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Derivative Contracts (Tables)
 6 Months Ended
Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
The following table sets forth QEP Energy’s quantities and average prices for its commodity derivative swap contracts as of June 30, 2015: 
Year
 
Index
 
Total
Volumes
 
Average Swap price per unit
 
 
 
 
(in millions)
 
 
Gas sales
 
 
 
(MMBtu)

 
 
2015
 
 NYMEX HH
 
35.0

 
$
3.48

2015
 
 IFNPCR
 
23.9

 
$
3.55

2016
 
NYMEX HH
 
18.3

 
$
3.24

2016
 
IFNPCR
 
25.6

 
$
2.92

Oil sales
 
 
 
(bbls)

 
 

2015
 
NYMEX WTI
 
5.2

 
$
82.09

2015
 
ICE Brent
 
0.2

 
$
104.95

2016
 
NYMEX WTI
 
3.3

 
$
65.43


The following table sets forth details of QEP Energy's gas collars as of June 30, 2015:
 
 
 
 
Total Volume
 
Average Price
 
Average Price
Year
 
Index
 
 
Floor
 
Ceiling
 
 
 
 
(in millions)
 
 
 
 
 
 
 
 
(MMBtu)

 
($/MMBtu)
 
($/MMBtu)
2016
 
NYMEX HH
 
7.3

 
$
2.75

 
$
3.89



QEP uses gas basis swaps, combined with NYMEX HH fixed price swaps, to achieve fixed price swaps at the location at which it sells its physical production.

The following table sets forth details of QEP Energy's gas basis swaps as of June 30, 2015:
Year
 
Index
 
Index Less Differential
 
Total Volumes
 
Weighted Average Differential
 
 
 
 
 
 
(in millions)
 
 
 
 
 
 
 
 
(MMBtu)

 
($/MMBtu)

2015
 
NYMEX HH
 
IFNPCR
 
22.1

 
$
(0.28
)

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 June 30, 2015:
Year
 
Type of Contract
 
Index
 
Total
Volumes
 
Average Swap price
per MMBtu
 
 
 
 
 
 
(in millions)
 
 
Gas sales
 
 
 
 
 
(MMBtu)

 
 
2015
 
SWAP
 
IFNPCR
 
2.4

 
$
3.25

2016
 
SWAP
 
IFNPCR
 
1.8

 
$
3.19

Gas purchases
 
 
 
 
 
(MMBtu)

 
 

2015
 
SWAP
 
IFNPCR
 
0.9

 
$
2.80
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
 
 
 
Gross asset derivative
instruments fair value
 
Gross liability derivative
instruments fair value
 
Balance Sheet
line item
 
June 30,
2015
 
December 31, 2014
 
June 30,
2015
 
December 31, 2014
 
 
 
(in millions)
Current:
 
 
 
 
 
 
 
 
 
Commodity
Fair value of derivative contracts
 
$
170.7

 
$
339.3

 
$
8.1

 
$
0.3

Long-term:
 
 
 

 
 

 
 
 
 

Commodity
Fair value of derivative contracts
 
7.0

 
9.9

 
2.5

 
—

Total derivative instruments
 
$
177.7

 
$
349.2

 
$
10.6

 
$
0.3
Derivative Instruments, Gain (Loss) [Table Text Block]
 
 
Three Months Ended
 
Six Months Ended
Derivative instruments not designated as cash flow hedges
 
June 30,
 
June 30,
 
2015
 
2014
 
2015
 
2014
Realized gains (losses) on commodity derivative contracts
 
(in millions)
QEP Energy
 
 
 
 
 
 
 
 
Gas derivative contracts
 
$
28.1

 
$
(8.4
)
 
$
46.0

 
$
(28.8
)
Oil derivative contracts
 
64.5

 
(25.1
)
 
148.5

 
(38.0
)
QEP Marketing
 
 

 
 

 
 

 
 

Gas derivative contracts
 
(0.3
)
 
(0.6
)
 
2.2

 
(2.0
)
Total realized gains (losses) on commodity derivative contracts
 
92.3

 
(34.1
)
 
196.7

 
(68.8
)
Unrealized gains (losses) on commodity derivative contracts
QEP Energy
 
 

 
 

 
 

 
 

Gas derivative contracts
 
(34.5
)
 
6.2

 
(23.1
)
 
(18.1
)
Oil derivative contracts
 
(123.7
)
 
(58.0
)
 
(156.8
)
 
(78.9
)
QEP Marketing
 
 

 
 

 
 

 
 

Gas derivative contracts
 
(0.1
)
 
0.7

 
(1.9
)
 
0.4

Total unrealized gains (losses) on commodity derivative contracts
 
(158.3
)
 
(51.1
)
 
(181.8
)
 
(96.6
)
Total realized and unrealized gains (losses) on commodity derivative contracts
 
$
(66.0
)
 
$
(85.2
)
 
$
14.9

 
$
(165.4
)
 
 
 
 
 
 
 
 
 
Realized gains (losses) on interest rate swaps
Realized gains (losses) on interest rate swaps
 
$
—

 
$
(1.2
)
 
$
—

 
$
(1.9
)
Unrealized gains (losses) on interest rate swaps
Unrealized gains (losses) on interest rate swaps
 
—

 
(1.6
)
 
—

 
(1.6
)
Total realized gains (losses) on interest rate swaps
 
$
—

 
$
(2.8
)
 
$
—

 
$
(3.5
)
Total net realized gains (losses) on derivative contracts
 
$
92.3

 
$
(35.3
)
 
$
196.7

 
$
(70.7
)
Total net unrealized gains (losses) on derivative contracts
 
(158.3
)
 
(52.7
)
 
(181.8
)
 
(98.2
)
Grand Total
 
$
(66.0
)
 
$
(88.0
)
 
$
14.9

 
$
(168.9
)