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

EXHIBIT 99.1

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The financial information on pages 1-14 of this exhibit concerning TOTAL SE and all of its direct and indirect consolidated companies located in or outside of France (collectively, “TOTAL” or the “Group”) with respect to the fourth quarter 2020 and year ended December 31, 2020 has been derived from TOTAL’s unaudited consolidated balance sheets as of December 31, 2020, unaudited statements of income, comprehensive income, cash flow and business segment information for the fourth quarter 2020 and year ended December 31, 2020 and unaudited consolidated statements of changes in shareholders’ equity for the year ended December 31, 2020 presented on pages 15-29 of this exhibit.

The following discussion should be read in conjunction with the aforementioned financial statements and with the information, including TOTAL’s audited consolidated financial statements and related notes, provided in TOTAL’s Annual Report on Form 20-F for the year ended December 31, 2019, filed with the Securities and Exchange Commission (“SEC”) on March 20, 2020, as amended on April 14, 2020.

A. KEY FIGURES

4Q20	3Q20	4Q19	4Q20 vs 4Q19	in millions of dollars (except earnings per share and number of shares)	2020	2019	2020   vs   2019
37,943	33,142	49,280	-23%	Non-Group sales	140,685	200,316	-30%
1,824	1,459	3,879	-53%	Adjusted net operating income(a) from business segments	6,404	14,554	-56%
1,068	801	2,031	-47%	• Exploration & Production	2,363	7,509	-69%
254	285	794	-68%	• Integrated Gas, Renewables & Power	1,778	2,389	-26%
170	(88)	580	-71%	• Refining & Chemicals	1,039	3,003	-65%
332	461	474	-30%	• Marketing & Services	1,224	1,653	-26%
73	94	502	-85%	Net income (loss) from equity affiliates	452	3,406	-87%
0.31	0.04	0.97	-68%	Fully-diluted earnings per share ($)	(2.90)	4.17	ns
2,645	2,637	2,607	+1%	Fully-diluted weighted-average shares (millions)	2,621	2,618	-
891	202	2,600	-66%	Net income (Group share)	(7,242)	11,267	ns
3,432	2,184	4,291	-20%	Organic investments(b)	10,339	13,397	-23%
1,099	(272)	(80)	ns	Net acquisitions(c)	2,650	4,052	-35%
4,531	1,912	4,211	+8%	Net investments(d)	12,989	17,449	-26%
5,674	4,351	6,599	-14%	Cash flow from operations(e) of which:	14,803	24,685	-40%
1,342	980	46	x29	• (increase)/decrease in working capital	1,869	(1,718)	ns
(436)	(491)	(533)	ns	• financial charges	(1,938)	(2,069)	ns

From 2019, data take into account the impact of the new rule IFRS16 “Leases”, effective January 1, 2019.

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

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

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

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

(e) See also “C. Group results – Cash Flow” on page 9 of this exhibit and the reconciliation table for different cash flow figures set forth under “Cash Flow” on page 13 of this exhibit.

Environment* — liquids and gas price realizations, refining margins

4Q20		3Q20	4Q19	4Q20 vs 4Q19		2020	2019	2020 vs 2019
	44.2	42.9	63.1	-30%	Brent ($/b)	41.8	64.2		-35%
	2.8	2.1	2.4	+15%	Henry Hub ($/Mbtu)	2.1	2.5		-16%
	5.6	2.9	5.1	+10%	NBP ($/Mbtu)**	3.3	4.9		-31%
	8.0	3.6	5.8	+39%	JKM ($/Mbtu)***	4.4	5.5		-20%
	41.0	39.9	59.1	-31%	Average price of liquids ($/b) Consolidated subsidiaries	37.0	59.8		-38%
	3.31	2.52	3.76	-12%	Average price of gas ($/Mbtu) Consolidated subsidiaries	2.96	3.88		-24%
	4.90	3.57	6.52	-25%	Average price of LNG ($/Mbtu) Consolidated subsidiaries and equity affiliates	4.83	6.31		-24%
	4.6	-2.7	30.2	-85%	Variable cost margin –Refining Europe, VCM ($/t)	11.5	34.9		-67%

* The indicators are shown on page 14.

** NBP (National Balancing Point) is a virtual natural gas trading point in the United Kingdom for transferring rights in respect of physical gas and which is widely used as a price benchmark for the natural gas markets in Europe. NBP is operated by National Grid Gas plc, the operator of the UK transmission network.

*** JKM (Japan-Korea Marker) measures the prices of spot LNG trades in Asia. It is based on prices reported in spot market trades and/or bids and offers collected after the close of the Asian trading day at 16:30 Singapore time.

1

The average LNG sales price rebounded by 37% in the fourth quarter 2020 compared to the previous quarter, due to the seasonality of demand and the delayed impact of higher oil prices in the third quarter 2020 on long-term LNG contracts.

Production*

4Q20	3Q20	4Q19	4Q20 vs   4Q19		2020	2019	2020 vs   2019
2,841	2,715	3,113	-9%	Hydrocarbon production (kboe/d)	2,871	3,014	-5%
1,238	1,196	1,452	-15%	●  Oil (including bitumen) (kb/d)	1,298	1,431	-9%
1,603	1,519	1,661	-3%	●  Gas (including condensates and associated NGL) (kboe/d)	1,573	1,583	-1%
4Q20	3Q20	4Q19	4Q20 vs 4Q19		2020	2019	2020 vs 2019
2,841	2,715	3,113	-9%	Hydrocarbon production (kboe/d)	2,871	3,014	-5%
1,483	1,437	1,714	-13%	●  Liquids (kb/d)	1,543	1,672	-8%
7,406	6,973	7,563	-2%	●  Gas (Mcf/d)**	7,246	7,309	-1%

* Group production = production of Exploration & Production segment (EP) + production of Integrated Gas, Renewables & Power segment (iGRP).

** 4Q19 and 2019 data restated.

Hydrocarbon production was 2,841 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2020, a decrease of 9% year-on-year, comprised of:

• -5% due to compliance with OPEC+ quotas, notably in Nigeria, the United Arab Emirates and Kazakhstan, as well as voluntary reductions in Canada and disruptions in Libya.

• -1% due to portfolio effect, notably linked to the sale of assets in the United Kingdom and Block CA1 in Brunei.

• +3% due to the start-up and ramp-up of new projects, notably North Russkoye in Russia, Tempa Rossa in Italy, Johan Sverdrup in Norway, Iara in Brazil and Culzean in the United Kingdom.

• -3% due to the natural decline of fields.

• -3% due to maintenance and unplanned outages, notably in Norway.

Hydrocarbon production was 2,871 kboe/d for the full-year 2020, a decrease of 5% compared to 3,014 kboe/d in 2019, comprised of:

• -5% due to compliance with OPEC+ quotas, notably in Nigeria, the United Arab Emirates and Kazakhstan, as well as voluntary reductions in Canada and disruptions in Libya.

• +5% due to the ramp-up of recently started projects, notably Culzean in the United Kingdom, Johan Sverdrup in Norway, Iara in Brazil, Tempa Rossa in Italy and North Russkoye in Russia.

• -3% due to the natural decline of fields.

• -2% due to maintenance, and unplanned outages, notably in Norway.

Fourth quarter 2020 and full-year 2020 results

The Group’s fourth quarter results rebounded from the previous quarter in a context where oil prices stabilized above $40 per barrel, due to strong OPEC+ discipline, and where gas prices rose sharply in Europe and Asia, but where refining margins remained depressed, still affected by low demand and high inventories. In this context, the Group demonstrated its ability to benefit from an overall more favorable environment with adjusted net income¹ up by more than 50% compared to third quarter 2020 to $1.3 billion in the fourth quarter 2020 and to $4.1 billion for the full-year 2020 (compared to $11.8 billion for the full-year 2019) and cash flow (DACF)² at $4.9 billion in the fourth quarter 2020 and $17.6 billion for the full-year 2020 (down 33% and 37%, respectively, compared to fourth quarter and full year 2019 figures).

TOTAL faced two major crises in 2020: the COVID-19 pandemic that severely affected global energy demand, and the oil crisis that drove the Brent price below $20 per barrel in the second quarter. In this particularly difficult context, the Group implemented an immediate action plan and proved its resilience thanks to the quality of its portfolio (production cost of $5.1 per boe, the lowest among its peers) and its integrated model with cash flow (DACF) generation of nearly $18 billion. It posted adjusted net income of $4.1 billion and, thanks to strong discipline on investments ($13 billion, down 26%) and costs ($1.1 billion in savings), the organic cash breakeven³ was $26 per barrel.

2020 represents a pivotal year for the Group’s strategy with the announcement of its ambition to get to net zero emissions (Net Zero), together with society. The Group affirms its plan to transform itself into a broad energy company to meet the dual challenge of the energy transition: more energy, less emissions. Thus, the Group’s profile will be transformed over the 2020-30 decade: the growth of energy production will be based on two pillars, LNG and Renewables & Electricity, while oil products are expected to fall from 55% to 30% of sales. To anchor this transformation, the Group will propose to its shareholders at the Annual General Meeting on May 28, 2021, to change its name to TotalEnergies. They will thus have the opportunity to endorse this strategy and the underlying ambition to transition to carbon neutrality.

In 2020, TOTAL secured its investments in Renewables & Electricity ($2 billion) and accelerated the implementation of its strategy to grow renewables, adding 10 GW to its portfolio. With the acquisition at the start of 2021 of a 20% stake in Adani Green Energy Limited (AGEL), one of the largest solar developer in the world, and of portfolios of projects in the United States, the Group now has a portfolio that should give it gross installed capacity, under construction and in development of 35 GW by 2025 with more than 20 GW already benefiting from long-term power purchase agreements.

1 Adjusted net income refers to adjusted net operating income, adjusted for special items, inventory valuation effect and the effect of changes in fair value. See pages 3 et seq. “Analysis of business segment results” below for further details.

2 Cash flow refers to DACF. “DACF” = debt adjusted cash flow, is defined as cash flow from operating activities before changes in working capital at replacement cost, without financial charges.

