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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 Mar 2, 2021 - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: CDC director warns "now is not the time" to lift COVID restrictions — Exclusive: Teenagers' mental health claims doubled last spring.
  2. Axios-Ipsos poll: Americans' hopes rise after a year of COVID
  3. Vaccine: J&J CEO "absolutely" confident in vaccine distribution goals — Vaccine hesitancy is shrinking.
  4. World: China and Russia vaccinate the world, for now.
  5. Energy: Global carbon emissions rebound to pre-COVID levels.
  6. Local: Florida gets more good vaccine newsMinnesota's hunger problem grows amid pandemic — Denver's fitness industry eyes a pandemic recovery.

House cancels Thursday session as FBI, Homeland Security warn of threat to Capitol

Photo: Eric Baradat/AFP via Getty Images

The FBI and Department of Homeland Security predict violent domestic extremists attacks will increase in 2021, according to a report reviewed by Axios.

Driving the news: The joint report says an unidentified group of extremists discussed plans to take control of the Capitol and "remove Democratic lawmakers" on or about March 4. The House canceled its plans for Thursday votes as word of the possible threats spread.