According to CNBC, Chevron is generating more than $18 billion in free cash flow in its most recently reported quarter, trades at less than 14 times forward earnings, and has realized $1.5 billion in run-rate synergies from the Hess acquisition faster than management had guided. The company has also moved its corporate headquarters to Houston from San Ramon, California, and has said it could close refineries in Richmond and El Segundo. The article also highlighted a cash-secured put trade on Chevron, selling the October $180 put for $4.75, with a probability of profit above 72% and a maximum profit of $475 per contract.