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Acquisitions & Divestitures
6 Months Ended
Jun. 30, 2016
Business Combinations [Abstract]  
Acquisitions & Divestitures [Text Block]
In June 2016, QEP entered into a purchase and sale agreement to acquire oil and gas properties in the Permian Basin for an aggregate purchase price of approximately $600.0 million, subject to customary purchase price adjustments (the 2016 Permian Acquisition). The 2016 Permian Acquisition consists of approximately 9,400 net acres in Martin County, Texas, which are primarily held by production from 96 vertical wells. The 2016 Permian Acquisition is expected to close in September 2016, and the Company plans to fund the transaction with proceeds from the June 2016 equity offering and cash on hand.

During the six months ended June 30, 2016, QEP acquired various oil and gas properties, primarily in the Williston and Permian basins, for an aggregate purchase price of $29.8 million, which primarily included additional interests in QEP's operated wells and additional undeveloped leasehold. As a part of the purchase price allocation, the Company recorded $3.7 million of goodwill.

During the six months ended June 30, 2016, QEP received proceeds of $23.7 million and recorded a pre-tax loss on sale of $0.3 million primarily related to the divestiture of certain non-core properties in Other Southern. Additionally, during the six months ended June 30, 2015, QEP recorded a pre-tax loss on sale of $6.0 million, primarily due to post-closing purchase price adjustments related to 2014 divestitures.