Antipodes Global Strategy noted in its Q2 2026 investor letter that TotalEnergies SE (NYSE:TTE) underperformed primarily due to weaker crude oil and natural gas prices, easing geopolitical tensions, slowing global economic growth, and increased OPEC+ supply expectations, all of which collectively lowered earnings and cash flow expectations for the integrated energy sector. Furthermore, the market's rotation from defensive energy stocks to high-growth sectors, coupled with profit-taking after a period of strong performance, exacerbated the weakness in its share price.