Total: First Quarter 2021 Results

With results of more than $3 billion, Total fully benefits from rebound in hydrocarbon prices

LNG and renewables represent one-third of results

Regulatory News:

TOTAL S.A. (Paris:FP) (LSE:TTA) (NYSE:TOT):

1Q21

1Q20

Change vs 1Q20

1Q19

Change vs 1Q19

Oil price - Brent ($/b)

61.1

50.1

+22%

63.1

-3%

Average price of LNG ($/Mbtu)

6.1

6.3

-4%

7.2

-16%

Variable cost margin - Refining Europe, VCM ($/t)

5.3

26.3

-80%

33.0

-84%

Adjusted net income (Group share)1

- in billions of dollars (B$)

3.0

1.8

69%

2.8

+9%

- in dollars per share

1.10

0.66

+68%

1.02

+8%

DACF1 (B$)

5.8

4.3

+34%

6.3

-8%

Cash Flow from operations (B$)

5.6

1.3

x4,3

3.6

+54%

Net income (Group share) of 3.3 B$ in 1Q21 Net-debt-to-capital ratio of 19.5% at March 31, 2021 vs. 21.7% at December 31, 20202 Hydrocarbon production of 2,863 kboe/d in 1Q21, a decrease of 7% compared to 1Q20 First 2021 interim dividend set at 0.66 €/share

The Board of Directors of Total SE, meeting on April 28, 2021, under the chairmanship of Chairman and Chief Executive Officer Patrick Pouyanné, approved the Group's first quarter 2021 accounts. On this occasion, Patrick Pouyanné said:

« In the first quarter, the Group fully benefited from rising oil and gas prices, up 38% and 24%, respectively quarter-to-quarter, and its strategy to grow LNG and Renewables and Electricity.

The Group reported adjusted net income of $3 billion, above the pre-crisis first quarter of 2019, despite a less favorable environment by taking advantage of the action plans implemented during the crisis. Cash flow (DACF) increased to $5.8 billion and gearing already decreased to less than 20% in the first quarter of 2021, validating the strategy of resilience and maintaining the dividend driven by the Board of Directors during the 2020 crisis. The Board of Directors confirms the objective of anchoring the Group's gearing sustainably below 20%. The organic cash breakeven was less than $25/b in the first quarter.

The iGRP segment reported adjusted net operating income of $1 billion, the highest in its history, and generated cash flow of more than $1 billion, thanks to growing LNG sales and the positive contribution from Renewables and Electricity, which had an EBITDA of nearly $350 million. Over the past year, gross installed renewable power generation capacity grew from 3 GW to 7.8 GW, renewable power production more than doubled, net power production increased by more than 60% and the Group now has more than 5 million customers in France. With more than $2 billion invested in renewables, including the acquisition of a 20% stake in Adani Green Energy Ltd in India, in the first quarter of 2021, the Group is accelerating its transformation into a broad energy company.

With an adjusted net operating income of $2 billion, Exploration & Production fully captured the higher oil price and provided a strong cash flow contribution of $3.8 billion. Given the OPEC+ quota implementation, the Group’s production, as announced, increased slightly to 2.86 Mboe/d (0.8%). With the launch of the Lake Albert project in Uganda and Tanzania, the Group is implementing its strategy to invest in resilient low-breakeven projects that reduce the carbon intensity of its portfolio.

The improved Upstream environment contrasts with depressed European refining margins, down 80% from a year ago, reflecting weak demand for petroleum products of 13 Mb/d in the first quarter 2021 versus 15 Mb/d a year earlier. Downstream adjusted net operating income was more than $500 million, supported by strong petrochemicals performance and resilient Marketing & Services.

Strengthened by these excellent results and confident in the fundamentals of the Group, the Board of Directors decided to distribute a first interim dividend for fiscal year 2021 stable at €0.66 / share. »

Highlights3

Sustainability

Total's Board of Directors takes the initiative to submit a resolution on the Company's ambition for sustainable development and energy transition toward carbon neutrality
Consistent with its climate policy, the Group withdraws from the American Petroleum Institute
Inauguration of L’Industreet, a campus for training young people in the industry profession, Total's flagship action for social responsibility in France

Renewables and Electricity

Acquired in India 20% of Adani Green Energy Limited (AGEL), the largest solar developer in the world
Secured with Macquarie rights to seabed lease to jointly develop 1.5 GW offshore wind project in the UK
Acquired 4 GW portfolio of solar and energy storage projects in the US
Partnered with Microsoft to support digital innovation and carbon neutrality goals
Signed major green power sale agreement to Orange to develop 80 MW of solar farms in France
Farmed down 50% of two renewables portfolios in France representing close to 340 MW

LNG

Declaration of force majeure on Mozambique LNG project considering the security situation in the northern Cabo Delgado
Signed agreements with Shenergy Group for the supply of up to 1.4 Mt/y of LNG in China
Obtained supplier license for marine bunker LNG in Singapore
Signed technical collaboration agreement with Siemens Energy to reduce CO2 emissions related to LNG

Upstream

Signed definitive agreements enabling the launch of Tilenga and Kingfisher upstream oil projects and construction of East African Crude Oil Pipeline in Uganda and Tanzania
Published societal and environmental studies relating to the Tilenga and EACOP projects in Uganda and Tanzania

Downstream

Started production of sustainable aviation fuel in France at the La Mède biorefinery and at the Oudalle facility (Seine-Maritime)

Carbon Capture

Investment to plant 40,000-hectare forest in Republic of Congo that will create a carbon sink to sequester more than 10 million tons of CO2 over 20 years
Creation of the joint-venture development of the Northern Lights CO2 sequestration project in the northern North Sea

Key figures from Total’s consolidated financial statements4

In millions of dollars, except effective tax rate,earnings per share and number of shares

1Q21

4Q20

1Q20

1Q21vs1Q20

1Q19

1Q21vs1Q19 Adjusted net operating income from business segments

3,487

1,824

2,300

+52%

3,413

+2%

Exploration & Production

1,975

1,068

703

x2,8

1,722

+15%

Integrated Gas, Renewables & Power

985

254

913

+8%

592

+66%

Refining & Chemicals

243

170

382

-36%

756

-68%

Marketing & Services

284

332

302

-6%

343

-17%

Contribution of equity affiliates to adjusted net income

520

367

658

-21%

614

-15%

Group effective tax rate5

34.6%

14.9%

30.0%

40.5%

Adjusted net income (Group share)

3,003

1,304

1,781

+69%

2,759

+9%

Adjusted fully-diluted earnings per share (dollars)6

1.10

0.46

0.66

+68%

1.02

+8%

Adjusted fully-diluted earnings per share (euros)*

0.91

0.39

0.60

+52%

0.90

+1%

Fully-diluted weighted-average shares (millions)

2,645

2,645

2,601

+2%

2,620

+1%

Net income (Group share)

3,344

891

x98,4

3,111

+7%

Organic investments7

2,379

3,432

2,523

-6%

2,784

-15%

Net acquisitions8

1,590

1,099

1,102

+44%

306

x5,2

Net investments9

3,969

4,531

3,625

+9%

3,090

+28%

Operating cash flow before working capital changes**10

5,366

4,498

3,765

+43%

5,774

-7%

Operating cash flow before working capital changesw/o financial charges (DACF)11

5,750

4,933

4,277

+34%

6,277

-8%

Cash flow from operations

5,598

5,674

1,299

x4,3

3,629

+54%

From 2019, data takes into account the impact of the IFRS16 “Leases” rule, effective January 1, 2019. * Average €-$ exchange rate: 1.2048 in the first quarter 2021. ** 1Q20 and 1Q19 data restated.

