Operations by Line of Business

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Operations by Line of Business

QEP’s lines of business include oil and gas exploration and production (QEP Energy); and marketing, the Haynesville Gathering System, an underground storage reservoir, and corporate (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.

Our financial results for 2014 and for prior periods have been revised, in accordance with GAAP, to reflect the impact of the Midstream Sale. See Note 3 - Discontinued Operations for detailed information on the Midstream Sale.

The following table is a summary of operating results for the year ended December 31, 2014, by line of business:

	QEP Energy			QEP Marketing  and Other			Eliminations			Discontinued Operations		QEP Consolidated
	(in millions)
REVENUES
From unaffiliated customers	$	2,524.6		$	889.7		$	—		$	—	$	3,414.3
From affiliated customers	—			1,492.6			(1,492.6		)	—		—
Total Revenues	2,524.6			2,382.3			(1,492.6		)	—		3,414.3
OPERATING EXPENSES
Purchased gas, oil and NGL expense	150.0			2,356.6			(1,475.4		)	—		1,031.2
Lease operating expense	240.1			—			—			—		240.1
Gas, oil and NGL transportation and other handling costs	291.5			—			(13.9		)	—		277.6
Gathering and other expense	—			6.8			(0.1		)	—		6.7
General and administrative	201.3			6.3			(3.2		)	—		204.4
Production and property taxes	204.0			1.2			—			—		205.2
Depreciation, depletion and amortization	984.4			10.3			—			—		994.7
Impairment and exploration expenses	1,153.1			—			—			—		1,153.1
Total Operating Expenses	3,224.4			2,381.2			(1,492.6		)	—		4,113.0
Net gain (loss) from asset sales	(148.6		)	—			—			—		(148.6		)
OPERATING INCOME (LOSS)	(848.4		)	1.1			—			—		(847.3		)
Realized and unrealized gains (losses) on derivative contracts	367.2			(3.9		)	—			—		363.3
Interest and other income	11.8			209.7			(208.7		)	—		12.8
Income from unconsolidated affiliates	0.3			—			—			—		0.3
Loss from early extinguishment of debt	—			(2.0		)	—			—		(2.0		)
Interest expense	(210.3		)	(167.5		)	208.7			—		(169.1		)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(679.4		)	37.4			—			—		(642.0		)
Income tax (provision) benefit	246.9			(14.4		)	—			—		232.5
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	(432.5		)	23.0			—			—		(409.5		)
Net income from discontinued operations, net of income tax	—			—			—			1,193.9		1,193.9
NET INCOME (LOSS) ATTRIBUTABLE TO QEP	$	(432.5	)	$	23.0		$	—		$	1,193.9	$	784.4
Identifiable total assets	$	8,001.1		$	1,285.7		$	—		$	—	$	9,286.8
Cash capital expenditures	2,660.3			10.9			—			55.2		$	2,726.4
Accrued capital expenditures	2,670.5			13.6			—			50.7		$	2,734.8

The following table is a summary of operating results for the year ended December 31, 2013, by line of business:

	QEP Energy			QEP Marketing and Other			Eliminations			Discontinued Operations		QEP Consolidated
	(in millions)
REVENUES
From unaffiliated customers	$	2,092.8		$	592.3		$	—		$	—	$	2,685.1
From affiliated customers	—			1,008.9			(1,008.9		)	—		—
Total Revenues	2,092.8			1,601.2			(1,008.9		)	—		2,685.1
OPERATING EXPENSES
Purchased gas, oil and NGL expense	197.1			1,570.5			(984.1		)	—		783.5
Lease operating expense	181.3			—			—			—		181.3
Gas, oil and NGL transportation and other handling costs	242.2			—			(20.2		)	—		222.0
Gathering and other expense	—			8.4			—			—		8.4
General and administrative	160.6			4.4			(4.6		)	—		160.4
Production and property taxes	159.8			1.5			—			—		161.3
Depreciation, depletion and amortization	954.2			9.6			—			—		963.8
Impairment and exploration expenses	104.9			—			—			—		104.9
Total Operating Expenses	2,000.1			1,594.4			(1,008.9		)	—		2,585.6
Net gain (loss) from asset sales	104.1			(0.6		)	—			—		103.5
OPERATING INCOME (LOSS)	196.8			6.2			—			—		203.0
Realized and unrealized gains (losses) on derivative contracts	59.1			(0.2		)	—			—		58.9
Interest and other income	3.6			206.9			(195.3		)	—		15.2
Income from unconsolidated affiliates	0.2			—			—			—		0.2
Interest expense	(192.6		)	(167.8		)	195.3			—		(165.1		)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	67.1			45.1			—			—		112.2
Income tax provision	(41.5		)	(18.6		)	—			—		(60.1		)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	25.6			26.5			—			—		52.1
Net income from discontinued operations, net of income tax	—			—			—			107.3		107.3
NET INCOME (LOSS ATTRIBUTABLE TO QEP	$	25.6		$	26.5		$	—		$	107.3	$	159.4
Identifiable total assets	$	7,937.0		$	182.2		$	—		$	1,289.7	$	9,408.9
Cash capital expenditures	1,488.6			25.1			—			88.9		$	1,602.6
Accrued capital expenditures	1,467.2			24.6			—			85.6		$	1,577.4

The following table is a summary of operating results for the year ended December 31, 2012, by line of business:

	QEP Energy			QEP Marketing and Other			Eliminations			Discontinued Operations		QEP Consolidated
	(in millions)
REVENUES
From unaffiliated customers	$	1,615.4		$	456.3		$	—		$	—	$	2,071.7
From affiliated customers	—			611.2			(611.2		)	—		—
Total Revenues	1,615.4			1,067.5			(611.2		)	—		2,071.7
OPERATING EXPENSES
Purchased gas, oil and NGL expense	224.7			1,021.1			(575.1		)	—		670.7
Lease operating expense	175.8			—			—			—		175.8
Gas, oil and NGL transportation and other handling costs	228.1			—			(30.0		)	—		198.1
Gathering and other expense	—			8.2			—			—		8.2
General and administrative	252.8			1.7			(6.1		)	—		248.4
Production and property taxes	97.2			1.3			—			—		98.5
Depreciation, depletion and amortization	838.4			11.8						—		850.2
Impairment and exploration expenses	144.2			—			—			—		144.2
Total Operating Expenses	1,961.2			1,044.1			(611.2		)	—		2,394.1
Net gain from asset sales	1.2			—			—			—		1.2
OPERATING INCOME (LOSS)	(344.6		)	23.4			—			—		(321.2		)
Realized and unrealized gains (losses) on derivative contracts	434.9			(1.4		)	—			—		433.5
Interest and other income	6.2			132.3			(123.5		)	—		15.0
Income from unconsolidated affiliates	0.1			—			—			—		0.1
Loss on extinguishment of debt	—			(0.6		)	—			—		(0.6		)
Interest expense	(116.8		)	(133.0		)	123.5			—		(126.3		)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(20.2		)	20.7			—			—		0.5
Net Income tax benefit (provision)	12.1			(10.2		)	—			—		1.9
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	(8.1		)	10.5			—			—		2.4
Net income from discontinued operations, net of income tax	—			—			—			125.9		125.9
NET INCOME (LOSS) ATTRIBUTABLE TO QEP	$	(8.1	)	$	10.5		$	—		$	125.9	$	128.3
Identifiable assets	$	7,436.5		$	244.6		$	—		$	1,427.4	$	9,108.5
Cash capital expenditures	2,621.1			22.4			—			156.2		2,799.7
Accrued capital expenditures	2,702.4			21.6			—			164.2		2,888.2
Goodwill	59.5			—			—			—		59.5