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The move will save the company $800 million annually, which it can use to fund growth capitalinvestments and repay debt. The company also plans to reduce capital expenses by around $600 million while targeting about $1 billion in operational cost savings to further improve its financial situation.
deferred tax benefit related to the write-off of APA's investment in our U.K. subsidiaries and a $190 million increase in our net liability on the former Fieldwood properties. Wrapping up commentary on 2024, let me address the $190 million increase in the net contingent liability for the Fieldwood properties.
Operating a telecommunications business requires a huge amount of capitalinvestment. Management is working through the issues, including product liability related to military earplugs and the environmental impact of its production of forever chemicals.
Wheeler and Yin regularly advise on all aspects of acquisition financing, rescue financing, restructurings, liability management solutions and cross-border special situations lending. They also have significant expertise in junior capitalinvestment, including private high-yield and preferred equity financings.
Still, he highlighted the benefits of the regulated utility model , which provides monopolies in exchange for utilities having to get rates and capitalinvestment approved by the government. This relationship has, over time, resulted in slow but steady growth for most utilities.
HMRC, the UK tax authority has abandoned a controversial crackdown on private equity firms, averting a potential tax hit that could have amounted to hundreds of millions of pounds in retrospective liabilities, according to a report by the Financial Times.
We now carry an after-tax present value liability of $1.2 We are planning to incur this liability between now and 2038. Approximately half of this liability will be incurred between now and the end of 2030. It's -- with a 40% tax rate, you could probably figure out pretty quickly, it's about $2 billion of liability.
As a result of our continued focus on balance sheet efficiency and reducing our capitalinvestment, we once again continued to migrate toward our goal of becoming land-light. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Additionally, the Cosmopolitan of Las Vegas was transitioned to MGM Rewards, and these regular capitalinvestments into our resort operations drive continued guest visitation and increased spend. We've also made some important capitalinvestments this year in high-limit slot areas, ARIA, MGM Grand, The Bellagio is underway.
As discussed on the year-end call in February, results in 2024 reflect a combination of regulatory lag related to our capitalinvestments and inflationary pressures. Our gas utility is making necessary investments in safety, reliability, and technology at record levels. We reported net income of $1.69 Moving on to renewables.
For the quarter, capital expenditures were 4.6 billion, with capitalinvestments of 5.6 Full year capitalinvestment was 23.6 billion as we continue to invest in 5G and fiber at historic levels. Another impact to free cash flow is lower capitalinvestment. of other headwinds.
While we continue to maintain strong credit ratings, a solid balance sheet, and long-term earnings growth outlook of 4% to 6%, our earnings guidance for 2024 reflects a combination of lag related to our capitalinvestments and inflationary pressures that we are experiencing simultaneously. million due to additional capitalinvestments.
There were some conflicting reports out there at how much the capitalinvestment that was going to take. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned.
When we announced the review in November, we described the long-term scope and duration of our resiliency and decarbonization capitalinvestment opportunity as very much intact. Is there any kind of major capitalinvestments you may be facing there? Turning to Slide 8. I'll address electric sales trends. Perfect, guys.
as customers direct their capitalinvestments to AI and accelerated computing. And -- and so, what you're seeing companies do now is recognizing this -- this, the tipping point here, recognizing the beginning of this transition, and diverting their capitalinvestment to accelerated computing and generative AI.
Smart capital continues to guide the pace and breadth of our global capacity expansion, and our new operating model has uncovered opportunities to build and utilize manufacturing capacity more efficiently. And now that we've paid the capital to catch up, and I'll view this catch-up capital, you know, we had no spare capacity.
Regarding the second questions, regarding the question on the logistic investment. The core capitalinvestment is centered around our sorting machines and part of the improvement to the hub and to the sorting centers. For our logistics businesses, it's rather more OPEC-driven rather than capex heavy driven businesses.
We remain focused on driving efficiencies across the business, which enables us to invest to support the strong growth we're seeing in AWS, including generative AI. Now let's turn our attention to capitalinvestments. Looking ahead to the rest of 2024, we expect capitalinvestments to be higher in the second half of the year.
In 2024, we've been focused on executing on our capitalinvestment plan, regulatory dockets, and growth opportunities with great success. As you may remember, 2024 is an investment year for us that is setting the stage for future growth. David Hugo Anderson -- Chief Executive Officer Thanks, Nikki, and good morning, everyone.
While we continue to maintain strong credit ratings, a solid balance sheet and an unchanged long-term earnings growth outlook, our earnings guidance for 2024 reflects a combination of lag related to our capitalinvestments and inflationary pressures that we are experiencing simultaneously. Good question, Tyler.
When we think about the success this year of managing the investment in that way and how we manage our portfolio, you know, the exceptional results that we're seeing across our wells, I think in just the Delaware Basin and Eagle Ford alone are foundational plays. The Motley Fool has positions in and recommends EOG Resources.