3 “Organic cash breakeven” refers to pre-dividend organic cash breakeven, defined as the Brent price for which the operating cash flow before working capital changes covers the organic investments.

2

B. ANALYSIS OF BUSINESS SEGMENT RESULTS

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

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

The effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS, which requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories recorded at their fair value based on forward prices. In addition, TOTAL, in its trading activities, enters into storage contracts, the future effects of which are recorded at fair value in the Group’s internal economic performance. 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. IFRS, by requiring accounting for storage contracts on an accrual basis, precludes recognition of this fair value effect.

The adjusted business segment results (adjusted operating income and adjusted net operating income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value. For further information on the adjustments affecting operating income on a segment-by-segment basis, and for a reconciliation of segment figures to figures reported in TOTAL’s interim consolidated financial statements, see pages 23-29 of this exhibit.

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

3

B.1.    Integrated Gas, Renewables & Power segment (iGRP)

Production and sales of Liquefied natural gas (LNG) and electricity

4Q20	3Q20		4Q19		4Q20 vs 4Q19		Hydrocarbon production for LNG	2020	2019	2020 vs 2019
532		518		624		-15%	iGRP (kboe/d)	530	560		-5%
65		70		74		-12%	●  Liquids (kb/d)	69	71		-4%
2,549		2,445		2,939		-13%	●  Gas (Mcf/d)*	2,519	2,656		-5%
4Q20	3Q20		4Q19		4Q20 vs 4Q19		Liquefied Natural Gas in Mt	2020	2019	2020 vs 2019
10.0		8.1		10.6		-6%	Overall LNG sales	38.3	34.3		+12%
4.3		4.3		4.2		+2%	●  including sales from equity production**	17.6	16.3		+8%
8.0		6.6		9.6		-17%	●  including sales by TOTAL from equity production and third party purchases	31.1	27.9		+12%

* 4Q19 and 2019 data restated.

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

4Q20	3Q20		4Q19		4Q20 vs 4Q19	Renewables & Electricity	2020	2019	2020 vs 2019
7.0		5.1		3.0	x2.4	Gross renewables installed capacity (GW)*	7.0	3.0		x2.4
17.5		14.2				Gross renewables installed or in development capacity with PPA (GW)*	17.5
4.3		4.1		3.5	+20%	Net power production (TWh)**	14.1	11.4		+24%
1.2		1.0		0.6	+87%	●  including power production from renewables	4.0	2.0		+97%
5.6		4.4		4.1	+37%	Clients power – BtB and BtC (Million)*	5.6	4.1		+37%
2.7		1.7		1.7	+59%	Clients gas – BtB and BtC (Million)*	2.7	1.7		+59%
13.5		10.2		12.9	+5%	Sales power – BtB and BtC (TWh)	47.3	46.0		+3%
31.5		13.5		29.4	+7%	Sales gas – BtB and BtC (TWh)	95.8	95.0		+1%

* Capacity at end of period.

** Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT) plants.

Hydrocarbon production for LNG in the fourth quarter 2020 decreased by 15% compared to the fourth quarter 2019, notably due to the shutdown of Snøhvit LNG following a fire at the end of September 2020.

Total LNG sales increased by 12% in 2020 compared to 2019 thanks to the start-up of three trains at Cameron LNG in the United States, the ramp-up of Yamal LNG in Russia and Ichthys LNG in Australia and the increase in trading activities.

Gross installed renewable power generation capacity more than doubled during the year to reach 7 GW at the end of the fourth quarter 2020, notably thanks to the acquisition in India of 50% of a 3 GWp portfolio from the Adani Group.

The Group continues to implement its strategy to integrate along the electricity and gas chain in Europe and has increased the number of its electricity and gas customers by 1.5 million and 1 million since 2019, respectively, notably thanks to the finalization of the acquisition in the fourth quarter 2020 of a portfolio of customers from Energías de Portugal in Spain.

Net electricity production was 4.3 TWh in the fourth quarter 2020, an increase of 20% compared to last year, notably due to the doubling of renewable electricity production and the acquisition of four CCGT (combined cycle gas turbine) power stations in France and Spain.

Sales of electricity and gas in the fourth quarter 2020 increased by 5% and 7%, respectively, compared to the fourth quarter 2019 due to the growth in the number of customers.

Results

4Q20	3Q20	4Q19	4Q20 vs 4Q19		in millions of dollars	2020	2019	2020 vs   2019
5,231	1,995	4,292		+22%	Non-Group sales	15,629	18,167		-14%
(64)	253	326		ns	Operating income	(527)	1,184		ns
149	225	391		-62%	Net income (loss) from equity affiliates and other items	794	2,330		-66%
7	(266)	104		-93%	Tax on net operating income	71	(741)		ns
92	212	821		-88%	Net operating income	338	2,773		-88%
162	73	(27)		ns	Adjustments affecting net operating income	1,440	(384)		ns
254	285	794		-68%	Adjusted net operating income*	1,778	2,389		-26%
97	99	353		-73%	•  including income from equity affiliates	375	1,009		-63%
1,007	450	684		+47%	Organic investments	2,720	2,259		+20%
577	36	(13)		ns	Net acquisitions	2,183	3,921		-44%
1,584	486	671		x2.4	Net investments	4,903	6,180		-21%

 * Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.

4

Adjusted net operating income for the iGRP segment was $254 million in the fourth quarter 2020 compared to $794 million in the fourth quarter 2019, and $1,778 million for the full-year 2020, a decrease of 26% compared to the full-year 2019, mainly due to the decrease in the LNG price.

Adjusted net operating income for the Integrated Gas, Renewables & Power segment excludes special items. In the fourth quarter 2020, the exclusion of special items had a positive impact of $162 million on the segment’s adjusted net operating income, compared to a negative impact of $27 million in the fourth quarter 2019. For the full-year 2020, the exclusion of special items had a positive impact of $1,440 million on the segment’s adjusted net operating income, compared to a negative impact of $384 million for the full-year 2019.

In the fourth quarter 2020, the segment’s operating cash flow excluding (i) the change in working capital at replacement cost⁴, (ii) financial charges, except those related to leases and (iii) the mark-to-market effect of iGRP’s contracts, and including capital gain from renewable project sale (effective first quarter 2020) and organic loan repayment from equity affiliates was $1,072 million, a decrease of 21% compared to $1,356 million in the fourth quarter 2019, due to the decrease in the price of LNG partially offset by a positive and increasing contribution from Renewables & Electricity. For the full-year 2020, the segment’s operating cash flow excluding (i) the change in working capital at replacement cost, (ii) financial charges, except those related to leases and (iii) the mark-to-market effect of iGRP’s contracts, and including capital gain from renewable project sale (effective first quarter 2020) and organic loan repayment from equity affiliates was $3,418 million, stable compared to $3,409 million for the full-year 2019.

In the fourth quarter 2020, the segment’s cash flow from operating activities excluding financial charges, except those related to leases was $575 million, a decrease of 62% compared to $1,527 million in the fourth quarter 2019. For the full-year 2020, the segment’s cash flow from operating activities excluding financial charges, except those related to leases was $2,129 million, a decrease of 38% compared to $3,461 million for the full-year 2019.

B.2. Exploration & Production segment

Production

4Q20	3Q20	4Q19	4Q20 vs 4Q19		Hydrocarbon production	2020		2019		2020 vs 2019
2,309	2,197	2,489		-7%	EP (kboe/d)		2,341		2,454		-5%
1,418	1,367	1,640		-14%	●      Liquids (kb/d)		1,474		1,601		-8%
4,857	4,528	4,624		+5%	●      Gas (Mcf/d)		4,727		4,653		+2%
Results
4Q20	3Q20	4Q19	4Q20 vs 4Q19		in millions of dollars (except effective tax rate)	2020		2019		2020 vs 2019
1,257	1,142	1,563		-20%	Non-Group sales		4,973		7,261		-32%
842	768	2,366		-64%	Operating income		(5,514)		10,542		ns
6	251	166		-96%	Net income (loss) from equity affiliates and other items		697		610		+14%
19.8%	32.9%	38.0%			Effective tax rate*		29.4%		41.5%
91	(243)	(893)		ns	Tax on net operating income		(208)		(4,572)		-95%
939	776	1,639		-43%	Net operating income		(5,025)		6,580		ns
129	25	392		-67%	Adjustments affecting net operating income		7,388		929		x8
1,068	801	2,031		-47%	Adjusted net operating income**		2,363		7,509		-69%
222	268	247		-10%	•    including income from equity affiliates		928		996		-7%
1,569	1,266	2,617		-40%	Organic investments		5,519		8,635		-36%
548	(309)	(224)		ns	Net acquisitions		544		14		x38.9
2,117	957	2,393		-12%	Net investments		6,063		8,649		-30%

* “Effective tax rate” = tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments - impairment of goodwill + tax on adjusted net operating income).

** Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.

Adjusted net operating income for the Exploration & Production segment was:

• $1,068 million in the fourth quarter 2020 compared to $2,031 million in the fourth quarter 2019 due to the sharp drop in oil and gas prices and lower production.

• $2,363 million for the full-year 2020 versus $7,509 million for the full-year 2019 for the same reasons.

Adjusted net operating income for the Exploration & Production segment excludes special items. In the fourth quarter 2020, the exclusion of special items had a positive impact of $129 million on the segment’s adjusted net operating income, compared to a positive impact of $392 million in the fourth quarter 2019. For the full-year 2020, the exclusion of special items had a positive impact of $7,388 million on the segment’s adjusted net operating income, compared to a positive impact of $929 million for the full-year 2019.

⁴ Operating cash flow excluding the change in working capital at replacement cost provides information on underlying cash flow without the short-term impacts of changes in inventory and other working capital elements at replacement cost. 4Q19 and 2019 data restated. For information on the replacement cost method, refer to “B. Analysis of business segment results”, above.

