Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	QEP RESOURCES, INC.
Entity Central Index Key	0001108827
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	180,070,357
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2014

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
REVENUES
Natural gas sales	$ 222.5	$ 197.6
Oil sales	288.7	194.2
NGL sales	101.1	68.4
Gathering, processing and other	44.4	45.6
Purchased gas, oil and NGL sales	227.2	190.7
Total Revenues	883.9	696.5
OPERATING EXPENSES
Purchased gas, oil and NGL expense	224.3	196.8
Lease operating expense	55.3	40.1
Natural gas, oil and NGL transportation and other handling costs	43.4	32.8
Gathering, processing and other	25.8	20.6
General and administrative	56.6	46.0
Production and property taxes	49.3	35.9
Depreciation, depletion and amortization	240.2	254.2
Exploration expenses	2.2	5.1
Impairment	2.0	0
Total Operating Expenses	699.1	631.5
Net (loss) gain from asset sales	2.4	(0.2)
OPERATING INCOME	187.2	64.8
Realized and unrealized losses on derivative contracts (See Note 8)	(80.9)	(34.6)
Interest and other income	2.9	2.0
Income from unconsolidated affiliates	2.2	1.3
Interest expense	(42.5)	(39.4)
(LOSS) INCOME BEFORE INCOME TAXES	68.9	(5.9)
Income tax benefit (provision)	(23.4)	2.2
NET (LOSS) INCOME	45.5	(3.7)
Net income attributable to noncontrolling interest	(5.8)	(0.6)
NET (LOSS) INCOME ATTRIBUTABLE TO QEP	$ 39.7	$ (4.3)
Earnings Per Common Share Attributable to QEP
Earnings Per Share, Basic	$ 0.22	$ (0.02)
Earnings Per Share, Diluted	$ 0.22	$ (0.02)
Weighted-average common shares outstanding
Used in basic calculation (in shares)	179.7	177.0
Used in diluted calculation (in shares)	180.0	177.0
Dividends per common share (in dollars per share)	$ 0.02	$ 0.02

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)
In Millions, unless otherwise specified

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Statement of Comprehensive Income [Abstract]

Net (loss) income

$ 45.5

$ (3.7)

Other comprehensive (loss) income, net of tax:

Reclassification of previously deferred derivative gains(1)

^[1]

(20.1)

^[1]

Pension and other postretirement plans adjustments:

Amortization of net actuarial loss

0.1

^[2]

0.4

^[2]

Amortization of prior service cost

0.9

^[3]

0.8

^[3]

Total pension and other postretirement plans adjustments

1.0

1.2

Other comprehensive loss

1.0

(18.9)

Comprehensive (loss) income

46.5

(22.6)

Comprehensive income attributable to noncontrolling interests

(5.8)

(0.6)

Comprehensive (loss) income attributable to QEP

$ 40.7

$ (23.2)

[1]	Presented net of income tax benefit of $11.9 million during the three months ended March 31, 2013
[2]	Presented net of income tax expense of $0.1 million during the three months ended March 31, 2014 and $0.2 million during the three months ended March 31, 2013, respectively.
[3]	Presented net of income tax expense of $0.4 million during the three months ended March 31, 2014 and $0.5 million during the three months ended March 31, 2013, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Other comprehensive income (loss), tax
Tax expense (benefit) on gains (losses) on changes in unrealized fair value of derivatives designated as cash flow hedges		$ (11.9)
Pension and other postretirement plans adjustments:
Tax expense (benefit) on net unamortized gain (loss) incurred	0.1	0.2
Tax expense (benefit) on prior service cost incurred	$ 0.4	$ 0.5

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Current Assets
Cash and cash equivalents	$ 3.9	$ 11.9
Accounts receivable, net	586.5	408.5
Fair value of derivative contracts	0	0.2
Gas, oil and NGL inventories at lower of average cost or market	7.8	13.4
Deferred income taxes	50.4	30.6
Prepaid expenses and other	61.8	54.4
Total Current Assets	710.4	519.0
Property, Plant and Equipment (successful efforts method for gas and oil properties)
Proved properties	12,401.4	11,571.4
Unproved properties	1,102.5	665.1
Midstream field services	1,719.2	1,698.1
Marketing and other	89.4	85.5
Material and supplies	64.8	59.0
Total Property, Plant and Equipment	15,377.3	14,079.1
Less Accumulated Depreciation, Depletion and Amortization
Exploration and production	5,146.5	4,930.9
Midstream field services	425.0	409.7
Marketing and other	24.2	22.1
Total Accumulated Depreciation, Depletion and Amortization	5,595.7	5,362.7
Net Property, Plant and Equipment	9,781.6	8,716.4
Investment in unconsolidated affiliates	38.5	39.0
Fair value of derivative contracts	3.9	1.0
Restricted cash	0	50.0
Other noncurrent assets	45.2	51.4
TOTAL ASSETS	10,579.6	9,376.8
Current Liabilities
Checks outstanding in excess of cash balances	78.4	90.9
Accounts payable and accrued expenses	581.0	434.9
Production and property taxes	62.3	51.8
Interest payable	34.2	37.2
Fair value of derivative contracts	71.8	26.7
Total Current Liabilities	827.7	641.5
Long-term debt	3,919.2	2,997.5
Deferred income taxes	1,601.7	1,560.6
Asset retirement obligations	204.3	191.8
Fair value of derivative contracts	2.9	0
Other long-term liabilities	108.1	108.6
Commitments and contingencies
EQUITY
Common stock - par value $0.01 per share; 500.0 million shares authorized; 180.7 million and 179.7 million shares issued, respectively	1.8	1.8
Treasury stock - 0.6 million and 0.4 million shares, respectively	(20.9)	(14.9)
Additional paid-in capital	508.1	498.4
Retained earnings	2,953.8	2,917.8
Accumulated other comprehensive income	(25.5)	(26.5)
Total Common Shareholders' Equity	3,417.3	3,376.6
Noncontrolling interest	498.4	500.2
Total Equity	3,915.7	3,876.8
TOTAL LIABILITIES AND EQUITY	$ 10,579.6	$ 9,376.8

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
EQUITY
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500	500
Common stock, shares issued (in shares)	180.7	179.7
Treasury stock (in shares)	0.6	0.4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
OPERATING ACTIVITIES
Net (loss) income	$ 45.5	$ (3.7)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	240.2	254.2
Deferred income taxes	20.7	(9.3)
Impairment	2.0	0
Share-based compensation	6.8	6.1
Amortization of debt issuance costs and discounts	1.7	1.5
Net gain from asset sales	(2.4)	0.2
Income from unconsolidated affiliates	(2.2)	(1.3)
Distributions from unconsolidated affiliates and other	2.7	1.5
Unrealized loss (gain) on derivative contracts	45.5	85.3
Changes in operating assets and liabilities	(38.1)	(162.4)
Net Cash Provided by Operating Activities	322.4	172.1
INVESTING ACTIVITIES
Property acquisitions	(946.6)	(23.6)
Property, plant and equipment, including dry exploratory well expense	(330.2)	(361.0)
Proceeds from disposition of assets	2.9	1.5
Escrow Deposit Disbursements Related to Property Acquisition	50.0	0
Net Cash Used in Investing Activities	(1,223.9)	(383.1)
FINANCING ACTIVITIES
Checks outstanding in excess of cash balances	(12.5)	60.0
Long-term debt issued	300.0	0
Long-term debt issuance costs paid	(1.1)	0
Proceeds from credit facility	1,643.0	1,027.0
Repayments of credit facility	(1,021.5)	(866.5)
Payments for Repurchase of Common Stock	(5.5)	(7.5)
Other capital contributions	2.9	2.1
Dividends paid	(3.6)	(3.6)
Excess tax benefit on share-based compensation	(0.6)	1.0
Distribution to noncontrolling interest	(7.6)	(1.5)
Net Cash Provided by Financing Activities	893.5	211.0
Change in cash and cash equivalents	(8.0)	0
Beginning cash and cash equivalents	11.9	0
Ending cash and cash equivalents	3.9	0
Supplemental Disclosures:
Cash paid for interest, net of capitalized interest	43.8	40.7
Cash paid (received) for income taxes	0	4.9
Non-cash investing activities
Change in capital expenditure accrual balance	$ (11.6)	$ 42.6

Nature of Business

3 Months Ended

Mar. 31, 2014

Nature Of Business [Abstract]

Nature of Business

QEP Resources, Inc. (QEP or the Company) is a holding company with three major lines of business: oil and gas exploration and production; midstream field services; and energy marketing. These businesses are conducted through the Company’s three principal subsidiaries:


•	QEP Energy Company (QEP Energy) acquires, explores for, develops and produces gas, oil, and NGL;


•	QEP Field Services Company (QEP Field Services), which includes the ownership and operations of QEP Midstream Partners, LP (QEP Midstream), provides midstream field services, including gathering of natural gas, oil and water, natural gas processing, compression, and treating services, as well as NGL marketing services for affiliates and third parties; and


•	QEP Marketing Company (QEP Marketing) markets affiliate and third-party oil and gas, and owns and operates an underground gas storage reservoir.

QEP's operations are focused in two major regions: the Northern Region (primarily in North Dakota, Wyoming and Utah) and the Southern Region (primarily in Oklahoma, Louisiana, and Texas) of the United States. QEP's corporate headquarters are located in Denver, Colorado.

Shares of QEP’s common stock trade on the New York Stock Exchange under the ticker symbol “QEP.”

Basis of Presentation of Interim Consolidated Financial Statements	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation of Interim Consolidated Financial Statements	Basis of Presentation of Interim Consolidated Financial Statements The interim condensed consolidated financial statements contain the accounts of QEP and its majority-owned or controlled subsidiaries, including QEP Midstream (see Note 4 - QEP Midstream). The condensed consolidated financial statements also include the accounts of a variable interest entity where the Company is the primary beneficiary of the arrangements. The condensed consolidated financial statements were prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) and with the instructions for Quarterly Reports on Form 10-Q and Regulations S-X and S-K. All significant intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated financial statements reflect all normal recurring adjustments and accruals that are, in the opinion of management, necessary for a fair statement of financial position and results of operations for the interim periods presented. Interim condensed consolidated financial statements and the year-end balance sheet do not include all of the information and notes required by GAAP for audited annual consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. The preparation of the condensed consolidated financial statements and notes in conformity with GAAP requires that management make estimates and assumptions that affect revenues, expenses, assets and liabilities, and disclosure of contingent assets and liabilities. Actual results could differ from estimates. The results of operations for the three months ended March 31, 2014, are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. Reclassifications In the first quarter of 2013, QEP presented certain credit facility payments and borrowings on a net basis on the Condensed Consolidated Statements of Cash Flow. These borrowings and payments were reclassified to be presented on a gross basis on the Condensed Consolidated Statement of Cash Flow in order to conform with the current period presentation. This reclassification is entirely within "Financing Activities" and has no effect on other categories or total cash on the Condensed Consolidated Statements of Cash Flows or net income or earnings per share on the Condensed Consolidated Statements of Operations. New accounting pronouncements During the three months ended March 31, 2014, there were no new accounting pronouncements that were applicable to QEP.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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+ Details

Acquisitions & Divestitures

3 Months Ended

Mar. 31, 2014

Acquisitions [Abstract]

Acquisitions [Text Block]

Note 3 - Acquisition

Permian Basin Acquisition

On February 25, 2014, QEP Energy acquired oil and gas properties in the Permian Basin of Texas for an aggregate purchase price of $945.0 million, subject to customary post-closing adjustments (the Permian Basin Acquisition). The acquired properties consist of approximately 26,500 net acres of producing and undeveloped oil and gas properties and approximately 270 vertical producing wells in the Permian Basin, which creates a new core area of operation for QEP Energy. The acquisition was funded with $50.0 million of restricted cash, $300.0 million from the Company's expanded term loan and approximately $595.0 million from its revolving credit facility.

Concurrent with the Permian Basin Acquisition, QEP entered into a transaction structured as a reverse like-kind exchange in accordance with Section 1031 of the Internal Revenue Code. In connection with this reverse like-kind exchange, QEP assigned the ownership of the Permian Basin oil and gas properties acquired to a variable interest entity. QEP operates the properties pursuant to lease and management agreements with that entity, and has a call option which allows the Company to terminate the exchange transaction at any time up and until the expiration date of the exchange. Because the Company is the primary beneficiary of these arrangements, the properties acquired are included in its Condensed Consolidated Balance Sheet as of March 31, 2014, and all revenues earned, expenses incurred, and cash flows related to the properties will be included in the Company’s Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows during the term of the agreement. The agreements will terminate upon the transfer of the acquired properties from the exchange accommodation titleholder to QEP following the exercise of the call option but in no event later than August 24, 2014, the expiration date for this exchange.

The Permian Basin Acquisition meets the definition of a business combination under ASC 805, Business Combinations, as it included significant proved properties. QEP allocated the cost of the Permian Basin Acquisition to assets acquired and liabilities assumed based on fair values as of the acquisition date. Revenues of $14.9 million and net income of $3.7 million were generated from the acquired properties from February 25, 2014, to March 31, 2014, and are included in QEP's Condensed Consolidated Statements of Operations. During the quarter ended March 31, 2014, QEP Energy's acquisition-related costs of $0.5 million which are included in "General and administrative" on the Condensed Consolidated Statements of Operations. QEP incurred $1.1 million of debt issuance costs associated with increasing the size of term loan borrowings to fund a portion of the acquisition, which are included in "Other noncurrent assets" on the Condensed Consolidated Balance Sheet.

QEP Energy recorded the Permian Basin Acquisition on its Condensed Consolidated Balance Sheets; however, the final purchase price is subject to post-closing adjustments. The following table presents a summary of the Company's preliminary purchase accounting entries:



	As of March 31, 2014
	(in millions)
Consideration given:
Cash consideration	$	945.0
Amounts recognized for preliminary fair value of assets acquired and liabilities assumed:
Proved properties	$	516.1
Unproved properties	439.7
Asset retirement obligations	(9.7		)
Liabilities assumed	(1.1		)
Total fair value	$	945.0

The following unaudited, pro forma results of operations are provided for the three months ended March 31, 2014 and 2013. These supplemental pro forma results of operations are provided for illustrative purposes only and may not be indicative of the actual results that would have been achieved by the acquired properties for the period presented or that may be achieved by such properties in the future. Future results may vary significantly from the results reflected in this pro forma financial information because of future events and transactions, as well as other factors. The pro forma information is based on QEP's consolidated results of operations for the three months ended March 31, 2014 and 2013, the acquired properties' historical results of operations, and estimates of the effect of the transaction on the combined results. The pro forma results of operations have been prepared by adjusting the historical results of QEP to include the historical results of the acquired properties based on information provided by the seller and the impact of the preliminary purchase price allocation. The pro forma results of operations do not include any cost savings or other synergies that may result from the Permian Basin Acquisition or any estimated costs that have been or will be incurred by the Company to integrate the acquired properties.



