divestments | Â | 5,287 | Â | 4,501 |
| Cash flow used in investing activities | (16,152) | (17,856) | ||
| Â | ||||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||
| Â | ||||
| Issuance (repayment) of shares: | ||||
| - Parent company shareholders | 454 | 390 | ||
| - Treasury shares | (237) | (289) | ||
| Dividends paid: | ||||
| - Parent company shareholders | (2,253) | (5,573) | ||
| - Non-controlling interests | (97) | (153) | ||
| Issuance of perpetual subordinated notes | 5,616 | - | ||
| Payments on perpetual subordinated notes | - | - | ||
| Other transactions with non-controlling interests | 81 | 125 | ||
| Net issuance (repayment) of non-current debt | 2,127 | 12,139 | ||
| Increase (decrease) in current borrowings | (66) | (1,446) | ||
| Increase (decrease) in current financial assets and liabilities | (2,197) | (96) | ||
| Cash flow used in financing activities | Â | 3,428 | Â | 5,097 |
| Net increase (decrease) in cash and cash equivalents | 2,384 | 5,495 | ||
| Effect of exchange rates | (1,707) | (1,388) | ||
| Cash and cash equivalents at the beginning of the period | Â | 25,181 | Â | 20,200 |
| Cash and cash equivalents at the end of the period | Â | 25,858 | Â | 24,307 |
| Â | ||||||||||||||||||
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | ||||||||||||||||||
| TOTAL | ||||||||||||||||||
| (unaudited) | ||||||||||||||||||
| Â | ||||||||||||||||||
| Â | Common shares issued | Â | Paid-in surplus and retained earnings | Â | Currency translation adjustment | Â | Treasury shares | Â |
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, 2014 | 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 9 months 2014 | - | Â | - | 9,902 | - | - | Â | - | 9,902 | 190 | 10,092 | |||||||
| Other comprehensive Income | - | - | (953) | (3,522) | - | - | (4,475) | (32) | (4,507) | |||||||||
| Comprehensive Income | - | - | 8,949 | (3,522) | - | - | 5,427 | 158 | 5,585 | |||||||||
| Dividend | - | - | (5,644) | - | - | - | (5,644) | (153) | (5,797) | |||||||||
| Issuance of common shares | 6,848,895 | 23 | 367 | - | - | - | 390 | - | 390 | |||||||||
| Purchase of treasury shares | - | - | - | - | (4,386,300) | (289) | (289) | - | (289) | |||||||||
| Sale of treasury shares (1) | - | - | (232) | - | 4,239,135 | 232 | - | - | - | |||||||||
| Share-based payments | - | - | 119 | - | - | - | 119 | - | 119 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | - | - | - | - | - | - | - | |||||||||
| Payments on perpetual subordinated notes | - | - | - | - | - | - | - | - | - | |||||||||
| Other operations with non-controlling interests | - | - | 106 | (2) | - | - | 104 | 183 | 287 | |||||||||
| Other items | - | - | 60 | - | - | - | 60 | 56 | 116 | |||||||||
| As of September 30, 2014 | Â | 2,384,527,055 | Â | 7,516 | Â | 101,979 | Â | (4,727) | Â | (109,361,613) | Â | (4,360) | Â | 100,408 | Â | 3,382 | Â | 103,790 |
| Net income from October 1 to December 31, 2014 | - | - | (5,658) | - | - | - | (5,658) | (184) | (5,842) | |||||||||
| Other comprehensive Income | - | - | 46 | (2,753) | - | - | (2,707) | (11) | (2,718) | |||||||||
| Comprehensive Income | - | - | (5,612) | (2,753) | - | - | (8,365) | (195) | (8,560) | |||||||||
| Dividend | - | - | (1,734) | - | - | - | (1,734) | (1) | (1,735) | |||||||||
| Issuance of common shares | 740,470 | 2 | 28 | - | - | - | 30 | - | 30 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | 6 | 6 | - | 6 | |||||||||
| Sale of treasury shares (1) | - | - | - | - | 200 | - | - | - | - | |||||||||
| Share-based payments | - | - | (5) | - | - | - | (5) | - | (5) | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | - | - | - | - | - | - | - | |||||||||
