TotalEnergies SE (TTE) 6-K 30 Jul 20 2020 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2020
Document and Entity Information
Entity Registrant Name	TOTAL SE
Entity Central Index Key	0000879764
Document Type	6-K
Document Period End Date	Jun. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME $ in Millions	3 Months Ended						6 Months Ended
	Jun. 30, 2020€ / shares	Jun. 30, 2020USD ($)$ / shares	Mar. 31, 2020€ / shares	Mar. 31, 2020USD ($)$ / shares	Jun. 30, 2019€ / shares	Jun. 30, 2019USD ($)$ / shares	Jun. 30, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)$ / shares
CONSOLIDATED STATEMENT OF INCOME
Sales		$ 25,730		$ 43,870		$ 51,242	$ 69,600		$ 102,447
Excise taxes		(4,168)		(5,293)		(6,040)	(9,461)		(12,121)
Revenues from sales		21,562		38,577		45,202	60,139		90,326
Purchases, net of inventory variation		(12,025)		(28,068)		(30,390)	(40,093)		(60,111)
Other operating expenses		(6,321)		(6,944)		(7,078)	(13,265)		(13,803)
Exploration costs		(114)		(140)		(170)	(254)		(458)
Depreciation, depletion and impairment of tangible assets and mineral interests		(11,593)		(3,635)		(3,661)	(15,228)		(7,127)
Other income		362		580		321	942		568
Other expense		(108)		(420)		(189)	(528)		(398)
Financial interest on debt		(530)		(569)		(568)	(1,099)		(1,129)
Financial income and expense from cash & cash equivalents		50		(155)		(42)	(105)		(70)
Cost of net debt		(480)		(724)		(610)	(1,204)		(1,199)
Other financial income		419		188		326	607		486
Other financial expense		(161)		(181)		(188)	(342)		(383)
Net income (loss) from equity affiliates		(447)		732		812	285		1,523
Income taxes		484		37		(1,571)	521		(3,480)
Consolidated net income		(8,422)		2		2,804	(8,420)	$ 5,494	5,944
Group share		(8,369)		34		2,756	(8,335)		5,867
Non-controlling interests		$ (53)		$ (32)		$ 48	$ (85)		$ 77
Earnings per share (in dollars or Euros per share) | (per share)	€ (2.98)	$ 3.27	€ (0.01)	$ (0.01)	€ 0.89	$ 1.01	$ 3.29		$ 2.17
Fully-diluted earnings per share (in dollars or Euros per share) | (per share)	€ (2.98)	$ 3.27	€ (0.01)	$ (0.01)	€ 0.89	$ 1	$ 3.29		$ 2.16

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Consolidated net income	$ (8,422)	$ 2	$ 2,804	$ (8,420)	$ 5,944
Other comprehensive income
Actuarial gains and losses	(356)	133	(223)	(223)	(59)
Change in fair value of investments in equity instruments	90	(164)	74	(74)	107
Tax effect	101	(15)	59	86	14
Currency translation adjustment generated by the parent company	1,780	(1,976)	1,057	(196)	(474)
Items not potentially reclassifiable to profit and loss	1,615	(2,022)	967	(407)	(412)
Currency translation adjustment	(919)	(21)	(619)	(940)	187
Cash flow hedge	231	(1,524)	(246)	(1,293)	(373)
Variation of foreign currency basis spread	14	56	43	70	54
Share of other comprehensive income of equity affiliates, net amount	296	(1,223)	(135)	(927)	253
Other		3	1	3	2
Tax effect	(78)	445	69	367	107
Items potentially reclassifiable to profit and loss	(456)	(2,264)	(887)	(2,720)	230
Total other comprehensive income (net amount)	1,159	(4,286)	80	(3,127)	(182)
Comprehensive income	(7,263)	(4,284)	2,884	(11,547)	5,762
Group share	(7,253)	(4,171)	2,797	(11,424)	5,637
Non-controlling interests	$ (10)	$ (113)	$ 87	$ (123)	$ 125

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019
Non-current assets
Intangible assets, net	$ 33,114	$ 32,823	$ 33,178	$ 29,229
Property, plant and equipment, net	104,925	113,254	116,408	118,063
Equity affiliates: investments and loans	27,470	26,998	27,122	26,473
Other investments	1,627	1,660	1,778	1,660
Non-current financial assets	2,431	1,133	912	771
Deferred income taxes	7,257	6,694	6,216	6,022
Other non-current assets	2,539	2,537	2,415	2,306
Total non-current assets	179,363	185,099	188,029	184,524
Current assets
Inventories, net	12,688	11,556	17,132	16,410
Accounts receivable, net	13,481	18,029	18,488	20,349
Other current assets	17,155	19,429	17,013	15,958
Current financial assets	6,570	7,016	3,992	3,536
Cash and cash equivalents	29,727	21,634	27,352	26,723
Assets classified as held for sale	421	421	1,288
Total current assets	80,042	78,085	85,265	82,976
Total assets	259,405	263,184	273,294	267,500
Shareholders' equity
Common shares	8,159	8,123	8,123	8,301
Paid-in surplus and retained earnings	107,934	119,935	121,170	123,351
Currency translation adjustment	(13,265)	(14,431)	(11,503)	(11,177)
Treasury shares	(1,623)	(1,621)	(1,012)	(3,613)
Total shareholders' equity - Group share	101,205	112,006	116,778	116,862
Non-controlling interests	2,334	2,428	2,527	2,362
Total shareholders' equity	103,539	114,434	119,305	119,224
Non-current liabilities
Deferred income taxes	10,346	10,462	11,858	11,486
Employee benefits	3,612	3,260	3,501	3,375
Provisions and other non-current liabilities	19,487	19,452	20,613	21,629
Non-current financial debt	61,540	48,896	47,773	45,394
Total non-current liabilities	94,985	82,070	83,745	81,884
Current liabilities
Accounts payable	19,198	22,123	28,394	27,059
Other creditors and accrued liabilities	24,790	25,102	25,749	22,686
Current borrowings	16,154	18,521	14,819	16,221
Other current financial liabilities	411	604	487	426
Liabilities directly associated with the assets classified as held for sale	328	330	795
Total current liabilities	60,881	66,680	70,244	66,392
Total liabilities & shareholders' equity	$ 259,405	$ 263,184	$ 273,294	$ 267,500

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOW - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income	$ (8,422)	$ 2	$ 2,804	$ (8,420)	$ 5,944
Depreciation, depletion, amortization and impairment	11,701	3,730	3,819	15,431	7,535
Non-current liabilities, valuation allowances, and deferred taxes	(796)	(661)	239	(1,457)	379
(Gains) losses on disposals of assets	(131)	(209)	(191)	(340)	(364)
Undistributed affiliates' equity earnings	978	(587)	(168)	391	(474)
(Increase) decrease in working capital	431	(884)	(317)	(453)	(3,287)
Other changes, net	(282)	(92)	65	(374)	147
Cash flow from operating activities	3,479	1,299	6,251	4,778	9,880
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions	(2,409)	(2,364)	(2,881)	(4,773)	(5,585)
Acquisitions of subsidiaries, net of cash acquired		(188)	(208)	(188)	(208)
Investments in equity affiliates and other securities	(136)	(1,534)	(437)	(1,670)	(1,190)
Increase in non-current loans	(733)	(295)	(370)	(1,028)	(500)
Total expenditures	(3,278)	(4,381)	(3,896)	(7,659)	(7,483)
Proceeds from disposals of intangible assets and property, plant and equipment	219	44	155	263	163
Proceeds from disposals of subsidiaries, net of cash sold	12	142	(1)	154	146
Proceeds from disposals of non-current investments	20	295	58	315	266
Repayment of non-current loans	99	126	353	225	487
Total divestments	350	607	565	957	1,062
Cash flow used in investing activities	(2,928)	(3,774)	(3,331)	(6,702)	(6,421)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares: Parent company shareholders	374		449	374	450
Issuance (repayment) of shares: Treasury shares	(2)	(609)	(1,279)	(611)	(1,770)
Dividends paid: Parent company shareholders	(1,928)	(1,882)	(2,935)	(3,810)	(4,765)
Dividends paid: Non-controlling interests	(76)		(93)	(76)	(93)
Payments on perpetual subordinated notes	(134)	(97)	(175)	(231)	(315)
Other transactions with non-controlling interests	(22)	(48)		(70)	(150)
Net issuance (repayment) of non-current debt	15,430	42	2,331	15,472	3,581
Increase (decrease) in current borrowings	(6,604)	2,785	37	(3,819)	(1,489)
Increase (decrease) in current financial assets and liabilities	449	(2,995)	(164)	(2,546)	(58)
Cash flow from (used in) financing activities	7,487	(2,804)	(1,829)	4,683	(4,609)
Net increase (decrease) in cash and cash equivalents	8,038	(5,279)	1,091	2,759	(1,150)
Effect of exchange rates	55	(439)	200	(384)	(34)
Cash and cash equivalents at the beginning of the period	21,634	27,352	25,432	27,352	27,907
Cash and cash equivalents at the end of the period	$ 29,727	$ 21,634	$ 26,723	$ 29,727	$ 26,723

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Millions		Shareholders' equity - Group share	Common shares issued	Paid-in surplus and retained earnings	Currency translation adjustment	Treasury shares		Non-controlling interests	Total
Equity as of the beginning of the period at Dec. 31, 2018		$ 115,640	$ 8,227	$ 120,569	$ (11,313)	$ (1,843)		$ 2,474	$ 118,114
Common shares issued as of the beginning of the period at Dec. 31, 2018			2,640,602,007			(32,473,281)
Net income		5,867		5,867				77	5,944
Other comprehensive income		(230)		(366)	136			48	(182)
Comprehensive income		5,637		5,501	136			125	5,762
Dividend		(3,875)		(3,875)				(93)	(3,968)
Issuance of common shares		1,345	$ 74	1,271					1,345
Issuance of common shares (in shares)			26,281,753
Purchase of treasury shares		(1,770)				$ (1,770)	[1]		(1,770)
Purchase of treasury shares (in shares)						(32,331,446)
Sale of treasury shares (in shares)	[1]					4,010
Share-based payments		103		103					103
Net issuance (repayment) of perpetual subordinated notes		(5)		(5)					(5)
Payments on perpetual subordinated notes		(207)		(207)					(207)
Other operations with non-controlling interests								(150)	(150)
Other items		(6)		(6)				6
Equity as of the end of the period at Jun. 30, 2019		116,862	$ 8,301	123,351	(11,177)	$ (3,613)		2,362	119,224
Common shares issued as of the end of the period at Jun. 30, 2019			2,666,883,760			(64,800,717)
Net income		5,400		5,400				94	5,494
Other comprehensive income		(619)		(293)	(326)			20	(599)
Comprehensive income		4,781		5,107	(326)			114	4,895
Dividend		(3,855)		(3,855)				(22)	(3,877)
Issuance of common shares		(6)		(6)					(6)
Issuance of common shares (in shares)			106,750
Purchase of treasury shares		(1,040)				$ (1,040)			(1,040)
Purchase of treasury shares (in shares)						(20,057,890)
Sale of treasury shares	[1]			(219)		$ 219
Sale of treasury shares (in shares)	[1]					4,274,938
Share-based payments		104		104					104
Share cancellation			$ (178)	(3,244)		$ 3,422
Share cancellation (in shares)			(65,109,435)			65,109,435
Net issuance (repayment) of perpetual subordinated notes		1		1					1
Payments on perpetual subordinated notes		(146)		(146)					(146)
Other operations with non-controlling interests		55		55				108	163
Other items		22		22				(35)	(13)
Equity as of the end of the period at Dec. 31, 2019		116,778	$ 8,123	121,170	(11,503)	$ (1,012)		2,527	119,305
Common shares issued as of the end of the period at Dec. 31, 2019			2,601,881,075			(15,474,234)
Net income									2
Other comprehensive income									(4,286)
Comprehensive income									(4,284)
Equity as of the end of the period at Mar. 31, 2020									114,434
Equity as of the beginning of the period at Dec. 31, 2019		116,778	$ 8,123	121,170	(11,503)	$ (1,012)		2,527	119,305
Common shares issued as of the beginning of the period at Dec. 31, 2019			2,601,881,075			(15,474,234)
Net income		(8,335)		(8,335)				(85)	(8,420)
Other comprehensive income		(3,089)		(1,327)	(1,762)			(38)	(3,127)
Comprehensive income		(11,424)		(9,662)	(1,762)			(123)	(11,547)
Dividend		(3,799)		(3,799)				(76)	(3,875)
Issuance of common shares		374	$ 36	338					374
Issuance of common shares (in shares)			13,179,262
Purchase of treasury shares		(611)				$ (611)			(611)
Purchase of treasury shares (in shares)						(13,236,044)
Sale of treasury shares (in shares)	[1]					3,680
Share-based payments		96		96					96
Payments on perpetual subordinated notes		(143)		(143)					(143)
Other operations with non-controlling interests		(63)		(63)				(7)	(70)
Other items		(3)		(3)				13	10
Equity as of the end of the period at Jun. 30, 2020		101,205	$ 8,159	107,934	(13,265)	$ (1,623)		2,334	103,539
Common shares issued as of the end of the period at Jun. 30, 2020			2,615,060,337			(28,706,598)
Equity as of the beginning of the period at Mar. 31, 2020									114,434
Net income									(8,422)
Other comprehensive income									1,159
Comprehensive income									(7,263)
Equity as of the end of the period at Jun. 30, 2020		$ 101,205	$ 8,159	$ 107,934	$ (13,265)	$ (1,623)		$ 2,334	$ 103,539
Common shares issued as of the end of the period at Jun. 30, 2020			2,615,060,337			(28,706,598)
[1]	Treasury shares related to the restricted stock grants.