	Three Months Ended				Three Months Ended
	March 31, 2014				March 31, 2013
	Actual		Pro forma		Actual			Pro forma
	(in millions, except per share data)
Revenues	$	883.9	$	910.0	$	696.5		$	731.0
Net income attributable to QEP	39.7		46.7		(4.3		)	3.6
Earnings per common share attributable to QEP
Basic	$	0.22	$	0.26	$	(0.02	)	$	0.02
Diluted	0.22		0.26		(0.02		)	0.02

QEP Midstream

3 Months Ended

Mar. 31, 2014

QEP Midstream [Abstract]

Noncontrolling Interest Disclosure [Text Block]

Note 4 - QEP Midstream

QEP Midstream is a publicly traded master limited partnership formed by QEP to own, operate, acquire and develop midstream energy assets. QEP Midstream's assets currently consist of ownership interests in four gathering systems and two FERC regulated pipelines, which provide oil and gas gathering and transportation services. These assets are located in, or within close proximity to, the Green River Basin located in Wyoming and Colorado, the Uinta Basin located in eastern Utah, and the Williston Basin located in North Dakota.

Initial Public Offering

On August 14, 2013, QEP Midstream completed its initial public offering (the IPO) of 20,000,000 common units, representing limited partner interests in QEP Midstream, at a price to the public of $21.00 per common unit. QEP Midstream received net proceeds of $390.7 million from the sale of the common units, after deducting underwriting discounts and commissions, structuring fees and offering expenses of $29.3 million. Following the IPO, the underwriters exercised their over-allotment option to purchase an additional 3,000,000 common units, at a price of $21.00 per common unit, providing additional net proceeds of $58.9 million, after deducting $4.1 million of underwriters' discounts and commissions and structuring fees, to QEP Midstream.

QEP Midstream used the net proceeds to repay its outstanding debt balance with QEP, which was assumed with the assets contributed to QEP Midstream, pay revolving credit facility origination fees and make a cash distribution to QEP, a portion of which was used to reimburse QEP for certain capital expenditures it incurred with respect to assets contributed to QEP Midstream. The following table is a reconciliation of proceeds from the IPO (in millions):



Total proceeds from the IPO	$	483.0
IPO Costs	(33.4		)
Net proceeds from the IPO	449.6
QEPM Revolving credit facility origination fees	(3.0		)
QEPM Repayment of outstanding debt with QEP	(95.5		)
Net proceeds distributed to QEP from the IPO	$	351.1

QEP Midstream Partners GP, LLC (the General Partner), a wholly owned subsidiary of QEP Field Services, serves as the general partner of QEP Midstream. QEP Field Services owns a 57.8% interest in QEP Midstream and consolidates QEP Midstream for financial reporting purposes with the portion not owned by QEP Field Services reflected as a reduction to net income and equity as a noncontrolling interest.

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share (EPS) are computed by dividing net income attributable to QEP by the weighted-average number of common shares outstanding during the reporting period. Diluted EPS includes the potential increase in the number of outstanding shares that could result from the exercise of in-the-money stock options. QEP’s unvested restricted shares are included in weighted-average basic common shares outstanding because once the shares are granted, the restricted shares are considered issued and outstanding, the historical forfeiture rate is minimal and the restricted shares receive dividends.

Unvested equity-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of earnings per share pursuant to the two-class method. The Company’s unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared. However, the Company’s unvested restricted stock does not have a contractual obligation to share in losses of the Company. The Company’s unexercised stock options do not contain rights to dividends. Under the two-class method, the earnings used to determine basic earnings per common share are reduced by an amount allocated to participating securities. When the Company records a net loss, none of the loss is allocated to the participating securities since the securities are not obligated to share in Company losses. Use of the two-class method has an insignificant impact on the calculation of basic and diluted earnings per common share. There were no anti-dilutive shares during the three months ended March 31, 2014. During the three months ended March 31, 2013, 0.3 million shares were not included in diluted common shares outstanding as they were anti-dilutive due to QEP's net loss.

A reconciliation of the components of basic and diluted shares used in the EPS calculation follows:



	Three Months Ended
	March 31,
	2014	2013
	(in millions)
Weighted-average basic common shares outstanding	179.7	177.0
Potential number of shares issuable upon exercise of in-the-money stock options under the Long-term Stock Incentive Plan	0.3	—
Average diluted common shares outstanding	180.0	177.0

- Definition

The entire disclosure for earnings per share.

+ References+ Details

Asset Retirement Obligations

3 Months Ended

Mar. 31, 2014

Asset Retirement Obligation [Abstract]

Asset Retirement Obligations

QEP records asset retirement obligations (ARO) when there are legal obligations associated with the retirement of tangible long-lived assets. The Company's ARO liability applies primarily to abandonment costs associated with oil and gas wells, production facilities, midstream assets, and certain other properties. The fair values of such costs are estimated by Company personnel based on abandonment costs of similar assets and depreciated over the life of the related assets. Revisions to the ARO estimates result from changes in expected cash flows or material changes in estimated asset retirement costs. The ARO liability is adjusted to present value each period through an accretion calculation using a credit-adjusted risk-free interest rate. Of the $205.4 million and $193.6 million ARO liability for the periods ended March 31, 2014 and December 31, 2013, $1.1 million and $1.8 million was included, respectively, as a current liability in "Accounts payable and accrued expenses" on the Condensed Consolidated Balance Sheets.

The following is a reconciliation of the changes in the Company's ARO for the periods specified below:



	Asset Retirement Obligations
	2014
	(in millions)
ARO liability at January 1,	$	193.6
Accretion	2.0
Additions⁽¹⁾	10.9
Revisions	(0.3		)
Liabilities settled	(0.8		)
ARO liability at March 31,	$	205.4

____________________________

⁽¹⁾Additions includes $9.7 million related to the Permian Basin Acquisition.

Fair Value Measurements

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

QEP measures and discloses fair values in accordance with the provisions of ASC 820, Fair Value Measurements and Disclosures. This guidance defines fair value in applying GAAP, establishes a framework for measuring fair value and expands disclosures about fair-value measurements, but does not change existing guidance as to whether or not an instrument is carried at fair value. ASC 820 also establishes a fair-value hierarchy. Level 1 inputs are quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.

QEP has determined that its commodity derivative instruments are Level 2. The Level 2 fair value of commodity derivative contracts (see Note 8 - Derivative Contracts) is based on market prices posted on the respective commodity exchange on the last trading day of the reporting period and industry standard discounted cash flow models. QEP primarily applies the market approach for recurring fair value measurements and maximizes its use of observable inputs and minimizes its use of unobservable inputs. QEP considers bid and ask prices for valuing the majority of its assets and liabilities measured and reported at fair value. In addition to using market data, QEP makes assumptions in valuing its assets and liabilities, including assumptions about risk and the risks inherent in the inputs to the valuation technique. The Company's policy is to recognize significant transfers between levels at the end of the reporting period.

Certain of the Company's commodity derivative instruments are valued using industry standard models that consider various inputs, including quoted forward prices for commodities, time value, volatility, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument and can be derived from observable data or are supported by observable prices at which transactions are executed in the marketplace. The determination of fair value for derivative assets and liabilities also incorporates nonperformance risk for counterparties and for QEP. Derivative contract fair values are reported on a net basis to the extent a legal right of offset with the counterparty exists.

In addition, QEP has interest rate swaps that it has determined are Level 2 financial instruments. The fair values of the interest rate swaps are determined using the market standard methodology of discounting the future expected cash flows that would occur under the contractual terms of the swap. The variable interest rates used in the calculation of projected cash flows are based on an expectation of future interest rates derived from observable market interest rate curves. QEP incorporates credit valuation adjustments to reflect both its nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. While the credit valuation adjustments are not observable inputs, they are not significant to the overall valuation and the other inputs used to value the interest rate swaps are observable Level 2 inputs.

The fair value of financial assets and liabilities at March 31, 2014, is shown in the table below:



	Fair Value Measurements
	March 31, 2014
	Gross Amounts of Assets and Liabilities						Netting Adjustments⁽¹⁾			Net Amounts Presented on the Condensed Consolidated Balance Sheets
	Level 1		Level 2		Level 3		Netting Adjustments⁽¹⁾
	(in millions)
Financial Assets
Commodity derivative instruments - short-term	$	—	$	5.9	$	—	$	(5.9	)	$	—
Commodity derivative instruments - long-term	—		0.5		—		0.6			1.1
Interest rate swaps - long-term	—		2.8		—		—			2.8
Total financial assets	$	—	$	9.2	$	—	$	(5.3	)	$	3.9

Financial Liabilities
Commodity derivative instruments - short-term	$	—	$	73.0	$	—	$	(5.9	)	$	67.1
Interest rate swaps - short-term	—		4.7		—		—			4.7
Commodity derivative instruments - long-term	—		2.3		—		0.6			2.9
Total financial liabilities	$	—	$	80.0	$	—	$	(5.3	)	$	74.7

____________________________

⁽¹⁾The Company nets its derivative contract assets and liabilities outstanding with the same counterparty on the Condensed Consolidated Balance Sheets as the contracts contain netting provisions. Refer to Note 8 - Derivative Contracts, for additional information regarding the Company's derivative contracts.

The fair value of financial assets and liabilities at December 31, 2013, is shown in the table below:



	Fair Value Measurements
	December 31, 2013
	Gross Amounts of Assets and Liabilities						Netting Adjustments⁽¹⁾			Net Amounts Presented on the Condensed Consolidated Balance Sheets
	Level 1		Level 2		Level 3		Netting Adjustments⁽¹⁾
	(in millions)
Financial Assets
Commodity derivative instruments - short-term	$	—	$	5.5	$	—	$	(5.3	)	$	0.2
Commodity derivative instruments - long-term	—		0.4		—		—			0.4
Interest rate swaps - long-term	—		0.6		—		—			0.6
Total financial assets	$	—	$	6.5	$	—	$	(5.3	)	$	1.2

Financial Liabilities
Commodity derivative instruments - short-term	$	—	$	29.4	$	—	$	(5.3	)	$	24.1
Interest rate swaps - short-term	—		2.6		—		—			2.6
Total financial liabilities	$	—	$	32.0	$	—	$	(5.3	)	$	26.7

_______________________

The following table discloses the fair value and related carrying amount of certain financial instruments not disclosed in other notes to the condensed consolidated financial statements in this quarterly report on Form 10-Q:



	Carrying Amount		Level 1 Fair Value		Carrying Amount		Level 1 Fair Value
	March 31, 2014				December 31, 2013
	(in millions)
Financial assets
Cash and cash equivalents	$	3.9	$	3.9	$	11.9	$	11.9
Financial liabilities
Checks outstanding in excess of cash balances	$	78.4	$	78.4	$	90.9	$	90.9
Long-term debt	$	3,919.2	$	4,018.0	$	2,997.5	$	3,034.9

The carrying amounts of cash and cash equivalents and checks outstanding in excess of cash balances approximate fair value. The fair value of fixed-rate long-term debt is based on the trading levels and dollar prices for the Company’s debt at the end of the quarter. The carrying amount of variable-rate long-term debt approximates fair value because the floating interest rate paid on such debt was set for periods of one month.

The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with property, plant and equipment. Significant Level 3 inputs used in the calculation of asset retirement obligations include plugging costs and remaining reserve lives. A reconciliation of the Company’s asset retirement obligations is presented in Note 6 – Asset Retirement Obligations.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References+ Details

Derivative Contracts

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Contracts

QEP has established policies and procedures for managing commodity price volatility through the use of derivative instruments. In the normal course of business, QEP uses commodity price derivative instruments to reduce the impact of potential downward movements in commodity prices on cash flow, returns on capital investment, and other financial results. However, these instruments typically limit gains from favorable price movements. The volume of production subject to commodity derivative instruments and the mix of the instruments are frequently evaluated and adjusted by management in response to changing market conditions. QEP may enter into commodity derivative contracts for up to 100.0% of forecasted production from proved reserves. In addition, QEP may enter into commodity derivative contracts on a portion of its extracted NGL volumes in its midstream business and a portion of its gas sales and purchases for marketing transactions. QEP does not enter into commodity derivative instruments for speculative purposes.

QEP uses commodity derivative instruments known as fixed-price swaps to realize a known price for a specific volume of production delivered into a regional sales point. QEP's commodity derivative instruments do not require the physical delivery of gas, oil, or NGL between the parties at settlement. Swap transactions are settled in cash with one party paying the other for the net difference in prices, multiplied by the contract volume, for the settlement period. Gas price derivative instruments are typically structured as fixed-price swaps at regional price indices. Oil price derivative instruments are typically structured as NYMEX fixed-price swaps based at Cushing, Oklahoma or oil price swaps that use IntercontinentalExchange, Inc. (ICE), Brent oil prices as the reference price. QEP also enters into crude oil basis swaps to achieve a fixed price swap for a portion of its oil that it sells at prices that reference ICE Brent and Light Louisiana Sweet (LLS).

QEP enters into commodity derivative transactions that do not have margin requirements or collateral provisions that would require payments prior to the scheduled settlement dates. Commodity derivative contract counterparties are normally financial institutions and energy trading firms with investment-grade credit ratings. QEP routinely monitors and manages its exposure to counterparty risk by requiring specific minimum credit standards for all counterparties and avoids concentration of credit exposure by transacting with multiple counterparties.

Effective January 1, 2012, QEP elected to de-designate all of its gas, oil and NGL derivative contracts that were previously designated as cash flow hedges and discontinue hedge accounting prospectively. As a result of discontinuing hedge accounting, the mark-to-market values at December 31, 2011, were fixed in Accumulated Other Comprehensive Income (AOCI) as of the de-designation date and are being reclassified into the Condensed Consolidated Statements of Operations as the transactions settle and affect earnings. As of December 31, 2013, all mark-to-market value was reclassified from AOCI. During the three months ended March 31, 2013, $20.1 million of unrealized gains, after tax, were reclassified from AOCI into the Condensed Consolidated Statements of Operations in "Realized and unrealized losses on derivative contracts" as the transactions settled. All realized and unrealized gains and losses from derivative instruments incurred after January 1, 2012, are presented in the Condensed Consolidated Statements of Operations in "Realized and unrealized losses on derivative contracts" below operating income.

QEP also uses interest rate swaps to mitigate a portion of its exposure to interest rate volatility risk associated with its $600.0 million term loan. For the $300.0 million term loan issued during 2012, QEP locked in a fixed interest rate of 1.07% in exchange for a variable interest rate indexed to the one-month LIBOR. For the incremental $300.0 million borrowed under the term loan during 2014, QEP locked in a fixed interest rate of 0.86%. The average effective interest rate on the $600.0 million term loan is 2.96%. The interest rate swaps settle monthly and will mature in March 2017.

