Total Produce Share Discussion Threads

[waldron] 18/5/2006 18:46

Paris shares close lower after late slide tracking Wall St UPDATE

(updates with full report)
PARIS (AFX) - Shares closed lower after following Wall Street into negative
territory late in the session, ending an earlier rally driven by bargain-hunting
in the wake of yesterday's sharp correction, dealers said.
The CAC-40 index closed 11.62 points or 0.24 pct lower at 4,908.69, on heavy
volume of 7.69 bln eur.
Of the CAC-40 stocks, 22 finished the session down, 17 were up and one was
unchanged.
On the Matif, May CAC-40 futures were 36.0 points higher at 4,918.0.
On the broader indices, the SBF-80 closed down 88.94 points or 0.44 pct at
5,571.96, and the SBF-120 closed down 15.64 points or 0.44 pct at 3,555.05.
The euro was quoted at 1.2815 usd, compared with 1.2747 usd late yesterday.
Credit Agricole extended yesterday's 6.4 pct drop to close down a further
1.12 eur or 3.62 pct at 29.85. The share was downgraded to 'hold' from 'buy' at
Deutsche Bank in the wake of yesterday's solid first-quarter results, on the
risks the bank could acquire pursuing its expansion strategy.
Arcelor ended 0.85 eur or 2.59 pct lower at 32.00 eur, off a morning low of
31.21, after Mittal Steel's hostile takeover offer officially opened this
morning.
Electricite de France shares were volatile over the session, finishing 1.16
eur or 2.75 pct lower at 41.09.
Technology stocks slipped after rallying over midsession, Capgemini ended
down 0.24 eur or 0.57 pct at 41.58, Thales dropped 0.16 eur or 0.51 pct to 31.00
while STMicroelectronics closed 0.04 eur or 0.31 eur lower at 12.80. EADS
started sliding again after yesterday's respite from a heavy market correction
in earlier sessions, losing a further 0.21 eur or 0.76 pct at 27.59.
Vivendi shares erased early gains as speculation of a break-up bid for the
company continued to circulate to finish unchanged at 27.75.
"When you've got someone who wants to break up the company, and who is
talking about a price of 33.5 eur, I think it's a clear case that the stock is
undervalued," said one trader.
On the upside, some shares benefited from bargain-hunting in the wake of the
sell-off seen over the last week. LVMH led the CAC-40 risers, gaining 2.40 eur
or 3.21 pct to 77.15, after a six-session run of losses, while Vinci added 1.45
eur or 1.92 pct to 76.95, and L'Oreal picked up 1.05 eur or 1.55 pct to 68.90.
Societe Generale rose 1.50 eur or 1.31 pct to 116.00 after posting
better-than-expected first-quarter net profit driven by investment banking
earnings.
Peugeot gained 0.25 eur or 0.50 pct to close at 50.05 after an upgrade to
'over-weight' from 'equal-weight' at Lehman Brothers, which sees an opportunity
for the French automaker to reverse its sector underperformance over the last
year. Sector peer Renault added 0.85 eur or 0.98 pct to 87.40.
On the second line, the former chemicals division of Total, Arkema, began
trading as a separate company today. The shares sharply rose to end 5.25 eur or
19.44 pct higher to 32.25, from a reference price of 27 eur.
Technip plunged 4.46 eur or 9.96 pct at 40.34. First quarter profits
released this morning were in line with forecasts, but CEO Daniel Valot warned
that reaching the full year operating profit target of 340 mln eur would be
"challenging."
Iliad dropped 4.30 eur or 6.06 pct to 66.70.
Vallourec stock dropped 57.50 eur or 5.91 pct to close at 884.00 as recent
equity market weakness prompt investors to take profits from the stock's massive
surge since the beginning of this year.
Legrand was down 1.15 eur or 4.72 pct to 23.00 after Morgan Stanley
initiated coverage of the stock at 'equal-weight' with a 22.6 eur target price.
Morgan Stanley said the group is an exceptional business by any standard, but
noted the stock has rallied by 24 pct since the April IPO.
Euronext rose 3.80 eur or 5.67 pct to 70.80 after it said that merger
discussions are "progressing rapidly with a number of parties" amid ongoing
consolidation among the stock market operators.
[e-mail]
rg/jfr

