Liberty Energy shares (LBRT) got up Monday after Chief Executive Officer (CEO) Chris Wright has been chosen by President-elect Donald Trump to become 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 the opening bell Monday.

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

Wright has defended the oil and gas industry, saying in a video posted to LinkedIn last year that “there is no climate crisis, nor are we in the middle of an energy transition.”

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