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I'd love to hear your latest thoughts on how you're thinking about the prospectivity more on the west side of the play, either in that black oil or volatile oil in the play? On the prospectivity overall, you know, we are still focused mainly on the volatile oil window and trying to, you know, dial down spacing there. Please go ahead.
In the wrap up operations, we have finalized plans to resume exploration drilling on our extensive state lease position in Alaska, where we will test the Sockeye prospect during the first half of 2025. We now carry an after-tax present value liability of $1.2 We are planning to incur this liability between now and 2038.
Today's conference call may include forward-looking statements, including statements regarding Lennar's business, financial condition, results of operations, cash flows, strategies and prospects. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Looking ahead, we're pleased to report that we've continued to advance the growth of our fleet, concluding an investment commitment for the pine forests solar and storage project, and having received an offer which is now under evaluation to invest in phase 1 of the Honeycomb storage projects. that we have set today.
Year to date, we've made capitalinvestments of 15.5 That depreciation and amortization expense represents 57% of capitalinvested. And as we continue to replace our aged infrastructure, we expect that ratio of depreciation, as a percentage of capitalinvestment, to increase. million for the same period.
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. I appreciate it.
NextEra Energy offers a unique value proposition with two strong businesses that we believe are strategically positioned with outstanding prospects for future growth. We believe Energy Resources has the most comprehensive renewable energy business in the world and is better positioned than ever to capitalize on long-term growth prospects.
Customers are excited about this, and as more companies find they're employing a mix of custom-built models along with leveraging existing LLMs, the prospect of these two linchpins services in SageMaker and Bedrock working well together is quite appealing. In 2023, overall capitalinvestments were $48.4
Second, we're deploying our free cash flow by investing in our operations, especially Keno Hill where we have seen remarkable success. But more work is needed to daylight the long-term value in this highly prospective geologic district. With that, I'll pass the call back to Cassie. I'll speak to our guidance on Slide 14. Yes, Heiko.
On the right side of the page, you see the corporate capital anticipated CAFD for Rosamond South 1, a 257-megawatt solar, plus storage, project in California with no settled revenue contracts with a diversified offtake profile. In addition to the opportunities for investment around CWEN's existing assets, Clearway Group is advancing 4.4
During the first quarter, upstream capitalinvestment of $568 million was below guidance due primarily to the deferral of some planned facility leasehold and exploration spend. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
We remain confident that this strategic realignment will not impact our near or medium-term growth prospects. Over time, we would increase JForce activations in these markets to meet more potential consumers where they lack significant capitalinvestments. The Motley Fool has no position in any of the stocks mentioned.
We've noticed that at times, this concept needed a little bit more explaining for our shareholders and prospective investors. We continue to be very excited about our prospects and the performance our team is able to deliver. So, I wanted to take the time to do that here. Our platform is entirely performance-based.
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.
Following the event, we plan to initiate a comprehensive investor engagement effort to meet with our existing and prospective investors. 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. Next, why now? So, as I mentioned, $0.03
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.
These financial expectations also enable us to reaffirm our ability to achieve the upper range of our 5% to 8% DPS growth target through '26 without a need to raise external capital to meet those goals. We have also executed on a series of actions that enhanced visibility into prospects for growth above $2.15 by year-end. CAFD yield.
Today's conference call may include forward-looking statements, including statements regarding Lennar's business, financial condition, results of operations, cash flows, strategies, and prospects. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Please also refer to our operating and financial review and prospects for 2022 and for the second quarter of 2023, which were included as Item 5 of our annual report on Form 20-F for 2022 and in Exhibit 99.2 Capital expenditures are expected to range between 20 million to 25 million for the year.
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
Our business strategy is predicated or investing in high-quality assets and also have scale. We have designed our capitalinvestment programs to ensure that we will continue to be the market leader in the years ahead. As we complete the balance of our investment programs, there will be considerable runway for growth.
The company, which was launched in 2013 under the Fortress Investment Group, was again set up to capitalizeinvestment opportunities in real estate and the financial services space. We're very, very excited about our prospects to continue to grow. So, this acquisition really vaults us and helps us grow in the alt space.
Our business strategy is predicated on investing in high-quality assets that also has scale. We've designed our capitalinvestment programs to ensure that we will continue to be the market leader in the years ahead. If any market does legalize it, you have to think, what does it mean to me, my capitalinvestment?
Oil and gas continues to demonstrate its critical role in the global economy, and meeting long-term demand requires sustained capitalinvestment. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Commodity prices remain attractive.