Key figures of environment and Group production

> Environment* – liquids and gas price realizations, refining margins

1Q21

4Q20

1Q20

1Q21vs1Q20

1Q19

1Q21vs1Q19 Brent ($/b)

61.1

44.2

50.1

+22%

63.1

-3%

Henry Hub ($/Mbtu)

2.7

2.8

1.9

+46%

2.9

-5%

NBP ($/Mbtu)

6.8

5.6

3.1

x2,2

6.3

+7%

JKM ($/Mbtu)

10.0

8.0

3.6

x2,8

6.6

+50%

Average price of liquids ($/b)Consolidated subsidiaries

56.4

41.0

44.4

+27%

58.7

-4%

Average price of gas ($/Mbtu)Consolidated subsidiaries

4.06

3.31

3.35

+21%

4.51

-10%

Average price of LNG ($/Mbtu)Consolidated subsidiaries and equity affiliates

6.08

4.90

6.32

-4%

7.20

-16%

Variable cost margin - Refining Europe, VCM ($/t)

5.3

4.6

26.3

-80%

33.0

-84%

* The indicators are shown on page 19.

> Production*

1Q21

4Q20

1Q20

1Q21vs1Q20

1Q19

1Q21vs1Q19 Hydrocarbon production (kboe/d)

2,863

2,841

3,086

-7%

2,946

-3%

Oil (including bitumen) (kb/d)

1,272

1,238

1,448

-12%

1,425

-11%

Gas (including condensates and associated NGL) (kboe/d)

1,591

1,603

1,638

-3%

1,521

+5%

Hydrocarbon production (kboe/d)

2,863

2,841

3,086

-7%

2,946

-3%

Liquids (kb/d)

1,508

1,483

1,699

-11%

1,629

-7%

Gas (Mcf/d)

7,400

7,406

7,560

-2%

7,167

+3%

* Group production = E&P production + iGRP production

Hydrocarbon production was 2,863 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2021, a decrease of 7% year-on-year, comprised of:

-3% due to compliance with OPEC+ quotas, notably in Nigeria, the United Arab Emirates and Kazakhstan,
+2% due to resumption of production in Libya,
+2% due to the start-up and ramp-up of projects, notably North Russkoye in Russia, Culzean in the United Kingdom, Johan Sverdrup in Norway and Iara in Brazil,
-2% due to portfolio effect, notably the sales of assets in the United Kingdom and Block CA1 in Brunei,
-3% due to unplanned maintenance shut-downs notably in Norway,
-3% due to the natural decline of fields.

Analysis of business segments

Integrated Gas, Renewables & Power (iGRP)

> Production and sales of Liquefied natural gas (LNG) and electricity

Hydrocarbon production for LNG

1Q21

4Q20

1Q20

1Q21vs1Q20

1Q19

1Q21vs1Q19 iGRP (kboe/d)

518

532

552

-6%

518

Liquids (kb/d)

-13%

-4%

Gas (Mcf/d)

2,476

2,549

2,611

-5%

2,460

+1%

Liquefied Natural Gas in Mt

1Q21

4Q20

1Q20

1Q21 vs 1Q20

1Q19

1Q21 vs 1Q19

Overall LNG sales

9.9

10.0

9.8

+1%

7.7

+28%

incl. Sales from equity production*

4.4

4.3

4.7

-7%

3.8

+15%

incl. Sales by Total from equity production and third party purchases

7.9

8.0

7.8

+1%

6.0

+31%

* The Group’s equity production may be sold by Total or by the joint ventures.

Despite hydrocarbon production for LNG in the first quarter of 2021, down 6% year-over-year, mainly due to the shutdown of the Snøhvit LNG plant following a fire at the end of September 2020, total LNG sales were stable in the first quarter of 2021.

Renewables & Electricity

1Q21

4Q20

1Q20

1Q21vs1Q20 Portfolio of renewable power generation gross capacity to 2025 (GW) 1,2

36.2

26.1

16.7

x2,2

o/w installed capacity

7.8

7.0

3.0

x2,6

o/w capacity in construction

5.1

4.1

2.2

x2,3

o/w capacity in development

23.3

15.0

11.5

Gross capacity in development post-2025 2

4.0

2.5

0.4

x10

Gross renewables capacity with PPA (GW) 1,2

21.2

17.5

8.3

x2,6

Portfolio of renewable power generation net capacity to 2025 (GW) 1,2

28.0

17.9

11.5

x2,4

o/w installed capacity

3.8

3.1

1.2

x3,1

o/w capacity in construction

3.1

2.3

0.8

x3,8

o/w capacity in development

21.1

12.5

9.5

x2,2

Net capacity in development post-2025 2

2.1

1.4

0.3

x6,5

Net power production (TWh) 3

4.7

4.3

2.9

+61%

incl. Power production from renewables

1.6

1.2

0.7

x2,3

Clients power - BtB and BtC (Million) 2

5.7

5.6

4.2

+37%

Clients gas - BtB and BtC (Million) 2

2.7

2.7

1.7

+58%

Sales power - BtB and BtC (TWh)

16.1

13.5

14.2

+13%

Sales gas - BtB and BtC (TWh)

36.2

31.5

33.5

+8%

Proportionnal EBITDA Renewables and Electricity (M$) 4

344

179

250

+38%

incl. from renewables business

148

102

+62%

1Includes 20% of Adani Green Energy Ltd gross capacity effective first quarter 2021. 2 End of period data. 3 Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT) plants. 4 Group’s share (% interest) of EBITDA in Renewables and Electricity affiliates, regardless of consolidation method and including gains on asset sales. EBITDA: “Earnings Before Interest, Tax, Depreciation and Amortization »

Gross installed renewable power generation capacity grew to 7.8 GW at the end of the first quarter 2021, in line with the target of 10 GW by end-2021.

The portfolio of power capacity in operation, in construction and in development for 2025 has more than doubled from a year ago. It grew by 10 GW in the first quarter 2021 to 36 GW gross and 28 GW net, including the 20% interest in Adani Green Energy Limited (AGEL) and the acquisition of a 4 GW portfolio of solar projects in the US.

Net electricity production was 4.7 TWh in the first quarter 2021, an increase of 61% year-over-year, notably due to doubling production from renewable sources and the acquisition of four CCGT in France and Spain in the fourth quarter 2020.

Sales of electricity and gas in the first quarter 2021 increased by 13% and 8%, respectively, compared to the first quarter 2020 thanks to the growth in the number of customers.

The Group’s share of EBITDA for the Renewables and Electricity activity was $344 million in the first quarter 2021, an increase of 38% year-on-year, driven by the growth in electricity production, mainly from renewables, and the number of gas and electricity customers.

> Results

In millions of dollars

1Q21

4Q20

1Q20

1Q21vs1Q20

1Q19

1Q21vs1Q19 Adjusted net operating income*

985

254

913

+8%

592

+66%

including income from equity affiliates

264

248

+6%

255

+4%

Organic investments

753

1,007

646

+17%

493

+53%

Net acquisitions

1,893

577

1,137

+66%

400

x4,7

Net investments

2,646

1,584

1,783

+48%

893

Operating cash flow before working capital changes **

1,059

1,072

601

+76%

351

Cash flow from operations ***

780

575

(489)

892

-13%

* Detail of adjustment items shown in the business segment information annex to financial statements. ** Excluding financial expenses, except those related to lease contracts, excluding the impact of contracts recognized at fair value for the sector and including capital gains on the sale of renewable projects. 1Q20 and 1Q19 data restated (see note 10 on page 3). *** Excluding financial charges, except those related to leases.

Adjusted net operating income for the iGRP segment was $985 million in the first quarter, a new record high. The year-on-year increase of 8%, despite the lower price of LNG, reflects the growing contribution of the Renewables and Electricity activity and good performance of trading.

Operating cash flow before working capital changes was $1,059 million in the first quarter 2021, an increase of 76% compared to the first quarter 2020, for the same reasons.

