Registration document 2011 - tota - Total.com

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2 Business 42 overview Downstream 3.1.2.8. Hydrogen and electric mobility TOTAL is continuing its hydrogen fueling demonstrations as part of the Clean Energy Partnership in Germany. A new prototype station is being built in the center of Berlin and is scheduled to open in February 2012. TOTAL is also involved in the “H 2 Mobility” study underway in Germany, which aims to identify the business model 3.2. Trading & Shipping The Trading & Shipping division: – sells and markets the Group’s crude oil production; – provides a supply of crude oil for the Group’s refineries; – imports and exports the appropriate petroleum products for the Group’s refineries to be able to adjust their production to the needs of local markets; – charters appropriate ships for these activities; and – undertakes trading on various derivatives markets. 3.2.1. Trading TOTAL is one of the world’s largest traders of crude oil and refined products on the basis of volumes traded. The table below sets forth selected information with respect to the worldwide sales and sources of supply of crude oil and sales of refined products for the Group’s Trading division for each of the last three years. Trading of physical volumes of crude oil and refined products amounted to 4.4 Mb/d in 2011. Trading division’s supply and sales of crude oil and sales of refined products (a) (kb/d) 2011 2010 2009 Group’s worldwide liquids production 1,226 1,340 1,381 Purchased by the Trading division from the Group’s Exploration & Production division 960 1,044 1,054 Purchased by the Trading division from external suppliers 1,833 2,084 2,351 Total of Trading division’s supply 2,793 3,128 3,405 Sales by Trading division to Group Refining & Marketing division 1,524 1,575 1,752 Sales by Trading division to external customers 1,269 1,553 1,653 Total of Trading division’s sales 2,793 3,128 3,405 Total sales of refined products 1,632 1,641 1,323 (a) Including condensates. The Trading division operates extensively on physical and derivatives markets, both organized and over the counter. In connection with its trading activities, TOTAL, like most other oil companies, uses derivative energy instruments (futures, forwards, swaps, options) to adjust its exposure to fluctuations in the price of crude oil and refined products. These transactions are entered into with various counterparties. For additional information concerning Trading & Shipping’s derivatives, see Notes 30 (Financial instruments related to The Trading & Shipping division’s main focus is serving the Group. In addition, the division’s expertise allows it to extend its scope of activities beyond its primary focus. Trading & Shipping’s worldwide activities are conducted through various wholly-owned subsidiaries, including TOTSA Total Oil Trading S.A., Total International Ltd, Socap International Ltd, Atlantic Trading & Marketing Inc., Total Trading Asia Pte, Total Trading and Marketing Canada L.P., Total Trading Atlantique S.A. and Chartering & Shipping Services S.A. commodity contracts) and 31 (Market risks) to the Consolidated Financial Statements. All of TOTAL’s trading activities are subject to strict internal controls and trading limits. In 2011, the oil market tightened; as a result, the oil price rise accelerated and the structure of crude oil prices flipped from contango to backwardation (1) . 2011 2010 2009 min 2011 max 2011 Brent ICE - 1 st Line (a) ($/b) 110.91 80.34 62.73 93.33 (Jan. 07) 126.65 (Apr. 08) Brent ICE - 12 th Line (b) ($/b) 108.12 84.61 70.43 94.20 (Jan. 07) 121.74 (Apr. 29) Contango/Backwardation time structure (12 th -1 st ) ($/b) -2.79 4.27 7.70 -9.55 (Oct. 14) 2.65 (Feb. 07) Gasoil ICE - 1 st Line (a) ($/t) 933.30 673.88 522.20 767.75 (Jan. 01) 1,053.00 (Apr. 08) (a) 1 st line: Average quotation on ICE Futures for first nearby month delivery. (b) 12 th Line: Average quotation on ICE Futures for twelfth nearby month delivery. TOTAL. Registration Document 2011 that would enable the creation of an infrastructure in light of the potential marketing of fuel cell vehicles between 2015 and 2020. The number of prototype electric vehicle fueling stations (fast charge) is increasing. TOTAL now has twelve charging stations in Belgium. In France, two stations have been completed in the Paris area as part of the SAVE project, and six are being built in the Netherlands. (1) Contango is a term used to describe an energy market in which the anticipated value of the spot price in the future is higher than the current spot price. The reverse situation is described as backwardation.
