=Total (TOT) reported earnings on Thur 11 Feb 2016 (a/h)

** charts before earnings **

** charts after earnings **

Total beats on top and bottom lines; maintains dividend at current levels :

Reports Q4 EPS EUR0.80 vs EUR0.64 Capital IQ consensus; revs of EUR28.8 bln vs EUR28.1 bln consensus

• Hydrocarbon production of 2,347 kboe/d for the full year 2015
• Hydrocarbon prices fell sharply in 2015 with Brent decreasing by around 50%. In this context, Total generated adjusted net results of $10.5 billion, a decrease of 18% compared to 2014, the best performance among the majors. This resilience in a degraded environment demonstrates the effectiveness of the Group's integrated model and the full mobilization of its teams.
• Upstream production increased by a record 9.4%, driven by the start up of nine projects.

Outlook:

• In 2016, the Group will reduce its organic Capex to around $19 billion, a reduction of more than 15% compared to 2015. This marks a transition to a sustainable level of investments of $17-19 billion from 2017 onwards. The cost reduction program launched in 2014 will be reinforced, enabling Opex savings of $2.4 billion in 2016 and underpinning the objective of more than $3 billion in 2017.
• Production is expected to grow by 4% in 2016 compared to 2015, following more than 9% in 2015 compared to 2014, confirming the growth target of 5% per year on average between 2014 and 2019.

Dividend:

• Board of Directors on February 10, 2016, and agreed to propose to the Annual Shareholders' Meeting on May 24, 2016, a 2015 annual dividend of EUR2.44 per share, stable compared to the 2014 annual dividend.
• The Board will also propose to the Annual Shareholders' Meeting the alternative for shareholders to receive the fourth quarter 2015 dividend in cash or in new shares of the company discounted by 10%.