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Factbook 2014 Total Factbook 2014 SUMMARY Need more information on a specific subject? PROFILE 1 Log on to www.total.com HIGHLIGHTS 2 Heading Investors/Institutional investors/Publications You can display online TOTAL’s factbook, download CORPORATE SOCIAL RESPONSIBILITY 4 it in PDF or collect all the tables in Excel format. CORPORATE 7 Financial Highlights...............................................................................................................9 Market Environment ............................................................................................................9 Operational Highlights by quarter........................................................................................10 Financial Highlights by quarter............................................................................................10 Market Environment and Price Realizations........................................................................10 Consolidated statement of income ....................................................................................12 Consolidated balance sheet ..............................................................................................16 Consolidated statement of changes in shareholders’ equity ...............................................19 Net-debt-to-equity ratio ....................................................................................................20 ROACE by business segment ...........................................................................................21 Consolidated statement of cash flow .................................................................................22 Cash flow from operating activities ....................................................................................23 Capital expenditures .........................................................................................................24 Abbreviations Divestments by business segment ....................................................................................24 b: barrel Share information...............................................................................................................26 cf: cubic feet /d: per day /y: per year 29 €: euro UPSTREAM $ and/or dollar: U.S. dollar Combined liquids and gas production................................................................................33 t: metric ton boe: barrel of oil equivalent Changes in oil, bitumen and gas reserves .........................................................................36 kboe/d: thousand boe/d kb/d: thousand barrel/d Results of operations for oil and gas producing activities....................................................49 Btu: British thermal unit Cost incurred in oil and gas property acquisition, exploration and development activities ......51 M: million B: billion Capitalized costs related to oil and gas producing activities ...............................................52 MW: megawatt Standardized measure of discounted future net cash flows ...............................................54 MWp: megawatt peak (direct current) TWh: terawatt hour LNG positions as of December 31, 2014 ...........................................................................61 AMF: French Financial Markets Authority Re-gasification terminals as of December 31, 2014 ...........................................................62 API: American Petroleum Institute ERMI: European Refining Margin Indicator. Interests in pipelines...........................................................................................................65 ERMI is an indicator intended to represent the margin after variable costs for a hypothetical Acreage including maps, main producing assets and acreage by region: complex refinery located around Rotterdam in Northern Europe. The indicator margin may not be Europe...............................................................................................................................67 representative of the actual margins achieved by Africa .................................................................................................................................75 TOTAL in any period because of TOTAL’s particular refinery configurations, product mix Commonwealth of Independent States .............................................................................83 effects or other company-specific operating conditions. Middle East........................................................................................................................86 FEED: Front-End Engineering and Design Asia-Pacific........................................................................................................................91 FPSO: Floating Production Storage and Offloading IFRS: International Financial Reporting Standards South America ..................................................................................................................95 LNG: liquefied natural gas North America.................................................................................................................101 LPG: liquefied petroleum gas ROE Return on Equity ROACE: Return on Average Capital Employed SEC: United States Securities and Exchange REFINING & CHEMICALS 105 Commission SAGD: Steam Assisted Gravity Drainage Refinery capacity..............................................................................................................111 Conversion table Petrochemicals product – main production capacities at year-end ...................................113 1 boe = 1 barrel of crude oil = approx. 5,400 cf of gas(1) in 2014 Petrochemicals product – sales by geographic area.........................................................113 1 b/d = approx. 50 t/y 1 t = approx. 7.5 b (for a gravity of 37° API) Speciality chemicals product – sales by geographic area .................................................114 1 Bm3/y = approx. 0.1 Bcf/d Speciality chemicals product – sales by activity ..............................................................114 1 m3 = approx. 35.3 cf 1 t of LNG = approx. 48 kcf of gas 1 Mt/y of LNG = approx. 131 Mcf/d MARKETING & SERVICES 115 (1) This ratio is calculated based on the actual average equivalent energy content of TOTAL's natural gas Petroleum product sales (excluding trading and bulk sales)..............................................121 reserves and is subject to change. Service-stations...............................................................................................................122 1 PROFILE KEY FIGURES FOR 2014 16% IMPROVEMENT IN SAFETY (TRIR) A GLOBAL ENERGY GROUP • driving profitable, sustainable growth in exploration and production; Activities in every sector of the oil industry CLOV START UP IN JUNE with operations in more than 130 countries: • developing competitive, top-tier refining and petrochemical complexes; • Upstream (oil and gas exploration, development and production liquefied • responding to customer needs by natural gas and power generation); delivering innovative solutions; and R&C PROFITABILITY TARGET • Refining & Chemicals (refining, • consolidating the Group’s leadership in ACHIEVED 1 YEAR petrochemicals, specialty chemicals, solar energy and continuing to explore IN ADVANCE oil trading and shipping activities); biomass, in order to offer the most appropriate energy solutions. • Marketing & Services (worldwide supply and marketing activities in the oil At the core of TOTAL’s strategy is a strong products field and renewable energies). belief that energy is vital, drives progress 12.8 B$ and must be made available to everyone. ADJUSTED NET INCOME STRATEGY Energy is a precious resource that must be used wisely. TOTAL provides energy-related products and services to customers around the The Group is helping to produce the world by discovering, producing and growing amount of energy that people 26.4 B$ transforming oil and gas, as well as other around the planet need to live and thrive, GROUP ORGANIC CAPEX natural resources (solar and biomass). while ensuring that its operations (-7% VS 2013) consistently deliver economic, social and The Group’s goal is to be a global, environmental benefits. TOTAL is meeting integrated energy company – a leading this challenge with and for its fellow international oil company and a world-class employees, its stakeholders and the local operator in gas, petrochemicals, solar 4.8 B$ communities, in ways that exceed what ASSET SALES COMPLETED energy and, tomorrow, biomass. To realize is generally expected. (INCLUDING TRANSACTIONS this goal, TOTAL leverages its integrated WITH MINORITY INTEREST) business model, which enables it to Respect, responsibility and exemplary capture synergies between the different behavior are the values that underpin business segments of the Group. Together, TOTAL’s Code of Conduct. It is through TOTAL’s commitments to ethical practices, strict adherence to these core values and safety and Corporate Social Responsibility fundamental principles that TOTAL will be form a shared foundation allowing the able to build strong and sustainable growth achievement of four strategic objectives: for the Group and its stakeholders. 2 TOTAL HIGHLIGHTS FACTBOOK 2014 2014 HIGHLIGHTS JANUARY APRIL MAY JULY UK – E&P ANGOLA – E&P RUSSIA – E&P FRANCE – G&P Acquisition of a 40% interest Final investment decision Signature of an agreement Exclusive talks with UGI in two shale gas exploration for the development of the with Lukoil to create a joint Corporation,
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