total 2012 results presentation

Results2012tl kd outlookand

Results and outlook – February 2013 1

February 2013

Results

ZONE D’IMAGE


HSE is everyone’s responsibility

A global safety framework for• Assessing and minimizing risk

Improving TRIR

g g• Mitigating consequences of incidents• Learning lessons from incidents

Improving TRIRwhile increasing activity

millionman-hours

5.1 490

worked

1.8 TRIR430

20122006

Minimizing environmental impact by• Reducing GHG emissions • Improving energy efficiency


• Improving energy efficiency • Limiting footprint on local environment

Favorable 2012 environment

Different regional evolutionsStable on averageBRENT

16 $/Mbtu

GAS

20

112 $/b

9 $/Mbtu

15120

9 $/Mbtu

3 $/Mbtu80

100

5

10

5% 3% 3%Sparecapacity

3 $/Mbtu5

2010 2011 2012

2010 2011 2012

capacity

+2.4 Mb/dChange inoil demand +0.6 Mb/d +0.8 Mb/d Asia LNG Proxy Henry HubNBP


Competitive 2012 performance

Adjusted net incomeB$

Change in adjusted net income 2012 vs 2011ers s peers*

16 B$B$ versus peers*

10%

Upstream 0%

-10%

2011 2012Other

2010

Refining & Chemicals Marketing & Services

-20%

2012 Group ROACE of 16%

2011 20122010


2012 Group ROACE of 16%

* BP, Chevron, Exxon, Shell – based on public data

On track to execute 15-20 B$ divestment program

Otherin progress

20 B$

Simplifying portfolio~ 15 B$p g(incl. TIGF) 15 B$ Simplifying portfolio

and unlocking value from• Affiliates and assets

with limited upside

~ 15 B$

Usan t ted ups de• Assets with low working

interests• Non-core midstream

6 B$Usan

Closedin 2012

Target2012-14

Closed or in progress

and downstream assets

Asset sales integrated into our investment strategy


Asset sales integrated into our investment strategy

Solid cash flow generation

Cash flow allocationB$

organic investments

29 B$Changein net debtNet asset sales

/ i iti 23 8 B$

B$

organic investmentsin line with budgetDividend

/ acquisitions

di id d i l di

23.8 B$

6 8 B$

Organicinvestments

Cash flowfrom operations

dividend, including 2Q12 increase

gearing down compared

6.8 B$

21%investments gearing down comparedto end-2011

21%

2012

Funding Capex and dividend increasing financial flexibility


Funding Capex and dividend, increasing financial flexibility

Competitive Upstream despite 2012 one-offs

ProductionMboe/d

Production and Upstream adjusted Net O ti I i $/b f T t l d *

Start ups

Mboe/d Operating Income in $/boe for Total and peers*2012 versus 2011

Production

2.30Decline

Start-ups

2.35+10%

Production

2.30Price effect One-offs

Syria / LibyaYemenElginIbewa

Portfolio changes

-20% +20%

NOI/boe

20122011Brent 111.3 $/b Brent 111.7 $/b

20122011


* BP, Chevron, Exxon, Shell – based on public data

Results of revitalized exploration strategy

2012 main discoveries2012 main new acreage

NorwayKing Lear

UK BulgariaKazakhstan

USANorth Platte

IraqTajikistan*

Colombia

North PlatteMauritania

Ivory Coast

Yemen

KenyaUganda

RDCMyanmar

Philippines

Indonesia

Brazil

NigeriaEben

Mozambique*

Kenya

PNG*

Australia

Four significant 2012 discoveries and potential for more

ArgentinaVaca Muerta

Uruguay


Four significant 2012 discoveries and potential for more

* Subject to closing

2012 reserve replacement rate

Proved reservesBboe at ear end

Reserve replacement rate

Portfolio New

Bboe at year end

136%

Production

changescontributions 11.4Priceeffect

11.4

75%Organic reservereplacement rate

of 100%

5%

2011 2012 2010-122007-09

2012 reserve replacement rate of 93% Expanding reserve base

More than 13 years of proved reserve life


More than 13 years of proved reserve life

Focused on delivering projects on time and in budget

CLOV Module lifting on FPSO completedSubsea installation campaign started % of EPC progress