Accounting policies

Accounting policies	6 Months Ended
	Jun. 30, 2020
Accounting policies
Accounting policies	1) Accounting policies The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRS as published by the International Accounting Standards Board (IASB). The interim consolidated financial statements of TOTAL SE and its subsidiaries (the Group) as of June 30, 2020, are presented in U.S. dollars and have been prepared in accordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting”. The accounting principles applied for the consolidated financial statements at June 30, 2020, are consistent with those used for the financial statements at December 31, 2019, with the exception of standards or amendments that must be applied for periods beginning January 1, 2020. On January 1, 2020, the Group applied the amendments to IFRS9 and IFRS7 relating to the IBOR reform. The amendments modify some specific hedge accounting requirements to provide relief from potential effects of the uncertainty caused by the IBOR reform, and therefore maintain the hedge accounting qualification of interest rate derivatives. The Group is currently assessing the future impacts of these index changes. The preparation of financial statements in accordance with IFRS for the closing as of June 30, 2020 requires the executive management to make estimates, assumptions and judgments that affect the information reported in the Consolidated Financial Statements and the Notes thereto. These estimates, assumptions and judgments are based on historical experience and other factors believed to be reasonable at the date of preparation of the financial statements. They are reviewed on an on-going basis by management and therefore could be revised as circumstances change or as a result of new information. The main estimates, judgments and assumptions relate to the estimation of hydrocarbon reserves in application of the successful efforts method for the oil and gas activities, asset impairments, employee benefits, asset retirement obligations and income taxes. These estimates and assumptions are described in the Notes to the Consolidated Financial Statements as of December 31, 2019. The interim consolidated financial statements are impacted by the Covid-19 and oil crises described in note 7 Other risks and contingent liabilities . The Group has taken this environment into account in its estimates, notably those relating to inventory valuation, asset impairments, employee benefits and income taxes. As of June 30, 2020, the Group has decided to revise the price assumptions used for its assets impairment tests. Based on these new assumptions, asset impairments were recorded. during the period. In line with its new Climate Ambition announced on May 5, 2020, which aims at carbon neutrality, the Group has reviewed its oil assets that can be qualified as “stranded”, and therefore has decided to impair its oil sands assets in Canada. These impairments and revised assumptions are presented in note 3.4 Asset impairment. Moreover, the value of petroleum and petrochemical inventories that are measured, according to the FIFO (First-in, First-Out) method, deteriorated as a result of the significant decrease in prices during the quarter, especially in the Refining and Chemicals business segment. Different estimates, assumptions and judgments could significantly affect the information reported, and actual results may differ from the amounts included in the Consolidated Financial Statements and the Notes thereto. Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the management applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS concepts: faithful representation, relevance and materiality.

Changes in the Group structure

Changes in the Group structure	6 Months Ended
	Jun. 30, 2020
Changes in the Group structure
Changes in the Group structure	2) Changes in the Group structure 2.1) Main acquisitions and divestments Ø Integrated Gas, Renewables & Power · On February 28, 2020, TOTAL finalized the acquisition of 37.4% interest in Adani Gas Limited, one of the four main distributors of city gas in India. To acquire 37.4% of equity shares of Adani Gas Limited, TOTAL launched a tender offer to public shareholders on October 14, 2019 that ended on January 14, 2020, then acquired the remaining shares from Adani on February 27 and 28, 2020. Ø Exploration & Production · On March 31, 2020, TOTAL finalized the sale of its subsidiary Total E&P Deep Offshore Borneo BV which holds an 86.95% interest in Block CA1, located 100 kilometers off the coast of Brunei, to Shell. 2.2) Divestment projects Ø Exploration & Production · In May 2020, TOTAL confirmed its commitment to completing the sale of its UK North Sea non-core assets, first announced in July 2019. TOTAL and Norway-based private equity investor HitecVision have successfully renegotiated the financial terms of the deal to respond to the current environment – while Petrogas is no longer part of the transaction. Subject to necessary approvals, the parties expect to complete the transaction by the third quarter of 2020. At June 30, 2020, the assets and liabilities have been respectively classified in the consolidated balance sheet in “asset classified as held for sale” for an amount of $421 million and “liabilities classified as held for sale” for an amount of $328 million. The concerned assets mainly include intangible and tangible assets.

