Operations By Line Of Business

12 Months Ended

Dec. 31, 2011

Operations By Line Of Business [Abstract]

Operations By Line Of Business

Note 12 – Operations by Line of Business

QEP's lines of business include gas and oil exploration and production (QEP Energy), midstream field services (QEP Field Services) and marketing (QEP Marketing and other). Line of business information is presented according to senior management's basis for evaluating performance including differences in the nature of products, services and regulation. Following is a summary of operations by line of business for the three years ended December 31, 2011:

	QEP Consolidated			Interco Transactions			QEP Energy			QEP Field Services			QEP Marketing & Other			QEP Resources
	(in millions)
2011
Revenues
From unaffiliated customers	$	3,159.2		$	-		$	2,213.2		$	369.3		$	576.7		$	-
From affiliated customers		-			(676.4	)		-			96.2			580.2			-
Total Revenues		3,159.2			(676.4	)		2,213.2			465.5			1,156.9			-
Operating expenses
Purchased gas and oil expense		1,077.1			(573.8	)		506.4			-			1,144.5			-
Lease operating expense		145.2			(3.0	)		148.2			-			-			-
Gathering, processing and other		107.3			-			-			106.0			1.3			-
Natural gas, oil and NGL transportation and other handling costs		102.2			(93.1	)		186.0			9.3			-			-
General and administrative		123.2			(6.5	)		98.4			29.2			2.1			-
Production and property taxes		105.4			-			99.1			6.1			0.2			-
Depreciation, depletion and amortization		765.4			-			707.2			55.7			2.5			-
Other operating expenses		228.9			-			228.9			-			-			-
Total Operating expenses		2,654.7			(676.4	)		1,974.2			206.3			1,150.6			-
Net gain (loss) from asset sales		1.4			-			1.4			-			-			-
Operating income		505.9			-			240.4			259.2			6.3			-
Interest and other income		4.1			(98.7	)		4.0			0.1			98.7			-
Income from unconsolidated affiliates		5.5			-			0.1			5.4			-			-
Loss on early extinguishment of debt		(0.7	)		-			-			-			-			(0.7	)
Interest expense		(90.0	)		98.7			(81.9	)		(13.6	)		(93.2	)		-
Income taxes		(154.4	)		-			(57.9	)		(93.4	)		(3.4	)		0.3
Income from continuing operations		270.4			-			104.7			157.7			8.4			(0.4	)
Income from continuing operations attributable to noncontrolling interest		(3.2	)		-			-			(3.2	)		-			-
Income from continuing operations attributable to QEP	$	267.2		$	-		$	104.7		$	154.5		$	8.4		$	(0.4	)
Identifiable assets	$	7,442.7		$	-		$	5,815.7		$	1,312.7		$	314.3		$	-
Investment in unconsolidated affiliates		42.2			-			-			42.2			-			-
Cash capital expenditures		48.0			-			48.0			-			-			-
Accrued capital expenditures		1,383.1			-			1,247.5			130.1			5.5			-
Goodwill	$	59.5		$	-		$	59.5		$	-		$	-		$	-