| Payments on perpetual subordinated notes | - | - | - | - | - | - | - | - | - | |||||||||
| Other operations with non-controlling interests | - | - | 42 | - | - | - | 42 | 12 | 54 | |||||||||
| Other items | - | - | (52) | - | - | - | (52) | 3 | (49) | |||||||||
| As of December 31, 2014 | Â | 2,385,267,525 | Â | 7,518 | Â | 94,646 | Â | (7,480) | Â | (109,361,413) | Â | (4,354) | Â | 90,330 | Â | 3,201 | Â | 93,531 |
| Net income of the first 9 months 2015 | - | - | 6,713 | - | - | - | 6,713 | (127) | 6,586 | |||||||||
| Other comprehensive Income | - | - | (84) | (2,963) | - | - | (3,047) | (57) | (3,104) | |||||||||
| Comprehensive Income | - | - | 6,629 | (2,963) | - | - | 3,666 | (184) | 3,482 | |||||||||
| Dividend | - | - | (4,740) | - | - | - | (4,740) | (97) | (4,837) | |||||||||
| Issuance of common shares | 29,822,264 | 84 | 1,241 | - | - | - | 1,325 | - | 1,325 | |||||||||
| Purchase of treasury shares | - | - | - | - | (4,711,935) | (237) | (237) | - | (237) | |||||||||
| Sale of treasury shares (1) | - | - | (6) | - | 103,270 | 6 | - | - | - | |||||||||
| Share-based payments | - | - | 96 | - | - | - | 96 | - | 96 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | 5,616 | - | - | - | 5,616 | - | 5,616 | |||||||||
| Payments on perpetual subordinated notes | - | - | (80) | - | - | - | (80) | - | (80) | |||||||||
| Other operations with non-controlling interests | - | - | 19 | - | - | - | 19 | 59 | 78 | |||||||||
| Other items | - | - | 98 | - | - | - | 98 | 89 | 187 | |||||||||
| As of September 30, 2015 | Â | 2,415,089,789 | Â | 7,602 | Â | 103,519 | Â | (10,443) | Â | (113,970,078) | Â | (4,585) | Â | 96,093 | Â | 3,068 | Â | 99,161 |
| Â | ||||||||||||||||||
| (1) Treasury shares related to the restricted stock grants. | ||||||||||||||||||
| Â | ||||||||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | ||||||||||||
|
3rd quarter 2015
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | Â | 3,660 | Â | 17,397 | Â | 19,522 | Â | 1 | Â | - | Â | 40,580 |
| Intersegment sales | 4,280 | 6,912 | 201 | 51 | (11,444) | - | ||||||
| Excise taxes | Â | - | Â | (1,094) | Â | (4,589) | Â | - | Â | - | Â | (5,683) |
| Revenues from sales | 7,940 | 23,215 | 15,134 | 52 | (11,444) | 34,897 | ||||||
| Operating expenses | (4,717) | (22,169) | (14,651) | (216) | 11,444 | (30,309) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,898) | Â | (256) | Â | (185) | Â | (6) | Â | - | Â | (3,345) |
| Operating income | 325 | 790 | 298 | (170) | - | 1,243 | ||||||
| Equity in net income (loss) of affiliates and other items | 360 | 152 | (29) | 23 | - | 506 | ||||||
| Tax on net operating income | Â | (345) | Â | (152) | Â | (126) | Â | 128 | Â | - | Â | (495) |
| Net operating income | 340 | 790 | 143 | (19) | - | 1,254 | ||||||
| Net cost of net debt | (189) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 14 |
| Net income | 1,079 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
3rd quarter 2015 (adjustments) (a)
(M$) |
 | 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 | (9) | (923) | (199) | - | - | (1,131) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (650) | Â | - | Â | - | Â | - | Â | - | Â | (650) |
| Operating income (b) | (669) | (923) | (199) | - | - | (1,791) | ||||||
| Equity in net income (loss) of affiliates and other items | (151) | (14) | (145) | - | - | (310) | ||||||
| Tax on net operating income | Â | 53 | Â | 294 | Â | 64 | Â | - | Â | - | Â | 411 |
| Net operating income (b) | (767) | (643) | (280) | - | - | (1,690) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 13 |
