Derivative Contracts (Tables)

12 Months Ended

Dec. 31, 2011

Derivative Contracts [Abstract]

Effects of Derivative Transactions

The effects of derivative transactions are summarized in the tables below:

	Year Ended December 31,
	2011			2010			2009
	(in millions)
Effect of derivative instruments designated as cash flow hedges
Gains (losses) recognized in AOCI for the effective portion of hedges	$	350.8		$	565.8		$	214.4
Gains (losses) reclassified from AOCI into income for the effective portion of hedges
Natural gas sales		305.5			353.8			599.3
Oil sales		1.6			(8.7	)		1.6
Gathering, processing and other		(0.2	)		-			-
Purchased gas and oil sales		-			-			27.8
Purchased gas and oil expense		4.3			3.1			(9.2	)
Income (loss) recognized in income for the ineffective portion of hedges
Interest and other income (loss)		0.1			0.2			(0.1	)
Effect of derivative instruments not designated as hedges
Unrealized gain (loss) on basis-only swaps		117.7			121.7			(164.0	)
Realized (loss) gain on basis-only swaps		(117.7	)		(121.7	)		(25.6	)

Fair Value of Derivative Contracts

The following table discloses the fair value of derivative contracts on a gross contract basis as opposed to the net contract basis presentation in the Consolidated Balance Sheets.

	December 31,
	2011		2010
	(in millions)
Assets
Fixed-price swaps	$	284.1	$	374.6
Costless collars		-		37.9
Fair value of derivative instruments - short term	$	284.1	$	412.5
Fixed-price swaps	$	123.5	$	121.1
Costless collars		-		-
Fair value of derivative instruments - long-term	$	123.5	$	121.1
Liabilities
Fixed-price swaps	$	11.7	$	175.2
Costless collars		-		1.6
Basis-only swaps		-		117.7
Fair value of derivative instruments - short term	$	11.7	$	294.5
Fixed-price swaps	$	-	$	0.6
Costless collars		-		-
Basis-only swaps		-		-
Fair value of derivative instruments - long-term	$	-	$	0.6

Derivative Volumes and Average Prices

The following table sets forth QEP Energy's volumes and average prices for its commodity derivative contracts as of December 31, 2011:

Year	Type of Contract	Index	Total		Average Swap price per  unit
			(in millions)
Natural gas sales (MMbtu)
2012	Swap	IFNPCR		62.2	$	5.50
2012	Swap	IFPEPL		7.3		4.70
2012	Swap	NYMEX		69.5		4.93
2013	Swap	IFNPCR		65.7		5.66
2013	Swap	NYMEX		3.7		4.65
Oil sales (Bbls)
2012	Swap	NYMEX WTI		1.8	$	97.03
2013	Swap	NYMEX WTI		0.2		105.80
Ethane sales (Gals)
2012	Swap	Mt. Belvieu Ethane		15.4	$	0.64
Propane sales (Gals)
2012	Swap	Mt. Belvieu Propane		7.7	$	1.28

QEP Field Services NGL Volumes

QEP Field Services enters into commodity derivative transactions to manage price risk on extracted NGL volumes. The following table sets forth QEP Field Services' volumes and swap prices for its commodity derivative contracts as of December 31, 2011:

Year	Type of Contract	Index	Total		Average Swap price per gallon
			(in millions)
Ethane sales (Gals)
2012	Swap	Mt. Belvieu Ethane		15.4	$	0.64
Propane sales (Gals)
2012	Swap	Mt. Belvieu Propane		15.4	$	1.36

QEP Marketing Transactions

QEP Marketing enters into commodity derivative transactions to lock in a margin on natural gas volumes placed into storage. The following table sets forth QEP Marketing's volumes and swap prices for its commodity derivative contracts as of December 31, 2011:

Year	Type of Contract	Index	Total		Average Swaps hedged price per MMBtu
			(in millions)
Natural gas sales (MMbtu)
2012	Swaps	IFNPCR		3.3	$	4.41
2013	Swaps	IFNPCR		0.9		4.77
Natural gas purchases (MMbtu)
2012	Swaps	IFNPCR		0.3	$	3.54