TTA.L Regulatory News (TTA)

27 Oct 2017 12:00

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

		3Q17		Change vs 3Q16		9M17		Change vs 9M16
Adjusted net income1
- in billions of dollars (B$)		2.7		+29%		7.7		+31%
- in dollars per share		1.04		+23%		3.02		+25%
Operating cash flow before working capital changes1 (B$)		5.2		+14%		15.2		+24%
Net income2 of 2.7 B$ in the third quarter 2017
Net-debt-to-equity ratio of 18.0% at September 30, 2017
Hydrocarbon production of 2,581 kboe/d in the third quarter 2017
Interim dividend of 0.62 €/share payable in April 20183

Total’s Board of Directors met on October 26, 2017, to review the Group’s accounts for the third quarter and first nine months 2017. Commenting on the results, Chairman and CEO Patrick Pouyanné said:

“Total reported adjusted net income of $2.7 billion this quarter, a 29% increase compared to a year ago while the Brent price increased by 14%. This solid performance was also reflected in a return on equity of close to 10% and strong cash flow generation: excluding acquisitions-divestments, the Group generated $2.1 billion of cash flow after investments in the third quarter 2017 and $5.2 billion in the first nine months. The Group took full advantage of the favorable environment thanks to the performance of its integrated model and its strategy to reduce its breakeven point.Adjusted net operating income from Exploration & Production increased by 84% compared to last year, benefiting notably from a 6% increase in production. Total continues to capitalize on its strengths: the Group took over as the operator of the giant 300 kb/d Al-Shaheen field in Qatar and announced the acquisition of Maersk Oil, which will strengthen its position in the North Sea and generate strong synergies.The Downstream benefited from favorable refining margins and increased its results by 18% compared to the second quarter, despite the impact of Hurricane Harvey on its American operations, and generated more than $5.1 billion in cash flow in the first nine months, in line with the target for the year. Marketing & Services has announced its entry into the distribution sector in Mexico, the second-largest market in Latin America.Investment discipline continues. Organic investments were $3.1 billion in the third quarter 2017 and $10.0 billion in the first nine months, in line with the target of $14 billion this year, and cost reduction will be more than $3.6 billion, surpassing the target for the year.With operating cash flow before working capital changes of $15 billion in the first nine months of 2017, an increase of $3 billion over last year, the Group continues to strengthen its balance sheet, with a net-debt-to-equity ratio below 20%. This allows the implementation of the strategy for profitable growth, taking advantage of the low cost environment, notably by launching high-return projects.”

Key figures4

3Q17		2Q17		3Q16		3Q17 vs 3Q16		In millions of dollars, except effective tax rate, earnings per share and number of shares		9M17		9M16		9M17 vs 9M16
3,062		2,748		2,332		+31%		Adjusted net operating income from business segments*		8,577		6,734		+27%
1,439		1,359		781		+84%		Exploration & Production		4,180		2,210		+89%
97		95		191		-49%		Gas, Renewables & Power		253		307		-18%
1,020		861		916		+11%		Refining & Chemicals		2,904		3,064		-5%
506		433		444		+14%		Marketing & Services		1,240		1,153		+8%
674		578		515		+31%		Contribution of equity affiliates to adjusted net income		1,843		1,811		+2%
32.6%		28.2%		21.5%		-		Group effective tax rate5		30.9%		22.0%		-
2,674		2,474		2,070		+29%		Adjusted net income		7,706		5,880		+31%
1.04		0.97		0.84		+23%		Adjusted fully-diluted earnings per share (dollars)6		3.02		2.42		+25%
0.88		0.88		0.76		+16%		Adjusted fully-diluted earnings per share (euros)**		2.71		2.17		+25%
2,505		2,485		2,404		+4%		Fully-diluted weighted-average shares (millions)		2,480		2,375		+4%
2,724		2,037		1,954		+39%		Net income (Group share)		7,610		5,648		+35%
3,910		4,205		5,201		-25%		Investments7		11,793		14,675		-20%
539		360		192		x2.8		Divestments8		3,797		1,950		+95%
3,373		3,845		5,116		-34%		Net investments9		7,998		12,829		-38%
3,060		3,949		4,082		-25%		Organic investments10		9,953		12,756		-22%
542		52		74		x7.3		Resource acquisitions		607		129		x4.7
5,159		5,334		4,522		+14%		Operating cash flow before working capital changes11		15,180		12,230		+24%
4,363		4,640		4,740		-8%		Cash flow from operations		13,704		9,503		+44%

* The new Gas, Renewables & Power segment reflects the Group’s ambition in low-carbon energies. It encompasses downstream Gas activities previously integrated in the Upstream (now Exploration & Production) segment, New Energies activities (excluding biotechnologies) previously integrated in the Marketing & Services segment and a new Innovation & Energy Efficiency division. The Exploration & Production, Refining & Chemicals (which includes a new Biofuels division) and Marketing & Services segments have been restated accordingly. 2015 and 2016 historical data is available at total.com.** Average €-$ exchange rate: 1.1746 in the third quarter 2017 and 1.1140 in the first nine months 2017.

Highlights since the beginning of the third quarter 201712

Announced acquisition of Maersk Oil for $7.45 billion in a share and debt transaction Started operations on the giant Al-Shaheen oil field concession in Qatar Started up the Edradour-Glenlivet fields with 56 kboe/d capacity in West of Shetland area, ahead of schedule and 30% under budget Signed contract to develop phase 11 of the South Pars giant gas field in Iran Signed agreement with Chevron to strengthen exploration portfolio in the Gulf of Mexico Sold remaining 15% interest in the Gina Krog field in Norway to Kufpec Entered petroleum product retail sector in Mexico in agreement with GASORED to rebrand network of 250 stations as Total Launched Total Spring in France to target residential market with gas and green power distribution that is 10% cheaper than regulated tariffs Acquired 23% interest in EREN Renewable Energy to accelerate profitable growth of renewable business

Analysis of business segments

Exploration & Production

> Environment – liquids and gas price realizations*

3Q17		2Q17		3Q16		3Q17 vs 3Q16				9M17		9M16		9M17 vs 9M16
52.1		49.6		45.9		+14%		Brent ($/b)		51.8		41.9		+24%
48.9		45.1		41.4		+18%		Average liquids price ($/b)		47.7		38.4		+24%
4.05		3.93		3.45		+17%		Average gas price ($/Mbtu)		4.03		3.45		+17%
38.2		35.5		32.4		+18%		Average hydrocarbon price ($/boe)		37.2		30.6		+22%

* Consolidated subsidiaries, excluding fixed margins.

> Production

3Q17		2Q17		3Q16		3Q17 vs 3Q16		Hydrocarbon production		9M17		9M16		9M17 vs 9M16
2,581		2,500		2,443		+6%		Combined production (kboe/d)		2,550		2,449		+4%
1,392		1,298		1,290		+8%		Liquids (kb/d)		1,331		1,276		+4%
6,427		6,500		6,286		+2%		Gas (Mcf/d)		6,605		6,397		+3%

Hydrocarbon production was 2,581 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2017, an increase of close to 6% compared to the third quarter 2016, due to the following:

+6% due to project ramp ups, notably Kashagan, Moho Nord, Surmont, Incahuasi, Angola LNG and Edradour-Glenlivet; +4% portfolio effect, mainly due to taking over the concession for the giant Al-Shaheen oil field in Qatar and acquiring an additional 75% interest in the Barnett shale in the United States, partially offset by the exit from the southern sector of the Republic of the Congo; +1% related to improved security conditions in Libya and Nigeria; and -5% due to natural field decline, maintenance activity, the PSC price effect and OPEC quotas.