Business segment information

Business segment information	6 Months Ended
	Jun. 30, 2020
Business segment information
Business segment information	3) Business segment information Description of the business segments Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL and which is reviewed by the main operational decision-making body of the Group, namely the Executive Committee. The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments. Sales prices between business segments approximate market prices. The organization of the Group's activities is structured around the four followings segments: - An Exploration & Production segment; - An Integrated Gas, Renewables & Power segment comprising integrated gas (including LNG) and low carbon electricity businesses. It includes the upstream and midstream LNG activity; - A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil Supply, Trading and marine Shipping; - A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products; In addition the Corporate segment includes holdings operating and financial activities. Adjustment items Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods. Adjustment items include: (i) Special items Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or assets disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years. (ii) The inventory valuation effect The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors. In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost methods. (iii) Effect of changes in fair value The effect of changes in fair value presented as adjustment items reflects for some transactions differences between internal measure of performance used by TOTAL’s management and the accounting for these transactions under IFRS. IFRS requires that trading inventories be recorded at their fair value using period end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices. TOTAL, in its trading activities, enters into storage contracts, which future effects are recorded at fair value in the Group’s internal economic performance. IFRS precludes recognition of this fair value effect. Furthermore, TOTAL enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence. The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items and the effect of changes in fair value. 3.1) Information by business segment Exploration Integrated Gas, Refining Marketing 1 st half 2020 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 2,574 8,403 27,956 30,661 6 — 69,600 Intersegment sales 8,661 895 9,051 196 59 (18,862) — Excise taxes — — (1,119) (8,342) — — (9,461) Revenues from sales 11,235 9,298 35,888 22,515 65 (18,862) 60,139 Operating expenses (6,048) (8,398) (35,736) (21,730) (562) 18,862 (53,612) Depreciation, depletion and impairment of tangible assets and mineral interests (12,311) (1,616) (788) (473) (40) — (15,228) Operating income (7,124) (716) (636) 312 (537) — (8,701) Net income (loss) from equity affiliates and other items 440 420 (92) 32 164 — 964 Tax on net operating income (56) 330 203 (159) 2 — 320 Net operating income (6,740) 34 (525) 185 (371) — (7,417) Net cost of net debt (1,003) Non-controlling interests 85 Net income - group share (8,335) Exploration Integrated Gas, Refining Marketing 1 st half 2020 (adjustments) (a) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales — (16) — — — — (16) Intersegment sales — — — — — — — Excise taxes — — — — — — — Revenues from sales — (16) — — — — (16) Operating expenses (37) (318) (1,637) (341) (91) — (2,424) Depreciation, depletion and impairment of tangible assets and mineral interests (7,338) (953) — — — — (8,291) Operating income (b) (7,375) (1,287) (1,637) (341) (91) — (10,731) Net income (loss) from equity affiliates and other items 71 (292) (271) (5) — — (497) Tax on net operating income 70 374 426 100 12 — 982 Net operating income (b) (7,234) (1,205) (1,482) (246) (79) — (10,246) Net cost of net debt (68) Non-controlling interests 72 Net income - group share (10,242) (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 — — (1,604) (234) — - On net operating income — — (1,371) (163) — Exploration Integrated Gas, Refining Marketing 1 st half 2020 (adjusted) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 2,574 8,419 27,956 30,661 6 — 69,616 Intersegment sales 8,661 895 9,051 196 59 (18,862) — Excise taxes — — (1,119) (8,342) — — (9,461) Revenues from sales 11,235 9,314 35,888 22,515 65 (18,862) 60,155 Operating expenses (6,011) (8,080) (34,099) (21,389) (471) 18,862 (51,188) Depreciation, depletion and impairment of tangible assets and mineral interests (4,973) (663) (788) (473) (40) — (6,937) Adjusted operating income 251 571 1,001 653 (446) — 2,030 Net income (loss) from equity affiliates and other items 369 712 179 37 164 — 1,461 Tax on net operating income (126) (44) (223) (259) (10) — (662) Adjusted net operating income 494 1,239 957 431 (292) — 2,829 Net cost of net debt (935) Non-controlling interests 13 Adjusted net income - group share 1,907 Exploration Integrated Gas, Refining Marketing 1 st half 2020 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Total expenditures 3,265 3,461 533 334 66 7,659 Total divestments 325 433 101 72 26 957 Cash flow from operating activities 4,833 900 (103) 420 (1,272) 4,778 Exploration Integrated Gas, Refining Marketing 1 st half 2019 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 4,067 10,208 44,220 43,950 2 — 102,447 Intersegment sales 15,302 1,259 16,310 301 63 (33,235) — Excise taxes — — (1,537) (10,584) — — (12,121) Revenues from sales 19,369 11,467 58,993 33,667 65 (33,235) 90,326 Operating expenses (8,234) (10,287) (56,502) (32,178) (406) 33,235 (74,372) Depreciation, depletion and impairment of tangible assets and mineral interests (5,216) (643) (763) (470) (35) — (7,127) Operating income 5,919 537 1,728 1,019 (376) — 8,827 Net income (loss) from equity affiliates and other items 367 1,041 260 101 27 — 1,796 Tax on net operating income (2,585) (623) (246) (334) 124 — (3,664) Net operating income 3,701 955 1,742 786 (225) — 6,959 Net cost of net debt (1,015) Non-controlling interests (77) Net income - group share 5,867 Exploration Integrated Gas, Refining Marketing 1 st half 2019 (adjustments) (a) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales — (86) — — — — (86) Intersegment sales — — — — — — — Excise taxes — — — — — — — Revenues from sales — (86) — — — — (86) Operating expenses — (112) 449 40 — — 377 Depreciation, depletion and impairment of tangible assets and mineral interests (43) (11) (10) — — — (64) Operating income (b) (43) (209) 439 40 — — 227 Net income (loss) from equity affiliates and other items — 413 (47) (7) — — 359 Tax on net operating income — (270) (121) (13) — — (404) Net operating income (b) (43) (66) 271 20 — — 182 Net cost of net debt (8) Non-controlling interests 47 Net income - group share 221 (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 — — 486 40 — - On net operating income — — 344 27 — Exploration Integrated Gas, Refining Marketing 1 st half 2019 (adjusted) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 4,067 10,294 44,220 43,950 2 — 102,533 Intersegment sales 15,302 1,259 16,310 301 63 (33,235) — Excise taxes — — (1,537) (10,584) — — (12,121) Revenues from sales 19,369 11,553 58,993 33,667 65 (33,235) 90,412 Operating expenses (8,234) (10,175) (56,951) (32,218) (406) 33,235 (74,749) Depreciation, depletion and impairment of tangible assets and mineral interests (5,173) (632) (753) (470) (35) — (7,063) Adjusted operating income 5,962 746 1,289 979 (376) — 8,600 Net income (loss) from equity affiliates and other items 367 628 307 108 27 — 1,437 Tax on net operating income (2,585) (353) (125) (321) 124 — (3,260) Adjusted net operating income 3,744 1,021 1,471 766 (225) — 6,777 Net cost of net debt (1,007) Non-controlling interests (124) Adjusted net income - group share 5,646 Exploration Integrated Gas, Refining Marketing 1 st half 2019 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Total expenditures 4,282 1,975 648 527 51 7,483 Total divestments 89 574 239 157 3 1,062 Cash flow from operating activities 7,704 1,533 1,120 843 (1,320) 9,880 Exploration Integrated Gas, Refining Marketing 2 nd quarter 2020 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 992 3,313 9,433 11,986 6 — 25,730 Intersegment sales 3,097 301 2,956 107 31 (6,492) — Excise taxes — — (469) (3,699) — — (4,168) Revenues from sales 4,089 3,614 11,920 8,394 37 (6,492) 21,562 Operating expenses (2,405) (3,406) (10,895) (7,931) (315) 6,492 (18,460) Depreciation, depletion and impairment of tangible assets and mineral interests (9,667) (1,282) (393) (229) (22) — (11,593) Operating income (7,983) (1,074) 632 234 (300) — (8,491) Net income (loss) from equity affiliates and other items 17 21 (35) 22 40 — 65 Tax on net operating income 398 322 (132) (127) (26) — 435 Net operating income (7,568) (731) 465 129 (286) — (7,991) Net cost of net debt (431) Non-controlling interests 53 Net income - group share (8,369) Exploration Integrated Gas, Refining Marketing 2 nd quarter 2020 (adjustments) (a) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales — (18) — — — — (18) Intersegment sales — — — — — — — Excise taxes — — — — — — — Revenues from sales — (18) — — — — (18) Operating expenses (27) (199) (48) 5 (36) — (305) Depreciation, depletion and impairment of tangible assets and mineral interests (7,338) (953) — — — — (8,291) Operating income (b) (7,365) (1,170) (48) 5 (36) — (8,614) Net income (loss) from equity affiliates and other items (57) (217) (63) (5) — — (342) Tax on net operating income 63 330 1 — 12 — 406 Net operating income (b) (7,359) (1,057) (110) — (24) — (8,550) Net cost of net debt 33 Non-controlling interests 22 Net income - group share (8,495) (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 — — (26) (16) — - On net operating income — — (86) (9) — Exploration Integrated Gas, Refining Marketing 2 nd quarter 2020 (adjusted) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 992 3,331 9,433 11,986 6 — 25,748 Intersegment sales 3,097 301 2,956 107 31 (6,492) — Excise taxes — — (469) (3,699) — — (4,168) Revenues from sales 4,089 3,632 11,920 8,394 37 (6,492) 21,580 Operating expenses (2,378) (3,207) (10,847) (7,936) (279) 6,492 (18,155) Depreciation, depletion and impairment of tangible assets and mineral interests (2,329) (329) (393) (229) (22) — (3,302) Adjusted operating income (618) 96 680 229 (264) — 123 Net income (loss) from equity affiliates and other items 74 238 28 27 40 — 407 Tax on net operating income 335 (8) (133) (127) (38) — 29 Adjusted net operating income (209) 326 575 129 (262) — 559 Net cost of net debt (464) Non-controlling interests 31 Adjusted net income - group share 126 Exploration Integrated Gas, Refining Marketing 2 nd quarter 2020 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Total expenditures 1,606 1,170 307 174 21 3,278 Total divestments 204 89 22 26 9 350 Cash flow from operating activities 910 1,389 1,080 819 (719) 3,479 Exploration Integrated Gas, 2 nd quarter 2019 & Renewables Refining & Marketing & (M$) Production & Power Chemicals Services Corporate Intercompany Total Non-Group sales 2,273 3,789 22,509 22,671 — — 51,242 Intersegment sales 7,586 632 8,293 139 36 (16,686) — Excise taxes — — (761) (5,279) — — (6,040) Revenues from sales 9,859 4,421 30,041 17,531 36 (16,686) 45,202 Operating expenses (4,205) (3,878) (29,168) (16,844) (229) 16,686 (37,638) Depreciation, depletion and impairment of tangible assets and mineral interests (2,687) (328) (389) (237) (20) — (3,661) Operating income 2,967 215 484 450 (213) — 3,903 Net income (loss) from equity affiliates and other items 173 661 111 111 26 — 1,082 Tax on net operating income (1,161) (450) 46 (170) 64 — (1,671) Net operating income 1,979 426 641 391 (123) — 3,314 Net cost of net debt (510) Non-controlling interests (48) Net income - group share 2,756 Exploration Integrated Gas, 2 nd quarter 2019 (adjustments) (a) & Renewables Refining & Marketing & (M$) Production & Power Chemicals Services Corporate Intercompany Total Non-Group sales — (59) — — — — (59) Intersegment sales — — — — — — — Excise taxes — — — — — — — Revenues from sales — (59) — — — — (59) Operating expenses — (54) (43) (34) — — (131) Depreciation, depletion and impairment of tangible assets and mineral interests (43) (11) (10) — — — (64) Operating income (b) (43) (124) (53) (34) — — (254) Net income (loss) from equity affiliates and other items — 407 (49) (7) — — 351 Tax on net operating income — (286) 28 9 — — (249) Net operating income (b) (43) (3) (74) (32) — — (152) Net cost of net debt (4) Non-controlling interests 25 Net income - group share (131) (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 — — (6) (34) — - On net operating income — — (1) (25) — Exploration Integrated Gas, 2 nd quarter 2019 (adjusted) & Renewables Refining & Marketing & (M$) Production & Power Chemicals Services Corporate Intercompany Total Non-Group sales 2,273 3,848 22,509 22,671 — — 51,301 Intersegment sales 7,586 632 8,293 139 36 (16,686) — Excise taxes — — (761) (5,279) — — (6,040) Revenues from sales 9,859 4,480 30,041 17,531 36 (16,686) 45,261 Operating expenses (4,205) (3,824) (29,125) (16,810) (229) 16,686 (37,507) Depreciation, depletion and impairment of tangible assets and mineral interests (2,644) (317) (379) (237) (20) — (3,597) Adjusted operating income 3,010 339 537 484 (213) — 4,157 Net income (loss) from equity affiliates and other items 173 254 160 118 26 — 731 Tax on net operating income (1,161) (164) 18 (179) 64 — (1,422) Adjusted net operating income 2,022 429 715 423 (123) — 3,466 Net cost of net debt (506) Non-controlling interests (73) Adjusted net income - group share 2,887 Exploration Integrated Gas, 2 nd quarter 2019 & Renewables Refining & Marketing & (M$) Production & Power Chemicals Services Corporate Intercompany Total Total expenditures 2,257 857 363 383 36 3,896 Total divestments 60 349 70 85 1 565 Cash flow from operating activities 3,768 641 1,658 611 (427) 6,251 3.2) Reconciliation of the information by business segment with consolidated financial statements Consolidated 1 st half 2020 statement of (M$) Adjusted Adjustments (a) income Sales 69,616 (16) 69,600 Excise taxes (9,461) — (9,461) Revenues from sales 60,155 (16) 60,139 Purchases net of inventory variation (37,949) (2,144) (40,093) Other operating expenses (12,985) (280) (13,265) Exploration costs (254) — (254) Depreciation, depletion and impairment of tangible assets and mineral interests (6,937) (8,291) (15,228) Other income 820 122 942 Other expense (294) (234) (528) Financial interest on debt (1,094) (5) (1,099) Financial income and expense from cash & cash equivalents (13) (92) (105) Cost of net debt (1,107) (97) (1,204) Other financial income 607 — 607 Other financial expense (341) (1) (342) Net income (loss) from equity affiliates 669 (384) 285 Income taxes (490) 1,011 521 Consolidated net income 1,894 (10,314) (8,420) Group share 1,907 (10,242) (8,335) Non-controlling interests (13) (72) (85) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 1 st half 2019 statement (M$) Adjusted Adjustments (a) of income Sales 102,533 (86) 102,447 Excise taxes (12,121) — (12,121) Revenues from sales 90,412 (86) 90,326 Purchases net of inventory variation (60,533) 422 (60,111) Other operating expenses (13,758) (45) (13,803) Exploration costs (458) — (458) Depreciation, depletion and impairment of tangible assets and mineral interests (7,063) (64) (7,127) Other income 453 115 568 Other expense (190) (208) (398) Financial interest on debt (1,121) (8) (1,129) Financial income and expense from cash & cash equivalents (70) — (70) Cost of net debt (1,191) (8) (1,199) Other financial income 486 — 486 Other financial expense (383) — (383) Net income (loss) from equity affiliates 1,071 452 1,523 Income taxes (3,076) (404) (3,480) Consolidated net income 5,770 174 5,944 Group share 5,646 221 5,867 Non-controlling interests 124 (47) 77 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 2 nd quarter 2020 statement (M$) Adjusted Adjustments (a) of income Sales 25,748 (18) 25,730 Excise taxes (4,168) — (4,168) Revenues from sales 21,580 (18) 21,562 Purchases net of inventory variation (11,842) (183) (12,025) Other operating expenses (6,199) (122) (6,321) Exploration costs (114) — (114) Depreciation, depletion and impairment of tangible assets and mineral interests (3,302) (8,291) (11,593) Other income 240 122 362 Other expense (103) (5) (108) Financial interest on debt (527) (3) (530) Financial income and expense from cash & cash equivalents (3) 53 50 Cost of net debt (530) 50 (480) Other financial income 419 — 419 Other financial expense (160) (1) (161) Net income (loss) from equity affiliates 11 (458) (447) Income taxes 95 389 484 Consolidated net income 95 (8,517) (8,422) Group share 126 (8,495) (8,369) Non-controlling interests (31) (22) (53) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 2 nd quarter 2019 statement (M$) Adjusted Adjustments (a) of income Sales 51,301 (59) 51,242 Excise taxes (6,040) — (6,040) Revenues from sales 45,261 (59) 45,202 Purchases net of inventory variation (30,295) (95) (30,390) Other operating expenses (7,042) (36) (7,078) Exploration costs (170) — (170) Depreciation, depletion and impairment of tangible assets and mineral interests (3,597) (64) (3,661) Other income 253 68 321 Other expense (117) (72) (189) Financial interest on debt (564) (4) (568) Financial income and expense from cash & cash equivalents (42) — (42) Cost of net debt (606) (4) (610) Other financial income 326 — 326 Other financial expense (188) — (188) Net income (loss) from equity affiliates 457 355 812 Income taxes (1,322) (249) (1,571) Consolidated net income 2,960 (156) 2,804 Group share 2,887 (131) 2,756 Non-controlling interests 73 (25) 48 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. 3.3) Adjustment items The detail of the adjustment items is presented in the table below. ADJUSTMENTS TO OPERATING INCOME Exploration Integrated Refining Marketing Corporate Total & Gas, & & Production Renewables Chemicals Services (M$) & Power 2 nd quarter 2020 Inventory valuation effect — — (26) (16) — (42) Effect of changes in fair value — (100) — — — (100) Restructuring charges — (10) (7) — — (17) Asset impairment charges (7,338) (953) — — — (8,291) Other items (27) (107) (15) 21 (36) (164) Total (7,365) (1,170) (48) 5 (36) (8,614) 2 nd quarter 2019 Inventory valuation effect — — (6) (34) — (40) Effect of changes in fair value — (59) — — — (59) Restructuring charges — — — — — — Asset impairment charges (43) (11) (10) — — (64) Other items — (54) (37) — — (91) Total (43) (124) (53) (34) — (254) 1 st half 2020 Inventory valuation effect — — (1,604) (234) — (1,838) Effect of changes in fair value — (98) — — — (98) Restructuring charges (10) (18) (7) — — (35) Asset impairment charges (7,338) (953) — — — (8,291) Other items (27) (218) (26) (107) (91) (469) Total (7,375) (1,287) (1,637) (341) (91) (10,731) 1 st half 2019 Inventory valuation effect — — 486 40 — 526 Effect of changes in fair value — (86) — — — (86) Restructuring charges — — — — — — Asset impairment charges (43) (11) (10) — — (64) Other items — (112) (37) — — (149) Total (43) (209) 439 40 — 227 ADJUSTMENTS TO NET INCOME, GROUP SHARE Exploration Integrated Refining Marketing Corporate Total & Gas, & & Production Renewables Chemicals Services (M$) & Power 2 nd quarter 2020 Inventory valuation effect — — (83) (11) — (94) Effect of changes in fair value — (80) — — — (80) Restructuring charges — (10) (10) — — (20) Asset impairment charges (7,272) (829) — — — (8,101) Gains (losses) on disposals of assets — — — — — — Other items (77) (131) (14) 10 12 (200) Total (7,349) (1,050) (107) (1) 12 (8,495) 2 nd quarter 2019 Inventory valuation effect — — (3) (25) — (28) Effect of changes in fair value — (47) — — — (47) Restructuring charges — (14) (17) — — (31) Asset impairment charges (43) (6) (8) — — (57) Gains (losses) on disposals of assets — — — — — — Other items — 86 (48) (6) — 32 Total (43) 19 (76) (31) — (131) 1 st half 2020 Inventory valuation effect — — (1,364) (144) — (1,508) Effect of changes in fair value — (79) — — — (79) Restructuring charges (3) (22) (75) — — (100) Asset impairment charges (7,272) (829) — — — (8,101) Gains (losses) on disposals of assets — — — — — — Other items 51 (256) (36) (71) (142) (454) Total (7,224) (1,186) (1,475) (215) (142) (10,242) 1 st half 2019 Inventory valuation effect — — 341 19 — 360 Effect of changes in fair value — (69) — — — (69) Restructuring charges — (16) (17) — — (33) Asset impairment charges (43) (6) (8) — — (57) Gains (losses) on disposals of assets — — — — — — Other items — 74 (48) (6) — 20 Total (43) (17) 268 13 — 221 3.4) Asset impairment Impairments relate to certain cash-generating units (CGUs) for which indicators of impairment have been identified, due to changes in operating conditions or the economic environment of the activities concerned. For the calculation of impairment tests of its assets, TOTAL set in 2019 a price scenario with a 2050 Brent price of 50$/b, in line with the “well below 2°C” scenario of the IEA. This scenario is described in the Universal Registration Document (note 3 of chapter 8). Given the drop of the oil price in 2020, TOTAL decided to revise the price assumptions over the next years and selected the following profile of the Brent price: 35$/b in 2020, 40$/b in 2021, 50$/b in 2022, 60$/b in 2023; gas prices have been adjusted accordingly. For the longer term, TOTAL maintains its analysis, that the weakness of investments in the hydrocarbon sector since 2015 accentuated by the health and economic crisis of 2020 will result by 2025 in insufficient worldwide production capacities and a rebound in prices. Beyond 2030, given technological developments, particularly in the transport sector, TOTAL anticipates oil demand will have reached its peak and Brent prices should tend toward the long-term price of 50$/b, in line with the IEA’s SDS scenario. The average Brent prices over the period 2020-2050 thus stands at 56.8$ 2020 /b. The future operational costs were determined by taking into account the existing technologies, the fluctuation of prices for petroleum services in line with market developments and the internal cost reduction programs effectively implemented. The future cash flows are estimated over a period consistent with the life of the assets of the CGUs. They are prepared post-tax and take into account specific risks related to the CGUs’ assets. They are discounted using a 7% post-tax discount rate, this rate being the weighted-average cost of capital estimated from historical market data. The CGUs of the Exploration & Production segment are defined as oil and gas fields or groups of oil and gas fields with industrial assets enabling the production, treatment and evacuation of the oil and gas. For the first half year 2020, impairments of assets were recognized over CGUs of the Exploration & Production segment for an impact of $(1,878) million in operating income and $(1,798) million in net income, Group share. Impairments recognized in 2020 mainly relate to Canadian oil sands assets. The CGUs of the Integrated Gas, Renewables & Power segment are subsidiaries or groups of subsidiaries organized by activity or geographical area, and by fields or groups of fields for upstream LNG activities. For the first half year 2020, the Group recorded impairments on CGUs in the Integrated Gas, Renewables & Power segment for $(953) million in operating income and $(829) million in net income, Group share. Impairments recognized in 2020 relate to assets located in Australia. The CGUs of the Refining & Chemicals segment are defined as legal entities with operational activities for refining and petrochemicals activities. No significant impairment has been recorded for the CGUs of the Refining & Chemicals segment in the first half year 2020. The CGUs of the Marketing & Services segment are subsidiaries or groups of subsidiaries organized by geographical area. No significant impairment has been recorded for the CGUs of the Marketing & Services segment in the first half year 2020. In addition, in line with its new Climate Ambition announced on May 5, 2020, which aims at carbon neutrality, TOTAL has reviewed its oil assets that can be qualified as stranded, meaning with reserves beyond 20 years and high production costs, whose overall reserves may therefore not be produced by 2050. The only projects identified in this category are the Canadian oil sands projects of Fort Hills and Surmont. For impairment calculations, TOTAL has decided to take into account only proven reserves on these two assets – unlike general practice which considers so-called proven and probable reserves. This leads to an additional exceptional asset impairment of $(5,460) million in operating income and $(5,474) million in net income, Group share. Overall, asset impairments were recorded on the second quarter 2020 for an amount of $(8,291) million in operating income and $(8,101) million in net income, Group share, including $(6,988) million on Canadian oil sands assets alone. These impairments were qualified as adjustment items of the operating income and net income, Group share. As for sensitivities of the Exploration & Production segment: - a decrease by one point in the discount rate would have a positive impact of approximately $0.2 billion on impairments recorded in operating income and $0.2 billion on impairments recorded in net income, Group share; - an increase by one point in the discount rate would have an additional negative impact of approximately $1.5 billion on impairments recorded in operating income and $1 billion on impairments recorded in net income, Group share; - a variation of (10)% of the oil and gas prices over the duration of the plan would have an additional negative impact of approximately $2.9 billion on impairments recorded this quarter in operating income and $1.7 billion on impairments recorded in net income, Group share. As for sensitivities of upstream LNG activities and CGUs including a material goodwill: - a decrease by one point in the discount rate would have a positive impact of approximately $0.6 billion on impairments recorded in operating income and $0.5 billion on impairments recorded in net income, Group share; - an increase by one point in the discount rate would have an additional negative impact of approximately $0.8 billion on impairments recorded in operating income and $0.6 billion on impairments recorded in net income, Group share; - a variation of (10)% of the oil and gas prices over the duration of the plan would have an additional negative impact of approximately $1.9 billion on impairments recorded this quarter in operating income and $1.5 billion on impairments recorded in net income, Group share.

