Total : First Quarter 2009 Results

Regulatory News:

First quarter 2009 results1-2
-- Adjusted net income 3		2.1 billion euros		-35%
		2.8 billion dollars		-44%
		0.95 euros per share		-35%
		1.23 dollars per share		-43%
-- Net income (Group share)		2.3 billion euros		-36%

Highlights since the beginning of the first quarter 2009

• Upstream production of 2,322 kboe/d in the first quarter 2009
• Started up deep-offshore Nigeria Akpo field
• Formed a strategic alliance with Cobalt International Energy, L.P. for deep-offshore Gulf of Mexico exploration
• Launched engineering studies for Ichthys LNG in Australia
• Extended contract for Gasco joint venture in the United Arab Emirates, renewed Blocks C17 and C137 contracts in Libya, and extended concessions for Aguada Pichana and San Roque in Argentina
• Signed heads of agreement with Japanese buyers to deliver 25 million tons of LNG between 2011 and 2020 from Bontang in Indonesia
• Signed exploration contracts for the Absheron block in Azerbaïdjan with SOCAR and for the DBSCL-02 and 03 blocks in the Mekong Delta area with Petrovietnam
• Acquired a 50% interest in a research and demonstration program for the development of shale oil in Colorado
• Consolidated European styrene production at Gonfreville plant with start-up of expanded world-class unit
• Announced a plan to adapt and modernize refining and petrochemicals activities in France
• Announced a project to build a plant in France to manufacture silicium wafers to supply the photovoltaic industry
• Partnership with GDF SUEZ for the EPR project in Penly in France

The Board of Directors of Total (Paris:FP) (LSE:TTA) (NYSE:TOT), led by Chairman Thierry Desmarest, met on May 5, 2009 to review the Group’s first quarter 2009 accounts.

Adjusted net income was 2,113 million euros (M€), a decrease of 35% compared to the first quarter 2008.

Commenting on the results, CEO Christophe de Margerie said :

« In the first quarter 2009, the Brent oil price fell by more than 50% compared to the first quarter 2008 and 20% compared to the fourth quarter 2008. Supported by OPEC production cuts, Brent has traded around the 40-50 $/b range. The price of natural gas declined significantly in the main markets. The European refining margin indicator, while higher than in the previous year, deteriorated progressively. The environment for chemicals suffered the full impact of the decline in demand. The Dollar averaged 1.30 $/€.

In an environment dominated by global recession, our first quarter 2009 adjusted net income expressed in dollars was 2.8 billion dollars (B$), a decrease of 44% compared to the first quarter 2008, the most limited decrease among the majors. The Group invested 3.7 B$, a pace comparable to the same period in 2008, and generated 2 B$ of net cash flow. The net-debt-to-equity ratio was 19% at March 31, 2009.

These results demonstrate the resilience and financial strength of the Group and its capacity to pursue its development in a weak environment.

Total’s hydrocarbon production decreased, essentially due to the impact of OPEC reductions. The giant Akpo field in deep-offshore Nigeria started up at the end of the quarter and will contribute significantly to production for the rest of the year. Development is ongoing for four additional major projects for the Group in 2009, Tahiti in the Gulf of Mexico, Yemen LNG, Tombua Landana in Angola and Qatargas II train B, which should start up between now and the end of the year.

While keeping its commitment to safety and the environment, Total initiated plans in all of its segments to reduce costs and optimize pending projects. In addition, the Group announced a plan during the quarter to modernize its refining and petrochemicals activities in France within the framework of its strategy to adapt its industrial sites.

In addition, the Group continued to seize targeted opportunities to strengthen its portfolio for the long term. Notably, Total entered into a strategic alliance for exploration in the Gulf of Mexico. This venture, along with recent contract extensions in key countries, reaffirms the Group’s confidence in its model for organic growth to create value over the long term.

Total, as a leading player in most countries where it operates, continues, more than ever, to participate in the development of local economies. Our financial strength and discipline allow us to pursue our strategy of maintaining a strong investment program, an ongoing level of recruitment, and socially responsible actions to sustain our model for growth. »

• Key figures ⁴

in millions of euros								1Q09 vs
except earnings per share and number of shares		1Q09		4Q08		1Q08		1Q08
Sales		30,041		38,714		44,213		-32	%
Adjusted operating income from business segments		3,615		5,126		7,119		-49	%
Adjusted net operating income from business segments		2,050		2,942		3,200		-36	%
-- Upstream		1,482		1,995		2,731		-46	%
-- Downstream		600		770		311		+93	%
-- Chemicals		-32		177		158		na
Adjusted net income		2,113		2,873		3,254		-35	%
Adjusted fully-diluted earnings per share (euros)		0.95		1.29		1.44		-35	%
Fully-diluted weighted-average shares (millions)		2,235.4		2,235.5		2,254.0		-1	%
Net income (Group share)		2,290		-794		3,602		-36	%
Investments		2,935		4,758		2,643		+11	%
Investments including net investments in equity affiliates and non-consolidated companies		2,840		4,565		2,546		+12	%
Divestments		472		943		198		+138	%
Cash flow from operations		3,994		4,093		5,316		-25	%
Adjusted cash flow from operations		3,372		4,830		4,331		-22	%
in millions of dollars5 except earnings per share and number of shares		1Q09		4Q08		1Q08		1Q09 vs 1Q08
Sales		39,140		51,025		66,213		-41	%
Adjusted operating income from business segments		4,710		6,756		10,661		-56	%
Adjusted net operating income from business segments		2,671		3,878		4,792		-44	%
-- Upstream		1,931		2,629		4,090		-53	%
-- Downstream		782		1,015		466		+68	%
-- Chemicals		-42		233		237		na
Adjusted net income		2,753		3,787		4,873		-44	%
Adjusted fully-diluted earnings per share (dollars)		1.23		1.69		2.16		-43	%
Fully-diluted weighted-average shares (millions)		2,235.4		2,235.5		2,254.0		-1	%
Net income (Group share)		2,984		-1,046		5,394		-45	%
Investments		3,824		6,271		3,958		-3	%
Investments including net investments in equity affiliates and non-consolidated companies		3,700		6,017		3,813		-3	%
Divestments		615		1,243		297		+107	%
Cash flow from operations		5,204		5,395		7,961		-35	%
Adjusted cash flow from operations		4,393		6,366		6,486		-32	%

• First quarter 2009 results

> Operating income

In the first quarter 2009, the Brent price averaged 44.5 $/b, a decrease of 54% compared to the first quarter 2008 and 20% compared to the fourth quarter 2008. The European refining margin indicator averaged 34.7 $/t for the first quarter 2009, an increase compared to the first quarter 2008, but was poor in the month of March. Petrochemical margins continued to be affected by weak demand.

