Registration document 2007 - Total.com

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2 As of December 31, 2006, TOTAL’s combined proved reserves of crude oil and natural gas were 11,120 Mboe (of which 50% were proved developed reserves). Liquids represented approximately 58% of these reserves and natural gas the remaining 42%. These reserves were located primarily in Europe (Norway, the United Kingdom, the Netherlands, Italy and France), Africa (Nigeria, Angola, Congo, Gabon, Libya, Algeria and Cameroon), Asia/Far East (Indonesia, Myanmar, Thailand and Brunei), North America (Canada and the United States), the Middle East (Qatar, United Arab Emirates, Yemen, Oman, Iran and Syria), South America (Venezuela, Argentina, Bolivia, Trinidad & Tobago and Colombia), and the Commonwealth of Independent States (CIS) (Kazakhstan, Azerbaijan and Russia). As of December 31, 2005, TOTAL’s combined proved reserves of crude oil and natural gas were 11,106 Mboe (of which 50% were proved developed reserves). Liquids represented approximately 59% of these reserves and natural gas the remaining 41%. These reserves are located primarily in Europe (Norway, the United Kingdom, the Netherlands, Italy and France), Africa (Nigeria, Angola, Congo, Gabon, Libya, Algeria and Cameroon), Asia/Far East (Indonesia, Myanmar, Thailand and Brunei), North America (Canada and the United States), the Middle East (United Arab Emirates, Qatar, Yemen, Oman, Iran and Syria), South America (Venezuela, Argentina, Bolivia, Trinidad & Tobago and Colombia), and the CIS (Kazakhstan, Azerbaijan and Russia). As of December 31, 2004, TOTAL’s combined proved reserves of crude oil and natural gas were 11,148 Mboe (of which 51% were proved developed reserves). Liquids represented approximately 63% of these reserves and natural gas the remaining 37%. These 14 Business overview Upstream - Exploration & Production TOTAL – Registration Document 2006 reserves were located primarily in Europe (Norway, the United Kingdom, the Netherlands, Italy and France), Africa (Nigeria, Angola, Congo, Gabon, Algeria, Libya and Cameroon), Asia/Far East (Indonesia, Myanmar, Thailand and Brunei), North America (the United States and Canada), the Middle East (United Arab Emirates, Qatar, Oman, Iran, Syria and Yemen), South America (Venezuela, Argentina, Bolivia, Trinidad & Tobago and Colombia) and the CIS (Kazakhstan, Azerbaijan and Russia). Proved reserves are the estimated quantities of TOTAL’s entitlement under concession contracts, production sharing contracts or buy-back agreements. These estimated quantities may vary depending on oil and gas prices. An increase in the year-end price has the effect of reducing proved reserves associated with production sharing or buyback agreements (which represent approximately 30% of TOTAL’s reserves as of December 31, 2006). Under such contracts, TOTAL is entitled to receive a portion of the production, calculated so that its sale should cover expenses incurred by the Group. With higher oil prices, the volume of entitlement necessary to cover the same amount of expenses is lower. This reduction is partially offset by an extension of the duration over which fields can be produced economically. However, the increase in reserves due to extensions is smaller than the decrease in reserves under production sharing or buyback agreements. For this reason, a higher year-end price translates, on the whole, into a decrease in TOTAL’s reserves. The table below sets forth the amount of TOTAL’s worldwide proved reserves as of the dates indicated (including both developed and undeveloped reserves). TOTAL’s proved reserves (a)(b) Liquids (Mb) Natural Gas (Bcf) Total (Mboe) December 31, 2004 7,003 22,785 11,148 Change from December 31, 2003 (4.4%) 2.3% (2.2%) December 31, 2005 6,592 24,750 11,106 Change from December 31, 2004 (5.9%) 8.6% (0.4%) December 31, 2006 6,471 25,539 11,120 Change from December 31, 2005 (1.8%) 3.2% 0.1% (a) Includes TOTAL’s proportionate share of the proved reserves of equity affiliates and of two companies accounted for by the cost method. See “Supplemental Oil and Gas Information (Unaudited)”, beginning on page 237. (b) Reserves as of December, 31 2006 are calculated based on a Brent crude price of $ 58.93/b, reserves as of December, 31 2005 are calculated based on a Brent crude price of $ 58.21/b and reserves as of December, 31 2004 are calculated based on a Brent crude price of $ 40.47/b, pursuant to Rule 4-10 of Regulation S-X.
