Shares of Liberty Energy (NYSE:LBRT) rose on Monday after President-elect Donald Trump picked CEO Chris Wright as energy secretary.
Liberty Energy is an oilfield services company headquartered in Denver, Colorado with a market capitalization of $2.7 billion.
The shares were up 43 cents, or 2.5%, in early trading Monday, to $17.33.
Wright also serves as board member at Oklo, a nuclear startup backed by OpenAI CEO Sam Altman that is developing micro reactors. Oklo’s stock surged nearly 10% in premarket trading.
Wright will also serve as a board member of the president-elect’s Council on National Energy. The CEO has denied that climate change is a global crisis that requires a transition away from fossil fuels.
Trump wants to increase fossil fuel production in the U.S., though analysts and industry heavyweights such as Exxon CEO Darren Woods have said oil and natural gas output in the U.S. will not change in response to the election.
Wright commented, “Succession planning has been a priority of the Board. Having worked closely with both Bill and Ron, Liberty will be in the safest of hands upon my departure. Ron has been a close partner to me for over two decades and possesses all the criteria to ensure Liberty continues leading the industry in technology innovation and service quality while delivering growth for our valued shareholders.”
The U.S. has been the biggest crude oil producer in the world since 2018, outpacing Russia and Saudi Arabia.