In the first nine months 2017, hydrocarbon production was 2,550 kboe/d, an increase of more than 4% compared to the first nine months 2016, due to the following:

+5% due to new project ramp ups, notably Kashagan, Moho Nord, Incahuasi, Surmont, and Angola LNG; +2% portfolio effect, mainly due to the acquisition of an additional 75% interest in the Barnett shale in the United States, partially offset by the exit from the southern sector of the Republic of the Congo and asset sales in Russia and Norway; +1% related to improved security conditions in Libya and Nigeria; and -4% due to natural field decline, the PSC price effect and OPEC quotas.

> Results

3Q17		2Q17		3Q16		3Q17 vs 3Q16		In millions of dollars, except effective tax rate		9M17		9M16		9M17 vs 9M16
1,439		1,359		781		+84%		Adjusted net operating income*		4,180		2,210		+89%
435		373		241		+80%		including income from equity affiliates		1,123		934		+20%
42.8%		36.2%		30.5%				Effective tax rate**		40.5%		13.3%
3,228		3,448		3,484		-7%		Investments		9,312		11,252		-17%
339		132		105		x3.2		Divestments		584		1,369		-57%
2,388		3,296		3,355		-29%		Organic investments		8,189		10,760		-24%
3,197		3,248		2,768		+15%		Operating cash flow before working capital changes		9,476		6,841		+39%
2,633		2,504		2,275		+15%		Cash flow from operations		7,633		4,971		+54%

* 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).

Operating cash flow before working capital changes from Exploration & Production was 3,197 M$ in the third quarter 2017, an increase of 15% compared to the third quarter 2016, notably due to increases in production and hydrocarbon prices. For the first nine months 2017, operating cash flow before working capital changes was 9,476 M$, an increase of 39% compared to an increase of 24% for Brent, notably due to production ramp-ups on major projects started up since 2016, including Kashagan and Moho Nord, and to operating cost reductions.

The Exploration & Production segment’s adjusted net operating income was:

1,439 M$ in the third quarter 2017, an increase of 84% compared to the third quarter 2016, notably due to production growth, cost reductions, and an increase in oil and gas prices; and 4,180 M$ in the first nine months 2017, an increase of 89% compared to the first nine months 2016, for the same reasons above.

Gas, Renewables & Power

> Results

3Q17		2Q17		3Q16		3Q17 vs 3Q16		In millions of dollars		9M17		9M16		9M17 vs 9M16
97		95		191		-49%		Adjusted net operating income*		253		307		-18%
99		77		1,097		-91%		Investments		491		1,339		-63%
-		23		33		ns		Divestments		27		137		-80%
98		68		104		-6%		Organic investments		268		327		-18%
87		110		73		+19%		Operating cash flow before working capital changes		217		22		x9.9
325		(114)		24		x13.5		Cash flow from operations		336		(194)		ns

* Detail of adjustment items shown in the business segment information annex to financial statements.

Adjusted net operating income for the Gas, Renewables & Power segment was 97 M$ in the third quarter 2017, in line with the second quarter. Adjusted net operating income for the first nine months 2017 decreased by 18%, due to weakness in the solar market.

Refining & Chemicals

> Refinery throughput and utilization rates*

3Q17		2Q17		3Q16		3Q17 vs 3Q16				9M17		9M16		9M17 vs 9M16
1,877		1,672		1,947		-4%		Total refinery throughput (kb/d)		1,821		1,949		-7%
648		574		681		-5%		France		616		653		-6%
802		684		771		+4%		Rest of Europe		761		806		-6%
427		414		495		-14%		Rest of world		444		490		-9%
90%		81%		85%				Utlization rate based on crude only**		88%		84%		-

* Includes share of TotalErg, and African refineries reported in the Marketing & Services segment.** Based on distillation capacity at the beginning of the year.

Refinery throughput:

decreased by 4% in the third quarter 2017 compared to the third quarter 2016, mainly as a result of shutting down the Port Arthur refinery in the United States due to Hurricane Harvey and the ending of oil refining at La Mede at year-end 2016; and decreased by 7% in the first nine months 2017 compared to the first nine months 2016, for the same reasons above and also due to a higher level of maintenance in the second quarter 2017.

> Results

3Q17		2Q17		3Q16		3Q17 vs 3Q16		In millions of dollars except the ERMI		9M17		9M16		9M17 vs 9M16
48.2		41.0		25.5		+89%		European refining margin indicator - ERMI ($/t)		42.7		31.9		+34%
1,020		861		916		+11%		Adjusted net operating income*		2,904		3,064		-5%
357		401		554		-36%		Investments		1,024		1,295		-21%
24		20		21		+14%		Divestments		2,784		73		x38.1
338		381		403		-16%		Organic investments		941		1,094		-14%
1,218		1,352		1,051		+16%		Operating cash flow before working capital changes		3,604		3,509		+3%
662		1,972		1,697		-61%		Cash flow from operations		4,399		2,839		+55%

* Detail of adjustment items shown in the business segment information annex to financial statements.

The Group’s European refining margin indicator (ERMI) increased sharply to 48.2 $/t in the third quarter 2017, due to elevated petroleum product demand in the face of limited supply resulting from numerous shutdowns due in part to Hurricane Harvey. Petrochemicals continued to benefit from a favorable environment albeit down compared to a year ago.

Refining & Chemicals benefited from the favorable environment, despite the impact of Hurricane Harvey on its American operations, and operating cash flow before working capital changes was 1,218 M$ in the third quarter 2017, an increase of 16% compared to the third quarter 2016.

Refining & Chemicals adjusted net operating income was:

1,020 M$ in the third quarter 2017, an increase of 11% compared to the third quarter 2016 despite the sale of Atotech; and 2,904 M$ in the first nine months 2017, a decrease of 5% compared to the first nine months 2016, notably due to the impact of Hurricane Harvey and the sale of Atotech in early 2017.

Marketing & Services

> Petroleum product sales

3Q17		2Q17		3Q16		3Q17 vs 3Q16		Sales in kb/d*		9M17		9M16		9M17 vs 9M16
1,807		1,760		1,814		-		Total Marketing & Services sales		1,765		1,788		-1%
1,072		1,039		1,113		-4%		Europe		1,050		1,083		-3%
735		721		701		+5%		Rest of world		715		705		+1%

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

Petroleum product sales were generally stable compared to the previous year, with a move toward Africa and Asia where the Group has strong growth. European sales were affected by the divestment of mature activities for LPG distribution in Belgium and Germany.

> Results

3Q17		2Q17		3Q16		3Q17 vs 3Q16		In millions of dollars		9M17		9M16		9M17 vs 9M16
506		433		444		+14%		Adjusted net operating income*		1,240		1,153		+8%
190		258		243		-22%		Investments		887		745		+19%
150		182		29		x5.2		Divestments		368		359		+3%
205		185		209		-2%		Organic investments		485		543		-11%
517		602		508		+2%		Operating cash flow before working capital changes		1,530		1,470		+4%
596		229		573		+4%		Cash flow from operations		1,138		1,414		-20%

* Detail of adjustment items shown in the business segment information annex to financial statements.