| Net income | (1,677) | |||||||||||
|
(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 | - | (934) | (193) | - | ||||||||
| On net operating income | - | (631) | (139) | - | ||||||||
| Â | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
3rd quarter 2015 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 3,670 | 17,397 | 19,522 | 1 | - | 40,590 | ||||||
| Intersegment sales | 4,280 | 6,912 | 201 | 51 | (11,444) | - | ||||||
| Excise taxes | Â | - | Â | (1,094) | Â | (4,589) | Â | - | Â | - | Â | (5,683) |
| Revenues from sales | 7,950 | 23,215 | 15,134 | 52 | (11,444) | 34,907 | ||||||
| Operating expenses | (4,708) | (21,246) | (14,452) | (216) | 11,444 | (29,178) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,248) | Â | (256) | Â | (185) | Â | (6) | Â | - | Â | (2,695) |
| Adjusted operating income | 994 | 1,713 | 497 | (170) | - | 3,034 | ||||||
| Equity in net income (loss) of affiliates and other items | 511 | 166 | 116 | 23 | - | 816 | ||||||
| Tax on net operating income | Â | (398) | Â | (446) | Â | (190) | Â | 128 | Â | - | Â | (906) |
| Adjusted net operating income | 1,107 | 1,433 | 423 | (19) | - | 2,944 | ||||||
| Net cost of net debt | (189) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1 |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2,756 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.17 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
3rd quarter 2015
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 5,173 | 358 | 501 | 8 | - | 6,040 | ||||||
| Total divestments | 272 | 12 | 121 | 5 | - | 410 | ||||||
| Cash flow from operating activities | Â | 2,320 | Â | 2,291 | Â | 1,011 | Â | 367 | Â | - | Â | 5,989 |
| Â | Â | Â | Â | Â | Â | |||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2015
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 4,498 | 19,793 | 20,419 | 5 | - | 44,715 | ||||||
| Intersegment sales | 4,921 | 7,383 | 223 | 56 | (12,583) | - | ||||||
| Excise taxes | Â | - | Â | (1,007) | Â | (4,439) | Â | - | Â | - | Â | (5,446) |
| Revenues from sales | 9,419 | 26,169 | 16,203 | 61 | (12,583) | 39,269 | ||||||
| Operating expenses | (5,449) | (24,182) | (15,508) | (180) | 12,583 | (32,736) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,329) | Â | (291) | Â | (202) | Â | (9) | Â | - | Â | (2,831) |
| Operating income | 1,641 | 1,696 | 493 | (128) | - | 3,702 | ||||||
| Equity in net income (loss) of affiliates and other items | 319 | 107 | 503 | 174 | - | 1,103 | ||||||
| Tax on net operating income | Â | (909) | Â | (433) | Â | (193) | Â | (93) | Â | - | Â | (1,628) |
| Net operating income | 1,051 | 1,370 | 803 | (47) | - | 3,177 | ||||||
| Net cost of net debt | (164) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (42) |
| Net income | 2,971 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2015 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | (158) | - | - | - | - | (158) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | (158) | - | - | - | - | (158) | ||||||
| Operating expenses | (2) | 123 | 51 | - | - | 172 | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (194) | Â | (31) | Â | (23) | Â | - | Â | - | Â | (248) |
| Operating income (b) | (354) | 92 | 28 | - | - | (234) | ||||||
| Equity in net income (loss) of affiliates and other items | (191) | (71) | 374 | - | - | 112 | ||||||
| Tax on net operating income | Â | 36 | Â | - | Â | (24) | Â | - | Â | - | Â | 12 |
| Net operating income (b) | (509) | 21 | 378 | - | - | (110) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (4) |