The euro-dollar exchange rate averaged 1.30 $/€ in the first quarter 2009 compared to 1.50 $/€ in the first quarter 2008 and 1.32 $/€ in the fourth quarter 2008.

In this environment, the adjusted operating income from the business segments⁶ was 3,615 M€, a decrease of 49% compared to the first quarter 2008. Expressed in dollars, the decrease was 56%.

The effective tax rate⁷ for the business segments was 52% in the first quarter 2009 compared to 59% in the first quarter 2008, with the lower rate resulting mainly from the decrease in the share of the Upstream segment in adjusted operating income from business segments and the decrease in the effective tax rate for the Upstream segment. The effective tax rate for the business segments was 51% in the fourth quarter 2008.

Adjusted net operating income from the business segments was 2,050 M€ compared to 3,200 M€ in the first quarter 2008, a decrease of 36%.

The smaller decrease, relative to the decrease in adjusted operating income, is essentially due to the lower effective tax rate between the two quarters.

Expressed in dollars, adjusted net operating income from the business segments was 2.7 billion dollars (B$), a decrease of 44% compared to the first quarter 2008 and 31% compared to the fourth quarter 2008.

> Net income

Adjusted net income was 2,113 M€ compared to 3,254 M€ in the first quarter 2008, a decrease of 35%. Expressed in dollars, adjusted net income decreased by 44%.

This excludes the after-tax inventory effect, special items, and the Group’s equity share of the amortization of intangibles related to the Sanofi-Aventis merger.

• The after-tax inventory effect had a positive impact on net income of 327 M€ in the first quarter 2009 and 274 M€ in the first quarter 2008.
• Special items had a negative impact on net income of 87 M€ in the first quarter 2009, and were comprised mainly of provisions in the Downstream and Chemicals segments. Special items had a positive impact on net income of 145 M€ in the first quarter 2008.
• The Group’s share of the amortization of intangibles related to the Sanofi-Aventis merger had a negative impact on net income of 63 M€ in the first quarter 2009 and 71 M€ in the first quarter 2008.

Reported net income (Group share) was 2,290 M€ compared to 3,602 M€ in the first quarter 2008.

The effective tax rate⁷ for the Group was 52% in the first quarter 2009.

The Group did not buy back shares in the first quarter 2009.

Adjusted fully-diluted earnings per share, based on 2,235.4 million fully-diluted weighted-average shares, was 0.95 euros compared to 1.44 euros in the first quarter 2008, a decrease of 35%.

Expressed in dollars, adjusted fully-diluted earnings per share fell by 43% to $1.23.

> Investments – divestments⁸

Investments, excluding acquisitions and including net investments in equity affiliates and non-consolidated companies, were 2.7 B€ (3.6 B$) in the first quarter 2009 compared to 2.5 B€ (3.7 B$) in the first quarter 2008.

Acquisitions were 93 M€ in the first quarter 2009.

Asset sales in the first quarter 2009 were 359 M€, consisting essentially of Sanofi-Aventis shares.

Net investments⁹ were 3.2 B$ in the first quarter 2009 compared to 3.7 B$ in the first quarter 2008.

> Cash flow

Cash flow from operating activities was 3,994 M€ in the first quarter 2009, a decrease of 25% compared to the first quarter 2008.

Adjusted cash flow ¹⁰ was 3,372 M€, a decrease of 22%.

Expressed in dollars, adjusted cash flow was 4.4 B$, a decrease of 32%.

Net cash flow¹¹ for the Group was 1,531 M€ compared to 2,871 M€ in the first quarter 2008.

Expressed in dollars, net cash flow for the Group was 2 B$ in the first quarter 2009.

The net-debt-to-equity ratio was 19.1% on March 31, 2009 compared to 22.5% on December 31, 2008 and 21.0% on March 31, 2008.

• Analysis of business segment results

Upstream

> Environment – liquids and gas price realizations *

		1Q09		4Q08		1Q08		1Q09 vs
								1Q08
Brent ($/b)		44.5		55.5		96.7		-54	%
Average liquids price ($/b)		41.5		49.4		90.7		-54	%
Average gas price ($/Mbtu)		5.98		7.57		6.67		-10	%
Average hydrocarbons price ($/boe)		38.8		47.1		70.5		-45	%

* consolidated subsidiaries, excluding fixed margin and buy-back contracts.

Total’s average realized liquids price decreased by 54% compared to the first quarter 2008, in line with the change in Brent.

The average realized price for Total’s natural gas decreased by 10% compared to the first quarter 2008, reflecting the positive lag effect in certain gas contract price formulas.

> Production

Hydrocarbon production		1Q09		4Q08		1Q08		1Q09 vs
								1Q08
Combined production (kboe/d)		2,322		2,354		2,426		-4.3	%
= Liquids (kb/d)		1,413		1,434		1,510		-6.4	%
= Gas (Mcf/d)		4,957		5,127		4,989		-0.6	%

In the first quarter 2009, hydrocarbon production was 2,322 thousand barrels of oil equivalent per day (kboe/d), a decrease of close to 4.5% compared to the first quarter 2008, mainly as a result of :

• -4% for OPEC reductions,
• -1.5% related to disruptions in Nigeria due to security issues, notably with the shutdown of the Soku gas plant,
• -1.5% for portfolio changes, mainly the dilution of PetroCedeño in Venezuela
• +2.5% for the price effect¹²,

The start-up of new projects, such as Jura in the North Sea and Moho Bilondo in Congo, offsets the natural decline.

Compared to the fourth quarter 2008, hydrocarbon production decreased by close to 1.5% due to negative impacts from OPEC reductions (-3%), disruptions in Nigeria due to security issues (-1%) and portfolio changes (-1.5%). These negative impacts were partially offset by positive impacts that increased production by 4%, mainly linked to the re-start of the Al Jurf field in Libya, production ramp-ups on new fields, and the price effect¹².

Results

in millions of euros		1Q09		4Q08		1Q08		1Q09 vs
								1Q08
Adjusted operating income*		2,892		3,727		6,423		-55	%
Adjusted net operating income*		1,482		1,995		2,731		-46	%
Includes income from equity affiliates		227		269		282		-20	%
Investments		2,250		3,283		2,178		+3	%
Divestments		129		270		107		+21	%
Cash flow		2,578		2,139		4,251		-39	%
Adjusted cash flow		2,679		2,849		3,845		-30	%

* detail of adjustment items shown in business segment information.

