TotalEnergies SE (TTE) 6-K, filed Feb 6, 2020

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OFFOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

February 6, 2020

Commission File Number 001-10888

TOTAL S.A.

(Translationof registrant’s name into English)

2, place JeanMillier

La Défense 6

92400 Courbevoie

France

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM F-3 (NOS. 333-224307, 333-224307-01, 333-224307-02 AND 333-224307-03) OF TOTAL S.A., TOTAL CAPITAL INTERNATIONAL, TOTAL CAPITAL CANADA LTD. AND TOTAL CAPITAL AND THE REGISTRATION STATEMENTS ON FORM S-8 (333-229950 AND 333-222833) OF TOTAL S.A., AND TO BE PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

TOTAL S.A. is providing on this Form 6-K its results for the fourth quarter of 2019 and year ended December 31, 2019, and a description of certain recent developments relating to its business, as well as a capitalization table as of December 31, 2019.

TABLE OF CONTENTS

SIGNATURES

Exhibit Index

EX-99.1: Results for the Fourth Quarter of 2019 and Year Ended December 31, 2019

EX-99.2: Recent Developments

EX-99.3: Capitalization and Indebtedness

EXHIBIT INDEX

Exhibit 99.1	Results for the Fourth Quarter of 2019 and Year Ended December 31, 2019
Exhibit 99.2	Recent Developments
Exhibit 99.3	Capitalization and Indebtedness

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Date: February 6, 2020	By:	/s/ ANTOINE LARENAUDIE
	Name:	Antoine LARENAUDIE
	Title:	Group Treasurer

EX-99.1

Exhibit 99.1

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The financial information on pages 1-15 of this exhibit concerning TOTAL S.A. and all of its direct and indirect consolidated companies located in or outside of France (collectively, “TOTAL” or the “Group”) with respect to the fourth quarter of 2019 and year ended December 31, 2019, has been derived from TOTAL’s unaudited consolidated balance sheets as of December 31, 2019, unaudited statements of income, comprehensive income, cash flow, business segment information for the fourth quarter of 2019 and year ended December 31, 2019 and unaudited consolidated statements of changes in shareholders’ equity for the year ended December 31, 2019 presented on pages 16-30 of this exhibit.

The following discussion should be read in conjunction with the aforementioned financial statements and with the information, including TOTAL’s audited consolidated financial statements and related notes, provided in TOTAL’s Annual Report on Form 20-F for the year ended December 31, 2018, filed with the Securities and Exchange Commission (“SEC”) on March 20, 2019, as amended on April 26, 2019.

A. KEY FIGURES

4Q19									in millions of dollars (except earnings per share and<br>number of shares)
****	49,280	****	48,589		52,495		-6	%	Non-Group sales	200,316	****	209,363		-4	%
****	3,879	****	3,673		3,885		—		Adjusted net operating income(a) from business segments	14,554	****	15,997		-9	%
****	2,031	****	1,734		1,976		+3	%	• Exploration & Production*	7,509	****	8,547		-12	%
****	794	****	574		676		+17	%	• Integrated Gas, Renewables & Power*	2,389	****	2,419		-1	%
****	580	****	952		900		-36	%	• Refining & Chemicals	3,003	****	3,379		-11	%
****	474	****	413		333		+42	%	• Marketing & Services	1,653	****	1,652		—
****	502	****	1,381		665		-25	%	Net income (loss) from equity affiliates	3,406	****	3,170		+7	%
****	0.97	****	1.04		0.40		x2.4		Fully-diluted earnings per share ()	4.17	****	4.24		-2	%
****	2,607	****	2,614		2,637		-1	%	Fully-diluted weighted-average shares (millions)	2,618	****	2,624		—
****	2,600	****	2,800		1,132		x2.3		Net income (Group share)	11,267	****	11,446		-2	%
****	4,291	****	3,296		4,459		-4	%	Organic investments(b)	13,397	****	12,427		+8	%
****	(80	)	3,422		(1,751	)	n/a		Net acquisitions(c)	4,052	****	3,141		+29	%
****	4,211	****	6,718		2,708		+56	%	Net investments(d)	17,449	****	15,568		+12	%
****	6,599	****	8,206		10,640		-38	%	Cash flow from operations	24,685	****	24,703		—
									of which:
****	46	****	1,523		6,425		n/a		• (increase)/decrease in working capital(e)	(1,718	)	769		n/a
****	(533	)	(532	)	(423	)	+26	%	• financial charges	(2,069	)	(1,538	)	+35	%

All values are in US Dollars.

2019 datatake into account the impact of the new rule IFRS16 “Leases”, effective as of January 1, 2019.

4Q18 and 2018 restated. Historical data for 2018 available in exhibit 99.1 of (i) for the first quarter of2018: the report on Form 6-K filed with the SEC on April 27, 2018, (ii) for the second quarter of 2018 and six months ended June 30, 2018: the report on Form 6-K filed with the SEC on July 27, 2018 (iii) for the third quarter of 2018 and nine monthsended September 30, 2018: the report on Form 6-K filed with the SEC on October 26, 2018, as amended on October 29, 2018 and (iv) for the fourth quarter of 2018 and year ended December 30, 2018: the report on Form 6-K filed with the SEC on February8, 2019.

Environment* — liquids and gas price realizations**, refining margins

4Q19
****	63.1	62.0	68.8	-8	%	Brent (/b)	64.2	71.3	-10	%
****	2.4	2.3	3.7	-35	%	Henry Hub (/Mbtu)	2.5	3.1	-18	%
****	5.1	3.9	8.8	-42	%	NBP (/Mbtu)	4.9	7.9	-38	%
****	5.8	4.7	9.9	-42	%	JKM (/Mbtu)	5.5	9.7	-44	%
****	59.1	58.0	59.2	—		Average liquids price (/b)**	59.8	64.3	-7	%
****	3.76	3.48	5.01	-25	%	Average gas price (/Mbtu)**	3.88	4.87	-20	%
****	30.2	47.4	40.8	-26	%	Variable cost margin – European refining, VCM (/t)	34.9	38.2	-9	%

All values are in US Dollars.

*	The indicators are shown on page 15.
**	Consolidated subsidiaries.
---	---
^(a)^	Adjusted results are defined as income using replacement cost, adjusted for special items, excluding theimpact of changes for fair value. See pages 3 et seq. “Analysis of business segment results” below for further details.
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^(b)^	“Organic investments” = net investments excluding acquisitions, asset sales and other operationswith non-controlling interests.
---	---
^(c)^	“Net acquisitions” = acquisitions - assets sales - other transactions with non-controlling interests (see page 13).
---	---
^(d)^	“Net investments” = organic investments + net acquisitions (see page 13).<br>
---	---
^(e)^	The change in working capital as determined using the replacement cost method and, effective second quarterof 2019, including organic loan repayments from equity affiliates was $(240) million in 4Q19, $1,353 million in 3Q19, $4,968 million in 4Q18, $(1,747) million in 2019 and $174 in 2018. Effective second quarterof 2019, organic loan repayments from equity affiliates are defined as loan repayments from equity affiliates coming from their cash flow from operations.
---	---

Production*

4Q19		3Q19	4Q18	4Q19 vs4Q18				2019		2018		2019 vs2018
****	3,113	3,040	2,876		+8	%	Hydrocarbon production (kboe/d)	****	3,014		2,775		+9	%
****	1,452	1,441	1,382		+5	%	• Oil (including bitumen) (kb/d)**	****	1,431		1,378		+4	%
****	1,661	1,599	1,493		+11	%	• Gas (including condensates and associated NGL) (kboe/d)**	****	1,583		1,397		+13	%
4Q19		3Q19	4Q18	4Q19 vs<br>4Q18				2019		2018		2019 vs2018
****	3,113	3,040	2,876		+8	%	Hydrocarbon production (kboe/d)	****	3,014		2,775		+9	%
****	1,714	1,720	1,589		+8	%	• Liquids (kb/d)	****	1,672		1,566		+7	%
****	7,263	7,399	6,994		+4	%	• Gas (Mcf/d)	****	7,364		6,599		+12	%
*	Group production = production of Exploration & Production segment (EP) + production of IntegratedGas, Renewables & Power segment (iGRP)
---	---
**	4Q18 and 2018 data restated.
---	---

Hydrocarbon production was 3,113 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter of 2019, an increase of 8% compared to the fourth quarter of 2018, due to:

•	+13% related to the start-up and<br>ramp-up of new projects, including Yamal LNG in Russia, Egina in Nigeria, Ichthys in Australia, Kaombo in Angola, Culzean in the United Kingdom and Johan Sverdrup in Norway;
•	-3% due to the natural decline of the fields; and
---	---
•	-2% due to maintenance and the Tyra redevelopment project in Denmark.
---	---

Hydrocarbon production was 3,014 kboe/d for the full-year 2019, an increase of 9% compared to the full-year 2018, due to:

•	+13% related to the start-up and<br>ramp-up of new projects, including Yamal LNG in Russia, Egina in Nigeria, Ichthys in Australia, Kaombo in Angola, Culzean in the United Kingdom and Johan Sverdrup in Norway;
•	-3% due to the natural decline of the fields; and
---	---
•	-1% due to maintenance, notably in Nigeria, Norway and the Tyra redevelopment project in Denmark.<br>
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B. ANALYSIS OF BUSINESS SEGMENT RESULTS

The financial information for each business segment is reported on the same basis as that used internally by the chief operating decision-maker in assessing segment performance and the allocation of segment resources. Due to their particular nature or significance, certain transactions qualifying as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. In certain instances, certain transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have occurred in prior years or are likely to recur in following years.

In accordance with IAS 2, the Group values inventories of petroleum products in its financial statements according to the First-In, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method in order to facilitate the comparability of the Group’s results with those of its competitors and to help illustrate the operating performance of these segments excluding the impact of oil price changes on the replacement of inventories. In the replacement cost method, which approximates the Last-In, First-Out (LIFO) 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 differential between one period and another or the average prices of the period. The inventory valuation effect is the difference between the results under the FIFO and replacement cost methods.

The effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS, which 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 recorded at their fair value based on forward prices. Furthermore, TOTAL, in its trading activities, enters into storage contracts, the future effects of which are recorded at fair value in the Group’s internal economic performance. IFRS, by requiring accounting for storage contracts on an accrual basis, precludes recognition of this fair value effect.

The adjusted business segment results (adjusted operating income and adjusted net operating income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value. For further information on the adjustments affecting operating income on a segment-by-segment basis, and for a reconciliation of segment figures to figures reported in TOTAL’s interim consolidated financial statements, see pages 24-30 of this exhibit.

The Group measures performance at the segment level on the basis of adjusted net operating income. Net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than leasehold rights, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above. The income and expenses not included in net operating income that are included in net income are interest expenses related to long-term liabilities net of interest earned on cash and cash equivalents, after applicable income taxes (net cost of net debt and non-controlling interests). Adjusted net operating income excludes the effect of the adjustments (special items and the inventory valuation effect) described above.

The profitable growth in the gas and low carbon electricity integrated value chains is one of the key axes of TOTAL’s strategy. In order to give more visibility to these businesses, a new reporting structure for the business segments’ financial information has been put in place, effective January 1, 2019. The organization of the Group’s activities is structured around the following four segments: Exploration & Production (EP), Integrated Gas, Renewables & Power (iGPR - comprising TOTAL’s integrated gas (including LNG) and low carbon electricity businesses and the upstream and midstream LNG activity that was previously reported in the EP segment), Refining & Chemicals and Marketing & Services. Certain figures for the years 2017 and 2018 have been restated in order to reflect the new organization, when necessary.

B.1. Exploration & Production segment (EP – redefined scope)

•	Production
4Q19			3Q19			4Q18			4Q19 vs4Q18			Hydrocarbon production	2019			2018			2019 vs2018
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
****	2,489	****		2,501			2,408			+3	%	EP (kboe/d)	****	2,454	****		2,394			+3	%
****	1,640	****		1,647			1,541			+6	%	• Liquids (kb/d)	****	1,601	****		1,527			+5	%
****	4,624	****		4,654			4,710			-2	%	• Gas (Mcf/d)	****	4,653	****		4,724			-2	%
	• Results
4Q19			3Q19			4Q18			4Q19 vs4Q18			in millions of dollars (except effective tax rate)	2019			2018			2019 vs2018
****	1,563	****		1,631			2,119			-26	%	Non-Group sales	****	7,261	****		9,889			-27	%
****	2,366	****		2,257			2,192			+8	%	Operating income	****	10,542	****		12,502			-16	%
****	166	****		77			339			-51	%	Net income (loss) from equity affiliates and other items	****	610	****		1,365			-55	%
****	38.0	%		39.7	%		41.2	%				Effective tax rate*	****	41,5	%		46.2	%
****	(893	)		(1,094	)		(798	)		+12	%	Tax on net operating income	****	(4,572	)		(5,770	)		-21	%
****	1,639	****		1,240			1,733			-5	%	Net operating income	****	6,580	****		8,097			-19	%
****	392	****		494			243			+61	%	Adjustments affecting net operating income	****	929	****		450			x2.1
****	2,031	****		1,734			1,976			+3	%	Adjusted net operating income**	****	7,509	****		8,547			-12	%
****	247	****		297			269			-8	%	• including income from equity affiliates	****	996	****		1,140			-13	%
****	2,617	****		2,065			2,765			-5	%	Organic investments	****	8,635	****		7,953			+9	%
****	(224	)		(4	)		(143	)		+56	%	Net acquisitions	****	14	****		2,162			-99	%
****	2,393	****		2,061			2,622			-9	%	Net investments	****	8,649	****		10,115			-14	%
*	“Effective tax rate” = 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).
---	---
**	Detail of adjustment items shown in the business segment information starting on page 24 of thisexhibit.
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Adjusted net operating income for the EP segment was $2,031 million in the fourth quarter of 2019, an increase of 3% compared to $1,976 million in the fourth quarter of 2018, driven by the increase in production. Adjusted net operating income for the EP segment was $7,509 million for the full-year 2019, a decrease of 12% compared to the full-year 2018, related to lower Brent and gas prices.

Adjusted net operating income for the EP segment excludes special items. In the fourth quarter of 2019, the exclusion of special items had a positive impact of $392 million on the EP segment’s adjusted net operating income compared to a positive impact of $243 million in the fourth quarter of 2018. For the full-year 2019, the exclusion of special items had a positive impact of $929 million on the EP segment’s adjusted net operating income, compared to a positive impact of $450 million for the full-year 2018.

In the fourth quarter of 2019, the EP segment’s cash flow from operating activities excluding financial charges, except those related to leases was $4,206 million, a decrease of 33% compared to $6,310 million in the fourth quarter of 2018. For the full-year 2019, the EP segment’s cash flow from operating activities excluding financial charges, except those related to leases was $16,917 million, a decrease of 9% compared to $18,537 for the full-year 2018.

In the fourth quarter of 2019, the EP segment’s operating cash flow excluding the change in working capital at replacement cost^1^and excluding financial charges, except those related to leases was $4,451 million, an increase of 14% compared to $3,911 million in the fourth quarter of 2018. For the full-year 2019, the EP segment’s operating cash flow excluding the change in working capital at replacement cost^1^and excluding financial charges, except those related to leases was $18,030 million, an increase of 1% compared to $17,832 million for the full-year 2018. The start-up of strong cash flow generating projects offset the impact of lower Brent and gas prices.