Shareholders' equity

Shareholders' equity	6 Months Ended
	Jun. 30, 2020
Shareholders' equity
Shareholders' equity	4) Shareholders’ equity Treasury shares (TOTAL shares held directly by TOTAL SE) In accordance with the shareholder return policy over 2018-2020 implemented since February 2018, the Company repurchased its own shares until the announcement of the suspension of the share buyback program on March 23, 2020, in the context of the sharp decrease in the crude oil price. TOTAL SE has also repurchased shares to be allocated to free share grant plans. As of June 30, 2020, TOTAL SE directly holds 28,706,598 TOTAL shares, representing 1.10% of its share capital, which are deducted from the consolidated shareholders’ equity and allocated as follows: Shares to be cancelled (1) 23,284,409 including shares repurchased during Q4 2019 11,051,144 Including shares repurchased during Q1 2020 12,233,265 Shares to be allocated as part of free share grant plans (2) 5,422,189 including the 2017 Plan 4,356,044 including the 2018 Plan 1,001,529 including shares intended to be allocated to new share purchase options plans or to new share performance plans 64,616 Total Treasury shares (1)+(2) 28,706,598 Dividend The Shareholders' meeting of May 29, 2020 approved the distribution of a dividend of €2.68 per share for the 2019 fiscal year and the payment of a final dividend of €0.68 per share given the three interim dividends that had already been paid. The Board of directors of May 4, 2020 decided to offer the shareholders the option to receive the final 2019 dividend in cash or in new shares of the Company with a discount of 10%, each choice being exclusive of the other. Dividend 2019 First interim Second interim Third interim Final Amount € 0.66 € 0.66 € 0.68 € 0.68 Set date April 25, 2019 July 24, 2019 October 29, 2019 May 29, 2020 Ex-dividend date September 27, 2019 January 6, 2020 March 30, 2020 June 29, 2020 Payment date October 1st, 2019 January 8, 2020 April 1 st , 2020 July 16, 2020 Option for the scrip dividend Issue price — — — € 28.80 (1) Number of shares subscribed — — — 38,063,688 (1) This price is equal to 90% of the average Euronext Paris opening prices of the TOTAL shares for the twenty trading days preceding the Shareholders' Meeting of May 29, 2020, reduced by the amount of the final dividend and rounded up to the nearest cent. Furthermore, the Board of directors, during its July 29, 2020 meeting, set the second interim dividend for the fiscal year 2020 at €0.66 per share, equal to the first interim dividend. The ex-dividend date of this interim dividend will be on January 4, 2021 and it will be paid in cash exclusively on January 11, 2021. Dividend 2020 First interim Second interim Amount € 0.66 € 0.66 Set date May 4, 2020 July 29, 2020 Ex-dividend date September 25, 2020 January 4, 2021 Payment date October 2, 2020 January 11, 2021 Earnings per share in Euro Earnings per share in Euro, calculated from the earnings per share in U.S. dollars converted at the average Euro/USD exchange rate for the period, amounted to €(2.98) per share for the 2 nd quarter 2020 (€(0.01) per share for the 1 st quarter 2020 and €0.89 per share for the 2 nd quarter 2019). Diluted earnings per share calculated using the same method amounted to €(2.98) per share for the 2 nd quarter 2020 (€(0.01) per share for the 1 st quarter 2020 and €0.89 per share for the 2 nd quarter 2019). Earnings per share are calculated after remuneration of perpetual subordinated notes. Other comprehensive income Detail of other comprehensive income is presented in the table below: (M$) 1 st half 2020 1 st half 2019 Actuarial gains and losses (223) (59) Change in fair value of investments in equity instruments (74) 107 Tax effect 86 14 Currency translation adjustment generated by the parent company (196) (474) Sub-total items not potentially reclassifiable to profit and loss (407) (412) Currency translation adjustment (940) 187 - unrealized gain/(loss) of the period (907) 233 - less gain/(loss) included in net income 33 46 Cash flow hedge (1,293) (373) - unrealized gain/(loss) of the period (1,317) (303) - less gain/(loss) included in net income (24) 70 Variation of foreign currency basis spread 70 54 - unrealized gain/(loss) of the period 42 25 - less gain/(loss) included in net income (28) (29) Share of other comprehensive income of equity affiliates, net amount (927) 253 - unrealized gain/(loss) of the period (936) 265 - less gain/(loss) included in net income (9) 12 Other 3 2 Tax effect 367 107 Sub-total items potentially reclassifiable to profit and loss (2,720) 230 Total other comprehensive income, net amount (3,127) (182) Tax effects relating to each component of other comprehensive income are as follows: 1 st half 2020 1 st half 2019 (M$) Pre-tax amount Tax effect Net amount Pre-tax amount Tax effect Net amount Actuarial gains and losses (223) (167) (59) 16 (43) Change in fair value of investments in equity instruments (74) (44) 107 (2) 105 Currency translation adjustment generated by the parent company (196) — (196) (474) — (474) Sub-total items not potentially reclassifiable to profit and loss (493) 86 (407) (426) 14 (412) Currency translation adjustment (940) — (940) 187 — 187 Cash flow hedge (1,293) 389 (904) (373) 125 (248) Variation of foreign currency basis spread 70 (22) 48 54 (18) 36 Share of other comprehensive income of equity affiliates, net amount (927) — (927) 253 — 253 Other 3 — 3 2 — 2 Sub-total items potentially reclassifiable to profit and loss (3,087) (2,720) 123 107 230 Total other comprehensive income (3,580) (3,127) (303) 121 (182)

Financial debt

Financial debt	6 Months Ended
	Jun. 30, 2020
Financial debt
Financial debt	5) Financial debt The Group has issued bonds during the first six months of 2020: - Bond 1.491% maturing in April 2027 (EUR 1,500 million); - Bond 1.994% maturing in April 2032 (EUR 1,500 million); - Bond 0.952% maturing in May 2031 (EUR 500 million); - Bond 1.618% maturing in May 2040 (EUR 1,000 million); - Bond 3.127% maturing in May 2050 (USD 2,500 million); - Bond 2.986% maturing in June 2041 (USD 800 million); - Bond 3.386% maturing in June 2060 (USD 800 million). The Group reimbursed bonds during the first six months of 2020: - - - - - In April 2020, the Group has also put in place a new committed syndicated credit line with banking counterparties for an amount of USD 6,350 million and with a 12-month tenor (with the option to extend twice by a further 6 months at TOTAL’s hand).

Related parties

Related parties	6 Months Ended
	Jun. 30, 2020
Related parties
Related parties	6) Related parties The related parties are principally equity affiliates and non-consolidated investments. There were no major changes concerning transactions with related parties during the first six months of 2020.

Other risks and contingent liab

Other risks and contingent liabilities	6 Months Ended
	Jun. 30, 2020
Other risks and contingent liabilities
Other risks and contingent liabilities	7) Other risks and contingent liabilities TOTAL is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the Group, other than those mentioned below. Health and oil crises During the second quarter, the Group faced exceptional circumstances: the COVID-19 health crisis with its impact on the global economy and the oil market crisis with Brent falling sharply to 30$/b on average, gas prices dropping to historic lows and refining margins collapsing due to weak demand. Oil prices strengthened since the beginning of June, reaching around 40$/b, benefiting from strong compliance with the OPEC+ quotas and the decline of hydrocarbon production in the United States and Canada as well as a recovery in demand. The oil environment, however, remains volatile, given the uncertainty about hydrocarbon demand related to the outlook for global economic growth and a context of geopolitical instability. The Group demonstrates discipline in the implementation of its 2020 action plan: - Net investments below $14 billion, - Savings of $1 billion on operating costs compared to 2019. TOTAL will continue to profitably grow in low carbon electricity, particularly in renewables, with close to $2 billion of investments in 2020. In LNG, TOTAL anticipates significant deferred liftings in the third quarter and expects the decline in oil prices observed in the second quarter to have an impact on long-term LNG contract prices in the second half of the year. Considering the implementation of the OPEC+ quotas and the situation in Libya, the Group now expects 2020 production to be between 2.9 Mboe/d and 2.95 Mboe/d, with a low point in the third quarter during the summer season. The ramp up of Iara’s second FPSO in Brazil will contribute to production growth in the last part of the year. In the Downstream, high inventory levels continue to weigh on refining margins and utilization rates. In Marketing, activity in Europe returned to 90% of its pre-crisis level since June and the Group anticipates that it will remain at a comparable level in the coming months. The Group’s priority is to generate a level of cash flow that allows it to continue to invest in profitable projects, to preserving an attractive shareholder return and to maintain a strong balance sheet. To this end, the Group’s teams are focused on the four priorities of HSE, operational excellence, cost reduction and cash flow generation. Yemen In Yemen, the deterioration of security conditions in the vicinity of the Balhaf site caused the company Yemen LNG, in which the Group holds a stake of 39.62%, to stop its commercial production and export of LNG and to declare force majeure to its various stakeholders in 2015. The plant has been put in preservation mode.

Post closing

Post closing	6 Months Ended
	Jun. 30, 2020
Post closing events
Post closing events	8) Post-closing There was no post closing event.

Accounting policies (Policies)

Accounting policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting policies
Basis of preparation of the consolidated financial statements	The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRS as published by the International Accounting Standards Board (IASB). The interim consolidated financial statements of TOTAL SE and its subsidiaries (the Group) as of June 30, 2020, are presented in U.S. dollars and have been prepared in accordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting”.
Accounting principles applied in the interim financial statements	The accounting principles applied for the consolidated financial statements at June 30, 2020, are consistent with those used for the financial statements at December 31, 2019, with the exception of standards or amendments that must be applied for periods beginning January 1, 2020. On January 1, 2020, the Group applied the amendments to IFRS9 and IFRS7 relating to the IBOR reform. The amendments modify some specific hedge accounting requirements to provide relief from potential effects of the uncertainty caused by the IBOR reform, and therefore maintain the hedge accounting qualification of interest rate derivatives. The Group is currently assessing the future impacts of these index changes.