| Net income | (114) | |||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | 199 | 51 | - | ||||||||
| On net operating income | - | 138 | 43 | - | ||||||||
|
 |
 |
 |
 |
|||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2015 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 4,656 | 19,793 | 20,419 | 5 | - | 44,873 | ||||||
| Intersegment sales | 4,921 | 7,383 | 223 | 56 | (12,583) | - | ||||||
| Excise taxes | Â | - | Â | (1,007) | Â | (4,439) | Â | - | Â | - | Â | (5,446) |
| Revenues from sales | 9,577 | 26,169 | 16,203 | 61 | (12,583) | 39,427 | ||||||
| Operating expenses | (5,447) | (24,305) | (15,559) | (180) | 12,583 | (32,908) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,135) | Â | (260) | Â | (179) | Â | (9) | Â | - | Â | (2,583) |
| Adjusted operating income | 1,995 | 1,604 | 465 | (128) | - | 3,936 | ||||||
| Equity in net income (loss) of affiliates and other items | 510 | 178 | 129 | 174 | - | 991 | ||||||
| Tax on net operating income | Â | (945) | Â | (433) | Â | (169) | Â | (93) | Â | - | Â | (1,640) |
| Adjusted net operating income | 1,560 | 1,349 | 425 | (47) | - | 3,287 | ||||||
| Net cost of net debt | (164) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (38) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 3,085 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.34 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2015
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 5,653 | 465 | 436 | 36 | - | 6,590 | ||||||
| Total divestments | 379 | 874 | 627 | 13 | - | 1,893 | ||||||
| Cash flow from operating activities | Â | 2,713 | Â | 1,700 | Â | 379 | Â | (60) | Â | - | Â | 4,732 |
| Â | Â | Â | Â | Â | Â | |||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
3rd quarter 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 5,198 | 27,417 | 27,747 | 1 | - | 60,363 | ||||||
| Intersegment sales | 7,560 | 11,931 | 466 | 67 | (20,024) | - | ||||||
| Excise taxes | Â | - | Â | (1,292) | Â | (4,849) | Â | - | Â | - | Â | (6,141) |
| Revenues from sales | 12,758 | 38,056 | 23,364 | 68 | (20,024) | 54,222 | ||||||
| Operating expenses | (5,763) | (37,230) | (22,742) | (275) | 20,024 | (45,986) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,496) | Â | (376) | Â | (199) | Â | (11) | Â | - | Â | (3,082) |
| Operating income | 4,499 | 450 | 423 | (218) | - | 5,154 | ||||||
| Equity in net income (loss) of affiliates and other items | 1,298 | 41 | (35) | 50 | - | 1,354 | ||||||
| Tax on net operating income | Â | (2,627) | Â | (107) | Â | (123) | Â | (31) | Â | - | Â | (2,888) |
| Net operating income | 3,170 | 384 | 265 | (199) | - | 3,620 | ||||||
| Net cost of net debt | (92) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (65) |
| Net income | 3,463 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
3rd quarter 2014 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 17 | - | - | - | - | 17 | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | 17 | - | - | - | - | 17 | ||||||
| Operating expenses | (79) | (512) | (66) | - | - | (657) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (110) | Â | (12) | Â | - | Â | - | Â | - | Â | (122) |
| Operating income (b) | (172) | (524) | (66) | - | - | (762) | ||||||
| Equity in net income (loss) of affiliates and other items | 432 | (45) | (65) | - | - | 322 | ||||||
| Tax on net operating income | Â | 145 | Â | 167 | Â | 20 | Â | - | Â | - | Â | 332 |
| Net operating income (b) | 405 | (402) | (111) | - | - | (108) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 13 |
| Net income | (95) | |||||||||||
|
(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 | - | (497) | (66) | - | ||||||||
