TOTALFINA reported consolidated sales for the third quarter 1999 of 75.2 billion French francs (11.5 billion euros) compared to 55.3 billion French francs (8.4 billion euros) for the third quarter 1998, an increase of 35.9%. For the first nine months of 1999, TOTALFINA reported consolidated sales of 190.6 billion French francs (29.1 billion euros) compared to 174.3 billion French francs (26.6 billion euros) reported for the pro forma first nine months of 1998, an increase of 9.4 percent.

	3rd Quarter			9 Months
Millions of French francs	1999	1998 (pro forma)	variation %	1999	1998 (pro forma)	variation %
Upstream (1)	12,597	8,697	+ 44.8%	35,452	32,738	+ 8.3%
Downstream	55,747	38,542	+ 44.6%	132,246	118,887	+ 11.2%
Chemicals	14,307	11,935	+ 19.9%	41,273	38,080	+ 8.4%
Holding	920	517		1,945	2,057
Consolidation elimination of internal sales (2)	(8,381)	(4,376)		(20,277)	(17,431)
Consolidated sales	75,190	55,315	+ 35.9%	190,639	174,331	+ 9.4%

	3rd Quarter			9 Months
Millions of Euros	1999	1998 (pro forma)	variation %	1999	1998 (pro forma)	variation %
Upstream (1)	1,919	1,325	+ 44.8%	5,404	4,990	+ 8.3%
Downstream	8,499	5,876	+ 44.6%	20,161	18,124	+ 11.2%
Chemicals	2,180	1,819	+ 19.9%	6,291	5,805	+ 8.4%
Holding	141	79		297	314
Consolidations elimination of internal sales (2)	(1,277)	(667)		(3,091)	(2,657)
Consolidated sales	11,462	8,432	+ 35.9%	29,062	26,576	+ 9.4%

(1) Upstream sales include external sales primarily of natural gas and LPG, and internal sales to the Downstream segment of crude oil produced by the company and generally sold through the Trading Division.
(2)The consolidation eliminations represent primarily the sales of crude oil by the Upstream segment to the Downstream segment.

UPSTREAM

Upstream sales increased by 44.8 percent in the third quarter 1999 versus the same period in 1998. For the nine-month period, Upstream sales increased by 8.3 percent in 1999 versus 1998. These progressions are primarily due to the following factors:

. The average Brent crude oil price rose to $ 20.6/b in the third quarter 1999 from $ 12.5/b in the third quarter 1998. In the 1999 first nine months, the average Brent price rose to $ 15.8/b from $ 13.2/b in the 1998 first nine months.
. Upstream production increased 4.5 percent in the third quarter 1999 versus the third quarter 1998. In the nine-month 1999 period, Upstream production increased to 1,100 mboe/d from 1,070 mboe/d in the pro forma 1998 period despite the impact of lower OPEC quotas and of certain divestments.
. The dollar/franc exchange rate increased to 6.26 in the third quarter 1999 from 5.91 in the same 1998 period, and rose to 6.10 in the nine-month 1999 period from 6.01 in 1998.
. The combined impacts of these factors was partially offset by the lag effect in natural gas prices.

DOWNSTREAM

Downstream sales increased by 44.6 percent in the third quarter 1999 versus the third quarter 1998. Downstream sales rose by 11.2 percent in the nine-month 1999 period versus the same period in 1998. These progressions are primarily due to higher oil and refined product prices.

European refining margins decreased in the first nine months of 1999 to $ 9.2/tonne from $ 16.4/tonne in the same period last year.

CHEMICALS

Chemical sales increased by 19.9% in the third quarter 1999 versus the third quarter 1998. Chemical sales rose by 8.4 percent in the nine-month 1999 period versus the same period in 1998. Essentially, both organic and external growth of activities more than offset declines in petrochemical product prices.

TOTALFINA owns 94.93 percent of Elf Aquitaine's share capital as of October 28, 1999. The two companies are awaiting approval from the European Commission to finalize their merger. A decision is expected in mid-February 2000.