The management goal to double cash flow is finally becoming apparent to shareholders. Investors can bet on more growth after that. Management is exploring for more large projects that "move the needle" to add to ones already discovered.

On Tuesday, Exxon and Chevron Corporation (CVX) announced a decision to focus on their projects in the Americas this year, and pull back from projects overseas. The two oil giants also say they have plans to expand into new businesses providing low-carbon technologies to other companies, as much of the world continues to move towards greener energy.

From a technical standpoint, Exxon has been trading in an ascending channel pattern since Dec. 6, making higher lows and higher highs between two parallel trendlines. The pattern is bullish for the short term but can be bearish down the road. On Thursday, Exxon bounced up from the lower trendline of the ascending channel pattern and stalled at the median line of the formation. The median line of the channel coincides with the 50-day simple moving average (SMA), which also acts as resistance.