TotalEnergies SE (NYSE: TTE) shares are down about 3% in U.S. trading, underperforming a relatively steady broader market tape and tracking weakness across the integrated oil group. The action looks driven more by macro/sector flows than a single company headline, with traders de-risking energy exposure after a strong run earlier in the year and as crude-price direction remains a key swing factor for majors’ near-term earnings expectations.

TotalEnergies’ U.S.-listed shares had an ex-dividend date of March 31, 2026 for its €0.85/share interim dividend (paid later in April). While the stock already adjusted around the ex-date, large-cap dividend payers can see follow-on selling as short-term holders who bought for the payout exit positions, particularly when sector sentiment turns softer.

Near-term focus is on crude-price trends and any incremental signals on refining margins and upstream realizations into the quarter, since those variables can quickly reshape expectations for cash flow and buyback capacity. Investors are also watching for updates tied to TotalEnergies’ 2026 production growth plans and any changes to shareholder returns that could either cushion or extend the pullback.