This year's growth capitalinvestments in the Williston are progressing on time and on budget and are primarily focused on the continued build out of the infrastructure on the western side of the Rough Rider system. Turning to the balance sheet, Crestwood ended the second quarter with $3.3
However, coming out of it , we see the power of venture capitalinvesting as returns catapulted to several multiples beyond the initial investment — and far beyond the average buyout return. The information contained in this blog post is not legal, tax, or investment advice.
Capital expenditure for the year was 3.1% of revenue, lower than our revised guide on capital spend. And we continue to find opportunities to drive efficiencies in our capitalinvestment programs. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Beyond the headwinds in our supply chain, we also faced some unexpected pressure in healthcare and general liability expenses this quarter, which Jim will outline in a few minutes. Traffic growth shows that we're winning with our guests, and we're making the long-term investments that have delivered strong performance over decades.
We also discussed our strategic objectives beyond 2026 of targeting a production platform of 600,000 gold equivalent ounces per year with line of sight until at least 2030, as well as our pipeline of opportunities and exploration upside to extend mine lives well into the next decade with very modest capitalinvestment.
It allows us to actually achieve these higher rates of throughput within the existing facilities without having to spend additional capital. So as always, there will be capital spend on replacing certain machine tools, etc. It would be within our normal capex expenditures. Mark Wilson -- Jefferies -- Analyst Thanks for that.
We remain equally confident in our business strategy to invest in both the quality and scale of our market-leading assets in Macao. Our capitalinvestment programs ensure that we will continue to be the market leader in the years ahead. We have now commenced the next phase of our capitalinvestment program at Marina Bay Sands.
But to affirm what we outlined in our last November call and since, if we were to contract the balance of our open position at the same average pricing secured under these recent contracts, that could enable CWEN CAFD per share growth at the low end of 5% to 8% into 2027 without a need for additional capitalinvestment.
On to the liability side of the balance sheet. So, I'd say, at a minimum, reaffirming and, in some cases, inspirational to accelerate some capitalinvestment and some expansion of operations. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Total capitalinvestments in the second quarter of 2023 were $784 million, which included $683 million for growth capital projects and 101 million of sustaining capital expenditures. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Over time, we would increase JForce activations in these markets to meet more potential consumers where they lack significant capitalinvestments. We believe these initiatives are among the most efficient strategies for growth and do not expect them to require significant capitalinvestments.
Capitalinvestment for the quarter was $5.5 Capital expenditures were $5.3 We expect higher capitalinvestment in the fourth quarter as we ramp our wireless network modernization. So we have an offsetting FX gain recorded in other noncurrent liabilities on our balance sheet related to the hedges.
We grew noninterest income across most categories, including double-digit increases year over year in many of our largest fee-generating activities, including investment advisory, net gains from trading activities, deposit-related fees, and investment banking. We also benefited from improved results in our venture capitalinvestments.
At our flagship Copler mine, we delivered first production from the Cakmaktepe Extension project just six years from discovery and for less than $70 million in capital. million as mineral reserve base and meaningfully improve gold recoveries for incremental capitalinvestment. We see potential to expand the project's existing 1.7
Turning to our final priority, we continue to allocate capital in a deliberate manner to create best-in-class experiences for customers, drive sustainable, profitable growth, and deliver long-term value for shareholders. We also recently transferred $8 billion of pension liabilities through the purchase of insurance annuities.
Subject to the evaluation and approval of our GCN Committee, we would aim to make an investment commitment in the second half of 2024 and to fund the investment by the end of 2025. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. CAFD yield.
And in H2, we expect Azure growth to accelerate as our capitalinvestments create an increase in available AI capacity to serve more of the growing demand. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
This results in a relatively long liability duration, which we estimate to be in the 75th percentile relative to a large sample of corporate plan sponsors. Dominion Energy's current expected return on assets, or EROA, assumption is based on an asset allocation which reflects the long-dated nature of our liabilities. Next, why now?
This brings me to our final priority, which is our deliberate and balanced approach to capital allocation. As we indicated would happen, our capitalinvestment levels have come down over the years as we move past the peak of our 5G rollout. Capitalinvestment for the quarter was $4.6 Capital expenditures were $3.8
Capital expenditure in the second quarter was 2.8% We're continuing to find opportunities to drive efficiencies in our capitalinvestment programs. And as you'll see on the next slide, we slightly revised down our full-year expectations on capital spend. of revenue, as compared to 2.7% in the first quarter.
Upstream capitalinvestment of $520 million was slightly above guidance, as we spent $27 million on the initial phase of our winter exploration program in Alaska. We continue to diligently manage overhead and operating costs, and we are reducing our total capitalinvestment to less than $2 billion.
So while I'm not here to give you a long-term guidance in terms of that segment of the business, we wouldn't be making capitalinvestments in an accelerated way if we didn't expect to accelerate growth out of those businesses. Now keep in mind that the lead time on investments in this business are multiple years.
Total capitalinvestments in the third quarter of this year were 826 million, which included 722 million for growth projects and 99 million of sustaining capex. Capitalinvestments for the first nine months of 2023 were 2.3 We are currently forecasting 2024 growth capital expenditures in the range of $3 billion to $3.5
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