The fracking shale oil boom has about run it's course.

The world’s largest oilfield services provider, Schlumberger (NYSE:SLB), reported on Friday a net loss of US$11.38 billion for the third quarter, compared to a US$644-million profit for Q3 2018, after a hefty pretax charge of US$12.7 billion weighed on the most recently reported results.

“This quarter’s results reflected a macro environment of slowing production growth rate in North America land as operators maintained capital discipline, reducing drilling and frac activity,” Le Peuch said.

As early as the second quarter of this year, Schlumberger warned investors of the weakness on the North American oil services market, as land investment drops because of the cash flow constraints of E&P operators. Competitor Halliburton also admitted then that the North American onshore drilling market has become “challenging.”