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Document And Entity Information (USD $)
In Billions, except Share data, unless otherwise specified |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2012
|
Jun. 30, 2011
|
|
| 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 Public Float | $ 7,399,937,572 | |
| Entity Common Stock, Shares Outstanding | 178,386,261 | |
| Document Fiscal Year Focus | 2012 | |
| Document Fiscal Period Focus | Q1 | |
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Mar. 31, 2012 |
| X | ||||||||||
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- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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| X | ||||||||||
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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| X | ||||||||||
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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| X | ||||||||||
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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| X | ||||||||||
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other. No definition available.
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| X | ||||||||||
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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| X | ||||||||||
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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| X | ||||||||||
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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| X | ||||||||||
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2011
|
|||||||||
| REVENUES | ||||||||||
| Natural gas sales | $ 161.2 | $ 312.6 | ||||||||
| Oil sales | 110.8 | 63.0 | ||||||||
| NGL sales | 97.4 | 47.9 | ||||||||
| Gathering, processing and other | 49.8 | 46.6 | ||||||||
| Purchased gas and oil sales | 184.0 | 147.8 | ||||||||
| Total Revenues | 603.2 | [1],[2] | 617.9 | [1] | ||||||
| OPERATING EXPENSES | ||||||||||
| Purchased gas and oil expense | 188.4 | 146.7 | ||||||||
| Lease operating expense | 34.5 | 32.8 | ||||||||
| Natural gas, oil and NGL transportation and other handling costs | 33.9 | 21.7 | ||||||||
| Gathering, processing and other | 23.7 | 25.2 | ||||||||
| General and administrative | 36.0 | 31.7 | ||||||||
| Production and property taxes | 24.7 | 23.7 | ||||||||
| Depreciation, depletion and amortization | 199.2 | 190.8 | ||||||||
| Exploration expenses | 2.0 | 2.8 | ||||||||
| Abandonment and impairment | 6.6 | 5.4 | ||||||||
| Total Operating Expenses | 555.2 | 480.8 | ||||||||
| Net gain from asset sales | 1.5 | 0 | ||||||||
| OPERATING INCOME | 49.5 | [3] | 137.1 | [3] | ||||||
| Realized and unrealized gains on commodity derivative instruments (see Note 7) | 216.3 | 0 | ||||||||
| Interest and other income | 1.7 | 0.6 | ||||||||
| Income from unconsolidated affiliates | 1.9 | 0.9 | ||||||||
| Interest expense | (24.7) | (22.1) | ||||||||
| INCOME BEFORE INCOME TAXES | 244.7 | 116.5 | ||||||||
| Income taxes | (88.7) | (42.7) | ||||||||
| NET INCOME | 156.0 | 73.8 | ||||||||
| Net income attributable to noncontrolling interest | (0.8) | (0.6) | ||||||||
| NET INCOME ATTRIBUTABLE TO QEP | $ 155.2 | $ 73.2 | ||||||||
| Earnings Per Common Share Attributable to QEP | ||||||||||
| Basic total | $ 0.87 | $ 0.42 | ||||||||
| Diluted total | $ 0.87 | $ 0.41 | ||||||||
| Weighted-average common shares outstanding | ||||||||||
| Used in basic calculation | 177.4 | 176.2 | ||||||||
| Used in diluted calculation | 178.5 | 178.3 | ||||||||
| Dividends per common share | $ 0.02 | $ 0.02 | ||||||||
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| X | ||||||||||
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- Definition
Aggregate dividends paid during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The adjustment to expense previously capitalized costs of drilling exploratory wells when proved reserves are not found or when the entity obtains information that raises substantial doubt about the economic or operational viability of the project. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Exploration expenses (including prospecting) related to oil and gas producing entities and would be included in operating expenses of that entity. Costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of containing oil and gas reserves, including costs of drilling exploratory wells and exploratory-type stratigraphic test wells. Exploration costs may be incurred both before acquiring the related property (sometimes referred to in part as prospecting costs) and after acquiring the property. Principal types of exploration costs, which include depreciation and applicable operating costs of support equipment and facilities and other costs of exploration activities, are: (i) Costs of topographical, geographical and geophysical studies, rights of access to properties to conduct those studies, and salaries and other expenses of geologists, geophysical crews, and others conducting those studies. Collectively, these are sometimes referred to as geological and geophysical or "G&G" costs. (ii) Costs of carrying and retaining undeveloped properties, such as delay rentals, ad valorem taxes on properties, legal costs for title defense, and the maintenance of land and lease records. (iii) Dry hole contributions and bottom hole contributions. (iv) Costs of drilling and equipping exploratory wells. (v) Costs of drilling exploratory-type stratigraphic test wells. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate gain on all derivative instruments recognized in earnings during the period, before tax effects. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Cost incurred related to the gas activities, such as transportation, marketing and processing crude oil, natural gas and refined petroleum products. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Revenue related to midstream and downstream gas activities. May include the following: gathering from wells, processing to remove impurities, storage, transmission, and the sale of natural gas and related products. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Interest generated from day to day operating activities of the business. This element represents a revenue generating activity and is therefore gross (before any related cost of revenue items). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Lease expense related to property used in oil and gas production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Midstream refers to those gas industry activities that fall between exploration and production (upstream) and refining and marketing (downstream). It may be applied to the gathering, processing, transmission and storage of natural gas; including the treating of natural gas to remove impurities, along with the sale of by-products such as residue gas, natural gas liquids and condensate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Revenue from natural gas production during the reporting period. Natural gas consists largely of the hydrocarbon methane, and is found in underground formations either by itself or with crude oil. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Revenue from sale of residue oil and condensate, which normally exists in the reservoir as gas but condenses out as a liquid during production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate revenue during the period related to oil and gas business activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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| X | ||||||||||
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- Definition
A tax assessed on oil and gas production. No definition available.
