private equity’s new black gold in U.S. shale

Mike Christensen strides among rows of gleaming steel tanks, pointing to pipelines that arrive from miles around to this corner of former farmland near Midland, Texas, the heart of the largest oil patch in the United States.

His company is one of dozens opening sites like this one that handles, not the lucrative oil, but the shale industry’s dirty secret: wastewater.

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