Exploration & Production

> Production

Hydrocarbon production

1Q21

4Q20

1Q20

1Q21vs1Q20

1Q19

1Q21vs1Q19 EP (kboe/d)

2,345

2,309

2,534

-7%

2,428

-3%

Liquids (kb/d)

1,444

1,418

1,626

-11%

1,563

-8%

Gas (Mcf/d)

4,924

4,857

4,949

-1%

4,707

+5%

> Results

In millions of dollars, except effective tax rate

1Q21

4Q20

1Q20

1Q21vs1Q20

1Q19

1Q21vs1Q19 Adjusted net operating income*

1,975

1,068

703

x2,8

1,722

+15%

including income from equity affiliates

270

222

390

-31%

213

+27%

Effective tax rate**

41.0%

19.8%

59.6%

48.6%

Organic investments

1,279

1,569

1,572

-19%

1,958

-35%

Net acquisitions

(202)

548

(6)

Net investments

1,077

2,117

1,566

-31%

1,996

-46%

Operating cash flow before working capital changes ***

3,824

2,652

2,576

+48%

4,246

-10%

Cash flow from operations ***

3,736

3,046

3,923

-5%

3,936

-5%

* Details on adjustment items are shown in the business segment information annex to financial statements. ** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments - impairment of goodwill + tax on adjusted net operating income). *** Excluding financial charges, except those related to leases.

Adjusted net operating income for the Exploration & Production segment was $1,975 million in the first quarter 2021, nearly triple the first quarter 2020, due to the sharp rebound in oil and gas prices.

Operating cash flow before working capital changes increased by 48% year-over-year to $3,824 million in the first quarter 2021 for the same reasons.

Downstream (Refining & Chemicals and Marketing & Services)

> Results

In millions of dollars

1Q21

4Q20

1Q20

1Q21vs1Q20

1Q19

1Q21vs1Q19 Adjusted net operating income*

527

502

684

-23%

1,099

-52%

Organic investments

335

840

277

+21%

319

+5%

Net acquisitions

(103)

(30)

(131)

Net investments

232

920

247

-6%

188

+23%

Operating cash flow before working capital changes **

872

1,129

1,064

-18%

1,686

-48%

Cash flow from operations **

1,661

2,162

(1,582)

(306)

* Detail of adjustment items shown in the business segment information annex to financial statements. ** Excluding financial charges, except those related to leases.

Refining & Chemicals

> Refinery and petrochemicals throughput and utilization rates

Refinery throughput and utilization rate*

1Q21

4Q20

1Q20

1Q21vs1Q20

1Q19

1Q21vs1Q19 Total refinery throughput (kb/d)

1,147

1,262

1,444

-21%

1,862

-38%

France

114

247

255

-55%

592

-81%

Rest of Europe

660

582

756

-13%

823

-20%

Rest of world

373

433

-14%

447

-17%

Utlization rate based on crude only**

58%

60%

69%

89%

* Includes refineries in Africa reported in the Marketing & Services segment. ** Based on distillation capacity at the beginning of the year, excluding Grandpuits from 2021, definitively shut down first quarter 2021.

Petrochemicals production and utilization rate

1Q21

4Q20

1Q20

1Q21 vs 1Q20

1Q19

1Q21 vs 1Q19

Monomers* (kt)

1,405

1,486

1,386

+1%

1,393

+1%

Polymers (kt)

1,165

1,291

1,202

-3%

1,297

-10%

Vapocracker utilization rate**

87%

90%

83%

87%

* Olefins. ** Based on olefins production from steamcrackers and their treatment capacity at the start of the year.

Refinery throughput volumes fell by 21% in the first quarter 2021 compared to a year ago due to the voluntary economic shutdown of the Donges refinery given the low margins, the shutdown of the Grandpuits refinery before its conversion to a zero-oil platform and the sale of the Lindsey refinery in the United Kingdom. The temporary shutdown of the Port Arthur platform in the US due to Storm Uri also contributed to the decline.

Production of monomers and polymers was stable compared to a year ago. The effect of strong demand was partially offset by the temporary shutdown of facilities in the US due to Storm Uri in Texas.

> Results

In millions of dollars

1Q21

4Q20

1Q20

1Q21vs1Q20

1Q19

1Q21vs1Q19 Adjusted net operating income*

243

170

382

-36%

756

-68%

Organic investments

222

448

168

+32%

240

-8%

Net acquisitions

(57)

(2)

(36)

(124)

Net investments

165

446

132

+25%

116

+42%

Operating cash flow before working capital changes **

394

560

674

-42%

1,104

-64%

Cash flow from operations **

996

1,514

(1,183)

(538)

* Detail of adjustment items shown in the business segment information annex to financial statements. ** Excluding financial charges, except those related to leases.

Adjusted net operating income for the Refining & Chemicals segment fell by 36% year-on-year to $243 million in the first quarter 2021. The drop was driven by European refining margins, which are still very poor, due to high oil prices and weak demand, particularly for distillates, due to reduced aviation activity.

Operating cash flow before working capital changes fell by 42% year-on-year to $394 million in the first quarter 2021 for the same reasons.

Cash flow from operations increased by $2,179 million to $996 million in the first quarter 2021 notably due to the decrease in working capital in the first quarter 2021, despite the low first quarter 2020 inventory values that reflected the sharp drop in oil prices.

Marketing & Services

> Petroleum product sales

Sales in kb/d*

1Q21

4Q20

1Q20

1Q21vs1Q20

1Q19

1Q21vs1Q19 Total Marketing & Services sales

1,442

1,509

1,656

-13%

1,836

-21%

Europe

776

828

906

-14%

1,012

-23%

Rest of world

666

681

750

-11%

824

-19%

* Excludes trading and bulk refining sales

Petroleum product sales volumes decreased by 13% year-over-year because of the Covid-19 pandemic-related lockdowns and the 50% drop in aviation activity.

> Results

In millions of dollars

1Q21

4Q20

1Q20

1Q21vs1Q20

1Q19

1Q21vs1Q19 Adjusted net operating income*

284

332

302

-6%

343

-17%

Organic investments

113

392

109

+4%

+41%

Net acquisitions

(46)

(8)

Net investments

474

115

-42%

-7%

Operating cash flow before working capital changes **

478

569

390

+23%

582

-18%

Cash flow from operations **

665

648

(399)

232

x2,9

* Detail of adjustment items shown in the business segment information annex to financial statements. ** Excluding financial charges, except those related to leases

Adjusted net operating income was $284 million in the first quarter 2021, a decrease of 6% compared to a year ago, mainly due to lower worldwide sales volumes for the reasons indicated above.

Operating cash flow before working capital changes was $478 million in the first quarter 2021, an increase of 23%, notably due to the negative impact in the first quarter 2020 of the revaluation of futures contracts.

Group results

> Adjusted net operating income from business segments

Adjusted net operating income from the business segments was $3,487 million in the first quarter 2021, an increase of 52% year-on-year due to the increase in oil and gas prices.

> Adjusted net income (Group share)

Adjusted net income (Group share) was $3,003 million in the first quarter 2021 compared to $1,781 million in the first quarter 2020, an increase of 69%, due to the increase in oil and gas prices.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of effects of changes in fair value12.

Total net income adjustments13 were $341 million in the first quarter 2021, comprised of a positive stock effect of close to $700 million, restructuring charges related to voluntary departures in France and Belgium and an impairment related to end of the Qatargas 1 contract.

The effective tax rate for the Group was 34.6% in the first quarter 2021 versus 30% in the first quarter 2020.

> Adjusted earnings per share

Adjusted fully-diluted earnings per share was $1.10 in the first quarter 2021, calculated based on 2,645 million weighted-average shares, versus $0.66 in the first quarter 2020.

