Derivative Contracts (Tables)

9 Months Ended

Sep. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

Derivative Contracts – Production

The following table presents QEP’s volumes and average prices for its commodity derivative swap contracts as of September 30, 2016: 

Year	Index	Total Volumes	Average Swap Price per Unit
		(in millions)
Gas sales		(MMBtu)	($/MMBtu)
2016	NYMEX HH	15.6	$	2.80
2016	IFNPCR	18.4	$	2.53
2017	NYMEX HH	80.3	$	2.78
2017	IFNPCR	32.9	$	2.51
2018	NYMEX HH	29.2	$	2.92
Oil sales		(bbls)	($/bbl)
2016	NYMEX WTI	3.0	$	51.24
2017	NYMEX WTI	11.0	$	50.74
2018	NYMEX WTI	5.1	$	52.73

The following table presents QEP's volumes and average prices for its commodity derivative gas collars as of September 30, 2016:

Year	Index	Total Volumes	Average Price Floor		Average Price Ceiling
		(in millions)
		(MMBtu)	($/MMBtu)		($/MMBtu)
2016	NYMEX HH	1.8	$	2.75	$	3.89
2017	NYMEX HH	11.0	$	2.50	$	3.50

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 presents details of QEP's gas basis swaps as of September 30, 2016:

Year	Index Less Differential	Index	Total Volumes	Weighted-Average Differential
			(in millions)
			(MMBtu)	($/MMBtu)
2016	NYMEX HH	IFNPCR	9.2	$	(0.16	)
2017	NYMEX HH	IFNPCR	51.1	$	(0.18	)
2018	NYMEX HH	IFNPCR	7.3	$	(0.16	)

Derivative Contracts – Storage

QEP enters into commodity derivative transactions to lock in a margin on gas volumes placed into storage. The following table presents QEP’s volumes and average prices for its storage commodity derivative swap contracts as of September 30, 2016:

Year	Type of Contract	Index	Total Volumes	Average Swap Price per Unit
			(in millions)
Gas sales			(MMBtu)	($/MMBtu)
2016	SWAP	IFNPCR	2.0	$	2.78
2017	SWAP	IFNPCR	3.8	$	2.87
Gas purchases
2016	SWAP	IFNPCR	1.5	$	2.57

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The following table identifies the Condensed Consolidated Balance Sheet location of QEP’s outstanding derivative contracts on a gross contract basis as opposed to the net contract basis presentation on the Condensed 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
	Balance Sheet line item	September 30, 2016		December 31, 2015		September 30, 2016		December 31, 2015
Current:		(in millions)
Commodity	Fair value of derivative contracts	$	7.6	$	147.8	$	41.6	$	1.8
Long-term:
Commodity	Fair value of derivative contracts	—		23.2		19.4		4.0
Total derivative instruments		$	7.6	$	171.0	$	61.0	$	5.8

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

	Three Months Ended						Nine Months Ended
Derivative contracts not designated as cash flow hedges	September 30,						September 30,
	2016			2015			2016			2015
Realized gains (losses) on commodity derivative contracts	(in millions)
Production
Gas derivative contracts	$	0.4		$	23.1		$	50.8		$	69.1
Oil derivative contracts	19.1			96.8			79.8			245.3
Storage
Gas derivative contracts	0.1			(0.1		)	2.9			2.1
Total realized gains (losses) on commodity derivative contracts	19.6			119.8			133.5			316.5
Unrealized gains (losses) on commodity derivative contracts
Production
Gas derivative contracts	24.8			3.6			(80.0		)	(19.5		)
Oil derivative contracts	(0.3		)	28.8			(135.9		)	(128.0		)
Storage
Gas derivative contracts	0.4			1.4			(2.7		)	(0.5		)
Total unrealized gains (losses) on commodity derivative contracts	24.9			33.8			(218.6		)	(148.0		)
Total realized and unrealized gains (losses) on commodity derivative contracts	$	44.5		$	153.6		$	(85.1	)	$	168.5