Introduction

The synergy and efficiency programs introduced in the last few years are paying off: Total’s Refining & Chemicals segment has significantly improved its return on average capital employed, to 15% in 2014 from 6% in 2010. We are pursuing a strategy of targeted investments to adjust or optimize our production base as appropriate, to keep pace with changes in global demand. As always, any industrial repurposing plans are designed to be socially responsible and economically viable.