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Derivative Contracts (Tables)
 3 Months Ended
Mar. 31, 2019
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, 2019:
Year
 
Index
 
Total Volumes
 
Average Swap Price per Unit
 
 
 
 
(in millions)
 
 
Oil sales
 
 
 
(bbls)

 
($/bbl)

2019
 
NYMEX WTI
 
9.5

 
$
54.93

2019
 
ICE Brent
 
1.1

 
$
66.54

2020
 
NYMEX WTI
 
5.1

 
$
60.01



QEP uses oil basis swaps, combined with NYMEX WTI 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 basis swaps as of March 31, 2019:
Year
 
Index
 
Basis
 
Total Volumes
 
Weighted-Average Differential
 
 
 
 
 
 
(in millions)
 
 
Oil sales
 
 
 
 
 
(bbls)

 
($/bbl)

2019
 
NYMEX WTI
 
Argus WTI Midland
 
5.0

 
$
(2.22
)
2019
 
NYMEX WTI
 
Argus WTI Houston
 
0.6

 
$
3.75

2020
 
NYMEX WTI
 
Argus WTI Midland
 
2.6

 
$
(0.46
)
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,
2019
 
December 31,
2018
 
March 31,
2019
 
December 31,
2018
Current:
 
 
(in millions)
Commodity(1)
Fair value of derivative contracts
 
$
—

 
$
88.2

 
$
60.3

 
$
0.4

Long-term:
 
 
 
 
 
 
 
 
 
Commodity
Fair value of derivative contracts
 
6.7

 
35.4

 
1.5

 
0.7

Total derivative instruments
 
$
6.7

 
$
123.6

 
$
61.8

 
$
1.1
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
March 31,
2019
 
2018
Realized gains (losses) on commodity derivative contracts
(in millions)
Production
 
 
 
Oil derivative contracts
$
(3.0
)
 
$
(44.3
)
Gas derivative contracts
(2.9
)
 
0.9

Gas Storage
 
 
 
Gas derivative contracts
—

 
0.2

Realized gains (losses) on commodity derivative contracts
(5.9
)
 
(43.2
)
Unrealized gains (losses) on commodity derivative contracts
 
 
 
Production
 
 
 
Oil derivative contracts
(177.3
)
 
(6.9
)
Gas derivative contracts
(0.3
)
 
(2.8
)
Gas Storage
 
 
 
Gas derivative contracts
—

 
(0.3
)
Unrealized gains (losses) on commodity derivative contracts
(177.6
)
 
(10.0
)
Total realized and unrealized gains (losses) on commodity derivative contracts related to production and storage
$
(183.5
)
 
$
(53.2
)
 
 
 
 
Derivatives associated with Haynesville Divestiture
 
 
 
Unrealized gains (losses) on commodity derivative contracts
 
 
 
Production
 
 
 
Gas derivative contracts
1.8

 
—

Unrealized gains (losses) on commodity derivative contracts related to divestitures(1)
$
1.8

 
$
—

 
 
 
 
Total realized and unrealized gains (losses) on commodity derivative contracts
$
(181.7
)
 
$
(53.2
)

_______________________
(1) 
During the three months ended March 31, 2019, the unrealized gains (losses) on commodity derivative contracts related to the Haynesville Divestiture were comprised of derivatives included as part of the Haynesville/Cotton Valley purchase and sale agreement, which were subsequently novated to the buyer upon the closing of the sale in January 2019. Refer to Note 3 – Acquisitions and Divestitures for more information. The unrealized gains (losses) on commodity derivatives associated with the Haynesville Divestiture are offset by an equal amount recorded within "Net gain (loss) from asset sales, inclusive of restructuring costs" on the Condensed Consolidated Statements of Operations.