Main Indicators

Charts updated around the middle of the month following the end of each quarter.

Note: The indicators for average liquids price and average gas price have been amended and a new indicator of variable cost margin for European refining has been introduced in replacement of the ERMI (European Refining Margin Indicator). Corresponding 2018 data has been restated to reflect these changes.

  $/€
Brent ($/b)
Average liquids price*
($/b)
Average gas price*
($/Mbtu)
Variable cost margin, European refining ($/t)**
First
Quarter
2019
1.14 63.1 58.7 4.51 33.0
* Sales in $ / sales in volume for consolidated subsidiaries (no longer including stock value variation).
** This indicator represents the average margin on variable costs realized by Total’s European refining business (equal to the difference between the sales of refined products realized by Total’s European refining and the crude purchases as well as associated variable costs, divided by refinery throughput in tonnes). The previous ERMI indicator was intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region.

Disclaimer: data is based on Total’s reporting and is not audited. To the extent permitted by law, TOTAL S.A. disclaims all liability from the use of the restated main indicators.

Note: The indicators for average liquids price and average gas price have been amended and a new indicator of variable cost margin for European refining has been introduced in replacement of the ERMI (European Refining Margin Indicator). Corresponding 2018 data has been restated to reflect these changes.

  $/€
Brent ($/b)
Average liquids price*
($/b)
Average gas price*
($/Mbtu)
Variable cost margin, European refining ($/t)**
Fourth
Quarter
2018
1.14 68.8 59.2 5.01 40.8
Third
Quarter
2018
1.16 75.2 68.8 5.06 47.2
Second
Quarter
2018
1.19 74.4 68.4 4.62 33.9
First
Quarter
2018
1.23 66.8 60.0 4.79 29.8
* Sales in $ / sales in volume for consolidated subsidiaries (no longer including stock value variation).
** This indicator represents the average margin on variable costs realized by Total’s European refining business (equal to the difference between the sales of refined products realized by Total’s European refining and the crude purchases as well as associated variable costs, divided by refinery throughput in tonnes). The previous ERMI indicator was intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region.

Disclaimer: data is based on Total’s reporting and is not audited. To the extent permitted by law, TOTAL S.A. disclaims all liability from the use of the restated main indicators.

  $/€
Brent ($/b)
Average liquids price***
($/b)
Average gas price***
($/Mbtu)
European refining margins ERMI* ($/t)**
Fourth Quarter 2017 1.18 61.3 57.6 4.23 35.5
Third Quarter 2017 1.17 52.1 48.9 4.05 48.2
Second
Quarter
2017
1.10 49.6 45.1 3.93 41.0
First
Quarter
2017
1.06 53.7 49.2 4.10 38.9
* European Refining Margin Indicator (ERMI) is an indicator intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region. - The indicator margin may not be representative of the actual margins achieved by Total in any period because of Total's particular refinery configurations, product mix effects or other company-specific operating conditions.
** 1 $/t = 0.136 $/b
*** consolidated subsidiaries, excluding fixed margin contracts, including hydrocarbon production overlifting / underlifting position valued at market price.