5

In the fourth quarter 2020, the segment’s operating cash flow excluding the change in working capital at replacement cost⁵ and financial charges, except those related to leases, and including organic loan repayment from equity affiliates was $2,652 million, a decrease of 40% compared to $4,451 million in the fourth quarter 2019. For the full-year 2020, the segment’s operating cash flow excluding the change in working capital at replacement cost and financial charges, except those related to leases, and including organic loan repayment from equity affiliates was $9,684 million, a decrease of 46% compared to $18,030 million for the full-year 2019.

In the fourth quarter 2020, the segment’s cash flow from operating activities excluding financial charges, except those related to leases was $3,046 million, a decrease of 28% compared to $4,206 million in the fourth quarter 2019. For the full-year 2020, the segment’s cash flow from operating activities excluding financial charges, except those related to leases was $9,922 million, a decrease of 41% compared to $16,917 million for the full-year 2019.

B.3. Downstream (Refining & Chemicals and Marketing & Services segments)

Results

4Q20	3Q20	4Q19	4Q20 vs 4Q19	in millions of dollars	2020	2019	2020 vs 2019
31,445	30,004	43,419	-28%	Non-Group sales	120,066	174,878	-31%
690	261	1,054	-35%	Operating income	627	5,394	-88%
(63)	(233)	72	ns	Net income (loss) from equity affiliates and other items	(356)	423	ns
(262)	(238)	(103)	x2.5	Tax on net operating income	(456)	(1,068)	-57%
365	(210)	1,023	-64%	Net operating income	(185)	4,749	ns
137	583	31	x4.4	Adjustments affecting net operating income	2,448	(93)	ns
502	373	1,054	-52%	Adjusted net operating income*	2,263	4,656	-51%
840	449	950	-12%	Organic investments	2,023	2,395	-16%
80	2	158	-49%	Net acquisitions	32	118	-73%
920	451	1,108	-17%	Net investments	2,055	2,513	-18%

*Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.

In the fourth quarter 2020, the Downstream segment’s operating cash flow excluding the change in working capital at replacement cost⁵ and financial charges, except those related to leases, and including organic loan repayment from equity affiliates was $1,129 million, a decrease of 25% compared to $1,505 million in the fourth quarter 2019. For the full-year 2020, the Downstream segment’s operating cash flow excluding the change in working capital at replacement cost and financial charges, except those related to leases, and including organic loan repayment from equity affiliates was $4,652 million, a decrease of 30% compared to $6,617 for the full-year 2019.

In the fourth quarter 2020, the Downstream segment’s cash flow from operating activities excluding financial charges, except those related to leases was $2,162 million, an increase of 52% compared to $1,420 million in the fourth quarter 2019. For the full-year 2020, the segment’s cash flow from operating activities excluding financial charges, except those related to leases was $4,539 million, a decrease of 30% compared to $6,441 for the full-year 2019.

Refining & Chemicals segment

• Refinery and petrochemicals throughput and utilization rates

4Q20		3Q20		4Q19		4Q20 vs 4Q19		Refinery throughput and utilization rate*	2020		2019		2020 vs 2019
	1,262		1,212		1,509		-16%	Total refinery throughput (kb/d)		1,292		1,671		-23%
	247		267		282		-12%	• France		244		456		-46%
	582		540		756		-23%	• Rest of Europe		618		754		-18%
	433		405		471		-8%	• Rest of world		430		462		-7%
	60%		57%		71%			Utilization rates based on crude only**		61%		80%

* Includes refineries in Africa reported in the Marketing & Services segment.

** Based on distillation capacity at the beginning of the year.

• Petrochemicals production and utilization rates

4Q20		3Q20	4Q19		4Q20 vs 4Q19	Petrochemicals production and utilization rate	2020		2019	2020 vs 2019
	1,486	1,255		1,431	+4%	Monomers* (kt)		5,519	5,219		+6%
	1,291	1,248		1,169	+10%	Polymers (kt)		4,934	4,862		+1%
	90%	75%		92%		Vapocracker utilization rate**		83%	83%

* Olefins

** Based on olefins production from steamcrackers and their treatment capacity at the start of the year.

⁵ Operating cash flow excluding the change in working capital at replacement cost provides information on underlying cash flow without the short-term impacts of changes in inventory and other working capital elements at replacement cost. For information on the replacement cost method, refer to “B. Analysis of business segment results”, above.

6

Refinery throughput volumes:

• Decreased by 16% in the fourth quarter 2020 compared to the fourth quarter 2019, mainly due to high inventories of refined products and the drop in demand which notably led to the economic shutdown of the Donges refinery.

• Decreased by 23% in 2020 year-on-year for the same reasons, as well as the prolonged shutdown of the distillation unit at the Normandy platform following the fire that affected the distillation unit at the end of 2019.

Monomer production:

• Increased 4% in the fourth quarter 2020 year-on-year to 1,486 kt.

• Increased 6% in 2020 year-on-year, supported by demand, and notably as a result of the 2019 planned maintenance on the steamcracker at Daesan in South Korea.

Polymer production:

• Increased by 10% in the fourth quarter 2020 year-on-year to 1,291 kt, supported by demand, and due to planned maintenance in the fourth quarter 2019.

• Stable for full-year 2020 compared to full-year 2019.

Results

4Q20	3Q20	4Q19	4Q20 vs 4Q19	in millions of dollars	2020	2019	2020 vs 2019
15,052	13,607	22,040	-32%	Non-Group sales	56,615	87,598	-35%
183	(361)	579	-68%	Operating income	(814)	3,342	ns
(54)	(247)	57	ns	Net income (loss) from equity affiliates and other items	(393)	322	ns
(93)	(51)	(3)	x31	Tax on net operating income	59	(470)	ns
36	(659)	633	-94%	Net operating income	(1,148)	3,194	ns
134	571	(53)	ns	Adjustments affecting net operating income	2,187	(191)	ns
170	(88)	580	-71%	Adjusted net operating income*	1,039	3,003	-65%
448	291	479	-6%	Organic investments	1,209	1,426	-15%
(2)	(1)	118	ns	Net acquisitions	(54)	(44)	ns
446	290	597	-25%	Net investments	1,155	1,382	-16%

*Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.

Adjusted net operating income for the Refining & Chemicals segment was:

• down 71% year-on-year to $170 million in the fourth quarter 2020. The decrease was due to depressed refining margins resulting from weak demand, notably for distillates as a result of reduced air traffic.

• down 65% year-on-year to $1,039 million in 2020, due to refining margin deterioration, partially offset by resilient petrochemical margins and outperformance of the trading activities.

Adjusted net operating income for the Refining & Chemicals segment excludes any after-tax inventory valuation effect and special items. In the fourth quarter 2020, the exclusion of the inventory valuation effect had a negative impact of $192 million on the segment’s adjusted net operating income, compared to a negative impact of $117 million in the fourth quarter 2019. In the fourth quarter 2020 the exclusion of special items had a positive impact of $326 million on the segment’s adjusted net operating income, compared to a positive impact of $64 million in the fourth quarter 2019. For the full-year 2020, the exclusion of the inventory valuation effect had a positive impact of $1,165 million on the segment’s adjusted net operating income, compared to a negative impact of $371 million for the full-year 2019. For the full-year 2020, the exclusion of special items had a positive impact of $1,022 million on the segment’s adjusted net operating income, compared to a positive impact of $180 million for the full-year 2019.

In the fourth quarter 2020, the segment’s operating cash flow excluding the change in working capital at replacement cost⁵ and financial charges, except those related to leases, and including organic loan repayment from equity affiliates was $560 million, a decrease of 29% compared to $789 million in the fourth quarter 2019. For the full-year 2020, the segment’s operating cash flow excluding the change in working capital at replacement cost and financial charges, except those related to leases, and including organic loan repayment from equity affiliates was $2,472 million, a decrease of 39% compared to $4,072 for the full-year 2019. In the fourth quarter 2020, the segment’s cash flow from operating activities excluding financial charges, except those related to leases, was $1,514 million, an increase of 33% compared to $1,142 million in the fourth quarter 2019. For the full-year 2020, the segment’s cash flow from operating activities excluding financial charges, except those related to leases, was $2,438 million, a decrease of 36% compared to $3,837 million for the full-year 2019.

7

B.4. Marketing & Services segment

Petroleum product sales

4Q20		3Q20		4Q19	4Q20 vs 4Q19		sales in kb/d*	2020	2019		2020 vs 2019
	1,509		1,442	1,835		-18%	Total Marketing & Services sales	1,477		1,845		-20%
	828		819	1,033		-20%	• Europe	823		1,021		-19%
	681		623	801		-15%	• Rest of world	654		824		-21%

*Excludes trading and bulk refining sales.

Petroleum product sales volumes decreased by 18% in the fourth quarter 2020 compared to the fourth quarter 2019, and by 20% in 2020 compared to 2019, in response to the significant slowdown in global activity related to the COVID-19 pandemic. Aviation and marine activities remain severely affected in this context; however, the decline in retail sales was mitigated by network growth in Angola, Saudi Arabia, Brazil and Mexico.

Results

4Q20	3Q20	4Q19	4Q20 vs 4Q19	in millions of dollars	2020	2019	2020 vs 2019
16,393	16,397	21,379	-23%	Non-Group sales	63,451	87,280	-27%
507	622	475	+7%	Operating income	1,441	2,052	-30%
(9)	14	15	ns	Net income (loss) from equity affiliates and other items	37	101	-63%
(169)	(187)	(100)	-69%	Tax on net operating income	(515)	(598)	-14%
329	449	390	-16%	Net operating income	963	1,555	-38%
3	12	84	-96%	Adjustments affecting net operating income	261	98	x2.7
332	461	474	-30%	Adjusted net operating income*	1,224	1,653	-26%
392	158	471	-17%	Organic investments	814	969	-16%
82	3	40	x2.1	Net acquisitions	86	162	-47%
474	161	511	-7%	Net investments	900	1,131	-20%

*Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.

Adjusted net operating income was $332 million in the fourth quarter 2020, a decrease of 30% compared to the fourth quarter 2019, essentially due to lower volumes and a revaluation of futures contracts in the fourth quarter 2019. Adjusted net operating income was $1,224 million for the full-year 2020, a decrease of 26% compared to the full-year 2019.

