Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies [Abstract]

Restrictions on Cash and Cash Equivalents [Table Text Block]

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets to the amounts shown in the statements of cash flows:

	December 31,
	2020		2019
	(in millions)
Cash and cash equivalents	$	60.4	$	166.3
Restricted cash(1)	31.9		30.1
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$	92.3	$	196.4

_______________________

(1)As of December 31, 2020 and 2019, the restricted cash balance primarily related to cash deposited into an escrow account for a title dispute between outside parties in the Williston Basin, and the restricted cash balance is recorded within "Other noncurrent assets" on the balance sheets.

Supplemental Cash Flow Information [Table Text Block]

Supplemental cash flow information is shown in the table below:

	Year Ended December 31,
	2020		2019		2018
Supplemental Disclosures:	(in millions)
Cash paid for interest, net of capitalized interest	$	118.4	$	126.9	$	136.9
Cash paid (refund received) for income taxes, net	$	(164.0)	$	(66.7)	$	0.8
Cash paid for amounts included in the measurement of lease liabilities	$	25.7	$	25.3	$	—
Other Non-cash Activities:
Right-of-use assets obtained in exchange for operating lease obligations	$	11.0	$	16.6	$	—
Non-cash Investing Activities:
Capital expenditure accruals as of December 31,	$	37.8	$	63.3	$	54.5

Property, Plant and Equipment [Table Text Block]

DD&A for the Company's remaining property, plant and equipment is generally based upon rates that will systematically charge the costs of assets against income over the estimated useful lives of those assets using the straight-line method. The estimated useful lives of those assets depreciated under the straight-line basis generally range as follows:

Buildings	10 to 30 years
Leasehold improvements	3 to 10 years
Service, transportation and field service equipment	3 to 7 years
Furniture and office equipment	3 to 7 years

Credit Risk [Policy Text Block]

Credit Risk

Management believes that its credit review procedures, loss reserves, cash deposits and investments, and collection procedures have adequately provided for usual and customary credit-related losses. Exposure to credit risk may be affected by extended periods of low commodity prices, as well as the concentration of customers in certain regions due to changes in economic or other conditions. Customers include commercial and industrial enterprises and financial institutions that may react differently to changing conditions.

The Company utilizes various processes to monitor and evaluate its credit risk exposure, which include closely monitoring current market conditions and counterparty credit fundamentals, including public credit ratings, where available. Credit exposure is controlled through credit approvals and limits based on counterparty credit fundamentals. Credit exposure is aggregated across all lines of business, including derivatives, physical exposure and short-term cash investments. To further manage the level of credit risk, the Company requests credit support and, in some cases, requests parental guarantees, letters of credit or prepayment from companies with perceived higher credit risk. Reserves for expected credit losses are periodically reviewed for adequacy. The Company also has master-netting agreements with some counterparties that allow the offsetting of receivables and payables in a default situation.

The Company enters into International Swap Dealers Association Master Agreements (ISDA Agreements) with each of its derivative counterparties prior to executing derivative contracts. The terms of the ISDA Agreements provide, among other things, the Company and the counterparties with rights of set-off upon the occurrence of defined acts of default by either the Company or counterparty to a derivative contract. The Company routinely monitors and manages its exposure to counterparty risk related to derivative contracts by requiring specific minimum credit standards for all counterparties, actively monitoring counterparties public credit ratings, and avoiding concentration of credit exposure by transacting with multiple counterparties. The Company's commodity derivative contract counterparties are typically financial institutions and energy trading firms with investment-grade credit ratings.

The Company's five largest customers accounted for 63%, 66%, and 49% of QEP's revenues for the years ended December 31, 2020, 2019 and 2018, respectively. The following table presents the percentages by customer that accounted for 10% or more of QEP's total revenues.

Year Ended December 31, 2020
Valero Marketing & Supply Company	30	%
Phillips 66 Company	12	%
Year Ended December 31, 2019
Occidental Energy Marketing	21	%
Valero Marketing & Supply Company	18	%
Plains Marketing LP	17	%
Year Ended December 31, 2018
Occidental Energy Marketing	16	%
Plains Marketing LP	12	%

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following is a reconciliation of the components of basic and diluted shares used in the EPS calculation:

	December 31,
	2020	2019	2018
	(in millions)
Weighted-average basic common shares outstanding	241.6	237.7	237.9
Potential number of shares issuable upon exercise of in-the-money stock options under the Long-Term Stock Incentive Plan	—	—	—
Average diluted common shares outstanding	241.6	237.7	237.9