Liberty Energy shares experienced a 5% surge in premarket trading after President-elect Donald Trump announced the appointment of CEO Chris Wright as energy secretary.

The Denver-based oilfield services company, which has a market capitalization of $2.7 billion, is expected to benefit from the incoming administration"s focus on increasing fossil fuel production in the U.S.

Wright, who also serves as a board member at nuclear startup Oklo, saw the company"s stock rise by nearly 10% in premarket trading. Wright"s stance on climate change aligns with Trump"s energy policies, as he believes that a transition away from fossil fuels is unnecessary.

Despite the administration"s ambitions, analysts, including Exxon CEO Darren Woods, suggest that U.S. oil and natural gas output may remain unchanged after the election. Since 2018, the U.S. has been the world"s largest crude oil producer, surpassing both Russia and Saudi Arabia.