Adjusted net operating income for the Marketing & Services segment excludes any after-tax inventory valuation effect and special items. In the fourth quarter 2020, the exclusion of the inventory valuation effect had a negative impact of $32 million on the segment’s adjusted net operating income, compared to a positive impact of $60 million in the fourth quarter 2019. In the fourth quarter 2020, the exclusion of special items had a positive impact of $35 million on the segment’s adjusted net operating income, compared to a positive impact of $24 million in the fourth quarter 2019. For the full-year 2020, the exclusion of the inventory valuation effect had a positive impact of $137 million on the segment’s adjusted net operating income, compared to a positive impact of $14 million for the full-year 2019. For the full-year 2020, the exclusion of special items had a positive impact of $124 million on the segment’s adjusted net operating income, compared to a positive impact of $84 million for the full-year 2019.

In the fourth quarter 2020, the segment’s operating cash flow excluding the change in working capital at replacement cost⁵ and financial charges, except those related to leases, and including organic loan repayment from equity affiliates was $569 million, a decrease of 21% compared to $716 million in the fourth quarter 2019. For the full-year 2020, the segment’s operating cash flow excluding the change in working capital at replacement cost and financial charges, except those related to leases, and including organic loan repayment from equity affiliates was $2,180 million, a decrease of 14% compared to $2,546 million for the full-year 2019. In the fourth quarter 2020, the segment’s cash flow from operating activities excluding financial charges, except those related to leases, was $648 million compared to $278 million in the fourth quarter 2019, or 2.3x greater. For the full-year 2020, the segment’s cash flow from operating activities excluding financial charges, except those related to leases, was $2,101 million, a decrease of 19% compared to $2,604 million for the full-year 2019.

C. GROUP RESULTS

Net income (Group share)

In the fourth quarter 2020, net income (Group share) was $891 million, a decrease of 66% compared to $2,600 million in the fourth quarter 2019. For the full-year 2020, net income (Group share) was $(7,242) million compared to $11,267 million for the full-year 2019.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value⁶.

Adjusted net income (Group share) was:

• $1,304 million in the fourth quarter 2020, compared to $3,165 million in the fourth quarter 2019, due to lower Brent prices, natural gas prices and refining margins.

• $4,059 million in 2020, a decrease of 66% year-on-year, for the same reasons.

⁶ Details shown on page 13 of this exhibit.

8

Total adjustments affecting net income (Group Share)⁷ were:

• $(413) million in the fourth quarter 2020, including close to $200 million related to the conversion of the Grandpuits refinery in France.

• $(11,301) million in 2020, including $8.5 billion of impairments, notably on oil sands assets in Canada.

Fully-diluted shares

The number of fully-diluted shares was 2,647 million on December 31, 2020.

Acquisitions - Asset sales

Finalized acquisitions were:

• $1,538 million in the fourth quarter 2020, comprised notably of the acquisition of Tullow’s entire interest in the Lake Albert project in Uganda, and the acquisition of CCGT assets and of a portfolio of customers from Energías de Portugal in Spain.

• $4.2 billion in 2020, comprised of the items mentioned above as well as the acquisition in India of 50% of a portfolio of installed solar activities from Adani Green Energy Limited, the finalization of the acquisition of 37.4% stake in Adani Gas Ltd, the acquisition of interests in Blocks 20 and 21 in Angola, and the payment for a second bonus tranche linked to taking the 10% stake in the Arctic LNG 2 project in Russia.

Finalized asset sales were:

• $439 million in the fourth quarter 2020, comprised notably of the sale of Enphase shares by SunPower and the sale of the Group’s corporate offices in Brussels.

• $1.5 billion in 2020, comprised notably of the sale mentioned above, as well as notably the sale of non-strategic assets in the UK North Sea, closing the sale of Block CA1 in Brunei, the sale of the Group’s interest in the Fos Cavaou regasification terminal in France, and the sale of 50% of a portfolio of solar and wind assets from Total Quadran in France.

Cash flow

The Group’s cash flow from operating activities was $5,674 million in the fourth quarter 2020, a decrease of 14% compared to $6,599 million in the fourth quarter 2019. The Group’s cash flow from operating activities was $14,803 million for the full-year 2020, a decrease of 40% compared to $24,685 million for the full-year 2019.

The change in working capital as determined using the replacement cost method⁸ excluding the mark-to-market effect of iGRP’s contracts, including capital gain from renewable project sale (effective first quarter 2020) and including organic loan repayment from equity affiliates was $1,175 million in the fourth quarter 2020, compared to $(194) million in the fourth quarter 2019. It is the (increase) decrease in working capital of $1,342 million as determined in accordance with IFRS adjusted for (i) the pre-tax inventory valuation effect of $308 million, (ii) the mark-to-market effect of iGRP’s contracts of $(366) million, (iii) the capital gains from renewables project sale of $(32) million and (iv) the organic loan repayments from equity affiliates of $(77) million.

The change in working capital as determined using the replacement cost method excluding the mark-to-market effect of iGRP’s contracts and including capital gain from renewable project sale (effective first quarter 2020) and organic loan repayment from equity affiliates full-year 2020 was $(894) million, compared to $(1,426) million for the full-year 2019. It is the (increase) decrease in working capital of $1,869 million as determined in accordance with IFRS adjusted for (i) the pre-tax inventory valuation effect of $(1,440) million, (ii) the mark-to-market effect of iGRP’s contracts of $(1,116) million, (iii) the capital gains from renewables project sale of $(96) million and (iv) the organic loan repayments from equity affiliates of $(111) million.

In the fourth quarter 2020, operating cash flow excluding the change in working capital at replacement cost, without financial charges (DACF)² was $4,933 million, a decrease of 33% compared to $7,326 million in the fourth quarter 2019. For the full-year 2020, operating cash flow excluding the change in working capital at replacement cost, without financial charges (DACF) was $17,635 million, a decrease of 37% compared to $28,180 million for the full-year 2019.

In the fourth quarter 2020, operating cash flow before working capital changes⁹ was $4,498 million, a decrease of 34% compared to $6,793 million in the fourth quarter 2019. For the full-year 2020, operating cash flow before working capital changes was $15,697 million, a decrease of 40% compared to $26,111 million for the full-year 2019.

The Group’s net cash flow¹⁰ was:

• $(33) million in the fourth quarter 2020 compared to $2,582 million in the fourth quarter 2019, due to a decrease in operating cash flow before working capital changes from $6,793 million to $4,498 million and stable net investments of $4,531 million versus $4,211 million.

• $2.7 billion in 2020 compared to $8.7 billion in 2019, due to the decrease of $10.4 billion in operating cash flow before working capital changes, partially offset by a reduction in net investments of $4.5 billion.

⁷ Details shown on pages 13 and 23-27 of this exhibit.

⁸ For information on the replacement cost method, refer to the second paragraph of “B. Analysis of business segment results”.

⁹ “Operating cash flow before working capital changes” is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP’s contracts and including capital gain from renewable projects sale (effective first quarter 2020) and including organic loan repayment from equity affiliates. Historical data have been restated to cancel the impact of fair valuation of iGRP sector’s contracts.

¹⁰ Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).

9

D. PROFITABILITY

Return on equity was 3.7% for the twelve months ended December 31, 2020.

in millions of dollars	01/01/2020-   12/31/2020		10/01/2019-   09/30/2020		01/01/2019-   12/31/2019
Adjusted net income		4,067		5,960		12,090
Average adjusted shareholders’ equity		110,643		108,885		116,766
Return on equity (ROE)		3.7%		5.5%		10.4%

Return on average capital employed was 4.0% for the twelve months ended December 31, 2020.

in millions of dollars	01/01/2020-   12/31/2020		10/01/2019-   09/30/2020		01/01/2019-   12/31/2019
Adjusted net operating income		5,806		7,801		14,073
Adjusted capital employed		145,723		144,060		143,674
ROACE		4.0%		5.4%		9.8%

E. 2021 SENSITIVITIES*

	Change	Estimated impact on adjusted net operating income	Estimated impact on cash flow from operations
Dollar	+/- 0.1 $ per €	-/+ 0.1 B$	~0 B$
Average Liquids price**	+/-10$/b	+/- 2.7 B$	+/-3.2 B$
European gas price – NBP ($/Mbtu)	+/- 1 $/Mbtu	+/- 0.3 B$	+/- 0.25
B$ Variable cost margin, European refining (VCM)	+/- 10$/t	+/- 0.4 B$	+/- 0.5 B$

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2021. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals. Please find the indicators detailed page 14.

** In a 50 $/b Brent environment.

F. SUMMARY AND OUTLOOK

Supported by OPEC+ quota compliance, oil prices have remained above 50$/b since the beginning of 2021. However, the oil environment remains uncertain and dependent on the recovery of global demand, still affected by the COVID-19 pandemic.

In a context of disciplined OPEC+ quota implementation, the Group anticipates 2021 production will be stable compared to 2020, benefiting from the resumption of production in Libya.

The Group continues its profitable growth in LNG with sales expected to increase by 10% in 2021 compared to 2020, notably due to the ramp-up of Cameron LNG.

European refining margins remain fragile, with low demand for jet fuel weighing on the recovery of distillates.

Faced with uncertainties in the environment, net investments are projected at $12 billion in 2021, while preserving the flexibility to mobilize additional investments should the oil and gas environment strengthen. After reducing operating costs by $1.1 billion in 2020 compared to 2019, the Group maintains strong discipline on spending and targets additional savings of $0.5 billion in 2021.

The Group’s teams are fully committed to the four priorities of HSE (Health, Safety and the Environment), operational excellence, cost reduction and cash flow generation.

The Group maintains its priorities for cash flow allocation: investing in profitable projects to implement the Group’s transformation strategy, support the dividend and maintain a strong balance sheet.

