Subsequent Events

12 Months Ended

Dec. 31, 2013

Subsequent Events [Abstract]

Subsequent Events [Text Block]

In February 2014, QEP Energy acquired oil and gas properties in the Permian Basin of Texas for an aggregate purchase price of $950.0 million, subject to customary purchase price adjustments (the Permian Basin Acquisition). The acquired properties consist of approximately 26,500 net acres of producing and undeveloped oil and gas properties and approximately 260 vertical producing wells in the Permian Basin, which creates a new core area of operation for QEP Energy. The Permian Basin Acquisition was funded with cash on hand, $300.0 million from the Company’s expanded Term Loan and approximately $600.0 million from its revolving credit facility. Based on the timing of the Permian Basin Acquisition, QEP has not completed its initial accounting for the Permian Basin Acquisition and thus full disclosures required under GAAP will not be included until the first quarter 2014.

In February 2014, to fund a portion of the purchase price for the Permian Basin Acquisition, the Company increased the term loan from $300.0 million to $600.0 million. There were no changes to the maturity date, pricing or covenants in the term loan credit agreement.