Business segment information (T

Business segment information (Tables)	6 Months Ended
	Jun. 30, 2020
Business segment information
Schedule of information by business segment	Exploration Integrated Gas, Refining Marketing 1 st half 2020 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 2,574 8,403 27,956 30,661 6 — 69,600 Intersegment sales 8,661 895 9,051 196 59 (18,862) — Excise taxes — — (1,119) (8,342) — — (9,461) Revenues from sales 11,235 9,298 35,888 22,515 65 (18,862) 60,139 Operating expenses (6,048) (8,398) (35,736) (21,730) (562) 18,862 (53,612) Depreciation, depletion and impairment of tangible assets and mineral interests (12,311) (1,616) (788) (473) (40) — (15,228) Operating income (7,124) (716) (636) 312 (537) — (8,701) Net income (loss) from equity affiliates and other items 440 420 (92) 32 164 — 964 Tax on net operating income (56) 330 203 (159) 2 — 320 Net operating income (6,740) 34 (525) 185 (371) — (7,417) Net cost of net debt (1,003) Non-controlling interests 85 Net income - group share (8,335) Exploration Integrated Gas, Refining Marketing 1 st half 2020 (adjustments) (a) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales — (16) — — — — (16) Intersegment sales — — — — — — — Excise taxes — — — — — — — Revenues from sales — (16) — — — — (16) Operating expenses (37) (318) (1,637) (341) (91) — (2,424) Depreciation, depletion and impairment of tangible assets and mineral interests (7,338) (953) — — — — (8,291) Operating income (b) (7,375) (1,287) (1,637) (341) (91) — (10,731) Net income (loss) from equity affiliates and other items 71 (292) (271) (5) — — (497) Tax on net operating income 70 374 426 100 12 — 982 Net operating income (b) (7,234) (1,205) (1,482) (246) (79) — (10,246) Net cost of net debt (68) Non-controlling interests 72 Net income - group share (10,242) (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 — — (1,604) (234) — - On net operating income — — (1,371) (163) — Exploration Integrated Gas, Refining Marketing 1 st half 2020 (adjusted) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 2,574 8,419 27,956 30,661 6 — 69,616 Intersegment sales 8,661 895 9,051 196 59 (18,862) — Excise taxes — — (1,119) (8,342) — — (9,461) Revenues from sales 11,235 9,314 35,888 22,515 65 (18,862) 60,155 Operating expenses (6,011) (8,080) (34,099) (21,389) (471) 18,862 (51,188) Depreciation, depletion and impairment of tangible assets and mineral interests (4,973) (663) (788) (473) (40) — (6,937) Adjusted operating income 251 571 1,001 653 (446) — 2,030 Net income (loss) from equity affiliates and other items 369 712 179 37 164 — 1,461 Tax on net operating income (126) (44) (223) (259) (10) — (662) Adjusted net operating income 494 1,239 957 431 (292) — 2,829 Net cost of net debt (935) Non-controlling interests 13 Adjusted net income - group share 1,907 Exploration Integrated Gas, Refining Marketing 1 st half 2020 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Total expenditures 3,265 3,461 533 334 66 7,659 Total divestments 325 433 101 72 26 957 Cash flow from operating activities 4,833 900 (103) 420 (1,272) 4,778 Exploration Integrated Gas, Refining Marketing 1 st half 2019 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 4,067 10,208 44,220 43,950 2 — 102,447 Intersegment sales 15,302 1,259 16,310 301 63 (33,235) — Excise taxes — — (1,537) (10,584) — — (12,121) Revenues from sales 19,369 11,467 58,993 33,667 65 (33,235) 90,326 Operating expenses (8,234) (10,287) (56,502) (32,178) (406) 33,235 (74,372) Depreciation, depletion and impairment of tangible assets and mineral interests (5,216) (643) (763) (470) (35) — (7,127) Operating income 5,919 537 1,728 1,019 (376) — 8,827 Net income (loss) from equity affiliates and other items 367 1,041 260 101 27 — 1,796 Tax on net operating income (2,585) (623) (246) (334) 124 — (3,664) Net operating income 3,701 955 1,742 786 (225) — 6,959 Net cost of net debt (1,015) Non-controlling interests (77) Net income - group share 5,867 Exploration Integrated Gas, Refining Marketing 1 st half 2019 (adjustments) (a) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales — (86) — — — — (86) Intersegment sales — — — — — — — Excise taxes — — — — — — — Revenues from sales — (86) — — — — (86) Operating expenses — (112) 449 40 — — 377 Depreciation, depletion and impairment of tangible assets and mineral interests (43) (11) (10) — — — (64) Operating income (b) (43) (209) 439 40 — — 227 Net income (loss) from equity affiliates and other items — 413 (47) (7) — — 359 Tax on net operating income — (270) (121) (13) — — (404) Net operating income (b) (43) (66) 271 20 — — 182 Net cost of net debt (8) Non-controlling interests 47 Net income - group share 221 (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 — — 486 40 — - On net operating income — — 344 27 — Exploration Integrated Gas, Refining Marketing 1 st half 2019 (adjusted) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 4,067 10,294 44,220 43,950 2 — 102,533 Intersegment sales 15,302 1,259 16,310 301 63 (33,235) — Excise taxes — — (1,537) (10,584) — — (12,121) Revenues from sales 19,369 11,553 58,993 33,667 65 (33,235) 90,412 Operating expenses (8,234) (10,175) (56,951) (32,218) (406) 33,235 (74,749) Depreciation, depletion and impairment of tangible assets and mineral interests (5,173) (632) (753) (470) (35) — (7,063) Adjusted operating income 5,962 746 1,289 979 (376) — 8,600 Net income (loss) from equity affiliates and other items 367 628 307 108 27 — 1,437 Tax on net operating income (2,585) (353) (125) (321) 124 — (3,260) Adjusted net operating income 3,744 1,021 1,471 766 (225) — 6,777 Net cost of net debt (1,007) Non-controlling interests (124) Adjusted net income - group share 5,646 Exploration Integrated Gas, Refining Marketing 1 st half 2019 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Total expenditures 4,282 1,975 648 527 51 7,483 Total divestments 89 574 239 157 3 1,062 Cash flow from operating activities 7,704 1,533 1,120 843 (1,320) 9,880 Exploration Integrated Gas, Refining Marketing 2 nd quarter 2020 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 992 3,313 9,433 11,986 6 — 25,730 Intersegment sales 3,097 301 2,956 107 31 (6,492) — Excise taxes — — (469) (3,699) — — (4,168) Revenues from sales 4,089 3,614 11,920 8,394 37 (6,492) 21,562 Operating expenses (2,405) (3,406) (10,895) (7,931) (315) 6,492 (18,460) Depreciation, depletion and impairment of tangible assets and mineral interests (9,667) (1,282) (393) (229) (22) — (11,593) Operating income (7,983) (1,074) 632 234 (300) — (8,491) Net income (loss) from equity affiliates and other items 17 21 (35) 22 40 — 65 Tax on net operating income 398 322 (132) (127) (26) — 435 Net operating income (7,568) (731) 465 129 (286) — (7,991) Net cost of net debt (431) Non-controlling interests 53 Net income - group share (8,369) Exploration Integrated Gas, Refining Marketing 2 nd quarter 2020 (adjustments) (a) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales — (18) — — — — (18) Intersegment sales — — — — — — — Excise taxes — — — — — — — Revenues from sales — (18) — — — — (18) Operating expenses (27) (199) (48) 5 (36) — (305) Depreciation, depletion and impairment of tangible assets and mineral interests (7,338) (953) — — — — (8,291) Operating income (b) (7,365) (1,170) (48) 5 (36) — (8,614) Net income (loss) from equity affiliates and other items (57) (217) (63) (5) — — (342) Tax on net operating income 63 330 1 — 12 — 406 Net operating income (b) (7,359) (1,057) (110) — (24) — (8,550) Net cost of net debt 33 Non-controlling interests 22 Net income - group share (8,495) (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 — — (26) (16) — - On net operating income — — (86) (9) — Exploration Integrated Gas, Refining Marketing 2 nd quarter 2020 (adjusted) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 992 3,331 9,433 11,986 6 — 25,748 Intersegment sales 3,097 301 2,956 107 31 (6,492) — Excise taxes — — (469) (3,699) — — (4,168) Revenues from sales 4,089 3,632 11,920 8,394 37 (6,492) 21,580 Operating expenses (2,378) (3,207) (10,847) (7,936) (279) 6,492 (18,155) Depreciation, depletion and impairment of tangible assets and mineral interests (2,329) (329) (393) (229) (22) — (3,302) Adjusted operating income (618) 96 680 229 (264) — 123 Net income (loss) from equity affiliates and other items 74 238 28 27 40 — 407 Tax on net operating income 335 (8) (133) (127) (38) — 29 Adjusted net operating income (209) 326 575 129 (262) — 559 Net cost of net debt (464) Non-controlling interests 31 Adjusted net income - group share 126 Exploration Integrated Gas, Refining Marketing 2 nd quarter 2020 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Total expenditures 1,606 1,170 307 174 21 3,278 Total divestments 204 89 22 26 9 350 Cash flow from operating activities 910 1,389 1,080 819 (719) 3,479 Exploration Integrated Gas, 2 nd quarter 2019 & Renewables Refining & Marketing & (M$) Production & Power Chemicals Services Corporate Intercompany Total Non-Group sales 2,273 3,789 22,509 22,671 — — 51,242 Intersegment sales 7,586 632 8,293 139 36 (16,686) — Excise taxes — — (761) (5,279) — — (6,040) Revenues from sales 9,859 4,421 30,041 17,531 36 (16,686) 45,202 Operating expenses (4,205) (3,878) (29,168) (16,844) (229) 16,686 (37,638) Depreciation, depletion and impairment of tangible assets and mineral interests (2,687) (328) (389) (237) (20) — (3,661) Operating income 2,967 215 484 450 (213) — 3,903 Net income (loss) from equity affiliates and other items 173 661 111 111 26 — 1,082 Tax on net operating income (1,161) (450) 46 (170) 64 — (1,671) Net operating income 1,979 426 641 391 (123) — 3,314 Net cost of net debt (510) Non-controlling interests (48) Net income - group share 2,756 Exploration Integrated Gas, 2 nd quarter 2019 (adjustments) (a) & Renewables Refining & Marketing & (M$) Production & Power Chemicals Services Corporate Intercompany Total Non-Group sales — (59) — — — — (59) Intersegment sales — — — — — — — Excise taxes — — — — — — — Revenues from sales — (59) — — — — (59) Operating expenses — (54) (43) (34) — — (131) Depreciation, depletion and impairment of tangible assets and mineral interests (43) (11) (10) — — — (64) Operating income (b) (43) (124) (53) (34) — — (254) Net income (loss) from equity affiliates and other items — 407 (49) (7) — — 351 Tax on net operating income — (286) 28 9 — — (249) Net operating income (b) (43) (3) (74) (32) — — (152) Net cost of net debt (4) Non-controlling interests 25 Net income - group share (131) (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 — — (6) (34) — - On net operating income — — (1) (25) — Exploration Integrated Gas, 2 nd quarter 2019 (adjusted) & Renewables Refining & Marketing & (M$) Production & Power Chemicals Services Corporate Intercompany Total Non-Group sales 2,273 3,848 22,509 22,671 — — 51,301 Intersegment sales 7,586 632 8,293 139 36 (16,686) — Excise taxes — — (761) (5,279) — — (6,040) Revenues from sales 9,859 4,480 30,041 17,531 36 (16,686) 45,261 Operating expenses (4,205) (3,824) (29,125) (16,810) (229) 16,686 (37,507) Depreciation, depletion and impairment of tangible assets and mineral interests (2,644) (317) (379) (237) (20) — (3,597) Adjusted operating income 3,010 339 537 484 (213) — 4,157 Net income (loss) from equity affiliates and other items 173 254 160 118 26 — 731 Tax on net operating income (1,161) (164) 18 (179) 64 — (1,422) Adjusted net operating income 2,022 429 715 423 (123) — 3,466 Net cost of net debt (506) Non-controlling interests (73) Adjusted net income - group share 2,887 Exploration Integrated Gas, 2 nd quarter 2019 & Renewables Refining & Marketing & (M$) Production & Power Chemicals Services Corporate Intercompany Total Total expenditures 2,257 857 363 383 36 3,896 Total divestments 60 349 70 85 1 565 Cash flow from operating activities 3,768 641 1,658 611 (427) 6,251
Schedule of reconciliation of the information by business segment with consolidated financial statements	Consolidated 1 st half 2020 statement of (M$) Adjusted Adjustments (a) income Sales 69,616 (16) 69,600 Excise taxes (9,461) — (9,461) Revenues from sales 60,155 (16) 60,139 Purchases net of inventory variation (37,949) (2,144) (40,093) Other operating expenses (12,985) (280) (13,265) Exploration costs (254) — (254) Depreciation, depletion and impairment of tangible assets and mineral interests (6,937) (8,291) (15,228) Other income 820 122 942 Other expense (294) (234) (528) Financial interest on debt (1,094) (5) (1,099) Financial income and expense from cash & cash equivalents (13) (92) (105) Cost of net debt (1,107) (97) (1,204) Other financial income 607 — 607 Other financial expense (341) (1) (342) Net income (loss) from equity affiliates 669 (384) 285 Income taxes (490) 1,011 521 Consolidated net income 1,894 (10,314) (8,420) Group share 1,907 (10,242) (8,335) Non-controlling interests (13) (72) (85) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 1 st half 2019 statement (M$) Adjusted Adjustments (a) of income Sales 102,533 (86) 102,447 Excise taxes (12,121) — (12,121) Revenues from sales 90,412 (86) 90,326 Purchases net of inventory variation (60,533) 422 (60,111) Other operating expenses (13,758) (45) (13,803) Exploration costs (458) — (458) Depreciation, depletion and impairment of tangible assets and mineral interests (7,063) (64) (7,127) Other income 453 115 568 Other expense (190) (208) (398) Financial interest on debt (1,121) (8) (1,129) Financial income and expense from cash & cash equivalents (70) — (70) Cost of net debt (1,191) (8) (1,199) Other financial income 486 — 486 Other financial expense (383) — (383) Net income (loss) from equity affiliates 1,071 452 1,523 Income taxes (3,076) (404) (3,480) Consolidated net income 5,770 174 5,944 Group share 5,646 221 5,867 Non-controlling interests 124 (47) 77 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 2 nd quarter 2020 statement (M$) Adjusted Adjustments (a) of income Sales 25,748 (18) 25,730 Excise taxes (4,168) — (4,168) Revenues from sales 21,580 (18) 21,562 Purchases net of inventory variation (11,842) (183) (12,025) Other operating expenses (6,199) (122) (6,321) Exploration costs (114) — (114) Depreciation, depletion and impairment of tangible assets and mineral interests (3,302) (8,291) (11,593) Other income 240 122 362 Other expense (103) (5) (108) Financial interest on debt (527) (3) (530) Financial income and expense from cash & cash equivalents (3) 53 50 Cost of net debt (530) 50 (480) Other financial income 419 — 419 Other financial expense (160) (1) (161) Net income (loss) from equity affiliates 11 (458) (447) Income taxes 95 389 484 Consolidated net income 95 (8,517) (8,422) Group share 126 (8,495) (8,369) Non-controlling interests (31) (22) (53) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 2 nd quarter 2019 statement (M$) Adjusted Adjustments (a) of income Sales 51,301 (59) 51,242 Excise taxes (6,040) — (6,040) Revenues from sales 45,261 (59) 45,202 Purchases net of inventory variation (30,295) (95) (30,390) Other operating expenses (7,042) (36) (7,078) Exploration costs (170) — (170) Depreciation, depletion and impairment of tangible assets and mineral interests (3,597) (64) (3,661) Other income 253 68 321 Other expense (117) (72) (189) Financial interest on debt (564) (4) (568) Financial income and expense from cash & cash equivalents (42) — (42) Cost of net debt (606) (4) (610) Other financial income 326 — 326 Other financial expense (188) — (188) Net income (loss) from equity affiliates 457 355 812 Income taxes (1,322) (249) (1,571) Consolidated net income 2,960 (156) 2,804 Group share 2,887 (131) 2,756 Non-controlling interests 73 (25) 48 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Schedule of detail of the adjustment items	Exploration Integrated Refining Marketing Corporate Total & Gas, & & Production Renewables Chemicals Services (M$) & Power 2 nd quarter 2020 Inventory valuation effect — — (26) (16) — (42) Effect of changes in fair value — (100) — — — (100) Restructuring charges — (10) (7) — — (17) Asset impairment charges (7,338) (953) — — — (8,291) Other items (27) (107) (15) 21 (36) (164) Total (7,365) (1,170) (48) 5 (36) (8,614) 2 nd quarter 2019 Inventory valuation effect — — (6) (34) — (40) Effect of changes in fair value — (59) — — — (59) Restructuring charges — — — — — — Asset impairment charges (43) (11) (10) — — (64) Other items — (54) (37) — — (91) Total (43) (124) (53) (34) — (254) 1 st half 2020 Inventory valuation effect — — (1,604) (234) — (1,838) Effect of changes in fair value — (98) — — — (98) Restructuring charges (10) (18) (7) — — (35) Asset impairment charges (7,338) (953) — — — (8,291) Other items (27) (218) (26) (107) (91) (469) Total (7,375) (1,287) (1,637) (341) (91) (10,731) 1 st half 2019 Inventory valuation effect — — 486 40 — 526 Effect of changes in fair value — (86) — — — (86) Restructuring charges — — — — — — Asset impairment charges (43) (11) (10) — — (64) Other items — (112) (37) — — (149) Total (43) (209) 439 40 — 227 ADJUSTMENTS TO NET INCOME, GROUP SHARE Exploration Integrated Refining Marketing Corporate Total & Gas, & & Production Renewables Chemicals Services (M$) & Power 2 nd quarter 2020 Inventory valuation effect — — (83) (11) — (94) Effect of changes in fair value — (80) — — — (80) Restructuring charges — (10) (10) — — (20) Asset impairment charges (7,272) (829) — — — (8,101) Gains (losses) on disposals of assets — — — — — — Other items (77) (131) (14) 10 12 (200) Total (7,349) (1,050) (107) (1) 12 (8,495) 2 nd quarter 2019 Inventory valuation effect — — (3) (25) — (28) Effect of changes in fair value — (47) — — — (47) Restructuring charges — (14) (17) — — (31) Asset impairment charges (43) (6) (8) — — (57) Gains (losses) on disposals of assets — — — — — — Other items — 86 (48) (6) — 32 Total (43) 19 (76) (31) — (131) 1 st half 2020 Inventory valuation effect — — (1,364) (144) — (1,508) Effect of changes in fair value — (79) — — — (79) Restructuring charges (3) (22) (75) — — (100) Asset impairment charges (7,272) (829) — — — (8,101) Gains (losses) on disposals of assets — — — — — — Other items 51 (256) (36) (71) (142) (454) Total (7,224) (1,186) (1,475) (215) (142) (10,242) 1 st half 2019 Inventory valuation effect — — 341 19 — 360 Effect of changes in fair value — (69) — — — (69) Restructuring charges — (16) (17) — — (33) Asset impairment charges (43) (6) (8) — — (57) Gains (losses) on disposals of assets — — — — — — Other items — 74 (48) (6) — 20 Total (43) (17) 268 13 — 221