Already in 2021, in renewables, the Group has announced more than 10 GW of additional projects through the acquisition of a 20% stake in Adani Green Energy Limited (AGEL), one of the world’s leading solar developer, a partnership with Hanwha Group in the United States with a 1.6 GW portfolio, and the acquisition of a 2.2GW portfolio of projects in Texas. TOTAL intends to allocate in 2021 more than 20% of its net investments to Renewables and Electricity.

10

FORWARD-LOOKING STATEMENTS

This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business activities and industrial strategy of TOTAL. This document may also contain statements regarding the perspectives, objectives and goals of the Group, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by the Group, it being specified that the means to be deployed do not depend solely on TOTAL. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by the Group as of the date of this document.

These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, as well as economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences including those due to epidemics such as COVID-19. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.

Except for its ongoing obligations to disclose material information as required by applicable securities laws, TOTAL does not have any intention or obligation to update forward-looking statements after the distribution of this document, even if new information, future events or other circumstances have made them incorrect or misleading.

For additional factors, you should read the information set forth under “Item 3. -3.2 Risk Factors”, “Item 4. Information on the Company”, “Item 5. Operating and Financial Review and Prospects” and “Item 11. Quantitative and Qualitative Disclosures about Market Risk” in TOTAL’s Form 20-F/A for the year ended December 31, 2019.

11

OPERATING INFORMATION BY SEGMENT

Group production (Exploration & Production + iGRP)

4Q20	3Q20	4Q19	4Q20 vs 4Q19		Combined liquids and gas production by region (kboe/d)	2020	2019	2020 vs 2019
1,059	969	1,102		-4%	Europe and Central Asia	1,039	1,023		+2%
566	598	703		-19%	Africa	629	705		-11%
598	576	701		-15%	Middle East and North Africa	624	702		-11%
382	343	368		+4%	Americas	353	365		-3%
236	229	239		-1%	Asia-Pacific	226	219		+3%
2,841	2,715	3,113		-9%	Total production	2,871	3,014		-5%
727	667	768		-5%	• includes equity affiliates	712	731		-3%

4Q20	3Q20	4Q19	4Q20 vs 4Q19		Liquids production by region (kb/d)	2020	2019	2020 vs 2019
379	359	373		+1%	Europe and Central Asia	380	355		+7%
427	458	560		-24%	Africa	488	558		-13%
454	432	560		-19%	Middle East and North Africa	474	548		-13%
181	144	171		+6%	Americas	158	168		-6%
43	44	50		-13%	Asia-Pacific	43	44		-2%
1,483	1,437	1,714		-13%	Total production	1,543	1,672		-8%
200	197	212		-6%	• includes equity affiliates	202	216		-6%
4Q20	3Q20	4Q19	4Q20 vs 4Q19		Gas production by region (Mcf/d)	2020	2019	2020 vs 2019
3,666	3,284	3,887		-6%	Europe and Central Asia	3,547	3,596		-1%
701	713	686		+2%	Africa*	717	737		-3%
809	801	792		+2%	Middle East and North Africa	835	857		-3%
1,126	1,115	1,109		+2%	Americas	1,095	1,110		-1%
1,104	1,060	1,089		+1%	Asia-Pacific*	1,052	1,009		+4%
7,406	6,973	7,563		-2%	Total production*	7,246	7,309		-1%
2,851	2,540	2,961		-4%	• includes equity affiliates*	2,748	2,780		-1%

*4Q19 and 2019 data restated

Downstream (Refining & Chemicals and Marketing & Services)

4Q20	3Q20	4Q19	4Q20 vs 4Q19		Petroleum product sales by region (kb/d)	2020	2019	2020 vs 2019
1,651	1,475	1,993		-17%	Europe	1,586	2,008		-21%
628	541	737		-15%	Africa	579	706		-18%
794	673	763		+4%	Americas	773	842		-8%
547	460	526		+4%	Rest of world	471	555		-15%
3,619	3,149	4,019		-10%	Total consolidated sales	3,410	4,110		-17%
458	417	508		-10%	• includes bulk sales	434	536		-19%
1,652	1,290	1,676		-1%	• includes trading	1,498	1,730		-13%

4Q20	3Q20	4Q19	4Q20 vs 4Q19		Petrochemicals production* (kt)	2020	2019	2020 vs 2019
1,381	1,274	1,253		+10%	Europe	5,202	5,364		-3%
662	513	630		+5%	Americas	2,475	2,367		+5%
735	716	717		+2%	Middle East and Asia	2,775	2,350		+18%

*Olefins, polymers

12

ADJUSTMENT ITEMS TO NET INCOME (GROUP SHARE)

4Q20	3Q20	4Q19	in millions of dollars	2020	2019
(683)	(706)	(666)	Special items affecting net income (Group share)	(10,044)	(892)
104	-	-	• Gain (loss) on asset sales	104	-
(194)	(70)	(5)	• Restructuring charges	(364)	(58)
(71)	(293)	(248)	• Impairments	(8,465)	(465)
(522)	(343)	(413)	• Other	(1,319)	(369)
224	4	57	After-tax inventory effect: FIFO vs. replacement cost	(1,280)	346
46	56	44	Effect of changes in fair value	23	(15)
(413)	(646)	(565)	Total adjustments affecting net income	(11,301)	(561)

INVESTMENTS — DIVESTMENTS

4Q20	3Q20	4Q19	4Q20 vs 4Q19	in millions of dollars	2020	2019	2020 vs 2019
3,432	2,184	4,291	-20%	Organic investments (a)	10,339	13,397	-23%
214	148	136	+58%	• Capitalized exploration	659	705	-6%
355	290	319	+11%	• Increase in non-current loans	1,657	1,061	+56%
(212)	(330)	(102)	ns	• Repayment of non-current loans, excluding organic loan repayment from equity affiliates*	(717)	(551)	ns
(46)	(11)	-	ns	• Change in debt from renewable projects (Group share)	(209)	(109)	ns
1,538	150	266	x5.8	Acquisitions (b)	4,189	5,980	-30%
439	422	357	+23%	Asset sales (c)	1,539	1,939	-21%
15	7	-	ns	• Change in debt from renewable projects (partner share)	105	105	-
-	-	(11)	ns	Other transactions with non-controlling interests (d)	-	(11)	ns
4,531	1,912	4,211	+8%	Net investments (a+b-c-d)	12,989	17,449	-26%
(77)	(1)	(275)	ns	Organic loan repayment from equity affiliates* (e)	(111)	(475)	ns
61	18	-	ns	Change in debt from renewable projects financing** (f)	314	214	+47%
39	28	-	ns	Capex linked to capitalized leasing contracts (g)	113	-	ns
4,476	1,901	3,925	+14%	Cash flow used in investing activities (a+b-c+e+f-g)	13,079	17,177	-24%

* Effective second quarter 2019, organic loan repayments from equity affiliates are defined as loan repayments from equity affiliates coming from their cash flow from

operations.

** Change in debt from renewable projects (Group share and partner share).

CASH FLOW

4Q20	3Q20	4Q19	4Q20 vs 4Q19	in millions of dollars	2020	2019	2020 vs 2019
4,933	4,281	7,326	-33%	Operating cash flow before working capital changes w/o financial charges (DACF)	17,635	28,180	-37%
(436)	(491)	(533)	ns	• Financial charges	(1,938)	(2,069)	ns
4,498	3,791	6,793	-34%	Operating cash flow before working capital changes (a)*	15,697	26,111	-40%
976	475	92	x10.6	• (Increase) decrease in working capital**	753	(1,397)	ns
308	90	(11)	ns	• Inventory effect	(1,440)	446	ns
(32)	(4)	-	ns	• Capital gain from renewable projects sale	(96)	-	ns
(77)	(1)	(275)	ns	• Organic loan repayment from equity affiliates	(111)	(475)	ns
5,674	4,351	6,599	-14%	Cash flow from operations	14,803	24,685	-40%
3,432	2,184	4,291	-20%	Organic investments (b)	10,339	13,397	-23%
1,066	1,607	2,502	-57%	Free cash flow after organic investments, w/o net asset sales (a-b)	5,358	12,714	-58%
4,531	1,912	4,211	+8%	Net investments (c)	12,989	17,449	-26%
(33)	1,879	2,582	ns	Net cash flow (a-c)	2,708	8,662	-69%

* Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP’s contracts and including capital gain from renewable projects sale (effective first quarter 2020). Historical data have been restated to cancel the impact of fair valuation of iGRP sector’s contracts.

** Changes in working capital are presented excluding the mark-to-market effect of iGRP’s contracts. See also “C. Group results – Cash Flow”.

13

GEARING RATIO

in millions of dollars	12/31/2020	09/30/2020	12/31/2019
Current borrowings	17,099	14,980	14,819
Net current financial assets	(4,427)	(5,815)	(3,505)
Net financial assets classified as held for sale	313	5	301
Non-current financial debt	60,203	61,477	47,773
Non-current financial assets	(4,781)	(3,155)	(912)
Cash and cash equivalents	(31,268)	(30,593)	(27,352)
Net debt (a)	37,139	36,899	31,124
of which leases	7,812	7,499	7,156
Shareholders’ equity – Group share	103,702	102,234	116,778
Non-controlling interests	2,383	2,177	2,527
Shareholders’ equity (b)	106,085	104,411	119,305
Net-debt-to-capital ratio = a/(a+b)*	25.9%	26.1%	20.7%
Net-debt-to-capital ratio excluding leases	21.7%	22.0%	16.7%

*The net-debt-to-capital ratios include the impact of the new IFRS 16 rule, effective January 1, 2019.