Adjusted net operating income for the Upstream segment was 1,482 M€ in the first quarter 2009 compared to 2,731 M€ in the first quarter 2008, a decrease of 46%.

Expressed in dollars, adjusted net operating income for the Upstream segment decreased by 53%, reflecting essentially the impact of lower hydrocarbon prices.

The effective tax rate for the Upstream segment was 58% compared to 62% in the first quarter 2008, reflecting mainly lower oil prices and mix effects. The effective tax rate was 57% in the fourth quarter 2008.

The return on average capital employed (ROACE¹³) for the Upstream segment for the twelve months ended March 31, 2009 was 31.2% compared to 35.9% for 2008.

Downstream

> Refinery throughput and utilization rates*

		1Q09			4Q08			1Q08			1Q09 vs
											1Q08
Total refinery throughput (kb/d)		2,236			2,371			2,389			-6	%
-- France		895			944			930			-4	%
-- Rest of Europe		1,086			1,146			1,169			-7	%
-- Rest of world		255			281			290			-12	%
Utilization rates
-- Based on crude only		81	%		90	%		87	%
-- Based on crude and other feedstock		86	%		91	%		92	%

* includes share of CEPSA.

Refinery throughput decreased by 6% compared to the first quarter 2008, reflecting mainly a larger impact from turnarounds for maintenance, which affected the Lindsey and Donges refineries in the first quarter 2009, and a discretionary reduction of volumes at the Port Arthur refinery in March.

The utilization rates based on crude throughput and based on the throughput of crude and other feedstock were 81% and 86% respectively in the first quarter 2009 compared to 87% and 92% in the first quarter 2008 and 90% and 91% in the fourth quarter 2008.

> Results

in millions of euros		1Q09		4Q08		1Q08		1Q09 vs
except TRCV refining margins								1Q08
European refining margin indicator - TRCV ($/t)		34.7		41.4		24.6		+41	%
Adjusted operating income*		791		1,145		498		+59	%
Adjusted net operating income*		600		770		311		+93	%
includes income from equity affiliates		33		21		2		x16.5
Investments		495		972		294		+68	%
Divestments		36		18		24		+50	%
Cash flow from operating activities		1,648		603		1,168		+41	%
Adjusted cash flow		934		1,409		520		+80	%

* detail of adjustment items shown in business segment information in the financial statements.

The European refinery indicator averaged 34.7 $/t over the quarter, an increase of 41% compared to the first quarter 2008 and a decrease of 16% compared to the fourth quarter 2008. At the end of the quarter, margins were notably affected by a drop in distillate margins linked to weak demand.

Adjusted net operating income from the Downstream segment was 600 M€ in the first quarter 2009, an increase of 93% compared to the first quarter 2008 and a decrease of 22% compared to the fourth quarter 2008.

Expressed in dollars, adjusted net operating income for the Downstream segment increased by 68% compared to the first quarter 2008 and decreased by 23% compared to the fourth quarter 2008.

The ROACE¹⁴ for the Downstream segment for the twelve months ended March 31, 2009 was 23.3% compared to 19.9% for 2008.

Chemicals

in millions of euros		1Q09			4Q08		1Q08			1Q09 vs
										1Q08
Sales		3,218			4,012		5,229			-38	%
-- Base chemicals		1,776			2,449		3,420			-48	%
-- Specialties		1,442			1,563		1,809			-20	%
Adjusted operating income*		(68	)		254		198			na
Adjusted net operating income*		(32	)		177		158			na
Base chemicals		(40	)		109		61			na
Specialties		16			55		98			-84	%
Investments		179			477		164			+9	%
Divestments		6			20		7			-14	%
Cash flow from operating activities		178			939		(202	)		na
Adjusted cash flow		(134	)		323		266			na

*detail of adjustment items shown in business segment information in the financial statements.

In the first quarter 2009, petrochemical margins and volumes were impacted by weak global demand. The environment for Specialty chemicals, particularly in the auto and construction markets, was also severely impacted by the economic crisis.

First quarter 2009 sales for the Chemical segment were 3,218 M€, a decrease of 38% compared to the first quarter 2008.

The adjusted net operating loss for the Chemicals segment was 32 M€.

The ROACE¹⁵ for the Chemicals segment for the twelve months ended March 31, 2009 was 6.6% compared to 9.2% for 2008.

• Summary and outlook

The ROACE¹⁶ for the Group for the twelve months ended March 31, 2009 was 24% compared to 26% for 2008. Return on equity for the twelve months ended March 31, 2009 was 28.2% compared to 31.5% for 2008.

Pending approval at the Annual Shareholders Meeting on May 15, 2009, TOTAL S.A. will pay on May 22, 2009 the remaining 1.14 € per share¹⁷ of the 2008 dividend, which is equal in amount to the interim dividend paid in November 2008. The full-year 2008 dividend of 2.28 € per share represents an increase of 10%.

The coming months will be marked by a ramp-up in production from the Akpo field in Nigeria and the start-up of four additional major Upstream projects, Tahiti in the Gulf of Mexico, Yemen LNG and then Tombua Landana in Angola and Qatargas II. In the Downstream, Total will study with Saudi Aramco the bids for the construction of the Jubail refinery in Saudi Arabia. In petrochemicals, Qatofin, one of the largest ethane-based crackers in the world, is expected to enter into service by year-end in Qatar. At Lacq, in the south of France, the CO₂ capture and sequestration pilot program should start in the summer.

Cost reduction programs that have been initiated across the company, combined with lower prices for services and materials, will reduce the 2009 breakeven point. Teams have also been mobilized to cut development costs as a prerequisite to launch pending projects.

Since the beginning of the second quarter 2009, the Brent price has stabilized around 50 $/b. Market conditions in the Downstream and Chemicals are difficult due to weak demand, despite lower raw material costs.

Total’s financial strength, discipline and capacity to adapt allow it to maintain, even in a weak environment, its investment policy, its dividend policy and its commitment to operate throughout the world as a responsible company.

To listen to CFO Patrick de la Chevardière’s conference call with financial analysts today at 15:00 (Paris time) please log on to www.total.com or call +44 (0)203 043 2440 in Europe or +1 866 907 5930 in the U.S. (access code : Total). For a replay, please consult the website or call +44 (0)207 075 3214 in Europe or 1 866 828 2261 in the US (code : 246 225).

The March 31, 2009 notes to the consolidated accounts are available on the Total web site (www.total.com). This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, business, strategy and plans of Total. Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Total does not assume any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company’s financial results is provided in documents filed by the Group and its affiliates with the French Autorité des Marchés Financiers and the US Securities and Exchange Commission.

