Capitalized Exploratory Well Costs

12 Months Ended

Dec. 31, 2019

Capitalized Exploratory Well Costs [Abstract]

Suspended Well Costs Disclosure [Text Block]

Net changes in capitalized exploratory well costs are presented in the table below.

	Capitalized Exploratory Well Costs
	2019		2018		2017
	(in millions)
Balance at January 1,	$	—	$	—	$	14.2
Additions to capitalized exploratory well costs	—		—		10.7
Reclassifications to proved properties	—		—		(3.6		)
Capitalized exploratory well costs charged to expense	—		—		(21.3		)
Balance at December 31,	$	—	$	—	$	—

During the year ended December 31, 2017, QEP's exploratory well activity was related to the Central Basin Platform exploration project in the Permian Basin targeting the Woodford Formation. QEP completed a second exploratory well related to this project in the first half of 2017. During the year ended December 31, 2017, based on the performance of the two exploratory wells that were drilled and the analysis of the ultimate economic feasibility of this exploration project, QEP determined it would no longer pursue the development of the Central Basin Platform exploration project and would seek to monetize the assets. QEP charged $21.3 million of exploratory well costs to exploration expense. In conjunction with the expensing of the exploratory well costs, QEP charged $28.3 million of the associated unproved leasehold acreage in the Central Basin Platform to impairment expense during the year ended December 31, 2017. QEP wrote down the Central Basin Platform assets to their fair market value of $3.6 million and reclassified the assets to proved properties. During the fourth quarter of 2017, QEP closed the Central Basin Platform Divestiture for net cash proceeds of $3.5 million.