| On net operating income | - | (370) | (46) | - | ||||||||
| Â | Â |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  |
|
3rd quarter 2014 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 5,181 | 27,417 | 27,747 | 1 | - | 60,346 | ||||||
| Intersegment sales | 7,560 | 11,931 | 466 | 67 | (20,024) | - | ||||||
| Excise taxes | Â | - | Â | (1,292) | Â | (4,849) | Â | - | Â | - | Â | (6,141) |
| Revenues from sales | 12,741 | 38,056 | 23,364 | 68 | (20,024) | 54,205 | ||||||
| Operating expenses | (5,684) | (36,718) | (22,676) | (275) | 20,024 | (45,329) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,386) | Â | (364) | Â | (199) | Â | (11) | Â | - | Â | (2,960) |
| Adjusted operating income | 4,671 | 974 | 489 | (218) | - | 5,916 | ||||||
| Equity in net income (loss) of affiliates and other items | 866 | 86 | 30 | 50 | - | 1,032 | ||||||
| Tax on net operating income | Â | (2,772) | Â | (274) | Â | (143) | Â | (31) | Â | - | Â | (3,220) |
| Adjusted net operating income | 2,765 | 786 | 376 | (199) | - | 3,728 | ||||||
| Net cost of net debt | (92) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (78) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 3,558 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.56 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
3rd quarter 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 6,923 | 422 | 398 | 26 | - | 7,769 | ||||||
| Total divestments | 1,924 | 9 | 56 | 41 | - | 2,030 | ||||||
| Cash flow from operating activities | Â | 5,442 | Â | 1,729 | Â | 701 | Â | (233) | Â | - | Â | 7,639 |
| Â | Â | Â | Â | Â | Â | |||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
9 months 2015
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 13,383 | 54,654 | 59,561 | 10 | - | 127,608 | ||||||
| Intersegment sales | 13,585 | 21,262 | 696 | 159 | (35,702) | - | ||||||
| Excise taxes | Â | - | Â | (3,034) | Â | (13,445) | Â | - | Â | - | Â | (16,479) |
| Revenues from sales | 26,968 | 72,882 | 46,812 | 169 | (35,702) | 111,129 | ||||||
| Operating expenses | (16,135) | (68,068) | (45,022) | (635) | 35,702 | (94,158) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (8,668) | Â | (799) | Â | (561) | Â | (20) | Â | - | Â | (10,048) |
| Operating income | 2,165 | 4,015 | 1,229 | (486) | - | 6,923 | ||||||
| Equity in net income (loss) of affiliates and other items | 1,448 | 1,021 | 394 | 491 | - | 3,354 | ||||||
| Tax on net operating income | Â | (1,622) | Â | (1,031) | Â | (450) | Â | (47) | Â | - | Â | (3,150) |
| Net operating income | 1,991 | 4,005 | 1,173 | (42) | - | 7,127 | ||||||
| Net cost of net debt | (541) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 127 |
| Net income | 6,713 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
9 months 2015 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | (314) | - | - | - | - | (314) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | (314) | - | - | - | - | (314) | ||||||
| Operating expenses | (151) | (606) | (155) | - | - | (912) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (1,890) | Â | (31) | Â | (23) | Â | - | Â | - | Â | (1,944) |
| Operating income (b) | (2,355) | (637) | (178) | - | - | (3,170) | ||||||
| Equity in net income (loss) of affiliates and other items | (206) | 576 | 140 | - | - | 510 | ||||||
| Tax on net operating income | Â | 526 | Â | 184 | Â | 42 | Â | - | Â | - | Â | 752 |
| Net operating income (b) | (2,035) | 123 | 4 | - | - | (1,908) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 178 |
| Net income | (1,730) | |||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | (500) | (149) | - | ||||||||