> Acquisitions - asset sales

Acquisitions were $2,208 million in the first quarter 2021 and include notably the acquisition for $2 billion of a 20% interest in the renewable energy project developer in India, Adani Green Energy Limited.

Asset sales were $618 million in the first quarter 2021 and include notably the 50% farm down in France of a portfolio of renewable projects with total capacity of 285 MW (100%), the sale of a 10% interest in the onshore OML 17 block in Nigeria, a price supplement to the sale of Block CA1 in Brunei and the disposal of the Lindsey refinery in the United Kingdom.

> Net cash flow

Net cash flow14 for the Group was $1,397 million in the first quarter 2021 compared to $140 million in the first quarter 2020, which takes into account the increase in operating cash flow before changes in working capital to $5,366 million from $3,765 million and stable net investments of $3,969 million in the first quarter 2021 compared to $3,625 million a year ago.

> Profitability

The return on equity was 4.9% for the twelve months ended March 31, 2021.

In millions of dollars April 1, 2020 January 1, 2020 April 1, 2019 March 31, 2021 December 31, 2020 March 31, 2020 Adjusted net income

5,330

4,067

11,079

Average adjusted shareholders' equity

109,135

110,643

113,607

Return on equity (ROE)

4.9%

3.7%

9.8%

The return on average capital employed was 4.6% for the twelve months ended March 31, 2021.

In millions of dollars April 1, 2020 January 1, 2020 April 1, 2019 March 31, 2021 December 31, 2020 March 31, 2020 Adjusted net operating income

6,915

5,806

13,032

Average capital employed

148,777

145,723

150,418

ROACE

4.6%

4.0%

8.7%

Total SE accounts

Net income for Total SE, the parent company, was €1,472 million in the first quarter 2021 compared to €1,718 in the first quarter 2020.

2021 Sensitivities*

Change Estimated impact on adjustednet operating income Estimated impact on cashflow from operations Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$ Average liquids price** +/- 10 $/b +/- 2.7 B$ +/- 3.2 B$ European gas price - NBP ($/Mbtu) +/- 1 $/Mbtu +/- 0.3 B$ +/- 0.25 B$ Variable cost margin, European refining (VCM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2021. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals. Please find the indicators detailed page 19. ** In a 50 $/b Brent environment.

Summary and outlook

Supported by the OPEC+ active policy to reduce inventories by adapting supply to demand, the oil price has remained above $60/b since the beginning of February 2021. However, the oil environment remains volatile and dependent on the global demand recovery, still affected by the Covid-19 pandemic.

The Group maintains its expectation for stable hydrocarbon production in 2021 compared to 2020, benefiting from the resumption of production in Libya.

Total anticipates that the increase in the oil price observed in the first quarter will have a positive impact on its average LNG selling price over the next six months, given the lag effect on pricing formulas.

Given the high level of distillate inventories, European refining margins remain fragile.

Faced with uncertainties in the environment, the Group maintains spending discipline with an operating cost savings target of $0.5 billion in 2021 and production costs close to $5/boe. Net investments are expected to be between $12-13 billion in 2021, half to maintain the Group's activities and half for growth. Nearly 50% of these growth investments will be allocated to renewables and electricity.

The Group's teams are fully committed to the four priorities of HSE including the objectives in terms of CO2 emission reductions, operational excellence, cost reduction and cash flow generation.

In a 2021 hydrocarbon price environment maintained at the level of the first quarter (Brent at $60/b, European gas at $6/Mbtu), and with European refining margins at $10-15/t, the Group would expect to generate cash flow (DACF) on the order of $24 billion and a return on capital employed of close to 10%.

The Group confirms its priorities in terms of cash flow allocation: investing in profitable projects to implement its strategy to transform the Group into a broad-energy company, supporting the dividend through economic cycles, and maintaining a solid balance sheet with a minimum long-term “A” rating, by deleveraging to anchor the net debt-to-capital ratio sustainably below 20%.

* * * * *

To listen to the conference call with CFO Jean-Pierre Sbraire today at 13:30 (Paris time) please log on to total.com or call +44 (0) 203 009 5709 in Europe or +1 646 787 1226 in the United States (code: 3046396).

The conference replay will be available on total.com after the event.

* * * * *

Operating information by segment

> Group production (Exploration & Production + iGRP)

Combined liquids and gasproduction by region (kboe/d)

1Q21

4Q20

1Q20

1Q21vs1Q20

1Q19

1Q21vs1Q19 Europe and Central Asia

1,050

1,059

1,097

-4%

990

+6%

Africa

551

566

701

-21%

697

-21%

Middle East and North Africa

651

598

681

-4%

686

-5%

Americas

376

382

372

+1%

373

+1%

Asia-Pacific

235

236

235

201

+17%

Total production

2,863

2,841

3,086

-7%

2,946

-3%

includes equity affiliates

729

727

753

-3%

709

+3%

Liquids production by region (kb/d)

1Q21

4Q20

1Q20

1Q21vs1Q20

1Q19

1Q21vs1Q19 Europe and Central Asia

374

378

404

-7%

352

+6%

Africa

415

427

555

-25%

540

-23%

Middle East and North Africa

499

454

516

-3%

522

-4%

Americas

179

181

178

+1%

177

+1%

Asia-Pacific

-13%

+5%

Total production

1,508

1,483

1,699

-11%

1,629

-7%

includes equity affiliates

201

200

214

-6%

217

-7%

Gas production by region (Mcf/d)

1Q21

4Q20

1Q20

1Q21vs1Q20

1Q19

1Q21vs1Q19 Europe and Central Asia

3,636

3,666

3,734

-3%

3,426

+6%

Africa

693

701

746

-7%

795

-13%

Middle East and North Africa

843

809

912

-8%

905

-7%

Americas

1,100

1,126

1,092

+1%

1,101

Asia-Pacific

1,128

1,104

1,076

+5%

940

+20%

Total production

7,400

7,406

7,560

-2%

7,167

+3%

includes equity affiliates

2,855

2,851

2,905

-2%

2,656

+8%

> Downstream (Refining & Chemicals and Marketing & Services)

Petroleum product sales by region (kb/d)

1Q21

4Q20

1Q20

1Q21vs1Q20

1Q19

1Q21vs1Q19 Europe

1,488

1,651

1,771

-16%

2,022

-26%

Africa

667

628

683

-2%

658

+1%

Americas

772

794

766

+1%

839

-8%

Rest of world

495

547

444

+11%

616

-20%

Total consolidated sales

3,422

3,619

3,663

-7%

4,135

-17%

Includes bulk sales

331

458

497

-33%

557

-41%

Includes trading

1,648

1,652

1,510

+9%

1,742

-5%

Petrochemicals production* (kt)

1Q21

4Q20

1Q20

1Q21vs1Q20

1Q19

1Q21vs1Q19 Europe

1,346

1,381

1,272

1,416

-5%

Americas

510

662

664

-23%

614

-17%

Middle East and Asia

714

735

652

+9%

660

+8%

* Olefins, polymers

> Renewables

1Q21

4Q20

Installed power generation gross capacity (GW) 1,2 Solar Onshore Wind Other Total Solar Onshore Wind Other Total France

0.4

0.5

0.1

1.0

0.4

0.5

0.1

1.0

Rest of Europe

0.1

0.8

0.1

1.0

0.1

0.8

0.1

1.0

Africa

0.1

0.0

0.1

0.1

0.0

0.1

Middle East

0.3

0.0

0.3

0.3

0.0

0.3

North America

0.8

0.0

0.8

0.6

0.0

0.6

South America

0.2

0.1

0.0

0.3

0.2

0.1

0.0

0.2

India

3.4

0.1

0.0

3.5

3.3

0.0

3.3

Asia-Pacific

0.7

0.0

0.7

0.5

0.0

0.5

Total

6.1

1.5

0.1

7.8

5.6

1.3

0.1

7.0

1Q21

4Q20

Power generation gross capacity from renewables in construction to 2025(GW) 1,2 Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total France

