XML 70 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
OPERATING ACTIVITIES      
Net income attributable to QEP $ 784.4us-gaap_NetIncomeLoss $ 159.4us-gaap_NetIncomeLoss $ 128.3us-gaap_NetIncomeLoss
Net income attributable to noncontrolling interest 21.6us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 12.0us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 3.7us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 1,040.6qep_DepreciationDepletionandAmortizationIncludingDiscontinuedOperations 1,016.0qep_DepreciationDepletionandAmortizationIncludingDiscontinuedOperations 905.3qep_DepreciationDepletionandAmortizationIncludingDiscontinuedOperations
Deferred income taxes (84.1)us-gaap_DeferredIncomeTaxExpenseBenefit 66.1us-gaap_DeferredIncomeTaxExpenseBenefit 32.1us-gaap_DeferredIncomeTaxExpenseBenefit
Impairment 1,143.2us-gaap_AssetImpairmentCharges 93.0us-gaap_AssetImpairmentCharges 133.0us-gaap_AssetImpairmentCharges
Equity-based compensation 27.2us-gaap_ShareBasedCompensation 27.1us-gaap_ShareBasedCompensation 25.6us-gaap_ShareBasedCompensation
Amortization of debt issuance costs and discounts 6.7us-gaap_AmortizationOfFinancingCostsAndDiscounts 6.4us-gaap_AmortizationOfFinancingCostsAndDiscounts 5.3us-gaap_AmortizationOfFinancingCostsAndDiscounts
Net gain from asset sales (1,644.8)us-gaap_GainLossOnDispositionOfAssets (103.0)us-gaap_GainLossOnDispositionOfAssets (1.2)us-gaap_GainLossOnDispositionOfAssets
Income from unconsolidated affiliates (5.2)qep_IncomeLossFromEquityMethodInvestmentsIncludingDiscontinuedOperations (5.8)qep_IncomeLossFromEquityMethodInvestmentsIncludingDiscontinuedOperations (6.8)qep_IncomeLossFromEquityMethodInvestmentsIncludingDiscontinuedOperations
Distributions from unconsolidated affiliates and other 9.4us-gaap_EquityMethodInvestmentDividendsOrDistributions 7.9us-gaap_EquityMethodInvestmentDividendsOrDistributions 7.9us-gaap_EquityMethodInvestmentDividendsOrDistributions
Non-cash loss on early extinguishment of debt 4.4us-gaap_WriteOffOfDeferredDebtIssuanceCost 0us-gaap_WriteOffOfDeferredDebtIssuanceCost 0us-gaap_WriteOffOfDeferredDebtIssuanceCost
Unrealized loss (gain) on derivative contracts (374.4)us-gaap_UnrealizedGainLossOnDerivatives 88.7us-gaap_UnrealizedGainLossOnDerivatives (63.2)us-gaap_UnrealizedGainLossOnDerivatives
Changes in operating assets and liabilities         
Accounts receivable (160.5)us-gaap_IncreaseDecreaseInAccountsReceivable 3.2us-gaap_IncreaseDecreaseInAccountsReceivable 9.6us-gaap_IncreaseDecreaseInAccountsReceivable
Inventories (20.2)us-gaap_IncreaseDecreaseInInventories 2.6us-gaap_IncreaseDecreaseInInventories 28.7us-gaap_IncreaseDecreaseInInventories
Prepaid expenses (7.3)us-gaap_IncreaseDecreaseInPrepaidExpense 14.0us-gaap_IncreaseDecreaseInPrepaidExpense (16.8)us-gaap_IncreaseDecreaseInPrepaidExpense
Accounts payable and accrued expenses 320.1us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities (179.7)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities 101.3us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Federal income taxes 494.1us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable (27.4)us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable 3.5us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
Other (12.7)us-gaap_IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet 11.2us-gaap_IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet (0.3)us-gaap_IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet
Net Cash Provided by Operating Activities 1,542.5us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 1,191.7us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 1,296.0us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
INVESTING ACTIVITIES      
Property acquisitions (960.5)us-gaap_PaymentsToAcquireOilAndGasProperty (40.9)us-gaap_PaymentsToAcquireOilAndGasProperty (1,406.1)us-gaap_PaymentsToAcquireOilAndGasProperty
