Subsequent Event (Notes)

6 Months Ended

Jun. 30, 2017

Subsequent Event [Line Items]

Subsequent Events [Text Block]

In July 2017, QEP entered into a purchase and sale agreement to sell its assets in Pinedale for an aggregate purchase price of approximately $740.0 million, subject to customary purchase price adjustments. As part of the purchase and sale agreement, QEP has agreed to reimburse the buyer for certain deficiency charges it incurs related to gas processing and NGL transportation and fractionation contracts, if any, between the effective date of the sale and December 31, 2019, in an aggregate amount not to exceed $45.0 million. The net book value of the Pinedale properties being sold is approximately $488.0 million as of June 30, 2017, which primarily consists of property, plant and equipment included on the Consolidated Balance Sheet. QEP expects to close the transaction in the third quarter of 2017.

QEP also entered into a definitive agreement to acquire oil and gas properties in the Permian Basin for an aggregate purchase price of $732.1 million, subject to customary purchase price adjustments. The transaction is expected to be funded with proceeds from the Pinedale divestiture, cash on hand and borrowings under the credit facility, if needed, and is expected to close in the fourth quarter of 2017. In addition, in July 2017, QEP closed a separate transaction to acquire oil and gas properties in the Permian Basin for an aggregate purchase price of $15.9 million, subject to customary purchase price adjustments.