Business segment information is presented in accordance with the Group internal reporting system used by the Chief operating decision maker to measure performance and allocate resources internally. Due to their particular nature or significance, certain transactions qualified as "special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, certain transactions such as restructuring costs or assets disposals, which are not considered to be representative of normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to recur within following years.

The adjusted results of the Downstream and Chemical segments are also presented according to the replacement cost method. This method is used to assess the segments’ performance and ensure the comparability of the segments’ results with those of its competitors, mainly North American.

In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the income statement is determined by the average price of the period rather than the historical value. The inventory valuation effect is the difference between the results according to FIFO (First-In, First-Out) and replacement cost.

In this framework, performance measures such as adjusted operating income, adjusted net operating income and adjusted net income are defined as incomes using replacement cost, adjusted for special items and excluding Total’s equity share of the amortization of intangibles related to the Sanofi-Aventis merger. They are meant to facilitate the analysis of the financial performance and the comparison of income between periods.

Dollar amounts presented herein represent euro amounts converted at the average euro-dollar exchange rate for the applicable period and are not the result of financial statements prepared in dollars.

Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as resources, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 1-10888 available from us at 2, place Jean Millier – La Défense 6 – 92078 Paris, La Défense cedex, France or at our website: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website: www.sec.gov.

Operating information by segment

First quarter 2009

• Upstream

Combined liquids and gas production by		1Q09		4Q08		1Q08		1Q09 vs
region (kboe/d)								1Q08
Europe		686		684		626		+10	%
Africa		741		746		851		-13	%
North America		11		13		15		-27	%
Far East		255		241		251		+2	%
Middle East		419		426		438		-4	%
South America		184		217		217		-15	%
Rest of world		26		27		28		-7	%
Total production		2,322		2,354		2,426		-4	%
Includes equity and non-consolidated affiliates		350		400		396		-12	%

Liquids production by region (kb/d)		1Q09		4Q08		1Q08		1Q09 vs
								1Q08
Europe		320		321		299		+7	%
Africa		633		618		716		-12	%
North America		10		12		11		-9	%
Far East		36		31		27		+33	%
Middle East		315		320		335		-6	%
South America		85		118		110		-23	%
Rest of world		14		14		12		+17	%
Total production		1,413		1,434		1,510		-6	%
Includes equity and non-consolidated affiliates		294		341		339		-13	%

Gas production by region (Mcf/d)		1Q09		4Q08		1Q08		1Q09 vs
								1Q08
Europe		1,985		1,957		1,775		+12	%
Africa		551		658		690		-20	%
North America		8		8		23		-65	%
Far East		1,223		1,280		1,245		-2	%
Middle East		574		604		580		-1	%
South America		549		550		589		-7	%
Rest of world		67		70		87		-23	%
Total production		4,957		5,127		4,989		-1	%
Includes equity and non-consolidated affiliates		302		316		306		-1	%

Liquefied natural gas		1Q09		4Q08		1Q08		1Q09 vs
								1Q08
LNG sales* (Mt)		2.10		2.38		2.32		-9	%

* sales, Group share, excluding trading ; 1 Mt/y = approx. 133 Mcf/d ; data from 2008 previous period have been restated to reflect volumes estimation for Bontang LNG in Indonesia based on the 2008 SEC coefficient.

• Downstream

Refined products sales by region (kb/d)*		1Q09		4Q08		1Q08		1Q09 vs
								1Q08
Europe		2,176		2,186		2,144		+1	%
Africa		277		281		280		-1	%
Americas		189		168		156		+21	%
Rest of world		128		156		145		-12	%
Total consolidated sales		2,770		2,791		2,725		+2	%
Trading		1,000		860		944		+6	%
Total refined product sales		3,770		3,651		3,669		+3	%

* includes trading and share of CEPSA.

Adjustment items

• Adjustments to operating income from business segments

in millions of euros		1Q09			4Q08			1Q08
Special items affecting operating income from the business segments		(103	)		(375	)		-
-- Restructuring charges		-			-			-
-- Impairments		-			(177	)		-
-- Other		(103	)		(198	)		-
Pre-tax inventory effect : FIFO vs. replacement cost		477			(4,372	)		375
Total adjustments affecting operating income from the business segments		374			(4,747	)		375

• Adjustments to net income (Group share)

in millions of euros		1Q09			4Q08			1Q08
Special items affecting net income (Group share)		(87	)		(373	)		145
-- Equity share of special items recorded by Sanofi-Aventis		-			-			-
-- Gain on asset sales		13			17			145
-- Restructuring charges		(6	)		(21	)		-
-- Impairments		-			(171	)		-
-- Other		(94	)		(198	)		-
Adjustment related to the Sanofi-Aventis merger* (share of amortization of intangibles)		(63	)		(166	)		(71	)
After-tax inventory effect : FIFO vs. replacement cost		327			(3,128	)		274
Total adjustments to net income		177			(3,667	)		348

* based on Total’s share in Sanofi-Aventis of 10.9% at 3/31/2009, 11.4% at 12/31/2008 and 13.2% at 3/31/2008.

Effective tax rates

Effective tax rate*		1Q09			4Q08			1Q08
Upstream		58.1	%		57.4	%		62.3	%
Group		52.2	%		50.6	%		59.4	%

* tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates, dividends received from investments, and impairments of acquisition goodwill + tax on adjusted net operating income).

Investments - Divestments

in millions of euros		1Q09		4Q08		1Q08		1Q09 vs 1Q08
Investments excluding acquisitions includes net investments in equity affiliates and non-consolidated companies		2,747		4,059		2,498		+10	%
Capitalized exploration		228		183		172		+33	%
Net investments in equity affiliates and non-consolidated companies		225		74		112		+101	%
Acquisitions		93		506		48		+94	%
Investments including acquisitions includes net investments in equity affiliates and non-consolidated companies		2,840		4,565		2,546		+12	%
Asset sales		359		732		75		x5
Net investments*		2,463		3,815		2,445		+1	%

in millions of dollars **		1Q09		4Q08		1Q08		1Q09 vs 1Q08
Investments excluding acquisitions includes net investments in equity affiliates and non-consolidated companies		3,579		5,350		3,741		-4	%
Capitalized exploration		297		241		258		+15	%
Net investments in equity affiliates and non-consolidated companies		293		98		168		+74	%
Acquisitions		121		667		72		+68	%
Investments including acquisitions includes net investments in equity affiliates and non-consolidated companies		3,700		6,017		3,813		-3	%
Asset sales		468		965		112		x4
Net investments*		3,209		5,028		3,662		-12	%

* net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.

** dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.

Net-debt-to-equity ratio

in millions of euros		3/31/2009			12/31/2008			3/31/2008
Current borrowings		4,771			7,722			4,861
Net current financial assets		(80	)		(29	)		(238	)
Non-current financial debt		19,078			16,191			13,388
Hedging instruments of non-current debt		(934	)		(892	)		(651	)
Cash and cash equivalents		(13,319	)		(12,321	)		(8,341	)
Net debt		9,516			10,671			9,019
Shareholders equity		52,597			48,992			45,750
Estimated dividend payable*		(3,812	)		(2,540	)		(3,537	)
Minority interests		1,004			958			833
Equity		49,789			47,410			43,046
Net-debt-to-equity ratio		19.1	%		22.5	%		21.0	%

* based on the hypothesis of an annual dividend of 2.28 €/share less 2,541 M€ for the interim dividend paid in November 2008.

2009 Sensitivities*

						Impact on adjusted		Impact on adjusted
		Scenario		Change		operating		net operating
						income(e)		income(e)
Dollar		1.30 $/€		+0.1 $ per €		-1.3 B€		-0.7 B€
Brent		60 $/b		+1 $/b		+0.32 B€ / 0.42 B$		+0.15 B€ / 0.20 B$
European refining margins TRCV		30 $/t		+1 $/t		+0.08 B€ / 0.11 B$		+0.06 B€ / 0.07 B$

* sensitivities revised once per year upon publication of the previous year’s fourth quarter results. The impact of the €-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 75% and 65% respectively, and the remaining impact of the €-$ sensitivity is essentially in the Downstream segment.

Return on average capital employed

• For the twelve months ended March 31, 2009

in millions of euros		Upstream		Downstream		Chemicals**		Segments				Group
Adjusted net operating income		9,475		2,858		478		12,811				13,462
Capital employed at 3/31/2008*		25,731		11,415		7,266		44,412				52,015
Capital employed at 3/31/2009*		35,027		13,095		7,175		55,297				61,688
ROACE		31.2%		23.3%		6.6%		25.7%				23.7%

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

** capital employed for Chemicals reduced for the Toulouse-AZF provision of 129 M€ pre-tax at 3/31/2008.

• For the twelve months ended December 31, 2008

in millions of euros		Upstream		Downstream		Chemicals**		Segments				Group
Adjusted net operating income		10,724		2,569		668		13,961				14,664
Capital employed at 12/31/2007*		27,062		12,190		7,033		46,285				54,158
Capital employed at 12/31/2008*		32,681		13,623		7,417		53,721				59,764
ROACE		35.9%		19.9%		9.2%		27.9%				25.7%

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

** capital employed for Chemicals reduced for the Toulouse-AZF provision of 134 M€ pre-tax at 12/31/2007 and 256 M€ pre-tax at 12/31/2008.

• For the twelve months ended March 31, 2008

in millions of euros		Upstream		Downstream		Chemicals**		Segments				Group
Adjusted net operating income		9,619		2,138		726		12,483				13,147
Capital employed at 3/31/2007*		24,808		11,442		7,129		43,379				50,773
Capital employed at 3/31/2008*		25,731		11,415		7,266		44,412				52,015
ROACE		38.1%		18.7%		10.1%		28.4%				25.6%

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

** capital employed for Chemicals reduced for the Toulouse-AZF provision of 153 M€ pre-tax at 3/31/2007 and 129 M€ pre-tax at 3/31/2008.

¹ percent changes are relative to the same period 2008.

² dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period : 1.3029 $/€ in the first quarter 2009, 1.4976 $/€ in the first quarter 2008, and 1.3180 $/€ in the fourth quarter 2008.

³ adjusted net income = net income using replacement cost (Group share) adjusted for special items and excluding Total’s share of amortization of intangibles related to the Sanofi-Aventis merger.

⁴ adjusted income (adjusted operating income, adjusted net operating income and adjusted net income) is defined as income using replacement cost, adjusted for special items affecting operating income and excluding Total’s equity share of amortization of intangibles related to the Sanofi-Aventis merger; adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are listed on page 15.

⁵ dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.

⁶ special items affecting operating income from the business segments had a negative impact of -103 M€ in the first quarter 2009 and no impact in the first quarter 2008.

⁷ defined as: (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates, dividends received from investments and impairments of acquisition goodwill + tax on adjusted net operating income).

⁸ detail shown on page 16.

⁹ net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + repayments by employees for loans related to stock purchase plans.

¹⁰ cash flow from operations at replacement cost before changes in working capital.

¹¹ net cash flow = cash flow from operations + divestments – gross investments.

¹² impact of changing hydrocarbon prices on entitlement volumes.

¹³ calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 18.

¹⁴ calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 18.

¹⁵ calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 18.

¹⁶ calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 18

¹⁷ the ex-dividend date for the remainder of the 2008 dividend would be May 19, 2009.

Main indicators
Chart updated around the middle of the month following the end of each quarter
--------------------------------------------------------------------------------------------------------------------------------------
		€/$		European refining		Brent ($/b)		Average liquids price** ($/b)		Average gas price ($/Mbtu)**
				margins TRCV* ($/t)
First quarter 2009		1.30		34.7		44.5		41.5		5.98
Fourth quarter 2008		1.32		41.4		55.5		49.4		7.57
Third quarter 2008		1.51		45.0		115.1		107.8		8.05
Second quarter 2008		1.56		40.2		121.2		114.9		7.29
First quarter 2008		1.50		24.6		96.7		90.7		6.67
Fourth quarter 2007		1.45		30.1		88.5		84.5		6.08
Third quarter 2007		1.37		23.9		74.7		71.4		4.83
Second quarter 2007		1.35		42.8		68.8		65.7		4.94
First quarter 2007		1.31		33.0		57.8		55.0		5.69
Fourth quarter 2006		1.29		22.8		59.6		57.1		6.16
Third quarter 2006		1.27		28.7		69.5		65.4		5.59
Second quarter 2006		1.26		38.3		69.6		66.2		5.75
First quarter 2006		1.20		25.8		61.8		58.8		6.16
Fourth quarter 2005		1.19		45.5		56.9		54.5		5.68
Third quarter 2005		1.22		44.3		61.5		57.8		4.65
Second quarter 2005		1.26		45.0		51.6		48.0		4.39
First quarter 2005		1.31		31.7		47.6		44.1		4.40
Fourth quarter 2004		1.30		42.4		44.0		40.6		4.24
Third quarter 2004		1.22		32.9		41.5		39.5		3.54
Second quarter 2004		1.20		34.4		35.4		34.2		3.44
First quarter 2004		1.25		21.6		32.0		31.0		3.70
* 1 $/t = 0.136 $/b ** consolidated subsidiaries, excluding fixed margin and buy-back contracts Disclaimer : these data are based on Total’s reporting and are not audited. They are subject to change.