[waldron] 18/5/2006 10:16

Paris shares AFX market data at 9.42 am; Arkema surges on first day of trade

PARIS (AFX) - Market data at 9.42 am

Major indices:
CAC-40 down 23.79 points at 4,896.52
SBF-80 down 96.78 at 5,564.12
SBF-120 down 24.18 at 3,546.51

Volume: 1.1 bln eur
13 CAC-40 stocks up
26 CAC-40 stocks down
1 unchanged

Major gainers:
-Vivendi, up 0.14 eur or 0.5 pct at 27.89 as speculation of a break-up bid
for the company continues to circulate.
-Arkema, up 3.45 eur or 12.8 pct from 27 eur reference price at 30.45. The
former chemicals division of Total began trading as a separate company today.
-Air France-KLM, up 0.10 at 17.35 after posting full-year earning broadly in
line with expectations, and said operating profits this year will at least match
the 936 mln posted last year, despite further increases in fuel costs.

Major losers:
-Technip, down 3 or 6.7 pct at 41.80. First quarter profits released this
morning were in line with forecasts, but CEO Daniel Valot warned that reaching
the full year operating profit target of 340 mln eur would be "challenging."
-Arcelor, down 0.90 or 2.7 pct at 31.95 eur as Mittal Steel's hostile
takeover offer officially opens.
-Vallourec, down 44.50 or 4.7 pct at 895 as recent equity market weakness
prompts investors to take profits from the stock's massive surge since the
beginning of this year.

Most active stocks:
-Total, 100.5 mln eur of volume, down 0.25 at 50.70 as 4-for-1 stock split
takes effect.
-Vivendi, 91.7 mln eur.
-Societe Generale, 59.2 mln eur, unchanged at 114.50 as stronger than
expected first quarter profits allowed the stock to resist the broad market
decline.


[e-mail]
js/vs

[waldron] 04/5/2006 07:24

Total Q1 adjusted net up 16 pct on high oil prices, exceeding estimates

PARIS (AFX) - Total SA said first quarter adjusted net profit rose 16 pct to
3.376 bln eur, exceeding the high end of the range of analysts' forecasts, as
high oil prices amid strong demand offset lower refining margins and a mixed
performance from the chemicals business.
Adjusted net per share was 5.78 eur, up 18 pct.
Adjusted operating profit was up 24 pct to 6.767 bln eur.
The company said it is continuing to implement an active investment program
aimed at long-term growth, with first quarter spending up 41 pct on the year in
dollar terms.
[e-mail]
mjs/jfr

[branfor] 03/5/2006 14:53

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[waldron] 03/5/2006 14:43

Total makes new gas discovery in Algeria's Timimoun field

PARIS (AFX) - Total SA said it has made a new natural gas discovery in the
Timimoun field in southwestern Algeria, where the MJB-3 exploration well found
initial output of 235,000 cubic meters per day.
Further output assessments are underway, as are other exploration and
appraisal programmes in the field.
Total owns a 63.75 pct stake in the Timimoun field, Spain's Cespa owns 11.25
pct, and the Algerian state-owned oil company Sonatrach owns 25 pct.