0.3

0.0

0.1

0.4

0.3

0.0

0.3

Rest of Europe

0.1

0.3

1.1

0.0

1.5

0.1

0.3

1.1

0.0

1.5

Africa

0.0

0.0

0.0

0.0

Middle East

0.8

0.0

0.8

0.8

0.0

0.8

North America

0.3

0.0

0.3

0.0

0.1

South America

0.2

0.0

0.3

0.2

0.3

0.0

0.4

India

0.9

0.4

0.0

1.3

0.5

0.0

0.5

Asia-Pacific

0.4

0.0

0.5

0.5

0.0

0.5

Total

2.9

0.9

1.1

0.1

5.1

2.3

0.6

1.1

0.1

4.1

1Q21

4Q20

Power generation gross capacity from renewables in development to 2025(GW) 1,2 Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total France

3.2

1.0

0.0

4.2

3.5

1.0

0.0

0.1

4.6

Rest of Europe

5.2

0.3

0.4

0.0

5.9

5.1

0.3

0.4

0.0

5.7

Africa

0.1

0.0

0.2

0.1

0.0

0.2

Middle East

0.2

0.0

0.2

0.1

0.0

0.1

North America

3.4

0.2

0.0

0.7

4.2

0.6

0.3

0.0

0.9

South America

0.8

0.0

1.6

0.5

0.3

0.0

0.9

India

6.2

0.1

0.0

6.2

1.6

0.0

1.6

Asia-Pacific

0.8

0.0

0.8

0.9

0.0

0.9

Total

19.8

2.5

0.4

0.7

23.3

12.5

2.0

0.4

0.1

15.0

1 Includes 20% of gross capacity of Adani Green Energy Ltd effective first quarter 2021. 2 End-of-period data.

In operation In construction In development Gross renewables capacity covered by PPA at 31 March 2021 (GW) Solar Onshore Wind Total Solar Onshore Wind Offshore Wind Total Solar Onshore Wind Offshore Wind Total Europe

0.6

1.3

1.9

0.3

0.8

1.4

3.8

0.3

4.2

Asia

4.4

4.5

2.2

0.4

2.6

4.0

4.0

North America

0.8

0.8

0.2

0.3

0.3

Rest of World

0.3

0.5

0.4

0.2

0.3

total

6.0

1.5

7.6

2.8

0.9

0.8

4.5

8.3

0.6

8.9

In operation In construction In development PPA average price at 31 march 2021($/MWh) Solar Onshore Wind Total Solar Onshore Wind Offshore Wind Total Solar Onshore Wind Offshore Wind Total Europe

242

123

159

Asia

North America

156

159

Rest of World

105

105

123

total

113

115

113

Adjustment items to net income (Group share)

In millions of dollars

1Q21

4Q20

1Q20

1Q19

Special items affecting net income (Group share)

(342)

(683)

(334)

(14)

Gain (loss) on asset sales

104

Restructuring charges

(161)

(194)

(80)

(2)

Impairments

(144)

(71)

Other

(37)

(522)

(254)

(12)

After-tax inventory effect : FIFO vs. replacement cost

689

224

(1,414)

388

Effect of changes in fair value

(6)

(22)

Total adjustments affecting net income

341

(413)

(1,747)

352

Investments - Divestments

In millions of dollars

1Q21

4Q20

1Q20

1Q21vs1Q20

1Q19

1Q21vs1Q19 Organic investments ( a )

2,379

3,432

2,523

-6%

2,784

-15%

capitalized exploration

243

214

135

+80%

232

+5%

increase in non-current loans

292

355

279

+5%

130

x2,2

repayment of non-current loans,excluding organic loan repayment from equity affiliates

(96)

(212)

(117)

(134)

change in debt from renewable projects (Group share)

(167)

(46)

(105)

Acquisitions ( b )

2,208

1,538

1,644

+34%

669

x3,3

Asset sales ( c )

618

439

542

+14%

363

+70%

change in debt from renewable projects (partner share)

100

64%

Other transactions with non-controlling interests ( d )

Net investments ( a + b - c - d )

3,969

4,531

3,625

+9%

3,090

+28%

Organic loan repayment from equity affiliates ( e )

(30)

(77)

Change in debt from renewable projects financing * ( f )

267

166

+61%

Capex linked to capitalized leasing contracts ( g )

-8%

Cash flow used in investing activities ( a + b - c + e + f -g)

4,184

4,476

3,774

+11%

3,090

+35%

* Change in debt from renewable projects (Group share and partner share).

Cash flow

In millions of dollars

1Q21

4Q20

1Q20

1Q21vs1Q20

1Q19

1Q21vs1Q19 Operating cash flow before working capital changes w/o financials charges (DACF)

5,750

4,933

4,277

+34%

6,277

-8%

Financial charges

(384)

(436)

(512)

(503)

Operating cash flow before working capital changes ( a ) *

5,366

4,498

3,765

+43%

5,774

-7%

(Increase) decrease in working capital **

(555)

976

(633)

(2,711)

Inventory effect

883

308

(1,796)

566

+56%

capital gain from renewable projects sale

(66)

(32)

(44)

Organic loan repayment from equity affiliates

(30)

(77)

Cash flow from operations

5,598

5,674

1,299

x4,3

3,629

+54%

Organic investments ( b )

2,379

3,432

2,523

-6%

2,784

-15%

Free cash flow after organic investments,w/o net asset sales ( a - b )

2,987

1,066

1,242

x2,4

3,249

-8%

Net investments ( c )

3,969

4,531

3,625

+9%

3,090

+28%

Net cash flow ( a - c )

1,397

(33)

140

x10

2,943

-53%

* Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP’s contracts and including capital gain from renewable projects sale (effective first quarter 2020). Historical data have been restated to cancel the impact of fair valuation of iGRP sector’s contracts. ** Changes in working capital are presented excluding the mark-to-market effect of iGRP’s contracts.

Gearing ratio

In millions of dollars 03/31/2021 31/12/2020 03/31/2020 03/31/2019 Current borrowings *

19,279

15,893

17,361

12,998

Other current financial liabilities

351

203

604

651

Current financial assets *

(4,492)

(4,519)

(6,870)

(3,373)

Net financial assets classified as held for sale

313

227

Non-current financial debt *

44,842

52,467

42,461

38,264

Non-current financial assets *

(2,669)

(3,762)

(993)

(587)

Cash and cash equivalents

(30,285)

(31,268)

(21,634)

(25,432)

Net debt (a)

27,026

29,327

30,929

22,748

Shareholders’ equity - Group share

109,295

103,702

112,006

117,993

Non-controlling interests

2,390

2,383

2,428

2,365

Shareholders' equity (b)

111,685

106,085

114,434

120,358

Net-debt-to-capital ratio = a / (a+b)

19.5%

21.7%

21.3%

15.9%

Leases (c)

7,747

7,812

7,309

6,991

Net-debt-to-capital ratio including leases (a+c) / (a+b+c)

23.7%

25.9%

25.0%

19.8%

* Excludes leases receivables and leases debts.

