Key Takeaways

Shares of Liberty Energy ( LBRT ) rose Monday after Chief Executive Officer (CEO) Chris Wright was tapped by President-elect Donald Trump to be energy secretary.

Liberty Energy is an oilfield services and fracking company founded by Wright with a market capitalization of nearly $3 billion. Its stock gained more than 3% an hour after after the opening bell Monday.

Wright also sits on the board of Oklo ( OKLO ), a nuclear energy company backed by OpenAI CEO Sam Altman. Oklo stock soared 12% and is up about 90% in 2024.

Wright has advocated for the oil and gas industry, saying in a video posted to LinkedIn last year that "there is no climate crisis, and we're not in the midst of an energy transition, either."

Trump said his new secretary of energy, pending Senate confirmation, will also serve on the newly created Council of National Energy alongside North Dakota Gov. Doug Burgum, whom Trump appointed as secretary of the interior.