[e-mail]
js/ma

[waldron] 02/5/2006 08:13

Bolivia


Total S.A ROUNDUP Bolivia renationalises oil, gas industry; Brazil, markets wary
LA PAZ, Bolivia (AFX) - Bolivian troops seized 56 oil and gas fields as
President Evo Morales decreed the renationalisation of the country's
hydrocarbons industry, to be followed by similar moves in the mining, forestry
and agriculture sectors.
Yesterday's edict drew a concerned response from the Brazilian government.
In Europe, traders said that, while negative for companies operating in the
sector - notably Repsol - the news should not have a major impact on share
prices is it had been anticipated.
"We are beginning by nationalizing oil and gas. Tomorrow we will add mining,
forestry and all natural resources, what our ancestors fought for," Morales said
at a May Day speech at San Alberto gas field in southern Bolivia.
Morales said foreign energy companies would have 180 days to agree on new
contracts with state-run oil firm YPFB.
During the transition, YPFB would take 82 pct of revenues, producers 18 pct.
"Only companies that respect these new terms will be allowed to operate in
the country," Morales said.
Bolivia represents 17 pct of Repsol's oil and gas group's reserves base.
"Clearly this is negative news (for the company) but is shouldn't surprise
the market that much... It's been on the cards for some time," a dealer at a
leading US brokerage said.
Other companies affected include BP and British Gas, ExxonMobil, France's
Total SA and Petrobras of Brazil.
In Sao Paulo, Brazilian Mines and Energy Minister Silas Rondeau said the
nationalization was an "unfriendly move that could be understood as a break with
understandings made with the Bolivian government."
Ildo Sauer, in charge of gas operations at Petrobras, said Bolivia's move
was "still under review" within Brazil's state-owned oil company.
Petrobras controls 14.5 pct of Bolivia's gas reserves and has invested
billions of dollars in Bolivia since 1996.
Morales was elected in December pledging to take a bigger share of Bolivia's
energy industry, which accounts for about 15 pct of GDP. Two of his predecessors
were toppled by demonstrations demanding control of Bolivia's gas.
Bolivia has the second-largest gas reserves in South America, with an
estimated 54 trillion cubic feet, behind Venezuela. The country produces a more
modest 40,000 barrels per day of crude oil.
Bill Farren-Price, deputy editor of the Cyprus-based Middle East Economic
Survey, described Morales' move as "part of a trend of governments taking
strident action to protect either national resources or to nationalize formerly
privately owned oil resources amid the environment of very high oil prices."
Morales has repeatedly said nationalizations would not include expropriation
of oil companies' assets. But he also said that current contracts violate the
constitution, which declares all reserves state property, which may not be
relinquished.
[e-mail]
afp/jms

[waldron] 26/4/2006 07:44

POLITICS/MACROECONOMIC/MISCELLANEOUS
-Bolivia demands explanation from Total over registration of gas reserves.
-Luxembourg regulator may approve Mittal/Arcelor merger by mid-May

MARKET SENTIMENT
-Atos Origin downgraded to 'in-line' from 'outperform' by Goldman Sachs.

[e-mail]
js/vs

[ariane] 14/4/2006 17:16

Total 1st-Quarter Refining Margins Drop; Oil, Gas Reach Records
April 14 (Bloomberg) -- Total SA, Europe's largest oil refiner, said first-quarter crude-processing margins dropped their most in almost three years while natural gas and oil prices averaged record highs.

Refining margins, or the profit made from turning each barrel of crude into products such as gasoline and diesel, fell to $25.80 a ton from $45.50 a ton in the fourth quarter, Paris- based Total said today in a statement on its Web site. Margins fell 18 percent from $31.70 a ton in the year-earlier quarter.

Brent crude prices averaged a record $61.80 per barrel, liquid prices a record $58.8 per barrel and gas prices a record $6.16 per million British thermal units, Total said in its statement.

Total's refining margin drop was the biggest quarter-to- quarter decline since a 45 percent slide in the second quarter of 2003. A drop in refining profit may be cushioned by its larger and more profitable exploration and production business.

Total report first-quarter earnings May 4. The company releases its trading indicators about two weeks after the end of each quarter to help investors adjust earnings expectations.