The financial contribution of Marketing & Services continues to grow in a context of strong marketing margins, notably in Africa. Compared to a year ago, adjusted net operating income increased by 14% to 506 M$ in the third quarter 2017 and by 8% to 1,240 M$ in the first nine months 2017.

Group results

> Adjusted net operating income from business segments

Adjusted net operating income from the business segments was:

3,062 M$ in the third quarter 2017, an increase of 31% compared to the third quarter 2016, mainly due to the 84% increase in contribution from Exploration & Production which benefited from new projects ramp ups and higher prices; 8,577 M$ in the first nine months 2017, an increase of 27% compared to the first nine months 2016 for the same reasons above.

> Adjusted net income (Group share)

Adjusted net income was 2,674 M$ in the third quarter 2017, an increase of 29% compared to the third quarter 2016, and 7,706 M$ in the first nine months 2017, an increase of 31% compared to the first nine months 2016.

The increase was the result of a higher contribution from Exploration & Production and the ongoing decrease in the Group’s breakeven.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value13.

Total adjustments affecting net income (Group share)14 were:

50 M$ in the third quarter 2017; and -96 M$ in the first nine months 2017, including mainly an impairment of the Fort Hill project in Canada related to a cost increase and a gain on the sale of Atotech.

The effective tax rate15 for the business segments was:

32.6% in the third quarter 2017 compared to 21.5% in the third quarter 2016, mainly due to the higher effective tax rate for the Exploration & Production segment in the context of higher hydrocarbon prices and the larger share of Exploration & Production in the Group’s quarterly results; 30.9% in the first nine months 2017 compared to 22.0% in the first nine months 2016, for the same reasons above.

> Adjusted fully-diluted earnings per share

Adjusted earnings per share were:

$1.04 in the third quarter 2017, calculated on the basis of 2,505 million fully-diluted weighted-average shares, a 23% increase from $0.84 in the third quarter 2016; $3.02 in the first nine months 2017, calculated on the basis of 2,480 million fully-diluted weighted-average shares, a 25% increase from $2.42 in the first nine months 2016.

The number of fully-diluted shares was 2,509 million on September 30, 2017.

> Divestments – acquisitions

Asset sales were:

202 M$ in the third quarter 2017, comprised mainly of the sale of LPG activities in Germany; and 3,120 M$ in the first nine months 2017, essentially comprised of the sale of Atotech, the SPMR pipeline and LPG activities in Germany.

Acquisitions were:

513 M$ in the third quarter 2017, essentially comprised of the bonus related to the certification of resources for Elk-Antelope in Papua New Guinea; and 1,163 M$ in the first nine months 2017, essentially comprised of the bonus related to the certification of resources for Elk-Antelope, a 23% equity share in Tellurian, and a marketing and logistics network in East Africa.

> Cash flow

The Group’s net cash flow16 was:

1,786 M$ in the third quarter 2017 compared to -594 M$ in the third quarter 2016, mainly due to the decrease in net investments and the increase in operating cash flow before working capital changes; 7,182 M$ in the first nine months 2017 compared to -599 M$ in the first nine months 2016, mainly due to the nearly 3 B$ increase in operating cash flow before working capital changes, the decrease in organic investments and the sale of Atotech.

> Return on equity

Return on equity for the twelve months ended September 30, 2017, was 9.7%17, an increase compared to last year.

Summary and outlook

The imbalance between supply and demand has decreased in recent months, and Brent rose above 55 $/b. Markets however should remain volatile given the uncertainties in supply, and inventories, while falling, remain high. In this context, the Group continues to reduce its breakeven point by reducing its operating costs with a target of 5 B$ in savings by 2020 and increasing production by 5% per year until 2022.

In the Upstream, annual production growth should be approximately 5% in 2017, notably supported by the start-up of the giant Al Shaheen oil field in Qatar, and the ongoing ramp-up of Kashagan in Kazakhstan and Moho Nord in the Republic of the Congo. Yamal LNG in Russia is expected to begin producing by year-end. Finally, the acquisition of Maersk Oil is expected to be completed in the first quarter of 2018.

In the Downstream, refining margins are above 40 $/t at the beginning of the fourth quarter and the petrochemicals environment remains favorable. The Downstream is in line with its goal to generate approximately 7 B$ of operating cash flow before working capital changes in 2017, having generated more than 5.1 B$ in the first nine months.

The pre-dividend organic breakeven for the Group (excluding acquisitions-divestments) will be below 30 $/b in 2017 and should continue to fall to 20 $/b in 2019.

***

To listen to CFO Patrick de La Chevardière’s conference call with financial analysts today at 13:30 (London time) please log on to total.com or call +44 (0)203 427 1910 in Europe or +1 212 444 0481 in the United States (code: 3052387). For a replay, please consult the website or call +44 (0)207 984 7568 in Europe or +1 719 457 0820 in the United States (code: 3052387).

Operating information by segment

> Exploration & Production

3Q17		2Q17		3Q16		3Q17 vs 3Q16		Combined liquids and gas production by region (kboe/d)		9M17		9M16		9M17 vs 9M16
730		746		720		+1%		Europe and Central Asia		761		759		-
665		656		649		+2%		Africa		652		638		+2%
592		514		529		+12%		Middle East and North Africa		547		522		+5%
357		344		285		+25%		Americas		345		265		+30%
237		240		261		-9%		Asia Pacific		245		265		-8%
2,581		2,500		2,443		+6%		Total production		2,550		2,449		+4%
659		597		592		+11%		including equity affiliates		634		613		+3%
3Q17		2Q17		3Q16		3Q17 vs 3Q16		Liquids production by region (kb/d)		9M17		9M16		9M17 vs 9M16
257		266		238		+8%		Europe and Central Asia		264		247		+7%
517		505		524		-1%		Africa		503		518		-3%
452		376		380		+19%		Middle East and North Africa		407		376		+8%
138		126		118		+16%		Americas		130		105		+23%
29		26		29		+1%		Asia Pacific		28		31		-9%
1,392		1,298		1,290		+8%		Total production		1,331		1,276		+4%
311		244		249		+25%		including equity affiliates		273		251		+9%
3Q17		2Q17		3Q16		3Q17 vs 3Q16		Gas production by region (Mcf/d)		9M17		9M16		9M17 vs 9M16
2,556		2,592		2,594		-1%		Europe and Central Asia		2,678		2,760		-3%
663		679		617		+7%		Africa		685		592		+16%
778		763		813		-4%		Middle East and North Africa		777		805		-3%
1,228		1,223		927		+32%		Americas		1,207		889		+36%
1,202		1,243		1,335		-10%		Asia Pacific		1,258		1,351		-7%
6,427		6,500		6,286		+2%		Total production		6,605		6,397		+3%
1,798		1,829		1,831		-2%		including equity affiliates		1,880		1,932		-3%
3Q17		2Q17		3Q16		3Q17 vs 3Q16		Liquefied natural gas		9M17		9M16		9M17 vs 9M16
2.95		2.64		2.74		+8%		LNG sales* (Mt)		8.56		8.24		+4%

* Sales, Group share, excluding trading; 2016 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2016 SEC coefficient.