^1^

Operating cash flow excluding the change in working capital at replacement cost and effective second quarterof 2019 including organic loan repayments from equity affiliates provides information on underlying cash flow without the short-term impacts of changes in inventory and other working capital elements at replacement cost. For information on thereplacement cost method, refer to “B. Analysis of business segment results”, above. The reconciliation table for different cash flow figures is set forth under “Cash Flow” on page 13 of this exhibit.

B.2. Integrated Gas, Renewables & Power segment (iGRP)

•	Production and liquefied natural gas (LNG) sales
4Q19		3Q19		4Q18		4Q19 vs4Q18			Hydrocarbon production	2019		2018		2019 vs.2018
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
****	624		539		468		+34	%	iGRP (kboe/d)	****	560		381		+47	%
****	74		73		48		+54	%	• Liquids (kb/d)	****	71		39		+82	%
****	2,639		2,745		2,284		+16	%	• Gas (Mcf/d)	****	2,711		1,875		+45	%
4Q19		3Q19		4Q18		4Q19 vs4Q18			LNG in millions of tons	2019		2018		2019 vs.2018
****	10.6		7.4		7.9		+35	%	Overall LNG sales	****	34.3		21.8		+57	%
****	4.2		4.2		3.3		+28	%	• including sales from equity production*	****	16.3		11.1		+47	%
****	9.6		5.5		6.7		+44	%	• including sales by TOTAL from equity production and third-party<br>purchases	****	27.9		17.1		+63	%
*	The Group’s equity production may be sold by TOTAL or by joint ventures.
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Production growth over 2019 was essentially related to the start-up of Ichthys in Australia in the third quarter of 2018 and the successive start-ups of Yamal LNG trains in Russia.

In the fourth quarter of 2019, LNG sales increased by 35% compared to the fourth quarter of 2018 due to the ramp-up of Yamal LNG and Ichthys and the start-up of the first Cameron LNG train in the US.

In 2019, LNG sales increased by 57% compared to 2018 for the same reasons, as well as due to the acquisition of the Engie portfolio of LNG contracts in the third quarter of 2018.

•	Results
4Q19			3Q19			4Q18			4Q19 vs4Q18			in millions of dollars	2019			2018			2019 vs.2018
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
****	4,292	****		3,667			3,781			+14	%	Non-Group sales	****	18,167	****		17,236			-5	%
****	326	****		321			(260	)		n/a		Operating income	****	1,184	****		(72	)		n/a
****	391	****		898			399			-2	%	Net income (loss) from equity affiliates and other items	****	2,330	****		1,639			+42	%
****	104	****		(222	)		(79	)		n/a		Tax on net operating income	****	(741	)		(471	)		+57	%
****	821	****		997			60			x14		Net operating income	****	2,773	****		1,096			x2.5
****	(27	)		(423	)		616			n/a		Adjustments affecting net operating income	****	(384	)		1,323			n/a
****	794	****		574			676			+17	%	Adjusted net operating income*	****	2,389	****		2,419			-1	%
****	353	****		206			447			-21	%	• including income from equity affiliates	****	1,009	****		1,249			-19	%
****	684	****		641			614			+11	%	Organic investments	****	2,259	****		1,745			+30	%
****	(13	)		3,374			(1,346	)		n/a		Net acquisitions	****	3,921	****		1,701			x2.3
****	671	****		4,015			(733	)		n/a		Net investments	****	6,180	****		3,445			+79	%
*	Detail of adjustment items shown in the business segment information starting on page 24 of thisexhibit.
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Adjusted net operating income for the iGRP segment was $794 million in the fourth quarter of 2019, an increase of 17% compared to $676 million in the fourth quarter of 2018, and $2,389 million for the full-year 2019, a decrease of 1% compared to $2,419 million for the full-year 2018, impacted by lower gas prices in Europe and Asia as well as higher depreciation, depletion and amortization expenses on new projects.

Adjusted net operating income for the iGRP segment excludes special items. In the fourth quarter of 2019, the exclusion of special items had a negative impact of $27 million on the iGRP segment’s adjusted net operating income, compared to a positive impact of $616 million in the fourth quarter of 2018. For the full-year 2019, the exclusion of special items had a negative impact of $384 million on the iGRP segment’s adjusted net operating income, compared to a positive impact of $1,323 million for the full-year 2018.

In the fourth quarter of 2019, the iGRP segment’s operating cash flow excluding the change in working capital at replacement cost^^and excluding financial charges, except those related to leases was $1,402 million, 2.3 times higher compared to $617 million in the fourth of quarter of 2018, driven by strong LNG sales growth. For the full-year 2019, the iGRP segment’s operating cash flow excluding the change in working capital at replacement cost^^and excluding financial charges, except those related to leases was $3,730 million, an increase of 81% compared to $2,055 million for the full-year 2018 for the same reasons.

B.3. Refining & Chemicals segment

•	Refinery throughput and utilization rates*
4Q19			3Q19			4Q18			4Q19 vs4Q18				2019			2018			2019 vs.2018
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
****	1,509	****		1,719			1,886			-20	%	Total refinery throughput (kb/d)	****	1,671	****		1,852			-10	%
****	282	****		503			591			-52	%	• France	****	456	****		610			-25	%
****	756	****		757			809			-7	%	• Rest of Europe	****	754	****		755			—
****	471	****		459			486			-3	%	• Rest of world	****	462	****		487			-5	%
****	71	%		82	%		90	%				Utilization rates based on crude only**	****	80	%		88	%
*	Includes refineries in Africa reported in the Marketing & Services segment.<br>
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**	Based on distillation capacity at the beginning of the year.
---	---

Refinery throughput volumes:

•	decreased by 20% in the fourth quarter of 2019 compare to the fourth quarter of 2018, due notably to strikes in<br>France and planned maintenance at Normandy as well as a fire that affected the distillation unit;
•	decreased by 10% in 2019 notably due to the shutdown for nearly 6 months of Grandpuits in France.<br>
---	---
•	Results
---	---
4Q19			3Q19			4Q18			4Q19 vs4Q18			in millions of dollars	2019			2018			2019 vs.2018
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
****	22,040	****		21,338			23,365			-6	%	Non-Group sales	****	87,598	****		92,025			-5	%
****	579	****		1,035			(534	)		n/a		Operating income	****	3,342	****		2,513			-33	%
****	57	****		5			144			-60	%	Net income (loss) from equity affiliates and other items	****	322	****		782			-59	%
****	(3	)		(221	)		230			n/a		Tax on net operating income	****	(470	)		(445	)		+6	%
****	633	****		819			(160	)		n/a		Net operating income	****	3,194	****		2,850			+12	%
****	(53	)		133			1,060			n/a		Adjustments affecting net operating income	****	(191	)		529			n/a
****	580	****		952			900			-36	%	Adjusted net operating income*	****	3,003	****		3,379			-11	%
****	479	****		354			615			-22	%	Organic investments	****	1,426	****		1,604			-11	%
****	118	****		20			(429	)		n/a		Net acquisitions	****	(44	)		(742	)		-94	%
****	597	****		374			186			x3.2		Net investments	****	1,382	****		862			+60	%
*	Detail of adjustment items shown in the business segment information starting on page 24 of thisexhibit.
---	---

Adjusted net operating income for the Refining & Chemicals segment was $580 million in the fourth quarter of 2019, a decrease of 36% compared to $900 million in the fourth quarter of 2018, and amounted to $3,003 million for the full-year 2019, a decrease of 11% compared to $3,379 million for the full-year 2018, notably due to a decrease of around 10% in refining and petrochemical margins as well as lower throughput.

Adjusted net operating income for the Refining & Chemicals segment excludes any after-tax inventory valuation effect and special items. In the fourth quarter of 2019, the exclusion of the inventory valuation effect had a negative impact of $117 million on the Refining & Chemicals segment’s adjusted net operating income, compared to a positive impact of $963 million in the fourth quarter of 2018. In the fourth of quarter of 2019, the exclusion of special items had a positive impact of $64 million on the Refining & Chemicals segment’s adjusted net operating income, compared to a positive impact of $97 million in the fourth quarter of 2018. For the full-year 2019, the exclusion of the inventory valuation effect had a negative impact of $371 million on the Refining & Chemicals segment’s adjusted net operating income, compared to a positive impact of $413 million for the full-year 2018. For the full-year 2019, the exclusion of special items had a positive impact of $180 million on the Refining & Chemicals segment’s adjusted net operating income, compared to a positive impact of $116 million for the full-year 2018.

In the fourth quarter of 2019, the Refining & Chemicals segment’s cash flow from operating activities excluding financial charges, except those related to leases was $1,142 million, a decrease of 63% compared to $3,080 million in the fourth quarter of 2018. For the full-year 2019, the Refining & Chemicals segment’s cash flow from operating activities excluding financial charges, except those related to leases was $3,837 million compared to $4,308 million for the full-year 2018, for the same reasons set forth above. In the fourth quarter of 2019, the Refining & Chemicals segment’s operating cash flow excluding the change in working capital at replacement cost^^and excluding financial charges, except those related to leases was $789 million, a decrease of 38% compared to $1,276 million in the fourth quarter of 2018. For the full-year 2019, the Refining & Chemicals segment’s operating cash flow excluding the change in working capital at replacement cost^^and excluding financial charges, except those related to leases decreased by 7% compared to the full-year 2018, from $4,388 million to $4,072 for the same reasons.

B.4. Marketing & Services segment

•	Petroleum product sales
4Q19		3Q19		4Q18		4Q19 vs4Q18			sales in kb/d*	2019		2018		2019 vs.2018
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
****	1,835		1,848		1,786		+3	%	Total Marketing & Services sales	****	1,845		1,801		+2	%
****	1,033		1,034		986		+5	%	• Europe	****	1,021		1,001		+2	%
****	801		814		800		—		• Rest of world	****	824		800		+3	%
*	Excludes trading and bulk refining sales.
---	---

Sales of petroleum products increased by 2% in 2019, notably due to business developments in the African and American regions, notably Mexico and Brazil.

•	Results
4Q19			3Q19			4Q18			4Q19 vs4Q18			in millions of dollars	2019			2018			2019 vs.2018
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
****	21,379	****		21,951			23,226			-8	%	Non-Group sales	****	87,280	****		90,206			-3	%
****	475	****		558			253			+88	%	Operating income	****	2,052	****		1,841			+11	%
****	15	****		(15	)		5			x3		Net income (loss) from equity affiliates and other items	****	101	****		307			-67	%
****	(100	)		(164	)		(69	)		+45	%	Tax on net operating income	****	(598	)		(532	)		+12	%
****	390	****		379			189			x2.1		Net operating income	****	1,555	****		1,616			-4	%
****	84	****		34			144			-41	%	Adjustments affecting net operating income	****	98	****		36			x2.7
****	474	****		413			333			+42	%	Adjusted net operating income*	****	1,653	****		1,652			—
****	471	****		215			424			+11	%	Organic investments	****	969	****		1,010			-4	%
****	40	****		33			165			-75	%	Net acquisitions	****	162	****		20			x8.2
****	511	****		248			589			-13	%	Net investments	****	1,131	****		1,030			+10	%
*	Detail of adjustment items shown in the business segment information starting on page 24 of thisexhibit.
---	---

Adjusted net operating income for the Marketing & Services segment was $474 million in the fourth quarter of 2019, an increase of 42% compared to $333 million in the fourth quarter of 2018 notably due to a revaluation of futures contracts. Adjusted net operating income for the Marketing & Services segment was $1,653 million for the full-year 2019, stable compared to $1,652 million for the full-year 2018.

Adjusted net operating income for the Marketing & Services segment excludes any after-tax inventory valuation effect and special items. In the fourth quarter of 2019, the exclusion of the inventory valuation effect had a positive impact of $60 million on the Marketing & Services segment’s adjusted net operating income, compared to a positive impact of $113 million in the fourth quarter of 2018. In the fourth quarter of 2019, the exclusion of special items had a positive impact of $24 million on the Marketing & Services segment’s adjusted net operating income, compared to a positive impact of $31 million in the fourth quarter of 2018. For the full-year 2019, the exclusion of the inventory valuation effect had a positive impact of $14 million on the Marketing & Services segment’s adjusted net operating income, compared to a positive impact of $5 million for the full-year 2018. For the full-year 2019, the exclusion of special items had a positive impact of $84 million on the Marketing & Services segment’s adjusted net operating income, compare to a positive impact of $31 million for the full-year 2018.

In the fourth quarter of 2019, the Marketing & Services segment’s cash flow from operating activities excluding financial charges, except those related to leases was $278 million, a decrease of 77% compared to $1,226 million in the fourth quarter of 2018. For the full-year 2019, the Marketing & Services segment’s cash flow from operating activities excluding financial charges, except those related to leases decreased by 6% compared to the full-year 2018, from $2,759 million to $2,604 million. In the fourth quarter of 2019, the Marketing & Services segment’s operating cash flow excluding the change in working capital at replacement cost^^and excluding financial charges, except those related to leases was $716 million, an increase of 43% compared to $500 million in the fourth quarter of 2018. For the full-year 2019, the Marketing & Services segment’s operating cash flow excluding the change in working capital at replacement cost^^and excluding financial charges, except those related to leases was $2,546 million, an increase of 18% compared to $2,156 million for the full-year 2018.

C. GROUP RESULTS

•	Net income (Group share)

In the fourth quarter of 2019, net income (Group share) was $2,600 million, an increase of 130% compared to $1,132 million in the fourth quarter of 2018. For the full-year of 2019, net income (Group share) was $11,267 million, a decrease of 2% compared to $11,446 million for the full-year of 2018.

Adjusted net income (Group share) was:

•	$3,165 million in the fourth quarter of 2019, which was stable compared to the fourth quarter of 2018 due to<br>the steady adjusted net operating income of the segments; and
•	$11,828 million for the full-year 2019, a decrease of 13% compared to the full-year 2018 due to the decrease<br>in the adjusted net operating income of the segments.
---	---

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value^1^.

Total adjustments affecting net income (Group share)^2^were:

•	$(565) million in the fourth quarter of 2019, including $(248) million of impairments; and
•	$(561) million for the full-year 2019, including $(465) million of impairments.
---	---

The limited level of impairments in 2019 reflects the resilience of the portfolio on a long-term price trajectory in line with the IEA Sustainable Development Scenario (SDS) which forecasts a convergence of the oil price toward $50/b by 2050.

•	Fully-diluted shares and share buyback

The number of fully-diluted shares was 2,603 million on December 31, 2019.

According to the shareholder return policy announced in February 2018, the Group has continued to buy back shares, including:

•	the buyback of 16.1 million shares, representing all shares issued in 2019 under the scrip dividend option<br>prior to its termination; and
•	the buyback of 32.7 million shares during the full-year 2019 for $1.75 billion, including 11.1 million<br>shares repurchased in the fourth quarter of 2019 for $0.60 billion, as part of the $5 billion buyback program for the period 2018-2020.
---	---
•	Asset sales - acquisitions
---	---

Acquisitions consisted of:

•	$277 million in the fourth quarter of 2019; and
•	$5,991 million for the full-year 2019, related notably to the acquisition of Anadarko’s interest in<br>Mozambique LNG, the acquisition of a 10% stake in the Arctic LNG 2 project in Russia and the acquisition of Chevron’s interest in the Danish Underground Consortium in Denmark.
---	---

Asset sales consisted of:

•	$357 million in the fourth quarter 2019; and
•	$1,939 million for the full-year 2019, related notably to the payment received upon the take-over of the<br>Toshiba LNG portfolio in the United States, the sale of the interest in the Wepec refinery in China, the sale of the Group’s interest in the Hazira terminal in India and polystyrene activities in China.
---	---
^1^	Details shown on page 13 of this exhibit.
---	---
^2^	Details shown on pages 13 and 24-30 of this exhibit.
---	---

•	Cash flow

The Group’s cash flow from operating activities decreased by 38% in the fourth quarter of 2019 compared to the fourth quarter of 2018 from $10,640 million to $6,599 million. The Group’s cash flow from operating activities was $24,685 million for the full-year 2019 compared to $24,703 million for the full-year 2018.

