First, maximize cash flow over the next five years sustaining a reinvestment rate of less than 75%.
Secondly, our second-quarter bond tender and new issuance reduced near-term maturities by nearly $400 million.
Among reported ESG metrics, most notable are our reported 37% decline in greenhouse gas emissions intensity in 2020 versus 2019 and a 20% decline in methane intensity.
Starting with production, we beat the top end of guidance with production at 12.4 million BOE or 136,500 BOE per day.
And this was due mainly to performance from the Austin Chalk, where both base production and new wells were stronger than we had modeled.
For the quarter, oil production percentage was a healthy 54%.
Capex of $214 million came in under our guidance range of $230 million to $240 million.
This related to timing as our capital expenditure estimate for the full year remains unchanged.
We drilled 22 and completed 45 net wells in the quarter.
For the first half of 2021, capital expenditures totaled $399 million, and we drilled 40 net wells and completed 62 net wells.
So we're roughly 60% through our capital program for the year.
Here, we see the substantial reduction in near-term maturities due through 2024 which at second quarter end stood at $223 million including the revolver.
We termed out approximately $400 million in debt with the issuance of new six and a half percent notes due 2028.
The tender offer and issuance transactions went extremely well, was actually oversubscribed by 10 times.
Updating our hedge positions on Slide 8, we have 75% to 80% of oil production and about 85% of natural gas production hedged the second half of 2021, details by quarter in the appendix.
We did narrow the range around production to 47.5 million to 49.5 million BOE, and that range really relates to ultimate timing of wells coming on.
Third-quarter production is expected to range between 13 million to 13.2 million BOE or 141,000 to 143,000 BOE per day 53% to 54% oil.
In terms of cadence, the remaining capital activity will be heavier weighted to the third quarter, with the third-quarter capital guidance range forecasted to be between $170 million to $190 million.
We're now expecting full-yea activity to include about 85 net wells drilled and 100 to 110 net wells completed.
While we have previously confirmed drilling the 20,900 foot almost 4-mile long lateral which we drilled in 20 days, we now have the well on production.
These operations went smoothly, and we were able to complete an average of 16 stages per day about twice the pace of a typical zipper frac, and we're able to complete as many as 24 stages in a day.
We are often asked if we expect to keep improving our already efficient operations which we continue to run at around $520 per lateral foot.
Three new wells averaged 3,300 BOE per day.
And the wells have an estimated breakeven oil price of just $24 per barrel.
Also, I will remind you that our transportation costs for natural gas in South Texas dropped by about $0.25 per mcf starting this month, another factor contributing to better economics in the South Texas program.

Summary:
And this was due mainly to performance from the Austin Chalk, where both base production and new wells were stronger than we had modeled.
For the quarter, oil production percentage was a healthy 54%.
This related to timing as our capital expenditure estimate for the full year remains unchanged.
We did narrow the range around production to 47.5 million to 49.5 million BOE, and that range really relates to ultimate timing of wells coming on.