Total financial statements

First quarter consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
(M€) (a)		1st quarter 2009		4th quarter 2008		1st quarter 2008
Sales		30,041		38,714		44,213
Excise taxes		(4,573)		(5,009)		(4,926)
Revenues from sales		25,468		33,705		39,287
Purchases net of inventory variation		(15,228)		(26,393)		(25,619)
Other operating expenses		(4,675)		(5,122)		(4,832)
Exploration costs		(176)		(227)		(190)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,520)		(1,748)		(1,294)
Other income		15		94		153
Other expense		(87)		(123)		(48)
Financial interest on debt		(171)		(298)		(257)
Financial income from marketable securities & cash equivalents		55		117		129
Cost of net debt		(116)		(181)		(128)
Other financial income		159		243		116
Other financial expense		(81)		(95)		(71)
Equity in income (loss) of affiliates		467		31		546
Income taxes		(1,902)		(960)		(4,217)
Consolidated net income		2,324		(776)		3,703
Group share		2,290		(794)		3,602
Minority interests		34		18		101
Earnings per share (€)		1.03		(0.36)		1.61
Fully-diluted earnings per share (€)		1.02		(0.36)		1.60
Adjusted net income		2,113		2,873		3,254
Adjusted fully-diluted earnings per share (€)		0.95		1.29		1.44
(a) Except for per share amounts.

CONSOLIDATED BALANCE SHEET
TOTAL
(M€)		March 31, 2009 (unaudited)		December 31, 2008		March 31, 2008 (unaudited)
ASSETS
Non-current assets
Intangible assets, net		5,904		5,341		4,374
Property, plant and equipment, net		48,773		46,142		40,436
Equity affiliates : investments and loans		15,093		14,668		15,039
Other investments		1,192		1,165		1,215
Hedging instruments of non-current financial debt		934		892		651
Other non-current assets		3,244		3,044		2,066
Total non-current assets		75,140		71,252		63,781
Current assets
Inventories, net		10,097		9,621		13,892
Accounts receivable, net		14,940		15,287		18,664
Other current assets		9,047		9,642		8,261
Current financial assets		150		187		403
Cash and cash equivalents		13,319		12,321		8,341
Total current assets		47,553		47,058		49,561
Total assets		122,693		118,310		113,342
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares		5,931		5,930		5,990
Paid-in surplus and retained earnings		55,198		52,947		52,376
Currency translation adjustment		(3,523)		(4,876)		(6,653)
Treasury shares		(5,009)		(5,009)		(5,963)
Total shareholders' equity - Group Share		52,597		48,992		45,750
Minority interests		1,004		958		833
Total shareholders' equity		53,601		49,950		46,583
Non-current liabilities
Deferred income taxes		8,478		7,973		7,840
Employee benefits		2,035		2,011		2,489
Provisions and other non-current liabilities		8,391		7,858		6,431
Total non-current liabilities		18,904		17,842		16,760
Non-current financial debt		19,078		16,191		13,388
Current liabilities
Accounts payable		13,894		14,815		17,240
Other creditors and accrued liabilities		12,375		11,632		14,345
Current borrowings		4,771		7,722		4,861
Other current financial liabilities		70		158		165
Total current liabilities		31,110		34,327		36,611
Total Liabilities and shareholders' equity		122,693		118,310		113,342

CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
(M€)		1st quarter 2009		4th quarter 2008		1st quarter 2008
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		2,324		(776)		3,703
Depreciation, depletion and amortization		1,661		1,853		1,405
Non-current liabilities, valuation allowances and deferred taxes		(68)		(435)		11
Impact of coverage of pension benefit plans		-		(505)		-
(Gains) losses on disposals of assets		(15)		(28)		(153)
Undistributed affiliates' equity earnings		(79)		263		(302)
(Increase) decrease in working capital		145		3,635		610
Other changes, net		26		86		42
Cash flow from operating activities		3,994		4,093		5,316
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(2,484)		(3,987)		(2,327)
Acquisitions of subsidiaries, net of cash acquired		(47)		(368)		-
Investments in equity affiliates and other securities		(84)		(136)		(107)
Increase in non-current loans		(320)		(267)		(209)
Total expenditures		(2,935)		(4,758)		(2,643)
Proceeds from disposal of intangible assets and property, plant and equipment		60		73		6
Proceeds from disposal of subsidiaries, net of cash sold		-		-		-
Proceeds from disposal of non-current investments		299		659		69
Repayment of non-current loans		113		211		123
Total divestments		472		943		198
Cash flow used in investing activities		(2,463)		(3,815)		(2,445)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		9		4		9
- Treasury shares		-		(144)		(427)
- Minority shareholders		-		6		(9)
Dividends paid:
- Parent company shareholders		-		(2,541)		-
- Minority shareholders		(4)		(86)		(1)
Net issuance (repayment) of non-current debt		2,844		(435)		503
Increase (decrease) in current borrowings		(3,417)		2,244		(887)
Increase (decrease) in current financial assets and liabilities		-		29		835
Cash flow used in financing activities		(568)		(923)		23
Net increase (decrease) in cash and cash equivalents		963		(645)		2,894
Effect of exchange rates		35		(265)		(541)
Cash and cash equivalents at the beginning of the period		12,321		13,231		5,988
Cash and cash equivalents at the end of the period		13,319		12,321		8,341

