TotalEnergies SE (TTE) 6-K Current report (foreign)

Exhibit 99.1

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The financial information on pages1-15 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 pages16-30 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 Form20-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			3Q19			4Q18			4Q19 vs 4Q18			in millions of dollars (except earnings per share and number of shares)	2019			2018			2019 vs. 2018
	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	%

2019 data take 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 of 2018: 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 months ended 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 February 8, 2019.

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

4Q19		3Q19		4Q18		4Q19 vs 4Q18				2019		2018		2019 vs. 2018
	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	%

* The indicators are shown on page 15.

** Consolidated subsidiaries.

^(a)  Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. See pages 3 et seq. “Analysis of business segment results” below for further details.

^(b)  “Organic investments” = net investments excluding acquisitions, asset sales and other operations withnon-controlling interests.

^(c)  “Net acquisitions” = acquisitions - assets sales - other transactions withnon-controlling interests (see page 13).

^(d)  “Net investments” = organic investments + net acquisitions (see page 13).

^(e)  The change in working capital as determined using the replacement cost method and, effective second quarter of 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 quarter of 2019, organic loan repayments from equity affiliates are defined as loan repayments from equity affiliates coming from their cash flow from operations.

1

Production*

4Q19		3Q19	4Q18	4Q19 vs 4Q18				2019		2018		2019 vs 2018
	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 4Q18				2019		2018		2019 vs 2018
	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 Integrated Gas, 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 thestart-up andramp-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 thestart-up andramp-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.

2

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 theFirst-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 theLast-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 themonth-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 usingperiod-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 asegment-by-segment basis, and for a reconciliation of segment figures to figures reported in TOTAL’s interim consolidated financial statements, see pages24-30 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 fromnon-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 andnon-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.

3

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

• Production

4Q19			3Q19			4Q18			4Q19 vs 4Q18			Hydrocarbon production	2019			2018			2019 vs 2018
	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 vs 4Q18			in millions of dollars (except effective tax rate)	2019			2018			2019 vs 2018
	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 this exhibit.

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 cost¹and 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 cost¹and 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. Thestart-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 quarter of 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 the replacement 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.

4

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

• Production and liquefied natural gas (LNG) sales

4Q19		3Q19		4Q18		4Q19 vs 4Q18			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 vs 4Q18			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 purchases		27.9		17.1		+63	%

* The Group’s equity production may be sold by TOTAL or by joint ventures.

Production growth over 2019 was essentially related to thestart-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 theramp-up of Yamal LNG and Ichthys and thestart-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 vs 4Q18			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 this exhibit.

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 costand 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 costand 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.

5

B.3. Refining & Chemicals segment

• Refinery throughput and utilization rates*

4Q19			3Q19			4Q18			4Q19 vs 4Q18				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.

** 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 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.

• Results

4Q19			3Q19			4Q18			4Q19 vs 4Q18			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 this exhibit.

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 anyafter-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 costand 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 costand 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.

6

B.4. Marketing & Services segment

• Petroleum product sales

4Q19		3Q19		4Q18		4Q19 vs 4Q18			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 vs 4Q18			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 this exhibit.

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 anyafter-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 costand 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 costand 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.

7

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 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 in the adjusted net operating income of the segments.

Adjusted net income excludes theafter-tax inventory effect, special items and the impact of changes in fair value¹.

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

• $(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 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 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 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 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.

8

• Cash flow

The Group’s cash flow from operating activities decreased by 38% in the fourth quarter of2019 compared to the fourth quarter of2018 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 of2019, which is the (increase)/decrease in working capital of $46 million, as determined in accordance with IFRS adjusted for thepre-tax inventory valuation effect of $(11) million, was $35 million, compared to $4,968 million in the fourth quarter of2018. 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 thepre-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 of2019, 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 of2018. 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 flow¹ was:

• $2,628 million in the fourth quarterof 2019, a decrease of 11% compared to $2,964 in the fourth 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 other transactions withnon-controlling interests).