The change in working capital at replacement cost in the fourth quarter of 2019, which is the (increase)/decrease in working capital of $46 million, as determined in accordance with IFRS adjusted for the pre-tax inventory valuation effect of $(11) million, was $35 million, compared to $4,968 million in the fourth quarter of 2018. The change in working capital at replacement cost for the full-year of 2019, which is the (increase)/decrease in working capital of $(1,718) million as determined in accordance with IFRS adjusted for the pre-tax inventory valuation effect of $446 million, was $(1,272) million, compared to $174 million for the full-year of 2018.

In the fourth quarter of 2019, operating cash flow excluding the change in working capital at replacement cost was $6,839 million, an increase of 21% compared to $5,672 million in the fourth quarter of 2018. For the full-year of 2019, operating cash flow excluding the change in working capital at replacement cost was $26,432 million, an increase of 8% compared to $24,529 million for the full-year of 2018. In the fourth quarter of 2019, operating cash flow excluding the change in working capital at replacement cost, without financial charges was $7,372 million, an increase of 21% compared to $6,095 million in the fourth quarter of 2018. For the full-year of 2019, operating cash flow excluding the change in working capital at replacement cost, without financial charges was $28,501 million, an increase of 9% compared to $26,067 million for the full-year of 2018.

The Group’s net cash flow^1^ was:

•	$2,628 million in the fourth quarter of 2019, a decrease of 11% compared to $2,964 in the fourth<br>quarter of 2018; and
•	$8,983 million for the full-year of 2019, compared to 8,961 for the full-year 2018.
---	---
^1^	Net cash flow = operating cash flow before working capital changes - net investments (including othertransactions with non-controlling interests).
---	---

D. PROFITABILITY

Return on equity was 10.4% for the twelve months ended December 31, 2019.

in millions of dollars	01/01/2019 -12/31/2019		10/01/2018 -09/30/2019		01/01/2018 -12/31/2018
Adjusted net income		12,090		12,104		13,964
Adjusted shareholders’ equity		116,766		117,037		114,183
Return on equity (ROE)	****	10.4%	****	10.3%	****	12.2%

Return on average capital employed was 9.8% for the twelve months ended December 31, 2019.

in millions of dollars	01/01/2019 -12/31/2019		10/01/2018 -09/30/2019		01/01/2018 -12/31/2018
Adjusted net operating income		14,073		14,094		15,691
Adjusted capital employed		143,674		146,222		133,123
ROACE	****	9.8%	****	9.6%	****	11.8%

E. 2020 SENSITIVITIES*

	Change	Estimated impact<br>on adjusted net operating income	Estimated<br>impact on cash<br>flow from operations
Dollar	+/- $0.1 per €	-/+ $0.1 B	~ $0 B
Average Liquids Price**	+/- $10/b	+/- $2.9 B	+/- $3.3 B
European gas price - NBP ($/Mbtu)	+/- $1/Mbtu	+/-$0.35 B	+/-$0.35 B
Variable cost margin, European refining (VCM)	+/- $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 2020. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity onadjusted net operating income is essentially attributable to Refining & Chemicals.
---	---
**	In a $60/b Brent environment.
---	---

F. SUMMARY AND OUTLOOK

The environment remains volatile, given the uncertainty about hydrocarbon demand related to the outlook for global economic growth and a context of geopolitical instability.

The Group has strong capacity to generate cash flow and, assuming a $60/b environment, expects to increase cash flow by approximately $1 billion per year started in 2019.

The Group expects to continue to implement its strategy for profitable growth on the integrated gas and low-carbon electricity chains. LNG sales are expected to benefit, notably in 2020, from the start-ups of Yamal LNG train 4 as well as Cameron LNG train 3 and are expected to be higher than 30 million tons per year.

Spending discipline is maintained and the Group continues its cost reduction program with an objective of more than $5 billion in cumulative savings in 2020. Net investments in 2020 are expected to amount approximately to $18 billion, and the Group aims to complete its $5 billion asset sale program over the years 2019-2020 (with approximately $3 billion already announced).

Organic production growth is expected to be above 2% in 2020, due to ramp-ups of projects started in 2019 and expected start-ups in 2020, notably Iara 2 in Brazil.

Since the start of the fourth quarter, global refining margins are weak as a result of high product inventories and oil prices supported by OPEC. The Downstream will continue to rely on its diversified portfolio, notably its integrated platforms in the Refining & Chemicals segment as well as its non-cyclical businesses.

Taking into account the strong visibility on cash flow, the Group expects to continue to increase the dividend with a guidance of 5%-6% per year. It will also continue to buy back shares, with an amount of $2.0 billion expected for 2020 in a $60/b environment.

FORWARD-LOOKING STATEMENTS

This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are basedon the beliefs and assumptions of the management of TOTAL and on the information currently available to such management. Forward-looking statements include information concerning forecasts, projections, anticipated synergies, and other informationconcerning possible or assumed future results of TOTAL, and may be preceded by, followed by, or otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “plans”,“targets”, “estimates” or similar expressions.

Forward-looking statements are not assurances of results or values. Theyinvolve risks, uncertainties and assumptions. TOTAL’s future results and share value may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results and values are beyondTOTAL’s ability to control or predict. Except for its ongoing obligations to disclose material information as required by applicable securities laws, TOTAL does not have any intention or obligation to update forward-looking statements after thedistribution of this document, even if new information, future events or other circumstances have made them incorrect or misleading.

You shouldunderstand that various factors, certain of which are discussed elsewhere in this document and in the documents referred to in, or incorporated by reference into, this document, could affect the future results of TOTAL and could cause results todiffer materially from those expressed in such forward-looking statements, including:

•	material adverse changes in general economic conditions or in the markets served by TOTAL, including changesin the prices of oil, natural gas, refined products, petrochemical products and other chemicals;
•	changes in currency exchange rates and currency devaluations;
---	---
•	the success and the economic efficiency of oil and natural gas exploration, development and productionprograms, including without limitation, those that are not controlled and/or operated by TOTAL;
---	---
•	uncertainties about estimates of changes in proven and potential reserves and the capabilities of productionfacilities;
---	---
•	uncertainties about the ability to control unit costs in exploration, production, refining and marketing(including refining margins) and chemicals;
---	---
•	changes in the current capital expenditure plans of TOTAL;
---	---
•	the ability of TOTAL to realize anticipated cost savings, synergies and operating efficiencies;
---	---
•	the financial resources of competitors;
---	---
•	changes in laws and regulations, including tax and environmental laws and industrial safety regulations;
---	---
•	the quality of future opportunities that may be presented to or pursued by TOTAL;
---	---
•	the ability to generate cash flow or obtain financing to fund growth and the cost of such financing andliquidity conditions in the capital markets generally;
---	---
•	the ability to obtain governmental or regulatory approvals;
---	---
•	the ability to respond to challenges in international markets, including political or economic conditions,including international armed conflict, and trade and regulatory matters;
---	---
•	the ability to complete and integrate appropriate acquisitions, strategic alliances and joint ventures;
---	---
•	changes in the political environment that adversely affect exploration, production licenses and contractualrights or impose minimum drilling obligations, price controls, nationalization or expropriation, and regulation of refining and marketing, chemicals and power generating activities;
---	---
•	the possibility that other unpredictable events such as labor disputes or industrial accidents will adverselyaffect the business of TOTAL; and
---	---
•	the risk that TOTAL will inadequately hedge the price of crude oil or finished products.
---	---

For additional factors, you should read the information set forth under “Item 3.-3.2 Risk Factors”, “Item 4. Information on the Company”, “Item 5. Operating and Financial Review and Prospects” and “Item 11. Quantitative and Qualitative Disclosures aboutMarket Risk” in TOTAL’s Form 20-F for the year ended December 31, 2018.

OPERATING INFORMATION BY SEGMENT

•	Group production (EP + iGRP)
4Q19		3Q19		4Q18		4Q19 vs4Q18			Combined liquids and gas production by region(kboe/d)	2019		2018		2019 vs.2018
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
****	1,102		1,004		997		+11	%	Europe and Central Asia	****	1,023		909		+13	%
****	703		733		661		+6	%	Africa	****	705		670		+5	%
****	701		720		655		+7	%	Middle East and North Africa	****	702		666		+6	%
****	368		363		386		-5	%	Americas	****	365		389		-6	%
****	239		221		176		+36	%	Asia-Pacific	****	219		141		+55	%
****	3,113		3,040		2,876		+8	%	Total production	****	3,014		2,775		+9	%
****	768		698		699		+10	%	• includes equity affiliates	****	731		671		+9	%
4Q19		3Q19		4Q18		4Q19 vs4Q18			Liquids production by region (kb/d)	2019		2018		2019 vs.2018
****	373		367		363		+3	%	Europe and Central Asia	****	355		334		+6	%
****	560		583		509		+10	%	Africa	****	558		513		+9	%
****	560		562		503		+11	%	Middle East and North Africa	****	548		520		+5	%
****	171		163		191		-11	%	Americas	****	168		183		-8	%
****	50		44		22		x2.2		Asia-Pacific	****	44		16		x2.7
****	1,714		1,720		1,589		+8	%	Total production	****	1,672		1,566		+7	%
****	212		210		231		-8	%	• includes equity affiliates	****	216		247		-13	%
4Q19		3Q19		4Q18		4Q19 vs4Q18			Gas production by region (Mcf/d)	2019		2018		2019 vs.2018
****	3,887		3,431		3,416		+14	%	Europe and Central Asia	****	3,596		3,100		+16	%
****	904		768		738		+22	%	Africa	****	792		785		+1	%
****	792		866		843		-6	%	Middle East and North Africa	****	857		806		+6	%
****	1,109		1,124		1,094		+1	%	Americas	****	1,110		1,160		-4	%
****	571		1,210		903		-37	%	Asia-Pacific	****	1,009		748		+35	%
****	7,263		7,399		6,994		+4	%	Total production	****	7,364		6,599		+12	%
****	3,179		2,635		2,524		+26	%	• includes equity affiliates	****	2,834		2,281		+24	%
•	Downstream (Refining & Chemicals and Marketing & Services)
---	---
4Q19		3Q19		4Q18		4Q19 vs4Q18			Petroleum product sales by region (kb/d)	2019		2018		2019 vs.2018
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
****	1,993		1,999		2,062		-3	%	Europe	****	2,008		1,984		+1	%
****	737		677		778		-5	%	Africa	****	706		736		-4	%
****	763		920		767		—		Americas	****	842		827		+2	%
****	526		541		531		-1	%	Rest of world	****	555		606		-8	%
****	4,019		4,136		4,138		-3	%	Total consolidated sales	****	4,110		4,153		-1	%
****	508		544		593		-14	%	• includes bulk sales	****	536		575		-7	%
****	1,676		1,745		1,759		-5	%	• includes trading	****	1,730		1,777		-3	%

ADJUSTMENT ITEMS

•	Adjustment items to net income (Group share)
4Q19			3Q19			4Q18			in millions of dollars	2019			2018
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
****	(666	)		(156	)		(1,026	)	Special items affecting net income (Group share)	****	(892	)		(1,731	)
****	—	****		—			(2	)	• Gain (loss) on asset sales	****	—	****		(16	)
****	(5	)		(20	)		(32	)	• Restructuring charges	****	(58	)		(138	)
****	(248	)		(160	)		(1,259	)	• Impairments	****	(465	)		(1,595	)
****	(413	)		24			267		• Other	****	(369	)		18
****	57	****		(71	)		(1,052	)	After-tax inventory effect: FIFO vs. replacement cost	****	346	****		(420	)
****	44	****		10			46		Effect of changes in fair value	****	(15	)		38
****	(565	)		(217	)		(2,032	)	Total adjustments affecting net income	****	(561	)		(2,113	)

INVESTMENTS — DIVESTMENTS

4Q19									in millions of dollars	2019
****	4,291	****	3,296		4,459		-4	%	Organic investments (a)	****	13,397	****	12,427		+8	%
****	136	****	152		306		-56	%	• capitalized exploration	****	705	****	711		-1	%
****	319	****	242		160		+99	%	• increase in non-current<br>loans	****	1,061	****	618		+72	%
****	(102	)	(61	)	(382	)	n/a		• repayment of non-current loans,<br>excluding organic loan repayment from equity affiliates*	****	(551	)	(2,067	)	n/a
****	—	****	(109	)	—		n/a		• change in debt from renewables project financing (Group share)	****	(109	)	—		n/a
****	266	****	4,429		349		-24	%	Acquisitions (b)	****	5,980	****	7,692		-22	%
****	357	****	1,007		2,101		-83	%	Asset sales (c)	****	1,939	****	5,172		-63	%
****	—	****	105		—		n/a		• change in debt from renewables project financing (partner share)	****	105	****	—		n/a
****	(11	)	—		(1	)	n/a		Other transactions with non-controlling interests (d)	****	(11	)	(622	)	n/a
****	4,211	****	6,718		2,708		+55	%	Net investments (a+b-c-d)	****	17,449	****	15,568		+12	%
****	(275	)	(101	)	—		n/a		Organic loan repayment from equity affiliates* (e)	****	(475	)	—		n/a
****	—	****	214		—		n/a		Change in debt from renewables project financing** (f)	****	214	****	—		n/a
****	3,925	****	6,831		2,707		+45	%	Cash flow used in investing activities (a+b-c+e+f)	****	17,177	****	14,946		+15	%
*	Effective second quarter of 2019, organic loan repayments from equity affiliates are defined as loanrepayments from equity affiliates coming from their cash flow from operations.
---	---
**	Change in debt from renewables project financing (Group share) and change in debt from renewables projectfinancing (partner share).
---	---

CASH FLOW

4Q19									in millions of dollars	2019
****	7,372	****	7,385		6,095		+21	%	Operating cash flow before working capital changes w/o financial charges (DACF)	****	28,501	****	26,067		+9	%
****	(533	)	(532	)	(423	)	n/a		• Financial charges	****	(2,069	)	(1,538	)	n/a
****	6,839	****	6,853		5,672		+21	%	Operating cash flow before working capital changes (a)	****	26,432	****	24,529		+8	%
****	46	****	1,523		6,425		-99	%	• (Increase) decrease in working capital	****	(1,718	)	769		n/a
****	(11	)	(69	)	(1,457	)	n/a		• Inventory effect	****	446	****	(595	)	n/a
****	(275	)	(101	)	—		n/a		• Organic repayment of loans from equity affiliates	****	(475	)	—		n/a
****	6,599	****	8,206		10,640		-38	%	Cash flow from operations	****	24,685	****	24,703		—
****	4,291	****	3,296		4,459		-4	%	Organic investments (b)	****	13,397	****	12,427		+8	%
****	2,548	****	3,557		1,213		x2.1		Free cash flow after organic investments, w/o net asset sales(a-b)	****	13,035	****	12,102		+8	%
****	4,211	****	6,718		2,708		+55	%	Net investments (c)	****	17,449	****	15,568		+12	%
****	2,628	****	135		2,964		-11	%	Net cash flow (a-c)	****	8,983	****	8,961		—