QEP Energy Derivative Contracts

The following table sets forth QEP Energy’s quantities and average prices for its commodity derivative contracts as of March 31, 2014:



Year	Type of Contract	Index	Total Volumes	Average Swap price per unit
			(in millions)
Gas sales			(MMBtu)
2014	SWAP	NYMEX	22.0	$	4.22
2014	SWAP	IFNPCR	60.5	$	4.08
2015	SWAP	NYMEX	25.6	$	4.14
2015	SWAP	IFNPCR	7.3	$	3.97
Oil sales			(Bbls)
2014	SWAP	NYMEX WTI	8.1	$	92.61
2015	SWAP	NYMEX WTI	4.0	$	87.64

The following table sets forth QEP Energy's oil basis swaps as of March 31, 2014:



Year	Index	Index Less Differential	Total Volumes	Weighted Average Differential
			(in millions)
Oil basis swaps			(Bbls)
2014	NYMEX WTI	ICE Brent	0.6	$	13.78
2014	NYMEX WTI	LLS	0.5	$	4.00
2015	NYMEX WTI	LLS	0.1	$	4.00

QEP Marketing Derivative Contracts

QEP Marketing enters into commodity derivative transactions to lock in a margin on gas volumes placed into storage and for marketing transactions in which QEP Marketing sells gas volumes at a fixed price. The following table sets forth QEP Marketing’s volumes and swap prices for its commodity derivative contracts as of March 31, 2014:



Year	Type of Contract	Index	Total Volumes	Average Swap price per MMBtu
			(in millions)
Gas sales			(MMBtu)
2014	SWAP	IFNPCR	2.9	$	3.75
Gas purchases			(MMBtu)
2014	SWAP	IFNPCR	0.9	$	3.82

QEP's Derivative Contracts

The following table sets forth QEP’s notional amount and interest rate for its interest rate swaps outstanding as of March 31, 2014:



Notional amount	Type of Contract	Maturity	Fixed Rate Paid	Variable Rate Received
(in millions)
$300.0	Swap	March 2017	1.07%	One-month LIBOR
$300.0	Swap	March 2017	0.86%	One-month LIBOR
$600.0			0.96%

QEP Derivative Financial Statement Presentation

The following table identifies the condensed consolidated balance sheet location of QEP’s outstanding derivative contracts on a gross contract basis as opposed to the net contract basis presentation in the Condensed Consolidated Balance Sheets and the related fair values at the balance sheet dates:



		Gross asset derivative instruments fair value				Gross liability derivative instruments fair value
	Balance Sheet line item	March 31, 2014		December 31, 2013		March 31, 2014		December 31, 2013
		(in millions)				(in millions)
Current:
Commodity	Fair value of derivative contracts	$	5.9	$	5.5	$	73.0	$	29.4
Interest rate swaps	Fair value of derivative contracts	—		—		4.7		2.6
Long-term:
Commodity	Fair value of derivative contracts	0.5		0.4		2.3		—
Interest rate swaps	Fair value of derivative contracts	2.8		0.6		—		—
Total derivative instruments		$	9.2	$	6.5	$	80.0	$	32.0

The effects of the change in fair value and settlement of QEP's derivative contracts recorded in "Realized and unrealized losses on derivative contracts" on the Condensed Consolidated Statements of Operations are summarized in the following tables:



	Three Months Ended
Derivative instruments not designated as cash flow hedges	March 31,
Derivative instruments not designated as cash flow hedges	2014			2013
Realized gains (losses) on commodity derivative contracts	(in millions)
QEP Energy
Gas derivative contracts	$	(20.4	)	$	44.6
Oil derivative contracts	(12.9		)	5.2
QEP Marketing
Gas derivative contracts	(1.4		)	1.5
Total realized (losses) gains on commodity derivative contracts	(34.7		)	51.3
Unrealized gains (losses) on commodity derivative contracts
QEP Energy
Gas derivative contracts	(24.3		)	(64.3		)
Oil derivative contracts	(20.9		)	(19.7		)
QEP Marketing
Gas derivative contracts	(0.3		)	(1.7		)
Total unrealized losses on commodity derivative contracts	(45.5		)	(85.7		)
Total realized and unrealized losses on commodity derivative contracts	$	(80.2	)	$	(34.4	)

Realized gains (losses) on interest rate swaps
Realized losses on interest rate swaps	$	(0.7	)	$	(0.6	)
Unrealized gains (losses) on interest rate swaps
Unrealized (losses) gains on interest rate swaps	—			0.4
Total realized and unrealized losses on interest rate swaps	$	(0.7	)	$	(0.2	)
Total net realized (losses) gains on derivative contracts	$	(35.4	)	$	50.7
Total net unrealized losses on derivative contracts	(45.5		)	(85.3		)
Grand Total	$	(80.9	)	$	(34.6	)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Restructuring Costs

3 Months Ended

Mar. 31, 2014

Restructuring Costs [Abstract]

Restructuring Costs

In December 2013, QEP announced its plan to pursue a separation of its midstream business, QEP Field Services. In connection with this announcement, the Board of Directors approved an employee retention plan to provide substantially all QEP Field Services' employees as of December 1, 2013, with a one-time lump-sum cash payment on December 31, 2014, or whenever the separation of QEP Field Services occurs, whichever is earlier, conditioned on continued employment with QEP Field Services or a successor through the payment date unless the employee is terminated prior to such date.

During the first quarter of 2012, QEP began incurring costs related to the closure of its Oklahoma City office and the subsequent consolidation of its Southern Region operations into a single regional office located in Tulsa. During the second half of 2012, QEP incurred additional restructuring and reorganization costs related to consolidating various corporate and accounting functions to the Denver corporate headquarters. The creation of one office for QEP’s Southern Region as well as the consolidation of corporate and accounting functions increased efficiency, team-based collaboration and organizational productivity. As part of the reorganization, QEP incurred costs associated with the severance, retention and relocation of employees, additional pension expenses, exit costs associated with the termination of operating leases arising from office space that will no longer be utilized by the Company and other expenses. All remaining restructuring costs related to the office consolidations were incurred during 2013.

The following table summarizes, by line of business, each major type of restructuring cost expected to be incurred and the total amounts recorded in "General and administrative" expense on the Condensed Consolidated Statements of Operations for the respective periods indicated:



	Total Restructuring Costs
	Total Expected to be Incurred		Recognized in Income
			Period from Inception to March 31, 2014		Three Months Ended March 31,
			Period from Inception to March 31, 2014		2014		2013
QEP Energy	(in millions)
One-time termination benefits	$	3.3	$	3.3	$	—	$	0.2
Retention & relocation expense	3.7		3.7		—		0.1
Lease termination costs	0.6		0.6		—		—
Total restructuring costs	$	7.6	$	7.6	$	—	$	0.3

QEP Field Services
One-time termination benefits	$	—	$	—	$	—	$	—
Retention & relocation expense	10.1		3.2		2.3		—
Lease termination costs	—		—		—		—
Total restructuring costs	$	10.1	$	3.2	$	2.3	$	—

QEP Marketing
One-time termination benefits	$	0.3	$	0.3	$	—	$	0.1
Retention & relocation expense	—		—		—		—
Lease termination costs	—		—		—		—
Total restructuring costs	$	0.3	$	0.3	$	—	$	0.1

Total QEP
One-time termination benefits	$	3.6	$	3.6	$	—	$	0.3
Retention & relocation expense	13.8		6.9		2.3		0.1
Lease termination costs	0.6		0.6		—		—
Total restructuring costs	$	18.0	$	11.1	$	2.3	$	0.4

The following is a reconciliation of the restructuring liability, by line of business, which is included within “Accounts payable and accrued expenses” on the Condensed Consolidated Balance Sheets:



	QEP Energy		QEP Field Services		QEP Marketing		Total
	(in millions)
Balance at December 31, 2013	$	—	$	0.8	$	—	$	0.8
Costs incurred and charged to expense	—		2.3		—		2.3
Costs paid or otherwise settled	—		—		—		—
Balance at March 31, 2014	$	—	3.1		—		$	3.1

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References+ Details

Debt

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Debt

As of the indicated dates, the principal amount of QEP’s debt, including amounts outstanding under its and QEP Midstream's revolving credit facilities, QEP's term loan and QEP's senior notes consisted of the following:



	March 31, 2014			December 31, 2013
	(in millions)
QEP's revolving credit facility due 2016	$	1,101.5		$	480.0
QEP Midstream's revolving credit facility due 2018	—			—
Term loan due 2017	600.0			300.0
6.05% Senior Notes due 2016	176.8			176.8
6.80% Senior Notes due 2018	134.0			134.0
6.80% Senior Notes due 2020	136.0			136.0
6.875% Senior Notes due 2021	625.0			625.0
5.375% Senior Notes due 2022	500.0			500.0
5.25% Senior Notes due 2023	650.0			650.0
Total principal amount of debt	3,923.3			3,001.8
Less unamortized discount	(4.1		)	(4.3		)
Total long-term debt outstanding	$	3,919.2		$	2,997.5

Of the total debt outstanding on March 31, 2014, amounts outstanding under QEP's revolving credit facility due August 25, 2016, QEP Midstream's revolving credit facility due August 14, 2018, QEP's term loan due April 18, 2017, the 6.05% Senior Notes due September 1, 2016, and the 6.80% Senior Notes due April 1, 2018, will mature within the next five years.

Credit Facilities

QEP's Credit Facility

QEP’s unsecured revolving credit facility, which matures in August 2016, provides for loan commitments of $1.5 billion from a syndicate of financial institutions. The credit facility provides for borrowings at short-term interest rates and contains customary covenants and restrictions. The credit facility also contains an accordion provision that would allow for the amount of the facility to be increased to $2.0 billion and a provision whereby the maturity can be extended for up to two additional one-year periods, with the agreement of the lenders.

During the three months ended March 31, 2014 and 2013, QEP’s weighted-average interest rate on borrowings from its credit facility was 2.19% and 2.35%, respectively. At March 31, 2014 and December 31, 2013, QEP was in compliance with the covenants under the credit agreement. At March 31, 2014, there was $1,101.5 million outstanding and $3.8 million of letters of credit issued under the credit facility.

QEP Midstream's Credit Facility

On August 14, 2013, QEP Midstream entered into a $500.0 million senior secured revolving credit facility with a group of financial institutions, which matures on August 14, 2018. QEP Midstream's credit facility contains an accordion provision that allows for the amount of the facility to be increased to $750.0 million with the agreement of the lenders. QEP Midstream's credit facility is available for QEP Midstream's working capital, capital expenditures, permitted acquisitions and general corporate purposes, including distributions. Substantially all of QEP Midstream's assets, excluding equity in and assets of certain joint ventures and unrestricted subsidiaries, are pledged as collateral under the credit facility. In addition, the credit agreement contains restrictions and events of default customary for agreements of this nature.

There have been no borrowings under QEP Midstream's credit facility, and at March 31, 2014, and December 31, 2013, QEP Midstream was in compliance with the covenants under the QEP Midstream credit agreement.

QEP is not a borrower or guarantor of QEP Midstream's credit facility. In addition, QEP is not subject to any of the restrictions or covenants contained in QEP Midstream's credit agreement. Outstanding indebtedness under QEP Midstream's credit facility is not included in the definition of indebtedness under QEP's credit agreement.

Term Loan

QEP's $600.0 million unsecured term loan facility provides for borrowings at short-term interest rates and contains covenants, restrictions, and interest rates that are substantially the same as QEP’s revolving credit facility. The term loan matures in April 2017, and the maturity date may be extended one year with the agreement of the lenders. In conjunction with the Permian Basin Acquisition, QEP borrowed the incremental $300.0 million available under the facility and increased total borrowings under the term loan to $600.0 million. There were no changes to the maturity date, pricing or covenants in the credit agreement. QEP incurred $1.1 million of debt issuance costs associated with the new term loan issuance.

During the three months ended March 31, 2014 and 2013, QEP’s weighted-average interest rate on borrowings from the term loan was 1.59% and 2.26%, respectively. At March 31, 2014 and December 31, 2013, QEP was in compliance with the covenants under the term loan credit agreement.