BP Plc, Europe's largest oil company, on April 5 said first-quarter refining margins fell 17 percent to $6.28 a barrel from $7.60 a barrel in the fourth quarter.



To contact the reporter on this story:
Tom Cahill in Paris at [e-mail]
Last Updated: April 14, 2006 10:53 EDT

[waldron] 11/4/2006 12:30

Total "buy," target price raised

Tuesday, April 11, 2006 6:50:35 AM ET
Deutsche Bank

LONDON, April 11 (newratings.com) - Analysts at Deutsche Bank reiterate their "buy" rating on Total (PFP.PSE). The target price has been raised from €240 to €250.

In a research note published this morning, the analysts mention that there are limited signs of a potential slowdown in the US economy and non-OPEC supply is expected to continue to lag demand growth. The oil price estimates for 2007 and 2008 have been raised by $5 to $50/bbl WTI and by $5 to $45/bbl WTI, respectively. The EPS estimate for the oil and gas sector has been raised by about 13% and Total is one of the top picks in this sector, the analysts say. The company is likely to deliver production growth through 2007 and 2008 and is committed to returning excess cash to shareholders, Deutsche Bank adds.

[waldron] 06/4/2006 09:56

06/04/2006 10:14 Total : les actionnaires recevront une action Arkema pour dix Total détenues


Le groupe Total a déposé aujourd'hui le prospectus d'introduction de sa filiale chimie Arkéma. Le document précise que les actionnaires du groupe pétrolier recevront 1 action Arkéma pour 10 Total détenues dans le cadre de la scission. Techniquement, à chaque action Total sera attaché un droit d'attribution d'actions (DAA) Arkema, 10 d'entre eux permettant de souscrire à 1 action Arkéma.

Les DAA seront négociables sur le marché pour une durée expirant le 26 juin 2006. En pratique, seuls les DAA formant rompus seront négociables (c'est-à-dire ceux qui seront surnuméraires par rapport à un multiple de 10). Total prendra en charge les frais de courtage et la TVA pour la vente ou l'achat des DAA formant rompus, dans des conditions précisées ultérieurement.

[waldron] 04/4/2006 12:53

Total "buy"

Tuesday, April 04, 2006 7:07:45 AM ET
Merrill Lynch

LONDON, April 4 (newratings.com) - Analysts at Merrill Lynch maintain their "buy" rating on Total (PFP.PSE). The price objective is set to €235.

In a research note published this morning, the analysts mention that the arbitration battle between Total and Santander, related to the shareholding of Cepsa, has been resolved in the favour of the former company. The arbitrator has upheld that Santander violated the original shareholding agreement with Total, the analysts say. Total would now be able to raise its direct holding in Cepsa from 37% to 49.6%, Merrill Lynch adds.

[waldron] 18/3/2006 13:02

Investors turn to Europe for returns, stability

By Andrew Leckey |
Posted March 19, 2006

Jan. 1: Stock experts predict gains for '06, but warning signs abound







Investors nervous about market volatility around the globe and lackluster prospects for the U.S. have been turning to a familiar destination.

Europe is a known quantity, considered quite promising and relatively stable. As money pulled out of Asian and U.S. markets has flowed into Europe this year, its markets have responded favorably:

-- Developed European markets are up 7 percent, as measured by the Dow Jones Stoxx 600 index, compared to a 3 percent increase for the U.S. benchmark Standard & Poor's 500 index. The European index outperformed the S&P 500 in both 2004 and '05.

Emerging European markets have outperformed both this year, although experts say they contain several risks.

-- The average European region stock fund is up 7 percent this year versus the 3 percent gain for the average U.S. diversified stock fund, according to Lipper Inc.

In February, Europe posted the globe's best regional returns, according to Standard & Poor's, led by small-cap and German stocks. Although Europe's overall returns haven't matched the dramatic gains of Latin America or China, they don't carry their extreme volatility either.