GEARING RATIOS*

in millions of dollars	12/31/2019
Current borrowings	****	14,819	****	14,631		13,306
Net current financial assets	****	(3,505	)	(3,012	)	(3,176	)
Net financial assets classified as held for sale	****	301	****	—		(15	)
Non-current financial debt	****	47,773	****	47,923		40,129
Hedging instruments of non-current debt	****	(912	)	(767	)	(680	)
Cash and cash equivalents	****	(27,352	)	(27,454	)	(27,907	)
Net debt (a)	****	31,124	****	31,321		21,657
Shareholders’ equity – Group share	****	116,778	****	114,994		115,640
Non-controlling interests	****	2,527	****	2,319		2,474
Shareholders’ equity (b)	****	119,305	****	117,313		118,114
Net-debt-to-capital ratio = a/(a+b)	****	20.7	%	21.1	%	15.5	%
Net-debt-to-capital ratio excluding leases	****	16.7	%	17.2	%	14.3	%
*	Thenet-debt-to-capital ratio on December 31, 2019 and September 30, 2019 include the impact of the new IFRS 16 rule,effective January 1, 2019.
---	---

RETURN ON AVERAGE CAPITAL EMPLOYED

•	Full-year 2019
in millions of dollars	Exploration &Production		Integrated Gas,Renewables &Power		Refining &Chemicals		Marketing& Services
---	---	---	---	---	---	---	---	---
Adjusted net operating income		7,509		2,389		3,003		1,653
Capital employed at 12/31/2018*		89,400		34,746		10,559		6,442
Capital employed at 12/31/2019*		88,844		41,549		12,228		8,371
ROACE	****	8.4%	****	6.3%	****	26.3%	****	22.3%
•	Twelve months ended September 30, 2019
---	---
in millions of dollars	Exploration &Production		Integrated Gas,Renewables &Power		Refining &Chemicals		Marketing& Services
---	---	---	---	---	---	---	---	---
Adjusted net operating income		7,454		2,271		3,323		1,512
Capital employed at 09/30/2018*		92,104		36,587		12,884		6,841
Capital employed at 09/30/2019*		88,560		41,516		11,658		7,570
ROACE	****	8.3%	****	5.8%	****	27.1%	****	21.0%
*	At replacement cost (excluding after-tax inventory effect). <br>
---	---

MAIN INDICATORS

	/	Brent (/b)	Average liquidsprice* (/b)	Average gas price*(/Mbtu)	Variable cost margin,European refining** (/t)
Fourth quarter 2019
Third quarter 2019
Second quarter 2019
First quarter 2019
Fourth quarter 2018

All values are in US Dollars.

*	Sales in $ / sales in volume for consolidated subsidiaries (excluding stock value variation).<br>
**	This indicator represents the average margin on variable costs realized by TOTAL’s European refiningbusiness (equal to the difference between the sales of refined products realized by TOTAL’s European refining and the crude purchases as well as associated variable costs, divided by refinery throughput in tons).
---	---

Disclaimer: data is based on TOTAL’s reporting and is not audited. To the extent permitted by law, TOTAL S.A. disclaims all liability from the use of the restated main indicators.

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)

			3^rd^ quarter			4^th^ quarter
(M)(a)			2019			2018
Sales	49,280	****	****	48,589	****	****	52,495	****
Excise taxes	(5,895	)		(6,051	)		(6,183	)
Revenues from sales	43,385			42,538			46,312
Purchases, net of inventory variation	(28,212	)		(27,898	)		(33,420	)
Other operating expenses	(7,090	)		(6,362	)		(6,913	)
Exploration costs	(231	)		(96	)		(201	)
Depreciation, depletion and impairment of tangible assets and mineral<br>interests	(4,431	)		(4,173	)		(4,362	)
Other income	428			167			482
Other expense	(235	)		(559	)		(315	)
Financial interest on debt	(606	)		(598	)		(529	)
Financial income and expense from cash & cash equivalents	51			—			(30	)
Cost of net debt	(555	)		(598	)		(559	)
Other financial income	143			163			269
Other financial expense	(203	)		(178	)		(185	)
Net income (loss) from equity affiliates	502			1,381			665
Income taxes	(852	)		(1,540	)		(593	)
Consolidated net income	2,649	****	****	2,845	****	****	1,180	****
Group share	2,600			2,800			1,132
Non-controlling interests	49			45			48
Earnings per share ()	0.98			1.05			0.40
Fully-diluted earnings per share ()	0.97			1.04			0.40

All values are in US Dollars.

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(unaudited)

	4^th^ quarter			3^rd^ quarter			4^th^ quarter
(M$)	2019			2019			2018
Consolidated net income	****	2,649	****	****	2,845	****	****	1,180	****
Other comprehensive income
Actuarial gains and losses		(138	)		5			(112	)
Change in fair value of investments in equity instruments		16			19			(3	)
Tax effect		40			(1	)		44
Currency translation adjustment generated by the parent company		2,461			(3,520	)		(881	)
Items not potentially reclassifiable to profit and loss		2,379			(3,497	)		(952	)
Currency translation adjustment		(654	)		1,207			52
Cash flow hedge		(24	)		(202	)		(285	)
Variation of foreign currency basis spread		(49	)		(4	)		(14	)
Share of other comprehensive income of equity affiliates, net amount		82			73			(266	)
Other		1			(6	)		(1	)
Tax effect		26			69			98
Items potentially reclassifiable to profit and loss		(618	)		1,137			(416	)
Total other comprehensive income (net amount)	****	1,761	****	****	(2,360	)	****	(1,368	)
Comprehensive income	****	4,410	****	****	485	****	****	(188	)
Group share		4,319			462			(221	)
Non-controlling interests		91			23			33

CONSOLIDATED STATEMENT OF INCOME

TOTAL

			Year
			2018
(M)(a)
Sales	200,316	****	****	209,363	****
Excise taxes	(24,067	)		(25,257	)
Revenues from sales	176,249			184,106
Purchases, net of inventory variation	(116,221	)		(125,816	)
Other operating expenses	(27,255	)		(27,484	)
Exploration costs	(785	)		(797	)
Depreciation, depletion and impairment of tangible assets and mineral interests	(15,731	)		(13,992	)
Other income	1,163			1,838
Other expense	(1,192	)		(1,273	)
Financial interest on debt	(2,333	)		(1,933	)
Financial income and expense from cash & cash equivalents	(19	)		(188	)
Cost of net debt	(2,352	)		(2,121	)
Other financial income	792			1,120
Other financial expense	(764	)		(685	)
Net income (loss) from equity affiliates	3,406			3,170
Income taxes	(5,872	)		(6,516	)
Consolidated net income	11,438	****	****	11,550	****
Group share	11,267			11,446
Non-controlling interests	171			104
Earnings per share ()	4.20			4.27
Fully-diluted earnings per share ()	4.17			4.24

All values are in US Dollars.

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

	Year			Year
	2019			2018
(M$)	(unaudited)
Consolidated net income	****	11,438	****	****	11,550	****
Other comprehensive income
Actuarial gains and losses		(192	)		(12	)
Change in fair value of investments in equity instruments		142			—
Tax effect		53			13
Currency translation adjustment generated by the parent company		(1,533	)		(4,022	)
Items not potentially reclassifiable to profit and loss		(1,530	)		(4,021	)
Currency translation adjustment		740			1,113
Cash flow hedge		(599	)		25
Variation of foreign currency basis spread		1			(80	)
Share of other comprehensive income of equity affiliates, net amount		408			(540	)
Other		(3	)		(5	)
Tax effect		202			14
Items potentially reclassifiable to profit and loss		749			527
Total other comprehensive income (net amount)	****	(781	)	****	(3,494	)
Comprehensive income	****	10,657	****	****	8,056	****
Group share		10,418			8,021
Non-controlling interests		239			35

CONSOLIDATED BALANCE SHEET

TOTAL

	December<br><br><br>31, 2019			September<br><br><br>30, 2019			December 31,2018
(M$)	(unaudited)			(unaudited)
ASSETS
Non-current assets
Intangible assets, net		33,178			31,539			28,922
Property, plant and equipment, net		116,408			116,900			113,324
Equity affiliates: investments and loans		27,122			27,172			23,444
Other investments		1,778			1,738			1,421
Non-current financial assets		912			767			680
Deferred income taxes		6,216			5,689			6,663
Other non-current assets		2,415			2,264			2,509
Total non-current assets	****	188,029	****	****	186,069	****	****	176,963	****
Current assets
Inventories, net		17,132			16,226			14,880
Accounts receivable, net		18,488			18,568			17,270
Other current assets		17,013			14,925			14,724
Current financial assets		3,992			3,781			3,654
Cash and cash equivalents		27,352			27,454			27,907
Assets classified as held for sale		1,288			418			1,364
Total current assets	****	85,265	****	****	81,372	****	****	79,799	****
Total assets	****	273,294	****	****	267,441	****	****	256,762	****
LIABILITIES & SHAREHOLDERS’ EQUITY
Shareholders’ equity
Common shares		8,123			8,300			8,227
Paid-in surplus and retained earnings		121,170			123,805			120,569
Currency translation adjustment		(11,503	)		(13,297	)		(11,313	)
Treasury shares		(1,012	)		(3,814	)		(1,843	)
Total shareholders’ equity - Group share	****	116,778	****	****	114,994	****	****	115,640	****
Non-controlling interests	****	2,527	****	****	2,319	****	****	2,474	****
Total shareholders’ equity	****	119,305	****	****	117,313	****	****	118,114	****
Non-current liabilities
Deferred income taxes		11,858			11,333			11,490
Employee benefits		3,501			3,273			3,363
Provisions and other non-current liabilities		20,613			20,903			21,432
Non-current financial debt		47,773			47,923			40,129
Total non-current liabilities	****	83,745	****	****	83,432	****	****	76,414	****
Current liabilities
Accounts payable		28,394			26,237			26,134
Other creditors and accrued liabilities		25,749			24,728			22,246
Current borrowings		14,819			14,631			13,306
Other current financial liabilities		487			769			478
Liabilities directly associated with the assets classified as held for sale		795			331			70
Total current liabilities	****	70,244	****	****	66,696	****	****	62,234	****
Total liabilities & shareholders’ equity	****	273,294	****	****	267,441	****	****	256,762	****

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(unaudited)

(M$)	4^th^ quarter2019			3^rd^ quarter2019			4^th^ quarter2018
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		2,649			2,845			1,180
Depreciation, depletion, amortization and impairment		4,624			4,242			4,553
Non-current liabilities, valuation allowances and deferred<br>taxes		(672	)		235			(1,356	)
(Gains) losses on disposals of assets		(176	)		(74	)		(390	)
Undistributed affiliates’ equity earnings		267			(876	)		147
(Increase) decrease in working capital		46			1,523			6,425
Other changes, net		(139	)		311			81
Cash flow from operating activities	****	6,599	****	****	8,206	****	****	10,640	****
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(4,015	)		(2,210	)		(4,550	)
Acquisitions of subsidiaries, net of cash acquired		(155	)		(4,385	)		49
Investments in equity affiliates and other securities		(170	)		(258	)		(529	)
Increase in non-current loans		(319	)		(242	)		(160	)
Total expenditures	****	(4,659	)	****	(7,095	)	****	(5,190	)
Proceeds from disposals of intangible assets and property, plant and equipment		301			63			1,321
Proceeds from disposals of subsidiaries, net of cash sold		13			(1	)		27
Proceeds from disposals of non-current<br>investments		43			40			753
Repayment of non-current loans		377			162			382
Total divestments	****	734	****	****	264	****	****	2,483	****
Cash flow used in investing activities	****	(3,925	)	****	(6,831	)	****	(2,707	)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
• Parent company shareholders		1			1			—
• Treasury shares		(620	)		(420	)		(1,744	)
Dividends paid:
• Parent company shareholders		(1,876	)		—			(705	)
• Non-controlling interests		(1	)		(21	)		(4	)
Net issuance (repayment) of perpetual subordinated notes		—			—			—
Payments on perpetual subordinated notes		(56	)		—			(59	)
Other transactions with non-controlling interests		160			—			(1	)
Net issuance (repayment) of non-current debt		84			4,466			931
Increase (decrease) in current borrowings		(1,131	)		(3,209	)		(2,994	)
Increase (decrease) in current financial assets and liabilities		(168	)		(310	)		(242	)
Cash flow from (used in) financing activities	****	(3,607	)	****	507	****	****	(4,818	)
Net increase (decrease) in cash and cash equivalents	****	(933	)	****	1,882	****	****	3,115	****
Effect of exchange rates		831			(1,151	)		(460	)
Cash and cash equivalents at the beginning of the period		27,454			26,723			25,252
Cash and cash equivalents at the end of the period	****	27,352	****	****	27,454	****	****	27,907	****

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

	Year<br><br><br>2019			Year2018
(M$)	(unaudited)
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		11,438			11,550
Depreciation, depletion, amortization and impairment		16,401			14,584
Non-current liabilities, valuation allowances and deferred<br>taxes		(58	)		(887	)
(Gains) losses on disposals of assets		(614	)		(930	)
Undistributed affiliates’ equity earnings		(1,083	)		(826	)
(Increase) decrease in working capital		(1,718	)		769
Other changes, net		319			443
Cash flow from operating activities	****	24,685	****	****	24,703	****
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(11,810	)		(17,080	)
Acquisitions of subsidiaries, net of cash acquired		(4,748	)		(3,379	)
Investments in equity affiliates and other securities		(1,618	)		(1,108	)
Increase in non-current loans		(1,061	)		(618	)
Total expenditures	****	(19,237	)	****	(22,185	)
Proceeds from disposals of intangible assets and property, plant and equipment		527			3,716
Proceeds from disposals of subsidiaries, net of cash sold		158			12
Proceeds from disposals of non-current<br>investments		349			1,444
Repayment of non-current loans		1,026			2,067
Total divestments	****	2,060	****	****	7,239	****
Cash flow used in investing activities	****	(17,177	)	****	(14,946	)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
• Parent company shareholders		452			498
• Treasury shares		(2,810	)		(4,328	)
Dividends paid:
• Parent company shareholders		(6,641	)		(4,913	)
• Non-controlling interests		(115	)		(97	)
Net issuance (repayment) of perpetual subordinated notes		—			—
Payments on perpetual subordinated notes		(371	)		(325	)
Other transactions with non-controlling interests		10			(622	)
Net issuance (repayment) of non-current debt		8,131			649
Increase (decrease) in current borrowings		(5,829	)		(3,990	)
Increase (decrease) in current financial assets and liabilities		(536	)		(797	)
Cash flow from (used in) financing activities	****	(7,709	)	****	(13,925	)
Net increase (decrease) in cash and cash equivalents	****	(201	)	****	(4,168	)
Effect of exchange rates		(354	)		(1,110	)
Cash and cash equivalents at the beginning of the period		27,907			33,185
Cash and cash equivalents at the end of the period	****	27,352	****	****	27,907	****

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

TOTAL

(Unaudited: Year 2019)

