TTA.L Regulatory News (TTA)

28 Oct 2016 16:10

Total (Paris:FP) (LSE:TTA) (NYSE:TOT):

		3Q16		Changevs 3Q15		9M16		Change vs9M15
Adjusted net income1
- in billions of dollars (B$)		2.1		-25%		5.9		-30%
- in dollars per share		0.84		-28%		2.42		-34%
Operating cash flowbefore working capital changes1 (B$)		4.5		-11%		12.2		-19%
Net income2 of 2.0 B$ in 3Q16Net-debt-to-equity ratio of 31% at September 30, 2016Hydrocarbon production of 2,443 kboe/d in the third quarter 20163Q16 interim dividend of 0.61 €/share payable in April 20173

Total’s Board of Directors met on October 27, 2016, to review the Group’s third quarter accounts. Commenting on the results, Chairman and CEO Patrick Pouyanné said:

“Total once again reported solid quarterly results with adjusted net income of $2.1 billion and operating cash flow before working capital changes of $4.5 billion. The Group increased cash flow by 13% compared to the second quarter 2016 despite a 27% reduction in European refining margins and flat Brent prices.Total continues to benefit from its integrated business model and is responding effectively to short-term challenges due to good operational performance and strong cost discipline.In the Upstream, production increased by more than 4% compared to a year ago. Following the start up of Laggan-Tormore, Vega Pleyade and Angola LNG in the first half of the year, Incahuasi was put on stream in August and Kashagan in October. The five major projects of the year are thus all in production.The Downstream contribution remained strong during the third quarter despite the decrease in European refining margins, and cash flow generation over the first 9 months was $5 billion, in line with the target for the year.Discipline on cost control continued. Organic investments were $4.1 billion in the third quarter, and the Group plans to invest $18 billion in 2016. Operating costs continue to fall and savings are expected to increase to more than $2.7 billion in 2016, or 10% above the objective set at the start of the year.In addition, the sale of Atotech for $3.2 billion in cash, or close to 12 times Ebitda, was part of the Group’s portfolio management strategy to align its asset base with its ambitions and contributes to achieving the $10 billion asset sale program for 2015-17.Finally, the net debt to equity ratio is stable at 30.6%, confirming the priority given to maintaining a strong balance sheet.”

Key figures4

3Q16		2Q16		3Q15		3Q16vs3Q15		In millions of dollars, except effective tax rate,earnings per share and number of shares		9M16		9M15		9M16vs9M15
37,412		37,215		40,580		-8%		Sales		107,468		127,608		-16%
2,237		1,979		3,204		-30%		Adjusted operating income from business segments		5,986		10,579		-43%
2,339		2,523		2,963		-21%		Adjusted net operating income from business segments		6,740		9,077		-26%
877		1,127		1,107		-21%		Upstream		2,502		4,026		-38%
917		1,018		1,433		-36%		Refining & Chemicals		3,063		3,882		-21%
545		378		423		+29%		Marketing & Services		1,175		1,169		+1%
515		797		493		+4%		Contribution of equity affiliates to adjusted net income		1,811		1,804		-
21.5%		21.8%		27.2%		-		Group effective tax rate5*		22.0%		35.5%		-
2,070		2,174		2,756		-25%		Adjusted net income		5,880		8,443		-30%
0.84		0.90		1.17		-28%		Adjusted fully-diluted earnings per share (dollars)		2.42		3.64		-34%
0.76		0.79		1.06		-28%		Adjusted fully-diluted earnings per share (euros)*		2.17		3.27		-34%
2,404		2,379		2,312		+4%		Fully-diluted weighted-average shares (millions)		2,375		2,295		+3%
1,954		2,088		1,079		+81%		Net income (Group share)		5,648		6,713		-16%
5,201		4,566		6,040		-14%		Investments6		14,675		21,439		-32%
192		773		410		-53%		Divestments		1,950		5,287		-63%
5,116		3,790		5,630		-9%		Net investments7		12,829		16,071		-20%
4,082		4,059		5,394		-24%		Organic investments8		12,756		16,611		-23%
4,522		4,000		5,059		-11%		Operating cash flow before working capital changes9		12,230		15,011		-19%
4,740		2,882		5,989		-21%		Cash flow from operations		9,503		15,108		-37%

* Average €-$ exchange rate: 1.1166 in the third quarter 2016 and 1.1162 in the first nine months 2016.

Highlights since the beginning of the third quarter 201610

Started up production on the Incahuasi gas field in Bolivia with a capacity of 50 thousand barrels of oil equivalent per day (kboe/d) Re-started production on the giant Kashagan field in Kazakhstan with a nameplate capacity of 370 kb/d Exercised pre-emption right to acquire Barnett shale gas assets with a capacity of about 65 kboe/d in 2016 Oil discovery in the Black Sea (Bulgaria) opening a new play, and acquisition of the CI-605 license in Ivory Coast Successful appraisal of the giant deep offshore Owowo field in Nigeria (discovered by Total in 2012) Sale of specialty chemicals unit Atotech for $3.2 billion, or close to 12 times Ebitda Signed an agreement to supply 0.4 million tons of LNG per year to Chugoku Electric in Japan for a period of 17 years

Analysis of business segments

Upstream

> Environment – liquids and gas price realizations*

3Q16		2Q16		3Q15		3Q16vs3Q15				9M16		9M15		9M16vs9M15
45.9		45.6		50.5		-9%		Brent ($/b)		41.9		55.3		-24%
41.4		43.0		44.0		-6%		Average liquids price ($/b)		38.4		50.5		-24%
3.45		3.43		4.47		-23%		Average gas price ($/Mbtu)		3.45		4.85		-29%
32.4		33.0		36.6		-11%		Average hydrocarbon price ($/boe)		30.6		41.3		-26%

* Consolidated subsidiaries, excluding fixed margins.

> Production

3Q16		2Q16		3Q15		3Q16vs3Q15		Hydrocarbon production		9M16		9M15		9M16vs9M15
2,443		2,424		2,342		+4%		Combined production (kboe/d)		2,449		2,345		+4%
1,290		1,253		1,241		+4%		Liquids (kb/d)		1,276		1,232		+4%
6,286		6,466		6,003		+5%		Gas (Mcf/d)		6,397		6,074		+5%

Hydrocarbon production was 2,443 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2016, an increase of 4.3% compared to the third quarter 2015, due to the following:

+7% due to new start ups and ramp ups, notably Laggan-Tormore, Vega Pleyade, Surmont Phase 2, Moho Phase 1b, Gladstone LNG and Incahuasi; -2% due to the security situation in Nigeria and wild fires in Canada; -1% due to natural field decline and maintenance operations, partially offset by a positive PSC price effect and good performance of new wells.

In the first nine months 2016, hydrocarbon production was 2,449 kboe/d, an increase of 4.4% compared to the first nine months 2015, due to the following:

+5% due to new start ups and ramp ups, notably Laggan-Tormore, Termokarstovoye, Surmont Phase 2, Moho Phase 1b, Gladstone LNG and Vega Pleyade; -2% due to the security situation in Nigeria and Yemen, and wild fires in Canada; +1% due to the PSC price effect and operational performance offsetting natural field decline.