Return on average capital employed

> Twelve months ended March 31, 2021

In millions of dollars Integrated Gas, Renewables & Power Exploration & Production Refining & Chemicals Marketing & Services Group Adjusted net operating income

1,850

3,635

900

1,206

6,915

Capital employed at 03/31/2020*

44,236

85,622

12,878

8,764

152,374

Capital employed at 03/31/2021*

48,423

78,170

10,403

8,198

145,180

ROACE

4.0%

4.4%

7.7%

14.2%

4.6%

> Twelve months ended December 31, 2020

In millions of dollars Integrated Gas, Renewables & Power Exploration & Production Refining & Chemicals Marketing & Services Group Adjusted net operating income

1,778

2,363

1,039

1,224

5,806

Capital employed at 12/31/2019*

41,549

88,844

12,228

8,371

148,828

Capital employed at 12/31/2020*

45,611

78,928

11,375

8,793

142,617

ROACE

4.1%

2.8%

8.8%

14.3%

4.0%

> Twelve months ended March 31, 2020

In millions of dollars Integrated Gas, Renewables & Power Exploration & Production Refining & Chemicals Marketing & Services Group Adjusted net operating income

2,710

6,490

2,629

1,612

13,032

Capital employed at 03/31/2019*

37,235

90,051

13,153

8,255

148,463

Capital employed at 03/31/2020*

44,236

85,622

12,878

8,764

152,374

ROACE

6.7%

7.4%

20.2%

18.9%

8.7%

* At replacement cost (excluding after-tax inventory effect).

This press release presents the results for the first quarter of 2021 from the consolidated financial statements of TOTAL SE as of March 31, 2021. The limited review procedures by the Statutory Auditors are underway. The notes to the consolidated financial statements (unaudited) are available on the Total website total.com.

This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business activities and industrial strategy of TOTAL. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of the Group, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by the Group, it being specified that the means to be deployed do not depend solely on TOTAL. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by the Group as of the date of this document.

These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, as well as economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.

Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. The information on risk factors that could have a significant adverse effect on the Group’s business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TOTAL is provided in the most recent version of the Universal Registration Document which is filed by the Company with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE), gearing ratio, operating cash flow before working capital changes, the shareholder rate of return. These indicators are meant to facilitate the analysis of the financial performance of TOTAL and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of the Group.

These adjustment items include:

(i) Special items

Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.

(ii) Inventory valuation effect

The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.

In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differentials between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.

(iii) Effect of changes in fair value

The effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS.

IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.

TOTAL, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.

Furthermore, TOTAL enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.

The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.

Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in the Form 20-F of TOTAL, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.

Total financial statements

First quarter 2021 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)

1st quarter

4th quarter

1st quarter

(M$)(a)

2021

2020

Sales

43,737

37,943

43,870

Excise taxes

(5,104)

(5,595)

(5,293)

Revenues from sales

38,633

32,348

38,577

Purchases, net of inventory variation

(23,398)

(20,508)

(28,068)

Other operating expenses

(6,880)

(6,663)

(6,944)

Exploration costs

(167)

(338)

(140)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,325)

(3,543)

(3,635)

Other income

358

838

580

Other expense

(659)

(697)

(420)

Financial interest on debt

(466)

(501)

(569)

Financial income and expense from cash & cash equivalents

(155)

Cost of net debt

(371)

(448)

(724)

Other financial income

109

173

188

Other financial expense

(130)

(183)

(181)

Net income (loss) from equity affiliates

881

732

Income taxes

(1,639)

(149)

Consolidated net income

3,412

903

Group share

3,344

891

Non-controlling interests

(32)

Earnings per share ($)

1.24

0.31

(0.01)

Fully-diluted earnings per share ($)

1.23

0.31

(0.01)

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(unaudited)

1st quarter

4th quarter

1st quarter

(M$)

2021

2020

Consolidated net income

3,412

903

Other comprehensive income

Actuarial gains and losses

133

Change in fair value of investments in equity instruments

386

(164)

Tax effect

(12)

(21)

(15)

Currency translation adjustment generated by the parent company

(4,173)

4,074

(1,976)

Items not potentially reclassifiable to profit and loss

(4,173)

4,456

(2,022)

Currency translation adjustment

2,523

(1,875)

(21)

Cash flow hedge

504

617

(1,524)

Variation of foreign currency basis spread

(7)

Share of other comprehensive income of equity affiliates, net amount

469

(100)

(1,223)

Other

(4)

Tax effect

(157)

(180)

445

Items potentially reclassifiable to profit and loss

3,340

(1,549)

(2,264)

Total other comprehensive income (net amount)

(833)

2,907

(4,286)

Comprehensive income

2,579

3,810

(4,284)

Group share

2,542

3,576

(4,171)

Non-controlling interests

234

(113)

CONSOLIDATED BALANCE SHEET

TOTAL

March 31, 2021

December 31, 2020

March 31, 2020

(M$)

(unaudited)

ASSETS

Non-current assets

Intangible assets, net

33,239

33,528

32,823

Property, plant and equipment, net

106,859

108,335

113,254

Equity affiliates: investments and loans

30,727

27,976

26,998

Other investments

2,062

2,007

1,660

Non-current financial assets

3,700

4,781

1,133

Deferred income taxes

6,619

7,016

6,694

Other non-current assets

2,638

2,810

2,537

Total non-current assets

185,844

186,453

185,099

Current assets

Inventories, net

16,192

14,730

11,556

Accounts receivable, net

17,532

14,068

18,029

Other current assets

14,304

13,428

19,429

Current financial assets

4,605

4,630

7,016

Cash and cash equivalents

30,285

31,268

21,634

Assets classified as held for sale

396

1,555

421

Total current assets

83,314

79,679

78,085

Total assets

269,158

266,132

263,184

LIABILITIES & SHAREHOLDERS' EQUITY

Shareholders' equity

Common shares

8,193

8,267

8,123

Paid-in surplus and retained earnings

112,676

107,078

119,935

Currency translation adjustment

(11,566)

(10,256)

(14,431)

Treasury shares

(8)

(1,387)

(1,621)

Total shareholders' equity - Group share

109,295

103,702

112,006

Non-controlling interests

2,390

2,383

2,428

Total shareholders' equity

111,685

106,085

114,434

Non-current liabilities

Deferred income taxes

10,387

10,326

10,462

Employee benefits

3,644

3,917

3,260

Provisions and other non-current liabilities

20,893

20,925

19,452

Non-current financial debt

52,541

60,203

48,896

Total non-current liabilities

87,465

95,371

82,070

Current liabilities

Accounts payable

26,959

23,574

22,123

Other creditors and accrued liabilities

22,066

22,465

25,102

Current borrowings

20,471

17,099

18,521

Other current financial liabilities

351

203

604

Liabilities directly associated with the assets classified as held for sale

161

1,335

330

Total current liabilities

70,008

64,676

66,680

Total liabilities & shareholders' equity

269,158

266,132

263,184

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(unaudited)

1st quarter

4th quarter

1st quarter

(M$)

2021

2020

CASH FLOW FROM OPERATING ACTIVITIES

Consolidated net income

3,412

903

Depreciation, depletion, amortization and impairment

3,473

3,796

3,730

Non-current liabilities, valuation allowances and deferred taxes

121

(237)

(661)

(Gains) losses on disposals of assets

(285)

(260)

(209)

Undistributed affiliates' equity earnings

(573)

379

(587)

(Increase) decrease in working capital

(819)

1,342

(884)

Other changes, net

269

(249)

(92)

Cash flow from operating activities

5,598

5,674

1,299

CASH FLOW USED IN INVESTING ACTIVITIES

Intangible assets and property, plant and equipment additions

(2,410)

(3,834)

(2,364)

Acquisitions of subsidiaries, net of cash acquired

(778)

(188)

Investments in equity affiliates and other securities

(2,126)

(221)

(1,534)

Increase in non-current loans

(300)

(355)

(295)

Total expenditures

(4,836)

(5,188)

(4,381)

Proceeds from disposals of intangible assets and property, plant and equipment

226

114

Proceeds from disposals of subsidiaries, net of cash sold

229

124

142

Proceeds from disposals of non-current investments

186

295

Repayment of non-current loans

134

288

126

Total divestments

652

712

607

Cash flow used in investing activities

(4,184)

(4,476)

(3,774)