	Common shares issued						Paid-insurplusandretainedearnings			Currencytranslationadjustment			Treasury shares					Shareholders’equity - Groupshare			Non-controllinginterests			Totalshareholders’equity
(M$)	Number			Amount							Number				Amount
As of January 1, 2018	****	2,528,989,616	****	****	7,882	****	****	112,040	****	****	(7,908	)	****	(8,376,756	)	(458	)	****	111,556	****	****	2,481	****	****	114,037	****
Net income 2018		—			—			11,446			—			—		—			11,446			104			11,550
Other comprehensive Income		—			—			(20	)		(3,405	)		—		—			(3,425	)		(69	)		(3,494	)
Comprehensive Income	****	—	****	****	—	****	****	11,426	****	****	(3,405	)	****	—	****	—	****	****	8,021	****	****	35	****	****	8,056	****
Dividend		—			—			(7,881	)		—			—		—			(7,881	)		(97	)		(7,978	)
Issuance of common shares		156,203,090			476			8,366			—			—		—			8,842			—			8,842
Purchase of treasury shares		—			—			—			—			(72,766,481	)	(4,328	)		(4,328	)		—			(4,328	)
Sale of treasury shares^(1)^		—			—			(240	)		—			4,079,257		240			—			—			—
Share-based payments		—			—			294			—			—		—			294			—			294
Share cancellation		(44,590,699	)		(131	)		(2,572	)		—			44,590,699		2,703			—			—			—
Net issuance (repayment) of perpetual subordinated notes		—			—			—			—			—		—			—			—			—
Payments on perpetual subordinated notes		—			—			(315	)		—			—		—			(315	)		—			(315	)
Other operations with non-controlling interests		—			—			(517	)		—			—		—			(517	)		(99	)		(616	)
Other items		—			—			(32	)		—			—		—			(32	)		154			122
As of December 31, 2018	****	2,640,602,007	****	****	8,227	****	****	120,569	****	****	(11,313	)	****	(32,473,281	)	(1,843	)	****	115,640	****	****	2,474	****	****	118,114	****
Net income 2019		—			—			11,267			—			—		—			11,267			171			11,438
Other comprehensive Income		—			—			(659	)		(190	)		—		—			(849	)		68			(781	)
Comprehensive Income	****	—	****	****	—	****	****	10,608	****	****	(190	)	****	—	****	—	****	****	10,418	****	****	239	****	****	10,657	****
Dividend		—			—			(7,730	)		—			—		—			(7,730	)		(115	)		(7,845	)
Issuance of common shares		26,388,503			74			1,265			—			—		—			1,339			—			1,339
Purchase of treasury shares		—			—			—			—			(52,389,336	)	(2,810	)		(2,810	)		—			(2,810	)
Sale of treasury shares^(1)^		—			—			(219	)		—			4,278,948		219			—			—			—
Share-based payments		—			—			207			—			—		—			207			—			207
Share cancellation		(65,109,435	)		(178	)		(3,244	)		—			65,109,435		3,422			—			—			—
Net issuance (repayment) of perpetual subordinated notes		—			—			(4	)		—			—		—			(4	)		—			(4	)
Payments on perpetual subordinated notes		—			—			(353	)		—			—		—			(353	)		—			(353	)
Other operations with non-controlling interests		—			—			55			—			—		—			55			(42	)		13
Other items		—			—			16			—			—		—			16			(29	)		(13	)
As of December 31, 2019	****	2,601,881,075	****	****	8,123	****	****	121,170	****	****	(11,503	)	****	(15,474,234	)	(1,012	)	****	116,778	****	****	2,527	****	****	119,305	****

^(1)^ Treasury shares related tothe restricted stock grants.

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4^th^ quarter 2019<br><br><br>(M$)	Exploration<br>&<br>Production			Integrated Gas,Renewables<br>& Power			Refining<br>&Chemicals			Marketing<br>&<br>Services			Corporate			Intercompany			Total
Non-Group sales		1,563			4,292			22,040			21,379			6			—			49,280
Intersegment sales		8,266			993			7,739			203			47			(17,248	)		—
Excise taxes		—			—			(765	)		(5,130	)		—			—			(5,895	)
Revenues from sales	****	9,829	****	****	5,285	****	****	29,014	****	****	16,452	****	****	53	****	****	(17,248	)	****	43,385	****
Operating expenses		(4,156	)		(4,471	)		(28,084	)		(15,714	)		(356	)		17,248			(35,533	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,307	)		(488	)		(351	)		(263	)		(22	)		—			(4,431	)
Operating income	****	2,366	****	****	326	****	****	579	****	****	475	****	****	(325	)	****	—	****	****	3,421	****
Net income (loss) from equity affiliates and other items		166			391			57			15			6			—			635
Tax on net operating income		(893	)		104			(3	)		(100	)		(39	)		—			(931	)
Net operating income	****	1,639	****	****	821	****	****	633	****	****	390	****	****	(358	)	****	—	****	****	3,125	****
Net cost of net debt																				(476	)
Non-controlling interests																				(49	)
Net income - group share																			****	2,600	****
4^th^ quarter 2019(adjustments)^(a)^<br><br><br>(M$)	Exploration<br>&Production			Integrated Gas,Renewables<br>& Power			Refining<br>&Chemicals			Marketing<br>&<br>Services			Corporate			Intercompany			Total
Non-Group sales		—			10			—			—			—			—			10
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales	****	—	****	****	10	****	****	—	****	****	—	****	****	—	****	****	—	****	****	10	****
Operating expenses		(45	)		(87	)		44			(102	)		(112	)		—			(302	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(525	)		(136	)		(9	)		—			—			—			(670	)
Operating income ^(b)^	****	(570	)	****	(213	)	****	35	****	****	(102	)	****	(112	)	****	—	****	****	(962	)
Net income (loss) from equity affiliates and other items		(22	)		(38	)		(13	)		(23	)		—			—			(96	)
Tax on net operating income		200			278			31			41			(73	)		—			477
Net operating income ^(b)^	****	(392	)	****	27	****	****	53	****	****	(84	)	****	(185	)	****	—	****	****	(581	)
Net cost of net debt																				(3	)
Non-controlling interests																				19
Net income - group share																			****	(565	)
^(a)^ Adjustments include special items, inventoryvaluation effect and the effect of changes in fair value.<br> <br>^(b)^ Of whichinventory valuation effect
On operating income		—			—			85			(96	)		—
On net operating income		—			—			117			(60	)		—
4^th^quarter 2019 (adjusted)<br><br><br>(M$)	Exploration&Production			Integrated Gas,Renewables<br>& Power			Refining<br>&Chemicals			Marketing<br>&<br>Services			Corporate			Intercompany			Total
Non-Group sales		1,563			4,282			22,040			21,379			6			—			49,270
Intersegment sales		8,266			993			7,739			203			47			(17,248	)		—
Excise taxes		—			—			(765	)		(5,130	)		—			—			(5,895	)
Revenues from sales	****	9,829	****	****	5,275	****	****	29,014	****	****	16,452	****	****	53	****	****	(17,248	)	****	43,375	****
Operating expenses		(4,111	)		(4,384	)		(28,128	)		(15,612	)		(244	)		17,248			(35,231	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,782	)		(352	)		(342	)		(263	)		(22	)		—			(3,761	)
Adjusted operating income	****	2,936	****	****	539	****	****	544	****	****	577	****	****	(213	)	****	—	****	****	4,383	****
Net income (loss) from equity affiliates and other items		188			429			70			38			6			—			731
Tax on net operating income		(1,093	)		(174	)		(34	)		(141	)		34			—			(1,408	)
Adjusted net operating income	****	2,031	****	****	794	****	****	580	****	****	474	****	****	(173	)	****	—	****	****	3,706	****
Net cost of net debt																				(473	)
Non-controlling interests																				(68	)
Adjusted net income - group share																			****	3,165	****
4^th^ quarter 2019<br><br><br>(M$)	Exploration&Production			Integrated Gas,Renewables<br>& Power			Refining<br>&Chemicals			Marketing<br>&<br>Services			Corporate			Intercompany			Total
Total expenditures		2,633			747			664			571			44			—			4,659
Total divestments		256			342			69			62			5			—			734
Cash flow from operating activities		4,206			1,527			1,142			278			(554	)		—			6,599

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited) ****

3^rd^ quarter 2019<br><br><br>(M$)	Exploration&Production			Integrated Gas,Renewables<br>& Power			Refining<br>&Chemicals			Marketing<br>&<br>Services			Corporate			Intercompany			Total
Non-Group sales		1,631			3,667			21,338			21,951			2			—			48,589
Intersegment sales		7,761			573			8,341			155			15			(16,845	)		—
Excise taxes		—			—			(713	)		(5,338	)		—			—			(6,051	)
Revenues from sales	****	9,392	****	****	4,240	****	****	28,966	****	****	16,768	****	****	17	****	****	(16,845	)	****	42,538	****
Operating expenses		(3,999	)		(3,558	)		(27,518	)		(15,963	)		(163	)		16,845			(34,356	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,136	)		(361	)		(413	)		(247	)		(16	)		—			(4,173	)
Operating income	****	2,257	****	****	321	****	****	1,035	****	****	558	****	****	(162	)	****	—	****	****	4,009	****
Net income (loss) from equity affiliates and other items		77			898			5			(15	)		9			—			974
Tax on net operating income		(1,094	)		(222	)		(221	)		(164	)		70			—			(1,631	)
Net operating income	****	1,240	****	****	997	****	****	819	****	****	379	****	****	(83	)	****	—	****	****	3,352	****
Net cost of net debt																				(507	)
Non-controlling interests																				(45	)
Net income - group share																			****	2,800	****
3^rd^ quarter 2019(adjustments)^(a)^<br> <br>(M$)	Exploration&Production			Integrated Gas,Renewables<br>& Power			Refining<br>&Chemicals			Marketing<br>& Services			Corporate			Intercompany			Total
Non-Group sales		—			12			—			—			—			—			12
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales	****	—	****	****	12	****	****	—	****	****	—	****	****	—	****	****	—	****	****	12	****
Operating expenses		(100	)		(41	)		(96	)		22			—			—			(215	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(153	)		(9	)		(22	)		(2	)		—			—			(186	)
Operating income ^(b)^	****	(253	)	****	(38	)	****	(118	)	****	20	****	****	—	****	****	—	****	****	(389	)
Net income (loss) from equity affiliates and other items		(90	)		599			(23	)		(53	)		—			—			433
Tax on net operating income		(151	)		(138	)		8			(1	)		—			—			(282	)
Net operating income ^(b)^	****	(494	)	****	423	****	****	(133	)	****	(34	)	****	—	****	****	—	****	****	(238	)
Net cost of net debt																				(4	)
Non-controlling interests																				25
Net income - group share																			****	(217	)
^(a)^ Adjustments include special items, inventoryvaluation effect and the effect of changes in fair value.<br> <br>^(b)^ Of whichinventory valuation effect
On operating income		—			—			(94	)		25			—
On net operating income		—			—			(90	)		19			—
3^rd^quarter 2019 (adjusted)<br><br><br>(M$)	Exploration&Production			Integrated Gas,Renewables<br>& Power			Refining<br>&Chemicals			Marketing<br>&<br>Services			Corporate			Intercompany			Total
Non-Group sales		1,631			3,655			21,338			21,951			2			—			48,577
Intersegment sales		7,761			573			8,341			155			15			(16,845	)		—
Excise taxes		—			—			(713	)		(5,338	)		—			—			(6,051	)
Revenues from sales	****	9,392	****	****	4,228	****	****	28,966	****	****	16,768	****	****	17	****	****	(16,845	)	****	42,526	****
Operating expenses		(3,899	)		(3,517	)		(27,422	)		(15,985	)		(163	)		16,845			(34,141	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,983	)		(352	)		(391	)		(245	)		(16	)		—			(3,987	)
Adjusted operating income	****	2,510	****	****	359	****	****	1,153	****	****	538	****	****	(162	)	****	—	****	****	4,398	****
Net income (loss) from equity affiliates and other items		167			299			28			38			9			—			541
Tax on net operating income		(943	)		(84	)		(229	)		(163	)		70			—			(1,349	)
Adjusted net operating income	****	1,734	****	****	574	****	****	952	****	****	413	****	****	(83	)	****	—	****	****	3,590	****
Net cost of net debt																				(503	)
Non-controlling interests																				(70	)
Adjusted net income - group share																			****	3,017	****
3^rd^ quarter 2019<br><br><br>(M$)	Exploration<br>&Production		Integrated Gas,Renewables<br>& Power		Refining<br>&Chemicals		Marketing<br>&<br>Services		Corporate			Intercompany		Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Total expenditures		2,077		4,331		386		276		25			—		7,095
Total divestments		23		192		14		30		5			—		264
Cash flow from operating activities		5,007		401		1,575		1,483		(260	)		—		8,206

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited) ****

4^th^ quarter 2018<br><br><br>(M$)	Exploration<br>&<br>Production			Integrated Gas,<br>Renewables<br>& Power			Refining<br>&<br>Chemicals			Marketing<br>&<br>Services			Corporate			Intercompany			Total
Non-Group sales		2,119			3,781			23,365			23,226			4			—			52,495
Intersegment sales		7,659			662			8,786			246			18			(17,371	)		—
Excise taxes		—			—			(822	)		(5,361	)		—			—			(6,183	)
Revenues from sales	****	9,778	****	****	4,443	****	****	31,329	****	****	18,111	****	****	22	****	****	(17,371	)	****	46,312	****
Operating expenses		(4,540	)		(3,896	)		(31,552	)		(17,671	)		(246	)		17,371			(40,534	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,046	)		(807	)		(311	)		(187	)		(11	)		—			(4,362	)
Operating income	****	2,192	****	****	(260	)	****	(534	)	****	253	****	****	(235	)	****	—	****	****	1,416	****
Net income (loss) from equity affiliates and other items		339			399			144			5			29			—			916
Tax on net operating income		(798	)		(79	)		230			(69	)		48			—			(668	)
Net operating income	****	1,733	****	****	60	****	****	(160	)	****	189	****	****	(158	)	****	—	****	****	1,664	****
Net cost of net debt																				(484	)
Non-controlling interests																				(48	)
Net income - group share																			****	1,132	****
4^th^ quarter 2018(adjustments)^(a)^<br><br><br>(M$)	Exploration<br>&Production			Integrated Gas,<br>Renewables<br>& Power			Refining<br>&Chemicals			Marketing<br>&<br>Services			Corporate			Intercompany			Total
Non-Group sales		—			43			—			—			—			—			43
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales	****	—	****	****	43	****	****	—	****	****	—	****	****	—	****	****	—	****	****	43	****
Operating expenses		1			(72	)		(1,323	)		(197	)		—			—			(1,591	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(642	)		(580	)		(2	)		—			—			—			(1,224	)
Operating income ^(b)^	****	(641	)	****	(609	)	****	(1,325	)	****	(197	)	****	—	****	****	—	****	****	(2,772	)
Net income (loss) from equity affiliates and other items		—			(207	)		(150	)		(5	)		—			—			(362	)
Tax on net operating income		398			200			415			58			—			—			1,071
Net operating income ^(b)^	****	(243	)	****	(616	)	****	(1,060	)	****	(144	)	****	—	****	****	—	****	****	(2,063	)
Net cost of net debt																				(4	)
Non-controlling interests																				35
Net income - group share																			****	(2,032	)
^(a)^ Adjustments include special items, inventoryvaluation effect and the effect of changes in fair value.<br> <br>^(b)^ Of whichinventory valuation effect
On operating income		—			—			(1,299	)		(158	)		—
On net operating income		—			—			(963	)		(113	)		—
4^th^quarter 2018 (adjusted)<br><br><br>(M$)	Exploration<br>&<br>Production			Integrated Gas,<br>Renewables<br>& Power			Refining<br>&<br>Chemicals			Marketing<br>&<br>Services			Corporate			Intercompany			Total
Non-Group sales		2,119			3,738			23,365			23,226			4			—			52,452
Intersegment sales		7,659			662			8,786			246			18			(17,371	)		—
Excise taxes		—			—			(822	)		(5,361	)		—			—			(6,183	)
Revenues from sales	****	9,778	****	****	4,400	****	****	31,329	****	****	18,111	****	****	22	****	****	(17,371	)	****	46,269	****
Operating expenses		(4,541	)		(3,824	)		(30,229	)		(17,474	)		(246	)		17,371			(38,943	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,404	)		(227	)		(309	)		(187	)		(11	)		—			(3,138	)
Adjusted operating income	****	2,833	****	****	349	****	****	791	****	****	450	****	****	(235	)	****	—	****	****	4,188	****
Net income (loss) from equity affiliates and other items		339			606			294			10			29			—			1,278
Tax on net operating income		(1,196	)		(279	)		(185	)		(127	)		48			—			(1,739	)
Adjusted net operating income	****	1,976	****	****	676	****	****	900	****	****	333	****	****	(158	)	****	—	****	****	3,727	****
Net cost of net debt																				(480	)
Non-controlling interests																				(83	)
Adjusted net income - group share																			****	3,164	****
4^th^ quarter 2018<br><br><br>(M$)	Exploration&Production			Integrated Gas,Renewables<br>& Power			Refining<br>&Chemicals			Marketing<br>&<br>Services			Corporate			Intercompany			Total
Total expenditures		3,160			685			668			627			50			—			5,190
Total divestments		538			1,419			482			38			6			—			2,483
Cash flow from operating activities		6,310			434			3,080			1,226			(410	)		—			10,640

