Registration document 2007 - Total.com

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2 10 Business overview History and strategy of TOTAL History and strategy of TOTAL History and development TOTAL S.A., a French société anonyme (limited company) 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 (1) . 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) 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 Sanofi-Aventis. TOTAL began its Upstream operations in the Middle East in 1924. Since that time, the Company has grown and expanded its operations worldwide. Early in 1999 the Company acquired control of PetroFina S.A. (thereafter referred to as “PetroFina” or “Fina”) and in early 2000, the Company acquired control of Elf Aquitaine S.A. (thereafter referred to as “Elf Aquitaine” or “Elf”). The Company currently owns 99.5% of Elf Aquitaine shares and, since early 2002, 100% of PetroFina shares. The Company, which operated under the name TOTAL FINA S.A. from June 1999 to March 2000, and then under the name TotalFinaElf, has been operating under the name TOTAL FINA ELF S.A. since the shareholders’ meeting of May 6, 2003. The Company’s principal office 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. (1) Based on market capitalization at year-end 2006 TOTAL – Registration Document 2006 Strategy TOTAL’s strategy is to: • grow its hydrocarbon exploration and production activities throughout the world, and strengthen 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, the African and the Asian markets; • grow its petrochemicals business, particularly in Asia and the Middle East, while improving the competitiveness of its operations in mature areas.
Upstream TOTAL’s Upstream segment includes Exploration & Production and Gas & Power activities. The Group has exploration and production activities in 42 countries and produces oil or gas in 30 countries. 2.36 Mboe/d produced in 2006. 11.1 Bboe of proved reserves as of December 31, 2006. * 9.0 B€ invested in 2006. 14,862 employees. * Based on year-end Brent price of 58.93 $/b. Upstream segment financial data (in M€) 2006 2005 2004 Non-group Sales 20,782 20,888 15,037 Adjusted operating income 20,307 18,421 12,844 Adjusted net operating income 8,709 8,029 5,859 Conditions in the oil market remained globally favorable in 2006. Crude oil prices, on average, increased compared to 2005, driven by robust demand and sustained production capacity utilization rates. Adjusted net operating income for the Upstream segment was 8,709 M€ compared to 8,029 M€ in 2005, an increase of 8%. Business overview Upstream Expressed in dollars, 2006 adjusted net operating income for the Upstream segment was $10.9 billion, an increase of $0.9 billion compared to 2005, composed mainly of the $2.5 billion positive effect of higher hydrocarbon prices, which was partially offset by the negative impact of lower production volumes and changes in the portfolio (approx -$0.6 billion), higher production costs (approx -$0.5 billion, including -$0.2 billion for exploration) and the impact of changes in tax terms (approximately -$0.5 billion). Technical costs (FAS 69, consolidated subsidiaries only) increased to $9.9/boe in 2006 from $8.5/boe in 2005. Price realizations* 2006 2005 2004 Liquids realizations ($/b) 61.8 51.0 36.3 Gas realizations ($/Mbtu) 5.91 4.77 3.74 * Consolidated subsidiaries, excluding fixed margin and buy-back contracts. For the year 2006, the increase in TOTAL’s average liquids price was globally in line with the increase in Brent. TOTAL’s average gas price increased by more than its liquids price, due to the lag effect on long-term contracts for gas and strong LNG prices in Asia. 2 TOTAL – Registration Document 2006 11
Page 1 and 2: Registration Document 2006
Page 3 and 4: Registration Document 2006 This is
Page 5 and 6: Key figures Selected financial info
Page 7 and 8: 116,842 Key figures Operating and m
Page 9 and 10: Refined product sales including Tra
Page 11: Business overview History and strat
Page 15 and 16: Exploration & Production Exploratio
Page 17 and 18: Production For the full year 2006,
Page 19 and 20: Presentation of production activiti
Page 21 and 22: Europe Business overview Exploratio
Page 23 and 24: Africa TOTAL has been present in Af
Page 25 and 26: this zone through its subsidiaries
Page 27 and 28: North America Since 2004, TOTAL has
Page 29 and 30: Trinidad & Tobago TOTAL holds a 30%
Page 31 and 32: TOTAL also has a 50% interest in th
Page 33 and 34: Europe TOTAL’s production in Euro
Page 35 and 36: K6-GT platform, in anticipation of
Page 37 and 38: The Group also holds a 20% interest
Page 39 and 40: Gas & Power The Gas & Power divisio
Page 41 and 42: Asia Pacific The Hazira re-gasifica
Page 43 and 44: In Morocco, Temasol, in which TOTAL
Page 45 and 46: Refining & Marketing As of December
Page 47 and 48: Refined products The table below se
Page 49 and 50: capacity oil recycling plant in Fra
Page 51 and 52: In 2006, the principal market bench
Page 53 and 54: Base Chemicals TOTAL’s Base Chemi
Page 55 and 56: Specialties TOTAL’s Specialties s
Page 57 and 58: Investments Main investments made o
Page 59 and 60: Property, Plant and Equipment TOTAL
Page 61 and 62: Board of Directors Executive Commit
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Management Report of the Board of D
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Market environment 2006 2005 2004 E
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Upstream results Liquids and gas pr
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Downstream results For the full yea
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Liquidity and capital resources Lon
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Research and development Research a
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Trends and outlook Outlook Since th
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Risk Factors Market risks p. 76 •
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The Group has implemented strict po
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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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TOTAL, like other major internation
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Insurance and risk management Organ
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Corporate Governance Board of Direc
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Daniel Bouton 56 years old. Inspect
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Bertrand Jacquillat 62 years old. A
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Michel Pébereau 64 years old. Hono
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Management General Management On Ma
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Corporate Governance Compensation o
