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Devon Energy (DVN) stock fell 6.7% on Monday, November 2, 2026, while the S&P 500 slipped 0.5%. The company released no announcements, earnings reports, or filings around the move. However, news reports on November 2 said crude oil prices slid, and the energy sector fund XLE lost 4.0% that session. Oil tumbled more than 7% that day on hopes of a US-Iran peace deal. What does Devon’s business have to do with the price of crude?
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Devon Energy Is An Oil And Gas Producer
Devon generates sales from the oil and gas it pumps. Management said on the August 5, 2026 call that fiscal Q2 2026 oil production came to 503,000 barrels per day, out of a total production of 1.36 million barrels of oil equivalent per day.
That quarter was also the first to include Coterra, whose operations Devon has counted since May 7. Revenue rose 73.1% from a year earlier to $7.42 billion. On the same call, management said over 70% of its production for the rest of the year was either hedged or shipped down to the coast.
Did Devon Energy Fall With Other Energy Stocks?
It did, falling further than the sector as a whole. Devon’s 6.7% loss compares with 4.0% for the sector fund. All five companies on Devon’s Trefis peer list fell as well. Among them, EOG Resources lost 4.6%, while APA dropped 7.6%. Devon moved with energy stocks that day rather than on its own.
Where Does Devon Energy Stock Stand After The Fall?
A fall this large is rare for Devon. Over the prior 365 days, the stock recorded one session with a decline at least as big, losing 8.6% on May 6, 2026.
The drop occurred one session after Devon closed at $52.15 on October 30, marking its highest close of the past 365 days. The stock has climbed a long way from $32.34 on November 5, 2025, its lowest close since early November last year. Over the twelve months to November 2, Devon returned 55.8%, against 11.8% for the S&P 500. Both figures include dividends and start from the October 30, 2025 close. Devon trades at 2.3 times its sales over the past twelve months, below the 3.3 times for the S&P 500.
Devon is expected to report its fiscal Q3 2026 results later in November 2026, and management said in August that it would share its first views on 2027 in November. Oil production is the measure to watch. Management guided it to 550,000 to 560,000 barrels per day for fiscal Q3 2026.
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