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Derivative Contracts (Tables)
 3 Months Ended
Mar. 31, 2018
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 March 31, 2018:
Year
 
Index
 
Total Volumes
 
Average Swap Price per Unit
 
 
 
 
(in millions)
 
 
Oil sales
 
 
 
(bbls)

 
($/bbl)

2018 (April through December)
 
NYMEX WTI
 
12.7

 
$
52.48

2019
 
NYMEX WTI
 
9.5

 
$
52.66

Gas sales
 
 
 
(MMBtu)

 
($/MMBtu)

2018 (April through December)
 
 NYMEX HH
 
82.5

 
$
2.99

2018 (July through December)
 
 NYMEX HH
 
1.8

 
$
3.01

2019
 
NYMEX HH
 
43.8

 
$
2.86



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 March 31, 2018:
Year
 
Index Less Differential
 
Index
 
Total Volumes
 
Weighted-Average Differential
 
 
 
 
 
 
(in millions)
 
 
Oil sales
 
 
 
 
 
(bbls)

 
($/bbl)

2018 (April through December)
 
NYMEX WTI
 
Argus WTI Midland
 
5.5

 
$
(1.06
)
2018 (July through December)
 
NYMEX WTI
 
Argus WTI Midland
 
0.9

 
$
(0.71
)
2019
 
NYMEX WTI
 
Argus WTI Midland
 
4.7

 
$
(0.77
)
Gas sales
 
 
 
 
 
(MMBtu)

 
($/MMBtu)

2018 (April through December)
 
NYMEX HH
 
IFNPCR
 
5.5

 
$
(0.16
)
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
 
March 31,
2018
 
December 31,
2017
 
March 31,
2018
 
December 31,
2017
Current:
 
 
(in millions)
Commodity
Fair value of derivative contracts
 
$
16.3

 
$
20.6

 
$
130.0

 
$
120.8

Long-term:
 
 
 
 
 
 
 
 
 
Commodity
Fair value of derivative contracts
 
8.1

 
2.3

 
36.4

 
34.0

Total derivative instruments
 
$
24.4

 
$
22.9

 
$
166.4

 
$
154.8
Derivative Instruments, Gain (Loss) [Table Text Block]
The effects of the change in fair value and settlement of QEP's derivative contracts recorded in "Realized and unrealized gains (losses) on derivative contracts" on the Condensed Consolidated Statements of Operations are summarized in the following table:
 
Three Months Ended
Derivative contracts not designated as cash flow hedges
March 31,
2018
 
2017
Realized gains (losses) on commodity derivative contracts
(in millions)
Production
 
 
 
Oil derivative contracts
$
(44.3
)
 
$
(2.0
)
Gas derivative contracts
0.9

 
(14.2
)
Gas Storage
 
 
 
Gas derivative contracts
0.2

 
(0.2
)
Realized gains (losses) on commodity derivative contracts
(43.2
)
 
(16.4
)
Unrealized gains (losses) on commodity derivative contracts
 
 
 
Production
 
 
 
Oil derivative contracts
(6.9
)
 
104.3

Gas derivative contracts
(2.8
)
 
71.1

Gas Storage
 
 
 
Gas derivative contracts
(0.3
)
 
1.9

Unrealized gains (losses) on commodity derivative contracts
(10.0
)
 
177.3

Total realized and unrealized gains (losses) on commodity derivative contracts
$
(53.2
)
 
$
160.9