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL
(unaudited)
		Common shares issued				Paid-in surplus and retained earnings		Currency translation adjustment		Treasury shares				Shareholders' equity- Group Share		Minority interests		Total shareholders' equity
(M€)		Number		Amount						Number		Amount
As of January 1, 2008		2,395,532,097		5,989		48,797		(4,396)		(151,421,232)		(5,532)		44,858		842		45,700
Net income for the first quarter		-		-		3,602		-		-		-		3,602		101		3,703
Other comprehensive Income		-		-		(83)		(2,257)		-		-		(2,340)		(109)		(2,449)
Comprehensive Income		-		-		3,519		(2,257)		-		-		1,262		(8)		1,254
Dividend		-		-		-		-		-		-		-		(1)		(1)
Issuance of common shares		284,154		1		8		-		-		-		9		-		9
Purchase of treasury shares		-		-		-		-		(9,000,000)		(448)		(448)		-		(448)
Sale of treasury shares (1)		-		-		4		-		499,547		17		21		-		21
Share-based payments		-		-		48		-		-		-		48		-		48
Other operations with minority interests		-		-		-		-		-		-		-		-		-
Share cancellation		-		-		-		-		-		-		-		-		-
Transactions with shareholders		284,154		1		60		-		(8,500,453)		(431)		(370)		(1)		(371)
As of March 31, 2008		2,395,816,251		5,990		52,376		(6,653)		(159,921,685)		(5,963)		45,750		833		46,583
Net income from 1st April 2008 to December 31st 2008		-		-		6,988		-		-		-		6,988		262		7,250
Other comprehensive Income		-		-		(175)		1,777		-		-		1,602		75		1,677
Comprehensive Income		-		-		6,813		1,777		-		-		8,590		337		8,927
Dividend		-		-		(4,945)		-		-		-		(4,945)		(212)		(5,157)
Issuance of common shares		5,991,823		15		238		-		-		-		253		-		253
Purchase of treasury shares		-		-		-		-		(18,600,000)		(891)		(891)		-		(891)
Sale of treasury shares (1)		-		-		(75)		-		5,439,590		204		129		-		129
Share-based payments		-		-		106		-		-		-		106		-		106
Other operations with minority interests		-		-		-		-		-		-		-		-		-
Share cancellation		(30,000,000)		(75)		(1,566)		-		30,000,000		1,641		-		-		-
Transactions with shareholders		(24,008,177)		(60)		(6,242)		-		16,839,590		954		(5,348)		(212)		(5,560)
As of December 31, 2008		2,371,808,074		5,930		52,947		(4,876)		(143,082,095)		(5,009)		48,992		958		49,950
Net income for the first quarter		-		-		2,290		-		-		-		2,290		34		2,324
Other comprehensive Income		-		-		(64)		1,353		-		-		1,289		40		1,329
Comprehensive Income		-		-		2,226		1,353		-		-		3,579		74		3,653
Dividend		-		-		-		-		-		-		-		(4)		(4)
Issuance of common shares		461,360		1		8		-		-		-		9		-		9
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares (1)		-		-		-		-		11,640		-		-		-		-
Share-based payments		-		-		40		-		-		-		40		-		40
Other operations with minority interests		-		-		(23)		-		-		-		(23)		(24)		(47)
Share cancellation		-		-		-		-		-		-		-		-		-
Transactions with shareholders		461,360		1		25		-		11,640		-		26		(28)		(2)
As of March 31, 2009		2,372,269,434		5,931		55,198		(3,523)		(143,070,455)		(5,009)		52,597		1,004		53,601
(1) Treasury shares related to the stock option purchase plans and restricted stock grants

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (a)
TOTAL
(unaudited)
(M€)		1st quarter 2009		4th quarter 2008		1st quarter 2008
Net income		2,324		(776)		3,703
Other comprehensive income
Currency translation adjustment		1,212		(869)		(2,079)
Available for sale financial assets		(11)		(110)		(63)
Cash flow hedge		(70)		-		-
Share of other comprehensive income of associates, net amount		159		60		(303)
Other		14		15		(12)
Tax effect		25		11		8
Total other comprehensive income (net amount)		1,329		(893)		(2,449)
Comprehensive income		3,653		(1,669)		1,254
- Group share		3,579		(1,712)		1,262
- Minority interests		74		43		(8)
(a) In accordance with revised IAS 1, applicable from January 1, 2009.

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
1st quarter 2009 (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		4,447		22,368		3,218		8		-		30,041
Intersegment sales		3,242		641		124		37		(4,044)		-
Excise taxes		-		(4,573)		-		-		-		(4,573)
Revenues from sales		7,689		18,436		3,342		45		(4,044)		25,468
Operating expenses		(3,732)		(17,099)		(3,137)		(155)		4,044		(20,079)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,065)		(301)		(144)		(10)		-		(1,520)
Operating income		2,892		1,036		61		(120)		-		3,869
Equity in income (loss) of affiliates and other items		243		42		(4)		192		-		473
Tax on net operating income		(1,674)		(303)		(17)		62		-		(1,932)
Net operating income		1,461		775		40		134		-		2,410
Net cost of net debt												(86)
Minority interests												(34)
Net income												2,290
1st quarter 2009 (adjustments) (a) (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales
Intersegment sales
Excise taxes
Revenues from sales
Operating expenses		-		245		129		-				374
Depreciation, depletion and amortization of tangible assets and mineral interests		-		-		-		-				-
Operating income (b)		-		245		129		-				374
Equity in income (loss) of affiliates and other items (c)		(21)		15		(19)		(50)				(75)
Tax on net operating income		-		(85)		(38)		-				(123)
Net operating income (b)		(21)		175		72		(50)				176
Net cost of net debt												-
Minority interests												1
Net income												177
(a) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger   (b) Of which inventory valuation effect
On operating income		-		345		132		-
On net operating income		-		246		80		-
(c) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger		-		-		-		(63)
1st quarter 2009 (adjusted) (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		4,447		22,368		3,218		8		-		30,041
Intersegment sales		3,242		641		124		37		(4,044)		-
Excise taxes		-		(4,573)		-		-		-		(4,573)
Revenues from sales		7,689		18,436		3,342		45		(4,044)		25,468
Operating expenses		(3,732)		(17,344)		(3,266)		(155)		4,044		(20,453)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,065)		(301)		(144)		(10)		-		(1,520)
Adjusted operating income		2,892		791		(68)		(120)		-		3,495
Equity in income (loss) of affiliates and other items		264		27		15		242		-		548
Tax on net operating income		(1,674)		(218)		21		62		-		(1,809)
Adjusted net operating income		1,482		600		(32)		184		-		2,234
Net cost of net debt												(86)
Minority interests												(35)
Ajusted net income												2,113
1st quarter 2009 (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Total expenditures		2,250		495		179		11				2,935
Total divestments		129		36		6		301				472
Cash flow from operating activities		2,578		1,648		178		(410)				3,994