CASH FLOW USED IN FINANCING ACTIVITIES

Issuance (repayment) of shares:

- Parent company shareholders

- Treasury shares

(165)

(609)

Dividends paid:

- Parent company shareholders

(2,090)

(2,053)

(1,882)

- Non-controlling interests

(10)

(5)

Net issuance (repayment) of perpetual subordinated notes

3,248

Payments on perpetual subordinated notes

(87)

(62)

(97)

Other transactions with non-controlling interests

(55)

(59)

(48)

Net issuance (repayment) of non-current debt

(890)

104

Increase (decrease) in current borrowings

(1,662)

(339)

2,785

Increase (decrease) in current financial assets and liabilities

(148)

1,212

(2,995)

Cash flow from (used in) financing activities

(1,859)

(1,202)

(2,804)

Net increase (decrease) in cash and cash equivalents

(445)

(4)

(5,279)

Effect of exchange rates

(538)

679

(439)

Cash and cash equivalents at the beginning of the period

31,268

30,593

27,352

Cash and cash equivalents at the end of the period

30,285

31,268

21,634

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

TOTAL

(unaudited)

Common shares issued

Paid-in surplus and retained earnings

Currency translation adjustment

Treasury shares

Shareholders' equity - Group

Share

Non-controlling interests

Total shareholders' equity

(M$)

Number

Amount

Number

Amount

As of January 1, 2020

2,601,881,075

8,123

121,170

(11,503)

(15,474,234)

(1,012)

116,778

2,527

119,305

Net income of the first quarter 2020

(32)

Other comprehensive income

(1,277)

(2,928)

(4,205)

(81)

(4,286)

Comprehensive Income

(1,243)

(2,928)

(4,171)

(113)

(4,284)

Dividend

Issuance of common shares

Purchase of treasury shares

(13,236,044)

(609)

Sale of treasury shares(a)

3,030

Share-based payments

Share cancellation

Net issuance (repayment) of perpetual subordinated notes

Payments on perpetual subordinated notes

(72)

Other operations with

non-controlling interests

(44)

(4)

(48)

Other items

111

As of March 31, 2020

2,601,881,075

8,123

119,935

(14,431)

(28,707,248)

(1,621)

112,006

2,428

114,434

Net income from April 1 to December 31, 2020

(7,276)

(62)

(7,338)

Other comprehensive income

956

4,179

5,135

381

5,516

Comprehensive Income

(6,320)

4,179

(2,141)

319

(1,822)

Dividend

(7,899)

(234)

(8,133)

Issuance of common shares

51,242,950

144

1,470

1,614

Purchase of treasury shares

(2)

Sale of treasury shares(a)

(236)

4,314,545

236

Share-based payments

157

Share cancellation

Net issuance (repayment) of perpetual subordinated notes

331

Payments on perpetual subordinated notes

(236)

Other operations with

non-controlling interests

(17)

(4)

(21)

(113)

(134)

Other items

(107)

(17)

(124)

As of December 31, 2020

2,653,124,025

8,267

107,078

(10,256)

(24,392,703)

(1,387)

103,702

2,383

106,085

Net income of the first quarter 2021

3,344

3,412

Other comprehensive income

502

(1,304)

(802)

(31)

(833)

Comprehensive Income

3,846

(1,304)

2,542

2,579

Dividend

(10)

Issuance of common shares

Purchase of treasury shares

(3,636,351)

(165)

Sale of treasury shares(a)

(216)

4,569,755

216

Share-based payments

Share cancellation

(23,284,409)

(74)

(1,254)

23,284,409

1,328

Net issuance (repayment) of perpetual subordinated notes

3,254

Payments on perpetual subordinated notes

(90)

Other operations with

non-controlling interests

(6)

(21)

Other items

As of March 31, 2021

2,629,839,616

8,193

112,676

(11,566)

(174,890)

(8)

109,295

2,390

111,685

(a)Treasury shares related to the restricted stock grants.

INFORMATION BY BUSINESS SEGMENT

TOTAL

(unaudited)

1st quarter 2021

Exploration

Production

Integrated Gas,

Renewables

& Power

Refining

Chemicals

Marketing

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

1,514

5,502

19,201

17,513

43,737

Intersegment sales

6,578

811

5,521

(13,017)

Excise taxes

(405)

(4,699)

(5,104)

Revenues from sales

8,092

6,313

24,317

12,892

(13,017)

38,633

Operating expenses

(3,068)

(5,218)

(22,933)

(12,076)

(167)

13,017

(30,445)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,183)

(471)

(391)

(255)

(25)

(3,325)

Operating income

2,841

624

993

561

(156)

4,863

Net income (loss) from equity affiliates and other items

270

263

(34)

(28)

559

Tax on net operating income

(1,180)

(101)

(280)

(176)

(1,699)

Net operating income

1,931

786

801

351

(146)

3,723

Net cost of net debt

(311)

Non-controlling interests

(68)

Net income - group share

3,344

1st quarter 2021 (adjustments)(a)

Exploration

Production

Integrated Gas,

Renewables

& Power

Refining

Chemicals

Marketing

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

(35)

Intersegment sales

Excise taxes

Revenues from sales

(35)

Operating expenses

(8)

745

142

879

Depreciation, depletion and impairment of tangible assets and mineral interests

(145)

Operating income (b)

(188)

745

142

699

Net income (loss) from equity affiliates and other items

(46)

(49)

(35)

(40)

(164)

Tax on net operating income

(193)

(40)

(191)

Net operating income (b)

(44)

(199)

558

(38)

344

Net cost of net debt

Non-controlling interests

(9)

Net income - group share

341

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

(b) Of which inventory valuation effect

- On operating income

746

137

- On net operating income

606

1st quarter 2021 (adjusted)

Exploration

Production

Integrated Gas,

Renewables

& Power

Refining

Chemicals

Marketing

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

1,514

5,537

19,201

17,513

43,772

Intersegment sales

6,578

811

5,521

(13,017)

Excise taxes

(405)

(4,699)

(5,104)

Revenues from sales

8,092

6,348

24,317

12,892

(13,017)

38,668

Operating expenses

(3,068)

(5,210)

(23,678)

(12,218)

(167)

13,017

(31,324)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,183)

(326)

(391)

(255)

(25)

(3,180)

Adjusted operating income

2,841

812

248

419

(156)

4,164

Net income (loss) from equity affiliates and other items

316

312

723

Tax on net operating income

(1,182)

(139)

(87)

(136)

(1,508)

Adjusted net operating income

1,975

985

243

284

(108)

3,379

Net cost of net debt

(317)

Non-controlling interests

(59)

Adjusted net income - group share

3,003

1st quarter 2021

Exploration

Production

Integrated Gas,

Renewables

& Power

Refining

Chemicals

Marketing

Services

Corporate

Intercompany

Total

(M$)

Total expenditures

1,365

3,020

287

138

4,836

Total divestments

311

142

116

652

Cash flow from operating activities

3,736

780

996

665

(579)

5,598

INFORMATION BY BUSINESS SEGMENT

TOTAL

(unaudited)

4th quarter 2020

Exploration

Production

Integrated Gas,

Renewables

& Power

Refining

Chemicals

Marketing

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

1,257

5,231

15,052

16,393

37,943

Intersegment sales

5,574

628

4,160

140

(10,600)

Excise taxes

(628)

(4,967)

(5,595)

Revenues from sales

6,831

5,859

18,584

11,524

150

(10,600)

32,348

Operating expenses

(3,489)

(5,569)

(17,989)

(10,776)

(286)

10,600

(27,509)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,500)

(354)

(412)

(241)

(36)

(3,543)

Operating income

842

(64)

183

507

(172)

1,296

Net income (loss) from equity affiliates and other items

149

(54)

(9)

112

204

Tax on net operating income

(93)