> Results

3Q16		2Q16		3Q15		3Q16vs3Q15		In millions of dollars, except effective tax rate		9M16		9M15		9M16vs9M15
781		580		994		-21%		Adjusted operating income*		1,503		4,520		-67%
28.1%		3.2%		33.8%		-		Effective tax rate**		14.1%		44.5%		-
877		1,127		1,107		-21%		Adjusted net operating income*		2,502		4,026		-38%
260		452		316		-18%		including income from equity affiliates		981		1,308		-25%
3,648		3,539		5,173		-29%		Investments		11,424		18,977		-40%
129		448		272		-53%		Divestments		1,492		1,813		-18%
3,356		3,261		4,676		-28%		Organic investments		10,764		15,400		-30%
2,751		2,281		2,736		+1%		Operating cash flow before working capital changes		6,863		8,665		-21%
2,380		983		2,320		+3%		Cash flow from operations		5,476		8,558		-36%

* Details on adjustment items are 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- impairment of goodwill + tax on adjusted net operating income).

In the third quarter 2016, Upstream operating cash flow before working capital changes was 2,751 M$, an increase of 21% compared to the second quarter 2016 in an unchanged price environment, notably due to the ramps ups of new production with higher margins and the decrease in operating costs.

In the first nine months 2016, Upstream operating cash flow before working capital changes was 6,863 M$, a decrease of 21% compared to the first nine months 2015, essentially due to the decrease in hydrocarbon prices, partially offset by the increase in production and decrease in operating costs.

Upstream adjusted net operating income was:

877 M$ in the third quarter 2016, a decrease of 21% compared to the third quarter 2015, essentially due to the decrease in the average hydrocarbon price, partially offset by the increase in production and decrease in operating costs; 2,502 M$ in the first nine months 2016, a decrease of 38% compared to the first nine months 2015. The increase in production combined with the decrease in operating costs and exploration expenses as well as the lower effective tax rate partially offset the decrease in the average hydrocarbon price.

Refining & Chemicals

> Refinery throughput and utilization rates*

3Q16		2Q16		3Q15		3Q16vs3Q15				9M16		9M15		9M16vs9M15
1,947		1,795		2,061		-6%		Total refinery throughput (kb/d)		1,949		2,024		-4%
681		522		662		+3%		France		653		671		-3%
771		803		891		-13%		Rest of Europe		806		853		-6%
495		470		508		-3%		Rest of world		490		500		-2%
								Utlization rates**
85%		77%		87%				Based on crude only		84%		86%
87%		80%		90%				Based on crude and other feedstock		87%		88%

* Includes share of TotalErg, as well as refineries in Africa and the French Antilles that are reported in the Marketing & Services segment. The condensate splitters at Port Arthur and Daesan are also included and 2015 figures have been restated.** Based on distillation capacity at the beginning of the year.

Refinery throughput:

decreased by 6% in the third quarter 2016 compared to the third quarter 2015, due to a higher level of maintenance and the sale of the Schwedt refinery in the fourth quarter 2015; decreased by 4% in the first nine months 2016 compared to the first nine months 2015, mainly due to outages in Europe and the United States in the second quarter and the sale of the Schwedt refinery.

> Results

3Q16		2Q16		3Q15		3Q16vs3Q15		In millions of dollarsexcept the ERMI		9M16		9M15		9M16vs9M15
25.5		35		54.8		-53%		European refining margin indicator - ERMI ($/t)		31.9		52		-39%
891		965		1,713		-48%		Adjusted operating income*		3,153		4,652		-32%
917		1,018		1,433		-36%		Adjusted net operating income*		3,063		3,882		-21%
150		150		128		+17%		including Specialty Chemicals**		416		379		+10%
550		480		358		+54%		Investments		1,289		1,257		+3%
21		23		12		+75%		Divestments		73		2,652		-97%
399		457		348		+15%		Organic investments		1,088		333		x3.2
1,052		1,138		1,797		-41%		Operating cash flow before working capital changes		3,509		4,743		-26%
1,698		1,560		2,291		-26%		Cash flow from operations		2,837		4,305		-34%

* Details on adjustment items are shown in the business segment information annex to financial statements.** Hutchinson and Atotech, Bostik until February 2015.

The Group’s European refining margin indicator (ERMI) was impacted by high inventory levels, falling to 25.5 $/t in the third quarter 2016, a 53% decrease compared to the third quarter 2015. The petrochemical environment remained favorable, even though margins were down compared to the third quarter 2015.

Refining & Chemicals adjusted net operating income was:

917 M$ in the third quarter 2016, a decrease of only 36% compared to the third quarter 2015 despite the strong decrease in refining margins and lower petrochemical margins, due to the reduction in breakeven and the strong operational performance of the Group’s major integrated platforms; 3,063 M$ in the first nine months 2016, a decrease of 21% compared to the first nine months 2015 due to the less favorable environment.

Marketing & Services

> Petroleum product sales

3Q16		2Q16		3Q15*		3Q16vs3Q15		Sales in kb/d**		9M16		9M15*		9M16vs9M15
1,814		1,793		1,839		-1%		Total Marketing & Services sales		1,788		1,825		-2%
1,113		1,074		1,121		-1%		Europe		1,083		1,101		-2%
701		719		718		-2%		Rest of world		705		724		-3%

* 2015 data restated.** Excludes trading and bulk refining sales, includes share of TotalErg.

In the third quarter 2016, petroleum product sales decreased by 1% compared to the third quarter 2015, mainly due to the sale of the marketing network in Turkey in the second quarter 2016.

In the first nine months 2016, refined product sales decreased by 2% compared to the first nine months 2015, essentially due to the disposal of mature assets or assets lacking critical mass. Excluding the portfolio effects, retail network sales and sales of land-based lubricants increased by nearly 4%.

> Results

3Q16		2Q16		3Q15		3Q16vs3Q15		In millions of dollars		9M16		9M15*		9M16vs9M15
17,964		17,305		19,522		-8%		Sales		50,702		59,561		-15%
565		434		497		+14%		Adjusted operating income*		1,330		1,407		-5%
545		378		423		+29%		Adjusted net operating income*		1,175		1,169		+1%
100		(43)		(82)		na		including New Energies		20		(169)		na
1,175		339		501		x2.3		Investments		1,904		1,152		+65%
40		296		121		-67%		Divestments		373		800		-53%
322		329		365		-12%		Organic investments		872		832		+5%
600		511		518		+16%		Operating cash flow before working capital changes		1,473		1,467		-
495		(15)		1,011		-51%		Cash flow from operations		720		2,034		-65%

* Details on adjustment items are shown in the business segment information annex to financial statements.

Marketing & Services adjusted net operating income was:

545 M$ in the third quarter 2016, a 29% increase compared to the third quarter 2015, due to a strong contribution from New Energies with the sale of the Henrietta solar farm in the United States; 1,175 M$ in the first nine months 2016, stable compared to the first nine months 2015. The impact of assets sales was offset by the contribution from New Energies in the third quarter.

At 1.2 B$, investments were sharply higher in the third quarter 2016 compared to the third quarter 2015 due to the acquisition of Saft for 1 B$. Organic investments, however, decreased by 12% over the same period.

Group results

> Net operating income from business segments

Adjusted net operating income from the business segments was:

2,339 M$ in the third quarter 2016, a decrease of 21% compared to the third quarter 2015, mainly due to lower average hydrocarbon prices in the Upstream and lower refining margins; 6,740 M$ in the first nine months of 2016, a decrease of 26% compared to the first nine months 2015 for the same reasons.

The effective tax rate11 for the business segments was:

23.5% in the third quarter 2016 compared to 29.8% in the third quarter 2015, mainly due to the lower effective tax rate in the Upstream; 22.5% in the first nine months 2016 compared to 35.0% in the first nine months 2015, for the same reason.

> Net income (Group share)

Adjusted net income, evolving in line with the net operating income, was:

2,070 M$ in the third quarter 2016 compared to 2,756 M$ in the third quarter 2015, a decrease of 25%; 5,880 M$ in the first nine months 2016 compared to 8,443 M$ in the first nine months 2015, a decrease of 30%.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value12.