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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Cost incurred related to the downstream oil and gas activities, including refining of crude oil and marketing and distribution of crude oil, refined petroleum products, and natural gas. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Revenue related to the downstream oil and gas activities, including the refining of crude oil, as well as the marketing and distribution of crude oil, refined petroleum products, and natural gas. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Cost incurred during the reporting period in transporting goods and services to customers. Includes freight-out costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests, if any. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The adjustment out of other comprehensive income for prior service costs recognized as a component of net period benefit cost during the period, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) in accumulated comprehensive income during the period related to pension and other postretirement benefit plans, after tax. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tax effect on adjustment out of other comprehensive income for prior service costs recognized as a component of net period benefit cost during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents Other Comprehensive Income or Loss, Net of Tax, for the period. Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net of tax effect of the reclassification adjustment for accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges included in accumulated comprehensive income that was realized in net income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tax effect on reclassification adjustment for accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges included in accumulated comprehensive income that was realized in net income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The adjustment out of other comprehensive income for actuarial gains or losses recognized as a component of net periodic benefit cost during the period, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
For each annual statement of income presented, the tax effect of the net gain (loss) recognized in other comprehensive income that is a reclassification adjustment of other comprehensive income as a result of being recognized as a component of net periodic benefit cost for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Current Assets | ||
| Cash and cash equivalents | $ 0 | $ 0 |
| Accounts receivable, net | 303.5 | 397.4 |
| Fair value of derivative contracts | 333.8 | 273.7 |
| Inventories, at lower of average cost or market | ||
| Gas, oil and NGL | 10.9 | 16.2 |
| Materials and supplies | 86.6 | 87.6 |
| Prepaid expenses and other | 40.6 | 43.7 |
| Total Current Assets | 775.4 | 818.6 |
| Property, Plant and Equipment (successful efforts method for gas and oil properties) | ||
| Proved properties | 8,468.3 | 8,172.4 |
| Unproved properties, not being depleted | 316.0 | 326.8 |
| Midstream field services | 1,510.8 | 1,463.6 |
| Marketing and other | 51.6 | 49.8 |
| Total Property, Plant and Equipment | 10,346.7 | 10,012.6 |
| Less Accumulated Depreciation, Depletion and Amortization | ||
| Exploration and production | 3,519.9 | 3,339.2 |
| Midstream field services | 312.2 | 297.5 |
| Marketing and other | 15.5 | 14.6 |
| Total Accumulated Depreciation, Depletion and Amortization | 3,847.6 | 3,651.3 |
| Net Property, Plant and Equipment | 6,499.1 | 6,361.3 |
| Investment in unconsolidated affiliates | 42.6 | 42.2 |
| Goodwill | 59.5 | 59.5 |
| Fair value of derivative contracts | 115.6 | 123.5 |
| Other noncurrent assets | 40.9 | 37.6 |
| TOTAL ASSETS | 7,533.1 | 7,442.7 |
| Current Liabilities | ||
| Checks outstanding in excess of cash balances | 58.6 | 29.4 |
| Accounts payable and accrued expenses | 380.7 | 457.3 |
| Production and property taxes | 43.5 | 40.0 |
| Interest payable | 8.9 | 24.4 |
| Fair value of derivative contracts | 0 | 1.3 |
| Deferred income taxes | 57.6 | 85.4 |
| Total Current Liabilities | 549.3 | 637.8 |
| Long-term debt | 1,673.5 | 1,679.4 |
| Deferred income taxes | 1,554.5 | 1,484.7 |
| Asset retirement obligations | 167.7 | 163.9 |
| Fair value of derivative contracts | 0.1 | 0 |
| Other long-term liabilities | 130.3 | 124.8 |
| Commitments and contingencies | ||
| EQUITY | ||
| Common stock - par value $0.01 per share; 500.0 million shares authorized 178.4 million and 177.2 million shares issued, respectively | 1.8 | 1.8 |
| Treasury stock - 0.7 million and 0.4 million shares, respectively | (23.4) | (13.1) |
| Additional paid-in capital | 442.6 | 431.4 |
| Retained earnings | 2,825.1 | 2,673.5 |
| Accumulated other comprehensive income | 161.9 | 207.9 |
| Total Common Shareholders' Equity | 3,408.0 | 3,301.5 |
| Noncontrolling interest | 49.7 | 50.6 |
| Total Equity | 3,457.7 | 3,352.1 |
| TOTAL LIABILITIES AND EQUITY | $ 7,533.1 | $ 7,442.7 |
| X | ||||||||||
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- Definition
Accumulated depreciation of natural gas gathering systems and treating plants. No definition available.
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| X | ||||||||||
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- Definition
Natural gas gathering systems and treating plants. No definition available.
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| X | ||||||||||
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- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable for real and property taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Noncurrent portion of the carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of payments made in excess of existing cash balances, which will be honored by the bank but reflected as a loan to the entity. Overdrafts generally have a very short time frame for correction or repayment and are therefore more similar to short-term bank financing than trade financing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of capitalized costs relating to oil and gas producing activities before accounting for accumulated depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net amount of capitalized costs relating to oil and gas producing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents the current portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A current taxable temporary difference is a difference between the tax basis and the carrying amount of a current asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise separates deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, is classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise separates deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of the asset arising from derivative instruments and hedging activities, which are expected to be converted into cash or otherwise disposed of within a year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum as of the balance sheet date of the (a) fair values of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and (b) the carrying amounts of the liabilities arising from financial instruments or contracts used to mitigate a specified risk (hedge), and which are expected to be extinguished or otherwise disposed of within a year or the normal operating cycle, if longer, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of the assets arising from derivative contracts and hedging activities, which are expected to be converted into cash or otherwise disposed of after a year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and which are expected to be extinguished or otherwise disposed of after one year or beyond the normal operating cycle, if longer, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies relating to a source of usable power held for future sale or future use in manufacturing or production process. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Aggregated amount of unprocessed materials to be used in manufacturing or production process and supplies that will be consumed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year (current maturities) or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Accumulated depreciation, depletion and amortization of oil and gas property carried under the successful effort method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer, and the aggregate carrying amount of current assets, as of the balance sheet date, not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This element represents capitalized assets classified as property, plant and equipment not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cumulative amount of depreciation (related to capitalized assets classified as property, plant and equipment not otherwise defined in the taxonomy) that has been recognized in the income statement. No definition available.
