A Texas oil company tied to President Donald Trump's orbit got a massive overnight boost from a single social media post.
Shares of Greenland Energy jumped 88 percent after Trump announced on Truth Social that "Massive" oil, gas and mineral exploration was "getting ready to begin in our new and beautiful Greenland," TipRanks reported Wednesday.
The president fired off the post around midnight after a Tuesday campaign event in Wasilla, Alaska, but offered no details on which projects he meant or when work would start. He claimed unnamed experts believe Greenland's supply of easily accessible oil dwarfs that of nearly any other place on Earth, CBS News reported.
Talking Points Memo reported on Wednesday that Trump was almost certainly referring to the Nasdaq-listed firm's effort to drill in Jameson Land, a remote stretch of eastern Greenland where executives have claimed as much as $1 trillion in crude could sit underground.
The company's links to Trump world run deep. A board member runs a defense firm working on Trump's "Golden Dome" missile shield, which the president has used to justify his push to control Greenland, according to Talking Points Memo. Board chair Larry Swets is said to be close to Trump.
The company also partnered with Phil McGraw, the TV host known as Dr. Phil, on a docuseries about the venture. CEO Robert Price has since cut ties with McGraw after the partnership angered Greenlanders, CNN reported, and maintains the project isn't tied to the Trump administration.
Trump's post also glosses over major obstacles. Greenland has blocked new oil drilling since 2021, and the security pact the U.S. signed with Denmark and Greenland in September granted no mining or drilling rights, according to Talking Points Memo. Greenland Energy has already scaled its plans back to a single well and pushed its permitting target to winter 2027, Newsweek reported.
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