Total adjustments affecting net income (Group share)13 were:

-116 M$ in the third quarter 2016; -232 M$ in the first nine months 2016, including mainly the inventory effect, the gain on the sale of the FUKA gas pipeline network in the North Sea in the first quarter and the impairment of assets that were not developed in the second quarter 2016.

The number of fully-diluted shares was 2,407 million on September 30, 2016, and 2,310 million on September 30, 2015.

> Divestments – acquisitions

Asset sales were:

91 M$ in the third quarter 2016; 1,448 M$ in the first nine months 2016, comprised mainly of the sales of the FUKA gas pipeline network in the North Sea and the retail network in Turkey.

Acquisitions were:

1,018 M$ in the third quarter 2016, comprised mainly of the acquisitions of Saft and Lampiris; 1,417 M$ in the first nine months 2016, comprised mainly of the acquisitions of Saft, Lampiris and a retail network in the Dominican Republic.

The impact on net cash flow from asset sales and acquisitions was -927 M$ in the third quarter 2016 compared to -236 M$ in the third quarter 2015. The impact was 31 M$ in the first nine months 2016 compared to 459 M$ in the first nine months 2015.

> Net cash flow

The Group’s net cash flow14 was:

-594 M$ in the third quarter 2016 compared to -571 M$ in the third quarter 2015 despite the 11% drop in Brent price, 53% decrease in refining margins and the Group’s higher acquisitions in the third quarter 2016. This performance is due to the resilience of cash flow generation and lower organic investments; -599 M$ in the first nine months 2016 compared to -1,060 M$ in the first nine months 2015, an improvement despite the decrease in Brent price from 55 $/b to 42 $/b and a decrease of 39% in refining margins. Operating cash flow before working capital changes was 12.2 B$ compared to 15.0 B$ in the first nine months 2015 and net investments were 12.8 B$ compared to 16.1 B$ in the first nine months 2015, mainly due to the decrease in organic investments.

> Return on equity

Return on equity from October 1, 2015 to September 30, 2016 was 8.3%15.

Summary and outlook

Following the remarks by OPEC countries and Russia, Brent rose to around 50 $/b despite high inventory levels. With the market expected to remain volatile, Total is pursuing its efforts to lower its breakeven.

In the Upstream, the five major projects of the year have all been put on stream and production is ramping up. The production target of more than 4% growth in 2016 compared to 2015 is set to be achieved and the teams are focused on delivering the 2017-18 project start-ups. In 2017, production from projects started up since 2015 are expected to deliver 350 kboe/d net to Total and around 3 B$ in cash flow with Brent at 60 $/b, given that these new barrels have a higher average margin than existing production.

In the Downstream, refining margins have increased to 40 $/t at the beginning of the fourth quarter driven by a high level of maintenance as well as logistics constraints, resulting in tight gasoline market conditions. The petrochemical market remains favorable and the Group’s major platforms are well-positioned to benefit from this.

The Group’s cost reduction program is ahead of schedule, underlining its ability to deliver the 4 B$ savings target by 2018.

Given the capex guidance of 15-17 B$ from 2017 and increase in operating cash flow, the Group’s net cash flow is entering a growth phase. Operating cash flow before working capital changes should cover organic investments, including resource renewal, and dividend cash-out, with oil prices at 55 $/b in 2017. The discounted scrip dividend will be ended in 2017 if Brent is at 60 $/b.

To listen to CFO Patrick de La Chevardière’s conference call with financial analysts today at 13:00 (London time) please log on to total.com or call +44 (0)203 427 1914 in Europe or +1 646 254 3388 in the United States (access code: 1018478). 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 (access code: 1018478).

Operating information by segment

Upstream*

3Q16		2Q16		3Q15		3Q16vs3Q15		Combined liquids and gasproduction by region (kboe/d)		9M16		9M15		9M16vs9M15
720		770		677		+6%		Europe and Central Asia		759		658		+15%
649		634		646		-		Africa		638		639		-
529		505		525		+1%		Middle East and North Africa		522		541		-3%
285		251		249		+14%		Americas		265		255		+4%
261		264		245		+6%		Asia Pacific		265		253		+5%
2,443		2,424		2,342		+4%		Total production		2,449		2,345		+4%
592		627		574		+3%		including equity affiliates		613		565		+9%
						3Q16								9M16
3Q16		2Q16		3Q15		vs		Liquids production by region (kb/d)		9M16		9M15		vs
						3Q15								9M15
238		251		219		+9%		Europe and Central Asia		247		211		+17%
524		511		522		-		Africa		518		520		-
380		367		378		+1%		Middle East and North Africa		376		376		-
118		93		92		+29%		Americas		105		93		+13%
29		30		30		-4%		Asia Pacific		31		33		-6%
1,290		1,253		1,241		+4%		Total production		1,276		1,232		+4%
249		265		230		+8%		including equity affiliates		251		218		+15%
						3Q16								9M16
3Q16		2Q16		3Q15		vs		Gas production by region (Mcf/d)		9M16		9M15		vs
						3Q15								9M15
2,594		2,876		2,458		+6%		Europe and Central Asia		2,760		2,406		+15%
617		594		622		-1%		Africa		592		593		-
813		762		806		+1%		Middle East and North Africa		805		905		-11%
927		881		878		+6%		Americas		889		905		-2%
1,335		1,353		1,239		+8%		Asia Pacific		1,351		1,265		+7%
6,286		6,466		6,003		+5%		Total production		6,397		6,074		+5%
1,831		1,927		1,850		-1%		including equity affiliates		1,932		1,858		+4%
						3Q16								9M16
3Q16		2Q16		3Q15		vs		Liquefied natural gas		9M16		9M15		vs
						3Q15								9M15
2.69		2.76		2.53		+6%		LNG sales** (Mt)		8.09		7.74		+5%

* The regional reporting has been changed to reflect the Company’s internal organization. Historical data is available at total.com.** Sales, Group share, excluding trading; 2015 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2015 SEC coefficient.

Downstream (Refining & Chemicals and Marketing & Services)

3Q16		2Q16		3Q15*		3Q16vs3Q15		Petroleum product sales by region (kb/d)**		9M16		9M15*		9M16vs9M15
2,430		2,372		2,282		+6%		Europe		2,363		2,146		+10%
537		597		609		-12%		Africa		545		643		-15%
627		597		585		+7%		Americas		585		597		-2%
567		705		610		-7%		Rest of world		681		636		+7%
4,161		4,271		4,086		+2%		Total consolidated sales		4,174		4,022		+4%
706		717		648		+9%		Including bulk sales		707		636		+11%
1,641		1,761		1,599		+3%		Including trading		1,679		1,561		+8%

* 2015 data restated. **Includes share of TotalErg.

Adjustment items

> Adjustments to operating income

3Q16		2Q16		3Q15		In millions of dollars		9M16		9M15
(115)		(633)		(654)		Special items affecting operating income		(1,212)		(2,505)
(15)		(8)		-		Restructuring charges		(34)		-
-		(200)		(650)		Impairments		(200)		(1,944)
(100)		(425)		(4)		Other		(978)		(561)
(47)		634		(1,127)		Pre-tax inventory effect: FIFO vs. replacement cost		305		(649)
(18)		(6)		(10)		Effect of changes in fair value		(21)		(16)
(180)		(5)		(1,791)		Total adjustments affecting operating income		(928)		(3,170)

> Adjustment to net income (Group share)

3Q16		2Q16		3Q15		In millions of dollars		9M16		9M15
(98)		(486)		(912)		Special items affecting net income (Group share)		(434)		(1,289)
(32)		(14)		(98)		Gain (loss) on asset sales		312		1,231
(18)		(2)		(12)		Restructuring charges		(22)		(43)
(33)		(178)		(650)		Impairments		(211)		(2,004)
(15)		(292)		(152)		Other		(513)		(473)
(5)		405		(760)		After-tax inventory effect: FIFO vs. replacement cost		217		(432)
(13)		(5)		(5)		Effect of changes in fair value		(15)		(9)
(116)		(86)		(1,677)		Total adjustments affecting net income		(232)		(1,730)

2016 Sensitivities*

		Scenario		Change		Estimated impacton adjustednet operatingincome		Estimatedimpact oncash flow
Dollar		1.0 $/€		+0.1 $ per €		-0.15 B$		-0.1 B$
Brent		50 $/b		-10 $/b		-2 B$		-2 B$
European refining margin indicator (ERMI)		35 $/t		-10 $/t		-0.5 B$		-0.6 B$

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2016. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is attributable 85% to Refining & Chemicals.

