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Derivative Contracts (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Volumes and Average Prices
Derivative Contracts – Production
The following table presents QEP's volumes and average prices for its commodity derivative swap contracts as of December 31, 2019:

Year
 
Index
 
Total Volumes
 
Average Swap Price per Unit
 
 
 
 
(in millions)
 
 
Oil sales
 
 
 
(bbls)

 
($/bbl)

2020
 
NYMEX WTI
 
14.1

 
$
57.83

2020
 
Argus WTI Houston
 
1.0

 
$
60.06

2020
 
Argus WTI Midland
 
1.5

 
$
57.30

2021
 
NYMEX WTI
 
0.9

 
$
55.06
derivative volumes and weighted average differential [Table Text Block]
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 December 31, 2019:
Year
 
Index
 
Basis
 
Total Volumes
 
Weighted-Average Differential
 
 
 
 
 
 
(in millions)
 
 
Oil sales
 
 
 
 
 
(bbls)

 
($/bbl)

2020
 
NYMEX WTI
 
Argus WTI Midland
 
6.8

 
$
0.18

2020
 
NYMEX WTI
 
Argus WTI Houston
 
0.4

 
$
3.75

2021
 
NYMEX WTI
 
Argus WTI Midland
 
3.7

 
$
0.98
Fair values of Derivatives by Balance Sheet Location
The following table identifies the Consolidated Balance Sheets location of QEP's outstanding derivative contracts on a gross contract basis as opposed to the net contract basis presentation on the 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
 
 
 
December 31,
 
Balance Sheet line item
 
2019
 
2018
 
2019
 
2018
Current:
 
 
(in millions)
Commodity
Fair value of derivative contracts
 
$
1.5

 
$
88.2

 
$
18.7

 
$
0.4

Long-term:
 
 
 
 
 
 
 
 


Commodity
Fair value of derivative contracts
 
0.2

 
35.4

 
0.5

 
0.7

Total derivative instruments(1)
 
$
1.7

 
$
123.6

 
$
19.2

 
$
1.1


_______________________
(1) 
Effects of Derivative Transactions

Derivative contracts
Year Ended December 31,
2019
 
2018
 
2017
Realized gains (losses) on commodity derivative contracts
(in millions)
Production
 
 
 
 
 
Oil derivative contracts
$
(32.2
)
 
$
(153.4
)
 
$
6.8

Gas derivative contracts
(2.9
)
 
(5.0
)
 
(22.3
)
Gas Storage
 
 
 
 
 
Gas derivative contracts
—

 
0.3

 
—

Realized gains (losses) on commodity derivative contracts
(35.1
)
 
(158.1
)
 
(15.5
)
Unrealized gains (losses) on commodity derivative contracts
 
 
 
 
 
Production
 
 
 
 
 
Oil derivative contracts
(139.8
)
 
277.0

 
(66.2
)
Gas derivative contracts
(0.3
)
 
(22.3
)
 
133.6

Gas Storage
 
 
 
 
 
Gas derivative contracts
—

 
(0.3
)
 
2.5

Unrealized gains (losses) on commodity derivative contracts
(140.1
)
 
254.4

 
69.9

Total realized and unrealized gains (losses) on commodity derivative contracts related to production and storage contracts
$
(175.2
)
 
$
96.3

 
$
54.4

 
 
 
 
 
 
Derivatives associated with divestitures
 
 
 
 
 
Unrealized gains (losses) on commodity derivative contracts
 
 
 
 
 
Production
 
 
 
 
 
Oil derivative contracts
$
—

 
$
(2.7
)
 
$
(1.3
)
Gas derivative contracts
1.8

 
—

 
(23.5
)
NGL derivative contracts
—

 
(3.2
)
 
(5.1
)
Unrealized gains (losses) on commodity derivative contracts related to divestitures(1)(2)(3)
$
1.8

 
$
(5.9
)
 
$
(29.9
)
 
 
 
 
 
 
Total realized and unrealized gains (losses) on commodity derivative contracts
$
(173.4
)
 
$
90.4

 
$
24.5

_______________________
(1) 
During the year ended December 31, 2019 , the unrealized gains (losses) on commodity derivative contracts related to the Haynesville Divestiture are 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 Consolidated Statements of Operations.
(2) 
During the year ended December 31, 2018, the unrealized gains (losses) on commodity derivative contracts related to the Uinta Basin Divestiture are comprised of derivatives entered into in conjunction with the execution of the Uinta Basin purchase and sale agreement, which were subsequently novated to the buyer upon the closing of the sale in September 2018. Refer to Note 3 – Acquisitions and Divestitures for more information. The unrealized gains (losses) on commodity derivatives associated with the Uinta Basin Divestiture are offset by an equal amount recorded within "Net gain (loss) from asset sales, inclusive of restructuring costs" on the Consolidated Statements of Operations.
(3) 
During the year ended December 31, 2017, the unrealized gains (losses) on commodity derivative contracts related to the Pinedale Divestiture are comprised of derivatives entered into in conjunction with the execution of the Pinedale purchase and sale agreement, which were subsequently novated to the buyer upon the closing of the sale in September 2017. Refer to Note 3 – Acquisitions and Divestitures for more information. The unrealized gains (losses) on commodity derivatives associated with the Pinedale Divestiture are offset by an equal amount recorded within "Net gain (loss) from asset sales, inclusive of restructuring costs" on the Consolidated Statements of Operations.