|
| X | ||||||||||
|
- Definition
Oil and Gas properties with proved reserves under the successful effort method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Oil and Gas properties with unproved reserves under the successful effort method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Millions, except Per Share data, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
|---|---|---|
| CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract] | ||
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 500.0 | 500.0 |
| Common stock, shares issued (in shares) | 178.4 | 177.2 |
| Treasury stock (in shares) | 0.7 | 0.4 |
| X | ||||||||||
|
- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2011
|
|
| OPERATING ACTIVITIES | ||
| Net income | $ 156.0 | $ 73.8 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation, depletion and amortization | 199.2 | 190.8 |
| Deferred income taxes | 69.1 | 40.0 |
| Abandonment and impairment | 6.6 | 5.4 |
| Share-based compensation | 5.7 | 7.4 |
| Amortization of debt issuance costs and discounts | 1.1 | 0.8 |
| Dry exploratory well expense | 0.1 | 0.6 |
| Net gain from asset sales | (1.5) | 0 |
| Income from unconsolidated affiliates | (1.9) | (0.9) |
| Distributions from unconsolidated affiliates and other | 1.6 | 1.8 |
| Unrealized gain on derivative contracts | (128.3) | (31.2) |
| Changes in operating assets and liabilities | 20.8 | 10.9 |
| Net Cash Provided by Operating Activities | 328.5 | 299.4 |
| INVESTING ACTIVITIES | ||
| Property acquisitions | (1.4) | (22.1) |
| Property, plant and equipment, including dry exploratory well expense | (336.5) | (320.4) |
| Proceeds from disposition of assets | 3.3 | 0.9 |
| Net Cash Used in Investing Activities | (334.6) | (341.6) |
| FINANCING ACTIVITIES | ||
| Checks outstanding in excess of cash balances | 29.2 | 5.9 |
| Long-term debt issued | 500.0 | 0 |
| Long-term debt issuance costs paid | (6.9) | 0 |
| Current portion long-term debt repaid | 0 | (58.5) |
| Proceeds from credit facility | 120.0 | 200.0 |
| Repayments of credit facility | (626.0) | (100.0) |
| Other capital contributions | (6.9) | (0.8) |
| Dividends paid | (3.6) | (3.5) |
| Excess tax benefit on share-based compensation | 2.0 | 0.4 |
| Distribution from Questar | 0 | 0.2 |
| Distribution to noncontrolling interest | (1.7) | (1.5) |
| Net Cash Provided by Financing Activities | 6.1 | 42.2 |
| Change in cash and cash equivalents | 0 | 0 |
| Beginning cash and cash equivalents | 0 | 0 |
| Ending cash and cash equivalents | 0 | 0 |
| Supplemental Disclosures: | ||
| Cash paid for interest | 39.6 | 44.2 |
| Cash paid (received) for income taxes | (2.6) | (10.8) |
| Increase (decrease) in non-cash capital expenditure accruals | $ 3.5 | $ (27.7) |
| X | ||||||||||
|
- Definition
Represents the increase (decrease) in non-cash capital expenditure accruals for the period. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The component of interest expense representing the noncash expenses charged against earnings in the period to allocate debt discount and premium, and the costs to issue debt and obtain financing over the related debt instruments. Alternate captions include Noncash Interest Expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from equity-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The adjustment to expense previously capitalized costs of drilling exploratory wells when proved reserves are not found or when the entity obtains information that raises substantial doubt about the economic or operational viability of the project. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The gains (losses) included in earnings resulting from the sale or disposal of tangible assets. This item does not include any gain (loss) recognized on the sale of oil and gas property or timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period of all assets and liabilities used in operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The change in cash during the period due to the net increase or decrease in outstanding checks, the liability that represents checks that have been issued but that have not cleared. The entity may classify these cash flows as financing or operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash from (used in) the entity's financing activities specifically EXCLUDING the cash flows derived by the entity from its discontinued operations, if any. This element is only to be used when the entity reports its cash flows attributable to discontinued operations separately from the cash flow provided by or used in financing activities. Such reporting would necessitate the entity to use the Net Cash provided by or used in Discontinued Operations, Total element provided in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash from (used in) the entity's investing activities specifically EXCLUDING the cash flows derived by the entity from its discontinued operations, if any. This element is only to be used when the entity reports its cash flows attributable to discontinued operations separately from the cash flow provided by or used in investing activities. Such reporting would necessitate the entity to use the Net Cash provided by or used in Discontinued Operations, Total element provided in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash from (used in) the entity's continuing operations. This element specifically EXCLUDES the cash flows derived by the entity from its discontinued operations, if any. This element is only to be used when the entity reports its cash flows attributable to discontinued operations separately from the cash flow provided by or used in operating activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Other expenses or losses included in net income that result in no cash outflows or inflows in the period and are not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The distributions of earnings to an entity that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow from the distribution of an entity's earnings in the form of dividends to common shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to purchase long lived physical asset use for the normal oil and gas operations and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to purchase of mineral interests in oil and gas properties for use in the normal oil and gas operations and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to return capital to noncontrolled interest, which generally occurs when noncontrolling shareholders reduce their ownership stake (in a subsidiary of the entity). This element does not include dividends paid to noncontrolling shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from other equity not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow to dispose of long-lived, physical assets and mineral interests in oil and gas properties used for normal oil and gas operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to pay off an obligation from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for a long-term debt where the holder has highest claim on the entity's asset in case of bankruptcy or liquidation during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Nature of Business
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Mar. 31, 2012
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| Nature Of Business [Abstract] | ||||||||||
| Nature of Business | Note 1 – Nature of Business QEP Resources, Inc. (QEP or the Company) is a holding company with three major lines of business – gas and oil exploration and production, midstream field services, and energy marketing – which are conducted through its three principal subsidiaries:
Operations are focused in the Northern Region (Rockies) and Southern Region (primarily Oklahoma, Louisiana, and the Texas Panhandle) of the United States. Company headquarters are located in Denver, Colorado. Shares of QEP common stock trade on the New York Stock Exchange (NYSE:QEP). |
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- Definition
The entire disclosure for the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Basis of Presentation of Interim Consolidated Financial Statements
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Mar. 31, 2012
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| Basis of Presentation of Interim Consolidated Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Presentation of Interim Consolidated Financial Statements | Note 2 – 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. 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 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, 2011. 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, 2012, are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. De-designation of commodity derivative contracts Effective January 1, 2012, QEP elected to discontinue hedge accounting prospectively. Accordingly, all realized and unrealized gains and losses will be recognized in earnings immediately each quarter as derivative contracts are settled and marked-to-market. For the first quarter of 2012 unrealized gains of $128.3 million were included in income that prior to January 1, 2012 would have been deferred in accumulated other comprehensive income under hedge accounting. Refer to Note 7 for additional information. Transportation and other handling costs In the fourth quarter of 2011, QEP revised its reporting of transportation and handling costs to reflect revenues in accordance with industry practice and GAAP. Transportation and handling costs, previously netted against revenues, have been recast on the Condensed Consolidated Income Statement from revenues to “Natural gas, oil and NGL transportation and other handling costs” for prior periods presented. The impact of this revision is immaterial to the accompanying financial statements and has no effect on income from continuing operations, net income, or earnings per share. The following table details the impact for the three months ended March 31, 2011, on the Condensed Consolidated Income Statement.