Investments - Divestments

3Q16		2Q16		3Q15		3Q16vs3Q15		In millions of dollars		9M16		9M15		9M16vs9M15
4,082		4,059		5,394		-24%		Organic investments		12,756		16,611		-23%
136		172		170		-20%		capitalized exploration		536		966		-45%
135		257		523		-74%		increase in non-current loans		964		1,707		-44%
(101)		(301)		(15)		x6,7		repayment of non-current loans		(502)		(1,420)		-65%
1,018		206		631		+61%		Acquisitions		1,417		3,408		-58%
91		472		395		-77%		Asset sales		1,448		3,867		-63%
(107)		3		-		na		Other transactions with non-controlling interests		(104)		81		na
5,116		3,790		5,630		-9%		Net investments		12,829		16,071		-20%

Net-debt-to-equity ratio
In millions of dollars		9/30/2016		6/30/2016		9/30/2015
Current borrowings		13,383		13,789		13,296
Net current financial assets		(1,375)		(1,628)		(3,246)
Net financial assets classified as held for sale		(81)		(97)		94
Non-current financial debt		44,450		41,668		42,873
Hedging instruments of non-current debt		(1,089)		(1,251)		(1,221)
Cash and cash equivalents		(24,801)		(22,653)		(25,858)
Net debt		30,487		29,828		25,938
Shareholders’ equity - Group share		98,168		97,985		96,093
Estimated dividend payable		(1,629)		(1,618)		(1,573)
Non-controlling interests		2,948		2,904		3,068
Adjusted shareholders' equity		99,487		99,271		97,588
Net-debt-to-equity ratio		30.6%		30.0%		26.6%

Return on equity

In millions of dollars		October 1, 2015 toSeptember 30, 2016		July 1, 2015 toJune 30, 2016		January 1, 2015 toDecember 31, 2015
Adjusted net income		8,207		8,817		10,698
Average adjusted shareholders' equity		98,538		99,029		92,854
Return on equity (ROE)		8.3%		8.9%		11.5%

Return on average capital employed

> Twelve months ended September 30, 2016

In millions of dollars		Upstream		Refining &Chemicals		Marketing& Services				Group
Adjusted net operating income		3,250		4,070		1,705				8,968
Capital employed at 9/30/2015*		108,425		11,319		7,865				123,904
Capital employed at 9/30/2016*		110,590		12,030		10,316				130,534
ROACE		3.0%		34.9%		18.8%				7.0%

> Twelve months ended June 30, 2016

In millions of dollars		Upstream		Refining &Chemicals		Marketing& Services				Group
Adjusted net operating income		3,480		4,586		1,583				9,565
Capital employed at 06/30/2015*		107,214		12,013		8,234				124,001
Capital employed at 06/30/2016*		108,733		12,249		9,021				129,635
ROACE		3.2%		37.8%		18.3%				7.5%

> Twelve months ended December 31, 2015

In millions of dollars		Upstream		Refining &Chemicals		Marketing& Services				Group
Adjusted net operating income		4,774		4,889		1,699				11,400
Capital employed at 12/31/2014*		100,497		13,451		8,825				120,526
Capital employed at 12/31/2015*		105,580		10,407		8,415				121,143
ROACE		4.6%		41.0%		19.7%				9.4%

* At replacement cost (excluding after-tax inventory effect).

This press release presents the results for the third quarter 2016 and the first nine months 2016 from the consolidated financial statements of TOTAL S.A. as of September 30, 2016. 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 (“SEC”).

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.

In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE) and net-debt-to-equity ratio. These indicators are meant to facilitate the analysis of the financial performance of TOTAL and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of the Group.

These adjustment items include:

(i) Special itemsDue 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 effectThe 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 valueThe 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 for the fully adjusted-diluted earnings per share 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 “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 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 on page 2.2 Group share.3 The ex-dividend date will be March 20, 2017, and the payment date will be set for April 6, 2017.4 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 9.5 Tax on adjusted net operating income / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).6 Including acquisitions and increases in non-current loans.7 Net investments = investments - divestments - repayment of non-current loans - other operations with non-controlling interests.8 Organic investments = net investments excluding acquisitions, asset sales, and other operations with non-controlling interests.9 Operating cash flow before working capital changes, previously referred to as adjusted cash flow from operations, is defined as cash flow from operating activities before changes in working capital at replacement cost. The inventory valuation effect is explained on page 13.10 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.11 Tax on adjusted net operating income / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).12 Details shown on page 13.13 Details shown on page 10 and in the annex to the financial statements.14 Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).15 Details shown on page 12.

Total financial statements

Third quarter and first nine months 2016 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOMETOTAL(unaudited)
(M$) (a)		3rd quarter2016		2nd quarter2016		3rd quarter2015
Sales		37,412		37,215		40,580
Excise taxes		(5,587)		(5,504)		(5,683)
Revenues from sales		31,825		31,711		34,897
Purchases, net of inventory variation		(21,223)		(20,548)		(24,240)
Other operating expenses		(5,469)		(5,906)		(5,794)
Exploration costs		(274)		(536)		(275)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,936)		(2,968)		(3,345)
Other income		290		172		430
Other expense		(351)		(133)		(441)
Financial interest on debt		(268)		(267)		(233)
Financial income and expense from cash & cash equivalents		(5)		1		10
Cost of net debt		(273)		(266)		(223)
Other financial income		265		312		185
Other financial expense		(154)		(166)		(154)
Equity in net income (loss) of affiliates		531		776		486
Income taxes		(251)		(330)		(461)
Consolidated net income		1,980		2,118		1,065
Group share		1,954		2,088		1,079
Non-controlling interests		26		30		(14)
Earnings per share ($)		0.79		0.86		0.45
Fully-diluted earnings per share ($)		0.79		0.86		0.45
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMETOTAL(unaudited)
(M$)		3rd quarter2016		2nd quarter2016		3rd quarter2015
Consolidated net income		1,980		2,118		1,065
Other comprehensive income
Actuarial gains and losses		(363)		(132)		46
Tax effect		47		40		(21)
Currency translation adjustment generated by the parent company		439		(2,113)		132
Items not potentially reclassifiable to profit and loss		123		(2,205)		157
Currency translation adjustment		(362)		589		(736)
Available for sale financial assets		15		(4)		(3)
Cash flow hedge		113		(66)		(95)
Share of other comprehensive income of equity affiliates, net amount		123		355		(626)
Other		(3)		-		-
Tax effect		(41)		21		31
Items potentially reclassifiable to profit and loss		(155)		895		(1,429)
Total other comprehensive income (net amount)		(32)		(1,310)		(1,272)
Comprehensive income		1,948		808		(207)
Group share		1,909		795		(167)
Non-controlling interests		39		13		(40)

