Registration Document 2005 - Total.com

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2 Business overview History and strategy of TOTAL History and strategy of TOTAL History and development TOTAL S.A., a French société anonyme incorporated in France on March 28, 1924, together with its subsidiaries and affiliates, is the fourth largest publicly-traded integrated oil and gas company in the world*. With operations in more than 130 countries, TOTAL engages in all aspects of the petroleum industry, including Upstream operations (oil and gas exploration, development and production, LNG) and Downstream operations (refining, marketing and the trading and shipping of crude oil and petroleum products). TOTAL also produces base chemicals (petrochemicals and fertilizers), chlorochemicals, intermediates, performance polymers (organized under Arkema since October 2004) and specialty chemicals for the industrial and consumer markets. In addition, TOTAL has interests in the coal mining and power generation sectors, as well as a financial interest in the pharmaceutical sector (Sanofi-Aventis). TOTAL began its Upstream operations in the Middle East in 1924. Since that time, the Group has grown and expanded its operations worldwide. In early 1999 the Group acquired control of PetroFina S.A. (“PetroFina” or “Fina”) and in early 2000, the Group acquired control of Elf Aquitaine S.A. (“Elf Aquitaine” or “Elf”). The Company currently owns 99.5% of Elf Aquitaine shares and, since early 2002, 100% of PetroFina shares. The Group, which operated under the name TotalFina from June 1999 to March 2000, and then under the name TotalFinaElf, since the General Meeting held on May 6, 2003, operates under the name TOTAL. The Company’s principal address is 2, place de la Coupole, La Défense 6, 92400 Courbevoie, France; its telephone number is 33 1 47 44 45 46 and its website address is www.total.com. TOTAL S.A. is registered in France with the Nanterre Trade Register under the registration number 542 051 180. * based on market capitalization as of December 31, 2005. 10 TOTAL - Registration Document 2005 Strategy TOTAL’s strategy is to: • • • grow its hydrocarbon exploration and production activities throughout the world, and reinforce its position as one of the global leaders in the natural gas and LNG markets; develop and adapt its refining system and consolidate its position in the marketing segment in Europe, while expanding its positions in the Mediterranean basin, African and Asian markets; rationalize and develop its chemicals portfolio by giving priority to improving profitability and to creating a new decentralized entity encompassing the Vinyl Products, Industrial Chemicals and Performance Products activities. This entity, named Arkema, was officially created on October 1, 2004 and is expected to become a stand-alone entity when the Company’s shareholders vote on the proposed spin-off, thereby allowing the Group to focus its Chemicals activities on petrochemicals (base chemicals and polymers) and specialty chemicals.
Upstream TOTAL’s Upstream segment includes Exploration & Production and Gas & Power activities. The Group has exploration and production activities in 41 countries and produces oil or gas in 29 countries. 2.49 Mboe/d produced in 2005. 11.1 Bboe of reserves as of December 31, 2005. * 2005 investments: 8.1 billion euros. 14,849 employees. * Based on year-end Brent price of 58.21 $/b. (in millions of euros) 2005 IFRS 2004 IFRS 2004 French GAAP 2003 French GAAP Non-group sales 20,888 15,037 21,995 18,704 Adjusted operating income (1) 18,421 12,844 12,820 10,476 Adjusted net operating income (1) 8,029 5,859 5,834 5,259 Market conditions were favorable for the oil industry in 2005. In a context of continued demand growth, the tension on production capacity, aggravated by the effect of hurricanes in the Gulf of Mexico, raised oil prices and refining margins to high levels. Adjusted net operating income from the Upstream segment increased by 37% to 8,029 M€ from 5,859 M€ in 2004. Expressed in dollars, the increase in adjusted net operating income from the Upstream segment was 2.7 B$. The estimated 3 B$ benefit from the stronger oil and gas market environment was partially offset by the estimated -0.2 B$ impact of lower production, excluding the price effect, that was essentially due to hurricanes in the Gulf of Mexico, and by other factors, including higher costs, estimated at -0.1 B$. Technical costs (FAS 69 consolidated subsidiaries only) were 8.5 $/boe in 2005 compared to 8.0 $/boe in 2004. (1) IFRS and French GAAP: excluding special items Business overview Upstream TOTAL - Registration Document 2005 2 Price realizations 2005 2004 2003 Liquids realizations ($/b) 51.0 36.3 27.8 Gas realizations ($/Mbtu) 4.77 3.74 3.27 * Consolidated subsidiaries, excluding fixed margin and buy-back contracts. For the year 2005, the increase in the average realized price for liquids was globally in line with the increase in the price of Brent, reflecting the price sensitivity of TOTAL’s production. Realized gas prices increased in all producing areas, gradually benefiting from the positive effects of high crude oil prices on long-term gas contracts, notably in Europe. 11
Page 1 and 2: Registration Document 2005
Page 3 and 4: Registration Document 2005 This is
Page 5 and 6: Key figures Selected financial info
Page 7 and 8: 104,652 2003 French GAAP Sales (M
Page 9 and 10: DOWNSTREAM Refined product sales (k
Page 11: Business overview History and strat
Page 15 and 16: Exploration & Production Exploratio
Page 17 and 18: Production TOTAL’s average daily
Page 19 and 20: Presentation of production activiti
Page 21 and 22: Europe Year of entry into the count
Page 23 and 24: Africa TOTAL has been present in Af
Page 25 and 26: Libya The Group’s share of produc
Page 27 and 28: North America The Group’s presenc
Page 29 and 30: On the Yucal Placer field, the init
Page 31 and 32: Commonwealth of Independent States
Page 33 and 34: The Netherlands TOTAL is the second
Page 35 and 36: Kuwait Since 1997, the Group has pr
Page 37 and 38: Gas & Power The Gas & Power sector
Page 39 and 40: Middle East In Qatar, negotiations
Page 41 and 42: TOTAL is pursuing decentralized rur
Page 43 and 44: Refining & Marketing On December 31
Page 45 and 46: Marketing The Group is one of the l
Page 47 and 48: the provinces of Shanghai, Jiangsu
Page 49 and 50: All of TOTAL’s trading activities
Page 51 and 52: Base Chemicals TOTAL’s Base Chemi
Page 53 and 54: Specialties TOTAL’s Specialties s
Page 55 and 56: trademarks. It is present on three
Page 57 and 58: Other activities E-Commerce In 2005
Page 59 and 60: Organizational structure Position o
Page 61 and 62: Executive Committee Trading & Shipp
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Management Report of the Board of D
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Market environment Management Repor
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Upstream results (in millions of eu
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Downstream results (in millions of
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Adoption of IFRS rules The principa
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Liquidity and capital resources Lon
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Research and development Research a
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Risk factors Market risks p. 76 •
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Financial markets related risks Wit
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The non-current debt in dollars des
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Grande Paroisse An explosion occurr