"Name some European companies and chances are average U.S. citizens have heard of a lot of them, which provides an immediate comfort level based on name recognition," said Scott Snyder, lead manager for ICON Europe Fund, up 23 percent over the past 12 months with a three-year annualized return of 36 percent.

Not only does Europe represent a bigger chunk of the market outside the U.S. than any other region, Snyder said, but accounting standards are coming more in line with those of the U.S. He believes investors should have some exposure to Europe in their portfolios.

The region's recent gains are a game of catch-up, because European stock prices had lagged significantly behind U.S. shares during the first few years of the decade.

"The biggest reason is the continued closing of a rather large valuation discrepancy between the U.S. and Europe that had existed early this decade and had been as high as 35 percent," said Jason Holzer, senior portfolio manager for AIM European Growth Fund, up 17 percent the past 12 months with a three-year annualized return of 36 percent.

Europe, Holzer said, provides a contrast to the structural imbalances in the U.S. that include high consumer debt and a record trade deficit.

There's a speculative side because low interest rates have resulted in greater liquidity and the rise of hedge fund and private equity activity throughout Europe. Acquisitions, especially in utilities and telecommunications, are lifting the market.

"The merger and acquisition boom in Europe is a long-term theme that's been driving the continuation of the rally this year," said Alec Young, equity market strategist with S&P. "U.S. private equity firms are going into Europe looking for low-hanging fruit in terms of restructurings, and that's driving the creation of value."

Emerging European markets provide the most punch. The hottest fund is Metzler/Payden European Emerging Markets Fund, which is up 33 percent the past 12 months and has a 51 percent three-year annualized return. It is emphasizing energy, telecom and finance.

"Economies of Eastern Europe, mostly Russia, Poland, Hungary, the Czech Republic and Romania, are outperforming both the broad European and U.S. markets," said Vladimir Milev, financial investment analyst with Metzler/Payden European Emerging Markets. "This a unique time in their history when staples of life that were uncommon under the socialist system--such as cars and cell phones--now provide a good business for a lot of companies."

Because these new markets have been rallying since mid-2001, the concern is whether it is sustainable and at what point it will correct. The potential for volatility and correction is greater now because the markets have grown significantly and hedge funds are involved, Milev said.

Among the continent's three largest economies, German stocks have been strong performers, up 27 percent last year, followed by the 23 percent gain in French shares and the 17 percent gain in British stocks. Exchange-traded funds track stocks in all three countries.

All investors in European funds inevitably face currency, economic, political, trade and demographic risks, so spreading the uncertainty with a diversified mutual fund makes sense, experts said. Their managers research company financials not readily available or even in English.

U.S. investors also can buy stocks of European companies traded here as American depositary receipts, known as ADRs.

Several noteworthy ADRs of European firms:

-- Syngenta AG, a Swiss agribusiness, is expected to grow at double-digit rates the next few years and has aggressively returned cash to shareholders. Holzer holds its shares.

-- Credit Suisse Group, one of the world's top private banking franchises, has exceptional profit margins, excellent finances and ability to assume risk. It's a Snyder holding.

-- Unilever NV, a United Kingdom-Netherlands company that is one of the world's largest packaged-food firms, with about $49 billion in annual sales, also makes familiar products Dove and Ponds. It's recommended by S&P.

-- Petroleum Geo-Services ASA, a Norwegian oilfield-services company with pricing power and demand for its services, is restructuring by splitting its floating production and marine seismic divisions. Holzer holds it.

-- Total SA, a French oil giant with impressive new production pipelines in the Middle East and Africa, also has extensive and controversial operations in Iran. An S&P recommendation.

Andrew Leckey is a Tribune Media Services columnist.

[waldron] 15/3/2006 08:17

Total SA said its board has proposed May 18 as the date for a previously announced four-for-one stock split. It also reconfirmed May 18 as the date for spinning off its Arkema chemicals unit.