CONSOLIDATED STATEMENT OF INCOMETOTAL(unaudited)
(M$) (a)		9 months2016		9 months2015
Sales		107,468		127,608
Excise taxes		(16,410)		(16,479)
Revenues from sales		91,058		111,129
Purchases, net of inventory variation		(59,410)		(74,797)
Other operating expenses		(17,511)		(18,097)
Exploration costs		(1,004)		(1,264)
Depreciation, depletion and impairment of tangible assets and mineral interests		(8,584)		(10,048)
Other income		962		2,773
Other expense		(554)		(1,279)
Financial interest on debt		(809)		(726)
Financial income and expense from cash & cash equivalents		6		69
Cost of net debt		(803)		(657)
Other financial income		768		582
Other financial expense		(475)		(483)
Equity in net income (loss) of affiliates		1,805		1,761
Income taxes		(533)		(3,034)
Consolidated net income		5,719		6,586
Group share		5,648		6,713
Non-controlling interests		71		(127)
Earnings per share ($)		2.33		2.90
Fully-diluted earnings per share ($)		2.32		2.89
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMETOTAL(unaudited)
(M$)		9 months2016		9 months2015
Consolidated net income		5,719		6,586
Other comprehensive income
Actuarial gains and losses		(576)		199
Tax effect		119		(138)
Currency translation adjustment generated by the parent company		1,967		(5,097)
Items not potentially reclassifiable to profit and loss		1,510		(5,036)
Currency translation adjustment		(1,717)		1,852
Available for sale financial assets		1		(7)
Cash flow hedge		145		(189)
Share of other comprehensive income of equity affiliates, net amount		477		215
Other		-		1
Tax effect		(44)		60
Items potentially reclassifiable to profit and loss		(1,138)		1,932
Total other comprehensive income (net amount)		372		(3,104)
Comprehensive income		6,091		3,482
Group share		6,012		3,666
Non-controlling interests		79		(184)

CONSOLIDATED BALANCE SHEETTOTAL(unaudited)
(M$)	September 30,2016(unaudited)	June 30,2016(unaudited)	December 31,2015	September 30,2015(unaudited)
ASSETS
Non-current assets
Intangible assets, net	14,916	14,207	14,549	15,639
Property, plant and equipment, net	113,433	111,420	109,518	108,886
Equity affiliates : investments and loans	20,870	20,683	19,384	19,200
Other investments	1,565	1,411	1,241	1,227
Hedging instruments of non-current financial debt	1,089	1,251	1,219	1,221
Deferred income taxes	4,434	4,175	3,982	3,439
Other non-current assets	4,534	4,467	4,355	4,292
Total non-current assets	160,841	157,614	154,248	153,904
Current assets
Inventories, net	14,635	15,021	13,116	14,773
Accounts receivable, net	11,501	11,933	10,629	12,306
Other current assets	14,927	14,850	15,843	15,102
Current financial assets	1,755	2,018	6,190	3,448
Cash and cash equivalents	24,801	22,653	23,269	25,858
Assets classified as held for sale	1,045	1,257	1,189	3,734
Total current assets	68,664	67,732	70,236	75,221
Total assets	229,505	225,346	224,484	229,125
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares	7,849	7,846	7,670	7,602
Paid-in surplus and retained earnings	106,189	106,343	101,528	103,519
Currency translation adjustment	(11,448)	(11,619)	(12,119)	(10,443)
Treasury shares	(4,422)	(4,585)	(4,585)	(4,585)
	98,168	97,985	92,494	96,093
Non-controlling interests	2,948	2,904	2,915	3,068
Total shareholders' equity	101,116	100,889	95,409	99,161
Non-current liabilities
Deferred income taxes	11,390	11,345	12,360	12,836
Employee benefits	4,247	3,887	3,774	4,312
Provisions and other non-current liabilities	17,320	17,270	17,502	17,053
Non-current financial debt	44,450	41,668	44,464	42,873
Total non-current liabilities	77,407	74,170	78,100	77,074
Current liabilities
Accounts payable	19,799	20,478	20,928	20,003
Other creditors and accrued liabilities	16,895	14,983	16,884	17,991
Current borrowings	13,383	13,789	12,488	13,296
Other current financial liabilities	380	390	171	202
Liabilities directly associated with the assets classified as held for sale	525	647	504	1,398
Total current liabilities	50,982	50,287	50,975	52,890
Total liabilities & shareholders' equity	229,505	225,346	224,484	229,125

CONSOLIDATED STATEMENT OF CASH FLOWTOTAL(unaudited)
(M$)		3rd quarter2016		2nd quarter2016		3rd quarter2015
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		1,980		2,118		1,065
Depreciation, depletion, amortization and impairment		3,297		3,361		3,519
Non-current liabilities, valuation allowances and deferred taxes		(539)		(477)		(540)
Impact of coverage of pension benefit plans		-		-		-
(Gains) losses on disposals of assets		94		(48)		22
Undistributed affiliates' equity earnings		(192)		(280)		(61)
(Increase) decrease in working capital		265		(1,752)		2,057
Other changes, net		(165)		(40)		(73)
Cash flow from operating activities		4,740		2,882		5,989
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(4,124)		(4,094)		(5,266)
Acquisitions of subsidiaries, net of cash acquired		(1,119)		11		(76)
Investments in equity affiliates and other securities		177		(226)		(175)
Increase in non-current loans		(135)		(257)		(523)
Total expenditures		(5,201)		(4,566)		(6,040)
Proceeds from disposals of intangible assets and property, plant and equipment		57		200		6
Proceeds from disposals of subsidiaries, net of cash sold		-		270		289
Proceeds from disposals of non-current investments		34		2		100
Repayment of non-current loans		101		301		15
Total divestments		192		773		410
Cash flow used in investing activities		(5,009)		(3,793)		(5,630)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		36		4		4
		-		-		(237)
Dividends paid:
- Parent company shareholders		-		(1,173)		(681)
- Non-controlling interests		(2)		(72)		(25)
Issuance of perpetual subordinated notes		-		1,950		-
Payments on perpetual subordinated notes		-		-		-
Other transactions with non-controlling interests		(107)		3		-
Net issuance (repayment) of non-current debt		3,127		400		356
Increase (decrease) in current borrowings		(909)		1,011		23
Increase (decrease) in current financial assets and liabilities		257		1,399		(1,096)
Cash flow used in financing activities		2,402		3,522		(1,656)
Net increase (decrease) in cash and cash equivalents		2,133		2,611		(1,297)
Effect of exchange rates		15		(528)		(167)
Cash and cash equivalents at the beginning of the period		22,653		20,570		27,322
Cash and cash equivalents at the end of the period		24,801		22,653		25,858