| On net operating income | - | (343) | (101) | - | ||||||||
| Â | Â |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  |
|
9 months 2015 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 13,697 | 54,654 | 59,561 | 10 | - | 127,922 | ||||||
| Intersegment sales | 13,585 | 21,262 | 696 | 159 | (35,702) | - | ||||||
| Excise taxes | Â | - | Â | (3,034) | Â | (13,445) | Â | - | Â | - | Â | (16,479) |
| Revenues from sales | 27,282 | 72,882 | 46,812 | 169 | (35,702) | 111,443 | ||||||
| Operating expenses | (15,984) | (67,462) | (44,867) | (635) | 35,702 | (93,246) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (6,778) | Â | (768) | Â | (538) | Â | (20) | Â | - | Â | (8,104) |
| Adjusted operating income | 4,520 | 4,652 | 1,407 | (486) | - | 10,093 | ||||||
| Equity in net income (loss) of affiliates and other items | 1,654 | 445 | 254 | 491 | - | 2,844 | ||||||
| Tax on net operating income | Â | (2,148) | Â | (1,215) | Â | (492) | Â | (47) | Â | - | Â | (3,902) |
| Adjusted net operating income | 4,026 | 3,882 | 1,169 | (42) | - | 9,035 | ||||||
| Net cost of net debt | (541) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (51) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 8,443 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 3.64 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
9 months 2015
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 18,977 | 1,257 | 1,152 | 53 | - | 21,439 | ||||||
| Total divestments | 1,813 | 2,652 | 800 | 22 | - | 5,287 | ||||||
| Cash flow from operating activities | Â | 8,558 | Â | 4,305 | Â | 2,034 | Â | 211 | Â | - | Â | 15,108 |
| Â | Â | Â | Â | Â | Â | |||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
9 months 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 18,069 | 83,099 | 82,430 | 13 | - | 183,611 | ||||||
| Intersegment sales | 23,053 | 35,627 | 1,276 | 162 | (60,118) | - | ||||||
| Excise taxes | Â | - | Â | (3,733) | Â | (14,594) | Â | - | Â | - | Â | (18,327) |
| Revenues from sales | 41,122 | 114,993 | 69,112 | 175 | (60,118) | 165,284 | ||||||
| Operating expenses | (19,451) | (112,766) | (67,397) | (706) | 60,118 | (140,202) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (6,986) | Â | (1,162) | Â | (579) | Â | (29) | Â | - | Â | (8,756) |
| Operating income | 14,685 | 1,065 | 1,136 | (560) | - | 16,326 | ||||||
| Equity in net income (loss) of affiliates and other items | 3,344 | 160 | 55 | 103 | - | 3,662 | ||||||
| Tax on net operating income | Â | (8,590) | Â | (215) | Â | (331) | Â | (323) | Â | - | Â | (9,459) |
| Net operating income | 9,439 | 1,010 | 860 | (780) | - | 10,529 | ||||||
| Net cost of net debt | (437) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (190) |
| Net income | 9,902 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
9 months 2014 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 7 | - | - | - | - | 7 | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | 7 | - | - | - | - | 7 | ||||||
| Operating expenses | (194) | (553) | (111) | - | - | (858) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (110) | Â | (52) | Â | - | Â | - | Â | - | Â | (162) |
| Operating income (b) | (297) | (605) | (111) | - | - | (1,013) | ||||||
| Equity in net income (loss) of affiliates and other items | 712 | (85) | (72) | - | - | 555 | ||||||
| Tax on net operating income | Â | 116 | Â | 167 | Â | 34 | Â | - | Â | - | Â | 317 |
| Net operating income (b) | 531 | (523) | (149) | - | - | (141) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 7 |
| Net income | (134) | |||||||||||
|
