Economics

Can This Oil Baron’s Company Withstand Another Quake?

His company’s massive water disposal wells have helped drive Oklahoma’s fracking boom. They may also lead to man-made disasters

David Chernicky

Photographer: Bryan Schutmaat for Bloomberg Businessweek
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One of the most productive oil fields ever discovered in Oklahoma lies directly beneath its seat of government. A 32-square-mile underground reservoir, the Oklahoma City oil field was first tapped in 1928, a decade after the State Capitol building was finished. Some of its earliest wells were famous gushers, spouting oil hundreds of feet into the air for days before being brought under control. Over the next three decades the field produced close to a billion barrels of oil, helping Oklahoma weather the Great Depression and Dust Bowl and securing its ties to the energy industry.

By the late 1960s the Oklahoma City oil field was largely spent. As crude was sucked out, it gradually flooded with vast amounts of salt water, the remnants of an ancient ocean that once covered the Midwest. The pockets of oil and gas that remained in the reservoir were trapped deep inside rocks. The only way to get at them was to “dewater” the field—which meant pumping out hundreds of millions of barrels of salty, often toxic wastewater, then disposing of it.