Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
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.