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Derivative Contracts (Tables)
 12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Volumes and Average Prices
Derivative Contracts – Production
The following table presents QEP's volumes and average prices for its commodity derivative swap contracts as of December 31, 2016:
 
Year
 
Index
 
Total Volumes
 
Average Swap Price per Unit
 
 
 
 
(in millions)
 
 
Oil sales
 
 
 
(bbls)

 
($/bbl)

2017
 
NYMEX WTI
 
13.5

 
$
51.39

2018
 
NYMEX WTI
 
7.3

 
$
53.40

Gas sales
 
 
 
(MMBtu)

 
($/MMBtu)

2017
 
NYMEX HH
 
94.9

 
$
2.86

2017
 
IFNPCR
 
32.9

 
$
2.51

2018
 
NYMEX HH
 
62.1

 
$
2.96


The following table presents QEP's volumes and average prices for its commodity derivative gas collars as of December 31, 2016:
Year
 
Index
 
Total Volumes
 
Average Price Floor
 
Average Price Ceiling
 
 
 
 
(in millions)
 
 
 
 
 
 
 
 
(MMBtu)

 
($/MMBtu)

 
($/MMBtu)

2017
 
NYMEX HH
 
11.0

 
$
2.50

 
$
3.50


QEP uses oil and gas basis swaps, combined with NYMEX WTI and 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 oil and gas basis swaps as of December 31, 2016:
Year
 
Index Less Differential
 
Index
 
Total Volumes
 
Weighted-Average Differential
 
 
 
 
 
 
(in millions)
 
 
Oil sales
 
 
 
 
 
(bbls)

 
($/bbl)

2017
 
NYMEX WTI
 
Argus WTI Midland
 
2.9

 
$
(0.64
)
2018
 
NYMEX WTI
 
Argus WTI Midland
 
2.2

 
$
(0.90
)
Gas sales
 
 
 
 
 
(MMBtu)

 
($/MMBtu)

2017
 
NYMEX HH
 
IFNPCR
 
51.1

 
$
(0.18
)
2018
 
NYMEX HH
 
IFNPCR
 
7.3

 
$
(0.16
)

Derivative Contracts – Gas 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 gas storage commodity derivative swap contracts as of December 31, 2016:
Year
 
Type of Contract
 
Index
 
Total Volumes
 
Average Swap Price per Unit
 
 
 
 
 
 
(in millions)
 
 
Gas sales
 
 
 
 
 
(MMBtu)

 
($/MMBtu)

2017
 
SWAP
 
IFNPCR
 
4.0

 
$
2.88



 
Fair values of Derivatives by Balance Sheet Location
 
 
 
Gross asset derivative
instruments fair value
 
Gross liability derivative
instruments fair value
 
 
 
December 31,
 
Balance Sheet line item
 
2016
 
2015
 
2016
 
2015
 
 
 
(in millions)
Current:
 
 
 
 
 
 
 
 
 
Commodity
Fair value of derivative contracts
 
$
—

 
$
147.8

 
$
169.8

 
$
1.8

Long-term:
 
 
 

 
 

 
 

 
 

Commodity
Fair value of derivative contracts
 
—

 
23.2

 
32.0

 
4.0

Total derivative instruments
 
$
—

 
$
171.0

 
$
201.8

 
$
5.8
Effects of Derivative Transactions
 
Derivative instruments not designated as cash flow hedges
 
Year Ended December 31,
 
2016
 
2015
 
2014
Realized gains (losses) on commodity derivative contracts
 
(in millions)
Production
 
 
 
 
 
 
Oil derivative contracts
 
$
86.3

 
$
353.7

 
$
15.7

Gas derivative contracts
 
44.8

 
103.4

 
(16.7
)
Gas Storage
 
 

 
 

 
 
Gas derivative contracts
 
2.9

 
3.8

 
(2.5
)
Total realized gains (losses) on commodity derivative contracts
 
134.0

 
460.9

 
(3.5
)
Unrealized gains (losses) on commodity derivative contracts
 
 
 
 
 
 
Production
 
 

 
 

 
 
Oil derivative contracts
 
(217.2
)
 
(244.9
)
 
299.8

Gas derivative contracts
 
(145.4
)
 
62.0

 
68.4

Gas Storage
 
 

 
 

 
 
Gas derivative contracts
 
(4.4
)
 
(0.8
)
 
4.2

Total unrealized gains (losses) on commodity derivative contracts
 
(367.0
)
 
(183.7
)
 
372.4

Total realized and unrealized gains (losses) on commodity derivative contracts
 
$
(233.0
)
 
$
277.2

 
$
368.9

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

 
$
—

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

 
—

 
2.0

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

 
—

 
(5.6
)
Total net realized gains (losses) on derivative contracts
 
134.0

 
460.9

 
(11.1
)
Total net unrealized gains (losses) on derivative contracts
 
(367.0
)
 
(183.7
)
 
374.4

Grand Total
 
$
(233.0
)
 
$
277.2

 
$
363.3