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Photo: Jonathan Raa/NurPhoto via Getty Images

The huge multinational oil-and-gas company Total on Tuesday unveiled new information about its diversification efforts — and the company's changing its name too.

Driving the news: Total said over 20% of its expected $12.1 billion in net spending in 2021 will be devoted to renewables and other electricity-related investments.

By the numbers: Looking further out, Total said its focus on liquefied natural gas, renewables and other electricity services means that oil products will fall to 30% of its sales mix by 2030.

  • "The company expects its energy sales mix to be 50% gases, 30% oil products, 5% biofuels and 15% electrons by 2030, compared with 55% oil products, 40% gas and 5% electrons in 2019," S&P Global Platts reports.

The intrigue: Total is asking shareholders to endorse a rebrand as TotalEnergies.

  • The French company says the name reflects its plan to "transform itself into a broad energy company to meet the dual challenge of the energy transition: more energy, less emissions."
  • It comes after Norwegian oil major Statoil rebranded as Equinor in 2018.

Why it matters: It's the latest sign of how some of the world's most powerful oil companies are moving more deeply into cleaner tech outside what remains their dominant fossil fuel business.

  • Total in recent years has been expanding more deeply into areas including renewables, batteries, hydrogen and electric vehicle charging.

What we're watching: On Thursday, Royal Dutch Shell is slated to unveil specifics about its plan to be a "net-zero emissions" business by 2050.

Catch up quick: Total's announcement arrived as part of the company's fourth-quarter and full-year earnings report.

  • It reported a $7.2 billion net loss on the year, showing the pandemic's toll on the sector as companies took huge write-downs and grappled with the collapse in demand and prices.
  • But Reuters notes that its Q4 earnings fell less sharply than the prior three months and that its adjusted profit of $1.3 billion for the period beat analysts' expectations.

Go deeper

Dion Rabouin, author of Markets
Feb 8, 2021 - Economy & Business

S&P companies overall on pace for positive earnings for first time since 2019

Traders work after the opening bell at the New York Stock Exchange (NYSE) on August 15, 2019. Photo: Johannes Eisele/AFP via Getty Images

Fourth-quarter earnings have been far better than expected for S&P 500 companies, with the index overall reporting year-over-year earnings growth of 1.7% as of Friday.

Details: The expected earnings of the index have increased consistently. Analysts had predicted a year-over-year decline in earnings of -2.4% last week and a year-over-year decline in earnings of -9.3% at the end of the fourth quarter, according to FactSet senior earnings analyst John Butters.

Updated 4 hours ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: CDC director says number of U.S. Omicron cases "likely to rise" — Two years of COVID-19 — Prior coronavirus infections may not protect well against Omicron.
  2. Vaccines: Data demonstrates most-vaccinated counties less vulnerable to worst of COVID — Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters.
  3. Politics: Nevada to impose insurance surcharge on unvaccinated state workers — New Jersey GOP lawmakers defy statehouse COVID policy — Oklahoma sues Biden administration over Pentagon vaccine mandate.
  4. World: Vaccine mandates lose steam in the U.S. while Europe doubles downWHO: Delta health measures help fight Omicron — COVID cases surge in South Africa in sign Omicron wave is coming.
  5. Variant tracker: Where different strains are spreading.

Chris Cuomo accuser: On-air "hypocrisy" spurred report

Journalist Chris Cuomo. Photo: Gilbert Carrasquillo/GC Images

A woman who accused fired CNN journalist Chris Cuomo of sexual misconduct said Sunday she decided to come forward after learning of his comments about women who made similar accusations about his brother. He denies her allegations.

Why it matters: Her attorney Debra Katz said in a statement that she heard "the hypocrisy" of his on-air words about his brother, former New York Gov. Andrew Cuomo, and was "disgusted by his efforts to try to discredit these women," so "retained counsel to report his serious sexual misconduct against her to CNN."