Drawing from hazard and disaster literature, this article advances Freudenburg’s concept of recreancy and Hobfoll’s Conservation of Resources theory in response to calls for more theory development in research on hydraulic fracturing. Respectively, these theoretical frames refer to stress associated with trust in institutional failure to safeguard the wellbeing of society, as well as resource loss, threat of loss, or investment of resources without return or gain. We contribute to the expanding body of knowledge in energy and social science research by investigating risk perceptions of induced seismicity (earthquakes) associated with hydraulic fracturing processes. Using structural equation modeling, we analyze data from a 2018 household telephone survey in two regions of Oklahoma (N = 600). Findings indicate that perceptions of recreancy (β = 0.38), opinion of fracking risks (β = 0.31), and number of earthquakes (β = 0.11) directly affect perceptions of earthquake risk, while political views, economic resource loss and views of fracking benefits are indirectly related to perceptions of earthquake risk.