Total SA said estimated subscriptions to a February capital increase reserved for employees will result in the employees holding 3.75 pct of the company's shares, up from the current 3 pct

[waldron] 08/3/2006 18:43

Venezuela threatens Total with 3 day closure over tax arrears

CARACAS (AFX) - The Venezuelan tax office threatened Total with an up to
three day closure if it does not sort out its tax arrears.
If Total does not come up with what it owes in taxes, or does not manage to
reach an agreement on what it owes, its offices could be closed up to three
days, said Jose Cedillo, of the tax collecting agency, reported ABN news agency.
However, this does not imply the suspension of its oil extraction
activities, he said.
The Venezuelan government claims Total owes around 108 mln usd in tax
arrears accumulated between 2001 and 2004, to which interest and penalties have
been added.
[e-mail]
afp/jfr/ak

[waldron] 06/3/2006 09:52

Total close to signing contract for new 5 bln usd Saudi refinery

PARIS (AFX) - Total is close to signing a contract for the construction of a
5 bln usd oil refinery with 400,000 barrels/day capacity in Jubail, Saudi
Arabia, Total chief executive Thierry Demarest said in Riyadh.
The refinery would be built jointly with Saudi state oil company Saudi
Aramco.
Demarest did not give a date for when the contract negotiations would be
completed.
"We still need a bit of time," he said, "between a few weeks and a few
months."
[e-mail]
rg/mjs/hjp

[ariane] 16/2/2006 14:20

Tyrihans Development Approved

RNS Number:5308Y
Total S.A.
16 February 2006


Tyrihans Development Approved by Norwegian Parliament

Paris, February 16, 2006 - The Norwegian Parliament has approved plans to
develop the Tyrihans field, located around 170 kilometers offshore
in the Haltenbanken area of the Norwegian Sea in 285 meters of water. Total
has a 21.51% interest in the field and is partnered with Statoil (46.8%,
operator), Norsk Hydro (12%), ExxonMobil (11.75%) and Eni (7.9%).

The project includes the simultaneous subsea development of two structures, one
for oil and natural gas (Tyrihans North) and the other for condensate (Tyrihans
South). The wells will be tied to processing facilities in the nearby Kristin
field, in which Total also has an interest. After separation, the liquids will
be exported via the existing terminal of Asgard and the gas will be piped to the
Karsto plant with output from Kristin

Production at Tyrihans is scheduled to begin in 2009 and is expected to reach an
initial plateau of around 70,000 barrels of oil equivalent per day in 2011.

Together with its recent acquisition of an additional 30% interest in the
Victoria discovery, the development of Tyrihans strengthens Total's position in
Norway and consolidates its growth base in the Haltenbanken area of the
Norwegian Sea.



Total is the fourth largest oil and gas company in the world with operations in
more than 130 countries. Total's activities cover the whole energy chain of the
petroleum industry: exploration, oil and gas production, refining and marketing,
trading and power generation. The Group is also a major player in chemicals.
Total has more than 111,000 employees worldwide. More information can be found
on the company's website: www.total.com





This information is provided by RNS
The company news service from the London Stock Exchange

END

MSCEADAKFDNKEFE

[ariane] 16/2/2006 11:55

Drilling Report

RNS Number:5094Y
Total S.A.
16 February 2006


Libya: Total makes new oil discovery on Block NC 186


Paris, February 16, 2006 - Total (24%) and partners Repsol YPF (operator),
OMV and Saga have made a seventh oil discovery in Libya's Block NC 186,
in the Murzuq Basin 800 kilometres south of Tripoli.

During production testing, the K1 well flowed at a rate up to 2,300 barrels of
oil per day.

Three of the previous discoveries on the Block NC 186 have already been
developed.

All the discoveries are near to the El Sharara field in block NC 115 which
produces around 200,000 barrels per day of low sulphur light oil and in which
Total holds a 30% stake in the foreign consortium.