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited) ****

Year 2019<br><br><br>(M$)	Exploration<br>&<br>Production			Integrated Gas,<br>Renewables<br>& Power			Refining<br>&Chemicals			Marketing<br>&<br>Services			Corporate			Intercompany			Total
Non-Group sales		7,261			18,167			87,598			87,280			10			—			200,316
Intersegment sales		31,329			2,825			32,390			659			125			(67,328	)		—
Excise taxes		—			—			(3,015	)		(21,052	)		—			—			(24,067	)
Revenues from sales	****	38,590	****	****	20,992	****	****	116,973	****	****	66,887	****	****	135	****	****	(67,328	)	****	176,249	****
Operating expenses		(16,389	)		(18,316	)		(112,104	)		(63,855	)		(925	)		67,328			(144,261	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(11,659	)		(1,492	)		(1,527	)		(980	)		(73	)		—			(15,731	)
Operating income	****	10,542	****	****	1,184	****	****	3,342	****	****	2,052	****	****	(863	)	****	—	****	****	16,257	****
Net income (loss) from equity affiliates and other items		610			2,330			322			101			42			—			3,405
Tax on net operating income		(4,572	)		(741	)		(470	)		(598	)		155			—			(6,226	)
Net operating income	****	6,580	****	****	2,773	****	****	3,194	****	****	1,555	****	****	(666	)	****	—	****	****	13,436	****
Net cost of net debt																				(1,998	)
Non-controlling interests																				(171	)
Net income - group share																			****	11,267	****
Year 2019 (adjustments)^(a)^<br><br><br>(M$)	Exploration<br>&Production			Integrated Gas,<br>Renewables<br>& Power			Refining<br>&Chemicals			Marketing<br>& Services			Corporate			Intercompany			Total
Non-Group sales		—			(64	)		—			—			—			—			(64	)
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales	****	—	****	****	(64	)	****	—	****	****	—	****	****	—	****	****	—	****	****	(64	)
Operating expenses		(145	)		(240	)		397			(40	)		(112	)		—			(140	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(721	)		(156	)		(41	)		(2	)		—			—			(920	)
Operating income ^(b)^	****	(866	)	****	(460	)	****	356	****	****	(42	)	****	(112	)	****	—	****	****	(1,124	)
Net income (loss) from equity affiliates and other items		(112	)		974			(83	)		(83	)		—			—			696
Tax on net operating income		49			(130	)		(82	)		27			(73	)		—			(209	)
Net operating income ^(b)^	****	(929	)	****	384	****	****	191	****	****	(98	)	****	(185	)	****	—	****	****	(637	)
Net cost of net debt		—			—			—			—			—			—			(15	)
Non-controlling interests		—			—			—			—			—			—			91
Net income - group share	****	—	****	****	—	****	****	—	****	****	—	****	****	—	****	****	—	****	****	(561	)
^(a)^ Adjustments include special items, inventoryvaluation effect and the effect of changes in fair value.<br> <br>^(b)^ Of whichinventory valuation effect
On operating income		—			—			477			(31	)		—
On net operating income		—			—			371			(14	)		—
Year 2019 (adjusted)<br><br><br>(M$)	Exploration&Production			Integrated Gas,<br>Renewables<br>& Power			Refining<br>&Chemicals			Marketing<br>&<br>Services			Corporate			Intercompany			Total
Non-Group sales		7,261			18,231			87,598			87,280			10			—			200,380
Intersegment sales		31,329			2,825			32,390			659			125			(67,328	)		—
Excise taxes		—			—			(3,015	)		(21,052	)		—			—			(24,067	)
Revenues from sales	****	38,590	****	****	21,056	****	****	116,973	****	****	66,887	****	****	135	****	****	(67,328	)	****	176,313	****
Operating expenses		(16,244	)		(18,076	)		(112,501	)		(63,815	)		(813	)		67,328			(144,121	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(10,938	)		(1,336	)		(1,486	)		(978	)		(73	)		—			(14,811	)
Adjusted operating income	****	11,408	****	****	1,644	****	****	2,986	****	****	2,094	****	****	(751	)	****	—	****	****	17,381	****
Net income (loss) from equity affiliates and other items		722			1,356			405			184			42			—			2,709
Tax on net operating income		(4,621	)		(611	)		(388	)		(625	)		228			—			(6,017	)
Adjusted net operating income	****	7,509	****	****	2,389	****	****	3,003	****	****	1,653	****	****	(481	)	****	—	****	****	14,073	****
Net cost of net debt																				(1,983	)
Non-controlling interests																				(262	)
Adjusted net income - group share																			****	11,828	****
Year 2019<br><br><br>(M$)	Exploration&Production			Integrated Gas,Renewables<br>& Power			Refining<br>&Chemicals			Marketing<br>&<br>Services			Corporate			Intercompany			Total
Total expenditures		8,992			7,053			1,698			1,374			120			—			19,237
Total divestments		368			1,108			322			249			13			—			2,060
Cash flow from operating activities		16,917			3,461			3,837			2,604			(2,134	)		—			24,685

BUSINESS SEGMENT INFORMATION

TOTAL

Year 2018<br><br><br>(M$)	Exploration&Production			Integrated Gas,Renewables<br>& Power			Refining<br>&Chemicals			Marketing<br>& Services			Corporate			Intercompany			Total
Non-Group sales		9,889			17,236			92,025			90,206			7			—			209,363
Intersegment sales		30,337			2,198			35,462			979			64			(69,040	)		—
Excise taxes		—			—			(3,359	)		(21,898	)		—			—			(25,257	)
Revenues from sales	****	40,226	****	****	19,434	****	****	124,128	****	****	69,287	****	****	71	****	****	(69,040	)	****	184,106	****
Operating expenses		(17,532	)		(17,679	)		(120,393	)		(66,737	)		(796	)		69,040			(154,097	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(10,192	)		(1,827	)		(1,222	)		(709	)		(42	)		—			(13,992	)
Operating income	****	12,502	****	****	(72	)	****	2,513	****	****	1,841	****	****	(767	)	****	—	****	****	16,017	****
Net income (loss) from equity affiliates and other items		1,365			1,639			782			307			77			—			4,170
Tax on net operating income		(5,770	)		(471	)		(445	)		(532	)		375			—			(6,843	)
Net operating income	****	8,097	****	****	1,096	****	****	2,850	****	****	1,616	****	****	(315	)	****	—	****	****	13,344	****
Net cost of net debt																				(1,794	)
Non-controlling interests																				(104	)
Net income - group share																			****	11,446	****
Year 2018 (adjustments)^(a)^<br><br><br>(M$)	Exploration&Production			Integrated Gas,Renewables<br>& Power			Refining<br>&Chemicals			Marketing<br>& Services			Corporate			Intercompany			Total
Non-Group sales		—			56			—			—			—			—			56
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales	****	—	****	****	56	****	****	—	****	****	—	****	****	—	****	****	—	****	****	56	****
Operating expenses		(199	)		(237	)		(616	)		(45	)		(9	)		—			(1,106	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(707	)		(1,065	)		(2	)		—			—			—			(1,774	)
Operating income ^(b)^	****	(906	)	****	(1,246	)	****	(618	)	****	(45	)	****	(9	)	****	—	****	****	(2,824	)
Net income (loss) from equity affiliates and other items		(128	)		(247	)		(116	)		(5	)		—			—			(496	)
Tax on net operating income		584			170			205			14			—			—			973
Net operating income ^(b)^	****	(450	)	****	(1,323	)	****	(529	)	****	(36	)	****	(9	)	****	—	****	****	(2,347	)
Net cost of net debt																				(67	)
Non-controlling interests																				301
Net income - group share																			****	(2,113	)
^(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		—			—			(589	)		(6	)		—
On net operating income		—			—			(413	)		(5	)		—
Year 2018 (adjusted)<br><br><br>(M$)	Exploration&Production			Integrated Gas,Renewables<br>& Power			Refining<br>&Chemicals			Marketing<br>& Services			Corporate			Intercompany			Total
Non-Group sales		9,889			17,180			92,025			90,206			7			—			209,307
Intersegment sales		30,337			2,198			35,462			979			64			(69,040	)		—
Excise taxes		—			—			(3,359	)		(21,898	)		—			—			(25,257	)
Revenues from sales	****	40,226	****	****	19,378	****	****	124,128	****	****	69,287	****	****	71	****	****	(69,040	)	****	184,050	****
Operating expenses		(17,333	)		(17,442	)		(119,777	)		(66,692	)		(787	)		69,040			(152,991	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(9,485	)		(762	)		(1,220	)		(709	)		(42	)		—			(12,218	)
Adjusted operating income	****	13,408	****	****	1,174	****	****	3,131	****	****	1,886	****	****	(758	)	****	—	****	****	18,841	****
Net income (loss) from equity affiliates and other items		1,493			1,886			898			312			77			—			4,666
Tax on net operating income		(6,354	)		(641	)		(650	)		(546	)		375			—			(7,816	)
Adjusted net operating income	****	8,547	****	****	2,419	****	****	3,379	****	****	1,652	****	****	(306	)	****	—	****	****	15,691	****
Net cost of net debt																				(1,727	)
Non-controlling interests																				(405	)
Adjusted net income - group share																			****	13,559	****
Year 2018<br><br><br>(M$)	Exploration&Production			Integrated Gas,Renewables<br>& Power			Refining<br>&Chemicals			Marketing<br>& Services			Corporate			Intercompany			Total
Total expenditures		13,789			5,032			1,781			1,458			125			—			22,185
Total divestments		3,674			2,209			919			428			9			—			7,239
Cash flow from operating activities		18,537			596			4,308			2,759			(1,497	)		—			24,703

Reconciliation of the information by business segment with consolidated financial statements

TOTAL

(unaudited)

4^th^ quarter 2019<br><br><br>(M$)	Adjusted			Adjustments^(a)^			Consolidatedstatement<br>of income
Sales	****	49,270	****	****	10	****	****	49,280	****
Excise taxes		(5,895	)		—			(5,895	)
Revenues from sales		43,375			10			43,385
Purchases, net of inventory variation		(28,126	)		(86	)		(28,212	)
Other operating expenses		(6,874	)		(216	)		(7,090	)
Exploration costs		(231	)		—			(231	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,761	)		(670	)		(4,431	)
Other income		256			172			428
Other expense		(133	)		(102	)		(235	)
Financial interest on debt		(603	)		(3	)		(606	)
Financial income and expense from cash & cash equivalents		51			—			51
Cost of net debt		(552	)		(3	)		(555	)
Other financial income		143			—			143
Other financial expense		(203	)		—			(203	)
Net income (loss) from equity affiliates		668			(166	)		502
Income taxes		(1,329	)		477			(852	)
Consolidated net income	****	3,233	****	****	(584	)	****	2,649	****
Group share		3,165			(565	)		2,600
Non-controlling interests		68			(19	)		49

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

4^th^ quarter 2018<br><br><br>(M$)	Adjusted			Adjustments^(a)^			Consolidatedstatement<br>of income
Sales	****	52,452	****	****	43	****	****	52,495	****
Excise taxes		(6,183	)		—			(6,183	)
Revenues from sales		46,269			43			46,312
Purchases, net of inventory variation		(31,944	)		(1,476	)		(33,420	)
Other operating expenses		(6,798	)		(115	)		(6,913	)
Exploration costs		(201	)		—			(201	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,138	)		(1,224	)		(4,362	)
Other income		425			57			482
Other expense		(124	)		(191	)		(315	)
Financial interest on debt		(525	)		(4	)		(529	)
Financial income and expense from cash & cash equivalents		(30	)		—			(30	)
Cost of net debt		(555	)		(4	)		(559	)
Other financial income		269			—			269
Other financial expense		(185	)		—			(185	)
Net income (loss) from equity affiliates		893			(228	)		665
Income taxes		(1,664	)		1,071			(593	)
Consolidated net income	****	3,247	****	****	(2,067	)	****	1,180	****
Group share		3,164			(2,032	)		1,132
Non-controlling interests		83			(35	)		48

(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

Year 2019<br> <br>(M$)<br><br><br>(unaudited)	Adjusted			Adjustments^(a)^			Consolidatedstatement<br>of income
Sales	****	200,380	****	****	(64	)	****	200,316	****
Excise taxes		(24,067	)		—			(24,067	)
Revenues from sales		176,313			(64	)		176,249
Purchases, net of inventory variation		(116,464	)		243			(116,221	)
Other operating expenses		(26,872	)		(383	)		(27,255	)
Exploration costs		(785	)		—			(785	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(14,811	)		(920	)		(15,731	)
Other income		876			287			1,163
Other expense		(455	)		(737	)		(1,192	)
Financial interest on debt		(2,318	)		(15	)		(2,333	)
Financial income and expense from cash & cash equivalents		(19	)		—			(19	)
Cost of net debt		(2,337	)		(15	)		(2,352	)
Other financial income		792			—			792
Other financial expense		(764	)		—			(764	)
Net income (loss) from equity affiliates		2,260			1,146			3,406
Income taxes		(5,663	)		(209	)		(5,872	)
Consolidated net income	****	12,090	****	****	(652	)	****	11,438	****
Group share		11,828			(561	)		11,267
Non-controlling interests		262			(91	)		171

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Year 2018<br><br><br>(M$)	Adjusted			Adjustments^(a)^			Consolidatedstatement<br>of income
Sales	****	209,307	****	****	56	****	****	209,363	****
Excise taxes		(25,257	)		—			(25,257	)
Revenues from sales		184,050			56			184,106
Purchases, net of inventory variation		(125,134	)		(682	)		(125,816	)
Other operating expenses		(27,060	)		(424	)		(27,484	)
Exploration costs		(797	)		—			(797	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(12,218	)		(1,774	)		(13,992	)
Other income		1,518			320			1,838
Other expense		(448	)		(825	)		(1,273	)
Financial interest on debt		(1,866	)		(67	)		(1,933	)
Financial income and expense from cash & cash equivalents		(188	)		—			(188	)
Cost of net debt		(2,054	)		(67	)		(2,121	)
Other financial income		1,120			—			1,120
Other financial expense		(685	)		—			(685	)
Net income (loss) from equity affiliates		3,161			9			3,170
Income taxes		(7,489	)		973			(6,516	)
Consolidated net income	****	13,964	****	****	(2,414	)	****	11,550	****
Group share		13,559			(2,113	)		11,446
Non-controlling interests		405			(301	)		104

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

EX-99.2

Exhibit 99.2

RECENT DEVELOPMENTS

TOTALproposes a final 2019 dividend of 0.68 €/share, an increase of 6%, and an annual dividend of 2.68 €/share for fiscal year 2019

The Board of Directors (the “Board of Directors”) of TOTAL S.A. (together with its direct and indirect consolidated companies located in or outside of France, “TOTAL” or the “Group”) met on February 5, 2020, and decided to propose to the Shareholders’ Meeting, which will be held on May 29, 2020, the distribution of a final dividend of 0.68 €/share for fiscal year 2019, an increase of 6% compared to the 2018 final dividend, in accordance with the shareholder return policy announced on September 24, 2019.

