France: Total Marks Growth in Third Quarter

Total announces adjusted net income of 3,348 M€ in the third quarter 2012 compared to 2,801 M€ in the third quarter 2011, an increase of 20%. Expressed in dollars, adjusted net income increased by 6%.

Highlights since the beginning of the third quarter 2012 were the following:

• Start-up of the Atla field in the Norwegian North Sea

• Increased stake from 24% to 30% in the Ichthys LNG project in Australia

• Exchange of assets in the Norwegian North Sea to increase Total’s interest in the Oseberg field and the Dagny field to 14.7% and 39.54% respectively

• Sold an indirect interest of 9.99% in Block 14 in Angola

• Sold the Groups remaining shares of Sanofi (1.3%)

• Continued the optimization of the Refining & Chemicals portfolio with sale of a 40% interest in Geostock

• Launched new development phase of the Yucal Placer gas field in Venezuela and the development of Tempa Rossa in Italy

• Issued notice of commerciality for the Absheron gas discovery in Azerbaijan

• New gas and condensate discovery on the King Lear prospect in the Norwegian North Sea

• Acquired exploration licenses in Iraq, Bulgaria, Mozambique, Papua New Guinea, Philippines, Myanmar and Indonesia

• Total became operator of the Xerelete block in the prolific pre-salt area of Brazil

• Signed an agreement with Kogas for the purchase of 0.7 million metric tons per year of LNG from the Sabine Pass terminal for a duration of 20 years

Commenting on the results, Chairman and CEO Christophe de Margerie said:

“Total reported adjusted net income of 3.3 billion euros for the third quarter 2012, an increase of 20% compared to the third quarter 2011, reflecting good performance across all segments.

In Upstream, the Group reaffirms its confidence in its outlook for profitable growth thanks to the ramp-up of recent start-ups and the progress of major projects in development. Notably, Total launched the development of the Tempa Rossa field in Italy this quarter.

In exploration, the Group is entering a period rich with high-potential wells, notably in the Gulf of Mexico, Iraq, Ivory Coast, Kenya and Gabon, and is increasing its acreage in promising plays.

The quarter was also marked by a sharp increase in refining margins. The results of Refining & Chemicals increased by 54%, despite a turn around at the Normandy refinery which is part of the modernization of one of the Group’s major integrated platforms and key to its strategy for the segment.

In line with the announced asset sale program, Total continued to optimize its portfolio during the quarter and, in particular, sold Upstream assets in the UK and Nigeria. The total proceeds for asset sales since the beginning of the year reached about 5 billion dollars, including the sale of the Group’s remaining shares of Sanofi.

These good results and the Group’s discipline reinforced its strong financial position this quarter. In a responsible and sustainable manner, Total is improving its competitiveness across all operational segments and remains focused on creating value through the Group’s new dynamic for growth.”

[mappress]
Press Release, October 31, 2012