RETURN ON AVERAGE CAPITAL EMPLOYED

Twelve months ended December 31, 2020

in millions of dollars	Integrated Gas,    Renewables &    Power		Exploration &      Production		Refining &       Chemicals		Marketing     & Services
Adjusted net operating income		1,778		2,363		1,039		1,224
Capital employed at 12/31/2019*		41,549		88,844		12,228		8,371
Capital employed at 12/31/2020*		45,611		78,928		11,375		8,793
ROACE		4.1%		2.8%		8.8%		14.3%

Twelve months ended September 30, 2020

in millions of dollars	Integrated Gas,    Renewables &    Power		Exploration &      Production		Refining &       Chemicals		Marketing     & Services
Adjusted net operating income		2,318		3,326		1,449		1,366
Capital employed at 09/30/2019*		41,516		88,560		11,658		7,570
Capital employed at 09/30/2020*		43,799		78,548		11,951		8,211
ROACE		5.4%		4.0%		12.3%		17.3%

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

MAIN INDICATORS

	$/€		Brent       ($/b)		Average  liquids price*  ($/b)		Average gas price* ($/Mbtu)		Average LNG price** ($/Mbtu)		Variable cost margin, European     refining*** ($/t)
Fourth quarter 2020		1.19		44.2		41.0		3.31		4.90		4.6
Third quarter 2020		1.17		42.9		39.9		2.52		3.57		-2.7
Second quarter 2020		1.10		29.6		23.4		2.61		4.40		14.3
First quarter 2020		1.10		50.1		44.4		3.35		6.32		26.3

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

** Sales in $ / sales in volume for consolidated subsidiaries and equity affiliates (excluding inventory value variation). This indicator reflects the combined effect of sales volumes and prices of long-term contracts and spot sales. The share of spot sales volumes increased in the second quarter of 2020 compared to the first quarter 2020 due to deferral of some LNG liftings by some long term contract buyers, while the average long-term contract price was only reduced by 16% because of the deferred impact of the oil price decrease.

*** This indicator represents the average margin on variable costs realized by TOTAL’s European refining business (equal to the difference between the sales of refined products realized by TOTAL’s European refining and the crude purchases as well as associated variable costs, divided by refinery throughput in tons).

Disclaimer: Data is based on TOTAL’s reporting and is not audited.

14

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)

(M$) (a)	4th quarter 2020			3rd quarter 2020			4th quarter 2019
Sales		37,943			33,142			49,280
Excise taxes		(5,595	)		(5,925	)		(5,895	)
Revenues from sales		32,348			27,217			43,385
Purchases, net of inventory variation		(20,508	)		(16,885	)		(28,212	)
Other operating expenses		(6,663	)		(5,610	)		(7,090	)
Exploration costs		(338	)		(139	)		(231	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,543	)		(3,493	)		(4,431	)
Other income		838			457			428
Other expense		(697	)		(281	)		(235	)
Financial interest on debt		(501	)		(547	)		(606	)
Financial income and expense from cash & cash equivalents		53			89			51
Cost of net debt		(448	)		(458	)		(555	)
Other financial income		173			134			143
Other financial expense		(183	)		(165	)		(203	)
Net income (loss) from equity affiliates		73			94			502
Income taxes		(149	)		(690	)		(852	)
Consolidated net income		903			181			2,649
Group share		891			202			2,600
Non-controlling interests		12			(21	)		49
Earnings per share ($)		0.31			0.04			0.98
Fully-diluted earnings per share ($)		0.31			0.04			0.97

^(a) Except for per share amounts.

15

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(unaudited)

(M$)	4th quarter 2020			3rd quarter 2020			4th quarter 2019
Consolidated net income		903			181			2,649
Other comprehensive income
Actuarial gains and losses		17			(6	)		(138	)
Change in fair value of investments in equity instruments		386			221			16
Tax effect		(21	)		-			40
Currency translation adjustment generated by the parent company		4,074			3,663			2,461
Items not potentially reclassifiable to profit and loss		4,456			3,878			2,379
Currency translation adjustment		(1,875	)		(1,830	)		(654	)
Cash flow hedge		617			363			(24	)
Variation of foreign currency basis spread		(7	)		(35	)		(49	)
Share of other comprehensive income of equity affiliates, net amount		(100	)		(804	)		82
Other		(4	)		(7	)		1
Tax effect		(180	)		(115	)		26
Items potentially reclassifiable to profit and loss		(1,549	)		(2,428	)		(618	)
Total other comprehensive income (net amount)		2,907			1,450			1,761
Comprehensive income		3,810			1,631			4,410
Group share		3,576			1,536			4,319
Non-controlling interests		234			95			91

16

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(M$) (a)	Year 2020 (unaudited)			Year 2019
Sales		140,685			200,316
Excise taxes		(20,981	)		(24,067	)
Revenues from sales		119,704			176,249
Purchases, net of inventory variation		(77,486	)		(116,221	)
Other operating expenses		(25,538	)		(27,255	)
Exploration costs		(731	)		(785	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(22,264	)		(15,731	)
Other income		2,237			1,163
Other expense		(1,506	)		(1,192	)
Financial interest on debt		(2,147	)		(2,333	)
Financial income and expense from cash & cash equivalents		37			(19	)
Cost of net debt		(2,110	)		(2,352	)
Other financial income		914			792
Other financial expense		(690	)		(764	)
Net income (loss) from equity affiliates		452			3,406
Income taxes		(318	)		(5,872	)
Consolidated net income		(7,336	)		11,438
Group share		(7,242	)		11,267
Non-controlling interests		(94	)		171
Earnings per share ($)		(2.90	)		4.20
Fully-diluted earnings per share ($)		(2.90	)		4.17

^(a) Except for per share amounts.

17

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(M$)	Year 2020 (unaudited)		Year 2019
Consolidated net income		(7,336)		11,438
Other comprehensive income
Actuarial gains and losses		(212)		(192)
Change in fair value of investments in equity instruments		533		142
Tax effect		65		53
Currency translation adjustment generated by the parent company		7,541		(1,533)
Items not potentially reclassifiable to profit and loss		7,927		(1,530)
Currency translation adjustment		(4,645)		740
Cash flow hedge		(313)		(599)
Variation of foreign currency basis spread		28		1
Share of other comprehensive income of equity affiliates, net amount		(1,831)		408
Other		(8)		(3)
Tax effect		72		202
Items potentially reclassifiable to profit and loss		(6,697)		749
Total other comprehensive income (net amount)		1,230		(781)
Comprehensive income		(6,106)		10,657
Group share		(6,312)		10,418
Non-controlling interests		206		239

18

CONSOLIDATED BALANCE SHEET

TOTAL

(M$)	December 31, 2020 (unaudited)			September 30, 2020 (unaudited)			December 31, 2019
ASSETS
Non-current assets
Intangible assets, net		33,528			33,145			33,178
Property, plant and equipment, net		108,335			104,355			116,408
Equity affiliates : investments and loans		27,976			27,386			27,122
Other investments		2,007			1,822			1,778
Non-current financial assets		4,781			3,155			912
Deferred income taxes		7,016			6,952			6,216
Other non-current assets		2,810			2,570			2,415
Total non-current assets		186,453			179,385			188,029
Current assets
Inventories, net		14,730			12,373			17,132
Accounts receivable, net		14,068			12,893			18,488
Other current assets		13,428			14,637			17,013
Current financial assets		4,630			6,011			3,992
Cash and cash equivalents		31,268			30,593			27,352
Assets classified as held for sale		1,555			1,090			1,288
Total current assets		79,679			77,597			85,265
Total assets		266,132			256,982			273,294
LIABILITIES & SHAREHOLDERS’ EQUITY
Shareholders’ equity
Common shares		8,267			8,267			8,123
Paid-in surplus and retained earnings		107,078			107,632			121,170
Currency translation adjustment		(10,256	)		(12,275	)		(11,503	)
Treasury shares		(1,387	)		(1,390	)		(1,012	)
Total shareholders’ equity - Group share		103,702			102,234			116,778
Non-controlling interests		2,383			2,177			2,527
Total shareholders’ equity		106,085			104,411			119,305
Non-current liabilities
Deferred income taxes		10,326			10,367			11,858
Employee benefits		3,917			3,719			3,501
Provisions and other non-current liabilities		20,925			19,351			20,613
Non-current financial debt		60,203			61,477			47,773
Total non-current liabilities		95,371			94,914			83,745
Current liabilities
Accounts payable		23,574			18,880			28,394
Other creditors and accrued liabilities		22,465			22,806			25,749
Current borrowings		17,099			14,980			14,819
Other current financial liabilities		203			196			487
Liabilities directly associated with the assets classified as held for sale		1,335			795			795
Total current liabilities		64,676			57,657			70,244
Total liabilities & shareholders’ equity		266,132			256,982			273,294

19

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(unaudited)

(M$)	4th quarter 2020			3rd quarter 2020			4th quarter 2019
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		903			181			2,649
Depreciation, depletion, amortization and impairment		3,796			3,634			4,624
Non-current liabilities, valuation allowances and deferred taxes		(237	)		(88	)		(672	)
(Gains) losses on disposals of assets		(260	)		(309	)		(176	)
Undistributed affiliates’ equity earnings		379			178			267
(Increase) decrease in working capital		1,342			980			46
Other changes, net		(249	)		(225	)		(139	)
Cash flow from operating activities		5,674			4,351			6,599
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(3,834	)		(2,157	)		(4,015	)
Acquisitions of subsidiaries, net of cash acquired		(778	)		-			(155	)
Investments in equity affiliates and other securities		(221	)		(229	)		(170	)
Increase in non-current loans		(355	)		(301	)		(319	)
Total expenditures		(5,188	)		(2,687	)		(4,659	)
Proceeds from disposals of intangible assets and property, plant and equipment		114			363			301
Proceeds from disposals of subsidiaries, net of cash sold		124			4			13
Proceeds from disposals of non-current investments		186			77			43
Repayment of non-current loans		288			342			377
Total divestments		712			786			734
Cash flow used in investing activities		(4,476	)		(1,901	)		(3,925	)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		-			-			1
- Treasury shares		-			-			(620	)
Dividends paid:
- Parent company shareholders		(2,053	)		(825	)		(1,876	)
- Non-controlling interests		(5	)		(103	)		(1	)
Net issuance (repayment) of perpetual subordinated notes		-			331			-
Payments on perpetual subordinated notes		(62	)		(22	)		(56	)
Other transactions with non-controlling interests		(59	)		(75	)		160
Net issuance (repayment) of non-current debt		104			224			84
Increase (decrease) in current borrowings		(339	)		(2,343	)		(1,131	)
Increase (decrease) in current financial assets and liabilities		1,212			730			(168	)
Cash flow from (used in) financing activities		(1,202	)		(2,083	)		(3,607	)
Net increase (decrease) in cash and cash equivalents		(4	)		367			(933	)
Effect of exchange rates		679			499			831
Cash and cash equivalents at the beginning of the period		30,593			29,727			27,454
Cash and cash equivalents at the end of the period		31,268			30,593			27,352