(169)

(72)

(236)

Net operating income

939

329

(132)

1,264

Net cost of net debt

(361)

Non-controlling interests

(12)

Net income - group share

891

4th quarter 2020 (adjustments)(a)

Exploration

Production

Integrated Gas,

Renewables

& Power

Refining

Chemicals

Marketing

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

(49)

(56)

133

Depreciation, depletion and impairment of tangible assets and mineral interests

(355)

(16)

(371)

Operating income (b)

(404)

(53)

117

(292)

Net income (loss) from equity affiliates and other items

(25)

(26)

(191)

(13)

107

(148)

Tax on net operating income

300

(83)

(60)

(7)

(157)

(7)

Net operating income (b)

(129)

(162)

(134)

(3)

(19)

(447)

Net cost of net debt

Non-controlling interests

Net income - group share

(413)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

(b) Of which inventory valuation effect

- On operating income

265

- On net operating income

192

4th quarter 2020 (adjusted)

Exploration

Production

Integrated Gas,

Renewables

& Power

Refining

Chemicals

Marketing

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

1,257

5,228

15,052

16,393

37,940

Intersegment sales

5,574

628

4,160

140

(10,600)

Excise taxes

(628)

(4,967)

(5,595)

Revenues from sales

6,831

5,856

18,584

11,524

150

(10,600)

32,345

Operating expenses

(3,440)

(5,513)

(18,122)

(10,793)

(317)

10,600

(27,585)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,145)

(354)

(396)

(241)

(36)

(3,172)

Adjusted operating income

1,246

(11)

490

(203)

1,588

Net income (loss) from equity affiliates and other items

175

137

352

Tax on net operating income

(209)

(33)

(162)

(229)

Adjusted net operating income

1,068

254

170

332

(113)

1,711

Net cost of net debt

(371)

Non-controlling interests

(36)

Adjusted net income - group share

1,304

4th quarter 2020

Exploration

Production

Integrated Gas,

Renewables

& Power

Refining

Chemicals

Marketing

Services

Corporate

Intercompany

Total

(M$)

Total expenditures

2,226

1,895

475

533

5,188

Total divestments

132

339

149

712

Cash flow from operating activities

3,046

575

1,514

648

(109)

5,674

INFORMATION BY BUSINESS SEGMENT

TOTAL

(unaudited)

1st quarter 2020

Exploration

Production

Integrated Gas,

Renewables

& Power

Refining

Chemicals

Marketing

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

1,582

5,090

18,523

18,675

43,870

Intersegment sales

5,564

594

6,095

(12,370)

Excise taxes

(650)

(4,643)

(5,293)

Revenues from sales

7,146

5,684

23,968

14,121

(12,370)

38,577

Operating expenses

(3,643)

(4,992)

(24,841)

(13,799)

(247)

12,370

(35,152)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,644)

(334)

(395)

(244)

(18)

(3,635)

Operating income

859

358

(1,268)

(237)

(210)

Net income (loss) from equity affiliates and other items

423

399

(57)

124

899

Tax on net operating income

(454)

335

(32)

(115)

Net operating income

828

765

(990)

(85)

574

Net cost of net debt

(572)

Non-controlling interests

Net income - group share

1st quarter 2020 (adjustments)(a)

Exploration

Production

Integrated Gas,

Renewables

& Power

Refining

Chemicals

Marketing

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

(10)

(119)

(1,589)

(346)

(55)

(2,119)

Depreciation, depletion and impairment of tangible assets and mineral interests

Operating income (b)

(10)

(117)

(1,589)

(346)

(55)

(2,117)

Net income (loss) from equity affiliates and other items

128

(75)

(208)

(155)

Tax on net operating income

425

100

576

Net operating income (b)

125

(148)

(1,372)

(246)

(55)

(1,696)

Net cost of net debt

(101)

Non-controlling interests

Net income - group share

(1,747)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

(b) Of which inventory valuation effect

- On operating income

(1,578)

(218)

- On net operating income

(1,285)

(154)

1st quarter 2020 (adjusted)

Exploration

Production

Integrated Gas,

Renewables

& Power

Refining

Chemicals

Marketing

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

1,582

5,088

18,523

18,675

43,868

Intersegment sales

5,564

594

6,095

(12,370)

Excise taxes

(650)

(4,643)

(5,293)

Revenues from sales

7,146

5,682

23,968

14,121

(12,370)

38,575

Operating expenses

(3,633)

(4,873)

(23,252)

(13,453)

(192)

12,370

(33,033)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,644)

(334)

(395)

(244)

(18)

(3,635)

Adjusted operating income

869

475

321

424

(182)

1,907

Net income (loss) from equity affiliates and other items

295

474

151

124

1,054

Tax on net operating income

(461)

(36)

(90)

(132)

(691)

Adjusted net operating income

703

913

382

302

(30)

2,270

Net cost of net debt

(471)

Non-controlling interests

(18)

Adjusted net income - group share

1,781

1st quarter 2020

Exploration

Production

Integrated Gas,

Renewables

& Power

Refining

Chemicals

Marketing

Services

Corporate

Intercompany

Total

(M$)

Total expenditures

1,659

2,291

226

160

4,381

Total divestments

121

344

607

Cash flow from operating activities

3,923

(489)

(1,183)

(399)

(553)

1,299

Reconciliation of the information by business segment with Consolidated Financial Statements

TOTAL

(unaudited)

Consolidated

1st quarter 2021

statement

(M$)

Adjusted

Adjustments(a)

of income

Sales

43,772

(35)

43,737

Excise taxes

(5,104)

Revenues from sales

38,668

(35)

38,633

Purchases net of inventory variation

(24,289)

891

(23,398)

Other operating expenses

(6,868)

(12)

(6,880)

Exploration costs

(167)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,180)

(145)

(3,325)

Other income

416

(58)

358

Other expense

(192)

(467)

(659)

Financial interest on debt

(466)

Financial income and expense from cash & cash equivalents

Cost of net debt

(379)

(371)

Other financial income

109

Other financial expense

(130)

Net income (loss) from equity affiliates

520

361

881

Income taxes

(1,446)

(193)

(1,639)

Consolidated net income

3,062

350

3,412

Group share

3,003

341

3,344

Non-controlling interests

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Consolidated

1st quarter 2020

statement

(M$)

Adjusted

Adjustments(a)

of income

Sales

43,868

43,870

Excise taxes

(5,293)

Revenues from sales

38,575

38,577

Purchases net of inventory variation

(26,107)

(1,961)

(28,068)

Other operating expenses

(6,786)

(158)

(6,944)

Exploration costs

(140)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,635)

Other income

580

Other expense

(191)

(229)

(420)

Financial interest on debt

(567)

(2)

(569)

Financial income and expense from cash & cash equivalents

(10)

(145)

(155)

Cost of net debt

(577)

(147)

(724)

Other financial income

188

Other financial expense

(181)

Net income (loss) from equity affiliates

658

732

Income taxes

(585)

622

Consolidated net income

1,799

(1,797)

Group share

1,781

(1,747)

Non-controlling interests

(50)

(32)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

1 Definition page 3. 2 Excluding leases. 3 Certain transitions referred to in the highlights are subject to approval by authorities or to conditions as per the agreements. 4 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 15. 5 Group effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income). 6 In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bond 7 Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests. 8 Net acquisitions = acquisitions – assets sales – other transactions with non-controlling interests (see page 15). 9 Net investments = organic investments + net acquisitions (see page 15). 10 Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP’s contracts and including capital gain from renewable projects sale (effective first quarter 2020). The inventory valuation effect is explained on page 18. The reconciliation table for different cash flow figures is on page 16. 11 DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges. 12 Adjustment items shown on page 18. 13 Details shown on page 15 and in the appendix to the financial statements. 14 Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).

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