Production For the full year 2006, hydrocarbon average daily production was 2,356 kboe/d compared to 2,489 kboe/d in 2005, a decrease of 5% due to the following elements : -2% due to the price effect, -1% due to changes in the portfolio and -2% due to shut-downs in the Niger Delta area. Excluding these items, the positive impact of new field start-ups was offset by normal declines and shut-downs in the North Sea. In 2004, average production amounted to 2,585 kboe/d. Liquids accounted for approximately 64% and natural gas accounted for approximately 36% of TOTAL’s combined liquids and natural gas production in 2006 on an oil equivalent basis. The table on the next page sets forth by geographic area TOTAL’s average daily production of crude oil and natural gas for each of the last three years. Consistent with industry practice, TOTAL often holds a percentage interest in its acreage rather than a 100% interest, with the balance being held by joint venture partners (which may include other international oil companies, state oil companies or government entities). TOTAL frequently acts as operator (the party responsible for technical production) on acreage in which it holds an interest. See “Presentation of Production Activities by Geographic Area” on pages 17 to 35 for a description of TOTAL’s principal producing fields in the upstream sector. Business overview Exploration & Production - Upstream 2 As in 2005 and 2004, substantially all of the crude oil production from TOTAL’s Exploration & Production activities in 2006 was marketed by the Trading-Shipping activities of its Downstream segment. See “Downstream—Trading-Shipping” on page 48. The majority of TOTAL’s natural gas production is sold under long-term contracts. However, its North American production is sold on a spot basis as is part of its production from the United Kingdom, Norway and Argentina. The long-term contracts under which TOTAL sells its natural gas and LNG production usually provide for a price related to, among other factors, average crude oil and other petroleum product prices as well as, in some cases, a cost of living index. Although the price of natural gas and LNG tends to fluctuate in line with crude oil prices, there is a delay before changes in crude oil prices are reflected in long-term natural gas prices. Because of the relationship between the contract price of natural gas and crude oil prices, contract prices are not generally affected by short-term market fluctuations in the spot price of natural gas. See “Supplemental Oil and Gas Information (unaudited)” on pages 237 to 248. TOTAL – Registration Document 2006 15
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 and 12: Business overview History and strat
Page 13 and 14: Upstream TOTAL’s Upstream segment
Page 15: Exploration & Production Exploratio
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
Page 63 and 64: Management Report of the Board of D
Page 65 and 66: Market environment 2006 2005 2004 E
Page 67 and 68:
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
Page 159 and 160:
Potential capital as of December 31
Page 161 and 162:
General information Share capital J
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Directors’ Charter and Committees
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Other matters Employee incentives a
Page 167 and 168:
Information on holdings General inf
Page 169 and 170:
Statutory auditors’ report on the
Page 171 and 172:
Consolidated statement of income TO
Page 173 and 174:
Consolidated statement of cash flow
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On February 13, 2007, the Board of
Page 177 and 178:
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
Page 205 and 206:
The variation of the weighted-avera
Page 207 and 208:
18) Employee benefits obligations P
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The components of the net periodic
Page 211 and 212:
20) Financial debt and related fina
Page 213 and 214:
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Impact on net income The amount of
Page 217 and 218:
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
Page 227 and 228:
B) Financial instruments related to
Page 229 and 230:
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
Page 247 and 248:
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
Page 253 and 254:
(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
Page 259 and 260:
2) Property, plant and equipment As
Page 261 and 262:
6) Shareholders’ equity A) Common
Page 263 and 264:
7) Contingency reserves As of Decem
Page 265 and 266:
11) Translation adjustment The appl
Page 267 and 268:
20) Commitments As of December 31 (
Page 269 and 270:
TOTAL share purchase options plans
Page 271 and 272:
Appendix 3 - TOTAL S.A. Parent comp
Page 273 and 274:
List of marketable securities held
Page 275 and 276:
Distribution of earnings 2006 Net d
Page 277 and 278:
Social and environmental informatio
Page 279 and 280:
AVERAGE COMPENSATION PER MONTH - TO
Page 281 and 282:
Environment Pursuant to French law
Page 283 and 284:
Consolidated financial information
Page 285 and 286:
European Cross Reference List 10. C
Page 288:
TOTAL S.A. Registered Office: 2, pl
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Registration document 2007 - Total.com

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