Before we begin, I would like to remind everyone that some of the remarks that we will make today about the company's expectations, plans, and future prospects are considered forward-looking statements under the safe harbor provision of the Private Securities Litigation Reform Act of 1995. We had an OTC recall that was about $0.05
NextEra Energy offers a unique value proposition with two strong businesses that we believe are strategically positioned with outstanding prospects for future growth. We believe Energy Resources has the most comprehensive renewable energy business in the world and is better positioned than ever to capitalize on long-term growth prospects.
Moritex's heavy exposure to electronics and semi has also negatively impacted its recent growth, but we expect to see growth in those segments rebound as capitalinvestment in equipment to support demand for chips grows over the remainder of this decade. Jairam Nathan -- Daiwa Capital Markets -- Analyst Hi.
And as we look forward, we're very optimistic about the markets we serve, our portfolio of high-quality copper assets, and the future prospects for strong cash flow generation to support investments and value-enhancing projects and returns to shareholders. We ended the quarter in a strong position financially.
This increase in capex was driven by increased growth capitalinvestments in our performance solutions portfolio in APM. The year-over-year change was driven primarily by lower earnings and $66 million of outflows for PFAS litigation settlements, partially offset by working capital. Josh Spector -- UBS -- Analyst Thanks.
This liquidity forecast includes 2025 capex expectations of approximately $130 million, of which approximately $60 million is related to customer-acquired capital upgrades for upcoming projects and capital spares, and approximately $70 million of sustaining capitalinvestment. The Motley Fool has a disclosure policy.
With long-term investing, time in the markets is often more important than market timing. Although cash remains an attractive safe haven with the prospect of fewer rate cuts for 2024, the nearly 30% increase in equities over the last year continues to propel clients toward rerisking into stocks and bonds. Operating income of $1.8
Combined with the prospect of deploying a significant amount of capital into a high-quality, long-term regulated investment, it's no surprise to me that the process has generated strong interest. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
And so we'll obviously invest into the fall with these new product offerings, trying to win back customers on sports. We love the long-term prospects, and we enjoy having a partner during this development stage that is equally focused on the business. We have made significant capitalinvestment in our luxury.
So I'm very excited about the prospects for both businesses. It also makes it a difficult business for an unproven competitor to come into the marketplace and invest $1 billion-plus in upfront fee and then significant capitalinvestment. Unfortunately, I can't be in both places. The Motley Fool has a disclosure policy.
As we enter the back half of '23, we remain bullish on our full-year prospects and believe we are well-positioned to achieve continued overall record revenues for the full year. million as of June 30, 2023, and a net working capital position of $61.5 Our balance sheet remains strong with cash and cash equivalents of $48.6
CONFIRM is a prospective multicenter study evaluating outcomes from the integrated Ion endoluminal system and mobile cone beam CT in the biopsy of pulmonary nodules, less than two centimeters in size, 155 patients from six centers throughout the U.S. were enrolled. The Motley Fool has positions in and recommends Intuitive Surgical.
Over the last 20 years, we have focused our investment strategy on developing a service platform that we believe is unmatched in terms of diversification and scope in our industry. We have done so by carefully allocating capital, investing in company-owned facilities, and pursuing strategic acquisitions of businesses and assets.
Regarding the use of cash during the quarter, we spent $57 million on capitalinvestments, which was in line with expectations and consistent with our plans to invest between $210 million and $220 million for the full year. At the end of the quarter, Cedar Fair's net debt totaled $2.4 The Motley Fool recommends Cedar Fair.
Pro forma gross profit margin in 2024 reflects the impact of growth in our newer products, da Vinci 5, Ion, and SP and the impact of capitalinvestments that will come on to support the growth of our business. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
On the AI front, we continue to cultivate and win significant opportunities across our existing customer base and with AI-specific prospects. Our capitalinvestments delivered strong returns as shown on Slide 10. A recent Gartner poll found 55% of organizations are in pilot or production mode with generative AI.
While not my most favorite location, our customers and prospects found it very exciting and compelling for their network transformation initiatives. On the cash front, we will continue to work to reduce our working capitalinvestments and drive some further reduction in inventory as we move through the year.
These include statements related to our long-term strategy, focus, 2027 goals, pace in achieving these goals, prospects for growth and new technologies, and 2024 guidance. This is the balancing act between growth and capitalinvestment that we have described to you previously, and we are increasingly mastering it at a high rate of growth.
We expect the nearshoring benefits to continue for a number of years, first, with capitalinvestment and then through increased regional employment. This business is uniquely positioned in the premium end of this new emerging market and has good customer pull and future growth prospects.
That said, we have reduced our four-year upstream capitalinvestment outlook to reflect previously noted North Sea platform drilling reductions, no additional drilling in Suriname this year, and some minor service cost declines. And, you know, there are other prospects in the Krabdagu and Sapakara area. billion to $1.4
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