> Downstream (Refining & Chemicals and Marketing & Services)

3Q17		2Q17		3Q16		3Q17 vs 3Q16		Petroleum product sales by region (kb/d)*		9M17		9M16		9M17 vs 9M16
2,361		2,082		2,430		-3%		Europe		2,178		2,363		-8%
544		586		537		+1%		Africa		593		545		+9%
584		654		627		-7%		Americas		587		585		-
678		735		567		+20%		Rest of world		720		681		+6%
4,167		4,057		4,161		-		Total consolidated sales		4,078		4,174		-2%
583		538		706		-17%		Including bulk sales		579		707		-18%
1,754		1,759		1,641		+7%		Including trading		1,734		1,679		+3%

* Includes share of TotalErg.

Adjustment items to net income (Group share)

3Q17		2Q17		3Q16		In millions of dollars		9M17		9M16
(123)		(108)		(98)		Special items affecting net income (Group share)		5		(434)
-		125		(32)		Gain (loss) on asset sales		2,264		312
(2)		(54)		(18)		Restructuring charges		(61)		(22)
(74)		(32)		(33)		Impairments		(1,824)		(211)
(47)		(147)		(15)		Other		(374)		(513)
183		(310)		(5)		After-tax inventory effect: FIFO vs. replacement cost		(72)		217
(10)		(19)		(13)		Effect of changes in fair value		(29)		(15)
50		(437)		(116)		Total adjustments affecting net income		(96)		(232)

2017 Sensitivities*

		Scenario		Change		Estimated impacton adjustednet operatingincome		Estimated impacton cash flow
Dollar		1.1 $/€		-0.1 $ per €		+0.1 B$		~0 B$
Brent		50 $/b		+10 $/b		+2 B$		+2.5 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 2017. 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 essentially attributable to Refining & Chemicals.

Investments - Divestments

3Q17		2Q17		3Q16		3Q17 vs 3Q16		In millions of dollars		9M17		9M16		9M17 vs 9M16
3,060		3,949		4,082		-25%		Organic investments		9,953		12,756		-22%
161		166		136		+18%		capitalized exploration		438		536		-18%
153		443		135		+13%		increase in non-current loans		754		964		-22%
(337)		(153)		(101)		x3.3		repayment of non-current loans		(677)		(502)		+35%
513		103		1,018		-50%		Acquisitions		1,163		1,417		-18%
202		207		91		x2.2		Asset sales		3,120		1,448		x2.2
(2)		-		(107)		ns		Other transactions with non-controlling interests		(2)		(104)		ns
3,373		3,845		5,116		-34%		Net investments		7,998		12,829		-38%

Net-debt-to-equity ratio

In millions of dollars		9/30/2017		6/30/2017		9/30/2016
Current borrowings		11,206		13,070		13,383
Net current financial assets		(2,306)		(3,377)		(1,375)
Net financial assets classified as held for sale		(2)		(2)		(81)
Non-current financial debt		40,226		41,548		44,450
Hedging instruments of non-current debt		(626)		(558)		(1,089)
Cash and cash equivalents		(28,583)		(28,720)		(24,801)
Net debt		19,915		21,961		30,487
Shareholders’ equity - Group share		109,801		107,188		98,168
Estimated dividend payable		(1,826)		(1,762)		(1,629)
Non-controlling interests		2,799		2,772		2,948
Adjusted shareholders' equity		110,774		108,198		99,487
Net-debt-to-equity ratio		18.0%		20.3%		30.6%

Return on equity

In millions of dollars		October 1, 2016September 30, 2017		July 1, 2016 toJune 30, 2017		January 1, 2016 toDecember 31, 2016
Adjusted net income		10,244		9,661		8,447
Average adjusted shareholders' equity		105,130		103,734		96,929
Return on equity (ROE)		9.7%		9.3%		8.7%

Return on average capital employed

> Twelve months ended September 30, 2017

In millions of dollars		Exploration &Production		Gas,Renewables& Power		Refining &Chemicals		Marketing &Services				Group
Adjusted net operating income		5,187		385		4,035		1,646				11,298
Capital employed at 9/30/2016*		109,210		6,058		12,034		5,704				130,535
Capital employed at 9/30/2017*		110,114		5,388		11,919		6,871				131,185
ROACE		4.7%		6.7%		33.7%		26.2%				8.6%

> Twelve months ended June 30, 2017

In millions of dollars		Exploration &roduction		Gas,Renewable& Power		Refining &Chemicals		Marketing &Services				Group
Adjusted net operating income		4,529		479		3,931		1,584				10,609
Capital employed at 6/30/2016*		107,405		4,622		12,249		5,789				129,635
Capital employed at 6/30/2017*		108,618		5,363		10,957		6,937				130,831
ROACE		4.2%		9.6%		33.9%		24.9%				8.1%

> Full-year 2016

In millions of dollars		Exploration &Production		Gas, Renewables& Power		Refining &Chemicals		Marketing &Services				Group
Adjusted net operating income		3,217		439		4,195		1,559				9,274
Capital employed at 12/31/2015*		103,791		4,340		10,454		5,875				121,143
Capital employed at 12/31/2016*		107,617		4,975		11,618		5,884				127,423
ROACE		3.0%		9.4%		38.0%		26.5%				7.5%

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

This press release presents the results for the third quarter 2017 and the first nine months 2017 from the consolidated financial statements of TOTAL S.A. as of September 30, 2017 (unaudited). 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. 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 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 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 “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 Definitions on page 2.2 Group share.3 The ex-dividend date will be March 19, 2018, and the payment date will be set for April 9, 2018.4 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 10.5 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 In accordance with IFRS norms, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the perpetual subordinated bond7 Including acquisitions and increases in non-current loans.8 Including divestments and reimbursements of non-current loans.9 Net investments = investments - divestments - repayment of non-current loans - other operations with non-controlling interests.10 Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.10 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 13.12 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.13 Details shown on page 13.14 Details shown on page 10 and in the annex to the financial statements.15 Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).16 Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).17 Details shown on page 12.

Total financial statements

_______________________________________

Third quarter and first nine months 2017 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
(M$) (a)		3rd quarter 2017		2nd quarter 2017		3rd quarter 2016
Sales		43,044		39,915		37,412
Excise taxes		(5,962)		(5,433)		(5,587)
Revenues from sales		37,082		34,482		31,825
Purchases, net of inventory variation		(24,367)		(23,398)		(21,223)
Other operating expenses		(6,108)		(6,106)		(5,469)
Exploration costs		(181)		(199)		(274)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,035)		(2,798)		(2,936)
Other income		404		570		290
Other expense		(67)		(106)		(351)
Financial interest on debt		(368)		(345)		(268)
Financial income and expense from cash & cash equivalents		(45)		(37)		(5)
Cost of net debt		(413)		(382)		(273)
Other financial income		204		285		265
Other financial expense		(164)		(159)		(154)
Equity in net income (loss) of affiliates		500		310		531
Income taxes		(1,092)		(472)		(251)
Consolidated net income		2,763		2,027		1,980
Group share		2,724		2,037		1,954
Non-controlling interests		39		(10)		26
Earnings per share ($)		1.06		0.79		0.79
Fully-diluted earnings per share ($)		1.06		0.79		0.79
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
(M$)		3rd quarter 2017		2nd quarter 2017		3rd quarter 2016
Consolidated net income		2,763		2,027		1,980
Other comprehensive income
Actuarial gains and losses		(129)		32		(363)
Tax effect		36		(12)		47
Currency translation adjustment generated by the parent company		2,420		4,524		439
Items not potentially reclassifiable to profit and loss		2,327		4,544		123
Currency translation adjustment		(575)		(1,218)		(362)
Available for sale financial assets		4		1		15
Cash flow hedge		116		(79)		113
Share of other comprehensive income of equity affiliates, net amount		(209)		(794)		123
Other		-		(3)		(3)
Tax effect		(42)		30		(41)
Items potentially reclassifiable to profit and loss		(706)		(2,063)		(155)
Total other comprehensive income (net amount)		1,621		2,481		(32)
Comprehensive income		4,384		4,508		1,948
Group share		4,346		4,507		1,909
Non-controlling interests		38		1		39

CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
(M$) (a)		9 months 2017		9 months 2016
Sales		124,142		107,468
Excise taxes		(16,485)		(16,410)
Revenues from sales		107,657		91,058
Purchases, net of inventory variation		(71,752)		(59,410)
Other operating expenses		(18,380)		(17,511)
Exploration costs		(577)		(1,004)
Depreciation, depletion and impairment of tangible assets and mineral interests		(10,412)		(8,584)
Other income		3,299		962
Other expense		(464)		(554)
Financial interest on debt		(1,044)		(809)
Financial income and expense from cash & cash equivalents		(93)		6
Cost of net debt		(1,137)		(803)
Other financial income		717		768
Other financial expense		(483)		(475)
Equity in net income (loss) of affiliates		1,358		1,805
Income taxes		(2,257)		(533)
Consolidated net income		7,569		5,719
Group share		7,610		5,648
Non-controlling interests		(41)		71
Earnings per share ($)		2.99		2.33
Fully-diluted earnings per share ($)		2.98		2.32

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
(M$)		9 months 2017		9 months 2016
Consolidated net income		7,569		5,719
Other comprehensive income
Actuarial gains and losses		29		(576)
Tax effect		(17)		119
Currency translation adjustment generated by the parent company		7,884		1,967
Items not potentially reclassifiable to profit and loss		7,896		1,510
Currency translation adjustment		(1,993)		(1,717)
Available for sale financial assets		4		1
Cash flow hedge		150		145
Share of other comprehensive income of equity affiliates, net amount		(672)		477
Other		-		-
Tax effect		(51)		(44)
Items potentially reclassifiable to profit and loss		(2,562)		(1,138)
Total other comprehensive income (net amount)		5,334		372
Comprehensive income		12,903		6,091
Group share		12,927		6,012
Non-controlling interests		(24)		79

CONSOLIDATED BALANCE SHEET
TOTAL
(M$)		September 30, 2017 (unaudited)		June 30, 2017 (unaudited)		December 31, 2016		September 30, 2016 (unaudited)
ASSETS
Non-current assets
Intangible assets, net		14,891		14,119		15,362		14,916
Property, plant and equipment, net		113,491		112,659		111,971		113,433
Equity affiliates : investments and loans		22,130		21,705		20,576		20,870
Other investments		1,124		1,483		1,133		1,565
Non-current financial assets		626		558		908		1,089
Deferred income taxes		5,345		4,981		4,368		4,434
Other non-current assets		4,291		4,411		4,143		4,534
Total non-current assets		161,898		159,916		158,461		160,841
Current assets
Inventories, net		14,769		14,273		15,247		14,635
Accounts receivable, net		13,738		12,923		12,213		11,501
Other current assets		13,944		14,034		14,835		14,927
Current financial assets		2,579		3,618		4,548		1,755
Cash and cash equivalents		28,583		28,720		24,597		24,801
Assets classified as held for sale		997		421		1,077		1,045
Total current assets		74,610		73,989		72,517		68,664
Total assets		236,508		233,905		230,978		229,505
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares		7,806		7,797		7,604		7,849
Paid-in surplus and retained earnings		111,128		110,305		105,547		106,189
Currency translation adjustment		(8,675)		(10,314)		(13,871)		(11,448)
Treasury shares		(458)		(600)		(600)		(4,422)
Total shareholders' equity - Group share		109,801		107,188		98,680		98,168
Non-controlling interests		2,799		2,772		2,894		2,948
Total shareholders' equity		112,600		109,960		101,574		101,116
Non-current liabilities
Deferred income taxes		11,326		10,920		11,060		11,390
Employee benefits		4,384		4,127		3,746		4,247
Provisions and other non-current liabilities		17,140		16,924		16,846		17,320
Non-current financial debt		40,226		41,548		43,067		44,450
Total non-current liabilities		73,076		73,519		74,719		77,407
Current liabilities
Accounts payable		21,092		21,914		23,227		19,799
Other creditors and accrued liabilities		17,740		14,862		16,720		16,895
Current borrowings		11,206		13,070		13,920		13,383
Other current financial liabilities		273		241		327		380
Liabilities directly associated with the assets classified as held for sale		521		339		491		525
Total current liabilities		50,832		50,426		54,685		50,982
Total liabilities & shareholders' equity		236,508		233,905		230,978		229,505

CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
(M$)		3rd quarter 2017		2nd quarter 2017		3rd quarter 2016
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		2,763		2,027		1,980
Depreciation, depletion, amortization and impairment		3,164		2,930		3,297
Non-current liabilities, valuation allowances and deferred taxes		(93)		(50)		(539)
(Gains) losses on disposals of assets		(144)		(151)		94
Undistributed affiliates' equity earnings		(110)		501		(192)
(Increase) decrease in working capital		(1,057)		(268)		265
Other changes, net		(160)		(349)		(165)
Cash flow from operating activities		4,363		4,640		4,740
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(3,104)		(3,323)		(4,124)
Acquisitions of subsidiaries, net of cash acquired		(472)		(6)		(1,119)
Investments in equity affiliates and other securities		(181)		(433)		177
Increase in non-current loans		(153)		(443)		(135)
Total expenditures		(3,910)		(4,205)		(5,201)
Proceeds from disposals of intangible assets and property, plant and equipment		55		74		57
Proceeds from disposals of subsidiaries, net of cash sold		-		-		-
Proceeds from disposals of non-current investments		147		133		34
Repayment of non-current loans		337		153		101
Total divestments		539		360		192
Cash flow used in investing activities		(3,371)		(3,845)		(5,009)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		65		406		36
- Treasury shares		-		-		-
Dividends paid:
- Parent company shareholders		-		(1,462)		-
- Non-controlling interests		(11)		(61)		(2)
Issuance of perpetual subordinated notes		-		-		-
Payments on perpetual subordinated notes		-		(90)		-
Other transactions with non-controlling interests		(2)		-		(107)
Net issuance (repayment) of non-current debt		400		290		3,127
Increase (decrease) in current borrowings		(3,717)		(1,167)		(909)
Increase (decrease) in current financial assets and liabilities		1,182		979		257
Cash flow used in financing activities		(2,083)		(1,105)		2,402
Net increase (decrease) in cash and cash equivalents		(1,091)		(310)		2,133
Effect of exchange rates		954		1,504		15
Cash and cash equivalents at the beginning of the period		28,720		27,526		22,653
Cash and cash equivalents at the end of the period		28,583		28,720		24,801

CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
(M$)		9 months 2017		9 months 2016
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		7,569		5,719
Depreciation, depletion, amortization and impairment		10,754		9,393
Non-current liabilities, valuation allowances and deferred taxes		(340)		(1,284)
(Gains) losses on disposals of assets		(2,527)		(321)
Undistributed affiliates' equity earnings		96		(708)
(Increase) decrease in working capital		(1,379)		(3,032)
Other changes, net		(469)		(264)
Cash flow from operating activities		13,704		9,503
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(9,105)		(12,364)
Acquisitions of subsidiaries, net of cash acquired		(797)		(1,241)
Investments in equity affiliates and other securities		(1,137)		(106)
Increase in non-current loans		(754)		(964)
Total expenditures		(11,793)		(14,675)
Proceeds from disposals of intangible assets and property, plant and equipment		135		1,049
Proceeds from disposals of subsidiaries, net of cash sold		2,696		270
Proceeds from disposals of non-current investments		289		129
Repayment of non-current loans		677		502
Total divestments		3,797		1,950
Cash flow used in investing activities		(7,996)		(12,725)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		486		40
- Treasury shares		-		-
Dividends paid:
- Parent company shareholders		(2,000)		(2,127)
- Non-controlling interests		(87)		(77)
Issuance of perpetual subordinated notes		-		1,950
Payments on perpetual subordinated notes		(219)		(133)
Other transactions with non-controlling interests		(2)		(104)
Net issuance (repayment) of non-current debt		746		3,681
Increase (decrease) in current borrowings		(6,297)		(2,925)
Increase (decrease) in current financial assets and liabilities		2,819		4,402
Cash flow used in financing activities		(4,554)		4,707
Net increase (decrease) in cash and cash equivalents		1,154		1,485
Effect of exchange rates		2,832		47
Cash and cash equivalents at the beginning of the period		24,597		23,269
Cash and cash equivalents at the end of the period		28,583		24,801

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL
(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, 2016		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
Net income from October 1 to December 31, 2016		-		-		548		-		-		-		548		(61)		487
Other comprehensive Income		-		-		199		(2,423)		-		-		(2,224)		(7)		(2,231)
Comprehensive Income		-		-		747		(2,423)		-		-		(1,676)		(68)		(1,744)
Dividend		-		-		(1,640)		-		-		-		(1,640)		(16)		(1,656)
Issuance of common shares		26,667,602		72		1,029		-		-		-		1,101		-		1,101
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares (1)		-		-		-		-		1,550		-		-		-		-
Share-based payments		-		-		31		-		-		-		31		-		31
Share cancellation		(100,331,268)		(317)		(3,505)		-		100,331,268		3,822		-		-		-
Issuance of perpetual subordinated notes		-		-		2,761		-		-		-		2,761		-		2,761
Payments on perpetual subordinated notes		-		-		(72)		-		-		-		(72)		-		(72)
Other operations with non-controlling interests		-		-		2		-		-		-		2		(2)		-
Other items		-		-		5		-		-		-		5		32		37
As of December 31, 2016		2,430,365,862		7,604		105,547		(13,871)		(10,587,822)		(600)		98,680		2,894		101,574
Net income of the first 9 months 2017		-		-		7,610		-		-		-		7,610		(41)		7,569
Other comprehensive Income		-		-		121		5,196		-		-		5,317		17		5,334
Comprehensive Income		-		-		7,731		5,196		-		-		12,927		(24)		12,903
Dividend		-		-		(5,137)		-		-		-		(5,137)		(87)		(5,224)
Issuance of common shares		72,388,372		202		3,242		-		-		-		3,444		-		3,444
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares (1)		-		-		(142)		-		2,209,716		142		-		-		-
Share-based payments		-		-		113		-		-		-		113		-		113
Share cancellation		-		-		-		-		-		-		-		-		-
Issuance of perpetual subordinated notes		-		-		-		-		-		-		-		-		-
Payments on perpetual subordinated notes		-		-		(223)		-		-		-		(223)		-		(223)
Other operations with non-controlling interests		-		-		(7)		-		-		-		(7)		5		(2)
Other items		-		-		4		-		-		-		4		11		15
As of September 30, 2017		2,502,754,234		7,806		111,128		(8,675)		(8,378,106)		(458)		109,801		2,799		112,600
(1) Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
3rd quarter 2017 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		2,121		2,903		18,923		19,086		11		-		43,044
Intersegment sales		5,665		286		6,592		207		89		(12,839)		-
Excise taxes		-		-		(799)		(5,163)		-		-		(5,962)
Revenues from sales		7,786		3,189		24,716		14,130		100		(12,839)		37,082
Operating expenses		(3,632)		(3,117)		(23,110)		(13,386)		(250)		12,839		(30,656)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,548)		(51)		(258)		(170)		(8)		-		(3,035)
Operating income		1,606		21		1,348		574		(158)		-		3,391
Equity in net income (loss) of affiliates and other items		521		12		179		133		32		-		877
Tax on net operating income		(745)		7		(379)		(173)		100		-		(1,190)
Net operating income		1,382		40		1,148		534		(26)		-		3,078
Net cost of net debt														(315)
Non-controlling interests														(39)
Net income - group share														2,724
3rd quarter 2017 (adjustments) (a) (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		-		(14)		-		-		-		-		(14)
Intersegment sales		-		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-		-
Revenues from sales		-		(14)		-		-		-		-		(14)
Operating expenses		(2)		(32)		166		51		-		-		183
Depreciation, depletion and impairment of tangible assets and mineral interests		(57)		-		-		-		-		-		(57)
Operating income (b)		(59)		(46)		166		51		-		-		112
Equity in net income (loss) of affiliates and other items		(2)		(15)		12		(5)		-		-		(10)
Tax on net operating income		4		4		(50)		(18)		-		-		(60)
Net operating income (b)		(57)		(57)		128		28		-		-		42
Net cost of net debt														(7)
Non-controlling interests														15
Net income - group share														50
(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		-		-		210		51		-
On net operating income		-		-		156		36		-
3rd quarter 2017 (adjusted) (M$) (a)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		2,121		2,917		18,923		19,086		11		-		43,058
Intersegment sales		5,665		286		6,592		207		89		(12,839)		-
Excise taxes		-		-		(799)		(5,163)		-		-		(5,962)
Revenues from sales		7,786		3,203		24,716		14,130		100		(12,839)		37,096
Operating expenses		(3,630)		(3,085)		(23,276)		(13,437)		(250)		12,839		(30,839)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,491)		(51)		(258)		(170)		(8)		-		(2,978)
Adjusted operating income		1,665		67		1,182		523		(158)		-		3,279
Equity in net income (loss) of affiliates and other items		523		27		167		138		32		-		887
Tax on net operating income		(749)		3		(329)		(155)		100		-		(1,130)
Adjusted net operating income		1,439		97		1,020		506		(26)		-		3,036
Net cost of net debt														(308)
Non-controlling interests														(54)
Adjusted net income - group share														2,674
Adjusted fully-diluted earnings per share ($)														1.04
(a) Except for earnings per share.
3rd quarter 2017 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		3,228		99		357		190		36		-		3,910
Total divestments		339		-		24		150		26		-		539
Cash flow from operating activities		2,633		325		662		596		147		-		4,363