20

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(M$)	Year 2020 (unaudited)			Year 2019
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		(7,336	)		11,438
Depreciation, depletion, amortization and impairment		22,861			16,401
Non-current liabilities, valuation allowances and deferred taxes		(1,782	)		(58	)
(Gains) losses on disposals of assets		(909	)		(614	)
Undistributed affiliates’ equity earnings		948			(1,083	)
(Increase) decrease in working capital		1,869			(1,718	)
Other changes, net		(848	)		319
Cash flow from operating activities		14,803			24,685
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(10,764	)		(11,810	)
Acquisitions of subsidiaries, net of cash acquired		(966	)		(4,748	)
Investments in equity affiliates and other securities		(2,120	)		(1,618	)
Increase in non-current loans		(1,684	)		(1,061	)
Total expenditures		(15,534	)		(19,237	)
Proceeds from disposals of intangible assets and property, plant and equipment		740			527
Proceeds from disposals of subsidiaries, net of cash sold		282			158
Proceeds from disposals of non-current investments		578			349
Repayment of non-current loans		855			1,026
Total divestments		2,455			2,060
Cash flow used in investing activities		(13,079	)		(17,177	)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		374			452
- Treasury shares		(611	)		(2,810	)
Dividends paid:
- Parent company shareholders		(6,688	)		(6,641	)
- Non-controlling interests		(184	)		(115	)
Net issuance (repayment) of perpetual subordinated notes		331			-
Payments on perpetual subordinated notes		(315	)		(371	)
Other transactions with non-controlling interests		(204	)		10
Net issuance (repayment) of non-current debt		15,800			8,131
Increase (decrease) in current borrowings		(6,501	)		(5,829	)
Increase (decrease) in current financial assets and liabilities		(604	)		(536	)
Cash flow from (used in) financing activities		1,398			(7,709	)
Net increase (decrease) in cash and cash equivalents		3,122			(201	)
Effect of exchange rates		794			(354	)
Cash and cash equivalents at the beginning of the period		27,352			27,907
Cash and cash equivalents at the end of the period		31,268			27,352

21

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

TOTAL

(Unaudited: Year 2020)

	Common shares issued				Paid-in surplus and retained earnings		Currency translation adjustment		Treasury shares					Shareholders’ equity - Group share		Non- controlling interests		Total shareholders’ equity
(M$)	Number		Amount						Number		Amount
As of January 1, 2019		2,640,602,007		8,227		120,569		(11,313)		(32,473,281)		(1,843)			115,640		2,474		118,114
Net income 2019		-		-		11,267		-		-		-			11,267		171		11,438
Other comprehensive Income		-		-		(659)		(190)		-		-			(849)		68		(781)
Comprehensive Income		-		-		10,608		(190)		-		-			10,418		239		10,657
Dividend		-		-		(7,730)		-		-		-			(7,730)		(115)		(7,845)
Issuance of common shares		26,388,503		74		1,265		-		-		-			1,339		-		1,339
Purchase of treasury shares		-		-		-		-		(52,389,336)		(2,810)			(2,810)		-		(2,810)
Sale of treasury shares (1)		-		-		(219)		-		4,278,948		219			-		-		-
Share-based payments		-		-		207		-		-		-			207		-		207
Share cancellation		(65,109,435)		(178)		(3,244)		-		65,109,435		3,422			-		-		-
Net issuance (repayment) of perpetual subordinated notes		-		-		(4)		-		-		-			(4)		-		(4)
Payments on perpetual subordinated notes		-		-		(353)		-		-		-			(353)		-		(353)
Other operations with non-controlling interests		-		-		55		-		-		-			55		(42)		13
Other items		-		-		16		-		-		-			16		(29)		(13)
As of December 31, 2019		2,601,881,075		8,123		121,170		(11,503)		(15,474,234)		(1,012)			116,778		2,527		119,305
Net income 2020		-		-		(7,242)		-		-		-			(7,242)		(94)		(7,336)
Other comprehensive Income		-		-		(321)		1,251		-		-			930		300		1,230
Comprehensive Income		-		-		(7,563)		1,251		-		-			(6,312)		206		(6,106)
Dividend		-		-		(7,899)		-		-		-			(7,899)		(234)		(8,133)
Issuance of common shares		51,242,950		144		1,470		-		-		-			1,614		-		1,614
Purchase of treasury shares		-		-		-		-		(13,236,044)		(611)			(611)		-		(611)
Sale of treasury shares (1)		-		-		(236)		-		4,317,575		236			-		-		-
Share-based payments		-		-		188		-		-		-	��		188		-		188
Share cancellation		-		-		-		-		-		-			-		-		-
Net issuance (repayment) of perpetual subordinated notes		-		-		331		-		-		-			331		-		331
Payments on perpetual subordinated notes		-		-		(308)		-		-		-			(308)		-		(308)
Other operations with non-controlling interests		-		-		(61)		(4)		-		-			(65)		(117)		(182)
Other items		-		-		(14)		-		-		-			(14)		1		(13)
As of December 31, 2020		2,653,124,025		8,267		107,078		(10,256)		(24,392,703)		(1,387)			103,702		2,383		106,085

⁽¹⁾  Treasury shares related to the restricted stock grants.

22

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4th quarter 2020   (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,257			5,231			15,052			16,393			10			-			37,943
Intersegment sales		5,574			628			4,160			98			140			(10,600	)		-
Excise taxes		-			-			(628	)		(4,967	)		-			-			(5,595	)
Revenues from sales		6,831			5,859			18,584			11,524			150			(10,600	)		32,348
Operating expenses		(3,489	)		(5,569	)		(17,989	)		(10,776	)		(286	)		10,600			(27,509	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,500	)		(354	)		(412	)		(241	)		(36	)		-			(3,543	)
Operating income		842			(64	)		183			507			(172	)		-			1,296
Net income (loss) from equity affiliates and other items		6			149			(54	)		(9	)		112			-			204
Tax on net operating income		91			7			(93	)		(169	)		(72	)		-			(236	)
Net operating income		939			92			36			329			(132	)		-			1,264
Net cost of net debt																				(361	)
Non-controlling interests																				(12	)
Net income - group share																				891
4th quarter 2020 (adjustments) (a)   (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		-			3			-			-			-			-			3
Intersegment sales		-			-			-			-			-			-			-
Excise taxes		-			-			-			-			-			-			-
Revenues from sales		-			3			-			-			-			-			3
Operating expenses		(49	)		(56	)		133			17			31			-			76
Depreciation, depletion and impairment of tangible assets and mineral interests		(355	)		-			(16	)		-			-			-			(371	)
Operating income (b)		(404	)		(53	)		117			17			31			-			(292	)
Net income (loss) from equity affiliates and other items		(25	)		(26	)		(191	)		(13	)		107			-			(148	)
Tax on net operating income		300			(83	)		(60	)		(7	)		(157	)		-			(7	)
Net operating income (b)		(129	)		(162	)		(134	)		(3	)		(19	)		-			(447	)
Net cost of net debt																				10
Non-controlling interests																				24
Net income - group share																				(413	)
(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		-			-			265			43			-
On net operating income		-			-			192			32			-
4th quarter 2020 (adjusted)   (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,257			5,228			15,052			16,393			10			-			37,940
Intersegment sales		5,574			628			4,160			98			140			(10,600	)		-
Excise taxes		-			-			(628	)		(4,967	)		-			-			(5,595	)
Revenues from sales		6,831			5,856			18,584			11,524			150			(10,600	)		32,345
Operating expenses		(3,440	)		(5,513	)		(18,122	)		(10,793	)		(317	)		10,600			(27,585	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,145	)		(354	)		(396	)		(241	)		(36	)		-			(3,172	)
Adjusted operating income		1,246			(11	)		66			490			(203	)		-			1,588
Net income (loss) from equity affiliates and other items		31			175			137			4			5			-			352
Tax on net operating income		(209	)		90			(33	)		(162	)		85			-			(229	)
Adjusted net operating income		1,068			254			170			332			(113	)		-			1,711
Net cost of net debt																				(371	)
Non-controlling interests																				(36	)
Adjusted net income - group share																				1,304
4th quarter 2020   (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		2,226			1,895			475			533			59			-			5,188
Total divestments		132			339			31			61			149			-			712
Cash flow from operating activities		3,046			575			1,514			648			(109	)		-			5,674

23

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

3rd quarter 2020   (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,142			1,995			13,607			16,397			1			-			33,142
Intersegment sales		4,248			480			4,167			63			24			(8,982	)		-
Excise taxes		-			-			(658	)		(5,267	)		-			-			(5,925	)
Revenues from sales		5,390			2,475			17,116			11,193			25			(8,982	)		27,217
Operating expenses		(2,435	)		(1,880	)		(16,799	)		(10,301	)		(201	)		8,982			(22,634	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,187	)		(342	)		(678	)		(270	)		(16	)		-			(3,493	)
Operating income		768			253			(361	)		622			(192	)		-			1,090
Net income (loss) from equity affiliates and other items		251			225			(247	)		14			(4	)		-			239
Tax on net operating income		(243	)		(266	)		(51	)		(187	)		3			-			(744	)
Net operating income		776			212			(659	)		449			(193	)		-			585
Net cost of net debt																				(404	)
Non-controlling interests																				21
Net income - group share																				202
3rd quarter 2020 (adjustments) (a)   (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		-			33			-			-			-			-			33
Intersegment sales		-			-			-			-			-			-			-
Excise taxes		-			-			-			-			-			-			-
Revenues from sales		-			33			-			-			-			-			33
Operating expenses		(51	)		(49	)		(48	)		(6	)		-			-			(154	)
Depreciation, depletion and impairment of tangible assets and mineral interests		-			-			(290	)		-			-			-			(290	)
Operating income (b)		(51	)		(16	)		(338	)		(6	)		-			-			(411	)
Net income (loss) from equity affiliates and other items		8			(64	)		(215	)		(6	)		-			-			(277	)
Tax on net operating income		18			7			(18	)		-			-			-			7
Net operating income (b)		(25	)		(73	)		(571	)		(12	)		-			-			(681	)
Net cost of net debt																				29
Non-controlling interests																				6
Net income - group share																				(646	)