9

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 on adjusted net operating income	Estimated impact on cash 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 on adjusted 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.

10

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 based on 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 information concerning 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. They involve 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 beyond TOTAL’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 the distribution of this document, even if new information, future events or other circumstances have made them incorrect or misleading.

You should understand 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 to differ 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 changes in 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 production programs, 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 production facilities;

• 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 and liquidity 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 contractual rights 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 adversely affect 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 about Market Risk” in TOTAL’s Form20-F for the year ended December 31, 2018.

11

OPERATING INFORMATION BY SEGMENT

• Group production (EP + iGRP)

4Q19		3Q19		4Q18		4Q19 vs 4Q18			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 vs 4Q18			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 vs 4Q18			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 vs 4Q18			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	%

12

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			3Q19			4Q18			4Q19 vs 4Q18			in millions of dollars	2019			2018			2019 vs. 2018
	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 innon-current loans		1,061			618			+72	%
	(102	)		(61	)		(382	)		n/a		•  repayment ofnon-current loans, 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 withnon-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 loan repayments 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 project financing (partner share).

CASH FLOW

4Q19			3Q19			4Q18			4Q19 vs 4Q18			in millions of dollars	2019			2018			2019 vs. 2018
	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			—

13

GEARING RATIOS*

in millions of dollars	12/31/2019			09/30/2019			12/31/2018
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 ofnon-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 (excludingafter-tax inventory effect).

14

MAIN INDICATORS

	$/€		Brent ($/b)		Average liquids price* ($/b)		Average gas price* ($/Mbtu)		Variable cost margin, European refining** ($/t)
Fourth quarter 2019		1.11		63.1		59.1		3.76		30.2
Third quarter 2019		1.11		62.0		58.0		3.48		47.4
Second quarter 2019		1.12		68.9		63.7		3.82		27.6
First quarter 2019		1.14		63.1		58.7		4.51		33.0
Fourth quarter 2018		1.14		68.8		59.2		5.01		40.8

* Sales in $ / sales in volume for consolidated subsidiaries (excluding stock value variation).

** This indicator represents the average margin on variable costs realized by TOTAL’s European refining business (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 onTOTAL’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.

15

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)

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

(a) Except for per share amounts.

16

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(unaudited)

	4th quarter			3rd quarter			4th 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

17

CONSOLIDATED STATEMENT OF INCOME

TOTAL

	Year			Year
	2019			2018
(M$)(a)	(unaudited)
Sales		200,316			209,363
Excise taxes		(24,067	)		(25,257	)
Revenues from sales		176,249			184,106
Purchases, net of inventory variation		(116,221	)		(125,816	)
Other operating expenses		(27,255	)		(27,484	)
Exploration costs		(785	)		(797	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(15,731	)		(13,992	)
Other income		1,163			1,838
Other expense		(1,192	)		(1,273	)
Financial interest on debt		(2,333	)		(1,933	)
Financial income and expense from cash & cash equivalents		(19	)		(188	)
Cost of net debt		(2,352	)		(2,121	)
Other financial income		792			1,120
Other financial expense		(764	)		(685	)
Net income (loss) from equity affiliates		3,406			3,170
Income taxes		(5,872	)		(6,516	)
Consolidated net income		11,438			11,550
Group share		11,267			11,446
Non-controlling interests		171			104
Earnings per share ($)		4.20			4.27
Fully-diluted earnings per share ($)		4.17			4.24

(a) Except for per share amounts.