Senior Notes

At March 31, 2014, the Company had $2,221.8 million principal amount of senior notes outstanding with maturities ranging from September 2016 to May 2023 and coupons ranging from 5.25% to 6.875%. The senior notes pay interest semi-annually, are unsecured senior obligations and rank equally with all of our other existing and future unsecured and senior obligations. QEP may redeem some or all of its senior notes at any time before their maturity at a redemption price based on a make-whole amount plus accrued and unpaid interest to the date of redemption. The indentures governing QEP’s senior notes contain customary events of default and covenants that may limit QEP’s ability to, among other things, place liens on its property or assets.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Note 11 - Contingencies QEP is involved in various commercial and regulatory claims, litigation and other legal proceedings that arise in the ordinary course of its business. QEP assesses these claims in an effort to determine the degree of probability and range of possible loss for potential accrual in its consolidated financial statements. In accordance with ASC 450, Contingencies, an accrual is recorded for a loss contingency when its occurrence is probable and damages can be reasonably estimated based on the anticipated most likely outcome or the minimum amount within a range of possible outcomes. Because legal proceedings are inherently unpredictable and unfavorable resolutions could occur, assessing contingencies is highly subjective and requires judgments about uncertain future events. When evaluating contingencies, QEP may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, the presence of complex or novel legal theories, and/or the ongoing discovery and development of information important to the matter. QEP's litigation loss contingencies are discussed below. QEP is unable to estimate reasonably possible losses in excess of recorded accruals for these contingencies for the reasons set forth above. QEP believes, however, that the resolution of pending proceedings (after accruals and insurance coverage) will not be material to QEP's financial position, but could be material to results of operations in a particular quarter or year. Environmental Claims In October 2009, QEP received a cease and desist order from the U.S. Army Corps of Engineers (COE) to refrain from unpermitted work resulting in the discharge of dredged and/or fill material into waters of the United States at three sites located in Caddo and Red River Parishes, Louisiana. Region 6 of the U.S. Environmental Protection Agency (EPA) has assumed lead responsibility for enforcement of the cease and desist order and any possible future orders for the removal of unauthorized fills and/or civil penalties under the Clean Water Act. On June 28, 2013, the EPA issued to QEP an Administrative Complaint for the alleged violations. QEP and the EPA reached an agreement to settle the alleged violations through an Administrative Order, under the terms of which QEP paid an administrative penalty of $0.2 million. The Administrative Order is final. In 2012, QEP completed a field audit, which identified 112 additional instances affecting approximately 90 acres where work may have been conducted in violation of the Clean Water Act. QEP has disclosed each of these instances to the EPA under the EPA's Audit Policy (to reduce penalties) and to the COE. QEP is working with the EPA and the COE to resolve these matters, which will require the Company to undertake certain mitigation and permitting activities, and may require QEP to pay a monetary penalty. In July 2010, QEP received a Notice of Potential Penalty (NOPP) from the Louisiana Department of Environmental Quality (LDEQ) regarding the assumption of ownership and operatorship of a single facility in Louisiana prior to transferring the facility's air quality permit. In 2011, QEP completed an internal audit, which identified 424 facilities in Louisiana for which QEP both failed to submit a complete permit application and to receive approval from the department prior to construction, modification, or operation. QEP has corrected and disclosed all instances of non-compliance to the LDEQ and is working with the department to resolve the NOPP. The LDEQ has assumed lead responsibility for enforcement of the NOPP, and may require the Company to pay a monetary penalty. Litigation Questar Gas Company v. QEP Field Services Company, Civil No. 120902969, Third Judicial District Court, State of Utah. QEP Field Services' former affiliate, Questar Gas Company (QGC), filed this complaint in state court in Utah on May 1, 2012, asserting claims for breach of contract, breach of implied covenant of good faith and fair dealing, and an accounting and declaratory judgment related to a 1993 gathering agreement (the 1993 Agreement) executed when the parties were affiliates. Specific monetary damages are not asserted. Under the 1993 Agreement, certain of QEP Field Services' systems provide gathering services to QGC charging an annual gathering rate which is based on the cost of service. QGC is disputing the annual calculation of the gathering rate. The annual gathering rate has been calculated in the same manner under the 1993 Agreement since it was amended in 1998, without any prior objection or challenge by QGC. At the closing of the Offering, the assets and agreement discussed above were assigned to QEP Midstream. QGC netted the disputed amount from its monthly payments of the gathering fees to QEP Field Services and has continued to net such amounts from its monthly payment to QEP Midstream. As of March 31, 2014, QEP Midstream has deferred revenue of $9.9 million related to the QGC disputed amount. QEP Field Services has filed counterclaims seeking damages and a declaratory judgment relating to its gathering services under the 1993 Agreement. QGC may seek to amend its complaint to add QEP Midstream as a defendant in the litigation. QEP Midstream has been indemnified by QEP for costs, expenses and other losses incurred by QEP Midstream in connection with the QGC dispute, subject to certain limitations, as set forth in the Omnibus Agreement entered into between QEP Midstream and QEP in connection with the IPO. Rocky Mountain Resources, LLC v. QEP Energy Company, Wexpro Company, Ultra Resources, Inc. and Lance Oil & Gas Company, Inc., Civil No. 2011-7816, District Court of Sublette County, Wyoming. Rocky Mountain Resources, LLC (Rocky Mountain) filed its complaint on March 30, 2011, seeking determination of the existence of a 4% overriding royalty interest in State of Wyoming oil and gas Lease No. 79-0645 covering Section 16, T32-N R-109-W, Sublette County, Wyoming. QEP and the other defendants are current lessees of Lease 79-0645. Rocky Mountain alleges that the defendants have received benefits from Lease 79-0645 and have failed to pay Rocky Mountain monies associated with the claimed 4% overriding royalty interest since the issuance of the lease by the State of Wyoming in 1980. Rocky Mountain asserts claims for quiet title, declaratory judgment, breach of contract, breach of duty of good faith, conversion, constructive trust and prejudgment interest. The plaintiffs seek damages, but specific monetary damages are not asserted. Gatti et al v. State of Louisiana et al, 589,350, 19th JDC, Parish of East Baton Rouge, Louisiana. In this putative class action arising out of the unitization practices and orders of the Louisiana Commissioner of Conservation (Commissioner), plaintiffs seek to represent a class of all Haynesville Shale mineral owners (alleged to be over 50,000 in number) against the Commissioner and all Haynesville Shale unit operators. Plaintiffs filed their complaint on April 8, 2010, and claim that the Commissioner exceeded his statutory authority in creating and perpetuating units larger than the area that can be efficiently and economically drained by a single well. They seek declaratory relief that would nullify all such improper orders, along with an unspecified amount of monetary damages from the unit operators sufficient to compensate the putative class members for the alleged dilution of their true interest in unit production as a result of "oversized" units and the "cloud on title" caused by having excessive and improperly sized units purport to hold their mineral leases via unit operations. All defendants filed exceptions to the plaintiffs' petition on the primary ground that plaintiffs had failed to comply with the exclusive statutory judicial review procedure (Louisiana Revised Statutes 30:12), which the trial court granted, dismissing the action in its entirety. On January 15, 2014, the Louisiana First Circuit Court of Appeal reversed and reinstated plaintiffs' claims. Defendants intend to seek review of the Louisiana Supreme Court, which review is discretionary. Yannick Gagné and others similarly situated v. QEP Resources, Inc., No. 480-06-1-132, Superior Court, Province of Quebec, Canada. Plaintiffs seek to represent a class of all persons who sustained damages as a result of the July 6, 2013 train derailment in Lac-Mégantic, Quebec, which resulted in substantial loss of life and property. The fourth amended motion to authorize the bringing of a class action was filed on February 19, 2014, and names numerous defendants. The plaintiffs contend that QEP, and other producer defendants, sold Bakken crude oil to third-party purchasers in North Dakota, who resold the oil and transported it on the derailed train. The allegations are that QEP and the producer defendants, among other things, failed to ensure that the oil was adequately processed to remove volatile gases and vapors, knowingly added volatile light end petroleum liquids and/or vapors or blended the crude with condensate, failed to conduct adequate well site testing to determine the proper hazard classification of the oil, failed to properly classify the shipping requirements for the oil, failed to take reasonable care to ensure that the oil was properly labeled and shipped, failed to identify the risk of the train derailment and take action to prevent it, and failed to adopt, implement and enforce rules and procedures pertaining to the safe shipment of the oil. The plaintiffs seek damages, but specific monetary damages are not asserted. XTO Energy Inc. v. QEP Field Services Company, Civil No. 140900709, Third Judicial District Court, State of Utah. XTO Energy Inc. (XTO), filed this complaint in Utah state court on January 30, 2014, asserting claims for breach of contract, breach of implied covenant of good faith and fair dealing, unjust enrichment and an accounting related to a 2010 gas processing agreement (the Agreement). QEP Field Services processes XTO’s natural gas on a firm basis under the Agreement. The Agreement requires QEP Field Services to transport, fractionate and market XTO’s natural gas liquids derived from XTO’s processed gas. XTO is disputing QEP Field Services allocation of charges related to XTO’s share of natural gas liquid transportation, fractionation and marketing costs associated with shortfalls in contractual firm processing volumes. The plaintiffs seek damages, but specific monetary damages are not asserted.

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

Equity-Based Compensation

3 Months Ended

Mar. 31, 2014

Share-based Compensation [Abstract]

Equity-Based Compensation

Note 12 – Equity-Based Compensation

QEP issues stock options and restricted shares under its Long-Term Stock Incentive Plan (LTSIP) and awards performance-based share units under its Cash Incentive Plan (CIP) to certain officers, employees, and non-employee directors. QEP recognizes expense over time as the stock options, restricted shares, and performance-based share units vest. Deferred equity-based compensation is included in additional paid-in capital in the Condensed Consolidated Balance Sheets. There were 10.9 million shares available for future grants under the LTSIP at March 31, 2014. Equity-based compensation expense is recognized in “General and administrative” on the Condensed Consolidated Statements of Operations. During the three months ended March 31, 2014, QEP recognized $6.8 million in total compensation expense related to equity-based compensation compared to $6.1 million during the three months ended March 31, 2013.

QEP Midstream maintains a unit-based compensation plan for officers, directors and employees of the general partner of QEP Midstream and its affiliates and any consultants, affiliates of the general partner, or other individuals who perform services for QEP Midstream. The QEP Midstream 2013 Long-Term Incentive Plan (the QEP Midstream LTIP) permits various types of awards, including awards of restricted units, phantom units, unit options, unit appreciation rights, distribution equivalent rights, profits interest units and other unit-based awards. Awards granted during 2013 under the QEP Midstream LTIP will be settled with QEP Midstream units. During the three months ended March 31, 2014, QEP recognized $0.4 million in compensation expense related to QEP Midstream LTIP.

Stock Options

QEP uses the Black-Scholes-Merton mathematical model to estimate the fair value of stock option awards at the date of the grant. Fair-value calculations rely upon subjective assumptions used in the mathematical model and may not be representative of future results. The Black-Scholes-Merton model is intended for measuring the value of options traded on an exchange. The Company utilizes the "simplified" method to estimate the expected term of the stock options granted as there is limited historical exercise data available in estimating the expected term of the stock options. QEP uses a historical volatility method to estimate the fair value of stock options awards and the risk-free interest rate is based on the yield on U.S. Treasury strips with maturities similar to those of the expected term of the stock options. The stock options typically vest in equal installments over a three-year period from the grant date and are exercisable immediately upon vesting through the seventh anniversary of the grant date. To fulfill options exercised, QEP either reissues treasury stock or issues new shares.

The calculated fair value of options granted and major assumptions used in the model at the date of grant are listed below:



	Stock Option Assumptions
	Three Months Ended
	March 31, 2014
Weighted-average grant-date fair value of awards granted during the period	$	10.12
Weighted-average risk-free interest rate	1.31		%
Weighted-average expected price volatility	37.2		%
Expected dividend yield	0.25		%
Expected term in years at the date of grant	4.5

Stock option transactions under the terms of the LTSIP are summarized below:



	Options Outstanding		Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
			(per share)		(in years)	(in millions)
Outstanding at December 31, 2013	1,794,187		$	27.90
Granted	279,458		31.67
Exercised	(29,479	)	23.01
Outstanding at March 31, 2014	2,044,166		$	28.49	3.91	$	5.2
Options Exercisable at March 31, 2014	1,480,337		$	27.56	3.02	$	5.1
Unvested Options at March 31, 2014	563,829		$	30.93	6.24	$	0.1

The total intrinsic value (the difference between the market price at the exercise date and the exercise price) of options exercised was $0.2 million and $4.2 million during the three months ended March 31, 2014 and 2013, respectively. The Company realized $0.1 million and $1.4 million of income tax benefit for the three months ended March 31, 2014 and 2013, respectively, which had no significant impact on Additional Paid-in-Capital (APIC) pool as of March 31, 2014. As of March 31, 2014, $4.7 million of unrecognized compensation cost related to stock options granted under the LTSIP is expected to be recognized over a weighted-average period of 2.43 years. During the three months ended March 31, 2014, QEP received $0.7 million in cash in relation to the exercise of stock options during 2014.

Restricted Shares

Restricted share grants typically vest in equal installments over a three-year period from the grant date. The grant date fair value is determined based on the closing bid price of the Company's common stock on the grant date. The total fair value of restricted stock that vested during the three months ended March 31, 2014 and 2013, was $15.1 million and $14.8 million, respectively. The Company realized $1.5 million and $0.3 million of income tax expense for the three months ended March 31, 2014 and 2013, respectively, with a $0.6 million impact to the Company's APIC pool as of March 31, 2014. The weighted average grant-date fair value of restricted stock was $31.69 per share and $30.12 per share for the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014, $35.5 million of unrecognized compensation cost related to restricted shares granted under the LTSIP is expected to be recognized over a weighted-average vesting period of 2.53 years.

Transactions involving restricted shares under the terms of the LTSIP are summarized below:



	Restricted Shares Outstanding		Weighted- Average Grant-Date Fair Value
			(per share)
Unvested balance at December 31, 2013	1,388,953		$	30.96
Granted	844,552		31.69
Vested	(524,672	)	31.89
Forfeited	(18,170	)	31.28
Unvested balance at March 31, 2014	1,690,663		$	31.03

Performance Share Units

The performance share units' cash payouts are dependent upon the Company’s total shareholder return compared to a group of its peers over a three-year period. The awards are denominated in share units but delivered in cash at the end of the performance period. The weighted average grant-date fair value of the performance share units was $31.69 per share and $30.12 per share for the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014, $12.8 million of unrecognized compensation cost, representing the fair market value of performance shares granted, is expected to be recognized over a weighted-average vesting period of 2.40 years.

Transactions involving performance share units under the terms of the CIP are summarized below:



	Performance Share Units Outstanding		Weighted- Average Grant-Date Fair Value
Unvested balance at December 31, 2013	480,660		$	32.33
Granted	241,321		31.69
Vested and paid out	(55,659	)	39.07
Vested and canceled ⁽¹⁾	(51,361	)	39.07
Unvested balance at March 31, 2014	614,961		$	30.90

____________________________


⁽¹⁾	Represents units that vested but were not paid out. Payout of the performance share units are dependent upon the Company’s total shareholder return compared to a group of its peers over a three-year period.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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Employee Benefits

3 Months Ended

Mar. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Employee Benefits

The Company maintains closed, defined-benefit pension and postretirement medical plans. QEP's pension plans include a qualified and a nonqualified retirement plan. The Company's postretirement medical plan is unfunded and provides certain health care and life insurance benefits for certain retired employees. During the three months ended March 31, 2014, the Company made contributions of $2.7 million to its funded qualified pension plan, and $0.9 million to its unfunded nonqualified retirement plan. Contributions to funded qualified plans increase plan assets while contributions to unfunded nonqualified plans are used to fund current benefit payments. During the remainder of 2014, the Company expects to contribute approximately $5.4 million to its funded qualified pension plan, $4.0 million to its unfunded nonqualified pension plans and approximately $0.2 million for retiree health care and life insurance benefits.

The following table sets forth the Company’s pension and postretirement benefits net periodic benefit costs:



	Pension
	Three Months Ended
	March 31,
	2014			2013
	(in millions)
Service cost	$	0.7		$	1.0
Interest cost	1.4			1.2
Expected return on plan assets	(1.2		)	(1.0		)
Amortization of prior service costs ⁽¹⁾	1.2			1.2
Amortization of actuarial losses ⁽¹⁾	0.2			0.6
Periodic expense	$	2.3		$	3.0

____________________________


⁽¹⁾	Amortization of prior service costs and actuarial losses out of AOCI are recognized in the Condensed Consolidated Statements of Operations in "General and administrative."



	Postretirement Benefits
	Three Months Ended
	March 31,
	2014		2013
	(in millions)
Service cost	$	—	$	—
Interest cost	0.1		0.1
Amortization of prior service costs ⁽¹⁾	0.1		0.1
Periodic expense	$	0.2	$	0.2

____________________________


⁽¹⁾	Amortization of prior service costs out of AOCI are recognized in the Condensed Consolidated Statements of Operations in "General and administrative."

Operations by Line of Business

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

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), which includes the ownership and operation of QEP Midstream, and marketing and corporate (QEP Marketing & Resources). 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. QEP Field Services owns a 57.8% ownership interest in QEP Midstream and it is consolidated under the voting interest model in QEP Field Services' operating results. The outside ownership interest in QEP Midstream is presented separately as a noncontrolling interest.