Status of main sanctioned projectsStart-up

Angola LNG

Kashagan

OML 58 Upgrade

Ekofisk South

2013

2013

2013

2014Ekofisk South

Anguille 3

CLOV

Laggan-Tormore

2014

2013

2014

2014

Laggan Tormore

Subsea gas export pipeline installedShetland gas plant under construction gg

GLNG

Ofon 2

Surmont 2

2015

2014

2015

Eldfisk 2

Ichthys

Tempa Rossa

2015

2016

2016Site preparation and civil works in progressCPF h ll d i li f b i ti i

IchthysMartin Linge

Moho Nord*

2016

2016

CPF hull and pipeline fabrication ongoing

50% 100%


In blue: projects sanctioned in 2012Progress since Sept 2012

* Subject to approval of authorities and partners

Leveraging leading positions in LNG

LNG capacitiesMt

Increasing LNG volumes to Asia and redirected cargos

+75%

Mt and redirected cargos

17 Mt

Under construction

Decline

+40%50%13 Mt

17 Mt

9 Mt

0%2011 20122007 2012 2017

25% of 2012 Upstream results from LNG

Expanding global LNG capacity


25% of 2012 Upstream results from LNG

Refining & Chemicals, increased results

European margin indicators€/t $/t

Adjusted net operating incomeB$

1.8 B$€/t $/t B$

+38%Polymer margins

1.3 B$600

60

400

200 20

40

20122011

ERMI

20122010 2011 20100 0

20

ROACE 5% 9%

• Globally improved but volatile • High-level of turnarounds

Polymer margins 395 €/t 338 €/t468 €/t 6%

ERMI 17 $/t 36 $/t27 $/t

refining environment in 2012• Weak demand for petrochemicals

• Normandy upgrade and Rome closure• Good performance of Specialty Chemicals

I i i


Improving margin capture

Jubail, starting up a major new platform

Start-up schedule

1Q 2013 2Q 2013 3Q 2013 4Q 2013

Start-up of units phaseEnd of construction phase Ramp-up to nominal capacity

ConstructionConstruction

1Q 2013 2Q 2013 3Q 2013 4Q 2013

95% complete95% complete

PrePre--commissioningcommissioning43% progress43% progress

31,000 people31,000 peoplemobilized on sitemobilized on site

400 kb/d full400 kb/d full--conversion refineryconversion refinery

O k f 2013

400 kb/d full400 kb/d full conversion refineryconversion refineryintegrated with petrochemicalsintegrated with petrochemicals


On track for 2013 start-up

Marketing & Services, robust performance

Strengthening leadershipin Africa and Middle East

2012 Marketing & Servicesdj t d t ti i

1.1 B$

adjusted net operating income

Africa/ Middle East

AsiaAmericas

Lubricants andother specialties

Growing in high-value lubricantsand other specialties

Other

EuropeRetail network /

Commercial sales

1.3 B$

New Energies

Providing diverse energy solutions

-0.2 B$

Providing diverse energy solutions

Diverse worldwide positions providestrong resilience and growth potential


strong resilience and growth potential

High-potential exploration in next 12 months

Elephant and Big Cat prospects2013 exploration budget i d t 2 8 B$

Elephant and Big Cat prospects

increased to 2.8 B$

Target 60+ wells with 90%rigs already under contract

Egypt

LibyaIraq

USA - GoM

French Guiana Ivory Coast

Mauritania

Indonesia

q

AustraliaAngola

KenyaGabon

D illi h 5 Bb i k d h

Argentina

Brazil


Drilling more than 5 Bboe unrisked net share

Stable net investments in 2013

Net investments B$

Organicinvestments*

28 B$30

Net asset sales/ acquisitions

6 B$

N t

22 B$

20

22 B$ net investments 2013 budget in line with actual 2011 and 2012

Netinvestments

Upstream23 80% of budget dedicated to Upstream

Well-advanced asset sale program10

p gfor 2013

Refining & Chemicals

Marketing & Services**

2013 Budget

32


* Excluding acquisitions and asset sales, including net investments in equity affiliates and non-consolidated companies** Including 0.4 B$ for New Energies

Outlook

ZONE D’IMAGE


Evolving markets with limited impact on fundamentals

Supply and demandProduction capacityOIL LNG

600 LNG demand

Mb/d

Ti ht il100

Mt/y60 Mb/d ofincremental production

600

400

LNG demand

Unsanctioned identified projects

Tight oil,Extra Heavy Oil

200 Existing facilities and approved projects

Decline

Spare

2010 20302010 2030

5% 2-4%Sparecapacity

• North American LNG exports to affect market balance

• Tight oil production increasingto more than 5 Mb/d in 2030


• Challenges to increase supply remain• Strong support for oil prices

Exciting pipeline of major start-ups

Focusing on execution to deliver sanctioned projects on time and in budget

2013 2014 2015 20162012

Usan*Islay

Bongkot SouthH lf

SuligeAnguille Ph 3Angola LNGK h

Tempa RossaMoho Nord**Martin Linge

I hth

Ekofisk SouthCLOV

Laggan-TormoreOf 2

Eldfisk 2Surmont 2

GLNGT k tHalfaya

South MahakamUtica

KashaganOML 58 Upgrade

IchthysOfon 2 Termokarstovoye

Developing more than 750 kboe/d of equity production 50% OECD

160 kboe/d 190 kboe/d 160 kboe/d 260 kboe/d


Developing more than 750 kboe/d of equity production, 50% OECD* Sale process ongoing** Subject to approval of authorities and partners