18

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

19

CONSOLIDATED BALANCE SHEET

TOTAL

	December 31, 2019			September 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
Othernon-current assets		2,415			2,264			2,509
Totalnon-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 othernon-current liabilities		20,613			20,903			21,432
Non-current financial debt		47,773			47,923			40,129
Totalnon-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

20

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(unaudited)

(M$)	4th quarter 2019			3rd quarter 2019			4th quarter 2018
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 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 innon-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 ofnon-current investments		43			40			753
Repayment ofnon-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 withnon-controlling interests		160			—			(1	)
Net issuance (repayment) ofnon-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

21

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

	Year 2019			Year 2018
(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 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 innon-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 ofnon-current investments		349			1,444
Repayment ofnon-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 withnon-controlling interests		10			(622	)
Net issuance (repayment) ofnon-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

22

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

TOTAL

(Unaudited: Year 2019)

	Common shares issued							Paid-in surplus and retained earnings			Currency translation adjustment			Treasury shares						Shareholders’ equity - Group share			Non-controlling interests			Total shareholders’ 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 withnon-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 withnon-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 to the restricted stock grants.

23

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4th quarter 2019 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,563			4,292			22,040			21,379			6			—			49,280
Intersegment sales		8,266			993			7,739			203			47			(17,248	)		—
Excise taxes		—			—			(765	)		(5,130	)		—			—			(5,895	)
Revenues from sales		9,829			5,285			29,014			16,452			53			(17,248	)		43,385
Operating expenses		(4,156	)		(4,471	)		(28,084	)		(15,714	)		(356	)		17,248			(35,533	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,307	)		(488	)		(351	)		(263	)		(22	)		—			(4,431	)
Operating income		2,366			326			579			475			(325	)		—			3,421
Net income (loss) from equity affiliates and other items		166			391			57			15			6			—			635
Tax on net operating income		(893	)		104			(3	)		(100	)		(39	)		—			(931	)
Net operating income		1,639			821			633			390			(358	)		—			3,125
Net cost of net debt																				(476	)
Non-controlling interests																				(49	)
Net income - group share																				2,600
4th quarter 2019 (adjustments)(a) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & 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, inventory valuation effect and the effect of changes in fair value. (b)     Of which inventory valuation effect
On operating income		—			—			85			(96	)		—
On net operating income		—			—			117			(60	)		—
4thquarter 2019 (adjusted) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,563			4,282			22,040			21,379			6			—			49,270
Intersegment sales		8,266			993			7,739			203			47			(17,248	)		—
Excise taxes		—			—			(765	)		(5,130	)		—			—			(5,895	)
Revenues from sales		9,829			5,275			29,014			16,452			53			(17,248	)		43,375
Operating expenses		(4,111	)		(4,384	)		(28,128	)		(15,612	)		(244	)		17,248			(35,231	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,782	)		(352	)		(342	)		(263	)		(22	)		—			(3,761	)
Adjusted operating income		2,936			539			544			577			(213	)		—			4,383
Net income (loss) from equity affiliates and other items		188			429			70			38			6			—			731
Tax on net operating income		(1,093	)		(174	)		(34	)		(141	)		34			—			(1,408	)
Adjusted net operating income		2,031			794			580			474			(173	)		—			3,706
Net cost of net debt																				(473	)
Non-controlling interests																				(68	)
Adjusted net income - group share																				3,165
4th quarter 2019 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & 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

24

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

3rd quarter 2019 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,631			3,667			21,338			21,951			2			—			48,589
Intersegment sales		7,761			573			8,341			155			15			(16,845	)		—
Excise taxes		—			—			(713	)		(5,338	)		—			—			(6,051	)
Revenues from sales		9,392			4,240			28,966			16,768			17			(16,845	)		42,538
Operating expenses		(3,999	)		(3,558	)		(27,518	)		(15,963	)		(163	)		16,845			(34,356	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,136	)		(361	)		(413	)		(247	)		(16	)		—			(4,173	)
Operating income		2,257			321			1,035			558			(162	)		—			4,009
Net income (loss) from equity affiliates and other items		77			898			5			(15	)		9			—			974
Tax on net operating income		(1,094	)		(222	)		(221	)		(164	)		70			—			(1,631	)
Net operating income		1,240			997			819			379			(83	)		—			3,352
Net cost of net debt																				(507	)
Non-controlling interests																				(45	)
Net income - group share																				2,800
3rd quarter 2019 (adjustments)(a) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & 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, inventory valuation effect and the effect of changes in fair value. (b)    Of which inventory valuation effect
On operating income		—			—			(94	)		25			—
On net operating income		—			—			(90	)		19			—
3rdquarter 2019 (adjusted) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & 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