The following table is a summary of operating results for the three months ended March 31, 2014, by line of business:



	QEP Energy			QEP Field Services			QEP Marketing & Resources			Eliminations			QEP Consolidated
	(in millions)
Revenues
From unaffiliated customers	$	613.2		$	79.8		$	190.9		$	—		$	883.9
From affiliated customers	—			26.4			312.1			(338.5		)	—
Total revenues	613.2			106.2			503.0			(338.5		)	883.9
Operating expenses
Purchased gas, oil and NGL expense	38.0			—			497.9			(311.6		)	224.3
Lease operating expense	56.4			—			—			(1.1		)	55.3
Gas, oil and NGL transportation and other handling costs	64.5			3.6			—			(24.7		)	43.4
Gathering, processing and other	—			25.7			0.4			(0.3		)	25.8
General and administrative	41.8			14.4			1.2			(0.8		)	56.6
Production and property taxes	47.4			1.8			0.1			—			49.3
Depreciation, depletion and amortization	223.4			16.5			0.3			—			240.2
Other operating expenses	4.2			—			—			—			4.2
Total operating expenses	475.7			62.0			499.9			(338.5		)	699.1
Net gain from asset sales	2.4			—			—						2.4
Operating income	139.9			44.2			3.1			—			187.2
Realized and unrealized losses on derivative contracts	(78.5		)	—			(2.4		)	—			(80.9		)
Interest and other income	2.9			—			48.8			(48.8		)	2.9
Income from unconsolidated affiliates	—			2.2			—			—			2.2
Interest expense	(48.9		)	(0.6		)	(41.8		)	48.8			(42.5		)
Income before income taxes	15.4			45.8			7.7			—			68.9
Income tax provision	(5.9		)	(14.6		)	(2.9		)	—			(23.4		)
Net income	9.5			31.2			4.8			—			45.5
Net income attributable to noncontrolling interest	—			(5.8		)	—			—			(5.8		)
Net income attributable to QEP	$	9.5		$	25.4		$	4.8		$	—		$	39.7
Identifiable total assets	$	9,004.1		$	1,515.5		$	314.6		$	(254.6	)	$	10,579.6

The following table is a summary of operating results for the three months ended March 31, 2013, by line of business:



	QEP Energy			QEP Field Services			QEP Marketing & Resources			Eliminations			QEP Consolidated
	(in millions)
Revenues
From unaffiliated customers	$	508.2		$	64.4		$	123.9		$	—		$	696.5
From affiliated customers	—			27.6			217.2			(244.8		)	—
Total revenues	508.2			92.0			341.1			(244.8		)	696.5
Operating expenses
Purchased gas, oil and NGL expense	65.7			5.1			342.5			(216.5		)	196.8
Lease operating expense	41.0			—			—			(0.9		)	40.1
Gas, oil and NGL transportation and other handling costs	56.2			2.8			—			(26.2		)	32.8
Gathering, processing and other	—			20.3			0.3			—			20.6
General and administrative	36.7			9.5			1.0			(1.2		)	46.0
Production and property taxes	34.7			1.1			0.1			—			35.9
Depreciation, depletion and amortization	238.1			15.8			0.3			—			254.2
Other operating expenses	5.1			—			—			—			5.1
Total operating expenses	477.5			54.6			344.2			(244.8		)	631.5
Net gain (loss) from assets sales	0.1			(0.3		)	—			—			(0.2		)
Operating income (loss)	30.8			37.1			(3.1		)	—			64.8
Realized and unrealized losses on derivative contracts	(34.2		)	—			(0.4		)	—			(34.6		)
Interest and other income	1.7			0.3			51.2			(51.2		)	2.0
Income from unconsolidated affiliates	—			1.3			—			—			1.3
Interest expense	(45.3		)	(4.0		)	(41.3		)	51.2			(39.4		)
(Loss) income before income taxes	(47.0		)	34.7			6.4			—			(5.9		)
Income tax benefit (provision)	17.2			(12.5		)	(2.5		)	—			2.2
Net (loss) income	(29.8		)	22.2			3.9			—			(3.7		)
Net income attributable to noncontrolling interest	—			(0.6		)	—			—			(0.6		)
Net (loss) income attributable to QEP	$	(29.8	)	$	21.6		$	3.9		$	—		$	(4.3	)
Identifiable total assets	$	7,756.8		$	1,660.6		$	294.9		$	(568.4	)	$	9,143.9

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 32

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

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+ Details

Subsequent Event	3 Months Ended
Subsequent Event	Mar. 31, 2014
Subsequent Event [Abstract]
Subsequent Events	Subsequent Events QEP Energy Divestitures In May 2014, QEP Energy entered into three separate purchase and sale agreements related to the disposition of certain of its non-core properties in the Midcontinent Region and other non-core assets in the Northern Region for an aggregate sales price of approximately $807.5 million, subject to customary purchase price adjustments. The aggregate net book value of the properties being sold is approximately $886.0 million as of the effective date of the sale, January 1, 2014. Any gain or loss on the sale recorded by the Company will be determined based upon the final purchase price, which is subject to customary purchase price adjustments. The Company expects to close these transactions in the second quarter of 2014 and will use proceeds to repay indebtedness under our revolving credit facility. QEP Field Services Divestiture In May 2014, QEP Field Services entered into a purchase and sale agreement to sell 40% of the membership interests in Green River Processing, LLC (Green River Processing) for approximately $230.0 million, subject to customary purchase price adjustments, to QEP Midstream. The transaction is expected to close in July 2014 and will be accounted for as a transaction between entities under common control with the difference between the carrying amount and the purchase price recorded to equity. Green River Processing is a wholly owned subsidiary of QEP Field Services and will own the Blacks Fork processing complex and the Emigrant Trail processing plant, both of which are located in southwest Wyoming. The combined processing capacity of Green River Processing is 890 MMcf per day, of which 560 MMcf per day is cryogenic capacity and 330 MMcf per day is Joule-Thomson processing capacity. In addition, there is 15,000 bbl per day of NGL fractionation capacity at the Blacks Fork processing complex.

Acquisitions & Divestitures (Tables)

3 Months Ended

Mar. 31, 2014

Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]

Business Combination, Separately Recognized Transactions [Table Text Block]



	As of March 31, 2014
	(in millions)
Consideration given:
Cash consideration	$	945.0
Amounts recognized for preliminary fair value of assets acquired and liabilities assumed:
Proved properties	$	516.1
Unproved properties	439.7
Asset retirement obligations	(9.7		)
Liabilities assumed	(1.1		)
Total fair value	$	945.0

Business Acquisition, Pro Forma Information [Table Text Block]



	Three Months Ended				Three Months Ended
	March 31, 2014				March 31, 2013
	Actual		Pro forma		Actual			Pro forma
	(in millions, except per share data)
Revenues	$	883.9	$	910.0	$	696.5		$	731.0
Net income attributable to QEP	39.7		46.7		(4.3		)	3.6
Earnings per common share attributable to QEP
Basic	$	0.22	$	0.26	$	(0.02	)	$	0.02
Diluted	0.22		0.26		(0.02		)	0.02

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair value of financial assets and liabilities

The fair value of financial assets and liabilities at March 31, 2014, is shown in the table below:



	Fair Value Measurements
	March 31, 2014
	Gross Amounts of Assets and Liabilities						Netting Adjustments⁽¹⁾			Net Amounts Presented on the Condensed Consolidated Balance Sheets
	Level 1		Level 2		Level 3		Netting Adjustments⁽¹⁾
	(in millions)
Financial Assets
Commodity derivative instruments - short-term	$	—	$	5.9	$	—	$	(5.9	)	$	—
Commodity derivative instruments - long-term	—		0.5		—		0.6			1.1
Interest rate swaps - long-term	—		2.8		—		—			2.8
Total financial assets	$	—	$	9.2	$	—	$	(5.3	)	$	3.9

Financial Liabilities
Commodity derivative instruments - short-term	$	—	$	73.0	$	—	$	(5.9	)	$	67.1
Interest rate swaps - short-term	—		4.7		—		—			4.7
Commodity derivative instruments - long-term	—		2.3		—		0.6			2.9
Total financial liabilities	$	—	$	80.0	$	—	$	(5.3	)	$	74.7

____________________________

The fair value of financial assets and liabilities at December 31, 2013, is shown in the table below:



	Fair Value Measurements
	December 31, 2013
	Gross Amounts of Assets and Liabilities						Netting Adjustments⁽¹⁾			Net Amounts Presented on the Condensed Consolidated Balance Sheets
	Level 1		Level 2		Level 3		Netting Adjustments⁽¹⁾
	(in millions)
Financial Assets
Commodity derivative instruments - short-term	$	—	$	5.5	$	—	$	(5.3	)	$	0.2
Commodity derivative instruments - long-term	—		0.4		—		—			0.4
Interest rate swaps - long-term	—		0.6		—		—			0.6
Total financial assets	$	—	$	6.5	$	—	$	(5.3	)	$	1.2

Financial Liabilities
Commodity derivative instruments - short-term	$	—	$	29.4	$	—	$	(5.3	)	$	24.1
Interest rate swaps - short-term	—		2.6		—		—			2.6
Total financial liabilities	$	—	$	32.0	$	—	$	(5.3	)	$	26.7

Fair value and related carrying amount of certain financial instruments



	Carrying Amount		Level 1 Fair Value		Carrying Amount		Level 1 Fair Value
	March 31, 2014				December 31, 2013
	(in millions)
Financial assets
Cash and cash equivalents	$	3.9	$	3.9	$	11.9	$	11.9
Financial liabilities
Checks outstanding in excess of cash balances	$	78.4	$	78.4	$	90.9	$	90.9
Long-term debt	$	3,919.2	$	4,018.0	$	2,997.5	$	3,034.9

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References+ Details

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details

Derivative Contracts (Tables)

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Volumes and Average Prices

QEP Energy Derivative Contracts

The following table sets forth QEP Energy’s quantities and average prices for its commodity derivative contracts as of March 31, 2014:



Year	Type of Contract	Index	Total Volumes	Average Swap price per unit
			(in millions)
Gas sales			(MMBtu)
2014	SWAP	NYMEX	22.0	$	4.22
2014	SWAP	IFNPCR	60.5	$	4.08
2015	SWAP	NYMEX	25.6	$	4.14
2015	SWAP	IFNPCR	7.3	$	3.97
Oil sales			(Bbls)
2014	SWAP	NYMEX WTI	8.1	$	92.61
2015	SWAP	NYMEX WTI	4.0	$	87.64

The following table sets forth QEP Energy's oil basis swaps as of March 31, 2014:



Year	Index	Index Less Differential	Total Volumes	Weighted Average Differential
			(in millions)
Oil basis swaps			(Bbls)
2014	NYMEX WTI	ICE Brent	0.6	$	13.78
2014	NYMEX WTI	LLS	0.5	$	4.00
2015	NYMEX WTI	LLS	0.1	$	4.00

QEP Marketing Derivative Contracts



Year	Type of Contract	Index	Total Volumes	Average Swap price per MMBtu
			(in millions)
Gas sales			(MMBtu)
2014	SWAP	IFNPCR	2.9	$	3.75
Gas purchases			(MMBtu)
2014	SWAP	IFNPCR	0.9	$	3.82

QEP's Derivative Contracts

The following table sets forth QEP’s notional amount and interest rate for its interest rate swaps outstanding as of March 31, 2014:



Notional amount	Type of Contract	Maturity	Fixed Rate Paid	Variable Rate Received
(in millions)
$300.0	Swap	March 2017	1.07%	One-month LIBOR
$300.0	Swap	March 2017	0.86%	One-month LIBOR
$600.0			0.96%

Fair values of Derivatives by Balance Sheet Location



		Gross asset derivative instruments fair value				Gross liability derivative instruments fair value
	Balance Sheet line item	March 31, 2014		December 31, 2013		March 31, 2014		December 31, 2013
		(in millions)				(in millions)
Current:
Commodity	Fair value of derivative contracts	$	5.9	$	5.5	$	73.0	$	29.4
Interest rate swaps	Fair value of derivative contracts	—		—		4.7		2.6
Long-term:
Commodity	Fair value of derivative contracts	0.5		0.4		2.3		—
Interest rate swaps	Fair value of derivative contracts	2.8		0.6		—		—
Total derivative instruments		$	9.2	$	6.5	$	80.0	$	32.0

Effects of Derivative Transactions



	Three Months Ended
Derivative instruments not designated as cash flow hedges	March 31,
Derivative instruments not designated as cash flow hedges	2014			2013
Realized gains (losses) on commodity derivative contracts	(in millions)
QEP Energy
Gas derivative contracts	$	(20.4	)	$	44.6
Oil derivative contracts	(12.9		)	5.2
QEP Marketing
Gas derivative contracts	(1.4		)	1.5
Total realized (losses) gains on commodity derivative contracts	(34.7		)	51.3
Unrealized gains (losses) on commodity derivative contracts
QEP Energy
Gas derivative contracts	(24.3		)	(64.3		)
Oil derivative contracts	(20.9		)	(19.7		)
QEP Marketing
Gas derivative contracts	(0.3		)	(1.7		)
Total unrealized losses on commodity derivative contracts	(45.5		)	(85.7		)
Total realized and unrealized losses on commodity derivative contracts	$	(80.2	)	$	(34.4	)

Realized gains (losses) on interest rate swaps
Realized losses on interest rate swaps	$	(0.7	)	$	(0.6	)
Unrealized gains (losses) on interest rate swaps
Unrealized (losses) gains on interest rate swaps	—			0.4
Total realized and unrealized losses on interest rate swaps	$	(0.7	)	$	(0.2	)
Total net realized (losses) gains on derivative contracts	$	(35.4	)	$	50.7
Total net unrealized losses on derivative contracts	(45.5		)	(85.3		)
Grand Total	$	(80.9	)	$	(34.6	)

Restructuring Costs (Tables)

3 Months Ended

Mar. 31, 2014

Restructuring Costs [Abstract]

Reconciliation of QEP Energy's restructuring cost



	Total Restructuring Costs
	Total Expected to be Incurred		Recognized in Income
			Period from Inception to March 31, 2014		Three Months Ended March 31,
			Period from Inception to March 31, 2014		2014		2013
QEP Energy	(in millions)
One-time termination benefits	$	3.3	$	3.3	$	—	$	0.2
Retention & relocation expense	3.7		3.7		—		0.1
Lease termination costs	0.6		0.6		—		—
Total restructuring costs	$	7.6	$	7.6	$	—	$	0.3

QEP Field Services
One-time termination benefits	$	—	$	—	$	—	$	—
Retention & relocation expense	10.1		3.2		2.3		—
Lease termination costs	—		—		—		—
Total restructuring costs	$	10.1	$	3.2	$	2.3	$	—

QEP Marketing
One-time termination benefits	$	0.3	$	0.3	$	—	$	0.1
Retention & relocation expense	—		—		—		—
Lease termination costs	—		—		—		—
Total restructuring costs	$	0.3	$	0.3	$	—	$	0.1

Total QEP
One-time termination benefits	$	3.6	$	3.6	$	—	$	0.3
Retention & relocation expense	13.8		6.9		2.3		0.1
Lease termination costs	0.6		0.6		—		—
Total restructuring costs	$	18.0	$	11.1	$	2.3	$	0.4

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]



	QEP Energy		QEP Field Services		QEP Marketing		Total
	(in millions)
Balance at December 31, 2013	$	—	$	0.8	$	—	$	0.8
Costs incurred and charged to expense	—		2.3		—		2.3
Costs paid or otherwise settled	—		—		—		—
Balance at March 31, 2014	$	—	3.1		—		$	3.1

Debt (Tables)

