Operations by Line of Business

3 Months Ended

Mar. 31, 2012

Operations by Line of Business [Abstract]

Operations by Line of Business

Note 13 – Operations by Line of Business

QEP's lines of business include natural gas and oil exploration and production (QEP Energy), midstream field services (QEP Field Services) and marketing (QEP Marketing and other). The lines of business are managed separately and therefore the financial information is presented separately due to the distinct differences in the nature of operations of each line of business, among other factors. The following table is a summary of operating results by line of business:

	Three Months Ended
	March 31,
	2012			2011
	(in millions)
Revenues from unaffiliated customers (1) (2)
QEP Energy	$	396.8		$	396.2
QEP Field Services		93.6			73.3
QEP Marketing and other		112.8			148.4
Total	$	603.2		$	617.9
Revenues from affiliated companies
QEP Field Services	$	26.1		$	23.3
QEP Marketing and other		132.3			133.1
Total	$	158.4		$	156.4
Operating (loss) income (2)
QEP Energy	$	(12.9	)	$	87.9
QEP Field Services		66.0			47.3
QEP Marketing and other		(3.6	)		1.9
Total	$	49.5		$	137.1
Net income attributable to QEP
QEP Energy	$	108.1		$	43.1
QEP Field Services		45.4			28.0
QEP Marketing and other		1.7			2.1
Total	$	155.2		$	73.2

(1) Revenues for the three months ended March 31, 2011 have been recast to reflect QEP's revised reporting of its transportation and handling costs. See Note 2 “Basis of Presentation of Interim Consolidated Financial Statements” for additional information. In addition, revenues for the three months ended March 31, 2011 reflect the impact of QEP's settled derivative contracts which during the three months ended March 31, 2012 are reflected below operating income. See Note 7 “Derivative Contracts” for detailed information on derivative contract settlements in the first quarter of 2011.

(2) Operating (loss) income in the first quarter of 2012 excludes the impact of realized commodity derivative contract settlements. During the first quarter of 2012 realized gains and losses from realized commodity derivative contract settlements were included below operating income. Conversely, under hedge accounting, realized gains and losses from realized commodity derivative contract settlements were included in revenues and operating income during the first quarter of 2011.

(3) Net income attributable to QEP in the first quarter of 2012 includes the impact of unrealized gains and losses from changes in the fair value of the commodity derivative contract. Conversely, under hedge accounting, unrealized gains and losses from changes in the fair value were deferred in accumulated other comprehensive income during the first quarter of 2011.