Given the first and second 2019 interim dividends of 0.66 €/share and the third 2019 interim dividend of 0.68 €/share decided by the Board of Directors, the annual dividend for the fiscal year 2019 will amount to 2.68 €/share, compared to 2.56 €/share for the fiscal year 2018, an increase of nearly 5%.

Hence, subject to approval at the Shareholders’ Meeting, shareholders and American Depositary Shares (ADS) holders will receive the final 2019 dividend in cash according to the following timetable:

	Shareholders	ADS holders
Ex-dividend date	June 29, 2020	June 25, 2020
Payment date	July 1^s^^t^, 2020	July 20, 2020

TOTAL sells its interest in the Fos Cavaou regasification terminal

On February 6, 2020, TOTAL announced the divestment of its 27.5% interest in Fosmax LNG to Elengy, Fosmax LNG’s shareholder with a 72.5% stake that exercised its preemption right, following a competitive sale process. Fosmax LNG operates the Fos Cavaou liquefied natural gas (LNG) terminal.

The consideration for the transaction is approximately $260 million, including the acquisition of a shareholder loan and excluding any earnouts. The sale of this non-strategic midstream infrastructure asset contributes to TOTAL’s objective of divesting $5 billion dollars for the period 2019-2020.

Following this transaction, the Group retains a regasification capacity of around 5.5 million tons per annum (mtpa) at the terminal, equivalent to approximately 90% of its overall capacity. TOTAL has regasification capacity of around 18 mtpa in Europe, enabling the Group to serve local market demand with LNG from multiple sources in its world-class portfolio.

India: TOTAL expands its partnership with Adani to renewables and acquires 50% of a 2 GW solar portfolio

On February 6, 2020, TOTAL announced the expansion of its partnership with Adani Group, India’s largest privately-owned energy and infrastructure conglomerate, as part of its strategy to develop renewable energies and in order to contribute to the growth of solar power generation in India.

The Indian government implemented a strong policy to support the renewable energy growth. The country’s capacity is expected to increase from its 81 gigawatts (GW) in 2019 to 225 GW by 2022.

TOTAL and Adani Green Energy Limited (AGEL) plan to create a 50/50 joint venture into which AGEL will transfer its solar assets in operation. These projects are expected to be operated over 11 Indian states and to have a cumulative capacity of over 2 GW. All the projects benefit from nearly 25-year power purchase agreements (PPA) with national and regional electricity distributors, at a fixed rate.

This transaction has a value of approximately $500 million and is in line with the Group’s objective of double-digit returns on renewable projects. This transaction remains subject to the approval of the relevant authorities.

Launch of a pilot plant to manufacture European batteries for electricvehicles

During French President Emmanuel Macron’s visit to the Saft Nersac plant near Angoulême, in the Nouvelle-Aquitaine region, on January 30, 2020, TOTAL, through its affiliate Saft, and PSA with Opel, announced their plan to combine their know-how to develop EV battery manufacturing activity in Europe. To that end, the partners intend to establish a joint venture named Automotive Cell Company (ACC).

The project will leverage cutting-edge R&D, notably provided by Saft, in order to expect starting production of EV batteries in 2023. The technology used will offer the highest level of energy performance, both in terms of range and charging time, and a lower carbon footprint than that of the competition, setting a new standard in Europe.

The first phase of the project focuses on R&D, including building a pilot plant on the land of Saft’s Nersac facility. The plant is expected to start up in mid-2021 and represents an investment of €200 million. The project will generate around 200 high-skilled jobs in France’s Nouvelle-Aquitaine region to develop, qualify and commercially scale up new, high-performance lithium-ion batteries.

This first phase will trigger the investment decision for a large-scale production plant (8 GWh initially, rising to 24 GWh later on) in the northern Hauts-de-France region, followed by a second one of equal capacity in Germany, in order to reach 48 GWh of combined capacity by 2030, representing an expected production of approximately one million batteries a year, or around 10-15% of the European market. Ultimately, nearly €5 billion will be required to complete this ambitious program.

TOTAL and Groupe PSA acknowledge the support of French, German and European Union authorities for the project, expected to receive nearly €1.3 billion in public funding during its development in the frame of the Important Projects of Common European Interest (IPCEI) initiative authorized by the European Commission.

The Automotive Cell Company (ACC) will be a 50-50 Saft and Groupe PSA/Opel joint venture for the pilot production line. During the commercial production phase, Saft’s share in ACC will decrease to 33%.

Banque des Territoires takes a 50% stake in a portfolio of solar and wind power assets of TOTAL inFrance

On January 28, 2020, TOTAL announced the signing of an agreement between Total Quadran, its renewable electricity production subsidiary in France, and Banque des Territoires, upon which Banque des Territoires takes a 50% equity stake in Total Quadran’s portfolio of solar and wind energy assets in France of a total capacity of 143 MW. This portfolio consists of 11 wind farms and 35 solar power plants, with a cumulative capacity of 96 MW and 47 MW respectively and was valued at around €300 million (100%) in this transaction.

The entry of Banque des Territoires into both portfolios alongside Total Quadran will enable Total Quadran to pursue further development of renewable energy projects in France in partnership with a locally established payer committed to regional development.

Alexis Vovk, new President,Marketing & Services, is appointed to the Executive Committee of TOTAL

On January 22, 2020, TOTAL announced that Alexis Vovk was appointed as President, Marketing & Services of TOTAL and as a TOTAL Executive Committee member, as of January 1, 2020, a position previously held by Momar Nguer, who has reached the age-limit.

As of January 1, 2020, TOTAL’s Executive Committee consists of:

•	Patrick Pouyanné, Chief Executive Officer;
•	Arnaud Breuillac, President, Exploration & Production;
---	---
•	Helle Kristoffersen, President Strategy-Innovation;
---	---
•	Bernard Pinatel, President, Refining & Chemicals;
---	---
•	Philippe Sauquet, President, Gas, Renewables & Power;
---	---
•	Jean-Pierre Sbraire, Chief Financial Officer;
---	---
•	Namita Shah, President, People & Social Responsibility; and
---	---
•	Alexis Vovk, President, Marketing & Services.
---	---

Electric vehicles: TOTAL will install and operate up to 20,000 new EV charging points for “Metropolitan Region Amsterdam Electric”

On January 22, 2020, TOTAL announced that “Metropolitan Region Amsterdam Electric” (MRA-Electric) awarded Europe’s largest concession contract for electric vehicle (EV) charging to TOTAL. Pursuant to this agreement, TOTAL will install and operate up to 20,000 new public charging points in the Netherlands, in the three provinces of North-Holland, Flevoland and Utrecht.

This new agreement intends to address the fast-growing demand for public EV charging points in the Netherlands. This EV charging network covers a population of 3.2 million inhabitants and around 15% of the Netherlands’ current EV charging demand.

Total Netherlands is already the main EV charging operator in the MRA-Electric region, with over 4,500 charging points under operation and accessible to the public. As part of this concession contract, the electricity supplied by Total Netherlands to the EV charging network will be 100 % sourced from renewable power (i.e., Solar, Wind) and produced in the country. Total Netherlands has additionally pledged to gradually source part of the program’s electricity supply from the MRA region itself, enabling EV drivers to charge their electric vehicles with locally-generated sustainable energy. Total Netherlands will also study new solar power production opportunities in the MRA region.

In addition, TOTAL will develop and implement smart charging technologies to provide both stable grid management at times of high electricity consumption as well as efficient and sustainable charging when the cost of energy is more affordable.

TOTAL to develop Qatar’s first large-scale (800 MWp) solar plant

On January 20, 2020, TOTAL announced the signing of agreements for the development of the Al Kharsaah Solar PV IPP Project, an 800 megawatt-peak (MWp) solar plant that will be located 80 kilometers west of Doha, Qatar. The project was awarded to a consortium consisting of TOTAL (49%) and Marubeni Corporation (51%) as the result of the country’s first solar tender.

Qatar’s first large-scale solar power plant, Al Kharsaah will provide sustainable, affordable and clean energy to industries, services and individuals through the Qatari grid starting from 2021 with an expected initial 350 MWp capacity before reaching its full capacity in 2022. It will represent around 10% of the country’s electricity demand at peak times and will reduce the CO2 emissions of Qatar by 26 million tons during the life of the project. The solar plant will be built on over 1000 hectares of land and equipped with 2 million bifacial solar modules with trackers, allowing substantial power gains and leveraging the advantage of the exceptional sunlight exposure in the region. It will represent an investment of around $500 million.

The project will be developed and operated by Siraj 1 SPV, jointly owned by the Consortium of Total Solar International (19.6%), Marubeni Corporation (20.4%), and Siraj Energy (60%), a Joint Venture between Qatar Petroleum (40%) and QEWC (Qatar Electricity & Water Company, 60%). The project benefits from a 25-year power purchase agreement to supply electricity to Kahramaa.

Suríname: TOTAL and Apache make significant discovery in Block 58

On January 7, 2020, TOTAL and Apache announced a material oil discovery with the Maka Central-1 well on Block 58 offshore Suríname, on trend with the discoveries in the adjacent Stabroek block in Guyana.

The Maka Central-1 well was drilled in a water depth of about 1,000 meters and encountered more than 123 meters net pay of high-quality light oil and gas- rich condensate net pay, in multiple stacked reservoirs in Upper Cretaceous Campanian and Santonian formations. Further drilling and testing will be carried out to appraise the resources and productivity of the reservoir.

The Maka Central-1 exploration well was drilled by Apache as operator with a 50% working interest and with TOTAL as the joint-venture partner with a 50% working interest. The next exploration well will be drilled on the Sapaka West-1 prospect, and the operatorship will be transferred to TOTAL after the completion of a third exploration well.

LOGO

Svante, LafargeHolcim, Oxy Low Carbon Ventures and TOTAL launch study for commercial-scale carbon capture and end-use at U.S. plant

On January 6, 2020, Svante Inc., LafargeHolcim, Oxy Low Carbon Ventures, LLC (OLCV), a wholly-owned subsidiary of Occidental, and TOTAL announced a joint study to assess the viability and design of a commercial-scale carbon-capture facility at the Holcim Portland Cement Plant in Florence, Colorado, U.S.

The study will evaluate the cost of the facility, designed to capture up to 725,000 tons of CO2 per year directly from the LafargeHolcim cement plant, which would be sequestered underground permanently by Occidental.

The carbon-capture facility under review will employ Svante’s technology to capture carbon directly from industrial sources at half the capital cost of existing solutions. Pairing carbon capture from a cement plant with CO2 sequestration is a significant step forward for the cement industry in reducing its carbon footprint.

This joint initiative follows the recently-launched Project CO2MENT between Svante, LafargeHolcim and TOTAL in Canada at the Lafarge Richmond cement plant, where progress has been made towards re-injecting captured CO2 into concrete.

TOTAL enters Suriname with 50% operated stake in exploration Block 58

On December 23, 2019, TOTAL announced the signing of an agreement with Apache Corporation to acquire a 50% working interest and operatorship in the highly prospective Block 58 offshore Suriname, further expanding TOTAL’s footprint in the Guyana-Suriname basin.

At closing, TOTAL paid a bonus of $100 million, plus its share of past costs. In the event that developments are launched, TOTAL will provide a reimbursable carry for a share of Apache’s capital expenditures for the development phase and make some additional payments linked to the development and production. Cost of carry and payments would then represent an acquisition cost of around $2 per barrel.

LOGO

Angola: TOTAL acquires interests in two new offshore licenses in view of developing a new production hub

On December 16, 2019, TOTAL announced the signing of a sale and purchase agreement with state-owned Sonangol of Angola to acquire interests in Blocks 20/11 and 21/09 in the Kwanza Basin, offshore Luanda. The transaction remains subject to the approvals of the competent authorities and partners. Pursuant to the sale and purchase agreement, the Group will hold (i) a 50% working interest, alongside Sonangol (20%) and BP (30%), in Block 20/11, located in the central Kwanza Basin in water depths ranging from 300 to 1,700 meters and (ii) an 80% working interest alongside Sonangol (20%) in Block 21/09, located in the south-central Kwanza Basin in water depths ranging from 1,600 to 1,800 meters.

The wells drilled so far in the two blocks produced four discoveries — Cameia, Mavinga, Bicuar and Golfinho — and TOTAL and its partners will seek to unlock the value of these prospects by creating a development hub. The Group also committed to explore for additional potential resources in the blocks.

Pursuant to the agreement, TOTAL will become operator of the development of the two licenses before setting up an operating company in collaboration with Sonangol 3 years after the production start-up. TOTAL will pay to Sonangol $400 million at closing, in addition to $100 million at the final investment decision (FID) and additional payments capped at a maximum cumulative amount of $250 million during the life of the project depending on production and crude oil prices.

Angola: TOTALextends all Block 17 production licenses until 2045

On December 16, 2019, TOTAL, as operator, and its partners Equinor, Exxon and BP announced the signing of an agreement with national oil, gas and biofuels agency ANPG and state-owned Sonangol of Angola to extend their consortium’s production licenses to 2045. Pursuant to the agreement, Sonangol will obtain a 5% interest in Block 17 on the effective date and an additional 5% interest in 2036. Additionally, the consortium will pay some production bonuses to the State of Angola during the life of the license and will spend $20 million on social programs.

Block 17 is located 150 kilometers off the Angolan coast in water depths ranging from 600 to 1,400 meters. Three short-cycle brownfield projects - Zinia Phase 2, CLOV Phase 2 and Dalia Phase 3 - are currently under development on Block 17, and other brownfield projects for extending the production of Pazflor, Rosa, Girassol and Dalia are under study. Additional exploration campaigns might also help unlock further resources, and two wells are already planned to be drilled in 2020. After the entry of Sonangol, the Block 17 contractor group comprises TOTAL, operator with a 38% working interest, alongside Equinor (22.16%), Exxon Mobil (19%), BP (15.84%), and Sonangol (5%).

TOTAL moves forward on two deepwater projects in the U.S. Gulf of Mexico

On December 12, 2019, TOTAL announced the FID to develop the Anchor oil field. Additionally, TOTAL announced that the front-end engineering and design (FEED) had begun for the North Platte discovery. Both projects are located in the deepwater U.S. Gulf of Mexico, off the coast of Louisiana.

