COP vs DVN — which stock performed better?

ConocoPhillips (COP) versus Devon Energy Corporation (DVN), Energy, on 2026-10-02.

Result

Devon Energy Corporation (DVN) performed better on 2026-10-02. COP moved 1.260%, DVN moved 1.510%.

Why these two companies

Brent crude jumped roughly 4.6% to about $102 a barrel on Thursday, October 1, 2026 after reports that the U.S. is sending a third aircraft-carrier strike group to the Middle East, putting every oil-levered stock back in focus. ConocoPhillips and Devon Energy are two of the largest pure-play U.S. independent oil and gas producers, so their shares are among the most direct ways to trade that headline, and Devon's profile has just been reshaped by its all-stock merger of equals with Coterra Energy, completed May 7, 2026. That combination of a live geopolitical oil shock and a freshly transformed competitor makes this a timely head-to-head.

The research

ConocoPhillips is one of the world's biggest independent oil and gas drillers, pulling crude and natural gas out of the ground in places like Texas, Alaska, and several countries overseas, then selling it. Devon Energy does the same kind of work mainly in U.S. shale fields, and it just got much bigger after joining forces with another driller, Coterra Energy, in a merger completed on May 7, 2026.

Oil prices jumped sharply on Thursday, October 1, 2026 after news that the U.S. military is sending another aircraft-carrier group to the Middle East, which raised worries about oil supply being disrupted. Because both companies sell oil and gas at whatever the going market price is, a jump in oil prices tends to be good news for both of their stocks.

One reason to like ConocoPhillips is its size and variety: it has operations spread across many regions, which can make its results steadier. One reason to like Devon Energy is that its stock is priced more cheaply than ConocoPhillips relative to its earnings, so if its recent merger works out well, there could be more room for the stock to catch up.

Something to keep in mind: Devon is still in the early stages of digesting a very large merger, which adds some uncertainty, while ConocoPhillips, despite being more established, is still just as exposed to swings in oil prices as any other driller.