(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		-			-			95			(5	)		-
On net operating income		-			-			14			(6	)		-
3rd quarter 2020 (adjusted)   (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,142			1,962			13,607			16,397			1			-			33,109
Intersegment sales		4,248			480			4,167			63			24			(8,982	)		-
Excise taxes		-			-			(658	)		(5,267	)		-			-			(5,925	)
Revenues from sales		5,390			2,442			17,116			11,193			25			(8,982	)		27,184
Operating expenses		(2,384	)		(1,831	)		(16,751	)		(10,295	)		(201	)		8,982			(22,480	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,187	)		(342	)		(388	)		(270	)		(16	)		-			(3,203	)
Adjusted operating income		819			269			(23	)		628			(192	)		-			1,501
Net income (loss) from equity affiliates and other items		243			289			(32	)		20			(4	)		-			516
Tax on net operating income		(261	)		(273	)		(33	)		(187	)		3			-			(751	)
Adjusted net operating income		801			285			(88	)		461			(193	)		-			1,266
Net cost of net debt																				(433	)
Non-controlling interests																				15
Adjusted net income - group share																				848
3rd quarter 2020   (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		1,291			874			317			185			20			-			2,687
Total divestments		362			380			17			25			2			-			786
Cash flow from operating activities		2,043			654			1,027			1,033			(406	)		-			4,351

24

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

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

25

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

Year 2020   (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		4,973			15,629			56,615			63,451			17			-			140,685
Intersegment sales		18,483			2,003			17,378			357			223			(38,444	)		-
Excise taxes		-			-			(2,405	)		(18,576	)		-			-			(20,981	)
Revenues from sales		23,456			17,632			71,588			45,232			240			(38,444	)		119,704
Operating expenses		(11,972	)		(15,847	)		(70,524	)		(42,807	)		(1,049	)		38,444			(103,755	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(16,998	)		(2,312	)		(1,878	)		(984	)		(92	)		-			(22,264	)
Operating income		(5,514	)		(527	)		(814	)		1,441			(901	)		-			(6,315	)
Net income (loss) from equity affiliates and other items		697			794			(393	)		37			272			-			1,407
Tax on net operating income		(208	)		71			59			(515	)		(67	)		-			(660	)
Net operating income		(5,025	)		338			(1,148	)		963			(696	)		-			(5,568	)
Net cost of net debt																				(1,768	)
Non-controlling interests																				94
Net income - group share																				(7,242	)
Year 2020 (adjustments) (a)   (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		-			20			-			-			-			-			20
Intersegment sales		-			-			-			-			-			-			-
Excise taxes		-			-			-			-			-			-			-
Revenues from sales		-			20			-			-			-			-			20
Operating expenses		(137	)		(423	)		(1,552	)		(330	)		(60	)		-			(2,502	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,693	)		(953	)		(306	)		-			-			-			(8,952	)
Operating income (b)		(7,830	)		(1,356	)		(1,858	)		(330	)		(60	)		-			(11,434	)
Net income (loss) from equity affiliates and other items		54			(382	)		(677	)		(24	)		107			-			(922	)
Tax on net operating income		388			298			348			93			(145	)		-			982
Net operating income (b)		(7,388	)		(1,440	)		(2,187	)		(261	)		(98	)		-			(11,374	)
Net cost of net debt		-			-			-			-			-			-			(29	)
Non-controlling interests		-			-			-			-			-			-			102
Net income - group share		-			-			-			-			-			-			(11,301	)
(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		-			-			(1,244	)		(196	)		-
On net operating income		-			-			(1,165	)		(137	)		-
Year 2020 (adjusted)   (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		4,973			15,609			56,615			63,451			17			-			140,665
Intersegment sales		18,483			2,003			17,378			357			223			(38,444	)		-
Excise taxes		-			-			(2,405	)		(18,576	)		-			-			(20,981	)
Revenues from sales		23,456			17,612			71,588			45,232			240			(38,444	)		119,684
Operating expenses		(11,835	)		(15,424	)		(68,972	)		(42,477	)		(989	)		38,444			(101,253	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(9,305	)		(1,359	)		(1,572	)		(984	)		(92	)		-			(13,312	)
Adjusted operating income		2,316			829			1,044			1,771			(841	)		-			5,119
Net income (loss) from equity affiliates and other items		643			1,176			284			61			165			-			2,329
Tax on net operating income		(596	)		(227	)		(289	)		(608	)		78			-			(1,642	)
Adjusted net operating income		2,363			1,778			1,039			1,224			(598	)		-			5,806
Net cost of net debt																				(1,739	)
Non-controlling interests																				(8	)
Adjusted net income - group share																				4,059
Year 2020   (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		6,782			6,230			1,325			1,052			145			-			15,534
Total divestments		819			1,152			149			158			177			-			2,455
Cash flow from operating activities		9,922			2,129			2,438			2,101			(1,787	)		-			14,803

26

BUSINESS SEGMENT INFORMATION

TOTAL

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

27

Reconciliation of the information by business segment with consolidated financial statements

TOTAL

(unaudited)

4th quarter 2020 (M$)	Adjusted			Adjustments (a)			Consolidated statement of income
Sales		37,940			3			37,943
Excise taxes		(5,595	)		-			(5,595	)
Revenues from sales		32,345			3			32,348
Purchases, net of inventory variation		(20,781	)		273			(20,508	)
Other operating expenses		(6,466	)		(197	)		(6,663	)
Exploration costs		(338	)		-			(338	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,172	)		(371	)		(3,543	)
Other income		275			563			838
Other expense		(280	)		(417	)		(697	)
Financial interest on debt		(497	)		(4	)		(501	)
Financial income and expense from cash & cash equivalents		32			21			53
Cost of net debt		(465	)		17			(448	)
Other financial income		173			-			173
Other financial expense		(183	)		-			(183	)
Net income (loss) from equity affiliates		367			(294	)		73
Income taxes		(135	)		(14	)		(149	)
Consolidated net income		1,340			(437	)		903
Group share		1,304			(413	)		891
Non-controlling interests		36			(24	)		12
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
4th quarter 2019 (M$)	Adjusted			Adjustments (a)			Consolidated statement of income
Sales		49,270			10			49,280
Excise taxes		(5,895	)		-			(5,895	)
Revenues from sales		43,375			10			43,385
Purchases, net of inventory variation		(28,126	)		(86	)		(28,212	)
Other operating expenses		(6,874	)		(216	)		(7,090	)
Exploration costs		(231	)		-			(231	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,761	)		(670	)		(4,431	)
Other income		256			172			428
Other expense		(133	)		(102	)		(235	)
Financial interest on debt		(603	)		(3	)		(606	)
Financial income and expense from cash & cash equivalents		51			-			51
Cost of net debt		(552	)		(3	)		(555	)
Other financial income		143			-			143
Other financial expense		(203	)		-			(203	)
Net income (loss) from equity affiliates		668			(166	)		502
Income taxes		(1,329	)		477			(852	)
Consolidated net income		3,233			(584	)		2,649
Group share		3,165			(565	)		2,600
Non-controlling interests		68			(19	)		49

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

28

Reconciliation of the information by business segment with consolidated financial statements

TOTAL

Year 2020 (M$) (unaudited)	Adjusted			Adjustments (a)			Consolidated statement of income
Sales		140,665			20			140,685
Excise taxes		(20,981	)		-			(20,981	)
Revenues from sales		119,684			20			119,704
Purchases, net of inventory variation		(75,672	)		(1,814	)		(77,486	)
Other operating expenses		(24,850	)		(688	)		(25,538	)
Exploration costs		(731	)		-			(731	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(13,312	)		(8,952	)		(22,264	)
Other income		1,405			832			2,237
Other expense		(689	)		(817	)		(1,506	)
Financial interest on debt		(2,140	)		(7	)		(2,147	)
Financial income and expense from cash & cash equivalents		68			(31	)		37
Cost of net debt		(2,072	)		(38	)		(2,110	)
Other financial income		914			-			914
Other financial expense		(689	)		(1	)		(690	)
Net income (loss) from equity affiliates		1,388			(936	)		452
Income taxes		(1,309	)		991			(318	)
Consolidated net income		4,067			(11,403	)		(7,336	)
Group share		4,059			(11,301	)		(7,242	)
Non-controlling interests		8			(102	)		(94	)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Year 2019 (M$)	Adjusted			Adjustments (a)			Consolidated statement of income
Sales		200,380			(64	)		200,316
Excise taxes		(24,067	)		-			(24,067	)
Revenues from sales		176,313			(64	)		176,249
Purchases, net of inventory variation		(116,464	)		243			(116,221	)
Other operating expenses		(26,872	)		(383	)		(27,255	)
Exploration costs		(785	)		-			(785	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(14,811	)		(920	)		(15,731	)
Other income		876			287			1,163
Other expense		(455	)		(737	)		(1,192	)
Financial interest on debt		(2,318	)		(15	)		(2,333	)
Financial income and expense from cash & cash equivalents		(19	)		-			(19	)
Cost of net debt		(2,337	)		(15	)		(2,352	)
Other financial income		792			-			792
Other financial expense		(764	)		-			(764	)
Net income (loss) from equity affiliates		2,260			1,146			3,406
Income taxes		(5,663	)		(209	)		(5,872	)
Consolidated net income		12,090			(652	)		11,438
Group share		11,828			(561	)		11,267
Non-controlling interests		262			(91	)		171

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

29