	QEP Consolidated			Interco Transactions			QEP Energy			QEP Field Services			QEP Marketing & Other			QEP Resources
	(in millions)
2010
Revenues (1)
From unaffiliated customers	$	2,300.6		$	-		$	1,456.3		$	245.5		$	598.8		$	-
From affiliated customers		-			(573.4	)		-			73.7			499.7			-
Total Revenues		2,300.6			(573.4	)		1,456.3			319.2			1,098.5			-
Operating expenses
Purchased gas and oil expense		589.3			(493.5	)		-			-			1,082.8			-
Lease operating expense		125.0			(2.3	)		127.3			-			-			-
Gathering, processing and other		83.2			-			-			82.1			1.1			-
Natural gas, oil and NGL transportation		54.2			(71.3	)		125.5			-			-			-
General and administrative		107.2			(6.3	)		78.0			31.6			3.9			-
Seperation costs		13.5			-			-			-			-			13.5
Production and property taxes		82.5			-			77.8			4.4			0.3			-
Depreciation, depletion and amortization		643.4			-			592.5			48.9			2.0			-
Other operating expenses		69.1			-			69.1			-			-			-
Total Operating expenses		1,767.4			(573.4	)		1,070.2			167.0			1,090.1			13.5
Net gain (loss) from asset sales		12.1			-			13.7			(1.6	)		-			-
Operating income		545.3			-			399.8			150.6			8.4			(13.5	)
Interest and other income		2.3			(87.1	)		2.1			0.1			87.2			-
Income from unconsolidated affiliates		3.0			-			0.2			2.8			-			-
Loss on early extinguishment of debt		(13.3	)		-			-			-			-			(13.3	)
Interest expense		(84.4	)		87.1			(78.5	)		(7.6	)		(85.4	)		-
Income tax expense		(167.0	)		-			(119.7	)		(51.9	)		(3.5	)		8.1
Income from continuing operations		285.9			-			203.9			94.0			6.7			(18.7	)
Income from continuing operations attributable to noncontrolling interest		(2.9	)		-			-			(2.9	)		-			-
Income from continuing operations attributable to QEP	$	283.0		$	-		$	203.9		$	91.1		$	6.7		$	(18.7	)
Identifiable assets		6,785.3			-			5,391.9			1,197.5			195.9
Investment in unconsolidated affiliates		44.5			-			-			44.5			-
Cash capital expenditures		109.3			-			109.3			-			-
Accrued capital expenditures		1,359.7			-			1,095.7			262.1			1.9
Goodwill		59.6			-			59.6			-			-

	QEP Consolidated			Interco Transactions			QEP Energy			QEP Field Services			QEP Marketing & Other			QEP Resources
	(in millions)
2009
Revenues (1)
From unaffiliated customers	$	2,011.2		$	-		$	1,356.0		$	212.7		$	442.5		$	-
From affiliated customers		-			(420.0	)		-			51.9			368.1			-
Total Revenues		2,011.2			(420.0	)		1,356.0			264.6			810.6			-
Operating expenses
Purchased gas and oil expense		427.8			(362.8	)		-			-			790.6			-
Lease operating expense		125.5			(2.0	)		127.5			-			-			-
Gathering, processing and other		76.2			-			-			75.0			1.2			-
Natural gas, oil and NGL transportation		38.7			(50.0	)		88.7			-			-			-
General and administrative		91.7			(5.2	)		68.0			25.0			3.9			-
Seperation costs		-			-			-			-			-			-
Production and property taxes		62.9			-			58.3			4.6			-			-
Depreciation, depletion and amortization		559.1			-			512.8			44.3			2.0			-
Other operating expenses		45.3			-			45.3			-			-			-
Total Operating expenses		1,427.2			(420.0	)		900.6			148.9			797.7			-
Net gain (loss) from asset sales		1.5			-			1.6			(0.1	)		-			-
Operating income		585.5			-			457.0			115.6			12.9			-
Interest and other income		(185.1	)		(70.7	)		(185.7	)		(0.2	)		71.5			-
Income from unconsolidated affiliates		2.7			-			0.1			2.6			-			-
Loss on early extinguishment of debt		-			-			-			-			-			-
Interest expense		(70.1	)		70.7			(63.9	)		(6.0	)		(70.9	)		-
Income tax expense		(117.6	)		-			(72.6	)		(40.0	)		(5.0	)		-
Income from continuing operations		215.4			-			134.9			72.0			8.5			-
Income from continuing operations attributable to noncontrolling interest		(2.6	)		-			-			-			(2.6	)		-
Income from continuing operations attributable to QEP	$	212.8		$	-		$	134.9		$	72.0		$	5.9		$	-
Identifiable assets		5,828.9			-			4,633.0			929.2			266.7
Investment in unconsolidated affiliates		43.9			-			-			43.9			-
Cash capital expenditures		221.5			-			221.5			-			-
Accrued capital expenditures		975.4			-			887.1			86.8			1.5
Goodwill		60.1			-			60.1			-			-

(1) Revenues for the years ended December 31, 2010 and 2009 were recast to reflect transportation and other handling costs as a separate line entitled “Natural gas, oil and NGL transportation and other handling costs” within operating expenses. See footnote 1, “Significant Accounting Policies” for additional information.