CONSOLIDATED STATEMENT OF CASH FLOWTOTAL(unaudited)
(M$)		9 months2016		9 months2015
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		5,719		6,586
Depreciation, depletion, amortization and impairment		9,393		11,056
Non-current liabilities, valuation allowances and deferred taxes		(1,284)		(701)
Impact of coverage of pension benefit plans		-		-
(Gains) losses on disposals of assets		(321)		(1,794)
Undistributed affiliates' equity earnings		(708)		(350)
(Increase) decrease in working capital		(3,032)		746
Other changes, net		(264)		(435)
Cash flow from operating activities		9,503		15,108
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(12,364)		(19,213)
Acquisitions of subsidiaries, net of cash acquired		(1,241)		(86)
Investments in equity affiliates and other securities		(106)		(433)
Increase in non-current loans		(964)		(1,707)
Total expenditures		(14,675)		(21,439)
Proceeds from disposals of intangible assets and property, plant and equipment		1,049		1,186
Proceeds from disposals of subsidiaries, net of cash sold		270		2,450
Proceeds from disposals of non-current investments		129		231
Repayment of non-current loans		502		1,420
Total divestments		1,950		5,287
Cash flow used in investing activities		(12,725)		(16,152)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		40		454
		-		(237)
Dividends paid:
- Parent company shareholders		(2,127)		(2,253)
- Non-controlling interests		(77)		(97)
Issuance of perpetual subordinated notes		1,950		5,616
Payments on perpetual subordinated notes		(133)		-
Other transactions with non-controlling interests		(104)		81
Net issuance (repayment) of non-current debt		3,681		2,127
Increase (decrease) in current borrowings		(2,925)		(66)
Increase (decrease) in current financial assets and liabilities		4,402		(2,197)
Cash flow used in financing activities		4,707		3,428
Net increase (decrease) in cash and cash equivalents		1,485		2,384
Effect of exchange rates		47		(1,707)
Cash and cash equivalents at the beginning of the period		23,269		25,181
Cash and cash equivalents at the end of the period		24,801		25,858

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITYTOTAL(unaudited)
		Common shares issued				Paid-insurplus andretainedearnings		Currencytranslationadjustment		Treasury shares				Shareholders'equity - Group share		Non-controllinginterests		Totalshareholders'equity
(M$)		Number		Amount						Number		Amount
As of January 1, 2015		2,385,267,525		7,518		94,646		(7,480)		(109,361,413)		(4,354)		90,330		3,201		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		-		-		-		-		-		-		-		-		-
		-		-		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		2,415,089,789		7,602		103,519		(10,443)		(113,970,078)		(4,585)		96,093		3,068		99,161
Net income from October 1 to December 31, 2015		-		-		(1,626)		-		-		-		(1,626)		(174)		(1,800)
Other comprehensive Income		-		-		269		(1,676)		-		-		(1,407)		(24)		(1,431)
Comprehensive Income		-		-		(1,357)		(1,676)		-		-		(3,033)		(198)		(3,231)
Dividend		-		-		(1,563)		-		-		-		(1,563)		(3)		(1,566)
Issuance of common shares		24,968,094		68		918		-		-		-		986		-		986
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares (1)		-		-		-		-		2,320		-		-		-		-
Share-based payments		-		-		5		-		-		-		5		-		5
Share cancellation		-		-		-		-		-		-		-		-		-
Issuance of perpetual subordinated notes		-		-		-		-		-		-		-		-		-
Payments on perpetual subordinated notes		-		-		(34)		-		-		-		(34)		-		(34)
Other operations with non-controlling interests		-		-		4		-		-		-		4		5		9
Other items		-		-		36		-		-		-		36		43		79
As of December 31, 2015		2,440,057,883		7,670		101,528		(12,119)		(113,967,758)		(4,585)		92,494		2,915		95,409
Net income of the first 9 months 2016		-		-		5,648		-		-		-		5,648		71		5,719
Other comprehensive Income		-		-		(307)		671		-		-		364		8		372
Comprehensive Income		-		-		5,341		671		-		-		6,012		79		6,091
Dividend		-		-		(4,872)		-		-		-		(4,872)		(77)		(4,949)
Issuance of common shares		63,971,645		179		2,524		-		-		-		2,703		-		2,703
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares (1)		-		-		(163)		-		3,047,118		163		-		-		-
Share-based payments		-		-		81		-		-		-		81		-		81
Share cancellation		-		-		-		-		-		-		-		-		-
Issuance of perpetual subordinated notes		-		-		1,950		-		-		-		1,950		-		1,950
Payments on perpetual subordinated notes		-		-		(131)		-		-		-		(131)		-		(131)
Other operations with non-controlling interests		-		-		(100)		-		-		-		(100)		(41)		(141)
Other items		-		-		31		-		-		-		31		72		103
As of September 30, 2016		2,504,029,528		7,849		106,189		(11,448)		(110,920,640)		(4,422)		98,168		2,948		101,116
(1) Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATIONTOTAL(unaudited)
3rd quarter 2016(M$)		Upstream		Refining &Chemicals		Marketing &Services		Corporate		Intercompany		Total
Non-Group sales		3,398		16,050		17,964		-		-		37,412
Intersegment sales		4,701		5,072		147		74		(9,994)		-
Excise taxes		-		(875)		(4,712)		-		-		(5,587)
Revenues from sales		8,099		20,247		13,399		74		(9,994)		31,825
Operating expenses		(4,954)		(19,101)		(12,708)		(197)		9,994		(26,966)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,480)		(251)		(194)		(11)		-		(2,936)
Operating income		665		895		497		(134)		-		1,923
Equity in net income (loss) of affiliates and other items		213		227		57		84		-		581
Tax on net operating income		(40)		(196)		(138)		58		-		(316)
Net operating income		838		926		416		8		-		2,188
Net cost of net debt												(208)
Non-controlling interests												(26)
Net income												1,954

3rd quarter 2016 (adjustments) (a)(M$)		Upstream		Refining &Chemicals		Marketing &Services		Corporate		Intercompany		Total
Non-Group sales		(116)		-		-		-		-		(116)
Intersegment sales		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-
Revenues from sales		(116)		-		-		-		-		(116)
Operating expenses		-		4		(68)		-		-		(64)
Depreciation, depletion and impairment of tangible assets and mineral interests		-		-		-		-		-		-
Operating income (b)		(116)		4		(68)		-		-		(180)
Equity in net income (loss) of affiliates and other items		(123)		16		(67)		-		-		(174)
Tax on net operating income		200		(11)		6		-		-		195
Net operating income (b)		(39)		9		(129)		-		-		(159)
												(6)
Non-controlling interests												49
Net income												(116)
(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		-		4		(51)		-
On net operating income		-		21		(33)		-

3rd quarter 2016 (adjusted)(M$) (a)		Upstream		Refining &Chemicals		Marketing &Services		Corporate		Intercompany		Total
Non-Group sales		3,514		16,050		17,964		-		-		37,528
Intersegment sales		4,701		5,072		147		74		(9,994)		-
Excise taxes		-		(875)		(4,712)		-		-		(5,587)
Revenues from sales		8,215		20,247		13,399		74		(9,994)		31,941
Operating expenses		(4,954)		(19,105)		(12,640)		(197)		9,994		(26,902)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,480)		(251)		(194)		(11)		-		(2,936)
Adjusted operating income		781		891		565		(134)		-		2,103
Equity in net income (loss) of affiliates and other items		336		211		124		84		-		755
Tax on net operating income		(240)		(185)		(144)		58		-		(511)
Adjusted net operating income		877		917		545		8		-		2,347
Net cost of net debt												(202)
Non-controlling interests												(75)
Adjusted net income												2,070
Adjusted fully-diluted earnings per share ($)												0.84
(a) Except for earnings per share.