Increasing visibility for production growth

~3Mb /d

ProductionMb /d B t i 100 $/b

3 Confirming targets2011 15 3% CAGR

Mboe/dMboe/d - Brent price 100 $/b

+1 Mboe/d2011-15

~3% CAGRGas

2

• 2011-15 ~3% CAGR• 2017 potential for 3 Mboe/d

Accelerating growth post 2015

Gas

Oil-indexed

gas

1

Accelerating growth post-2015

90% of 2017 potential already in production or under developmentLiquids

gas

in production or under development

Reducing decline rate to 3-4%

Liquids

2012 2013 2017

On track to achieve targets

2015New projects Projects under study


On track to achieve targets

Includes estimated impact of asset sales. New projects include 2012 start-ups.

High-quality Upstream projects

Expected return of 2012-17 project start-ups f T t l d *

16

IRR (%)Large investment program with competitive profitability

• Well-defined investment criteria

for Total and peers*

14

Well-defined investment criteria• Balance of short / long plateau projects

Strict discipline in controlling costs14

12

Strict discipline in controlling costs• Emphasis on pre-sanction engineering• Lump-sum contracts favored • Foster competition by diversifying supplier pool

NPV 0% / boe10

12 Foster competition by diversifying supplier pool and sourcing from low-cost countries

NPV 0% / boe10

Investing with discipline and expertise for profitable growth

0 10 20 30


* Source Wood Mackenzie GEM Q2 Brent LT 85$12/b ; BP, Chevron, Exxon, Shell

Investing with discipline and expertise for profitable growth

Building foundation for post-2017

Production base Long-plateau projectsExploration

6 Bboe riskedexploration potential* More than 45 years of resources

• Giant fieldsReplacing reser es Deep offshore • Giant fields• LNG• Unconventional• Oil sands

• Replacing reserves through exploration

• Focus on major prospects• Reducing time-to-market

• Deep offshore• Brownfield developments / EOR

• Satellite tie-backs Oil sandsg

Converting resources of today and tomorrow into production


Converting resources of today and tomorrow into production

* Excluding unconventional

Refining & Chemicals,on track to achieve profitability target by 2015p y g y

Efficiencies /

2011 - 2012 2014 - 20152013

Portfoliochanges

Efficiencies /synergies

+2.5% 13%

2013

Specialtychemicals

changes

Major projectson main platforms 9.5% 2013

+1 5%+1%

+2%

7%2012

+1.5%

6%

2010 2015

Port Arthur, Normandy, Qatar, Jubail (start-up),Daesan Antwerp

Cepsa, Dunkirk, Resins…

200 M$ in 2013 out of

650 M$ 2015 t t

ROACE based on 2010 environment

Daesan, Antwerp 2015 target


ROACE based on 2010 environmentERMI 27 $/t, mid-cycle for petrochemicals, $/€ 1.33

Rising cash flow supports investment strategy

Operating cash flow and net investments*B$

Accelerating cash flow growth• Accretive contribution of start-ups

B$

40

p• Restructuring Refining & Chemicals

Investing for the future20

• More than 20 major projects• Planned net investments include

unsanctionned projects• Executing 15-20 B$ asset sale program

Strenghtening financial positionAverage2012-14

Average2015-17

Average2008-11

Flexibility on part of unsanctioned Capex

Group cash flow from operations Net investments

Free cash flow to fund competitive dividend growth


* 2013-17 in a Brent 100 $/b scenarioNet investments = Capex + acquisitions – asset sales

Free cash flow to fund competitive dividend growth

Strategic rebalancing of capital employed

Capital employed and share f d i t

Upstream Capital Employed

D t

of non-producing assets

75%80%

Downstream& other

Non-OECDcountries

50% Upstream

35% Share of non-producing 34%45%

20122007 2017

22% 22%Share of non producing capital employed of business segments reducing from 2013