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Debt Outstanding



	March 31, 2014			December 31, 2013
	(in millions)
QEP's revolving credit facility due 2016	$	1,101.5		$	480.0
QEP Midstream's revolving credit facility due 2018	—			—
Term loan due 2017	600.0			300.0
6.05% Senior Notes due 2016	176.8			176.8
6.80% Senior Notes due 2018	134.0			134.0
6.80% Senior Notes due 2020	136.0			136.0
6.875% Senior Notes due 2021	625.0			625.0
5.375% Senior Notes due 2022	500.0			500.0
5.25% Senior Notes due 2023	650.0			650.0
Total principal amount of debt	3,923.3			3,001.8
Less unamortized discount	(4.1		)	(4.3		)
Total long-term debt outstanding	$	3,919.2		$	2,997.5

Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2014

Share-based Compensation [Abstract]

Schedule of calculated fair value of options granted and major assumptions used



	Stock Option Assumptions
	Three Months Ended
	March 31, 2014
Weighted-average grant-date fair value of awards granted during the period	$	10.12
Weighted-average risk-free interest rate	1.31		%
Weighted-average expected price volatility	37.2		%
Expected dividend yield	0.25		%
Expected term in years at the date of grant	4.5

Summary of stock option transactions under the terms of LTSIP

Stock option transactions under the terms of the LTSIP are summarized below:



	Options Outstanding		Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
			(per share)		(in years)	(in millions)
Outstanding at December 31, 2013	1,794,187		$	27.90
Granted	279,458		31.67
Exercised	(29,479	)	23.01
Outstanding at March 31, 2014	2,044,166		$	28.49	3.91	$	5.2
Options Exercisable at March 31, 2014	1,480,337		$	27.56	3.02	$	5.1
Unvested Options at March 31, 2014	563,829		$	30.93	6.24	$	0.1

Restricted Share Units Activity



	Restricted Shares Outstanding		Weighted- Average Grant-Date Fair Value
			(per share)
Unvested balance at December 31, 2013	1,388,953		$	30.96
Granted	844,552		31.69
Vested	(524,672	)	31.89
Forfeited	(18,170	)	31.28
Unvested balance at March 31, 2014	1,690,663		$	31.03

Schedule of Performance Share Units Activity



	Performance Share Units Outstanding		Weighted- Average Grant-Date Fair Value
Unvested balance at December 31, 2013	480,660		$	32.33
Granted	241,321		31.69
Vested and paid out	(55,659	)	39.07
Vested and canceled ⁽¹⁾	(51,361	)	39.07
Unvested balance at March 31, 2014	614,961		$	30.90

Employee Benefits (Tables)

3 Months Ended

Mar. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefit Costs



	Pension
	Three Months Ended
	March 31,
	2014			2013
	(in millions)
Service cost	$	0.7		$	1.0
Interest cost	1.4			1.2
Expected return on plan assets	(1.2		)	(1.0		)
Amortization of prior service costs ⁽¹⁾	1.2			1.2
Amortization of actuarial losses ⁽¹⁾	0.2			0.6
Periodic expense	$	2.3		$	3.0

____________________________


⁽¹⁾	Amortization of prior service costs and actuarial losses out of AOCI are recognized in the Condensed Consolidated Statements of Operations in "General and administrative."



	Postretirement Benefits
	Three Months Ended
	March 31,
	2014		2013
	(in millions)
Service cost	$	—	$	—
Interest cost	0.1		0.1
Amortization of prior service costs ⁽¹⁾	0.1		0.1
Periodic expense	$	0.2	$	0.2

____________________________


⁽¹⁾	Amortization of prior service costs out of AOCI are recognized in the Condensed Consolidated Statements of Operations in "General and administrative."

Operations by Line of Business (Tables)

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Summary of operating results by line of business

Operations by Line of Business

The following table is a summary of operating results for the three months ended March 31, 2014, by line of business:



	QEP Energy			QEP Field Services			QEP Marketing & Resources			Eliminations			QEP Consolidated
	(in millions)
Revenues
From unaffiliated customers	$	613.2		$	79.8		$	190.9		$	—		$	883.9
From affiliated customers	—			26.4			312.1			(338.5		)	—
Total revenues	613.2			106.2			503.0			(338.5		)	883.9
Operating expenses
Purchased gas, oil and NGL expense	38.0			—			497.9			(311.6		)	224.3
Lease operating expense	56.4			—			—			(1.1		)	55.3
Gas, oil and NGL transportation and other handling costs	64.5			3.6			—			(24.7		)	43.4
Gathering, processing and other	—			25.7			0.4			(0.3		)	25.8
General and administrative	41.8			14.4			1.2			(0.8		)	56.6
Production and property taxes	47.4			1.8			0.1			—			49.3
Depreciation, depletion and amortization	223.4			16.5			0.3			—			240.2
Other operating expenses	4.2			—			—			—			4.2
Total operating expenses	475.7			62.0			499.9			(338.5		)	699.1
Net gain from asset sales	2.4			—			—						2.4
Operating income	139.9			44.2			3.1			—			187.2
Realized and unrealized losses on derivative contracts	(78.5		)	—			(2.4		)	—			(80.9		)
Interest and other income	2.9			—			48.8			(48.8		)	2.9
Income from unconsolidated affiliates	—			2.2			—			—			2.2
Interest expense	(48.9		)	(0.6		)	(41.8		)	48.8			(42.5		)
Income before income taxes	15.4			45.8			7.7			—			68.9
Income tax provision	(5.9		)	(14.6		)	(2.9		)	—			(23.4		)
Net income	9.5			31.2			4.8			—			45.5
Net income attributable to noncontrolling interest	—			(5.8		)	—			—			(5.8		)
Net income attributable to QEP	$	9.5		$	25.4		$	4.8		$	—		$	39.7
Identifiable total assets	$	9,004.1		$	1,515.5		$	314.6		$	(254.6	)	$	10,579.6

The following table is a summary of operating results for the three months ended March 31, 2013, by line of business:



	QEP Energy			QEP Field Services			QEP Marketing & Resources			Eliminations			QEP Consolidated
	(in millions)
Revenues
From unaffiliated customers	$	508.2		$	64.4		$	123.9		$	—		$	696.5
From affiliated customers	—			27.6			217.2			(244.8		)	—
Total revenues	508.2			92.0			341.1			(244.8		)	696.5
Operating expenses
Purchased gas, oil and NGL expense	65.7			5.1			342.5			(216.5		)	196.8
Lease operating expense	41.0			—			—			(0.9		)	40.1
Gas, oil and NGL transportation and other handling costs	56.2			2.8			—			(26.2		)	32.8
Gathering, processing and other	—			20.3			0.3			—			20.6
General and administrative	36.7			9.5			1.0			(1.2		)	46.0
Production and property taxes	34.7			1.1			0.1			—			35.9
Depreciation, depletion and amortization	238.1			15.8			0.3			—			254.2
Other operating expenses	5.1			—			—			—			5.1
Total operating expenses	477.5			54.6			344.2			(244.8		)	631.5
Net gain (loss) from assets sales	0.1			(0.3		)	—			—			(0.2		)
Operating income (loss)	30.8			37.1			(3.1		)	—			64.8
Realized and unrealized losses on derivative contracts	(34.2		)	—			(0.4		)	—			(34.6		)
Interest and other income	1.7			0.3			51.2			(51.2		)	2.0
Income from unconsolidated affiliates	—			1.3			—			—			1.3
Interest expense	(45.3		)	(4.0		)	(41.3		)	51.2			(39.4		)
(Loss) income before income taxes	(47.0		)	34.7			6.4			—			(5.9		)
Income tax benefit (provision)	17.2			(12.5		)	(2.5		)	—			2.2
Net (loss) income	(29.8		)	22.2			3.9			—			(3.7		)
Net income attributable to noncontrolling interest	—			(0.6		)	—			—			(0.6		)
Net (loss) income attributable to QEP	$	(29.8	)	$	21.6		$	3.9		$	—		$	(4.3	)
Identifiable total assets	$	7,756.8		$	1,660.6		$	294.9		$	(568.4	)	$	9,143.9

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details

Acquisitions & Divestitures (Narrative) (Details) (USD $) In Millions, unless otherwise specified	1 Months Ended	3 Months Ended
	Mar. 31, 2014 acre	Mar. 31, 2014 acre	Mar. 31, 2013
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross		$ 945.0
Net acres of producing and undeveloped oil and gas properties	26,500	26,500
Number of vertical producing wells	270	270
Escrow Deposit	50.0	50.0
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual	14.9
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual	3.7
Business Acquisition, Transaction Costs	0.5	0.5
Long-term debt issuance costs paid		(1.1)	0
Revolving Credit Facility due 2016 [Member]
Business Acquisition [Line Items]
Borrowings to Fund Acquisition		595.0
Term Loan due 2017 [Member]
Business Acquisition [Line Items]
Borrowings to Fund Acquisition		300.0
Permian Basin [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross		$ 945.0

Acquisitions & Divestitures (Schedule Of Purchase Accounting Entries) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Significant Acquisitions and Disposals [Line Items]
Payments to Acquire Businesses, Gross	$ 945.0
Fair value of assets acquired (liabilities assumed)	945.0
Proved Property [Member]
Significant Acquisitions and Disposals [Line Items]
Fair value of assets acquired (liabilities assumed)	516.1
Unproved Property [Member]
Significant Acquisitions and Disposals [Line Items]
Fair value of assets acquired (liabilities assumed)	439.7
Asset Retirement Obligation Costs [Member]
Significant Acquisitions and Disposals [Line Items]
Fair value of assets acquired (liabilities assumed)	(9.7)
Other Liabilities [Member]
Significant Acquisitions and Disposals [Line Items]
Fair value of assets acquired (liabilities assumed)	(1.1)
Permian Basin [Member]
Significant Acquisitions and Disposals [Line Items]
Payments to Acquire Businesses, Gross	$ 945.0

Acquisitions & Divestitures Supplemental Proforma Results of Operations (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Business Acquisition [Line Items]
Total Revenues	$ 883.9	$ 696.5
Net Income (Loss) Attributable to Parent	39.7	(4.3)
Earnings Per Share, Basic	$ 0.22	$ (0.02)
Earnings Per Share, Diluted	$ 0.22	$ (0.02)
Business Acquisition, Pro Forma Revenue	910.0	731.0
Business Acquisition, Pro Forma Net Income (Loss)	$ 46.7	$ 3.6
Business Acquisition, Pro Forma Earnings Per Share, Basic	$ 0.26	$ 0.02
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$ 0.26	$ 0.02

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e565-108580

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

+ Details

QEP Midstream (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified	0 Months Ended
	Aug. 14, 2013	Mar. 31, 2014
Noncontrolling Interest [Line Items]
Initial Offering Period	August 14, 2013
Shares Issued, Price Per Share	$ 21.00
Total proceeds from the Subsidiary IPO	$ 483.0
Offering costs	33.4
Net proceeds from Subsidiary IPO	449.6
Noncontrolling Interest, Ownership Percentage by Parent		57.80%
Limited Partner Common Units Sold to Public [Member]
Noncontrolling Interest [Line Items]
Partners' Capital Account, Units, Sold in Public Offering	20,000,000
Offering costs	29.3
Net proceeds from Subsidiary IPO	390.7
Limited Partner Common Units Sold to Underwriters [Member]
Noncontrolling Interest [Line Items]
Partners' Capital Account, Units, Sold in Public Offering	3,000,000
Offering costs	4.1
Net proceeds from Subsidiary IPO	$ 58.9

QEP Midstream (Reconciliation of Proceeds from Subsidiary Initial Public Offering) (Details) (USD $) In Millions, unless otherwise specified	0 Months Ended
	Aug. 14, 2013
Reconciliation of Proceeds from Subsidiary IPO [Line Items]
Total proceeds from the Subsidiary IPO	$ 483.0
Offering costs	(33.4)
Net proceeds from Subsidiary IPO	449.6
Revolving credit facility origination fees	(3.0)
Repayment of outstanding debt with QEP	(95.5)
Net proceeds distributed to QEP from the IPO	$ 351.1

Earnings Per Share (Details) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]
Anti-dilutive shares not included in diluted common share outstanding (in shares)	0	0.3
Weighted-average basic common shares outstanding (in shares)	179.7	177.0
Potential number of shares issuable upon excerise of in-the-money stock options under the Long-term Stock Incentive Plan	0.3	0
Average diluted common shares outstanding (in shares)	180.0	177.0

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References+ Details

Asset Retirement Obligations (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Asset Retirement Obligation, Current	$ 1.1	$ 1.8
ARO Liability [Roll Forward]
ARO liability, Beginning Balance	193.6
Accretion	2.0
Liabilities incurred	10.9
Revisions	(0.3)
Liabilities settled	(0.8)
ARO liability, Ending Balance	$ 205.4

Fair Value Measurements (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, at Carrying Value	$ 3.9	$ 11.9	$ 0	$ 0
Cash and Cash Equivalents, Fair Value Disclosure	3.9	11.9
Financial liabilities
Derivative instruments - long-term	2.9	0
Fair Value, Measurements, Recurring [Member]
Financial Assets
Total financial assets	3.9	1.2
Financial liabilities
Total financial liabilities	74.7	26.7
Fair Value, Measurements, Recurring [Member] \| Commodity Contract [Member]
Financial Assets
Derivative instruments - short-term	0	0.2
Derivative instruments - long-term	1.1	0.4
Financial liabilities
Derivative instruments - short-term	67.1	24.1
Derivative instruments - long-term	2.9	0.6
Fair Value, Measurements, Recurring [Member] \| Interest Rate Swap [Member]
Financial Assets
Derivative instruments - long-term	2.8
Financial liabilities
Derivative instruments - short-term	4.7	2.6
Fair Value, Measurements, Recurring [Member] \| Carrying Amount [Member]
Financial liabilities
Checks outstanding in excess of cash balances	78.4	90.9
Long-term debt	3,919.2	2,997.5
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Financial Assets
Total financial assets	0	0
Financial liabilities
Total financial liabilities	0	0
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member] \| Commodity Contract [Member]
Financial Assets
Derivative instruments - short-term	0	0
Derivative instruments - long-term	0	0
Financial liabilities
Derivative instruments - short-term	0	0
Derivative instruments - long-term	0	0
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member] \| Interest Rate Swap [Member]
Financial Assets
Derivative instruments - long-term	0
Financial liabilities
Derivative instruments - short-term	0	0
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member] \| Fair Value [Member]
Financial liabilities
Checks outstanding in excess of cash balances	78.4	90.9
Long-term debt	4,018.0	3,034.9
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Financial Assets
Total financial assets	9.2	6.5
Financial liabilities
Total financial liabilities	80.0	32.0
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member] \| Commodity Contract [Member]
Financial Assets
Derivative instruments - short-term	5.9	5.5
Derivative instruments - long-term	0.5	0.4
Financial liabilities
Derivative instruments - short-term	73.0	29.4
Derivative instruments - long-term	2.3	0.6
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member] \| Interest Rate Swap [Member]
Financial Assets
Derivative instruments - long-term	2.8
Financial liabilities
Derivative instruments - short-term	4.7	2.6
Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Financial Assets
Total financial assets	0	0
Financial liabilities
Total financial liabilities	0	0
Fair Value, Measurements, Recurring [Member] \| Level 3 [Member] \| Commodity Contract [Member]
Financial Assets
Derivative instruments - short-term	0	0
Derivative instruments - long-term	0	0
Financial liabilities
Derivative instruments - short-term	0	0
Derivative instruments - long-term	0	0
Fair Value, Measurements, Recurring [Member] \| Level 3 [Member] \| Interest Rate Swap [Member]
Financial Assets
Derivative instruments - long-term	0
Financial liabilities
Derivative instruments - short-term	0	0
Fair Value, Measurements, Recurring [Member] \| Netting Adjustments [Member]
Financial Assets
Total financial assets	(5.3)	(5.3)
Financial liabilities
Total financial liabilities	(5.3)	(5.3)
Fair Value, Measurements, Recurring [Member] \| Netting Adjustments [Member] \| Commodity Contract [Member]
Financial Assets
Derivative instruments - short-term	(5.9)	(5.3)
Derivative instruments - long-term	0.6	0
Financial liabilities
Derivative instruments - short-term	(5.9)	(5.3)
Derivative instruments - long-term	0.6	0
Fair Value, Measurements, Recurring [Member] \| Netting Adjustments [Member] \| Interest Rate Swap [Member]
Financial Assets
Derivative instruments - long-term	0
Financial liabilities
Derivative instruments - short-term	$ 0	$ 0