Oil, Natural Gas, and NGL prices Historically, field-prices received for QEP's natural gas, NGL, and crude oil production have been volatile and unpredictable, and that volatility is expected to continue. In recent years, domestic natural gas supply has grown faster than natural gas demand, driven by advances in technology, including horizontal drilling combined with multi-stage hydraulic fracturing, which have allowed producers to extract increasing amounts of natural gas from shale, tight sand formations, and other unconventional reservoirs. Increased natural gas supply has put downward pressure on natural gas prices, while concern about the global economy and other factors has created volatility in the price of crude oil. Changes in the market prices for natural gas, crude oil, and NGL directly impact many aspects of QEP's business, including its financial condition, revenues, results of operations, planned drilling activity and related capital expenditures, liquidity, rate of growth, costs of goods and services required to drill and complete wells, and the carrying value of its oil and natural gas properties. New accounting pronouncements In December of 2011, the FASB issued ASU 2011-11, which enhances disclosure requirements regarding an entity's financial instruments and derivative instruments that are offset or subject to a master netting arrangement. This information about offsetting and related netting arrangements will enable users of financial statements to understand the effect of those arrangements on the entity's financial position, including the effect of rights of setoff. The amendments are required for annual reporting periods beginning after January 1, 2013, and interim periods within those annual periods. QEP is evaluating the impact of this ASU on its disclosure requirements. |
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- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Earnings Per Share
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Mar. 31, 2012
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | Note 3 – 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. Unvested share-based payment awards that contain nonforfeitable 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 nonforfeitable 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. Consequently, in periods of net loss, the two class method will not have an effect on the Company's basic earnings per share. Use of the two-class method has an insignificant impact on the calculation of basic and diluted earnings per common share. A reconciliation of the components of basic and diluted shares used in the EPS calculation follows:
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The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Asset Retirement Obligations
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Mar. 31, 2012
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| Asset Retirement Obligations | Note 4 – 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 gas and oil wells, production facilities 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 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. Income or expense resulting from the settlement of ARO liabilities is included in “Net gain from asset sales” in the Condensed Consolidated Statements of Income. Changes in ARO were as follows:
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- Definition
The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Capitalized Exploratory Well Costs
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Mar. 31, 2012
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| Capitalized Exploratory Well Costs (Tables) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capitalized Exploratory Well Costs | Note 5 – Capitalized Exploratory Well Costs Net changes in capitalized exploratory well costs are presented in the table below and exclude amounts that were capitalized and subsequently expensed in the period. All of these costs have been capitalized for less than one year after the completion of drilling.
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- Definition
Tabular disclosure of aggregate capitalized costs relating to an enterprise's oil and gas producing activities and the aggregate related accumulated depreciation, depletion, amortization, and valuation allowances. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Value Measurements
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Mar. 31, 2012
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| Fair Value Measurements | Note 6 – 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. At March 31, 2012, the Company does not have Level 1 fair value measurements since it uses a broker to access the futures market. 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. QEP's Level 2 fair value measurements consist of fixed-price swaps of natural gas, oil and NGL. Level 3 inputs are unobservable inputs for the asset or liability. QEP's Level 3 measurements are made up of costless collars for natural gas and oil. The Level 2 fair value of derivative contracts (see Note 7 “Derivative Contracts”) is based on market prices posted on the NYMEX on the last trading day of the reporting period and industry standard discounted cash flow models. The Level 3 fair value of derivative contracts is computed by QEP's risk management group using the Black-Scholes option pricing model with observable inputs from the NYMEX futures prices, LIBOR one year interest rates, credit default swap rates, and unobservable input of volatility computed from historical prices using the Black-Scholes model. 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. Certain of QEP's derivative instruments, however, 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 a counterparty exists. QEP did not have any assets or liabilities measured at fair value on a non-recurring basis, other than ARO's and property, plant and equipment values for purposes of determining the impairment calculation, at March 31, 2012, or at December 31, 2011. The fair value of financial assets and financial liabilities at March 31, 2012, is shown in the table below:
The change in the fair value of Level 3 commodity derivative instruments assets and liabilities for the three months ended March 31, 2012, is shown below:
The fair value of financial assets and financial liabilities at December 31, 2011, is shown in the table below:
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:
The carrying amounts of cash, 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. |
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Derivative Contracts
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Mar. 31, 2012
