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Total '96 Net Pft FF5.65B, Dvd FF10



Subject: Total '96 Net Pft FF5.65B, Dvd FF10.50/Share


Dow Jones Business News -- March 19, 1997
                                       Total '96 Net Pft FF5.65B, Dvd
FF10.50/Share

                                       AP-Dow Jones News Service

                                       Total SA

                                       Year ended Dec. 31, 1996

                                       All figures in French francs

                                                                1996       1995
                                       Oper. Profit            10.21 Bln
7.44 Bln
                                       Net Profit               5.65 Bln
3.25 Bln
                                       Revenue                176.58 Bln
135.83 Bln
                                       Per share
                                         Net profit            23.5        15.80
                                         Dividend              10.50        8.70

                                       PARIS -- French oil company Total SA
on Wednesday confirmed preliminary results
                                       showing 1996 net profit jumped to
FF5.65 billion from FF2.25 billion the prior year
                                       on increased productivity and higher
oil prices.

                                       The company also raised its dividend
to FF10.50 a share from FF8.70, but waived
                                       the right for investors to receive a
dividend in the form of shares.

                                       Operating income jumped to FF10.21
billion from FF7.44 billion, and Total said it
                                       wanted to increase that amount by FF4
billion by 1999.

                                       The increase, Total said in a
statement, would come from 'production growth and
                                       productivity efforts, assuming a
conservative constant reference environment.'

                                       Total also said 1997 investments
would rise 12% to FF18 billion, with more than
                                       60% of that amount spent on upstream,
or production, operations.

                                       The company noted that its 'operating
environment remained relatively stable' early
                                       this year with a rising dollar and
steady oil prices. In recent weeks, Total said, crude
                                       oil prices had dropped, but growth in
oil and gas production was in line with
                                       forecasts.

                                       In 1996, operating income from
upstream activities jumped to FF7.29 billion from
                                       FF4.47 billion, whereas downstream,
or refining, activities saw income rise to
                                       FF1.53 billion from FF1.3 billion.

                                       Production rose 13% to 762,000
barrels of oil equivalent a day. Outside the Middle
                                       East, production grew 24% and
accounted for 62% of Total's production.

                                       Hydrocarbon reserves represent 16.7
years of production. For the first time, the
                                       majority of Total's reserves are now
located outside the Middle East, and represent
                                       2.35 million barrels of oil
equivalent out of a total of 4.64 boe.

                                       Income from chemical operations rose
to FF1.92 billion from FF1.67 billion,
                                       reflecting the expansion of Total's
Hutchinson unit and acquisitions and internal
                                       growth at its coatings divisions, the
company said.

                                       Total SA is the smaller of France's
two oil companies with activities worldwide.
                                       Traditionally weighted more heavily
in downstream activities, Total has been
                                       aggressively expanding its upstream
business, mainly through exploration and
                                       especially in gas. Headquarters: Tour
Total, Cours Michelet Cedex 47, 92069 Paris
                                       La Defense.

                                       Significant Developments: In May
1995, Thierry Desmarest was appointed Total's
                                       new chairman. Early in 1995, the
government of Yemen appointed Total to head a
                                       $3-$5 billion project to develop
liquefied natural gas offshore. The group has other
                                       gas projects underway in Qatar and
Burma. Total, which also has activities in
                                       specialty chemicals, said in March
1995 it would merge its Euridep unit with Kalon
                                       Group PLC of the U.K. to create
Europe's second-largest producer of decorative
                                       paints. In July 1995, Total signed a
contract to develop two fields offshore Iran,
                                       taking over a project Conoco Inc. was
forced to abandon due to U.S. sanctions.

                                       Total also is in a joint venture with
Spain's Repsol SA to develop a natural gas field in
                                       eastern Algeria.

                                                     Half end  Half end
Yr end    Yr end
                                                     6/30/96   6/30/95
12/31/96  12/31/95
                                       Net Pft       2.63 bln   1.81 bln
5.6 bln  2.25 bln
                                       Sales        80.66 bln  67.21 bln
176 bln  136 bln
                                       EPS            11         7.8
23.3     15.8
                                       Annual Div.     -         -
10.5      8.7
                                          currency history (French franc
versus dollar)
                                                  6/30/96     6/30/95
12/31/96    12/31/95
                                       European   5.1745      4.853
5.2370      4.900
                                       close