The oil markets had ended 2010 significantly up, driven by the very strong upturn in demand for oil (+2.8 Mb/d). The outbreak of war in Libya in February 2011 quickly deprived the oil market of 1.6 Mb/d of crude supply. On the international markets, the shutdown of Libyan crude production was aggravated by production losses in Nigeria (through attacks on oil infrastructure and diversion of the oil), Angola (with technical problems on several fields), Yemen (through attacks on oil infrastructure) and Syria (due to the embargo). The resulting crude oil deficit was offset mainly by Saudi Arabia, Kuwait and the United Arab Emirates, which all increased their production considerably, thereby reducing the surplus available production capacity. Production in Libya gradually started up again from September 2011 and reached around 0.9 Mb/d at the end of 2011. Overall in 2011, OPEC crude oil production was estimated to be slightly down compared to 2010 (-0.1 Mb/d), as was non-OPEC crude production (-0.2 Mb/d). The production of other liquids in 2011 (LPG, LNG, biofuels) rose (+0.5 Mb/d). With regard to demand, the significant price rise and generally weaker economic growth than in 2010 slowed growth in oil demand, which fell from +2.8 Mb/d in 2010 to +0.5 Mb/d in 2011. In this environment, crude oil prices, which started rising at the beginning of the year, increased from an average of approximately $96/b (ICE Brent 1 st Line) in January 2011 to $123/b in April 2011 while the market adjusted to the loss of Libyan supply. Prices fell slightly in the second half of 2011, particularly under 3.2.2. Shipping TOTAL’s Shipping division arranges the transportation of crude oil and refined products necessary to develop the Group’s activities. These needs are met through transactions on the spot market and the development of a balanced time charter policy. It has a rigorous safety policy that is due mainly to the strict selection of the vessels the division charters. Like a certain number of other oil companies and shipowners, the Group uses freight rate derivative contracts in its shipping activity to adjust its exposure to freight rate fluctuations. In 2011, TOTAL’s Shipping division chartered approximately 3,000 voyages to transport approximately 110 Mt of crude oil and refined products. As of December 31, 2011, it employed a fleet of fifty vessels chartered under long-term or medium-term agreements (including eight LPG carriers), of which none is single-hulled. The fleet has an average age of approximately five years. Freight rates average of three representative routes for crude transportation 2011 was a particularly eventful and difficult period for oil shipping activities. During the first half of 2011, events in Japan and North Africa had a strong impact on crude oil imports. Requirements in Japan fell suddenly and very markedly, but were quickly restored and returned to almost pre-crisis levels by the end of 2011. In the end, the impact on demand for shipping was relatively limited. In the Mediterranean, the shutdown of Libyan production resulted in the rebalancing of demand for long-haul VLCC shipments: imports, particularly to Europe, were offset by supply from further away, thus increasing the demand for transportation. 2011 2010 2009 min 2011 max 2011 VLCC Ras Tanura Chiba-BITR (a) ($/t) 11.99 13.41 10.43 9.32 (Oct. 10) 18.54 (Feb. 15) Suezmax Bonny Philadelphia-BITR ($/t) 13.86 14.50 12.75 10.23 (Jan. 20) 19.85 (Mar. 22) Aframax Sullom Voe Wilhemshaven-BITR ($/t) 6.51 6.39 5.20 5.04 (Jan. 17) 9.46 (Mar. 4) (a) VLCC: Very Large Crude Carrier. BITR: Baltic International Tanker Routes. Business overview Downstream 2 the effect of the emergency stock release (60 Mb offered, 35 Mb delivered) of the International Energy Agency (IEA) and the partial resumption of Libyan production. Crude oil prices remained high however, reaching an annual average in 2011 of $110.91/b. As a result of the backwardation in the price structure on the crude oil market for almost the entire year, 2011 was also marked by a sharp fall in OECD oil industry inventories through October 2011 (year-on-year, crude -70 Mb and products -46 Mb), which diminished in the last 2 months of the year with the rise in Libyan crude production (December 2011 year-on-year, crude -26 Mb and products -36 Mb). 2011 also saw a widening of the price differential between WTI crude (confined to the central United States) and Brent crude (delivered in the North Sea and accessible internationally). While Brent was experiencing upward pressure due to the balance of crude oil on the international market, WTI was under downward pressure from a continuous rise in local production and exports from Canada, the combination of which exceeded local refining capacity requirements and potential exports outside the region. The price of WTI thus rose less quickly than Brent, increasing the gap to almost -$28/b in mid-October (at the height of the upward pressure on Brent). The gap was more than halved at the end of the year, particularly with the announcement of the planned reversal of the Seaway pipeline, which should ease the pressure from the surplus of crude weighing down markets in the central United States. On a more global level, the market was buoyed by demand from China, which is still growing strongly, and to a lesser extent the United States. Despite this generally favorable demand structure, the freight market operated at overcapacity for most of 2011. Very few ships were decommissioned and 2011 saw a steady stream of new vessels being delivered as a result of the many orders placed by shipowners in 2007 and 2008. This situation severely damaged the fundamentals of the freight market for crude oil transport. Following the extremely cold weather at the beginning of 2011, which sustained rates for a time, there was a collapse in the second quarter that left the market at a historic low. With regard to the product tanker market, the situation remains poor worldwide, with transatlantic traffic to the United States particularly slow. Registration Document 2011. TOTAL 43
Page 1 and 2: Registration Document 2011
Page 3 and 4: Registration Document 2011 This tra
Page 5 and 6: Key figures 1. Operating and market
Page 7 and 8: Sales Adjusted net income (Group sh
Page 9 and 10: Shareholder base Estimates as of No
Page 11 and 12: Business overview Business overview
Page 13 and 14: 2. Upstream TOTAL’s Upstream segm
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Page 17 and 18: 2.3. Presentation of production act
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Page 73 and 74: Risk factors Risk factors 4 1. Fina
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- Permanent representative of Colam
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du Territoire et de l’Action Rég
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- Director of Europalia Internation
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- monitoring the quality of the inf
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6. COMMITTEES OF THE BOARD OF DIREC
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1.5.2. Compensation Committee Rules
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The term of office of the members o
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- examination of ethical issues (co
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1.8. Director independence At its m
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With regard to counterparty risks,
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Variable compensation is determined
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3. General Management 3.1. Manageme
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4.4. Fees received by the statutory
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total gross compensation as Chairma
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Chairman and Chief Executive Office
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The acquisition rate: - is equal to
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5.7.3. Directors’ fees and other
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5.8. TOTAL stock option grants Corp
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If all the outstanding stock option
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Corporate governance 5 Compensation
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The grant of these performance shar
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6. Employees, share ownership 6.1.