•	FID for Anchor Project

TOTAL holds a working interest of 37.14% in Anchor, alongside operator Chevron (62.86%). The Anchor field will be developed with seven subsea wells connected to a semi-submersible floating production unit (FPU). First oil is expected in 2024. Anchor will be the first development to use the high-pressure 20,000-pounds-per-square-inch (20 kpsi) technologies developed at industry level over the last few years. TOTAL also holds interests with Chevron in other leases in the vicinity of Anchor with exploration potential. Any discoveries on those jointly owned leases could be tied back to the Anchor facilities at competitive costs.

•	FEED launched for offshore North Platte discovery

The North Platte field straddles four blocks of the Garden Banks area, 275 kilometers off the coast of Louisiana in approximately 1,300 meters of water. The reservoir is of high quality, both in porosity and permeability, with thickness in places exceeding 1,200 meters. Like Anchor, North Platte requires the use of 20 kpsi technologies. The field development plan is based on eight subsea wells and two subsea drilling bases connected via two production loops to a newbuild, lightweight FPU. Production will be exported through existing oil and gas subsea networks. TOTAL operates North Platte with a 60% working interest, alongside Equinor (40%). TOTAL also holds interests in high-potential exploration acreage in the Greater North Platte Area, and the FPU design provides for a possible future tie-in.

Libya: agreement between NOC and TOTAL endorsing the Group’s entry into the Waha concessions

On December 10, 2019, TOTAL and National Oil Corporation (NOC), with the consent of the Government of Libya, announced the signing of an agreement to implement TOTAL’s participation in the Waha concessions, located in the Sirte Basin in Libya. Pursuant to the terms of this agreement, TOTAL committed to:

•

assist NOC in accelerating the development of the Waha concessions by providing its technologies and expertise,<br>by developing the North Gialo and NC 98 fields and by supporting social responsibility programs carried out by NOC in the areas adjacent to oil operations. To that end, TOTAL will pay financial contributions of $70 million at the signing of the<br>agreement, $30 million when North Gialo comes on stream and $30 million when NC 98 comes on stream; and

•

carry out by itself local economic development programs, for a global amount of $20 million over a 4-year period.

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On March 1, 2018, TOTAL acquired a 16.33% working interest in the six Waha concessions through the acquisition of Marathon Oil Libya Limited (MOLL), a wholly owned affiliate of the U.S.-based Marathon Oil Corporation.

The acquisition gave TOTAL access to a significant exploration potential across the 53,000 square kilometers area covered by the concessions.

NOC (59.18%), TOTAL (16.33%), ConocoPhillips (16.33%) and Hess (8.16%) jointly own the Waha concessions. Waha Oil Company, wholly owned by NOC, operates the asset.

Citeo, TOTAL, Recycling Technologies, Mars and Nestlé join forces to develop chemical recycling of plastics in France

On December 10, 2019, as part of Citeo’s call for projects to promote eco-design and recycling and recovery projects for plastic and paper in France, leading international energy company TOTAL, plastic recycling technology provider Recycling Technologies, and global brands Nestlé and Mars today joined forces to develop an innovative industrial chemical recycling industry in France.

The first- of-a-kind consortium of world-leading players from across the plastic packaging value chain will examine the technical and economic feasibility of recycling complex plastic waste, such as small, flexible and multilayered food-grade packaging. These products are currently considered non-recyclable and are therefore either incinerated or disposed of in landfills.

Clean Marine Fuels: TOTAL will supply LNG to CMA CGM’s future containerships in Marseille

On December 4, 2019, TOTAL and CMA CGM announced the signing of an agreement for the supply of approximately 270,000 tons per year of Liquefied Natural Gas (LNG) over 10 years. This volume will cover the LNG supply at the port of Marseille-Fos for CMA CGM’s future 15,000-TEU (twenty-foot equivalent units) container ships that will operate between Asia and the Mediterranean and that are scheduled for delivery starting in 2021.

A pioneer in the use of LNG to power ultra-large container vessels, CMA CGM chose to retain Total Marine Fuels Global Solutions, TOTAL’s business unit dedicated to worldwide bunkering activities.

As part of this agreement, TOTAL will provide a suitable solution for the bunkering of these containerships by positioning a LNG Bunker Vessel at the port of Marseille-Fos and providing a complementary bunkering solution in Singapore. These new supply chains will further expand the use of LNG as a marine fuel, particularly in the Mediterranean Sea. CMA CGM and TOTAL confirmed their commitment to France, particularly in favour of the Marseille-Fos business hub where they are both key economic players.

Clean Marine Fuels: TOTAL and Mitsui O.S.K.Lines charter the first LNG bunker vessel to operate in France

On December 4, 2019, Total Marine Fuels Global Solutions (TMFGS) and Mitsui O.S.K. Lines, Ltd. (MOL) announced the signing of a long-term charter contract for a second large LNG bunker vessel to be delivered in 2021. It will be positioned in the Marseille-Fos area in France.

This bunker vessel will be built by Hudong-Zhonghua Shipbuilding in China. It will have a capacity of 18,600 m³ for a length of about 135 meters and will be fitted with the Mark III membrane containment system provided by French company GTT.

This vessel is specifically designed to supply LNG bunkering in the Mediterranean area to a wide range of vessels, including containerships, tankers, ferries and large cruise ships. The vessel will meet the highest technical and environmental standards, using its own LNG as propulsion fuel and integrating a complete re-liquefaction of the boil-off gas.

The newbuild vessel will be operated under French flag by MOL, jointly with Gazocean, a pioneering company based in Marseille and one of the most experienced in LNG transportation.

This agreement follows the launch of TOTAL’s first LNG bunker vessel last month in Shanghai, which will supply LNG bunkering to CMA CGM 23,000 TEU containerships in Northern Europe.

LOGO

3D rendering of the future LNG bunker vessel

TOTAL inaugurates New Caledonia’s largest solar power plant with energy storage

On November 27, 2019, TOTAL announced that Total Quadran, a wholly-owned subsidiary involved in the production of renewable electricity in France and its overseas territories, had started up Hélio Boulouparis 2, the largest solar power plant with energy storage in overseas France. The plant is the second tranche of the solar park, which is the most extensive solar program ever carried out in New Caledonia. The first tranche, Hélio Boulouparis 1, was put on stream in 2017.

Equipped with more than 58,000 solar panels, the plant had installed capacity of nearly 16 megawatts-peak (MWp), enough to cover the energy needs of over 21,000 residents of New Caledonia.

The plant will feature a lithium-ion energy storage system (ESS) with a capacity of nearly 10 MW. The combination of a large photovoltaic system with an ESS contributes to improving quality and reliability of the electricity grid for the benefit of the local population.

Renewables: TOTAL continues to expand its footprint in Southeast Asia in distributed solar

On November 22, 2019, the Group, through its affiliate Total Solar Distributed Generation, announced that six new solar projects with a total capacity of around 10 megawatts-peak (MWp) were added to its renewable portfolio in Southeast Asia since October 2019. These distributed generation projects are located in Thailand, the Philippines, Indonesia and Singapore.

•	Thailand: beginning of the construction of a 7 MWp single-rooftop project, the largest solar rooftop in the<br>country. Total Solar Distributed Generation signed a binding agreement to provide a 7 MWp solar rooftop to S. Kijchai, the leading manufacturer of wood-based panels in Thailand. Equipped with over 17,500 solar panels, the solar system is expected to<br>generate 9.6 gigawatt hours (GWh) of renewable electricity per year, which will avoid 4,910 tons of CO2 emissions a year.
•	Philippines: three solar-powered rooftops of 1.2 MWp completed for Gaisano Capital Malls. Total Solar Distributed<br>Generation installed 1.2 MWp of solar-powered rooftops at three malls operated by Gaisano Capital, one of the largest malls and supermarket chains in the Philippines. Equipped with over 3,520 solar panels, these projects are expected to generate<br>around 1.6 GWh per year, covering 30% of Gaisano’s power needs and shrinking its carbon footprint by over 870 tons of CO2 per year.
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•	Indonesia: completion of one of the first solar rooftops with no upfront investment by the customer. Total Solar<br>Distributed Generation installed an 800 kWp solar-powered rooftop for the largest publicly listed petrochemical company in Indonesia, Chandra Asri Petrochemical. Equipped with over 2,200 solar panels, the installation is expected to generate over<br>935 MWh a year, representing 15% of Chandra Asri’s power needs while enabling the company to reduce its carbon footprint by 650 tons of CO2 per year.
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•	Singapore: completion of a solar-powered rooftop for Carros Centre. Total Solar Distributed Generation installed<br>a 500 kWp solar-powered rooftop for Carros Centre, Singapore’s first-of-a-kind integrated automobile mega hub. Equipped with<br>over 1,370 solar panels, the installation is expected to generate 570 MWh of renewable electricity per year, which will cover around 22% of Carros’ power needs and avoid over 225 tons of CO2 emissions per year.
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Renewables & energy storage: Saft to build the largest lithium-ion energy storage system in the NordicCountries

On November 20, 2019, TOTAL announced that Saft, a wholly-owned subsidiary of TOTAL, won an order for three Intensium Max 20 High Energy containers from TuuliWatti, the Finnish wind developer and operator. The Lithium-Ion (Li-ion) energy storage system (ESS) will support frequency regulation at a 21 megawatt (MW) wind farm in northwestern Finland. It will also optimize the wind power, as well as provide backup and black start capabilities.

The Li-Ion ESS, the largest in the Nordic countries, is sized to provide an expected energy storage capacity of 6.6 megawatt hours (MWh) and is expected to deliver 5.6 MW of power for frequency regulation throughout its 15-year lifetime. The Li-On ESS is made of three integrated containers of 2.2 MWh each, designed and manufactured at Saft’s site in Bordeaux, France. Saft launched the Intensium Max 20 HE to address the majority of grid, renewables, commercial and industrial applications that require large-scale ESS solutions with discharge times of around two hours.

Brazil: TOTAL announces first oil from Iara

On November 15, 2019, TOTAL announced first oil from the Iara license (Block BM-S-11A), located in the deepwater Santos Basin pre-salt, setting forth the start-up of the FPSO P-68, the first of the two floating production, storage and offloading units (FPSO) already launched and to be installed on the license. The second, the P-70, is expected to come on stream in 2020. The Iara license comprises the Sururu, Berbigão and Oeste de Atapu fields.

TOTAL acquired a working interest of 22.5% in Block BM-S-11A on January 12, 2018 as part of the strategic alliance with Petrobras, becoming a partner alongside operator Petrobras (42.5%), Shell Brasil Petróleo Ltda. (25%) and Petrogal Brasil S.A. (10%).

Abu Dhabi: ADNOC and TOTAL innovate in the field of seismic acquisition with the use of unmanned drones and vehicles

On November 13, 2019, the Group and Abu Dhabi National Oil Company (ADNOC) announced their collaboration to deploy the world’s first automated seismic acquisition system in Abu Dhabi. This pilot project, performed with TOTAL’s Multiphysics Exploration Technology Integrated System (METIS^®^), uses autonomous drones and a ground vehicle to drop off and retrieve seismic sensors without human intervention, therefore at a lower cost. It will be deployed throughout the emirate of Abu Dhabi to contribute to onshore exploration and appraisal campaigns, a first in the region.

Following successful trials of METIS^®^ conducted by the Group at the end of 2017 in Papua New Guinea, this new pilot project will be undertaken by ADNOC onshore to test the versatility and upscaling ability of the system in a 36 sq. km desert environment. The seismic sensors will be dropped by six autonomous aerial drones and later be retrieved by an unmanned ground vehicle — whereas they are conventionally manually deployed and recovered by ground-based teams.

2019 Climate Report: TOTALreviews its membership in industry associations in line with their climate stance

On November 8, 2019, TOTAL released its fourth Integrating Climate Into Our Strategy report and reviewed the 30 most significant industry associations of which it was a member to verify that their stances on climate issues were aligned with the Group’s, based on six criteria in particular:

•	The scientific position: TOTAL considers the link between human activity and climate change to be an established<br>fact.
•	The Paris Agreement: TOTAL recognizes that the Paris Agreement is a major advance in the fight against climate<br>change and supports the initiatives of the implementing States to fulfill its aims.
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•	Carbon pricing: TOTAL believes that it is necessary to implement carbon pricing to encourage energy efficiency,<br>support low-carbon technology and develop carbon sinks, all critical to achieve carbon neutrality.
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•	The role of natural gas: TOTAL considers that natural gas is a key component in the energy transition,<br>specifically as an alternative to coal. The Group supports policies to reduce methane emissions from natural gas production and consumption and, in particular, campaigns to reduce the use of flaring (such as the World Bank’s Zero Routine<br>Flaring by 2030 Initiative).
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•	Development of renewable energies: TOTAL supports policies, initiatives and technologies to promote growth in<br>renewable energies. The Group also supports the development of sustainable biofuels.
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•	Development of Carbon Capture, Utilization and Storage (CCUS): TOTAL supports the development of CCUS, which is<br>critical to achieve carbon neutrality by the second half of the century, the aim of the Paris Agreement.
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Following this review, TOTAL chose not to renew its membership to the American Fuel & Petrochemical Manufacturers. However, the Group maintained its affiliation with three other associations (the American Chemistry Council, the American Petroleum Institute and the Canadian Association of Petroleum Producers), identified as “partially aligned,” to advocate internally for changes in their positions. TOTAL would reconsider its memberships in the event of lasting divergences.

EX-99.3

Exhibit 99.3

CAPITALIZATION AND INDEBTEDNESS OF TOTAL

(unaudited)

The following table sets out the unaudited consolidated capitalization and long-term indebtedness, as well as short-term indebtedness, of the Group as of December 31, 2019, prepared on the basis of IFRS. Currency amounts are expressed in U.S. dollars (“dollars” or “$”) or in euros (“euros” or “€”).

	At December 31,2019
	(in millions of dollars)
Current financial debt, including current portion ofnon-current financial debt
Current portion of non-current financial debt		6,083
Current financial debt		8,736
Current portion of financial instruments for interest rate swaps liabilities		424
Other current financial instruments — liabilities		63
Financial liabilities directly associated with assets held for sale		340
Total current financial debt	****	15,646	****
Non-current financial debt	****	47,773	****
Non-controlling interests	****	2,527	****
Shareholders’ equity
Common shares		8,123
Paid-in surplus and retained earnings		121,170
Currency translation adjustment		(11,503	)
Treasury shares		(1,012	)
Total shareholders’ equity — Group share	****	116,778	****
Total capitalization and non-currentindebtedness	****	167,078	****

As of December 31, 2019, TOTAL S.A. had an authorized share capital of 3,593,399,547 ordinary shares with a par value of €2.50 per share, and an issued share capital of 2,601,881,075 ordinary shares (including 15,474,234 treasury shares from shareholders’ equity).

As of December 31, 2019, approximately $6,438 million of the Group’s non-current financial debt was secured and approximately $41,335 million was unsecured, and all of the Group’s current financial debt of $8,736 million was unsecured. As of December 31, 2019, TOTAL had no outstanding guarantees from third parties relating to its consolidated indebtedness. For more information about TOTAL’s off balance sheet commitments and contingencies, see Note 13.1 of the Notes to TOTAL’s audited Consolidated Financial Statements in its Annual Report on Form 20-F for the year ended December 31, 2018, filed with the Securities and Exchange Commission on March 20, 2019, as amended on April 26, 2019.

Except as disclosed herein, there have been no material changes in the consolidated capitalization, indebtedness and contingent liabilities of TOTAL since December 31, 2019.

TotalEnergies SE 6-K, filed Feb 6, 2020

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