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| Derivative Contracts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Contracts | Note 7 – Derivative Contracts QEP uses commodity price derivative instruments in the normal course of business. QEP has established policies and procedures for managing commodity price volatility through the use of derivative instruments. QEP uses derivative instruments to reduce the impact of downward movements in commodity prices on cash flow, returns on capital, and other financial results. However, these instruments typically limit future gains from favorable price movements. The volume of production subject to 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 derivative contracts for up to 100% of forecasted production from proved reserves. QEP does not enter into derivative instruments for speculative purposes. QEP uses derivative instruments known as fixed-price swaps and costless collars to realize a known price or range of prices for a specific volume of production delivered into a regional sales point. Costless collars are combinations of put and call options that have a floor price and a ceiling price and payments are made or received only if the settlement price is outside the range between the floor and ceiling prices. QEP's derivative instruments do not require the physical delivery of natural gas, crude oil, or NGL between the parties at settlement. Swap and costless collar 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. Natural 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. NGL price derivative instruments are typically structured as Mont Belvieu, Texas fixed-price swaps. QEP enters into derivative transactions that do not have margin requirements or collateral provisions that would require payments prior to the scheduled settlement dates. 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. All derivative instruments are recorded on the Condensed Consolidated Balance Sheets as either assets or liabilities measured at their fair values. Reporting changes in the fair value of derivatives depend upon whether the derivative instrument has been designated as a cash flow hedge and qualifies for hedge accounting. A derivative instrument qualifies for hedge accounting if, at inception, the derivative is expected to be highly effective in offsetting the underlying unhedged cash flows. Through December 31, 2011, QEP designated most of its natural gas, oil and NGL derivative contracts as cash flow hedges, whose unrealized fair value gains and losses were recorded to Accumulated Other Comprehensive Income (AOCI). Effective January 1, 2012, QEP elected to de-designate all of its natural gas, oil and NGL derivative contracts that had previously been designated as cash flow hedges and discontinue hedge accounting prospectively. As a result, as of January 1, 2012, QEP will recognize all gains and losses from changes in the fair value of natural gas, oil and NGL derivative contracts immediately in earnings rather than deferring any such amounts in AOCI. At December 31, 2011, AOCI consisted of $395.9 million ($248.6 million after tax) of unrealized gains, representing the mark-to-market value of QEP's cash flow hedges at December 31, 2011, less any ineffectiveness recognized. As a result of discontinuing hedge accounting on January 1, 2012, the mark-to-market values at December 31, 2011 are frozen in AOCI as of the de-designation date and will be reclassified into the statement of income in future periods as the original hedged transactions occur and effect earnings. QEP expects to reclassify into earnings from AOCI the frozen value related to de-designated natural gas, oil and NGL hedges during the remainder of 2012 and in 2013. In addition, in connection with QEP's election to discontinue hedge accounting, all realized and unrealized gains and losses from derivative instruments incurred after January 1, 2012 will be presented in the statement of income in “Realized and unrealized gains on commodity derivative contracts” below operating income. QEP derivative contracts as a percentage of reported production The following table details the percentage of reported production subject to commodity price derivative contracts for QEP Energy and QEP Field Services.
QEP Energy Outstanding Derivative Contracts The following table sets forth QEP Energy's volumes and average prices for its commodity derivative contracts as of March 31, 2012:
QEP Field Services Outstanding Derivative Contracts QEP Field Services enters into commodity derivative transactions to manage price risk on extracted NGL volumes. The following table sets forth QEP Field Services' volumes and swap prices for its commodity derivative contracts as of March 31, 2012:
QEP Marketing Outstanding Derivative Contracts QEP Marketing enters into commodity derivative transactions to lock in a margin on natural gas volumes placed into storage and to lock in a fixed price for some of its customers. The following table sets forth QEP Marketing's volumes and swap prices for its commodity derivative contracts as of March 31, 2012:
The following table presents the balance sheet location of QEP's outstanding commodity 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.
The effects and location of derivative transactions on the Condensed Consolidated Income Statements are summarized in the following tables.
It is estimated that derivative contracts that had a fair value at December 31, 2011 of $144.2 million will be settled and reclassified from AOCI to the Condensed Consolidated Statements of Income during the next twelve months. |
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The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Restructuring Costs
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Mar. 31, 2012
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| Restructuring Costs [Abstract] | |||||||||||||||||||||||||||||||
| Restructuring Costs | Note 8 – Restructuring Costs During the first quarter of 2012, QEP announced the closure of its Oklahoma City office and consolidation of its two division offices in Oklahoma into one regional office in Tulsa. The creation of one office for QEP's Southern Region will increase QEP's efficiency, collaboration, and productivity over the long-term. As part of the restructuring plan and closure of the Oklahoma City office, the Company will incur costs associated with the severance and relocation of employees and other exit costs associated with the termination of the operating lease of its Oklahoma City office space. All costs will be incurred by QEP Energy and are reported within QEP Energy's financial statements. QEP anticipates total restructuring costs to be approximately $5.8 million, with $1.7 million of those costs relating to one-time termination benefits, $3.6 million relating to the retention and relocation of certain employees to the Tulsa office, and the remaining $0.5 million for the termination of the lease for the Oklahoma City office space. During the three months ended March 31, 2012, a total of $2.7 million of restructuring costs were incurred and recorded in “General and administrative” expense on the Condensed Consolidated Income Statement, of which $1.1 million related to one-time termination benefits. The remaining one-time termination benefits will be recognized ratably over the remaining transition period. QEP expects to recognize the remaining costs not yet incurred in the remainder of 2012. The relocation costs and contract termination costs will be recorded in future periods as the costs are incurred. The following is a reconciliation of QEP Energy's restructuring liability, which is included within “Accounts payable and accrued expenses” on the Condensed Consolidated Balance Sheets.