(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 | - | (538) | (89) | - | ||||||||
| On net operating income | - | (404) | (63) | - | ||||||||
| Â | Â |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  |
|
9 months 2014 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 18,062 | 83,099 | 82,430 | 13 | - | 183,604 | ||||||
| Intersegment sales | 23,053 | 35,627 | 1,276 | 162 | (60,118) | - | ||||||
| Excise taxes | Â | - | Â | (3,733) | Â | (14,594) | Â | - | Â | - | Â | (18,327) |
| Revenues from sales | 41,115 | 114,993 | 69,112 | 175 | (60,118) | 165,277 | ||||||
| Operating expenses | (19,257) | (112,213) | (67,286) | (706) | 60,118 | (139,344) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (6,876) | Â | (1,110) | Â | (579) | Â | (29) | Â | - | Â | (8,594) |
| Adjusted operating income | 14,982 | 1,670 | 1,247 | (560) | - | 17,339 | ||||||
| Equity in net income (loss) of affiliates and other items | 2,632 | 245 | 127 | 103 | - | 3,107 | ||||||
| Tax on net operating income | Â |
(8,706) |
 | (382) |  | (365) |  | (323) |  | - |  | (9,776) |
| Adjusted net operating income | 8,908 | 1,533 | 1,009 | (780) | - | 10,670 | ||||||
| Net cost of net debt | (437) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (197) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 10,036 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 4.40 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
9 months 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 20,233 | 1,147 | 877 | 100 | - | 22,357 | ||||||
| Total divestments | 4,291 | 35 | 110 | 65 | - | 4,501 | ||||||
| Cash flow from operating activities | Â | 14,058 | Â | 3,189 | Â | 1,094 | Â | (87) | Â | - | Â | 18,254 |
| Â | ||||||
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | Â | Â | Â | |||
| (unaudited) | ||||||
| Â | ||||||
|
3rd quarter 2015
(M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Â | ||||||
| Sales | 40,590 | (10) | 40,580 | |||
| Excise taxes | (5,683) | - | (5,683) | |||
| Revenues from sales | 34,907 | (10) | 34,897 | |||
| Â | ||||||
| Purchases, net of inventory variation | (23,113) | (1,127) | (24,240) | |||
| Other operating expenses | (5,790) | (4) | (5,794) | |||
| Exploration costs | (275) | - | (275) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (2,695) | (650) | (3,345) | |||
| Other income | 415 | 15 | 430 | |||
| Other expense | (123) | (318) | (441) | |||
| Â | ||||||
| Financial interest on debt | (233) | - | (233) | |||
| Financial income from marketable securities & cash equivalents | 10 | - | 10 | |||
| Cost of net debt | (223) | - | (223) | |||
| Â | ||||||
| Other financial income | 185 | - | 185 | |||
| Other financial expense | (154) | - | (154) | |||
| Â | ||||||
| Equity in net income (loss) of affiliates | 493 | (7) | 486 | |||
| Â | ||||||
| Income taxes | Â | (872) | Â | 411 | Â | (461) |
| Consolidated net income | 2,755 | (1,690) | 1,065 | |||
| Group share | 2,756 | (1,677) | 1,079 | |||
| Non-controlling interests | (1) | (13) | (14) | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Â | ||||||
| Â | ||||||
|
3rd quarter 2014
(M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Â | ||||||
| Sales | 60,346 | 17 | 60,363 | |||
| Excise taxes | (6,141) | - | (6,141) | |||
| Revenues from sales | 54,205 | 17 | 54,222 | |||
| Â | ||||||
| Purchases, net of inventory variation | (38,065) | (563) | (38,628) | |||
| Other operating expenses | (6,831) | (94) | (6,925) | |||
| Exploration costs | (433) | - | (433) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (2,960) | (122) | (3,082) | |||
| Other income | 209 | 432 | 641 | |||
| Other expense | (143) | (12) | (155) | |||
