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Derivative Contracts (Tables)
 12 Months Ended
Dec. 31, 2014
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, 2014:
 
 
 
 
 
 
 
 
 
Swaps
Year
 
Type of Contract
 
Index
 
Total
Volumes
 
Average price per unit
 
 
 
 
 
 
(in millions)
 
 
Gas sales
 
 
 
 
 
(MMBtu)

 
 
2015
 
Swap
 
NYMEX HH
 
29.2

 
$
4.11

2015
 
Swap
 
IFNPCR
 
40.2

 
$
3.70

 
 
 
 
 
 
 
 
 
Oil sales
 
 
 
 
 
(Bbls)

 
 

2015
 
Swap
 
NYMEX WTI
 
7.7

 
$
90.04

2015
 
Swap
 
ICE Brent
 
0.4

 
$
104.95

2016
 
Swap
 
NYMEX WTI
 
0.4

 
$
90.00


The following table sets forth QEP Energy's crude oil sales costless collars as of December 31, 2014:
 
 
 
 
Total Volume
 
Average Price
 
Average Price
Year
 
Index
 
Bbls
 
Floor
 
Ceiling
 
 
 
 
(in millions)
 
 
 
 
2015
 
NYMEX WTI
 
0.5

 
$
50.00

 
$
63.34


The following table sets forth QEP Energy's oil basis swaps as of December 31, 2014:
Year
 
Index
 
Index Less Differential
 
Total Volumes
Bbls
 
Weighted Average Differential
Oil basis swaps
 
 
 
 
 
(in millions)
 
 
2015
 
NYMEX WTI
 
LLS
 
0.1

 
$
4.03


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, 2014:
Year
 
Type of Contract
 
Index
 
Total
Volumes
 
Average Swap price
per MMBtu
 
 
 
 
 
 
(in millions)
 
 
Gas sales
 
 
 
 
 
(MMBtu)

 
 
2015
 
Swap
 
IFNPCR
 
2.8

 
$
4.03

2016
 
Swap
 
IFNPCR
 
0.9

 
$
3.58

Gas purchases
 
 
 
 
 
(MMBtu)

 
 

2015
 
Swap
 
IFNPCR
 
0.9

 
$
3.06



 
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
 
2014
 
2013
 
2014
 
2013
 
 
 
(in millions)
 
(in millions)
Current:
 
 
 
 
 
 
 
 
 
Commodity
Fair value of derivative contracts
 
$
339.3

 
$
5.5

 
$
0.3

 
$
29.4

Interest rate swaps
Fair value of derivative contracts
 
—

 
—

 
—

 
2.6

Long-term:
 
 
 

 
 

 
 

 
 

Commodity
Fair value of derivative contracts
 
9.9

 
0.4

 
—

 
—

Interest rate swaps
Fair value of derivative contracts
 
—

 
0.6

 
—

 
—

Total derivative instruments
 
$
349.2

 
$
6.5

 
$
0.3

 
$
32.0
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,
 
2014
 
2013
 
2012
Realized gains (losses) on commodity derivative contracts
 
(in millions)
QEP Energy
 
 
 
 
 
 
Gas derivative contracts
 
$
(16.7
)
 
$
152.0

 
$
341.9

Oil derivative contracts
 
15.7

 
(2.2
)
 
14.4

NGL derivative contracts
 
—

 
—

 
10.2

QEP Marketing
 
 

 
 

 
 
Gas derivative contracts
 
(2.5
)
 
0.5

 
5.1

Total realized gains (losses) on commodity derivative contracts
 
(3.5
)
 
150.3

 
371.6

Unrealized gains (losses) on commodity derivative contracts
 
 
QEP Energy
 
 

 
 

 
 
Gas derivative contracts
 
68.4

 
(42.6
)
 
37.8

Oil derivative contracts
 
299.8

 
(48.1
)
 
29.0

NGL derivative contracts
 
—

 
—

 
1.6

QEP Marketing
 
 

 
 

 
 
Gas derivative contracts
 
4.2

 
(2.1
)
 
0.9

Total unrealized gains (losses) on commodity derivative contracts
 
372.4

 
(92.8
)
 
69.3

Total realized and unrealized gains (losses) on commodity derivative contracts
 
$
368.9

 
$
57.5

 
$
440.9

Realized gains (losses) on interest rate swaps
 
 
Realized losses on interest rate swaps
 
$
(7.6
)
 
$
(2.7
)
 
$
(1.3
)
Unrealized gains (losses) on interest rate swaps
 
 
Unrealized gains (losses) on interest rate swaps
 
2.0

 
4.1

 
(6.1
)
Total realized and unrealized gains (losses) on interest rate swaps
 
(5.6
)
 
1.4

 
(7.4
)
Total net realized gains (losses) on derivative contracts
 
(11.1
)
 
147.6

 
370.3

Total net unrealized gains (losses) on derivative contracts
 
374.4

 
(88.7
)
 
63.2

Grand Total
 
$
363.3

 
$
58.9

 
$
433.5