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
2nd quarter 2017 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		2,068		2,671		17,347		17,831		(2)		-		39,915
Intersegment sales		5,118		274		6,016		169		90		(11,667)		-
Excise taxes		-		-		(680)		(4,753)		-		-		(5,433)
Revenues from sales		7,186		2,945		22,683		13,247		88		(11,667)		34,482
Operating expenses		(3,547)		(2,857)		(21,918)		(12,729)		(319)		11,667		(29,703)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,344)		(40)		(245)		(158)		(11)		-		(2,798)
Operating income		1,295		48		520		360		(242)		-		1,981
Equity in net income (loss) of affiliates and other items		487		13		148		258		(6)		-		900
Tax on net operating income		(512)		(24)		(142)		(123)		214		-		(587)
Net operating income		1,270		37		526		495		(34)		-		2,294
Net cost of net debt														(267)
Non-controlling interests														10
Net income - group share														2,037
2nd quarter 2017 (adjustments) (a) (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		-		(27)		-		-		-		-		(27)
Intersegment sales		-		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-		-
Revenues from sales		-		(27)		-		-		-		-		(27)
Operating expenses		(117)		(25)		(411)		(80)		(64)		-		(697)
Depreciation, depletion and impairment of tangible assets and mineral interests		(15)		1		-		-		-		-		(14)
Operating income (b)		(132)		(51)		(411)		(80)		(64)		-		(738)
Equity in net income (loss) of affiliates and other items		(4)		(16)		(53)		121		-		-		48
Tax on net operating income		47		9		129		21		22		-		228
Net operating income (b)		(89)		(58)		(335)		62		(42)		-		(462)
Net cost of net debt														(7)
Non-controlling interests														32
Net income - group share														(437)
(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		-		-		(372)		(54)		-
On net operating income		-		-		(270)		(45)		-
2nd quarter 2017 (adjusted) (M$) (a)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		2,068		2,698		17,347		17,831		(2)		-		39,942
Intersegment sales		5,118		274		6,016		169		90		(11,667)		-
Excise taxes		-		-		(680)		(4,753)		-		-		(5,433)
Revenues from sales		7,186		2,972		22,683		13,247		88		(11,667)		34,509
Operating expenses		(3,430)		(2,832)		(21,507)		(12,649)		(255)		11,667		(29,006)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,329)		(41)		(245)		(158)		(11)		-		(2,784)
Adjusted operating income		1,427		99		931		440		(178)		-		2,719
Equity in net income (loss) of affiliates and other items		491		29		201		137		(6)		-		852
Tax on net operating income		(559)		(33)		(271)		(144)		192		-		(815)
Adjusted net operating income		1,359		95		861		433		8		-		2,756
Net cost of net debt														(260)
Non-controlling interests														(22)
Adjusted net income - group share														2,474
Adjusted fully-diluted earnings per share ($)														0.97
(a) Except for earnings per share.
2nd quarter 2017 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		3,448		77		401		258		21		-		4,205
Total divestments		132		23		20		182		3		-		360
Cash flow from operating activities		2,504		(114)		1,972		229		49		-		4,640

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
3rd quarter 2016 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		1,852		2,510		16,050		16,998		2		-		37,412
Intersegment sales		4,854		283		5,072		147		74		(10,430)		-
Excise taxes		-		-		(875)		(4,712)		-		-		(5,587)
Revenues from sales		6,706		2,793		20,247		12,433		76		(10,430)		31,825
Operating expenses		(3,513)		(2,754)		(19,102)		(11,829)		(198)		10,430		(26,966)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,479)		(46)		(251)		(150)		(10)		-		(2,936)
Operating income		714		(7)		894		454		(132)		-		1,923
Equity in net income (loss) of affiliates and other items		180		7		228		78		88		-		581
Tax on net operating income		(61)		17		(197)		(134)		59		-		(316)
Net operating income		833		17		925		398		15		-		2,188
Net cost of net debt														(208)
Non-controlling interests														(26)
Net income - group share														1,954
3rd quarter 2016 (adjustments) (a) (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		-		(116)		-		-		-		-		(116)
Intersegment sales		-		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-		-
Revenues from sales		-		(116)		-		-		-		-		(116)
Operating expenses		-		(15)		4		(53)		-		-		(64)
Depreciation, depletion and impairment of tangible assets and mineral interests		-		-		-		-		-		-		-
Operating income (b)		-		(131)		4		(53)		-		-		(180)
Equity in net income (loss) of affiliates and other items		(123)		(68)		16		1		-		-		(174)
Tax on net operating income		175		25		(11)		6		-		-		195
Net operating income (b)		52		(174)		9		(46)		-		-		(159)
Net cost of net debt														(6)
Non-controlling interests														49
Net income - group share														(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$) (a)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		1,852		2,626		16,050		16,998		2		-		37,528
Intersegment sales		4,854		283		5,072		147		74		(10,430)		-
Excise taxes		-		-		(875)		(4,712)		-		-		(5,587)
Revenues from sales		6,706		2,909		20,247		12,433		76		(10,430)		31,941
Operating expenses		(3,513)		(2,739)		(19,106)		(11,776)		(198)		10,430		(26,902)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,479)		(46)		(251)		(150)		(10)		-		(2,936)
Adjusted operating income		714		124		890		507		(132)		-		2,103
Equity in net income (loss) of affiliates and other items		303		75		212		77		88		-		755
Tax on net operating income		(236)		(8)		(186)		(140)		59		-		(511)
Adjusted net operating income		781		191		916		444		15		-		2,347
Net cost of net debt														(202)
Non-controlling interests														(75)
Adjusted net income - group share														2,070
Adjusted fully-diluted earnings per share ($)														0.84
(a) Except for earnings per share.
3rd quarter 2016 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		3,484		1,097		554		243		(177)		-		5,201
Total divestments		105		33		21		29		4		-		192
Cash flow from operating activities		2,275		24		1,697		573		171		-		4,740

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
9 months 2017 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		6,292		8,771		54,844		54,215		20		-		124,142
Intersegment sales		16,331		869		18,954		650		284		(37,088)		-
Excise taxes		-		-		(2,180)		(14,305)		-		-		(16,485)
Revenues from sales		22,623		9,640		71,618		40,560		304		(37,088)		107,657
Operating expenses		(10,866)		(9,443)		(67,906)		(38,780)		(802)		37,088		(90,709)
Depreciation, depletion and impairment of tangible assets and mineral interests		(8,960)		(163)		(790)		(472)		(27)		-		(10,412)
Operating income		2,797		34		2,922		1,308		(525)		-		6,536
Equity in net income (loss) of affiliates and other items		1,198		(20)		2,780		421		48		-		4,427
Tax on net operating income		(1,696)		(54)		(877)		(404)		485		-		(2,546)
Net operating income		2,299		(40)		4,825		1,325		8		-		8,417
Net cost of net debt														(848)
Non-controlling interests														41
Net income - group share														7,610
9 months 2017 (adjustments) (a) (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		-		(41)		-		-		-		-		(41)
Intersegment sales		-		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-		-
Revenues from sales		-		(41)		-		-		-		-		(41)
Operating expenses		(119)		(146)		(188)		(44)		(64)		-		(561)
Depreciation, depletion and impairment of tangible assets and mineral interests		(1,926)		(25)		(50)		-		-		-		(2,001)
Operating income (b)		(2,045)		(212)		(238)		(44)		(64)		-		(2,603)
Equity in net income (loss) of affiliates and other items		(216)		(94)		2,168		121		-		-		1,979
Tax on net operating income		380		13		(9)		8		22		-		414
Net operating income (b)		(1,881)		(293)		1,921		85		(42)		-		(210)
Net cost of net debt		-		-		-		-		-		-		(21)
Non-controlling interests		-		-		-		-		-		-		135
Net income - group share		-		-		-		-		-		-		(96)
(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		-		-		(79)		(18)		-
On net operating income		-		-		(56)		(14)		-
9 months 2017 (adjusted) (M$) (a)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		6,292		8,812		54,844		54,215		20		-		124,183
Intersegment sales		16,331		869		18,954		650		284		(37,088)		-
Excise taxes		-		-		(2,180)		(14,305)		-		-		(16,485)
Revenues from sales		22,623		9,681		71,618		40,560		304		(37,088)		107,698
Operating expenses		(10,747)		(9,297)		(67,718)		(38,736)		(738)		37,088		(90,148)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,034)		(138)		(740)		(472)		(27)		-		(8,411)
Adjusted operating income		4,842		246		3,160		1,352		(461)		-		9,139
Equity in net income (loss) of affiliates and other items		1,414		74		612		300		48		-		2,448
Tax on net operating income		(2,076)		(67)		(868)		(412)		463		-		(2,960)
Adjusted net operating income		4,180		253		2,904		1,240		50		-		8,627
Net cost of net debt														(827)
Non-controlling interests														(94)
Adjusted net income - group share														7,706
Adjusted fully-diluted earnings per share ($)														3.02
(a) Except for earnings per share.
9 months 2017 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		9,312		491		1,024		887		79		-		11,793
Total divestments		584		27		2,784		368		34		-		3,797
Cash flow from operating activities		7,633		336		4,399		1,138		198		-		13,704

