What's going on?

At least one oil giant is keeping its head in these strange times: Total posted better-than-expected earnings on Tuesday.

What does this mean?

Pandemic-battered oil firms were among the worst-performing companies last quarter, with earnings coming in well below expectations across the board. All, that is, except Total, whose fourth-quarter profit was down 59% compared to the same time last year. That�s not ideal, sure, but it was better than analysts expected � and it�s a notable improvement on the 72% drop of the quarter before.

Why should I care?

For markets: Total is leading the way toward a greener future.�

When it comes to going green, Total�s leaving its competitors behind: the company�s clean energy spending in the last five years represented a quarter of the world�s biggest oil companies� low-carbon investments put together (tweet this). Throw in the company�s resilient earnings, and it might partly explain why Total�s shares have nudged 4% higher than a major index of global oil companies in the past year. And it looks like the company�s doubling down on this secret ingredient: Total said more than 20% of all its investments this year will go toward renewable resources.

The bigger picture: Investors are divided on the stuff.

Oil companies� share prices might be well below pre-pandemic levels, but the slippery elixir itself has seen its price bounce back to its highest level in a year. Still, the jury�s out on where it heads next. Some analysts are arguing it�s risen too high, too quickly, and that it�s got caught up in a broader move toward riskier assets. Others think oil�s price is just going to keep surging as economies reopen, travel gets put back on the agenda, and demand starts to rise again in earnest.