3rd quarter 2019 (M$)	Exploration & Production		Integrated Gas, Renewables & Power		Refining & Chemicals		Marketing & 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

25

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4th quarter 2018 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,119			3,781			23,365			23,226			4			—			52,495
Intersegment sales		7,659			662			8,786			246			18			(17,371	)		—
Excise taxes		—			—			(822	)		(5,361	)		—			—			(6,183	)
Revenues from sales		9,778			4,443			31,329			18,111			22			(17,371	)		46,312
Operating expenses		(4,540	)		(3,896	)		(31,552	)		(17,671	)		(246	)		17,371			(40,534	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,046	)		(807	)		(311	)		(187	)		(11	)		—			(4,362	)
Operating income		2,192			(260	)		(534	)		253			(235	)		—			1,416
Net income (loss) from equity affiliates and other items		339			399			144			5			29			—			916
Tax on net operating income		(798	)		(79	)		230			(69	)		48			—			(668	)
Net operating income		1,733			60			(160	)		189			(158	)		—			1,664
Net cost of net debt																				(484	)
Non-controlling interests																				(48	)
Net income - group share																				1,132
4th quarter 2018 (adjustments)(a) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & 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, inventory valuation effect and the effect of changes in fair value. (b)    Of which inventory valuation effect
On operating income		—			—			(1,299	)		(158	)		—
On net operating income		—			—			(963	)		(113	)		—
4thquarter 2018 (adjusted) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,119			3,738			23,365			23,226			4			—			52,452
Intersegment sales		7,659			662			8,786			246			18			(17,371	)		—
Excise taxes		—			—			(822	)		(5,361	)		—			—			(6,183	)
Revenues from sales		9,778			4,400			31,329			18,111			22			(17,371	)		46,269
Operating expenses		(4,541	)		(3,824	)		(30,229	)		(17,474	)		(246	)		17,371			(38,943	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,404	)		(227	)		(309	)		(187	)		(11	)		—			(3,138	)
Adjusted operating income		2,833			349			791			450			(235	)		—			4,188
Net income (loss) from equity affiliates and other items		339			606			294			10			29			—			1,278
Tax on net operating income		(1,196	)		(279	)		(185	)		(127	)		48			—			(1,739	)
Adjusted net operating income		1,976			676			900			333			(158	)		—			3,727
Net cost of net debt																				(480	)
Non-controlling interests																				(83	)
Adjusted net income - group share																				3,164
4th quarter 2018 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & 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

26

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

Year 2019 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		7,261			18,167			87,598			87,280			10			—			200,316
Intersegment sales		31,329			2,825			32,390			659			125			(67,328	)		—
Excise taxes		—			—			(3,015	)		(21,052	)		—			—			(24,067	)
Revenues from sales		38,590			20,992			116,973			66,887			135			(67,328	)		176,249
Operating expenses		(16,389	)		(18,316	)		(112,104	)		(63,855	)		(925	)		67,328			(144,261	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(11,659	)		(1,492	)		(1,527	)		(980	)		(73	)		—			(15,731	)
Operating income		10,542			1,184			3,342			2,052			(863	)		—			16,257
Net income (loss) from equity affiliates and other items		610			2,330			322			101			42			—			3,405
Tax on net operating income		(4,572	)		(741	)		(470	)		(598	)		155			—			(6,226	)
Net operating income		6,580			2,773			3,194			1,555			(666	)		—			13,436
Net cost of net debt																				(1,998	)
Non-controlling interests																				(171	)
Net income - group share																				11,267
Year 2019 (adjustments)(a) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & 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, inventory valuation effect and the effect of changes in fair value. (b)    Of which inventory valuation effect
On operating income		—			—			477			(31	)		—
On net operating income		—			—			371			(14	)		—
Year 2019 (adjusted) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		7,261			18,231			87,598			87,280			10			—			200,380
Intersegment sales		31,329			2,825			32,390			659			125			(67,328	)		—
Excise taxes		—			—			(3,015	)		(21,052	)		—			—			(24,067	)
Revenues from sales		38,590			21,056			116,973			66,887			135			(67,328	)		176,313
Operating expenses		(16,244	)		(18,076	)		(112,501	)		(63,815	)		(813	)		67,328			(144,121	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(10,938	)		(1,336	)		(1,486	)		(978	)		(73	)		—			(14,811	)
Adjusted operating income		11,408			1,644			2,986			2,094			(751	)		—			17,381
Net income (loss) from equity affiliates and other items		722			1,356			405			184			42			—			2,709
Tax on net operating income		(4,621	)		(611	)		(388	)		(625	)		228			—			(6,017	)
Adjusted net operating income		7,509			2,389			3,003			1,653			(481	)		—			14,073
Net cost of net debt																				(1,983	)
Non-controlling interests																				(262	)
Adjusted net income - group share																				11,828
Year 2019 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & 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

