Operations by Line of Business (Tables)

3 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Summary of operating results by line of business

Operations by Line of Business

QEP’s lines of business include natural gas and oil exploration and production (QEP Energy), midstream field services (QEP Field Services) and marketing (QEP Marketing and other). The lines of business are managed separately and therefore the financial information is presented separately due to the distinct differences in the nature of operations of each line of business, among other factors.

The following table is a summary of operating results for the three months ended March 31, 2013, by line of business:

	QEP Energy			QEP Field Services			QEP Marketing  & Other			Eliminations			QEP Consolidated
	(in millions)
Revenues
From unaffiliated customers	$	508.2		$	64.4		$	123.9		$	—		$	696.5
From affiliated customers	—			27.6			217.2			(244.8		)	—
Total Revenues	508.2			92.0			341.1			(244.8		)	696.5
Operating expenses
Purchased gas, oil and NGL expense	65.7			5.1			342.5			(216.5		)	196.8
Lease operating expense	41.0			—			—			(2.1		)	38.9
Natural gas, oil and NGL transportation and other handling costs	56.2			2.8			—			(25.0		)	34.0
Gathering, processing and other	—			20.3			0.3			—			20.6
General and administrative	36.7			9.5			1.0			(1.2		)	46.0
Production and property taxes	34.7			1.1			0.1			—			35.9
Depreciation, depletion and amortization	238.1			15.8			0.3			—			254.2
Other operating expenses	5.1			—			—			—			5.1
Total operating expenses	477.5			54.6			344.2			(244.8		)	631.5
Net gain (loss) from asset sales	0.1			(0.3		)	—			—			(0.2		)
Operating income (loss)	30.8			37.1			(3.1		)	—			64.8
Realized and unrealized losses on derivative contracts	(34.2		)	—			(0.4		)	—			(34.6		)
Interest and other income	1.7			0.3			51.2			(51.2		)	2.0
Income from unconsolidated affiliates	—			1.3			—			—			1.3
Interest expense	(45.3		)	(4.0		)	(41.3		)	51.2			(39.4		)
(Loss) income before income taxes	(47.0		)	34.7			6.4			—			(5.9		)
Income tax benefit (provision)	17.2			(12.5		)	(2.5		)	—			2.2
Net (loss) income	(29.8		)	22.2			3.9			—			(3.7		)
Net income attributable to noncontrolling interest	—			(0.6		)	—			—			(0.6		)
Net (loss) income attributable to QEP	$	(29.8	)	$	21.6		$	3.9		$	—		$	(4.3	)

The following table is a summary of operating results for the three months ended March 31, 2012, by line of business:

	QEP Energy			QEP Field Services			QEP Marketing & Other			Eliminations			QEP Consolidated
	(in millions)
Revenues
From unaffiliated customers	$	396.8		$	93.6		$	112.8		$	—		$	603.2
From affiliated customers	—			26.1			132.3			(158.4		)	—
Total Revenues	396.8			119.7			245.1			(158.4		)	603.2
Operating expenses
Purchased gas, oil and NGL expense	72.5			—			247.6			(131.7		)	188.4
Lease operating expense	40.8			—			—			(0.7		)	40.1
Natural gas, oil and NGL transportation and other handling costs	50.4			8.8			—			(24.7		)	34.5
Gathering, processing and other	—			23.4			0.2			0.1			23.7
General and administrative	32.4			4.4			0.6			(1.4		)	36.0
Production and property taxes	22.9			1.7			0.1			—			24.7
Depreciation, depletion and amortization	183.7			15.4			0.2			—			199.3
Other operating expenses	8.5			—			—			—			8.5
Total operating expenses	411.2			53.7			248.7			(158.4		)	555.2
Net gain from asset sales	1.5			—			—			—			1.5
Operating (loss) income	(12.9		)	66.0			(3.6		)	—			49.5
Realized and unrealized gains on derivative contracts	207.2			4.1			5.0			—			216.3
Interest and other income	1.7			—			25.9			(25.9		)	1.7
Income from unconsolidated affiliates	—			1.9			—			—			1.9
Interest expense	(23.6		)	(2.3		)	(24.7		)	25.9			(24.7		)
Income before income taxes	172.4			69.7			2.6			—			244.7
Income taxes	(64.3		)	(23.5		)	(0.9		)	—			(88.7		)
Net income	108.1			46.2			1.7			—			156.0
Net income attributable to noncontrolling interest	—			(0.8		)	—			—			(0.8		)
Net income attributable to QEP	$	108.1		$	45.4		$	1.7		$	—		$	155.2