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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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Debt
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Mar. 31, 2012
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Note 9 – Debt As of the indicated dates, the principal amount of QEP's debt, including amounts outstanding under its revolving credit facility, consisted of the following:
Of the total debt outstanding on March 31, 2012, the $100.5 million drawn under the revolving credit facility (described below) due August 25, 2016, and the 6.05% Senior Notes due September 1, 2016, will mature within the next five years. Credit Arrangements QEP's revolving credit facility, which matures in August 2016, provides for loan commitments of $1.5 billion from a syndicate of financial institutions. The revolving credit facility provides for borrowing at short-term interest rates and contains customary covenants and restrictions. The revolving credit agreement also contains provisions that would allow for the amount of the facility to be increased to $2.0 billion and for the maturity to be extended for up to two additional one-year periods. During the first quarter of 2012, QEP's weighted-average interest rate on borrowings from its credit facility was 2.06%. At March 31, 2012, and December 31, 2011, QEP was in compliance with all of its debt covenants. At March 31, 2012 QEP had $100.5 million drawn and $4.1 million in letters of credit outstanding under the credit facility. Senior Notes During the first quarter of 2012, the Company issued $500 million of Senior Notes due October 2022, with a coupon of 5.375%. The senior notes were issued at face value. Interest on the senior notes will be paid semi-annually, in April and October of each respective year. The net proceeds of approximately $493.0 million were used to repay indebtedness under QEP Resources' revolving credit facility. The finance costs incurred of approximately $7.0 million will be deferred and amortized over the life of the senior notes. The amortization of all of the Company's deferred finance costs is included in “Interest expense” on the Condensed Consolidated Income Statement. At March 31, 2012, the Company has $1,578.4 million principal amount of senior notes outstanding with maturities ranging from September 2016 to October 2022 and coupons ranging from 5.375% 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 indenture governing QEP's senior notes contains customary events of default and covenants that may limit QEP's ability to, among other things, place liens on its property or assets. See Note 14 for additional information regarding the term loan agreement entered into after the balance sheet date. |
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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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Contingencies
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Mar. 31, 2012
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| Contingencies [Abstract] | |
| Contingencies | Note 10 – Contingencies QEP is involved in various commercial and regulatory claims and litigation and other legal proceedings that arise in the ordinary course of its business. Management does not believe any of them will have a material adverse effect on the Company's financial position, results of operations or cash flows. In accordance with ASC 450, a liability 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. The Company believes that the exposure to potential losses from its contingencies deemed as probable is immaterial. For claims deemed reasonably possible the Company does not have a range of potential exposure as an estimate cannot be made because the cases are in their early stages or have a large number of plaintiffs. Disclosures are provided for contingencies reasonably possible to occur which would have a material adverse effect on the Company's financial position, results of operations or cash flows but have not yet been accrued. Some of the claims involve numerous plaintiffs, highly complex issues relating to liability, damages and other matters subject to substantial uncertainties and, therefore, the probability of liability or an estimate of loss cannot be reasonably determined. The following discussion describes the nature of QEP's major loss contingencies. Environmental Claims United States of America v. QEP Field Services, Civil No. 208CV167, U.S. District Court for Utah filed on February 28, 2008. The U.S. Environmental Protection Agency (EPA) alleges that QEP Field Services (f/k/a Questar Gas Management) violated the Clean Air Act (CAA) and seeks substantial penalties and a permanent injunction involving the manner of operation of five compressor stations located in the Uinta Basin of eastern Utah. Individual members of the Ute Indian Tribe's Business Committee intervened as co-plaintiffs asserting the same CAA claims as the federal government. EPA contends that the potential to emit, on a hypothetically uncontrolled basis, for these facilities renders them “major sources” of emissions for criteria and hazardous air pollutants even though controls were installed and operated by QEP Field Services. Categorization of the facilities as “major sources” affects the particular regulatory program and requirements applicable to those facilities. EPA claims that QEP Field Services failed to obtain the necessary major source pre-construction or modification permits, and failed to comply with hazardous air pollutant regulations for monitoring, testing and reporting, among other requirements. QEP Field Services contends that its facilities have pollution controls installed, as part of their operational design, that reduce their actual air emissions below major source thresholds, rendering them subject to different regulatory requirements applicable to non-major sources. QEP Field Services has vigorously defended itself against EPA's claims, and believes that the major source permitting and regulatory requirements at issue can be legally avoided by applying EPA's prior permitting practice for similar facilities elsewhere in Indian Country, among other defenses. Because of the complexities and uncertainties of this legal dispute, it is difficult to predict all probable outcomes; however, management believes the Company has accrued an estimated loss contingency that is an immaterial amount, for the anticipated most likely outcome. Litigation Chieftain Royalty Company v. QEP Energy Company, Case No CJ2011-1, U. S. District Court for Oklahoma filed on January 20, 2011. This is a class action filed by a royalty owner on behalf of every QEP Energy royalty owner in the state of Oklahoma since 1988 asserting various claims for damages related to royalty valuation, including breach of contract, breach of fiduciary duty, fraud and conversion, based generally on asserted improper deduction of post-production costs. Because this case is in an early stage prior to full discovery, it is difficult to reasonably estimate potential liability. QEP Energy believes it has properly valued and paid royalty under Oklahoma law and will vigorously defend this claim. Because of the complexities and uncertainties of this legal dispute and the number of plaintiffs, it is difficult to predict all reasonably possible outcomes; however, management believes, at this early litigation stage, the potential loss contingency is an immaterial amount. |
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The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Share-Based Compensation
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Mar. 31, 2012
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| Share-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation | Note 11 – Share-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 share-based compensation is included in additional paid-in capital in the Condensed Consolidated Balance Sheets. There were 13.2 million shares available for future grants under the LTSIP at March 31, 2012. Share-based compensation expense is recognized in “General and administrative” on the Condensed Consolidated Income Statements. During the three months ended March 31, 2012 and 2011, QEP recognized $5.7 million and $7.4 million, respectively, in total compensation expense related to share-based compensation. Stock Options QEP uses the Black-Scholes-Merton mathematical model to estimate the fair value of stock options for accounting purposes. 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 calculated fair value of options granted and major assumptions used in the model at the date of grant are listed below:
Stock option transactions under the terms of the LTSIP are summarized below:
The total intrinsic value (the difference between the market price at the exercise date and the exercise price) of options exercised was $6.9 million and $1.8 million during the three months ended March 31, 2012 and 2011, respectively. As of March 31, 2012, $5.4 million of unrecognized compensation cost related to stock options granted under the LTSIP is expected to be recognized over a weighted-average period of 2.6 years. Restricted Shares Restricted share grants typically vest in equal installments over a three or four-year period from the grant date. The total fair value of restricted stock that vested was $11.6 million and $7.9 million during the three months ended March 31, 2012 and 2011, respectively. The weighted average grant-date fair value of restricted stock was $30.89 per share and $39.00 per share for the three months ended March 31, 2012 and 2011, respectively. As of March 31, 2012, $30.0 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 2.6 years. Transactions involving restricted shares under the terms of the LTSIP are summarized below:
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 $30.90 per share and $39.07 per share for the three months ended March 31, 2012 and 2011, respectively. As of March 31, 2012, $4.4 million of unrecognized compensation cost, or the fair market value, related to performance shares granted under the CIP is expected to be recognized over a weighted-average vesting period of 2.6 years. Transactions involving performance shares units under the terms of the CIP are summarized below:
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Employee Benefits
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2012
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| Employee Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefits | Note 12 – Employee Benefits The Company has both qualified and supplemental plans defined-benefit pension plans. The Company also has postretirement benefits that provide certain health care and life insurance benefits for certain retired employees. During the three months ended March 31, 2012, the Company made contributions of $1.3 million to its funded pension plan, and $1.0 million to its unfunded pension plan. Contributions to funded plans increase plan assets while contributions to unfunded plans are used to fund current benefit payments. During the remainder of 2012, the Company expects to contribute approximately $5.0 million to its funded pension plans, and approximately $0.3 million to its unfunded pension plans. The following table sets forth the Company's pension and postretirement benefits net period benefit costs:
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The entire disclosure for pension and other postretirement benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Operations by Line of Business
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Mar. 31, 2012
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| Operations by Line of Business [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operations by Line of Business | Note 13 – Operations by Line of Business QEP's lines of business include natural gas and oil exploration and production (QEP Energy), midstream field services (QEP Field Services) and marketing (QEP Marketing and other). The lines of business are managed separately and therefore the financial information is presented separately due to the distinct differences in the nature of operations of each line of business, among other factors. The following table is a summary of operating results by line of business:
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Subsequent Events
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3 Months Ended |
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Mar. 31, 2012
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| Subsequent Events [Abstract] | |
| Subsequent Events | Note 14 – Subsequent Events In April 2012, the Company entered into a $300 million senior, unsecured term loan agreement with a group of financial institutions. The term loan agreement provides for borrowings at short-term interest rates and contains covenants, restrictions and interest rates that are substantially the same as the Company's existing revolving credit agreement. The term loan agreement matures in April of 2017, and the maturity date may be extended one year with the agreement of the lenders. At closing, the Company borrowed $100 million. The Company may borrow the remaining $200 million available under the term loan by June 30, 2012 at which time, any undrawn commitment under the facility will expire. |
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The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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Basis of Presentation of Interim Consolidated Financial Statements (Policies)
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Mar. 31, 2012
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| Basis of Presentation of Interim Consolidated Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| De-designation of commodity derivative contracts | De-designation of commodity derivative contracts Effective January 1, 2012, QEP elected to discontinue hedge accounting prospectively. Accordingly, all realized and unrealized gains and losses will be recognized in earnings immediately each quarter as derivative contracts are settled and marked-to-market. For the first quarter of 2012 unrealized gains of $128.3 million were included in income that prior to January 1, 2012 would have been deferred in accumulated other comprehensive income under hedge accounting. Refer to Note 7 for additional information |
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| Transportation and other handling costs | Transportation and other handling costs In the fourth quarter of 2011, QEP revised its reporting of transportation and handling costs to reflect revenues in accordance with industry practice and GAAP. Transportation and handling costs, previously netted against revenues, have been recast on the Condensed Consolidated Income Statement from revenues to “Natural gas, oil and NGL transportation and other handling costs” for prior periods presented. The impact of this revision is immaterial to the accompanying financial statements and has no effect on income from continuing operations, net income, or earnings per share. The following table details the impact for the three months ended March 31, 2011, on the Condensed Consolidated Income Statement.
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| New accounting pronouncements | New accounting pronouncements In December of 2011, the FASB issued ASU 2011-11, which enhances disclosure requirements regarding an entity's financial instruments and derivative instruments that are offset or subject to a master netting arrangement. This information about offsetting and related netting arrangements will enable users of financial statements to understand the effect of those arrangements on the entity's financial position, including the effect of rights of setoff. The amendments are required for annual reporting periods beginning after January 1, 2013, and interim periods within those annual periods. QEP is evaluating the impact of this ASU on its disclosure requirements. |
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Accounting policy related to new accounting pronouncements. No definition available.
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- Definition
Disclosure of accounting policy for its derivative instruments and hedging activities. Disclosure may include: (1) Each method used to account for derivative financial instruments and derivative commodity instruments ("derivatives"); (2) the types of derivatives accounted for under each method; (3) the criteria required to be met for each accounting method used, including a discussion of the criteria required to be met for hedge or deferral accounting and accrual or settlement accounting (for example, whether and how risk reduction, correlation, designation, and effectiveness tests are applied); (4) the accounting method used if the criteria specified for hedge accounting are not met; (5) the method used to account for termination of derivatives designated as hedges or derivatives used to affect directly or indirectly the terms, fair values, or cash flows of a designated item; (6) the method used to account for derivatives when the designated item matures, is sold, is extinguished, or is terminated. In addition, the method used to account for derivatives designated to an anticipated transaction, when the anticipated transaction is no longer likely to occur; and (7) where and when derivatives, and their related gains or losses are reported in the statement of financial position, cash flows, and results of operations and (8) an accounting policy decision to offset fair value amounts with counterparties. An entity may also describe its embedded derivatives, and the method(s) used to determine the fair values of derivatives and any significant assumptions used in such valuations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for the classification of shipping and handling costs, including whether the costs are included in cost of sales or included in other income statement accounts. If shipping and handling fees are significant and are not included in cost of sales, disclosure includes both the amounts of such costs and the line item on the income statement which includes such costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Basis of Presentation of Interim Consolidated Financial Statements (Tables)
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Mar. 31, 2012
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| Basis of Presentation of Interim Consolidated Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impact of change in transportation and other handling costs | The following table details the impact for the three months ended March 31, 2011, on the Condensed Consolidated Income Statement.