27

BUSINESS SEGMENT INFORMATION

TOTAL

Year 2018 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		9,889			17,236			92,025			90,206			7			—			209,363
Intersegment sales		30,337			2,198			35,462			979			64			(69,040	)		—
Excise taxes		—			—			(3,359	)		(21,898	)		—			—			(25,257	)
Revenues from sales		40,226			19,434			124,128			69,287			71			(69,040	)		184,106
Operating expenses		(17,532	)		(17,679	)		(120,393	)		(66,737	)		(796	)		69,040			(154,097	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(10,192	)		(1,827	)		(1,222	)		(709	)		(42	)		—			(13,992	)
Operating income		12,502			(72	)		2,513			1,841			(767	)		—			16,017
Net income (loss) from equity affiliates and other items		1,365			1,639			782			307			77			—			4,170
Tax on net operating income		(5,770	)		(471	)		(445	)		(532	)		375			—			(6,843	)
Net operating income		8,097			1,096			2,850			1,616			(315	)		—			13,344
Net cost of net debt																				(1,794	)
Non-controlling interests																				(104	)
Net income - group share																				11,446
Year 2018 (adjustments)(a) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & 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) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		9,889			17,180			92,025			90,206			7			—			209,307
Intersegment sales		30,337			2,198			35,462			979			64			(69,040	)		—
Excise taxes		—			—			(3,359	)		(21,898	)		—			—			(25,257	)
Revenues from sales		40,226			19,378			124,128			69,287			71			(69,040	)		184,050
Operating expenses		(17,333	)		(17,442	)		(119,777	)		(66,692	)		(787	)		69,040			(152,991	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(9,485	)		(762	)		(1,220	)		(709	)		(42	)		—			(12,218	)
Adjusted operating income		13,408			1,174			3,131			1,886			(758	)		—			18,841
Net income (loss) from equity affiliates and other items		1,493			1,886			898			312			77			—			4,666
Tax on net operating income		(6,354	)		(641	)		(650	)		(546	)		375			—			(7,816	)
Adjusted net operating income		8,547			2,419			3,379			1,652			(306	)		—			15,691
Net cost of net debt																				(1,727	)
Non-controlling interests																				(405	)
Adjusted net income - group share																				13,559
Year 2018 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & 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

28

Reconciliation of the information by business segment with consolidated financial statements

TOTAL

(unaudited)

4th quarter 2019 (M$)	Adjusted			Adjustments(a)			Consolidated statement 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.

4th quarter 2018 (M$)	Adjusted			Adjustments(a)			Consolidated statement 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.

29

Reconciliation of the information by business segment with consolidated financial statements

TOTAL

Year 2019 (M$) (unaudited)	Adjusted			Adjustments(a)			Consolidated statement 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 (M$)	Adjusted			Adjustments(a)			Consolidated statement 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.

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