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Derivative Contracts (Tables)
 12 Months Ended
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Volumes and Average Prices
QEP Energy Derivative Contracts
The following table sets forth QEP Energy's quantities and average prices for its commodity derivative swap contracts as of December 31, 2015:
 
Year
 
Index
 
Total
Volumes
 
Average Swap Price per unit
 
 
 
 
(in millions)
 
 
Gas sales
 
 
 
(MMBtu)

 
($/MMBtu)
2016
 
NYMEX HH
 
51.2

 
$
2.83

2016
 
IFNPCR
 
65.9

 
$
2.57

2017
 
NYMEX HH
 
40.2

 
$
2.83

2017
 
IFNPCR
 
21.9

 
$
2.52

Oil sales
 
 
 
(bbls)
 
($/bbl)
2016
 
NYMEX WTI
 
6.6

 
$
58.00

2017
 
NYMEX WTI
 
2.6

 
$
54.39


The following table sets forth QEP Energy's gas collars as of December 31, 2015:
Year
 
Index
 
Total Volume
 
Average Price Floor
 
Average Price 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 QEP Energy's gas basis swaps as of December 31, 2015:
Year
 
Index Less Differential
 
Index
 
Total Volumes
 
Weighted-Average Differential
 
 
 
 
 
 
(in millions)
 
 
 
 
 
 
 
 
(MMBtu)
 
($/MMBtu)
2016
 
NYMEX HH
 
IFNPCR
 
29.3

 
$
(0.15
)
2017
 
NYMEX HH
 
IFNPCR
 
7.3

 
$
(0.20
)

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

 
 
2016
 
SWAP
 
IFNPCR
 
2.3

 
$
2.87

Gas purchases
 
 
 
 
 
(MMBtu)

 
 

2016
 
SWAP
 
IFNPCR
 
0.2

 
$
2.11



 
Fair values of Derivatives by Balance Sheet Location
The following table identifies the consolidated 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
 
2015
 
2014
 
2015
 
2014
 
 
 
(in millions)
Current:
 
 
 
 
 
 
 
 
 
Commodity
Fair value of derivative contracts
 
$
147.8

 
$
339.3

 
$
1.8

 
$
0.3

Long-term:
 
 
 

 
 

 
 

 
 

Commodity
Fair value of derivative contracts
 
23.2

 
9.9

 
4.0

 
—

Total derivative instruments
 
$
171.0

 
$
349.2

 
$
5.8

 
$
0.3
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 (losses) on derivative contracts" on the Consolidated Statements of Operations are summarized in the following table:
 
Derivative instruments not designated as cash flow hedges
 
Year Ended December 31,
 
2015
 
2014
 
2013
Realized gains (losses) on commodity derivative contracts
 
(in millions)
QEP Energy
 
 
 
 
 
 
Gas derivative contracts
 
$
103.4

 
$
(16.7
)
 
$
152.0

Oil derivative contracts
 
353.7

 
15.7

 
(2.2
)
QEP Marketing
 
 

 
 

 
 
Gas derivative contracts
 
3.8

 
(2.5
)
 
0.5

Total realized gains (losses) on commodity derivative contracts
 
460.9

 
(3.5
)
 
150.3

Unrealized gains (losses) on commodity derivative contracts
 
 
QEP Energy
 
 

 
 

 
 
Gas derivative contracts
 
62.0

 
68.4

 
(42.6
)
Oil derivative contracts
 
(244.9
)
 
299.8

 
(48.1
)
QEP Marketing
 
 

 
 

 
 
Gas derivative contracts
 
(0.8
)
 
4.2

 
(2.1
)
Total unrealized gains (losses) on commodity derivative contracts
 
(183.7
)
 
372.4

 
(92.8
)
Total realized and unrealized gains (losses) on commodity derivative contracts
 
$
277.2

 
$
368.9

 
$
57.5

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

 
$
(7.6
)
 
$
(2.7
)
Unrealized gains (losses) on interest rate swaps
 
 
Unrealized gains (losses) on interest rate swaps
 
—

 
2.0

 
4.1

Total realized and unrealized gains (losses) on interest rate swaps
 
—

 
(5.6
)
 
1.4

Total net realized gains (losses) on derivative contracts
 
460.9

 
(11.1
)
 
147.6

Total net unrealized gains (losses) on derivative contracts
 
(183.7
)
 
374.4

 
(88.7
)
Grand Total
 
$
277.2

 
$
363.3

 
$
58.9