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Pensions and other commitments (Art
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Within this framework, the Board’
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Members of the Audit Committee may
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Messrs. Bouton, Collomb, Desmarais,
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establishes and maintains procedure
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Employees, Share Ownership, Stock O
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Corporate Governance Employees, Sha
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TOTAL stock options Corporate Gover
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Restricted share plans as of Decemb
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TOTAL and its shareholders Listing
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Four-for-one stock split The Genera
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Information Summary TOTAL and its s
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Dividends Dividend policy In accord
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Share buybacks The General Meeting
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Summary table of transactions compl
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cancels and replaces the unused por
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which was approved by the French Co
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Shareholder structure Distribution
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Non-resident individual taxpayers e
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The Committee also worked on the co
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2007 Calendar February 14 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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Pursuant to this authorization, the
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Potential capital as of December 31
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General information Share capital J
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Directors’ Charter and Committees
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Other matters Employee incentives a
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Information on holdings General inf
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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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On February 13, 2007, the Board of
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G. Earnings per share Earnings per
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equal to the market price. For unli
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The net periodic pension cost is re
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(iii) Portion of intangible assets
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A. Information by business segment
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Appendix 1 - Consolidated financial
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ADJUSTMENTS TO OPERATING INCOME 200
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In 2006, gains and losses on sales
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Property, plant and equipment prese
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14) Other non-current assets As of
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The variation of the weighted-avera
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18) Employee benefits obligations P
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The components of the net periodic
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20) Financial debt and related fina
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Impact on net income The amount of
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23) Commitments and contingencies A
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Other guarantees given Non-consolid
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25) Payroll and staff For the year
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The classification by strategy and
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B) Financial instruments related to
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29) Market risks Oil and gas market
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As a result of its policy for manag
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3) The Group has recorded provision
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53.2% 95.7% Elf Aquitaine 99.5% 100
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Oil and gas reserves p. 238 • 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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Appendix 2 - Supplemental oil and g
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Other information Accounting for ex
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Appendix 3 - TOTAL S.A. Special aud
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(Free translation of a French langu
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Balance Sheet (TOTAL S.A.) Appendix
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Statement of changes in Shareholder
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2) Property, plant and equipment As
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6) Shareholders’ equity A) Common
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7) Contingency reserves As of Decem
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11) Translation adjustment The appl
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20) Commitments As of December 31 (
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TOTAL share purchase options plans
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Appendix 3 - TOTAL S.A. Parent comp
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List of marketable securities held
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Distribution of earnings 2006 Net d
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Social and environmental informatio
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AVERAGE COMPENSATION PER MONTH - TO
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Environment Pursuant to French law
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Consolidated financial information
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European Cross Reference List 10. C
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TOTAL S.A. Registered Office: 2, pl
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Registration document 2007 - Total.com

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