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
9 months 2016 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		5,563		6,449		46,555		48,897		4		-		107,468
Intersegment sales		12,572		703		14,760		487		225		(28,747)		-
Excise taxes		-		-		(2,760)		(13,650)		-		-		(16,410)
Revenues from sales		18,135		7,152		58,555		35,734		229		(28,747)		91,058
Operating expenses		(10,512)		(7,146)		(54,407)		(33,897)		(710)		28,747		(77,925)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,254)		(108)		(750)		(446)		(26)		-		(8,584)
Operating income		369		(102)		3,398		1,391		(507)		-		4,549
Equity in net income (loss) of affiliates and other items		1,350		121		617		129		289		-		2,506
Tax on net operating income		454		1		(852)		(409)		87		-		(719)
Net operating income		2,173		20		3,163		1,111		(131)		-		6,336
Net cost of net debt														(617)
Non-controlling interests														(71)
Net income - group share														5,648
9 months 2016 (adjustments) (a) (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		-		(248)		-		-		-		-		(248)
Intersegment sales		-		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-		-
Revenues from sales		-		(248)		-		-		-		-		(248)
Operating expenses		(691)		(15)		246		(20)		-		-		(480)
Depreciation, depletion and impairment of tangible assets and mineral interests		(200)		-		-		-		-		-		(200)
Operating income (b)		(891)		(263)		246		(20)		-		-		(928)
Equity in net income (loss) of affiliates and other items		206		(76)		(61)		(20)		-		-		49
Tax on net operating income		648		52		(86)		(2)		-		-		612
Net operating income (b)		(37)		(287)		99		(42)		-		-		(267)
Net cost of net debt														(17)
Non-controlling interests														52
Net income - group share														(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$) (a)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		5,563		6,697		46,555		48,897		4		-		107,716
Intersegment sales		12,572		703		14,760		487		225		(28,747)		-
Excise taxes		-		-		(2,760)		(13,650)		-		-		(16,410)
Revenues from sales		18,135		7,400		58,555		35,734		229		(28,747)		91,306
Operating expenses		(9,821)		(7,131)		(54,653)		(33,877)		(710)		28,747		(77,445)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,054)		(108)		(750)		(446)		(26)		-		(8,384)
Adjusted operating income		1,260		161		3,152		1,411		(507)		-		5,477
Equity in net income (loss) of affiliates and other items		1,144		197		678		149		289		-		2,457
Tax on net operating income		(194)		(51)		(766)		(407)		87		-		(1,331)
Adjusted net operating income		2,210		307		3,064		1,153		(131)		-		6,603
Net cost of net debt														(600)
Non-controlling interests														(123)
Adjusted net income - group share														5,880
Adjusted fully-diluted earnings per share ($)														2.42
(a) Except for earnings per share.
9 months 2016 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		11,252		1,339		1,295		745		44		-		14,675
Total divestments		1,369		137		73		359		12		-		1,950
Cash flow from operating activities		4,971		(194)		2,839		1,414		473		-		9,503

Reconciliation of the information by business segment with consolidated financial statements
TOTAL
(unaudited)
3rd quarter 2017 (M$)		Adjusted		Adjustments (a)		Consolidatedstatement of income
Sales		43,058		(14)		43,044
Excise taxes		(5,962)		-		(5,962)
Revenues from sales		37,096		(14)		37,082
Purchases, net of inventory variation		(24,585)		218		(24,367)
Other operating expenses		(6,073)		(35)		(6,108)
Exploration costs		(181)		-		(181)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,978)		(57)		(3,035)
Other income		238		166		404
Other expense		(65)		(2)		(67)
Financial interest on debt		(361)		(7)		(368)
Financial income and expense from cash & cash equivalents		(45)		-		(45)
Cost of net debt		(406)		(7)		(413)
Other financial income		204		-		204
Other financial expense		(164)		-		(164)
Equity in net income (loss) of affiliates		674		(174)		500
Income taxes		(1,032)		(60)		(1,092)
Consolidated net income		2,728		35		2,763
Group share		2,674		50		2,724
Non-controlling interests		54		(15)		39
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
3rd quarter 2016 (M$)		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.

Reconciliation of the information by business segment with consolidated financial statements
TOTAL
(unaudited)
9 months 2017 (M$)		Adjusted		Adjustments (a)		Consolidatedstatement of income
Sales		124,183		(41)		124,142
Excise taxes		(16,485)		-		(16,485)
Revenues from sales		107,698		(41)		107,657
Purchases, net of inventory variation		(71,514)		(238)		(71,752)
Other operating expenses		(18,057)		(323)		(18,380)
Exploration costs		(577)		-		(577)
Depreciation, depletion and impairment of tangible assets and mineral interests		(8,411)		(2,001)		(10,412)
Other income		552		2,747		3,299
Other expense		(181)		(283)		(464)
Financial interest on debt		(1,023)		(21)		(1,044)
Financial income and expense from cash & cash equivalents		(93)		-		(93)
Cost of net debt		(1,116)		(21)		(1,137)
Other financial income		717		-		717
Other financial expense		(483)		-		(483)
Equity in net income (loss) of affiliates		1,843		(485)		1,358
Income taxes		(2,671)		414		(2,257)
Consolidated net income		7,800		(231)		7,569
Group share		7,706		(96)		7,610
Non-controlling interests		94		(135)		(41)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
9 months 2016 (M$)		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.

Media Relations:+33 1 47 44 46 99presse@total.com@TotalPressorInvestors Relations:+44 (0)207 719 7962ir@total.com

LEI: 529900S21EQ1BO4ESM68

Classification: 1. Periodic regulated information

View source version on businesswire.com: http://www.businesswire.com/news/home/20171027005324/en/

Copyright Business Wire 2017