Derivative Contracts (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

The following table sets forth QEP’s quantities and average prices for its commodity derivative swap contracts as of March 31, 2016: 

Year	Index	Total Volumes	Average Swap Price per Unit
		(in millions)
Gas sales		(MMBtu)	($/MMBtu)
2016	NYMEX HH	42.2	$	2.80
2016	IFNPCR	55.0	$	2.53
2017	NYMEX HH	73.0	$	2.75
2017	IFNPCR	32.9	$	2.51
2018	NYMEX HH	7.3	$	2.80
Oil sales		(bbls)	($/bbl)
2016 (April through June)	NYMEX WTI	1.7	$	57.09
2016 (July through December)	NYMEX WTI	4.8	$	52.44
2017	NYMEX WTI	3.7	$	51.71

The following table sets forth details of QEP's gas collars as of March 31, 2016:

		Total Volume	Average Price		Average Price
Year	Index		Floor		Ceiling
		(in millions)
		(MMBtu)	($/MMBtu)		($/MMBtu)
2016	NYMEX HH	5.5	$	2.75	$	3.89

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

The following table sets forth details of QEP's gas basis swaps as of March 31, 2016:

Year	Index Less Differential	Index	Total Volumes	Weighted-Average Differential
			(in millions)
			(MMBtu)	($/MMBtu)
2016	NYMEX HH	IFNPCR	27.5	$	(0.16	)
2017	NYMEX HH	IFNPCR	51.1	$	(0.18	)

Derivative Contracts – Storage

QEP enters into commodity derivative transactions to lock in a margin on gas volumes placed into storage. The following table sets forth QEP’s volumes and swap prices for its storage commodity derivative contracts as of March 31, 2016:

Year	Type of Contract	Index	Total Volumes	Average Swap Price per MMBtu
			(in millions)
Gas sales			(MMBtu)	($/MMBtu)
2016	SWAP	IFNPCR	1.9	$	2.57
2017	SWAP	IFNPCR	0.2	$	2.69
Gas purchases
2016	SWAP	IFNPCR	0.7	$	1.73

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	March 31, 2016		December 31, 2015		March 31, 2016		December 31, 2015
		(in millions)
Current:
Commodity	Fair value of derivative contracts	$	134.5	$	147.8	$	0.1	$	1.8
Long-term:
Commodity	Fair value of derivative contracts	20.9		23.2		3.5		4.0
Total derivative instruments		$	155.4	$	171.0	$	3.6	$	5.8

Derivative Instruments, Gain (Loss) [Table Text Block]

	Three Months Ended
Derivative instruments not designated as cash flow hedges	March 31,
	2016			2015
Realized gains (losses) on commodity derivative contracts	(in millions)
Production
Gas derivative contracts	$	21.5		$	17.9
Oil derivative contracts	40.8			84.0
Storage
Gas derivative contracts	2.1			2.5
Total realized gains (losses) on commodity derivative contracts	64.4			104.4
Unrealized gains (losses) on commodity derivative contracts
Production
Gas derivative contracts	15.4			11.4
Oil derivative contracts	(27.9		)	(33.1		)
Storage
Gas derivative contracts	(1.0		)	(1.8		)
Total unrealized gains (losses) on commodity derivative contracts	(13.5		)	(23.5		)
Total realized and unrealized gains (losses) on commodity derivative contracts	$	50.9		$	80.9