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Derivative Contracts (Tables)
 9 Months Ended
Sep. 30, 2017
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, 2017:
Year
 
Index
 
Total Volumes
 
Average Swap Price per Unit
 
 
 
 
(in millions)
 
 
Oil sales
 
 
 
(bbls)

 
($/bbl)

2017
 
NYMEX WTI
 
3.6

 
$
51.51

2018
 
NYMEX WTI
 
14.6

 
$
52.42

2019
 
NYMEX WTI
 
3.7

 
$
50.30

Gas sales
 
 
 
(MMBtu)

 
($/MMBtu)

2017
 
 NYMEX HH
 
24.8

 
$
2.87

2017
 
 IFNPCR
 
6.4

 
$
2.49

2018
 
NYMEX HH
 
105.9

 
$
2.99

2019
 
NYMEX HH
 
14.6

 
$
2.87


The following table presents QEP's volumes and average prices for its commodity derivative gas collars as of September 30, 2017:
Year
 
Index
 
Total Volumes
 
Average Price Floor
 
Average Price Ceiling
 
 
 
 
(in millions)
 
 
 
 
 
 
 
 
(MMBtu)

 
($/MMBtu)

 
($/MMBtu)

2017
 
NYMEX HH
 
2.8

 
$
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 September 30, 2017:
Year
 
Index Less Differential
 
Index
 
Total Volumes
 
Weighted-Average Differential
 
 
 
 
 
 
(in millions)
 
 
Oil sales
 
 
 
 
 
(bbls)

 
($/bbl)

2017
 
NYMEX WTI
 
Argus WTI Midland
 
1.1

 
$
(0.67
)
2018 (Full Year)
 
NYMEX WTI
 
Argus WTI Midland
 
7.3

 
$
(1.06
)
2018 (July through December)
 
NYMEX WTI
 
Argus WTI Midland
 
0.6

 
$
(0.81
)
2019
 
NYMEX WTI
 
Argus WTI Midland
 
2.2

 
$
(0.98
)
Gas sales
 
 
 
 
 
(MMBtu)

 
($/MMBtu)

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 storage commodity derivative swap contracts as of September 30, 2017:
Year
 
Type of Contract
 
Index
 
Total Volumes
 
Average Swap Price per Unit
 
 
 
 
 
 
(in millions)
 
 
Gas sales
 
 
 
 
 
(MMBtu)

 
($/MMBtu)

2017
 
SWAP
 
IFNPCR
 
1.5

 
$
2.88

2018
 
SWAP
 
IFNPCR
 
0.4

 
$
3.05

Gas purchases
 
 
 
 
 
(MMBtu)

 
($/MMBtu)

2017
 
SWAP
 
IFNPCR
 
1.1

 
$
2.68
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,
2017
 
December 31, 2016
 
September 30,
2017
 
December 31, 2016
Current:
 
 
(in millions)
Commodity
Fair value of derivative contracts
 
$
6.9

 
$
—

 
$
16.5

 
$
169.8

Long-term:
 
 
 
 
 
 
 
 
 
Commodity
Fair value of derivative contracts
 
2.5

 
—

 
3.2

 
32.0

Total derivative instruments
 
$
9.4

 
$
—

 
$
19.7

 
$
201.8
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,
 
2017
 
2016
 
2017
 
2016
Realized gains (losses) on commodity derivative contracts
 
(in millions)
Production
 
 
 
 
 
 
 
 
Oil derivative contracts
 
$
12.1

 
$
19.1

 
$
21.6

 
$
79.8

Gas derivative contracts
 
(0.4
)
 
0.4

 
(19.7
)
 
50.8

Gas Storage
 
 
 
 
 
 
 
 
Gas derivative contracts
 
—

 
0.1

 
(0.2
)
 
2.9

Realized gains (losses) on commodity derivative contracts
 
11.7

 
19.6

 
1.7

 
133.5

Unrealized gains (losses) on commodity derivative contracts
 
 
 
 
 
 
 
 
Production
 
 
 
 
 
 
 
 
Oil derivative contracts
 
(86.1
)
 
(0.3
)
 
88.7

 
(135.9
)
Gas derivative contracts
 
—

 
24.8

 
100.5

 
(80.0
)
Gas Storage
 
 
 
 
 
 
 
 
Gas derivative contracts
 
—

 
0.4

 
2.3

 
(2.7
)
Unrealized gains (losses) on commodity derivative contracts
 
(86.1
)
 
24.9

 
191.5

 
(218.6
)
Total realized and unrealized gains (losses) on commodity derivative contracts related to production and storage contracts
 
$
(74.4
)
 
$
44.5

 
$
193.2

 
$
(85.1
)
 
 
 
 
 
 
 
 
 
Derivatives associated with the Pinedale Divestiture(1)
 
 
 
 
 
 
 
 
Unrealized gains (losses) on commodity derivative contracts
 
 
 
 
 
 
 
 
Production
 
 
 
 
 
 
 
 
Oil derivative contracts
 
$
(1.3
)
 
$
—

 
$
(1.3
)
 
$
—

Gas derivative contracts
 
(23.5
)
 
—

 
(23.5
)
 
—

NGL derivative contracts
 
(5.1
)
 
—

 
(5.1
)
 
—

Unrealized gains (losses) on commodity derivative contracts related to the Pinedale Divestiture
 
$
(29.9
)
 
$
—

 
$
(29.9
)
 
$
—

 
 
 
 
 
 
 
 
 
Total realized and unrealized gains (losses) on commodity derivative contracts
 
$
(104.3
)
 
$
44.5

 
$
163.3

 
$
(85.1
)