Shareholders' equity (Tables)

Shareholders' equity (Tables)	6 Months Ended
	Jun. 30, 2020
Shareholders' equity
Schedule of treasury shares held	Shares to be cancelled (1) 23,284,409 including shares repurchased during Q4 2019 11,051,144 Including shares repurchased during Q1 2020 12,233,265 Shares to be allocated as part of free share grant plans (2) 5,422,189 including the 2017 Plan 4,356,044 including the 2018 Plan 1,001,529 including shares intended to be allocated to new share purchase options plans or to new share performance plans 64,616 Total Treasury shares (1)+(2) 28,706,598
Schedule of information about dividends paid	Dividend 2019 First interim Second interim Third interim Final Amount € 0.66 € 0.66 € 0.68 € 0.68 Set date April 25, 2019 July 24, 2019 October 29, 2019 May 29, 2020 Ex-dividend date September 27, 2019 January 6, 2020 March 30, 2020 June 29, 2020 Payment date October 1st, 2019 January 8, 2020 April 1 st , 2020 July 16, 2020 Option for the scrip dividend Issue price — — — € 28.80 (1) Number of shares subscribed — — — 38,063,688 (1) This price is equal to 90% of the average Euronext Paris opening prices of the TOTAL shares for the twenty trading days preceding the Shareholders' Meeting of May 29, 2020, reduced by the amount of the final dividend and rounded up to the nearest cent.
Detail of other comprehensive income	Detail of other comprehensive income is presented in the table below: (M$) 1 st half 2020 1 st half 2019 Actuarial gains and losses (223) (59) Change in fair value of investments in equity instruments (74) 107 Tax effect 86 14 Currency translation adjustment generated by the parent company (196) (474) Sub-total items not potentially reclassifiable to profit and loss (407) (412) Currency translation adjustment (940) 187 - unrealized gain/(loss) of the period (907) 233 - less gain/(loss) included in net income 33 46 Cash flow hedge (1,293) (373) - unrealized gain/(loss) of the period (1,317) (303) - less gain/(loss) included in net income (24) 70 Variation of foreign currency basis spread 70 54 - unrealized gain/(loss) of the period 42 25 - less gain/(loss) included in net income (28) (29) Share of other comprehensive income of equity affiliates, net amount (927) 253 - unrealized gain/(loss) of the period (936) 265 - less gain/(loss) included in net income (9) 12 Other 3 2 Tax effect 367 107 Sub-total items potentially reclassifiable to profit and loss (2,720) 230 Total other comprehensive income, net amount (3,127) (182) Tax effects relating to each component of other comprehensive income are as follows: 1 st half 2020 1 st half 2019 (M$) Pre-tax amount Tax effect Net amount Pre-tax amount Tax effect Net amount Actuarial gains and losses (223) (167) (59) 16 (43) Change in fair value of investments in equity instruments (74) (44) 107 (2) 105 Currency translation adjustment generated by the parent company (196) — (196) (474) — (474) Sub-total items not potentially reclassifiable to profit and loss (493) 86 (407) (426) 14 (412) Currency translation adjustment (940) — (940) 187 — 187 Cash flow hedge (1,293) 389 (904) (373) 125 (248) Variation of foreign currency basis spread 70 (22) 48 54 (18) 36 Share of other comprehensive income of equity affiliates, net amount (927) — (927) 253 — 253 Other 3 — 3 2 — 2 Sub-total items potentially reclassifiable to profit and loss (3,087) (2,720) 123 107 230 Total other comprehensive income (3,580) (3,127) (303) 121 (182)

Changes in the Group structure

Changes in the Group structure - Main acquisitions and divestments (Details)	Mar. 31, 2020	Feb. 28, 2020
Adani Gas Limited
Main acquisitions and divestments
Percentage of interest acquired		37.40%
Block CA1
Main acquisitions and divestments
Percentage of interest sold	86.95%

Changes in the Group structur_2

Changes in the Group structure - Divestment projects (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Divestment projects
Asset classified as held for sale	$ 421	$ 421	$ 1,288
Liabilities classified as held for sale	328	$ 330	$ 795
UK North Sea non-core assets
Divestment projects
Asset classified as held for sale	421
Liabilities classified as held for sale	$ 328

Business segment information -

Business segment information - Information by business segment (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)
Business segment information
Number of business segments | segment				4
Sales	$ 25,730	$ 43,870	$ 51,242	$ 69,600	$ 102,447
Excise taxes	(4,168)	(5,293)	(6,040)	(9,461)	(12,121)
Revenues from sales	21,562	38,577	45,202	60,139	90,326
Operating expenses	(18,460)		(37,638)	(53,612)	(74,372)
Depreciation, depletion and impairment of tangible assets and mineral interests	(11,593)	(3,635)	(3,661)	(15,228)	(7,127)
Operating income	(8,491)		3,903	(8,701)	8,827
Net income (loss) from equity affiliates and other items	65		1,082	964	1,796
Tax on net operating income	435		(1,671)	320	(3,664)
Net operating income	(7,991)		3,314	(7,417)	6,959
Net cost of net debt	(431)		(510)	(1,003)	(1,015)
Non-controlling interests	53	32	(48)	85	(77)
Net income, Group share	(8,369)	34	2,756	(8,335)	5,867
Total expenditures	3,278	4,381	3,896	7,659	7,483
Total divestments	350	607	565	957	1,062
Cash flow from operating activities	3,479	$ 1,299	6,251	4,778	9,880
Intercompany
Business segment information
Sales	(6,492)		(16,686)	(18,862)	(33,235)
Revenues from sales	(6,492)		(16,686)	(18,862)	(33,235)
Operating expenses	6,492		16,686	18,862	33,235
Exploration & Production
Business segment information
Sales	992		2,273	2,574	4,067
Depreciation, depletion and impairment of tangible assets and mineral interests	(9,667)		(2,687)	(12,311)	(5,216)
Operating income	(7,983)		2,967	(7,124)	5,919
Net income (loss) from equity affiliates and other items	17		173	440	367
Tax on net operating income	398		(1,161)	(56)	(2,585)
Net operating income	(7,568)		1,979	(6,740)	3,701
Total expenditures	1,606		2,257	3,265	4,282
Total divestments	204		60	325	89
Cash flow from operating activities	910		3,768	4,833	7,704
Exploration & Production | Business segments and Corporate
Business segment information
Revenues from sales	4,089		9,859	11,235	19,369
Operating expenses	(2,405)		(4,205)	(6,048)	(8,234)
Exploration & Production | Intercompany
Business segment information
Sales	(3,097)		(7,586)	(8,661)	(15,302)
Integrated Gas, Renewables and Power
Business segment information
Sales	3,313		3,789	8,403	10,208
Depreciation, depletion and impairment of tangible assets and mineral interests	(1,282)		(328)	(1,616)	(643)
Operating income	(1,074)		215	(716)	537
Net income (loss) from equity affiliates and other items	21		661	420	1,041
Tax on net operating income	322		(450)	330	(623)
Net operating income	(731)		426	34	955
Total expenditures	1,170		857	3,461	1,975
Total divestments	89		349	433	574
Cash flow from operating activities	1,389		641	900	1,533
Integrated Gas, Renewables and Power | Business segments and Corporate
Business segment information
Revenues from sales	3,614		4,421	9,298	11,467
Operating expenses	(3,406)		(3,878)	(8,398)	(10,287)
Integrated Gas, Renewables and Power | Intercompany
Business segment information
Sales	(301)		(632)	(895)	(1,259)
Refining & Chemicals
Business segment information
Sales	9,433		22,509	27,956	44,220
Excise taxes	(469)		(761)	(1,119)	(1,537)
Depreciation, depletion and impairment of tangible assets and mineral interests	(393)		(389)	(788)	(763)
Operating income	632		484	(636)	1,728
Net income (loss) from equity affiliates and other items	(35)		111	(92)	260
Tax on net operating income	(132)		46	203	(246)
Net operating income	465		641	(525)	1,742
Total expenditures	307		363	533	648
Total divestments	22		70	101	239
Cash flow from operating activities	1,080		1,658	(103)	1,120
Refining & Chemicals | Business segments and Corporate
Business segment information
Revenues from sales	11,920		30,041	35,888	58,993
Operating expenses	(10,895)		(29,168)	(35,736)	(56,502)
Refining & Chemicals | Intercompany
Business segment information
Sales	(2,956)		(8,293)	(9,051)	(16,310)
Marketing & Services
Business segment information
Sales	11,986		22,671	30,661	43,950
Excise taxes	(3,699)		(5,279)	(8,342)	(10,584)
Depreciation, depletion and impairment of tangible assets and mineral interests	(229)		(237)	(473)	(470)
Operating income	234		450	312	1,019
Net income (loss) from equity affiliates and other items	22		111	32	101
Tax on net operating income	(127)		(170)	(159)	(334)
Net operating income	129		391	185	786
Total expenditures	174		383	334	527
Total divestments	26		85	72	157
Cash flow from operating activities	819		611	420	843
Marketing & Services | Business segments and Corporate
Business segment information
Revenues from sales	8,394		17,531	22,515	33,667
Operating expenses	(7,931)		(16,844)	(21,730)	(32,178)
Marketing & Services | Intercompany
Business segment information
Sales	(107)		(139)	(196)	(301)
Corporate
Business segment information
Sales	6			6	2
Depreciation, depletion and impairment of tangible assets and mineral interests	(22)		(20)	(40)	(35)
Operating income	(300)		(213)	(537)	(376)
Net income (loss) from equity affiliates and other items	40		26	164	27
Tax on net operating income	(26)		64	2	124
Net operating income	(286)		(123)	(371)	(225)
Total expenditures	21		36	66	51
Total divestments	9		1	26	3
Cash flow from operating activities	(719)		(427)	(1,272)	(1,320)
Corporate | Business segments and Corporate
Business segment information
Revenues from sales	37		36	65	65
Operating expenses	(315)		(229)	(562)	(406)
Corporate | Intercompany
Business segment information
Sales	(31)		(36)	(59)	(63)
Adjustments
Business segment information
Sales	(18)		(59)	(16)	(86)
Revenues from sales	(18)		(59)	(16)	(86)
Operating expenses	(305)		(131)	(2,424)	377
Depreciation, depletion and impairment of tangible assets and mineral interests	(8,291)		(64)	(8,291)	(64)
Operating income	(8,614)		(254)	(10,731)	227
Net income (loss) from equity affiliates and other items	(342)		351	(497)	359
Tax on net operating income	406		(249)	982	(404)
Net operating income	(8,550)		(152)	(10,246)	182
Net cost of net debt	33		(4)	(68)	(8)
Non-controlling interests	22		25	72	47
Net income, Group share	(8,495)		(131)	(10,242)	221
Adjustments | Exploration & Production
Business segment information
Depreciation, depletion and impairment of tangible assets and mineral interests	(7,338)		(43)	(7,338)	(43)
Operating income	(7,365)		(43)	(7,375)	(43)
Net income (loss) from equity affiliates and other items	(57)			71
Tax on net operating income	63			70
Net operating income	(7,359)		(43)	(7,234)	(43)
Net income, Group share	(7,349)		(43)	(7,224)	(43)
Adjustments | Exploration & Production | Business segments and Corporate
Business segment information
Operating expenses	(27)			(37)
Adjustments | Integrated Gas, Renewables and Power
Business segment information
Sales	(18)		(59)	(16)	(86)
Depreciation, depletion and impairment of tangible assets and mineral interests	(953)		(11)	(953)	(11)
Operating income	(1,170)		(124)	(1,287)	(209)
Net income (loss) from equity affiliates and other items	(217)		407	(292)	413
Tax on net operating income	330		(286)	374	(270)
Net operating income	(1,057)		(3)	(1,205)	(66)
Net income, Group share	(1,050)		19	(1,186)	(17)
Adjustments | Integrated Gas, Renewables and Power | Business segments and Corporate
Business segment information
Revenues from sales	(18)		(59)	(16)	(86)
Operating expenses	(199)		(54)	(318)	(112)
Adjustments | Refining & Chemicals
Business segment information
Depreciation, depletion and impairment of tangible assets and mineral interests			(10)		(10)
Operating income	(48)		(53)	(1,637)	439
Net income (loss) from equity affiliates and other items	(63)		(49)	(271)	(47)
Tax on net operating income	1		28	426	(121)
Net operating income	(110)		(74)	(1,482)	271
Net income, Group share	(107)		(76)	(1,475)	268
Adjustments | Refining & Chemicals | Business segments and Corporate
Business segment information
Operating expenses	(48)		(43)	(1,637)	449
Adjustments | Marketing & Services
Business segment information
Operating income	5		(34)	(341)	40
Net income (loss) from equity affiliates and other items	(5)		(7)	(5)	(7)
Tax on net operating income			9	100	(13)
Net operating income			(32)	(246)	20
Net income, Group share	(1)		(31)	(215)	13
Adjustments | Marketing & Services | Business segments and Corporate
Business segment information
Operating expenses	5		(34)	(341)	40
Adjustments | Corporate
Business segment information
Operating income	(36)			(91)
Tax on net operating income	12			12
Net operating income	(24)			(79)
Net income, Group share	12			(142)
Adjustments | Corporate | Business segments and Corporate
Business segment information
Operating expenses	(36)			(91)
Adjustments - Inventory valuation effect
Business segment information
Operating income	(42)		(40)	(1,838)	526
Net income, Group share	(94)		(28)	(1,508)	360
Adjustments - Inventory valuation effect | Refining & Chemicals
Business segment information
Operating income	(26)		(6)	(1,604)	486
Net operating income	(86)		(1)	(1,371)	344
Net income, Group share	(83)		(3)	(1,364)	341
Adjustments - Inventory valuation effect | Marketing & Services
Business segment information
Operating income	(16)		(34)	(234)	40
Net operating income	(9)		(25)	(163)	27
Net income, Group share	(11)		(25)	(144)	19
Adjusted
Business segment information
Sales	25,748		51,301	69,616	102,533
Excise taxes	(4,168)		(6,040)	(9,461)	(12,121)
Revenues from sales	21,580		45,261	60,155	90,412
Operating expenses	(18,155)		(37,507)	(51,188)	(74,749)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,302)		(3,597)	(6,937)	(7,063)
Operating income	123		4,157	2,030	8,600
Net income (loss) from equity affiliates and other items	407		731	1,461	1,437
Tax on net operating income	29		(1,422)	(662)	(3,260)
Net operating income	559		3,466	2,829	6,777
Net cost of net debt	(464)		(506)	(935)	(1,007)
Non-controlling interests	31		(73)	13	(124)
Net income, Group share	126		2,887	1,907	5,646
Adjusted | Intercompany
Business segment information
Sales	(6,492)		(16,686)	(18,862)	(33,235)
Revenues from sales	(6,492)		(16,686)	(18,862)	(33,235)
Operating expenses	6,492		16,686	18,862	33,235
Adjusted | Exploration & Production
Business segment information
Sales	992		2,273	2,574	4,067
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,329)		(2,644)	(4,973)	(5,173)
Operating income	(618)		3,010	251	5,962
Net income (loss) from equity affiliates and other items	74		173	369	367
Tax on net operating income	335		(1,161)	(126)	(2,585)
Net operating income	(209)		2,022	494	3,744
Adjusted | Exploration & Production | Business segments and Corporate
Business segment information
Revenues from sales	4,089		9,859	11,235	19,369
Operating expenses	(2,378)		(4,205)	(6,011)	(8,234)
Adjusted | Exploration & Production | Intercompany
Business segment information
Sales	(3,097)		(7,586)	(8,661)	(15,302)
Adjusted | Integrated Gas, Renewables and Power
Business segment information
Sales	3,331		3,848	8,419	10,294
Depreciation, depletion and impairment of tangible assets and mineral interests	(329)		(317)	(663)	(632)
Operating income	96		339	571	746
Net income (loss) from equity affiliates and other items	238		254	712	628
Tax on net operating income	(8)		(164)	(44)	(353)
Net operating income	326		429	1,239	1,021
Adjusted | Integrated Gas, Renewables and Power | Business segments and Corporate
Business segment information
Revenues from sales	3,632		4,480	9,314	11,553
Operating expenses	(3,207)		(3,824)	(8,080)	(10,175)
Adjusted | Integrated Gas, Renewables and Power | Intercompany
Business segment information
Sales	(301)		(632)	(895)	(1,259)
Adjusted | Refining & Chemicals
Business segment information
Sales	9,433		22,509	27,956	44,220
Excise taxes	(469)		(761)	(1,119)	(1,537)
Depreciation, depletion and impairment of tangible assets and mineral interests	(393)		(379)	(788)	(753)
Operating income	680		537	1,001	1,289
Net income (loss) from equity affiliates and other items	28		160	179	307
Tax on net operating income	(133)		18	(223)	(125)
Net operating income	575		715	957	1,471
Adjusted | Refining & Chemicals | Business segments and Corporate
Business segment information
Revenues from sales	11,920		30,041	35,888	58,993
Operating expenses	(10,847)		(29,125)	(34,099)	(56,951)
Adjusted | Refining & Chemicals | Intercompany
Business segment information
Sales	(2,956)		(8,293)	(9,051)	(16,310)
Adjusted | Marketing & Services
Business segment information
Sales	11,986		22,671	30,661	43,950
Excise taxes	(3,699)		(5,279)	(8,342)	(10,584)
Depreciation, depletion and impairment of tangible assets and mineral interests	(229)		(237)	(473)	(470)
Operating income	229		484	653	979
Net income (loss) from equity affiliates and other items	27		118	37	108
Tax on net operating income	(127)		(179)	(259)	(321)
Net operating income	129		423	431	766
Adjusted | Marketing & Services | Business segments and Corporate
Business segment information
Revenues from sales	8,394		17,531	22,515	33,667
Operating expenses	(7,936)		(16,810)	(21,389)	(32,218)
Adjusted | Marketing & Services | Intercompany
Business segment information
Sales	(107)		(139)	(196)	(301)
Adjusted | Corporate
Business segment information
Sales	6			6	2
Depreciation, depletion and impairment of tangible assets and mineral interests	(22)		(20)	(40)	(35)
Operating income	(264)		(213)	(446)	(376)
Net income (loss) from equity affiliates and other items	40		26	164	27
Tax on net operating income	(38)		64	(10)	124
Net operating income	(262)		(123)	(292)	(225)
Adjusted | Corporate | Business segments and Corporate
Business segment information
Revenues from sales	37		36	65	65
Operating expenses	(279)		(229)	(471)	(406)
Adjusted | Corporate | Intercompany
Business segment information
Sales	$ (31)		$ (36)	$ (59)	$ (63)

