Derivative Contracts (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Volumes and Average Prices

QEP Energy's Derivative Contracts

The following table sets forth QEP Energy's quantities and average prices for its commodity derivative contracts as of December 31, 2013:

				Swaps
Year	Type of Contract	Index	Total Volumes	Average price per unit
			(in millions)
Gas sales			(MMBtu)
2014	Swap	IFNPCR	58.4	$	3.98
2014	Swap	NYMEX	25.6	$	4.19
2015	Swap	NYMEX	3.7	$	4.16
Oil sales			(Bbls)
2014	Swap	NYMEX WTI	12.1	$	93.68
2015	Swap	NYMEX WTI	0.7	$	88.60

The following table sets forth QEP Energy's oil basis swaps as of December 31, 2013:

Year	Index	Index Less Differential	Bbls Per Day	Weighted Average Differential
Oil basis swaps
2014	NYMEX WTI	ICE Brent	2,000.0	$	13.78

QEP Marketing Derivative Contracts

QEP Marketing enters into commodity derivative transactions to lock in a margin on gas volumes placed into storage and for marketing transactions in which QEP Marketing sells gas volumes at a fixed price. The following table sets forth QEP Marketing's volumes and swap prices for its commodity derivative contracts as of December 31, 2013:

Year	Type of Contract	Index	Total Volumes	Average Swap price per MMBtu
			(in millions)
Gas sales			(MMBtu)
2014	Swap	IFNPCR	4.7	$	3.77
Gas purchases			(MMBtu)
2014	Swap	IFNPCR	1.0	$	3.78

QEP's Derivative Contracts

The following table sets forth QEP's notional amounts and interest rates for its interest rate swaps outstanding as of December 31, 2013:

Notional amount	Type of Contract	Maturity	Fixed Rate Paid	Variable Rate Received
(in millions)
$300.0	Swap	March 2017	1.07%	One month LIBOR

Fair values of Derivatives by Balance Sheet Location

The following table presents the balance sheet location of QEP's outstanding derivative contracts on a gross contract basis as opposed to the net contract basis presentation in the Consolidated Balance Sheets and the related fair values at the balance sheet dates:

		Gross asset derivative instruments fair value				Gross liability derivative instruments fair value
		December 31,
	Balance Sheet line item	2013		2012		2013		2012
		(in millions)				(in millions)
Current:
Commodity	Fair value of derivative contracts	$	5.5	$	189.7	$	29.4	$	1.0
Interest rate swaps	Fair value of derivative contracts	—		—		2.6		2.6
Long-term:
Commodity	Fair value of derivative contracts	0.4		4.2		—		0.1
Interest rate swaps	Fair value of derivative contracts	0.6		—		—		3.6
Total derivative instruments		$	6.5	$	193.9	$	32.0	$	7.3

Effects of Derivative Transactions

The effects of the change in fair value and settlement of QEP's derivative contracts recorded in "Realized and Unrealized gains on derivatives" on the Consolidated Statements of Operations are summarized in the following tables:

Derivative instruments not designated as cash flow hedges	Year Ended December 31,
	2013			2012			2011
Realized gains (losses) on commodity derivative contracts	(in millions)
QEP Energy
Gas derivative contracts	$	152.0		$	341.9		$	(117.7	)
Oil derivative contracts	(2.2		)	14.4			—
NGL derivative contracts	—			10.2			—
QEP Field Services
NGL derivative contracts	—			8.4			—
QEP Marketing
Gas derivative contracts	0.5			5.1			—
Total realized gains (losses) on commodity derivative contracts	150.3			380.0			(117.7		)
Unrealized gains (losses) on commodity derivative contracts
QEP Energy
Gas derivative contracts	(42.6		)	37.8			117.7
Oil derivative contracts	(48.1		)	29.0			—
NGL derivative contracts	—			1.6			—
QEP Field Services
NGL derivative contracts	—			—			—
QEP Marketing
Gas derivative contracts	(2.1		)	0.9			—
Total unrealized (losses) gains on commodity derivative contracts	(92.8		)	69.3			117.7
Total realized and unrealized gains on commodity derivative contracts	$	57.5		$	449.3		$	—
Realized gains (losses) on interest rate swaps
Realized losses on interest rate swaps	$	(2.7	)	$	(1.3	)	$	—
Unrealized gains (losses) on interest rate swaps
Unrealized gains (losses) on interest rate swaps	4.1			(6.1		)	—
Total realized and unrealized gains (losses) on interest rate swaps	$	1.4		$	(7.4	)	$	—
Total net realized gains (losses) on derivative contracts	$	147.6		$	378.7		$	(117.7	)
Total net unrealized (losses) gains on derivative contracts	$	(88.7	)	$	63.2		$	117.7
Grand Total	$	58.9		$	441.9		$	—

The following table presents the change in the fair value and settlement of QEP's derivative contracts that were designated as cash flow hedges in 2011:

Derivative instruments classified as cash flow hedges	Location of gain (loss) recognized in earnings	Year Ended December 31,
		2013		2012		2011
Commodity derivatives
Gain on derivative instruments for the effective portion of hedge recognized in AOCI	Accumulated other comprehensive income	$	—	$	—	$	350.8
Gain reclassified from AOCI into income for effective portion of hedge	Gas sales	—		—		305.5
Gain reclassified from AOCI into income for effective portion of hedge	Oil sales	—		—		1.6
Gain reclassified from AOCI into income for effective portion of hedge	NGL sales	—		—		(0.2		)
Gain reclassified from AOCI into income for effective portion of hedge	Marketing purchases	—		—		4.3
Gain recognized in income for the ineffective portion of hedges	Interest and other income	—		—		0.1