External and Internal Analyses of the Oil and Gas Industry

This report covers the external and internal analyses of the oil and gas industry, providing insights on factors affecting the industry and strategies for future planning. It discusses the current state of the industry, the impact of COVID-19, and the need for competitive advantage.

ABSTRACT
Oil and gas industry is one of those industries in market which are do not get affected
with time and gain profits. The questions which is going to be covered in further report are
external and internal analyses of this industry in the market which is going to get in a clear idea
and planning for future can be done accordingly. There was a lot of research which is collected
for this report for better outcome. The data selected and put in this report is precise and exact to
statistics which are let out by organization so that there is going to be a better understanding of
business. From report it can be understood that there are a lot of factors which are effecting
working and by understanding external and internal factors of organization there is going to be
higher results and raise in profitability of oil and gas industry overall. The company can take
opportunities of having new plants for industry and joining hands with countries to be able to
have higher trading factors in organization so that there is going to be higher performance and
operations which is going to be present.

INTRODUCTION
Oil and gas industry in United States is having highest record as of 2019 of having 4.46
billion barrels of crude oil which would be 12 million barrels of oil per day. The production of
oil is more than it was earlier in last 10 years which is a very good factor for company to have
which is going to make country have a higher economic stability and cash flow in market. This
industry is one of the strengths of government as well which is why industry is being supported
in market. Demands of population in the country is increasing since people of the country are
having a high standard of living and that gets in more people purchasing this product and
services in market. There are a lot of changes which have come in this industry as well due to
Covid-19 which company will have to face for in the next few years to be able to gain
profitability again (2020 Oil and Gas Industry Outlook: A midyear update, 2020).
The report is going to consist of the external and internal factors which are going to make
organization have a higher understanding and functioning is also going to be effective for a long
run. The competition in this industry is also very high which is why it is necessary for the
company to be able to expand themselves which is going to increase sales in country for higher
outcomes and productivity. To get competitive advantage there are a lot of measures and
techniques which have to be used and for that analyses have to be used. Before making any
decisions it is very important for organization to be able to understand their strengths and
weaknesses so that they will be able to make the further decisions and improve themselves
before expanding themselves in other countries.

REFERENCES
Online
2020 Oil and Gas Industry Outlook: A midyear update. 2020. [Online]. Available through:
<https://www2.deloitte.com/us/en/pages/energy-and-resources/articles/oil-and-gas-
industry-outlook.html>.
1