Business segment information _2

Business segment information - Reconciliation with consolidated financial statements (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Business segment information
Sales	$ 25,730	$ 43,870	$ 51,242	$ 69,600		$ 102,447
Excise taxes	(4,168)	(5,293)	(6,040)	(9,461)		(12,121)
Revenues from sales	21,562	38,577	45,202	60,139		90,326
Purchases, net of inventory variation	(12,025)	(28,068)	(30,390)	(40,093)		(60,111)
Other operating expenses	(6,321)	(6,944)	(7,078)	(13,265)		(13,803)
Exploration costs	(114)	(140)	(170)	(254)		(458)
Depreciation, depletion and impairment of tangible assets and mineral interests	(11,593)	(3,635)	(3,661)	(15,228)		(7,127)
Other income	362	580	321	942		568
Other expense	(108)	(420)	(189)	(528)		(398)
Financial interest on debt	(530)	(569)	(568)	(1,099)		(1,129)
Financial income and expense from cash & cash equivalents	50	(155)	(42)	(105)		(70)
Cost of net debt	(480)	(724)	(610)	(1,204)		(1,199)
Other financial income	419	188	326	607		486
Other financial expense	(161)	(181)	(188)	(342)		(383)
Net income (loss) from equity affiliates	(447)	732	812	285		1,523
Income taxes	484	37	(1,571)	521		(3,480)
Consolidated net income	(8,422)	2	2,804	(8,420)	$ 5,494	5,944
Group share	(8,369)	34	2,756	(8,335)		5,867
Non-controlling interests	(53)	$ (32)	48	(85)		77
Adjusted
Business segment information
Sales	25,748		51,301	69,616		102,533
Excise taxes	(4,168)		(6,040)	(9,461)		(12,121)
Revenues from sales	21,580		45,261	60,155		90,412
Purchases, net of inventory variation	(11,842)		(30,295)	(37,949)		(60,533)
Other operating expenses	(6,199)		(7,042)	(12,985)		(13,758)
Exploration costs	(114)		(170)	(254)		(458)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,302)		(3,597)	(6,937)		(7,063)
Other income	240		253	820		453
Other expense	(103)		(117)	(294)		(190)
Financial interest on debt	(527)		(564)	(1,094)		(1,121)
Financial income and expense from cash & cash equivalents	(3)		(42)	(13)		(70)
Cost of net debt	(530)		(606)	(1,107)		(1,191)
Other financial income	419		326	607		486
Other financial expense	(160)		(188)	(341)		(383)
Net income (loss) from equity affiliates	11		457	669		1,071
Income taxes	95		(1,322)	(490)		(3,076)
Consolidated net income	95		2,960	1,894		5,770
Group share	126		2,887	1,907		5,646
Non-controlling interests	(31)		73	(13)		124
Adjustments
Business segment information
Sales	(18)		(59)	(16)		(86)
Revenues from sales	(18)		(59)	(16)		(86)
Purchases, net of inventory variation	(183)		(95)	(2,144)		422
Other operating expenses	(122)		(36)	(280)		(45)
Depreciation, depletion and impairment of tangible assets and mineral interests	(8,291)		(64)	(8,291)		(64)
Other income	122		68	122		115
Other expense	(5)		(72)	(234)		(208)
Financial interest on debt	(3)		(4)	(5)		(8)
Financial income and expense from cash & cash equivalents	53			(92)
Cost of net debt	50		(4)	(97)		(8)
Other financial expense	(1)			(1)
Net income (loss) from equity affiliates	(458)		355	(384)		452
Income taxes	389		(249)	1,011		(404)
Consolidated net income	(8,517)		(156)	(10,314)		174
Group share	(8,495)		(131)	(10,242)		221
Non-controlling interests	$ (22)		$ (25)	$ (72)		$ (47)

Business segment information _3

Business segment information - Adjustment items (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Business segment information
Operating income	$ (8,491)		$ 3,903	$ (8,701)	$ 8,827
Net income, Group share	(8,369)	$ 34	2,756	(8,335)	5,867
Adjustments
Business segment information
Operating income	(8,614)		(254)	(10,731)	227
Net income, Group share	(8,495)		(131)	(10,242)	221
Adjustments - Inventory valuation effect
Business segment information
Operating income	(42)		(40)	(1,838)	526
Net income, Group share	(94)		(28)	(1,508)	360
Adjustments - Effect of changes in fair value
Business segment information
Operating income	(100)		(59)	(98)	(86)
Net income, Group share	(80)		(47)	(79)	(69)
Adjustments - Restructuring charges
Business segment information
Operating income	(17)			(35)
Net income, Group share	(20)		(31)	(100)	(33)
Adjustments - Asset impairment charges
Business segment information
Operating income	(8,291)		(64)	(8,291)	(64)
Net income, Group share	(8,101)		(57)	(8,101)	(57)
Adjustments - Other items
Business segment information
Operating income	(164)		(91)	(469)	(149)
Net income, Group share	(200)		32	(454)	20
Exploration & Production
Business segment information
Operating income	(7,983)		2,967	(7,124)	5,919
Exploration & Production | Adjustments
Business segment information
Operating income	(7,365)		(43)	(7,375)	(43)
Net income, Group share	(7,349)		(43)	(7,224)	(43)
Exploration & Production | Adjustments - Restructuring charges
Business segment information
Operating income				(10)
Net income, Group share				(3)
Exploration & Production | Adjustments - Asset impairment charges
Business segment information
Operating income	(7,338)		(43)	(7,338)	(43)
Net income, Group share	(7,272)		(43)	(7,272)	(43)
Exploration & Production | Adjustments - Other items
Business segment information
Operating income	(27)			(27)
Net income, Group share	(77)			51
Integrated Gas, Renewables and Power
Business segment information
Operating income	(1,074)		215	(716)	537
Integrated Gas, Renewables and Power | Adjustments
Business segment information
Operating income	(1,170)		(124)	(1,287)	(209)
Net income, Group share	(1,050)		19	(1,186)	(17)
Integrated Gas, Renewables and Power | Adjustments - Effect of changes in fair value
Business segment information
Operating income	(100)		(59)	(98)	(86)
Net income, Group share	(80)		(47)	(79)	(69)
Integrated Gas, Renewables and Power | Adjustments - Restructuring charges
Business segment information
Operating income	(10)			(18)
Net income, Group share	(10)		(14)	(22)	(16)
Integrated Gas, Renewables and Power | Adjustments - Asset impairment charges
Business segment information
Operating income	(953)		(11)	(953)	(11)
Net income, Group share	(829)		(6)	(829)	(6)
Integrated Gas, Renewables and Power | Adjustments - Other items
Business segment information
Operating income	(107)		(54)	(218)	(112)
Net income, Group share	(131)		86	(256)	74
Refining & Chemicals
Business segment information
Operating income	632		484	(636)	1,728
Refining & Chemicals | Adjustments
Business segment information
Operating income	(48)		(53)	(1,637)	439
Net income, Group share	(107)		(76)	(1,475)	268
Refining & Chemicals | Adjustments - Inventory valuation effect
Business segment information
Operating income	(26)		(6)	(1,604)	486
Net income, Group share	(83)		(3)	(1,364)	341
Refining & Chemicals | Adjustments - Restructuring charges
Business segment information
Operating income	(7)			(7)
Net income, Group share	(10)		(17)	(75)	(17)
Refining & Chemicals | Adjustments - Asset impairment charges
Business segment information
Operating income			(10)		(10)
Net income, Group share			(8)		(8)
Refining & Chemicals | Adjustments - Other items
Business segment information
Operating income	(15)		(37)	(26)	(37)
Net income, Group share	(14)		(48)	(36)	(48)
Marketing & Services
Business segment information
Operating income	234		450	312	1,019
Marketing & Services | Adjustments
Business segment information
Operating income	5		(34)	(341)	40
Net income, Group share	(1)		(31)	(215)	13
Marketing & Services | Adjustments - Inventory valuation effect
Business segment information
Operating income	(16)		(34)	(234)	40
Net income, Group share	(11)		(25)	(144)	19
Marketing & Services | Adjustments - Other items
Business segment information
Operating income	21			(107)
Net income, Group share	10		(6)	(71)	(6)
Corporate
Business segment information
Operating income	(300)		$ (213)	(537)	$ (376)
Corporate | Adjustments
Business segment information
Operating income	(36)			(91)
Net income, Group share	12			(142)
Corporate | Adjustments - Other items
Business segment information
Operating income	(36)			(91)
Net income, Group share	$ 12			$ (142)