| Â | ||||||
| Financial interest on debt | (173) | - | (173) | |||
| Financial income from marketable securities & cash equivalents | 30 | - | 30 | |||
| Cost of net debt | (143) | - | (143) | |||
| Â | ||||||
| Other financial income | 176 | - | 176 | |||
| Other financial expense | (159) | - | (159) | |||
| Â | ||||||
| Equity in net income (loss) of affiliates | 949 | (98) | 851 | |||
| Â | ||||||
| Income taxes | Â | (3,169) | Â | 332 | Â | (2,837) |
| Consolidated net income | 3,636 | (108) | 3,528 | |||
| Group share | 3,558 | (95) | 3,463 | |||
| Non-controlling interests | 78 | (13) | 65 | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Â | ||||||
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | Â | Â | Â | |||
| (unaudited) | ||||||
| Â | ||||||
|
9 months 2015
(M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Â | ||||||
| Sales | 127,922 | (314) | 127,608 | |||
| Â | ||||||
| Excise taxes | (16,479) | - | (16,479) | |||
| Revenues from sales | 111,443 | (314) | 111,129 | |||
| Â | ||||||
| Purchases, net of inventory variation | (74,148) | (649) | (74,797) | |||
| Other operating expenses | (17,921) | (176) | (18,097) | |||
| Exploration costs | (1,177) | (87) | (1,264) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (8,104) | (1,944) | (10,048) | |||
| Other income | 1,299 | 1,474 | 2,773 | |||
| Other expense | (358) | (921) | (1,279) | |||
| Â | ||||||
| Financial interest on debt | (726) | - | (726) | |||
| Financial income from marketable securities & cash equivalents | 69 | - | 69 | |||
| Cost of net debt | (657) | - | (657) | |||
| Â | ||||||
| Other financial income | 582 | - | 582 | |||
| Other financial expense | (483) | - | (483) | |||
| Â | ||||||
| Equity in net income (loss) of affiliates | 1,804 | (43) | 1,761 | |||
| Â | ||||||
| Income taxes | Â | (3,786) | Â | 752 | Â | (3,034) |
| Consolidated net income | 8,494 | (1,908) | 6,586 | |||
| Group share | 8,443 | (1,730) | 6,713 | |||
| Non-controlling interests | 51 | (178) | (127) | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Â | ||||||
| Â | ||||||
|
9 months 2014
(M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Â | ||||||
| Sales | 183,604 | 7 | 183,611 | |||
| Excise taxes | (18,327) | - | (18,327) | |||
| Revenues from sales | 165,277 | 7 | 165,284 | |||
| Â | ||||||
| Purchases, net of inventory variation | (116,704) | (627) | (117,331) | |||
| Other operating expenses | (21,287) | (231) | (21,518) | |||
| Exploration costs | (1,353) | - | (1,353) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (8,594) | (162) | (8,756) | |||
| Other income | 757 | 1,080 | 1,837 | |||
| Other expense | (406) | (61) | (467) | |||
| Â | ||||||
| Financial interest on debt | (640) | - | (640) | |||
| Financial income from marketable securities & cash equivalents | 80 | - | 80 | |||
| Cost of net debt | (560) | - | (560) | |||
| Â | ||||||
| Other financial income | 602 | - | 602 | |||
| Other financial expense | (508) | - | (508) | |||
| Â | ||||||
| Equity in net income (loss) of affiliates | 2,662 | (464) | 2,198 | |||
| Â | ||||||
| Income taxes | Â | (9,653) | Â | 317 | Â | (9,336) |
| Consolidated net income | 10,233 | (141) | 10,092 | |||
| Group share | 10,036 | (134) | 9,902 | |||
| Non-controlling interests | 197 | (7) | 190 | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
TOTAL S.A.
Mike SANGSTER
Nicolas FUMEX
Patrick
GUENKEL
Romain RICHEMONT
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
total.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20151029005769/en/
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