Derivative Contracts (Details) (USD $)
In Millions, unless otherwise specified

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Forecasted production from proved reserves (in hundredths)

100.00%

Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax

$ 0

^[1]

$ 20.1

^[1]

Fair Value of Derivative Contracts, Gross [Abstract]

Derivative Asset, Fair Value, Gross

9.2

6.5

Derivative Liability, Fair Value, Gross

80.0

32.0

Commodity Contract [Member] | Short-term [Member]

Fair Value of Derivative Contracts, Gross [Abstract]

Derivative Asset, Fair Value, Gross

5.5

Derivative Liability, Fair Value, Gross

73.0

29.4

Commodity Contract [Member] | Long-term [Member]

Fair Value of Derivative Contracts, Gross [Abstract]

Derivative Asset, Fair Value, Gross

0.4

Derivative Liability, Fair Value, Gross

2.3

Interest Rate Swap [Member] | Short-term [Member]

Fair Value of Derivative Contracts, Gross [Abstract]

Derivative Asset, Fair Value, Gross

Derivative Liability, Fair Value, Gross

4.7

2.6

Interest Rate Swap [Member] | Long-term [Member]

Fair Value of Derivative Contracts, Gross [Abstract]

Derivative Asset, Fair Value, Gross

0.6

Derivative Liability, Fair Value, Gross

Interest Rate Swap [Member] | QEP Resources [Member]

Derivative Contracts - Volumes and Prices

Maturity

Mar. 31, 2017

Fixed Rate Paid (in hundredths)

0.96%

Swap [Member] | Natural Gas Sales (MMbtu) [Member] | 2014 [Member] | NYMEX [Member]

Derivatives, Fair Value [Line Items]

Year

2014

Index

NYMEX

Derivative Contracts - Volumes and Prices

Total Volume (in Bcf, Mbbl, millions of gallons, millions of MMBtu)

22,000,000

Average Swap price per unit ($ per unit)

4.22

Swap [Member] | Natural Gas Sales (MMbtu) [Member] | 2014 [Member] | IFNPCR [Member]

Derivatives, Fair Value [Line Items]

Year

2014

Index

IFNPCR

Derivative Contracts - Volumes and Prices

Total Volume (in Bcf, Mbbl, millions of gallons, millions of MMBtu)

60,500,000

Average Swap price per unit ($ per unit)

4.08

Swap [Member] | Natural Gas Sales (MMbtu) [Member] | 2015 [Member] | NYMEX [Member]

Derivatives, Fair Value [Line Items]

Year

2015

Index

NYMEX

Derivative Contracts - Volumes and Prices

Total Volume (in Bcf, Mbbl, millions of gallons, millions of MMBtu)

25,600,000

Average Swap price per unit ($ per unit)

4.14

Swap [Member] | Natural Gas Sales (MMbtu) [Member] | 2015 [Member] | IFNPCR [Member]

Derivatives, Fair Value [Line Items]

Year

2015

Index

IFNPCR

Derivative Contracts - Volumes and Prices

Total Volume (in Bcf, Mbbl, millions of gallons, millions of MMBtu)

7,300,000

Average Swap price per unit ($ per unit)

3.97

Swap [Member] | Oil Sales (Bbls) [Member] | 2014 [Member] | NYMEX WTI less ICE Brent Differential [Member]

Derivatives, Fair Value [Line Items]

Year

2014

Index

ICE Brent

Derivative Contracts - Volumes and Prices

Total Volume (in Bcf, Mbbl, millions of gallons, millions of MMBtu)

600,000

Average Swap price per unit ($ per unit)

13.78

Swap [Member] | Oil Sales (Bbls) [Member] | 2014 [Member] | NYMEX WTI [Member]

Derivatives, Fair Value [Line Items]

Year

2014

Index

NYMEX WTI

Derivative Contracts - Volumes and Prices

Total Volume (in Bcf, Mbbl, millions of gallons, millions of MMBtu)

8,100,000

Average Swap price per unit ($ per unit)

92.61

Swap [Member] | Oil Sales (Bbls) [Member] | 2014 [Member] | NYMEX WTI less LLS Differential [Member]

Derivatives, Fair Value [Line Items]

Index

LLS

Derivative Contracts - Volumes and Prices

Total Volume (in Bcf, Mbbl, millions of gallons, millions of MMBtu)

500,000

Average Swap price per unit ($ per unit)

4.00

Swap [Member] | Oil Sales (Bbls) [Member] | 2015 [Member] | NYMEX WTI less ICE Brent Differential [Member]

Derivatives, Fair Value [Line Items]

Year

2015

Swap [Member] | Oil Sales (Bbls) [Member] | 2015 [Member] | NYMEX WTI [Member]

Derivatives, Fair Value [Line Items]

Index

NYMEX WTI

Derivative Contracts - Volumes and Prices

Total Volume (in Bcf, Mbbl, millions of gallons, millions of MMBtu)

4,000,000

Average Swap price per unit ($ per unit)

87.64

Swap [Member] | Oil Sales (Bbls) [Member] | 2015 [Member] | BRENT ICE [Member]

Derivatives, Fair Value [Line Items]

Year

2015

Swap [Member] | Oil Sales (Bbls) [Member] | 2015 [Member] | NYMEX WTI less LLS Differential [Member]

Derivatives, Fair Value [Line Items]

Index

LLS

Derivative Contracts - Volumes and Prices

Total Volume (in Bcf, Mbbl, millions of gallons, millions of MMBtu)

100,000

Average Swap price per unit ($ per unit)

4.00

Swap [Member] | QEP Marketing [Member] | 2014 [Member] | IFNPCR [Member]

Derivatives, Fair Value [Line Items]

Year

2014

Index

IFNPCR

Derivative Contracts - Volumes and Prices

Total Volume (in Bcf, Mbbl, millions of gallons, millions of MMBtu)

2,900,000

Average Swap price per unit ($ per unit)

3.75

Swap [Member] | Purchased Gas and Oil Expense [Member] | 2014 [Member] | IFNPCR [Member]

Derivatives, Fair Value [Line Items]

Year

2014

Index

IFNPCR

Derivative Contracts - Volumes and Prices

Total Volume (in Bcf, Mbbl, millions of gallons, millions of MMBtu)

900,000

Average Swap price per unit ($ per unit)

3.82

Term Loan due 2017 [Member]

Derivatives, Fair Value [Line Items]

Debt Instrument, Interest Rate, Effective Percentage

2.96%

First Term Loan Tranche [Member] | Interest Rate Swap [Member]

Derivative Contracts - Volumes and Prices

Variable Rate Received

One-month LIBOR

First Term Loan Tranche [Member] | Interest Rate Swap [Member] | QEP Resources [Member]

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional amount of interest rate derivatives

300.0

Derivative Contracts - Volumes and Prices

Notional amount of interest rate derivatives

300.0

Fixed Rate Paid (in hundredths)

1.07%

Second Term Loan Tranche [Member] | Interest Rate Swap [Member]

Derivative Contracts - Volumes and Prices

Variable Rate Received

One-month LIBOR

Second Term Loan Tranche [Member] | Interest Rate Swap [Member] | QEP Resources [Member]

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional amount of interest rate derivatives

300.0

Derivative Contracts - Volumes and Prices

Notional amount of interest rate derivatives

$ 300.0

Maturity

Mar. 31, 2017

Fixed Rate Paid (in hundredths)

0.86%

[1]	Presented net of income tax benefit of $11.9 million during the three months ended March 31, 2013

Derivative Contracts - Gain (Loss) in Statement of Financial Performance (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Realized gain (loss) derivative contracts not designated as hedging instruments	$ (35.4)	$ 50.7
Unrealized gain (loss) derivative contracts not designated as hedging instruments	(45.5)	(85.3)
Total gain (loss) on commodity derivative instruments	(80.9)	(34.6)
Natural gas derivative contracts [Member] \| QEP Energy [Member]
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Realized gain (loss) on commodity derivative contracts	(20.4)	44.6
Unrealized gain (loss) on commodity derivative contracts	(24.3)	(64.3)
Natural gas derivative contracts [Member] \| QEP Marketing [Member]
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Realized gain (loss) on commodity derivative contracts	(1.4)	1.5
Unrealized gain (loss) on commodity derivative contracts	(0.3)	(1.7)
Oil derivative contracts [Member] \| QEP Energy [Member]
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Realized gain (loss) on commodity derivative contracts	(12.9)	5.2
Unrealized gain (loss) on commodity derivative contracts	(20.9)	(19.7)
Interest Rate Swap [Member]
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Realized gain (loss) on commodity derivative contracts	(0.7)	(0.6)
Unrealized gain (loss) on commodity derivative contracts	0	0.4
Realized and Unrealized Gain (Loss) on Commodity Derivative Contracts Not Designated as Hedging Instruments	(0.7)	(0.2)
Realized and unrealized gains on commodity derivative instruments [Member]
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Realized gain (loss) on commodity derivative contracts	(34.7)	51.3
Unrealized gain (loss) on commodity derivative contracts	(45.5)	(85.7)
Total gain (loss) on commodity derivative instruments	$ (80.2)	$ (34.4)

Restructuring Costs (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Restructuring Cost and Reserve [Line Items]
Estimated restructuring costs	$ 18.0
Restructuring and Related Cost, Cost Incurred to Date	11.1
Restructuring Charges	2.3	0.4
Increase (Decrease) in Restructuring Liability [Roll Forward]
Balance at Beginning of Period	0.8
Restructuring Reserve, Accrual Adjustment	2.3
Costs paid or otherwise settled	0
Balance at End of Period	3.1
Number of regional offices created	1
One-time Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Estimated restructuring costs	3.6
Restructuring and Related Cost, Cost Incurred to Date	3.6
Restructuring Charges	0	0.3
Employee Relocation [Member]
Restructuring Cost and Reserve [Line Items]
Estimated restructuring costs	13.8
Restructuring and Related Cost, Cost Incurred to Date	6.9
Restructuring Charges	2.3	0.1
Termination of Lease [Member]
Restructuring Cost and Reserve [Line Items]
Estimated restructuring costs	0.6
Restructuring and Related Cost, Cost Incurred to Date	0.6
Restructuring Charges	0	0
QEP Energy [Member]
Restructuring Cost and Reserve [Line Items]
Estimated restructuring costs	7.6
Restructuring and Related Cost, Cost Incurred to Date	7.6
Restructuring Charges	0	0.3
Increase (Decrease) in Restructuring Liability [Roll Forward]
Balance at Beginning of Period	0
Restructuring Reserve, Accrual Adjustment	0
Costs paid or otherwise settled	0
Balance at End of Period	0
QEP Energy [Member] \| One-time Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Estimated restructuring costs	3.3
Restructuring and Related Cost, Cost Incurred to Date	3.3
Restructuring Charges	0	0.2
QEP Energy [Member] \| Employee Relocation [Member]
Restructuring Cost and Reserve [Line Items]
Estimated restructuring costs	3.7
Restructuring and Related Cost, Cost Incurred to Date	3.7
Restructuring Charges	0	0.1
QEP Energy [Member] \| Termination of Lease [Member]
Restructuring Cost and Reserve [Line Items]
Estimated restructuring costs	0.6
Restructuring and Related Cost, Cost Incurred to Date	0.6
Restructuring Charges	0	0
QEP Field Services [Member]
Restructuring Cost and Reserve [Line Items]
Estimated restructuring costs	10.1
Restructuring and Related Cost, Cost Incurred to Date	3.2
Restructuring Charges	2.3	0
Increase (Decrease) in Restructuring Liability [Roll Forward]
Balance at Beginning of Period	0.8
Restructuring Reserve, Accrual Adjustment	2.3
Costs paid or otherwise settled	0
Balance at End of Period	3.1
QEP Field Services [Member] \| One-time Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Estimated restructuring costs	0
Restructuring and Related Cost, Cost Incurred to Date	0
Restructuring Charges	0	0
QEP Field Services [Member] \| Employee Relocation [Member]
Restructuring Cost and Reserve [Line Items]
Estimated restructuring costs	10.1
Restructuring and Related Cost, Cost Incurred to Date	3.2
Restructuring Charges	2.3	0
QEP Field Services [Member] \| Termination of Lease [Member]
Restructuring Cost and Reserve [Line Items]
Estimated restructuring costs	0
Restructuring and Related Cost, Cost Incurred to Date	0
Restructuring Charges	0	0
QEP Marketing [Member]
Restructuring Cost and Reserve [Line Items]
Estimated restructuring costs	0.3
Restructuring and Related Cost, Cost Incurred to Date	0.3
Restructuring Charges	0	0.1
Increase (Decrease) in Restructuring Liability [Roll Forward]
Balance at Beginning of Period	0
Restructuring Reserve, Accrual Adjustment	0
Costs paid or otherwise settled	0
Balance at End of Period	0
QEP Marketing [Member] \| One-time Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Estimated restructuring costs	0.3
Restructuring and Related Cost, Cost Incurred to Date	0.3
Restructuring Charges	0	0.1
QEP Marketing [Member] \| Employee Relocation [Member]
Restructuring Cost and Reserve [Line Items]
Estimated restructuring costs	0
Restructuring and Related Cost, Cost Incurred to Date	0
Restructuring Charges	0	0
QEP Marketing [Member] \| Termination of Lease [Member]
Restructuring Cost and Reserve [Line Items]
Estimated restructuring costs	0
Restructuring and Related Cost, Cost Incurred to Date	0
Restructuring Charges	$ 0	$ 0