This latest discovery strengthens Total's position in Libya, where the Group is
operator of the Al Jurf offshore field and of the Mabruk field in the Sirte
Basin as well as a number of exploration permits.


* * * * * *


Total is the fourth largest oil and gas company in the world with operations in
more than 130 countries. Total's activities cover the whole energy chain of the
petroleum industry: exploration, oil and gas production, refining and marketing,
trading and power generation. The Group is also a major player in chemicals.
Total has more than 111,000 employees worldwide. More information can be found
on the company's website: www.total.com



This information is provided by RNS
The company news service from the London Stock Exchange

END

DRLBQLFFQLBFBBL

[ariane] 16/2/2006 10:49

Repsol YPF discovers crude oil in Libya; sees initial production at 2,300 bpd

MADRID (AFX) - Repsol YPF SA said it has discovered light crude oil in the
Murzuq Basin in southern Libya, with tests producing an initial 2,300 barrels of
oil per day.
In a statement, the Spanish-Argentine oil and gas group said it leads the
consortium that operates the block with a 32 pct stake.
Libyan National Oil Company (NOC), Total, Austria's OMV and Norway's Norsk
Hydro also hold stakes in the consortium, it noted.
[e-mail]
tr/hjp/tr/jlw

[ariane] 15/2/2006 12:50

OMV Strong On Switch From Total

Wednesday, February 15, 2006 6:59:30 AM ET
Dow Jones Newswires



1046 GMT [Dow Jones] OMV (OMV.VI) +2.9% at EUR51.95 as investors switch from Total (TOT) into OMV and also Neste Oil (NES1V.HE), say traders. "The disappointing market reaction to Total's figures caused many investors to swich to other oil companies," says one trader. (MIF/JUM)

[ariane] 15/2/2006 10:21

extract


Summary and outlook

The return on average capital employed (ROACE(16)) for the Group was 27% in 2005
(30% for the business segments), at the level of the best in the industry.
Profitability increased in 2005 for all business segments(17) :

* Upstream ROACE increased to 40% from 36% in 2004.

* Downstream ROACE increased to 28% from 25%.

* Chemicals ROACE increased to 11% from 9%. Excluding Arkema, it
increased to 12% in 2005 from 11% in 2004.

Return on equity rose to 35% in 2005 from 33% in 2004.



In the Upstream, Total is pursuing a strategy of profitable growth that should
translate into production growth of close to 4% per year on average between 2005
and 2010(18). This growth will be particularly significant in Africa, where the
growth rate is expected to be 7% per year on average through 201018. Beyond 2010
the portfolio of projects offers strong visibility, notably thanks to continued
exploration success over the past years and to new giant gas and heavy oil
projects.



In the Downstream, the contribution of new conversion and desulphurization
projects combined with ongoing productivity programs should allow the segment to
achieve a ROACE of 20% by 2010 and increase cash flow from operating activities
by 0.9 BEuro per year in an environment of 25 $/t(19) European refining margins
(TRCV).



In petrochemicals, Total's objective is to continue to increase its polymers
production, particularly in Asia and the Middle East while reducing its fixed
cost per unit. The Chemicals segment continues to target a ROACE of 12% at
mid-cycle by 2010.



As for renewable energies, in a new step forward in the wind energy business,
Total has been selected to build the largest onshore wind farm project in France
in the Aveyron region. The 90 MW project is expected to start up in 2008. In
addition, the Group expects a five-fold increase in the production of its
photovoltaic cells and plans to build a new solar panel factory in Toulouse.



Implementing the Group's growth strategy depends on a sustained investment
program. Using a Euro/$ exchange rate of 1.20, the 2006 Capex budget is about 13.5
B$, including 10 B$ for the Upstream segment(20). Over the period 2006-2010
investments should remain relatively stable.



The net-debt-to-equity ratio for the Group is targeted to remain at around 25%
to 30%.



