Name: Total rebrands in pivot away from oil
Uploaded: 2021-02-09T19:00:03.000Z
Duration: 1 min 20 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

The French oil major henceforth wants to be known as total energy, subject to approval by shareholders.

Basic passive voice

It's new Name is meant to signify a move away from dependence on crude.

The firm wants to grow its presence in renewables and electricity generation instead.

News off the rebrand came as Total announced a huge loss in 2020 it plunged to a deficit off $7.2 billion.

Like rivals, it's being hit by a slump in demand for oil over the course of the year.

That forced it to take impairments off around $10 billion.

Strip out one off items, however, and Total actually beat forecasts in the latest quarter.

One analyst called it a rock steady showing in a tough period.

Rivals, including Shell, have fared far worse now.

Total Chief Executive Patrick Pouyanne says the firm is expanding in renewables as fast as it can.

The company has already spent more than $2 billion on acquisitions in the sector this year.

 He expects to have another $60 billion to finance over the next decade. 