Subsequent Event (Notes)

9 Months Ended

Sep. 30, 2017

Subsequent Event [Line Items]

Subsequent Events [Text Block]

On October 24, 2017, QEP closed on its previously announced acquisition of oil and gas properties in the Permian Basin for an aggregate purchase price of $683.5 million, subject to post-closing purchase price adjustments (the 2017 Permian Basin Acquisition). The 2017 Permian Basin Acquisition consists of approximately 13,000 acres, mainly in Martin County, Texas, which are held by production from existing vertical wells. Approximately 700 additional acres contracted for in the transaction were not included in the closing, but are expected to be acquired by the Company within the next 30 days for an aggregate purchase price not to exceed $38.0 million. Within 10 business days of closing the 2017 Permian Basin Acquisition, QEP is obligated to make offers to various persons who own additional oil and gas interests in certain properties included in the transaction on substantially the same terms and conditions as the purchase described above. If all offers are accepted, the aggregate purchase price is not expected to exceed $65.0 million. QEP structured the transaction as a like-kind exchange under Section 1031 of the Internal Revenue Service Code and funded all of the purchase price with the proceeds from the Pinedale Divestiture.