Property, plant and equipment, including dry exploratory well expense (1,765.9)us-gaap_PaymentsToAcquireOilAndGasEquipment (1,561.7)us-gaap_PaymentsToAcquireOilAndGasEquipment (1,393.6)us-gaap_PaymentsToAcquireOilAndGasEquipment
Proceeds from disposition of assets 3,296.6us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment 211.1us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment 5.2us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment
Acquisition deposit held in escrow 50.0qep_AcquisitionDepositHeldInEscrow (50.0)qep_AcquisitionDepositHeldInEscrow 0qep_AcquisitionDepositHeldInEscrow
Other investments (42.0)us-gaap_PaymentsForProceedsFromOtherInvestingActivities 0us-gaap_PaymentsForProceedsFromOtherInvestingActivities 0us-gaap_PaymentsForProceedsFromOtherInvestingActivities
Net Cash Provided by (Used in) Investing Activities 578.2us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (1,441.5)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (2,794.5)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
FINANCING ACTIVITIES      
Checks outstanding in excess of cash balances (54.4)us-gaap_IncreaseDecreaseInOutstandingChecksFinancingActivities 69.3us-gaap_IncreaseDecreaseInOutstandingChecksFinancingActivities 10.3us-gaap_IncreaseDecreaseInOutstandingChecksFinancingActivities
Long-term debt issued 300.0us-gaap_ProceedsFromIssuanceOfLongTermDebt 0us-gaap_ProceedsFromIssuanceOfLongTermDebt 1,450.0us-gaap_ProceedsFromIssuanceOfLongTermDebt
Long-term debt issuance costs paid (9.3)us-gaap_PaymentsOfDebtIssuanceCosts (3.2)us-gaap_PaymentsOfDebtIssuanceCosts (17.8)us-gaap_PaymentsOfDebtIssuanceCosts
Long-term debt repaid (600.0)us-gaap_RepaymentsOfSeniorDebt 0us-gaap_RepaymentsOfSeniorDebt (6.7)us-gaap_RepaymentsOfSeniorDebt
Proceeds from credit facility 5,455.0us-gaap_ProceedsFromLinesOfCredit 3,085.0us-gaap_ProceedsFromLinesOfCredit 2,739.0us-gaap_ProceedsFromLinesOfCredit
Repayments of credit facility (5,935.0)us-gaap_RepaymentsOfLinesOfCredit (3,295.0)us-gaap_RepaymentsOfLinesOfCredit (2,655.5)us-gaap_RepaymentsOfLinesOfCredit
Common stock repurchased and retired (99.7)us-gaap_PaymentsForRepurchaseOfCommonStock 0us-gaap_PaymentsForRepurchaseOfCommonStock 0us-gaap_PaymentsForRepurchaseOfCommonStock
Treasury stock repurchased (6.2)us-gaap_PaymentsForRepurchaseOfOtherEquity (9.3)us-gaap_PaymentsForRepurchaseOfOtherEquity 0us-gaap_PaymentsForRepurchaseOfOtherEquity
Other capital contributions 6.0us-gaap_ProceedsFromOtherEquity 7.0us-gaap_ProceedsFromOtherEquity (2.2)us-gaap_ProceedsFromOtherEquity
Dividends paid (14.6)us-gaap_PaymentsOfDividendsCommonStock (14.3)us-gaap_PaymentsOfDividendsCommonStock (14.2)us-gaap_PaymentsOfDividendsCommonStock
Excess tax benefit on equity-based compensation (0.5)us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 0us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 2.2us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Net proceeds from the issuance of common units 0us-gaap_ProceedsFromIssuanceInitialPublicOffering 449.6us-gaap_ProceedsFromIssuanceInitialPublicOffering 0us-gaap_ProceedsFromIssuanceInitialPublicOffering
Distribution to noncontrolling interest (31.9)us-gaap_PaymentsToMinorityShareholders (9.3)us-gaap_PaymentsToMinorityShareholders (6.6)us-gaap_PaymentsToMinorityShareholders
Net Cash (Used in) Provided by Financing Activities (990.6)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 279.8us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 1,498.5us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Change in cash and cash equivalents 1,130.1us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 30.0us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 0us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Beginning cash and cash equivalents 30.0us-gaap_CashAndCashEquivalentsAtCarryingValue 0us-gaap_CashAndCashEquivalentsAtCarryingValue 0us-gaap_CashAndCashEquivalentsAtCarryingValue
Ending cash and cash equivalents $ 1,160.1us-gaap_CashAndCashEquivalentsAtCarryingValue $ 30.0us-gaap_CashAndCashEquivalentsAtCarryingValue $ 0us-gaap_CashAndCashEquivalentsAtCarryingValue