Total intends to pursue a dynamic dividend policy. Cash flow remaining after
investments and the payment of the dividend will be available for share
buybacks.



The 2006-2007 period will be notable for the size and number of major Upstream
project start-ups, including among them Dalia, BBLT and Rosa in Angola, Dolphin
in Qatar, Surmont and Joslyn in Canada as well as the start-up of the
hydrocracker at the Normandy refinery. The contribution of these start-ups will
be significant by the end of 2006.

During 2006, Total expects to rebalance its Chemicals portfolio by spinning off
Arkema, which is one of the proposals shareholders will vote on at the May 12
Annual Meeting.



Since the start of 2006, the oil market environment has remained globally
favorable, with high oil and gas prices but with European refining margins
significantly below fourth quarter 2005 levels.





To listen to an English translation the presentation to financial analysts by
CEO Thierry Desmarest and senior management today at 11:00 (Paris time) please
visit the Group's website www.total.com or call [phone] in Europe
or 1 334 323 6201 in the United States (code:Total). For a replay, access the
website or call [phone] in Europe or 1 954 355 0342 (code: 690
023).There will be a presentation in English to analysts in London tomorrow at
12:30 (London time) that can be accessed using the same call-in numbers.





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
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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
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Exchange Commission.



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internal reporting system used by the Chief operating decision maker to measure
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significance, certain transactions qualified as "special items" are monitored at
the Group level and 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.

In accordance with IAS 2, the Group values inventories of crude oil and
petroleum products in the financial statements in accordance with the FIFO
(First in, First out) method and other inventories using the weighted-average
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the Group continues to present the results for the Downstream segment according
to the replacement cost method and those of the Chemicals segment according to
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Group's results with those of its main competitors, notably from North America.
The inventory valuation effect is the difference between the results according
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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
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[ariane] 15/2/2006 09:27

Total Q4 adjusted net 3.05 bln, low end of expectations; FY EPS up 35 pct
UPDATE

(adds info on stock split, results breakdown by business, oil price
assumption)
PARIS (AFX) - Total SA said fourth quarter adjusted net profit was 3.05 bln
eur, up 16 pct from a year earlier and near the low end of analysts'
expectations of 3.0-3.3 bln.
It also announced plans for a four-for-one stock split, and for a 20 pct
rise in its dividend for 2005 to 6.48 eur per share.
Full year adjusted net profit was 12.00 bln eur, up 3.1 pct and at the
bottom of the expected range.
Full year adjusted EPS was 20.33 eur, up 35 pct, as sales rose 17 pct to
143.168 bln eur.
Total estimated its proven plus probable reserves at 20 bln barrels of oil
equivalent, and said its replacement rate for proven reserves was 120 pct in
2005.
The company expects to raise output by an average 4 pct per year between
2005 and 2010.
It also presented financial scenarios that revealed an assumption that Brent
crude oil will be 40-50 usd per barrel in 2006.
Total said it will invest in adapting its refineries in Europe and the US to
better meet market demands, and will develop its petrochemical business in Asia.
Fourth quarter adjusted operating profit was 6.330 bln eur, up 24 pct and
within the expected range. Full year adjusted operating profit was 23.669 bln
eur, up 37 pct.
Exploration and production activities contributed 5.000 bln eur to the
fourth quarter adjusted operating profit, up 43 pct on the year. They accounted
for 18.421 bln of the full year figure.
Refining and marketing activities contributed 1.083 bln to the fourth
quarter total, down 11 pct, and accounted for 3.899 bln of the full year total,
up 21 pct. Total cited narrower refining margins as a reason for the fourth
quarter's drop.
Chemicals contributed 247 bln eur to fourth quarter adjusted operating
profit, down 47 pct, and accounted for 1.349 bln eur of the full year figure, up
19 pct. It noted that margins were weak.
Total set May 18 as the date for the spin-off of its Arkema chemicals unit.
It previously had only announced the month.
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