3rd quarter 2016(M$)		Upstream		Refining & Chemicals		Marketing &Services		Corporate		Intercompany		Total
Total expenditures		3,648		550		1,175		(172)		-		5,201
Total divestments		129		21		40		2		-		192
Cash flow from operating activities		2,380		1,698		495		167		-		4,740

BUSINESS SEGMENT INFORMATIONTOTAL(unaudited)
2nd quarter 2016 (M$)		Upstream		Refining &Chemicals		Marketing& Services		Corporate		Intercompany		Total
Non-Group sales		3,344		16,567		17,305		(1)		-		37,215
Intersegment sales		4,159		5,540		208		81		(9,988)		-
Excise taxes		-		(924)		(4,580)		-		-		(5,504)
Revenues from sales		7,503		21,183		12,933		80		(9,988)		31,711
Operating expenses		(4,956)		(19,521)		(12,208)		(293)		9,988		(26,990)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,531)		(246)		(183)		(8)		-		(2,968)
Operating income		16		1,416		542		(221)		-		1,753
Equity in net income (loss) of affiliates and other items		569		260		34		98		-		961
Tax on net operating income		180		(379)		(190)		(8)		-		(397)
Net operating income		765		1,297		386		(131)		-		2,317
Net cost of net debt												(199)
Non-controlling interests												(30)
Net income												2,088

2nd quarter 2016 (adjustments) (a) (M$)		Upstream		Refining &Chemicals		Marketing &Services		Corporate		Intercompany		Total
Non-Group sales		(6)		-		-		-		-		(6)
Intersegment sales		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-
Revenues from sales		(6)		-		-		-		-		(6)
Operating expenses		(358)		451		108		-		-		201
Depreciation, depletion and impairment of tangible assets and mineral interests		(200)		-		-		-		-		(200)
Operating income (b)		(564)		451		108		-		-		(5)
Equity in net income (loss) of affiliates and other items		-		(27)		(62)		-		-		(89)
Tax on net operating income		202		(145)		(38)		-		-		19
Net operating income (b)		(362)		279		8		-		-		(75)
												(5)
Non-controlling interests												(6)
Net income												(86)
(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		-		516		118		-
On net operating income		-		331		84		-

2nd quarter 2016 (adjusted)(M$) (a)		Upstream		Refining &Chemicals		Marketing &Services		Corporate		Intercompany		Total
Non-Group sales		3,350		16,567		17,305		(1)		-		37,221
Intersegment sales		4,159		5,540		208		81		(9,988)		-
Excise taxes		-		(924)		(4,580)		-		-		(5,504)
Revenues from sales		7,509		21,183		12,933		80		(9,988)		31,717
Operating expenses		(4,598)		(19,972)		(12,316)		(293)		9,988		(27,191)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,331)		(246)		(183)		(8)		-		(2,768)
Adjusted operating income		580		965		434		(221)		-		1,758
Equity in net income (loss) of affiliates and other items		569		287		96		98		-		1,050
Tax on net operating income		(22)		(234)		(152)		(8)		-		(416)
Adjusted net operating income		1,127		1,018		378		(131)		-		2,392
Net cost of net debt												(194)
Non-controlling interests												(24)
Adjusted net income												2,174
Adjusted fully-diluted earnings per share ($)												0.90
(a) Except for earnings per share.

2nd quarter 2016(M$)		Upstream		Refining &Chemicals		Marketing &Services		Corporate		Intercompany		Total
Total expenditures		3,539		480		339		208		-		4,566
Total divestments		448		23		296		6		-		773
Cash flow from operating activities		983		1,560		(15)		354		-		2,882

BUSINESS SEGMENT INFORMATIONTOTAL(unaudited)
3rd quarter 2015(M$)		Upstream		Refining &Chemicals		Marketing &Services		Corporate		Intercompany		Total
Non-Group sales		3,660		17,397		19,522		1		-		40,580
Intersegment sales		4,280		6,912		201		51		(11,444)		-
Excise taxes		-		(1,094)		(4,589)		-		-		(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 impairment of tangible assets and mineral interests		(2,898)		(256)		(185)		(6)		-		(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		(345)		(152)		(126)		128		-		(495)
Net operating income		340		790		143		(19)		-		1,254
Net cost of net debt												(189)
Non-controlling interests												14
Net income												1,079

3rd quarter 2015 (adjustments) (a)(M$)		Upstream		Refining &Chemicals		Marketing &Services		Corporate		Intercompany		Total
Non-Group sales		(10)		-		-		-		-		(10)
Intersegment sales		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-
Revenues from sales		(10)		-		-		-		-		(10)
Operating expenses		(9)		(923)		(199)		-		-		(1,131)
Depreciation, depletion and impairment of tangible assets and mineral interests		(650)		-		-		-		-		(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		53		294		64		-		-		411
Net operating income (b)		(767)		(643)		(280)		-		-		(1,690)
												-
Non-controlling interests												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)		-

3rd quarter 2015 (adjusted)(M$) (a)		Upstream		Refining &Chemicals		Marketing &Services		Corporate		Intercompany		Total
Non-Group sales		3,670		17,397		19,522		1		-		40,590
Intersegment sales		4,280		6,912		201		51		(11,444)		-
Excise taxes		-		(1,094)		(4,589)		-		-		(5,683)
Revenues from sales		7,950		23,215		15,134		52		(11,444)		34,907
Operating expenses		(4,708)		(21,246)		(14,452)		(216)		11,444		(29,178)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,248)		(256)		(185)		(6)		-		(2,695)
Adjusted operating income		994		1,713		497		(170)		-		3,034
Equity in net income (loss) of affiliates and other items		511		166		116		23		-		816
Tax on net operating income		(398)		(446)		(190)		128		-		(906)
Adjusted net operating income		1,107		1,433		423		(19)		-		2,944
Net cost of net debt												(189)
Non-controlling interests												1
Adjusted net income												2,756
Adjusted fully-diluted earnings per share ($)												1.17
(a) Except for earnings per share.

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		2,320		2,291		1,011		367		-		5,989

BUSINESS SEGMENT INFORMATIONTOTAL(unaudited)
9 months 2016 (M$)		Upstream		Refining &Chemicals		Marketing &Services		Corporate		Intercompany		Total
Non-Group sales		10,208		46,555		50,702		3		-		107,468
Intersegment sales		12,122		14,760		487		225		(27,594)		-
Excise taxes		-		(2,760)		(13,650)		-		-		(16,410)
Revenues from sales		22,330		58,555		37,539		228		(27,594)		91,058
Operating expenses		(14,708)		(54,404)		(35,697)		(710)		27,594		(77,925)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,258)		(750)		(549)		(27)		-		(8,584)
Operating income		364		3,401		1,293		(509)		-		4,549
Equity in net income (loss) of affiliates and other items		1,452		664		105		285		-		2,506
Tax on net operating income		453		(851)		(408)		87		-		(719)
Net operating income		2,269		3,214		990		(137)		-		6,336
Net cost of net debt												(617)
Non-controlling interests												(71)
Net income												5,648

9 months 2016 (adjustments) (a)(M$)		Upstream		Refining &Chemicals		Marketing &Services		Corporate		Intercompany		Total
Non-Group sales		(248)		-		-		-		-		(248)
Intersegment sales		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-
Revenues from sales		(248)		-		-		-		-		(248)
Operating expenses		(691)		248		(37)		-		-		(480)
Depreciation, depletion and impairment of tangible assets and mineral interests		(200)		-		-		-		-		(200)
Operating income (b)		(1,139)		248		(37)		-		-		(928)
Equity in net income (loss) of affiliates and other items		206		(11)		(146)		-		-		49
Tax on net operating income		700		(86)		(2)		-		-		612
Net operating income (b)		(233)		151		(185)		-		-		(267)
												(17)
Non-controlling interests												52
Net income												(232)
(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		-		315		(10)		-
On net operating income		-		219		1		-

9 months 2016 (adjusted)(M$) (a)		Upstream		Refining &Chemicals		Marketing &Services		Corporate		Intercompany		Total
Non-Group sales		10,456		46,555		50,702		3		-		107,716
Intersegment sales		12,122		14,760		487		225		(27,594)		-
Excise taxes		-		(2,760)		(13,650)		-		-		(16,410)
Revenues from sales		22,578		58,555		37,539		228		(27,594)		91,306
Operating expenses		(14,017)		(54,652)		(35,660)		(710)		27,594		(77,445)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,058)		(750)		(549)		(27)		-		(8,384)
Adjusted operating income		1,503		3,153		1,330		(509)		-		5,477
Equity in net income (loss) of affiliates and other items		1,246		675		251		285		-		2,457
Tax on net operating income		(247)		(765)		(406)		87		-		(1,331)
Adjusted net operating income		2,502		3,063		1,175		(137)		-		6,603
Net cost of net debt												(600)
Non-controlling interests												(123)
Adjusted net income												5,880
Adjusted fully-diluted earnings per share ($)												2.42
(a) Except for earnings per share.