29%OECD countries

34%

20122007 2017

More leveraged to Upstream increasing share of producing assets

20122007 2017


More leveraged to Upstream, increasing share of producing assets

Strong financial position and dividend policy

Strong balance sheetB$

2012 total shareholder returns*i $B$ in $

Net debt 8.0%100

Equity50

2010 20112009

Gearing 27% 22% 23% 21%

2012 ShellBPExxonChevron

• Favorable access to capital markets

• 20-30% target range for gearing

• Competitive shareholder returns

• Increased dividend by 3.5% in 2Q12


* Based on public data

Committed to operating responsibly

Being a responsible investor in Myanmar

Promoting ethical values, human rights and transparencyhuman rights and transparency

Respecting the environmentUnits of Pazflor project made in Angola

Improving access to energy

B ildi l t l ti hiBuilding long-term relationships

Fostering local development Low-cost solar lamps in Indonesia

and employmentLow-cost solar lamps in Indonesia


A clear path forward

Relying on exploration success to provide future organic growthto provide future organic growth

Delivering next generation g gof major Upstream projects

Increasing competitivenesswith a restructured Downstream

Engaged in a responsible and sustainable manner


Engaged in a responsible and sustainable manner

Appendix

ZONE D’IMAGE


Diversified portfolio of major Upstream projects

Projects ShareCapacity(kboe/d) Op* StatusCountries

Sulige China Gas 50 49% Dev.

ProductionMboe/dBrent price 100 $/b

Anguille Redev. Ph.1-3 Gabon Liquids 20 100% Dev.Angola LNG Angola LNG 175 13.6% Dev.Kashagan Ph.1 Kazakhstan Liquids 300 16.8% Dev.OML 58 Upgrade Nigeria Gas/Cond. 70 40% Dev.Ekofisk South Norway Liq/Gas 70 39.9% Dev.West Franklin Ph.2 UK Gas/Cond. 40 46.2% Dev.CLOV Angola Deep off. 160 40% Dev.

2013

~3Mboe/d

Brent price 100 $/b

2

3+1 Mboe/d

2011-15 ~3% CAGR Gas

Oil-indexed

gas

2015

g pLaggan-Tormore UK Deep off. 90 80% Dev.Ofon 2 Nigeria Liq/Gas 70 40% Dev. Eldfisk 2 Norway Liq/Gas 70 39.9% Dev.Surmont Ph.2 Canada Heavy oil 110 50% Dev.GLNG Australia LNG 150 27.5% Dev.Incahuasi Bolivia Gas 50 60% FEEDTermokarstovoye Russia Gas/Cond 65 49% Dev

2012 2013 2017

1

2015

New projects Projects under study

Liquids

2015 Termokarstovoye Russia Gas/Cond. 65 49% Dev.Vega Pleyade Argentina Gas 70 37.5% FEEDTempa Rossa Italy Heavy oil 55 75% Dev.Moho North Congo Deep off. 100 53.5% Dev.Martin Linge (Hild) Norway Liq/Gas 80 51% Dev.Ichthys Australia LNG 335 30%*** Dev.Dagny Norway Liq/Gas ~95 38% Dev.Ikike (OML 99) Nigeria Liq/Gas 55 40% FEED

Operating cash flow and net investmentsB$

New projects Projects under study

40Ikike (OML 99) Nigeria Liq/Gas 55 40% FEEDEgina Nigeria Deep off. 200 24% FEEDBlock 32 - Kaombo Angola Deep off. 200 30% FEED Shah Deniz Ph.2 Azerbaijan Gas 380 10% Study Yamal LNG Russia LNG ~450 20%** FEED Blocks 1, 2 and 3A Uganda Liquids 200-250 33.3% Study Linnorm Norway Gas 100 20% FEED Ah t Al i G 70 47% St d

2017

40

20

Ahnet Algeria Gas 70 47% Study Fort Hills Canada Heavy oil 180 39.2% FEEDJoslyn North Mine Canada Heavy oil 100 38.25% FEEDBrass LNG Nigeria LNG 300 17% FEEDShtokman Russia LNG 410 25% StudyIMA (OML 112) Nigeria Gas 60 40% Study

Average2012-14

Average2015-17

Average2008-11

Flexibility on part of unsanctioned Capex

Group cash flow from operationsNet investments


* Total operated; in Uganda, Total operator of Block 1** Direct stake in the project*** Increase from 24% to 30% subject to closing

2013 net cash flow sensitivity

+10 $/b Brent

Brent is the main environmental driver for resultsLow exposure to Henry Hub gas price

+1%

Low exposure to Henry Hub gas price

production

+10 $/t ERMI

1 2B$ 3


Brent 100 $/b; ERMI 30 $/t; 1 € = $1.30Indicated sensitivities are approximate and based upon TOTAL’s current view of its 2013 portfolio.Results may differ significantly from the estimates implied by the application of these sensitivities.

total 2012 results presentation

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