Basis of Presentation of Interim Consolidated Financial Statements (Tables)

9 Months Ended

Sep. 30, 2012

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Impact of change in transportation and other handling costs

In the fourth quarter of 2011, QEP revised its reporting of transportation and handling costs to reflect revenues in accordance with industry practice and GAAP. Transportation and handling costs, previously netted against revenues, were recast on the Condensed Consolidated Statement of Operations from “Revenues” to “Natural gas, oil and NGL transportation and other handling costs” for prior periods presented. The impact of this revision was immaterial to the accompanying financial statements and had no effect on income from continuing operations, net income, or earnings per share. The following table details the impact for the three and nine months ended September 30, 2011, on the Condensed Consolidated Statement of Operations.



	Three Months Ended September 30, 2011							Nine Months Ended September 30, 2011
	As reported ⁽¹⁾		As revised		Change			As reported ⁽¹⁾		As revised		Change
	(in millions)							(in millions)
REVENUES
Natural gas sales	$	266.7	$	309.8	$	43.1		$	795.8	$	921.1	$	125.3
Oil sales	76.1		76.9		0.8			218.4		220.6		2.2
NGL sales	75.7		79.3		3.6			183.1		191.0		7.9
Gathering, processing and other	77.1		57.1		(20.0		)	224.8		162.6		(62.2		)
OPERATING EXPENSES
Natural gas, oil and NGL transportation and other handling costs	—		27.5		27.5			—		73.2		73.2

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⁽¹⁾

The “As reported” numbers reflect QEP Field Services NGL sales of $41.6 million and $115.3 million for the three and nine months ended September 30, 2011, which were reclassified from “Gathering, processing and other” into “NGL sales” for consistency with current period presentation. In its third quarter 2011 Form 10-Q, QEP reported “NGL sales” of $34.1 million and $67.8 million, and “Gathering, processing and other” of $118.7 million and $340.1 million for the three and nine months ended September 30, 2011, respectively. The QEP Field Services NGL reclassification is all within “Revenues” and has no effect on income from continuing operations, net income or earnings per share.

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

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