9 months 2016(M$)		Upstream		Refining &Chemicals		Marketing &Services		Corporate		Intercompany		Total
Total expenditures		11,424		1,289		1,904		58		-		14,675
Total divestments		1,492		73		373		12		-		1,950
Cash flow from operating activities		5,476		2,837		720		470		-		9,503

BUSINESS SEGMENT INFORMATIONTOTAL(unaudited)
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		-		(3,034)		(13,445)		-		-		(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 impairment of tangible assets and mineral interests		(8,668)		(799)		(561)		(20)		-		(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		(1,622)		(1,031)		(450)		(47)		-		(3,150)
Net operating income		1,991		4,005		1,173		(42)		-		7,127
Net cost of net debt												(541)
Non-controlling interests												127
Net income												6,713

9 months 2015 (adjustments) (a)(M$)		Upstream		Refining &Chemicals		Marketing &Services		Corporate		Intercompany		Total
Non-Group sales		(314)		-		-		-		-		(314)
Intersegment sales		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-
Revenues from sales		(314)		-		-		-		-		(314)
Operating expenses		(151)		(606)		(155)		-		-		(912)
Depreciation, depletion and impairment of tangible assets and mineral interests		(1,890)		(31)		(23)		-		-		(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		526		184		42		-		-		752
Net operating income (b)		(2,035)		123		4		-		-		(1,908)
												-
Non-controlling interests												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)		-

9 months 2015 (adjusted)(M$) (a)		Upstream		Refining &Chemicals		Marketing &Services		Corporate		Intercompany		Total
Non-Group sales		13,697		54,654		59,561		10		-		127,922
Intersegment sales		13,585		21,262		696		159		(35,702)		-
Excise taxes		-		(3,034)		(13,445)		-		-		(16,479)
Revenues from sales		27,282		72,882		46,812		169		(35,702)		111,443
Operating expenses		(15,984)		(67,462)		(44,867)		(635)		35,702		(93,246)
Depreciation, depletion and impairment of tangible assets and mineral interests		(6,778)		(768)		(538)		(20)		-		(8,104)
Adjusted operating income		4,520		4,652		1,407		(486)		-		10,093
Equity in net income (loss) of affiliates and other items		1,654		445		254		491		-		2,844
Tax on net operating income		(2,148)		(1,215)		(492)		(47)		-		(3,902)
Adjusted net operating income		4,026		3,882		1,169		(42)		-		9,035
Net cost of net debt												(541)
Non-controlling interests												(51)
Adjusted net income												8,443
Adjusted fully-diluted earnings per share ($)												3.64
(a) Except for earnings per share.

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		8,558		4,305		2,034		211		-		15,108

Reconciliation of the information by business segment with consolidated financial statementsTOTAL(unaudited)
3rd quarter 2016(M$)		Adjusted		Adjustments (a)		Consolidatedstatement of income
Sales		37,528		(116)		37,412
Excise taxes		(5,587)		-		(5,587)
Revenues from sales		31,941		(116)		31,825
Purchases, net of inventory variation		(21,176)		(47)		(21,223)
Other operating expenses		(5,452)		(17)		(5,469)
Exploration costs		(274)		-		(274)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,936)		-		(2,936)
Other income		284		6		290
Other expense		(155)		(196)		(351)
Financial interest on debt		(262)		(6)		(268)
Financial income and expense from cash & cash equivalents		(5)		-		(5)
Cost of net debt		(267)		(6)		(273)
Other financial income		265		-		265
Other financial expense		(154)		-		(154)
Equity in net income (loss) of affiliates		515		16		531
Income taxes		(446)		195		(251)
Consolidated net income		2,145		(165)		1,980
Group share		2,070		(116)		1,954
Non-controlling interests		75		(49)		26
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

3rd quarter 2015 (M$)		Adjusted		Adjustments (a)		Consolidatedstatement of income
Sales		40,590		(10)		40,580
Excise taxes		(5,683)		-		(5,683)
Revenues from sales		34,907		(10)		34,897
		(23,113)		(1,127)		(24,240)
Other operating expenses		(5,790)		(4)		(5,794)
Exploration costs		(275)		-		(275)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,695)		(650)		(3,345)
Other income		415		15		430
Other expense		(123)		(318)		(441)
Financial interest on debt		(233)		-		(233)
Financial income and expense from cash & cash equivalents		10		-		10
Cost of net debt		(223)		-		(223)
Other financial income		185		-		185
Other financial expense		(154)		-		(154)
Equity in net income (loss) of affiliates		493		(7)		486
Income taxes		(872)		411		(461)
Consolidated net income		2,755		(1,690)		1,065
Group share		2,756		(1,677)		1,079
Non-controlling interests		(1)		(13)		(14)
(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 statementsTOTAL(unaudited)
9 months 2016(M$)		Adjusted		Adjustments (a)		Consolidatedstatement of income
Sales		107,716		(248)		107,468
Excise taxes		(16,410)		-		(16,410)
Revenues from sales		91,306		(248)		91,058
Purchases, net of inventory variation		(59,663)		253		(59,410)
Other operating expenses		(17,128)		(383)		(17,511)
Exploration costs		(654)		(350)		(1,004)
Depreciation, depletion and impairment of tangible assets and mineral interests		(8,384)		(200)		(8,584)
Other income		627		335		962
Other expense		(274)		(280)		(554)
Financial interest on debt		(792)		(17)		(809)
Financial income and expense from cash & cash equivalents		6		-		6
Cost of net debt		(786)		(17)		(803)
Other financial income		768		-		768
Other financial expense		(475)		-		(475)
Equity in net income (loss) of affiliates		1,811		(6)		1,805
Income taxes		(1,145)		612		(533)
Consolidated net income		6,003		(284)		5,719
Group share		5,880		(232)		5,648
Non-controlling interests		123		(52)		71
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

9 months 2015(M$)		Adjusted		Adjustments (a)		Consolidatedstatement of income
Sales		127,922		(314)		127,608
Excise taxes		(16,479)		-		(16,479)
Revenues from sales		111,443		(314)		111,129
		(74,148)		(649)		(74,797)
Other operating expenses		(17,921)		(176)		(18,097)
Exploration costs		(1,177)		(87)		(1,264)
Financial income & expense from marketable securities & cash equivalents		(8,104)		(1,944)		(10,048)
Other income		1,299		1,474		2,773
Other expense		(358)		(921)		(1,279)
Financial interest on debt		(726)		-		(726)
Financial income and expense from cash & cash equivalents		69		-		69
Cost of net debt		(657)		-		(657)
Other financial income		582		-		582
Other financial expense		(483)		-		(483)
Equity in net income (loss) of affiliates		1,804		(43)		1,761
Income taxes		(3,786)		752		(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)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

TOTAL S.A.Mike SANGSTERNicolas FUMEXKim HOUSEGORomain RICHEMONTTel. : + 44 (0)207 719 7962Fax : + 44 (0)207 719 7959orRobert HAMMOND (U.S.)Tel. : +1 713-483-5070Fax : +1 713-483-5629total.com

View source version on businesswire.com: http://www.businesswire.com/news/home/20161028005618/en/

Copyright Business Wire 2016