Business segment information _4

Business segment information - Asset impairment (Details) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended					372 Months Ended
	Jun. 30, 2020$ / bbl	Jun. 30, 2020USD ($)	Dec. 31, 2050$ / bbl	Dec. 31, 2023$ / bbl	Dec. 31, 2022$ / bbl	Dec. 31, 2021$ / bbl	Dec. 31, 2020$ / bbl	Dec. 31, 2050$ / bbl
Asset impairment
Post-tax discount rate (as a percent)	7.00%	7.00%
Asset impairments recorded in operating income		$ (8,291)
Asset impairments recorded in net income, Group share		(8,101)
Average
Asset impairment
Oil price | $ / bbl	30
Forecast
Asset impairment
Oil price | $ / bbl			50	60	50	40	35
Forecast | Average
Asset impairment
Oil price | $ / bbl								56.8
Canadian oil sands
Asset impairment
Asset impairments recorded in net income, Group share		(6,988)
Additional exceptional assets impairment in operating income		(5,460)
Additional exceptional assets impairment in net income, Group share		(5,474)
Exploration & Production
Asset impairment
Asset impairments recorded in operating income		(1,878)
Asset impairments recorded in net income, Group share		$ (1,798)
Exploration & Production | Discount rate
Asset impairment
Reasonably possible decrease in key assumption (as a percent)	1.00%	1.00%
Impact on operating income from decrease in key assumption		$ 200
Impact on net income, Group share, from decrease in key assumption		$ 200
Reasonably possible increase in assumption (as a percent)	1.00%	1.00%
Impact on operating income from increase in key assumption		$ (1,500)
Impact on net income, Group share, from increase in key assumption		$ (1,000)
Exploration & Production | Oil and gas prices
Asset impairment
Reasonably possible decrease in key assumption (as a percent)	10.00%	10.00%
Impact on operating income from decrease in key assumption		$ (2,900)
Impact on net income, Group share, from decrease in key assumption		(1,700)
Integrated Gas, Renewables and Power
Asset impairment
Asset impairments recorded in operating income		(953)
Asset impairments recorded in net income, Group share		$ (829)
Integrated Gas, Renewables and Power | Discount rate
Asset impairment
Reasonably possible decrease in key assumption (as a percent)	1.00%	1.00%
Impact on operating income from decrease in key assumption		$ 600
Impact on net income, Group share, from decrease in key assumption		$ 500
Reasonably possible increase in assumption (as a percent)	1.00%	1.00%
Impact on operating income from increase in key assumption		$ (800)
Impact on net income, Group share, from increase in key assumption		$ (600)
Integrated Gas, Renewables and Power | Oil and gas prices
Asset impairment
Reasonably possible decrease in key assumption (as a percent)	10.00%	10.00%
Impact on operating income from decrease in key assumption		$ (1,900)
Impact on net income, Group share, from decrease in key assumption		(1,500)
Refining & Chemicals
Asset impairment
Asset impairments recorded in operating income		0
Asset impairments recorded in net income, Group share		0
Marketing & Services
Asset impairment
Asset impairments recorded in operating income		0
Asset impairments recorded in net income, Group share		$ 0

Shareholders' equity - Treasury

Shareholders' equity - Treasury shares (Details) - TOTAL SE	Jun. 30, 2020shares
Treasury shares	28,706,598
Percentage of share capital represented by treasury shares	1.10%
Shares to be cancelled	23,284,409
Shares to be allocated as part of free share grant plans	5,422,189
2017 Plan
Shares to be allocated as part of free share grant plans	4,356,044
2018 Plan
Shares to be allocated as part of free share grant plans	1,001,529
Shares intended to be allocated to new share purchase options plans or to new share performance plans
Shares to be allocated as part of free share grant plans	64,616
Shares repurchased during Q4 2019
Shares to be cancelled	11,051,144
Shares repurchased during Q1 2020
Shares to be cancelled	12,233,265

Shareholders' equity - Dividend

Shareholders' equity - Dividend (Details) - € / shares	Jul. 29, 2020	Jul. 16, 2020	May 29, 2020	May 04, 2020	Apr. 01, 2020	Jan. 08, 2020	Oct. 01, 2019
Dividend
Dividend approved for the 2019 fiscal year (in Euros per share)			€ 2.68
Discount rate on share price for dividend paid in shares				10.00%
First interim
Dividend
Dividend paid (in Euros per share)							€ 0.66
Interim dividend set by Board of Directors (in Euros per share)				€ 0.66
Second interim
Dividend
Dividend paid (in Euros per share)						€ 0.66
Interim dividend set by Board of Directors (in Euros per share)	€ 0.66
Third interim
Dividend
Dividend paid (in Euros per share)					€ 0.68
Final
Dividend
Dividend paid (in Euros per share)		€ 0.68
Issue price for dividend paid in shares (in Euros per share)		€ 28.80
Number of shares subscribed		38,063,688
Share price for dividend paid in shares, as a percentage of average Euronext Paris opening price			90.00%
Number of trading days to determine stock dividend price			20 days

Shareholders' equity - Earnings

Shareholders' equity - Earnings per share (Details)	3 Months Ended						6 Months Ended
	Jun. 30, 2020€ / shares	Jun. 30, 2020$ / shares	Mar. 31, 2020€ / shares	Mar. 31, 2020$ / shares	Jun. 30, 2019€ / shares	Jun. 30, 2019$ / shares	Jun. 30, 2020$ / shares	Jun. 30, 2019$ / shares
Earnings per share in euros
Earnings per share (in dollars or Euros per share) | (per share)	€ (2.98)	$ 3.27	€ (0.01)	$ (0.01)	€ 0.89	$ 1.01	$ 3.29	$ 2.17
Diluted earnings per share (in dollars or Euros per share) | (per share)	€ (2.98)	$ 3.27	€ (0.01)	$ (0.01)	€ 0.89	$ 1	$ 3.29	$ 2.16

Shareholders' equity - Other co

Shareholders' equity - Other comprehensive income (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Shareholders' equity
Actuarial gains and losses	$ (356)	$ 133	$ (223)	$ (223)		$ (59)
Change in fair value of investments in equity instruments	90	(164)	74	(74)		107
Tax effect	101	(15)	59	86		14
Currency translation adjustment generated by the parent company	1,780	(1,976)	1,057	(196)		(474)
Items not potentially reclassifiable to profit and loss	1,615	(2,022)	967	(407)		(412)
Currency translation adjustment	(919)	(21)	(619)	(940)		187
Unrealized gain/(loss) of the period				(907)		233
Less gain/(loss) included in net income				33		46
Cash flow hedge	231	(1,524)	(246)	(1,293)		(373)
Unrealized gain/(loss) of the period				(1,317)		(303)
Less gain/(loss) included in net income				(24)		70
Variation of foreign currency basis spread	14	56	43	70		54
unrealized gain/(loss) of the period				42		25
less gain/(loss) included in net income				(28)		(29)
Share of other comprehensive income of equity affiliates, net amount	296	(1,223)	(135)	(927)		253
Unrealized gain/(loss) of the period				(936)		265
Less gain/(loss) included in net income				(9)		12
Other		3	1	3		2
Tax effect	(78)	445	69	367		107
Sub-total items potentially reclassifiable to profit and loss	(456)	(2,264)	(887)	(2,720)		230
Total other comprehensive income, net amount	$ 1,159	$ (4,286)	$ 80	$ (3,127)	$ (599)	$ (182)

Shareholders' equity - Tax effe

Shareholders' equity - Tax effects of other comprehensive income (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Pre-tax amount
Actuarial gains and losses	$ (356)	$ 133	$ (223)	$ (223)		$ (59)
Change in fair value of investments in equity instruments	90	(164)	74	(74)		107
Currency translation adjustment generated by the parent company	1,780	(1,976)	1,057	(196)		(474)
Sub-total items not potentially reclassifiable to profit and loss				(493)		(426)
Currency translation adjustment	(919)	(21)	(619)	(940)		187
Cash flow hedge	231	(1,524)	(246)	(1,293)		(373)
Variation of foreign currency basis spread	14	56	43	70		54
Share of other comprehensive income of equity affiliates, net amount				(927)		253
Other		3	1	3		2
Sub-total items potentially reclassifiable to profit and loss				(3,087)		123
Total other comprehensive income				(3,580)		(303)
Tax effect
Actuarial gains and losses				56		16
Change in fair value of investments in equity instruments				30		(2)
Sub-total items not potentially reclassifiable to profit and loss	101	(15)	59	86		14
Cash flow hedge				389		125
Variation of foreign currency basis spread				(22)		(18)
Sub-total items potentially reclassifiable to profit and loss	(78)	445	69	367		107
Total other comprehensive income				453		121
Net amount
Actuarial gains and losses				(167)		(43)
Change in fair value of investments in equity instruments				(44)		105
Currency translation adjustment generated by the parent company	1,780	(1,976)	1,057	(196)		(474)
Items not potentially reclassifiable to profit and loss	1,615	(2,022)	967	(407)		(412)
Currency translation adjustment				(940)		187
Cash flow hedge				(904)		(248)
Variation of foreign currency basis spread				48		36
Share of other comprehensive income of equity affiliates, net amount	296	(1,223)	(135)	(927)		253
Other				3		2
Items potentially reclassifiable to profit and loss	(456)	(2,264)	(887)	(2,720)		230
Total other comprehensive income (net amount)	$ 1,159	$ (4,286)	$ 80	$ (3,127)	$ (599)	$ (182)

Financial debt (Details)

Financial debt (Details) € in Millions, $ in Millions, $ in Millions, $ in Millions	1 Months Ended	6 Months Ended
	Apr. 30, 2020USD ($)	Jun. 30, 2020NZD ($)	Jun. 30, 2020CAD ($)	Jun. 30, 2020EUR (€)	Jun. 30, 2020USD ($)
Euro Bond 1.491 % Maturing April 2027
Financial debt
Interest rate (as percent)		1.491%	1.491%	1.491%	1.491%
Amount of bonds issued | €				€ 1,500
Euro Bond 1.994 % Maturing April 2032
Financial debt
Interest rate (as percent)		1.994%	1.994%	1.994%	1.994%
Amount of bonds issued | €				€ 1,500
Euro Bond 0.952 % Maturing May 2031
Financial debt
Interest rate (as percent)		0.952%	0.952%	0.952%	0.952%
Amount of bonds issued | €				€ 500
Euro Bond 1.618 % Maturing May 2040
Financial debt
Interest rate (as percent)		1.618%	1.618%	1.618%	1.618%
Amount of bonds issued | €				€ 1,000
USD Bond 3.127 % Maturing May 2050
Financial debt
Interest rate (as percent)		3.127%	3.127%	3.127%	3.127%
Amount of bonds issued					$ 2,500
USD Bond 2.986 % Maturing June 2041
Financial debt
Interest rate (as percent)		2.986%	2.986%	2.986%	2.986%
Amount of bonds issued					$ 800
USD Bond 3.386 % Maturing June 2060
Financial debt
Interest rate (as percent)		3.386%	3.386%	3.386%	3.386%
Amount of bonds issued					$ 800
Bond 4.750 Percent, Issued in 2014, Maturing in January 2020
Financial debt
Interest rate (as percent)		4.75%	4.75%	4.75%	4.75%
Amount of bonds reimbursed		$ 100
Bond 2.125 Percent, Issued in 2014, Maturing in January 2020
Financial debt
Interest rate (as percent)		2.125%	2.125%	2.125%	2.125%
Amount of bonds reimbursed			$ 100
Bond Euribor 3 months + 30 basis points, Issued in 2014, Maturing in March 2020
Financial debt
Amount of bonds reimbursed | €				€ 1,000
Interest rate basis		Euribor 3 months	Euribor 3 months	Euribor 3 months	Euribor 3 months
Adjustment to interest rate basis (as a percent)		0.30%	0.30%	0.30%	0.30%
Bond Euribor 3 months + 31 basis points, Issued in 2013, Maturing in May 2020
Financial debt
Amount of bonds reimbursed | €				€ 300
Interest rate basis		Euribor 3 months	Euribor 3 months	Euribor 3 months	Euribor 3 months
Adjustment to interest rate basis (as a percent)		0.31%	0.31%	0.31%	0.31%
Bond 4.450 Percent, Issued in 2010, Maturing in June 2020
Financial debt
Interest rate (as percent)		4.45%	4.45%	4.45%	4.45%
Amount of bonds reimbursed					$ 1,250
Syndicated Credit Line, Put in place in April 2020
Financial debt
Committed credit facilities granted by banks	$ 6,350
Borrowings term	12 months
Borrowings, period of extension option	6 months

Other risks and contingent li_2

Other risks and contingent liabilities (Details) $ in Billions	Jul. 30, 2020	Jun. 30, 2020$ / bbl	Jun. 30, 2020	Dec. 31, 2050$ / bbl	Dec. 31, 2023$ / bbl	Dec. 31, 2022$ / bbl	Dec. 31, 2021$ / bbl	Dec. 31, 2020USD ($)MBoe / d$ / bbl	Dec. 31, 2050$ / bbl
Marketing & Services | Europe
Disclosure of contingent liabilities
Level of activity, compared to pre-crisis level	90.00%
Forecast
Disclosure of contingent liabilities
Oil price				50	60	50	40	35
Investments | $								$ 14
Savings on operating costs | $								1
Forecast | Renewables
Disclosure of contingent liabilities
Investments | $								$ 2
Average
Disclosure of contingent liabilities
Oil price		30
Average | Forecast
Disclosure of contingent liabilities
Oil price									56.8
Minimum | Forecast
Disclosure of contingent liabilities
Production | MBoe / d								2.9
Maximum
Disclosure of contingent liabilities
Oil price		40
Maximum | Forecast
Disclosure of contingent liabilities
Production | MBoe / d								2.95
Yemen LNG Company Limited
Disclosure of contingent liabilities
Stake held in associate (as a percent)			39.62%