Basis of Presentation of Interim Consolidated Financial Statements (Tables)

6 Months Ended

Jun. 30, 2012

Basis of Presentation of Interim Consolidated Financial Statements [Abstract]

Impact of change in transportation and other handling costs

In the fourth quarter of 2011, QEP revised its reporting of transportation and handling costs to reflect revenues in accordance with industry practice and GAAP. Transportation and handling costs, previously netted against revenues, were recast on the Condensed Consolidated Statement of Income from "Revenues" to "Natural gas, oil and NGL transportation and other handling costs" for prior periods presented. The impact of this revision was immaterial to the accompanying financial statements and had no effect on income from continuing operations, net income, or earnings per share. The following table details the impact for the three and six months ended June 30, 2011, on the Condensed Consolidated Statement of Income.

	Three Months Ended June 30, 2011							Six Months Ended June 30, 2011
	As reported (1)		As revised		Change			As reported (1)		As revised		Change
	(in millions)							(in millions)
REVENUES
Natural gas sales	$	258.1	$	298.7	$	40.6		$	529.1	$	611.3	$	82.2
Oil sales		80.0		80.7		0.7			142.3		143.7		1.4
NGL sales		61.6		63.8		2.2			107.4		111.7		4.3
Gathering, processing and other		78.4		58.9		(19.5	)		147.7		105.5		(42.2	)
OPERATING EXPENSES
Natural gas, oil and NGL transportation and other handling costs		-		24.0		24.0			-		45.7		45.7

(1) The "As reported" numbers reflect QEP Field Services NGL sales of $45.1 million and $73.7 million for the three and six months ended June 30, 2011, which were reclassified from "Gathering, processing and other" into "NGL sales" for consistency with current period presentation. In its second quarter 2011 Form 10-Q, QEP reported "NGL sales" of $16.5 million and $33.7 million, and "Gathering, processing and other" of $123.5 million, and $221.4 million for the three and six months ended June 30, 2011, respectively. The QEP Field Services NGL reclassification is all within "Revenues" and has no effect on income from continuing operations, net income or earnings per share.