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
4th quarter 2008 (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		6,925		27,746		4,012		31		-		38,714
Intersegment sales		4,097		810		207		15		(5,129)		-
Excise taxes		-		(5,009)		-		-		-		(5,009)
Revenues from sales		11,022		23,547		4,219		46		(5,129)		33,705
Operating expenses		(6,188)		(25,635)		(4,845)		(203)		5,129		(31,742)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,278)		(328)		(135)		(7)		-		(1,748)
Operating income		3,556		(2,416)		(761)		(164)		-		215
Equity in income (loss) of affiliates and other items		440		(259)		(61)		30		-		150
Tax on net operating income		(2,201)		807		274		108		-		(1,012)
Net operating income		1,795		(1,868)		(548)		(26)		-		(647)
Net cost of net debt												(129)
Minority interests												(18)
Net income												(794)
4th quarter 2008 (adjustments) (a) (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales
Intersegment sales
Excise taxes
Revenues from sales
Operating expenses		-		(3,561)		(1,009)		-				(4,570)
Depreciation, depletion and amortization of tangible assets and mineral interests		(171)		-		(6)		-				(177)
Operating income (b)		(171)		(3,561)		(1,015)		-				(4,747)
Equity in income (loss) of affiliates and other items (c)		(86)		(243)		(59)		(139)				(527)
Tax on net operating income		57		1,166		349		-				1,572
Net operating income (b)		(200)		(2,638)		(725)		(139)				(3,702)
Net cost of net debt												-
Minority interests												35
Net income												(3,667)
(a) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger   (b) Of which inventory valuation effect
On operating income		-		(3,561)		(811)		-
On net operating income		-		(2,604)		(559)		-
(c) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger		-		-		-		(166)
4th quarter 2008 (adjusted) (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		6,925		27,746		4,012		31		-		38,714
Intersegment sales		4,097		810		207		15		(5,129)		-
Excise taxes		-		(5,009)		-		-		-		(5,009)
Revenues from sales		11,022		23,547		4,219		46		(5,129)		33,705
Operating expenses		(6,188)		(22,074)		(3,836)		(203)		5,129		(27,172)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,107)		(328)		(129)		(7)		-		(1,571)
Adjusted operating income		3,727		1,145		254		(164)		-		4,962
Equity in income (loss) of affiliates and other items		526		(16)		(2)		169		-		677
Tax on net operating income		(2,258)		(359)		(75)		108		-		(2,584)
Adjusted net operating income		1,995		770		177		113		-		3,055
Net cost of net debt												(129)
Minority interests												(53)
Ajusted net income												2,873
4th quarter 2008 (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Total expenditures		3,283		972		477		26				4,758
Total divestments		270		18		20		635				943
Cash flow from operating activities		2,139		603		939		412				4,093

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
1st quarter 2008 (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		6,196		32,780		5,229		8		-		44,213
Intersegment sales		6,118		1,553		257		33		(7,961)		-
Excise taxes		-		(4,926)		-		-		-		(4,926)
Revenues from sales		12,314		29,407		5,486		41		(7,961)		39,287
Operating expenses		(5,018)		(28,251)		(5,157)		(176)		7,961		(30,641)
Depreciation, depletion and amortization of tangible assets and mineral interests		(873)		(285)		(129)		(7)		-		(1,294)
Operating income		6,423		871		200		(142)		-		7,352
Equity in income (loss) of affiliates and other items		465		(33)		14		250		-		696
Tax on net operating income		(4,027)		(247)		(55)		72		-		(4,257)
Net operating income		2,861		591		159		180		-		3,791
Net cost of net debt												(88)
Minority interests												(101)
Net income												3,602
1st quarter 2008 (adjustments) (a) (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales
Intersegment sales
Excise taxes
Revenues from sales
Operating expenses		-		373		2		-				375
Depreciation, depletion and amortization of tangible assets and mineral interests		-		-		-		-				-
Operating income (b)		-		373		2		-				375
Equity in income (loss) of affiliates and other items (c)		130		25		-		(56)				99
Tax on net operating income		-		(118)		(1)		-				(119)
Net operating income (b)		130		280		1		(56)				355
Net cost of net debt												-
Minority interests												(7)
Net income												348
(a) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger   (b) Of which inventory valuation effect
On operating income		-		373		2		-
On net operating income		-		280		1		-
(c) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger		-		-		-		(71)
1st quarter 2008 (adjusted) (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		6,196		32,780		5,229		8		-		44,213
Intersegment sales		6,118		1,553		257		33		(7,961)		-
Excise taxes		-		(4,926)		-		-		-		(4,926)
Revenues from sales		12,314		29,407		5,486		41		(7,961)		39,287
Operating expenses		(5,018)		(28,624)		(5,159)		(176)		7,961		(31,016)
Depreciation, depletion and amortization of tangible assets and mineral interests		(873)		(285)		(129)		(7)		-		(1,294)
Adjusted operating income		6,423		498		198		(142)		-		6,977
Equity in income (loss) of affiliates and other items		335		(58)		14		306		-		597
Tax on net operating income		(4,027)		(129)		(54)		72		-		(4,138)
Adjusted net operating income		2,731		311		158		236		-		3,436
Net cost of net debt												(88)
Minority interests												(94)
Ajusted net income												3,254
1st quarter 2008 (M€)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Total expenditures		2,178		294		164		7				2,643
Total divestments		107		24		7		60				198
Cash flow from operating activities		4,251		1,168		(202)		99				5,316

CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)
TOTAL
(unaudited)
1st quarter 2009 (M€)		Adjusted		Adjustments		Consolidated statement of income
Sales		30,041		-		30,041
Excise taxes		(4,573)		-		(4,573)
Revenues from sales		25,468		-		25,468
Purchases net of inventory variation		(15,705)		477		(15,228)
Other operating expenses		(4,572)		(103)		(4,675)
Exploration costs		(176)		-		(176)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,520)		-		(1,520)
Other income		2		13		15
Other expense		(57)		(30)		(87)
Financial interest on debt		(171)		-		(171)
Financial income from marketable securities & cash equivalents		55		-		55
Cost of net debt		(116)		-		(116)
Other financial income		159		-		159
Other financial expense		(81)		-		(81)
Equity in income (loss) of affiliates		525		(58)		467
Income taxes		(1,779)		(123)		(1,902)
Consolidated net income		2,148		176		2,324
Group share		2,113		177		2,290
Minority interests		35		(1)		34
1st quarter 2008 (M€)		Adjusted		Adjustments		Consolidated statement of income
Sales		44,213		-		44,213
Excise taxes		(4,926)		-		(4,926)
Revenues from sales		39,287		-		39,287
Purchases net of inventory variation		(25,994)		375		(25,619)
Other operating expenses		(4,832)		-		(4,832)
Exploration costs		(190)		-		(190)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,294)		-		(1,294)
Other income		8		145		153
Other expense		(48)		-		(48)
Financial interest on debt		(257)		-		(257)
Financial income from marketable securities & cash equivalents		129		-		129
Cost of net debt		(128)		-		(128)
Other financial income		116		-		116
Other financial expense		(71)		-		(71)
Equity in income (loss) of affiliates		592		(46)		546
Income taxes		(4,098)		(119)		(4,217)
Consolidated net income		3,348		355		3,703
Group share		3,254		348		3,602
Minority interests		94		7		101