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6.3.1. Summary of transactions in t
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TOTAL and its shareholders TOTAL an
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1.2. Share performance TOTAL share
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1.2.7. TOTAL share price over the p
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2.2. Dividend payment BNP Paribas S
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the Board of Directors decided on J
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- delivered to the holders of secur
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4.4. Major shareholders 4.4.1. Chan
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4.6. Shares held by members of the
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However, there are certain exceptio
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6.4. Registered shareholding TOTAL
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Financial information Financial inf
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4. Dividend policy The Company’s
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criminal chamber of the Court of Ap
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In October 2010, the Prosecutor’s
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General information General informa
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delegations of authority granted by
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1.4. Potential share capital as of
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2.3. Provisions of the by-laws gove
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2.6. Shareholders’ meetings 2.6.1
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In 2011, TOTAL’s holdings in Sano
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Consolidated Financial Statements T
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2. Consolidated statement of income
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4. Consolidated balance sheet TOTAL
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6. Consolidated statement of change
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Non-monetary contributions by ventu
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Intangible assets are carried at co
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when market data are not directly a
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- In June 2011, the IASB issued rev
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Since the acquisition date, sales a
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4) Business segment information Fin
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For the year ended December 31, 201
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Adjustments to net income, Group sh
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7) Other income and other expense F
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The net deferred tax variation in t
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11) Property, plant and equipment C
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12) Equity affiliates: investments
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In Group share, the main financial
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15) Inventories As of December 31,
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17) Shareholders’ equity Number o
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As of December 31, 2011, paid-in su
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The experience actuarial (gains) lo
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19) Provisions and other non-curren
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20) Financial debt and related fina
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Bonds after fair value hedge (M€)
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Bonds after cash flow hedge and fix
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C) Net-debt-to-equity ratio For its
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23) Commitments and contingencies A
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guarantees. As of December 31, 2011
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25) Share-based payments A) TOTAL s
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condition. This condition states th
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- varies on a straight-line basis b
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The following table summarizes SunP
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27) Statement of cash flows A) Cash
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As of December 31, 2010 (M€) Asse
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Assets and liabilities from financi
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As of December 31, 2010 (M€) Asse
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D) Fair value hierarchy The fair va
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As of December 31, 2009 Consolidate
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As part of its gas, power and coal
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As a result of this policy, the imp
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The following table sets forth fina
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its assets (as calculated under the
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e paid to those affected by the pol
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33) Other information Research and
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The business segments are identifie
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Supplemental oil and gas informatio
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1.3. Proved undeveloped reserves As
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(in million barrels of oil equivale
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Supplemental oil and gas informatio
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1.4.4. Changes in gas reserves Supp
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1.5. Results of operations for oil
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1.6. Cost incurred The following ta
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The standardized measure of discoun
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1.9. Changes in the standardized me
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2011 Natural gas production availab
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TOTAL S.A. The statutory Financial
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To be eligible for this supplementa
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3. Statutory Financial Statements o
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3.3. Statement of cash flow For the
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4. Notes to the Statutory Financial
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4) Other non-current assets A) Chan
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TOTAL shares held by the Group subs
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11) Translation adjustment The appl
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21) Commitments As of December 31 (
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- is equal to 100% if the average R
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D) TOTAL performance share grant Th
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24) Others Compensation for the adm
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5.2. Five-year financial data Share
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6. Consolidated financial informati
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Corporate social responsibility Cor
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TOTAL also hired 3,321 employees on
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1.5. Equal opportunity From recruit
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2.1. Occupational health and safety
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TOTAL particularly monitors hazardo
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The Group has therefore taken proac
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Social and economic development of
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commitment for TOTAL, adopting a pr
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4.3. TOTAL and new energies Althoug
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The selected sites and subsidiaries
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Assurance Opinion Completeness of d
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Glossary A Acreage Areas in which m
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MTO/OCP MTO (Methanols to Olefins)
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Cross reference lists Registration
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17. Employees 17.1. Number of emplo
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Registration Document concordance t
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PEFC/10-31-2043 This brochure is pr
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Registration document 2011 - tota - Total.com

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