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Myanmar Under the Belgian “univer
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Risk management Risk evaluations le
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ILSA - Other US regulations In 2001
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Insurance and risk management Organ
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Corporate governance Board of Direc
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Anne Lauvergeon 46 years old. Indep
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Additional information required und
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Statutory auditors Statutory audito
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Executive Officers’ Compensation
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Report of the Chairman of the Board
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july 19: • estimated earnings for
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Nominating & Compensation Committee
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The hydrocarbon reserves are review
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Headcount, Employee shareholdings,
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Allocation of TOTAL share subscript
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TOTAL share subscription and purcha
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Allocation of TOTAL restricted shar
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Elf Aquitaine share subscription op
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TOTAL and its shareholders TOTAL sh
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Four-for-one stock split A proposal
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TOTAL share over the last 18 months
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Dividend payment on Stock Certifica
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• were repurchased under the auth
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These transactions may be carried o
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Shareholders Relationship between T
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The holdings of the principal share
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Shareholders Estimate of capital di
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The above-mentioned French forms ar
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• • • • On November 18 and
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2006 Calendar February 15 Results f
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Financial information Historical fi
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Additional information Financial in
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General information Share capital p
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• Authority to grant restricted e
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Potential capital as of December 31
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General information Articles of inc
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Shareholders’ Meetings Notices of
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Documents on display The documents
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Statutory auditors’ report on the
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Consolidated statement of income TO
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Consolidated statement of cash flow
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Notes to the consolidated financial
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The cost of employee-reserved capit
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K. Impairment of long-lived assets
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Crude oil costs include raw materia
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Fair value option In June 2005, the
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A. Information by business segment
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Appendix 1 - Consolidated financial
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C. Adjusting items by business segm
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7. Other income and other expense A
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RECONCILIATION BETwEEN PROVISION FO
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12. Equity affiliates: investments
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14. Other non-current assets Append
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Capital increase reserved for Group
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The Group expects to contribute 371
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19. Other non-current liabilities A
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(in millions of euros) TOTAL CAPITA
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Impact on net income Appendix 1 - C
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23. Commitments and contingencies A
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B. TOTAL share purchase plan Append
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25. Payroll and staff Appendix 1 -
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B. Financial instruments related to
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Management of short-term interest r
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31. Other information A. Research a
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The consolidated balance sheet and
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Note 32.6: IFRS restatements with a
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Fixed assets Component Impairment o
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Fixed assets Component Impairment o
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53.2% 95.7% Elf Aquitaine 99.5% 100
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Oil and gas reserves p. 232 • Cha
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Changes in liquids reserves Appendi
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Changes in liquids and gas reserves
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Costs incurred in oil and gas prope
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Standardized measure of discounted
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Other information Accounting for ex
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Appendix 3 - TOTAL S.A. Special aud
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Statutory auditors’ report on the
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Summary balance sheet at December 3
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Other five-year financial data TOTA
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Employment and environmental inform
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4) Compensation TOTAL - Registratio
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Environment Pursuant to French Law
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Five-year consolidated financial in
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10. CAPITAL RESOURCES 10.1. Informa
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TOTAL S.A. Registered Offi ce: 2, p
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Registration Document 2005 - Total.com

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