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References+ Details

Debt (Details) (USD $) In Millions, unless otherwise specified	0 Months Ended	3 Months Ended
	Aug. 14, 2013	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Debt Instrument [Line Items]
Total principal amount of debt		$ 3,923.3		$ 3,001.8
Long-term debt issuance costs paid		(1.1)	0
Revolving credit facility origination fees	(3.0)
Less unamortized discount		(4.1)		(4.3)
Total long-term debt outstanding		3,919.2		2,997.5
Debt Maturity Period		5 years 0 months 0 days
Proceeds from Issuance of Long-term Debt		300.0	0
Principal amount of senior notes outstanding		2,221.8
Debt Instrument, Maturity Date Range, Start		Sep. 01, 2016
Debt Instrument, Maturity Date Range, End		May 01, 2023
Senior Notes, stated interest rate, minimum (in hundredths)		5.25%
Senior Notes, stated interest rate, maximim (in hundredths)		6.875%
Revolving Credit Facility due 2016 [Member]
Debt Instrument [Line Items]
Total principal amount of debt		1,101.5		480.0
Maturity date of long-term debt		Aug. 25, 2016
Borrowing capacity		1,500.0
Potential increased borrowing capacity		2,000.0
Number of maturity date extentions		2
Additional period with in which maturity to be extended		1 year
Weighted-average interest rate (in hundredths)		2.19%	2.35%
Amount outstanding		1,101.5
Letters of credit outstanding		3.8
QEP Midstream's Credit Facility [Member]
Debt Instrument [Line Items]
Total principal amount of debt		0		0
Maturity date of long-term debt		Aug. 14, 2018
Borrowing capacity		500.0
Potential increased borrowing capacity		750.0
Term Loan due 2017 [Member]
Debt Instrument [Line Items]
Total principal amount of debt		600.0		300.0
Maturity date of long-term debt		Apr. 18, 2017
Derivative Liability, Notional Amount		600.0
Additional period with in which maturity to be extended		1 year
Weighted-average interest rate (in hundredths)		1.59%	2.26%
6.05% Senior Notes due 2016 [Member]
Debt Instrument [Line Items]
Total principal amount of debt		176.8		176.8
Long-term debt, interest rate (in hundredths)		6.05%
Maturity date of long-term debt		Sep. 01, 2016
6.80% Senior Notes due 2018 [Member]
Debt Instrument [Line Items]
Total principal amount of debt		134.0		134.0
Long-term debt, interest rate (in hundredths)		6.80%
Maturity date of long-term debt		Apr. 01, 2018
6.80% Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Total principal amount of debt		136.0		136.0
6.875% Senior Notes due 2021 [Member]
Debt Instrument [Line Items]
Total principal amount of debt		625.0		625.0
5.375% Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Total principal amount of debt		500.0		500.0
5.25% Senior Notes Due 2023 [Member]
Debt Instrument [Line Items]
Total principal amount of debt		$ 650.0		$ 650.0

Schedule of Contingencies (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Accrual for Environmental Loss Contingencies	$ 0.2
Deferred Revenue		$ 9.9

Equity-Based Compensation (Details) (USD $)
In Millions, except Share data, unless otherwise specified

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Share-based Compensation [Abstract]

Shares available for future grants

10,900,000

Options Outstanding [RollForward]

Excess tax benefit on share-based compensation

$ 0.6

$ (1.0)

Weighted-Average Price [Abstract]

Share-based compensation

6.8

6.1

Stock Options [Member]

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Fair value of options at grant date

$ 10.12

Risk-free interest rate (in hundredths)

1.31%

Expected price volatility (in hundredths)

37.20%

Expected dividend yield (in hundredths)

0.25%

Expected life in years

4 years 6 months

Options Outstanding [RollForward]

Outstanding Beginning Balance (in shares)

1,794,187

Granted (in shares)

279,458

Exercised (in shares)

(29,479)

Outstanding Ending Balance (in shares)

2,044,166

Options Excercisable (in shares)

1,480,337

Unvested Options (in shares)

563,829

Weighted-Average Price [Abstract]

Weighted-Average Price, beginning (in dollars per share)

$ 27.90

Weighted-Average Price, Granted (in dollars per share)

$ 31.67

Weighted-Average Price, Exercised (in dollars per share)

$ 23.01

Weighted-Average Price, Ending (in dollars per share)

$ 28.49

Weighted-Average Price, Options Excercisable

$ 27.56

Weighted-Average Price, Unvested Options

$ 30.93

Weighted-Average Remaining Contractual Term, Outstanding

3 years 10 months 27 days

Aggregate Intrinsic Value, Outstanding

5.2

Weighted-Average Remaining Contractual Term, Options Excercisable

3 years 0 months 7 days

Aggregate Intrinsic Value, Options Excercisable

5.1

Weighted-Average Remaining Contractual Term, Unvested Options

6 years 2 months 26 days

Aggregate Intrinsic Value, Unvested Options

0.1

Intrinsic value of options exercised

0.2

4.2

Unrecognized compensation cost

4.7

Weighted-average period for recognition of compensation costs

2 years 5 months 4 days

Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options

0.7

Employee Service Share-based Compensation, Tax Benefit from Compensation Expense

0.1

1.4

Restricted Stock [Member]

Options Outstanding [RollForward]

Total fair value of stock that vested

15.1

14.8

Shares Outstanding [Roll Forward]

Balance, beginning (in shares)

1,388,953

Granted (in shares)

844,552

Vested and paid out (in shares)

(524,672)

Forfeited (in shares)

(18,170)

Balance, Ending (in shares)

1,690,663

Weighted-Average Price [Abstract]

Weighted-Average Price, Forfeited (in dollars per share)

$ 31.28

Weighted-Average Price, beginning balance (in dollars per share)

$ 30.96

Weighted-Average Price, Granted (in dollars per share)

$ 31.69

$ 30.12

Weighted-Average Price, Vested and paid out (in dollars per share)

$ 31.89

Weighted-Average Price, Ending Balance (in dollars per share)

$ 31.03

Unrecognized compensation cost

35.5

Weighted-average period for recognition of compensation costs

2 years 6 months 10 days

Vesting period (in years)

3 years 0 months 0 days

Employee Service Share-based Compensation, Tax Benefit from Compensation Expense

1.5

0.3

Performance Share Units [Member]

Shares Outstanding [Roll Forward]

Balance, beginning (in shares)

480,660

Granted (in shares)

241,321

Vested and paid out (in shares)

(55,659)

Vested and canceled (in shares)

(51,361)

^[1]

Balance, Ending (in shares)

614,961

Weighted-Average Price [Abstract]

Weighted-Average Price, beginning balance (in dollars per share)

$ 32.33

Weighted-Average Price, Granted (in dollars per share)

$ 31.69

$ 30.12

Weighted-Average Price, Vested and paid out (in dollars per share)

$ 39.07

Weighted-Average Price, Vested and canceled (in dollars per share)

$ 39.07

Weighted-Average Price, Ending Balance (in dollars per share)

$ 30.90

Unrecognized compensation cost

12.8

Weighted-average period for recognition of compensation costs

2 years 4 months 24 days

QEP Midstream Long-Term Incentive Plan [Member]

Weighted-Average Price [Abstract]

Share-based compensation

$ 0.4

[1]	(1) Represents units that vested but were not paid out. Payout of the performance share units are dependent upon the Company’s total shareholder return compared to a group of its peers over a three-year period.

Employee Benefits (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Pension [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 0.7	$ 1.0
Interest cost	1.4	1.2
Expected return on plan assets	(1.2)	(1.0)
Amortization of prior service costs	1.2	1.2
Amortization of actuarial loss	0.2	0.6
Periodic expense	2.3	3.0
Pension [Member] \| Funded Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions to pension plan	2.7
Expected to contribute to pension plans	5.4
Pension [Member] \| Unfunded Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions to pension plan	0.9
Expected to contribute to pension plans	4.0
Pension [Member] \| Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected to contribute to pension plans	0.2
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0	0
Interest cost	0.1	0.1
Amortization of prior service costs	0.1	0.1
Periodic expense	$ 0.2	$ 0.2

Operations by Line of Business (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Segment Reporting Information [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	57.80%
Revenues
Total Revenues	$ 883.9	$ 696.5
Operating expenses
Purchased gas, oil and NGL expense	224.3	196.8
Lease operating expense	55.3	40.1
Natural gas, oil and NGL transportation and other handling costs	43.4	32.8
Gathering, processing and other	25.8	20.6
General and administrative	56.6	46.0
Production and property taxes	49.3	35.9
Depreciation, depletion and amortization	240.2	254.2
Other operating expenses	4.2	5.1
Total Operating Expenses	699.1	631.5
Net (loss) gain from asset sales	2.4	(0.2)
Operating (loss) income	187.2	64.8
Realized and unrealized gains (losses) on derivative contracts	(80.9)	(34.6)
Interest and other income	2.9	2.0
Income from unconsolidated affiliates	2.2	1.3
Interest expense	(42.5)	(39.4)
Income (loss) before income taxes	68.9	(5.9)
Income taxes	(23.4)	2.2
Net (loss) income	45.5	(3.7)
Net income attributable to noncontrolling interest	(5.8)	(0.6)
Net income (loss) attributable to QEP	39.7	(4.3)
Assets	10,579.6	9,143.9	9,376.8
Unaffiliated customers [Member]
Revenues
Total Revenues	883.9	696.5
Affiliated customers [Member]
Revenues
Total Revenues	0	0
QEP Energy [Member]
Revenues
Total Revenues	613.2	508.2
Operating expenses
Purchased gas, oil and NGL expense	38.0	65.7
Lease operating expense	56.4	41.0
Natural gas, oil and NGL transportation and other handling costs	64.5	56.2
Gathering, processing and other	0	0
General and administrative	41.8	36.7
Production and property taxes	47.4	34.7
Depreciation, depletion and amortization	223.4	238.1
Other operating expenses	4.2	5.1
Total Operating Expenses	475.7	477.5
Net (loss) gain from asset sales	2.4	0.1
Operating (loss) income	139.9	30.8
Realized and unrealized gains (losses) on derivative contracts	(78.5)	(34.2)
Interest and other income	2.9	1.7
Income from unconsolidated affiliates	0	0
Interest expense	(48.9)	(45.3)
Income (loss) before income taxes	15.4	(47.0)
Income taxes	(5.9)	17.2
Net (loss) income	9.5	(29.8)
Net income attributable to noncontrolling interest	0	0
Net income (loss) attributable to QEP	9.5	(29.8)
Assets	9,004.1	7,756.8
QEP Energy [Member] \| Unaffiliated customers [Member]
Revenues
Total Revenues	613.2	508.2
QEP Energy [Member] \| Affiliated customers [Member]
Revenues
Total Revenues	0	0
QEP Field Services [Member]
Revenues
Total Revenues	106.2	92.0
Operating expenses
Purchased gas, oil and NGL expense	0	5.1
Lease operating expense	0	0
Natural gas, oil and NGL transportation and other handling costs	3.6	2.8
Gathering, processing and other	25.7	20.3
General and administrative	14.4	9.5
Production and property taxes	1.8	1.1
Depreciation, depletion and amortization	16.5	15.8
Other operating expenses	0	0
Total Operating Expenses	62.0	54.6
Net (loss) gain from asset sales	0	(0.3)
Operating (loss) income	44.2	37.1
Realized and unrealized gains (losses) on derivative contracts	0	0
Interest and other income	0	0.3
Income from unconsolidated affiliates	2.2	1.3
Interest expense	(0.6)	(4.0)
Income (loss) before income taxes	45.8	34.7
Income taxes	(14.6)	(12.5)
Net (loss) income	31.2	22.2
Net income attributable to noncontrolling interest	(5.8)	(0.6)
Net income (loss) attributable to QEP	25.4	21.6
Assets	1,515.5	1,660.6
QEP Field Services [Member] \| Unaffiliated customers [Member]
Revenues
Total Revenues	79.8	64.4
QEP Field Services [Member] \| Affiliated customers [Member]
Revenues
Total Revenues	26.4	27.6
QEP Marketing and Other [Member]
Revenues
Total Revenues	503.0	341.1
Operating expenses
Purchased gas, oil and NGL expense	497.9	342.5
Lease operating expense	0	0
Natural gas, oil and NGL transportation and other handling costs	0	0
Gathering, processing and other	0.4	0.3
General and administrative	1.2	1.0
Production and property taxes	0.1	0.1
Depreciation, depletion and amortization	0.3	0.3
Other operating expenses	0	0
Total Operating Expenses	499.9	344.2
Net (loss) gain from asset sales	0	0
Operating (loss) income	3.1	(3.1)
Realized and unrealized gains (losses) on derivative contracts	(2.4)	(0.4)
Interest and other income	48.8	51.2
Income from unconsolidated affiliates	0	0
Interest expense	(41.8)	(41.3)
Income (loss) before income taxes	7.7	6.4
Income taxes	(2.9)	(2.5)
Net (loss) income	4.8	3.9
Net income attributable to noncontrolling interest	0	0
Net income (loss) attributable to QEP	4.8	3.9
Assets	314.6	294.9
QEP Marketing and Other [Member] \| Unaffiliated customers [Member]
Revenues
Total Revenues	190.9	123.9
QEP Marketing and Other [Member] \| Affiliated customers [Member]
Revenues
Total Revenues	312.1	217.2
Elimination [Member]
Revenues
Total Revenues	(338.5)	(244.8)
Operating expenses
Purchased gas, oil and NGL expense	(311.6)	(216.5)
Lease operating expense	(1.1)	(0.9)
Natural gas, oil and NGL transportation and other handling costs	(24.7)	(26.2)
Gathering, processing and other	(0.3)	0
General and administrative	(0.8)	(1.2)
Production and property taxes	0	0
Depreciation, depletion and amortization	0	0
Other operating expenses	0	0
Total Operating Expenses	(338.5)	(244.8)
Net (loss) gain from asset sales		0
Operating (loss) income	0	0
Realized and unrealized gains (losses) on derivative contracts	0	0
Interest and other income	(48.8)	(51.2)
Income from unconsolidated affiliates	0	0
Interest expense	48.8	51.2
Income (loss) before income taxes	0	0
Income taxes	0	0
Net (loss) income	0	0
Net income attributable to noncontrolling interest	0	0
Net income (loss) attributable to QEP	0	0
Assets	(254.6)	(568.4)
Elimination [Member] \| Unaffiliated customers [Member]
Revenues
Total Revenues	0	0
Elimination [Member] \| Affiliated customers [Member]
Revenues
Total Revenues	$ (338.5)	$ (244.8)

Subsequent Event (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014
QEP Energy Divestitures [Member]
Subsequent Event [Line Items]
Aggregate sale price of assets disposed	$ 807.5
Net book value of property disposed	886.0
QEP Field Services Divestitures [Member]
Subsequent Event [Line Items]
Aggregate sale price of assets disposed	$ 230.0
Membership Interest Sold	40.00%

Basis of Presentation of Interim Consolidated Financial Statements (Policies)	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New accounting pronouncements	New accounting pronouncements During the three months ended March 31, 2014, there were no new accounting pronouncements that were applicable to QEP.