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- Definition
Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Earnings Per Share (Tables)
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Mar. 31, 2012
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of basic and diluted shares used in EPS | A reconciliation of the components of basic and diluted shares used in the EPS calculation follows:
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Tabular disclosure of an entity's basic and diluted earnings per share calculations. No definition available.
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Asset Retirement Obligations (Tables)
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Mar. 31, 2012
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| Asset Retirement Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset retirement obligations roll forward | Changes in ARO were as follows:
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- Definition
Tabular disclosure of the changes in carrying amount of a liability for asset retirement obligations, for changes such as new obligations, changes in estimates of existing obligations, spending on existing obligations, property dispositions, and foreign currency translation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Capitalized Exploratory Well Costs (Tables)
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Mar. 31, 2012
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| Capitalized Exploratory Well Costs (Tables) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capitalized exploratory well costs | Net changes in capitalized exploratory well costs are presented in the table below and exclude amounts that were capitalized and subsequently expensed in the period. All of these costs have been capitalized for less than one year after the completion of drilling.
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Tabular disclosure of the change in capitalized exploratory costs during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Value Measurements (Tables)
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Mar. 31, 2012
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| Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value of financial assets and liabilities | The fair value of financial assets and financial liabilities at March 31, 2012, is shown in the table below:
The fair value of financial assets and financial liabilities at December 31, 2011, is shown in the table below:
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| Change in fair value of Level 3 assets and liabilities | The change in the fair value of Level 3 commodity derivative instruments assets and liabilities for the three months ended March 31, 2012, is shown below:
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| Fair value and related carrying amount of certain financial instruments | 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:
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| X | ||||||||||
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- Definition
This element represents the disclosure related to assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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Derivative Contracts (Tables)
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2012
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| Derivative Contracts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commodity Derivatives as a Percentage of Reported Production | The following table details the percentage of reported production subject to commodity price derivative contracts for QEP Energy and QEP Field Services.
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| Derivative Volumes and Average Prices | The following table sets forth QEP Energy's volumes and average prices for its commodity derivative contracts as of March 31, 2012:
QEP Field Services Outstanding Derivative Contracts QEP Field Services enters into commodity derivative transactions to manage price risk on extracted NGL volumes. The following table sets forth QEP Field Services' volumes and swap prices for its commodity derivative contracts as of March 31, 2012:
QEP Marketing Outstanding Derivative Contracts QEP Marketing enters into commodity derivative transactions to lock in a margin on natural gas volumes placed into storage and to lock in a fixed price for some of its customers. The following table sets forth QEP Marketing's volumes and swap prices for its commodity derivative contracts as of March 31, 2012:
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| Fair values of Derivatives by Balance Sheet Location | The following table presents the balance sheet location of QEP's outstanding commodity 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.
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| Effects of Derivative Transactions | The effects and location of derivative transactions on the Condensed Consolidated Income Statements are summarized in the following tables.
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| X | ||||||||||
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- Definition
Tabular disclosure of total commodity derivatives for each line of business as a percentage of production for that line of business. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Tabular disclosure of the notional amounts of outstanding derivative positions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Restructuring Costs (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||
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Mar. 31, 2012
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| Restructuring Costs [Abstract] | |||||||||||||||||||||||||||||||
| Reconciliation of QEP Energy's restructuring liability | The following is a reconciliation of QEP Energy's restructuring liability, which is included within “Accounts payable and accrued expenses” on the Condensed Consolidated Balance Sheets.
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of restructuring and related costs by type of restructuring including the description of the restructuring costs, such as the expected cost; the costs incurred during the period; the cumulative costs incurred as of the balance sheet date; the income statement caption within which the restructuring charges recognized for the period are included; and changes to an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Debt (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2012
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Outstanding | As of the indicated dates, the principal amount of QEP's debt, including amounts outstanding under its revolving credit facility, consisted of the following:
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. No definition available.
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|
Share-Based Compensation (Tables)
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2012
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| Share-Based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of calculated fair value of options granted and major assumptions used | The calculated fair value of options granted and major assumptions used in the model at the date of grant are listed below:
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| Summary of stock option transactions under the terms of LTSIP | Stock option transactions under the terms of the LTSIP are summarized below:
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| Restricted Shares and Performance Share Units Activity | Transactions involving restricted shares under the terms of the LTSIP are summarized below:
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 $30.90 per share and $39.07 per share for the three months ended March 31, 2012 and 2011, respectively. As of March 31, 2012, $4.4 million of unrecognized compensation cost, or the fair market value, related to performance shares granted under the CIP is expected to be recognized over a weighted-average vesting period of 2.6 years. Transactions involving performance shares units under the terms of the CIP are summarized below:
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| X | ||||||||||
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- Definition
Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
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Employee Benefits (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Mar. 31, 2012
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| Employee Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension and Other Postretirement Benefit Costs | The following table sets forth the Company's pension and postretirement benefits net period benefit costs:
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| X | ||||||||||
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- Details
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| X | ||||||||||
|
- Definition
Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Operations by Line of Business (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2012
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| Operations by Line of Business [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of operating results by line of business | The following table is a summary of operating results by line of business:
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| X | ||||||||||
|
- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Basis of Presentation of Interim Consolidated Financial Statements (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | ||||
|---|---|---|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2011
|
||||
| REVENUES | |||||
| Natural gas sales | $ 161.2 | $ 312.6 | |||
| Oil sales | 110.8 | 63.0 | |||
| NGL sales | 97.4 | 47.9 | |||
| Gathering, processing and other | 49.8 | 46.6 | |||
| OPERATING EXPENSES | |||||
| Natural gas, oil and NGL transportation and other handling costs | 33.9 | 21.7 | |||
|
Prior periods presentation of revenues
|
|||||
| REVENUES | |||||
| Natural gas sales | 271.0 | [1] | |||
| Oil sales | 62.3 | [1] | |||
| NGL sales | 45.8 | [1] | |||
| Gathering, processing and other | 69.3 | [1] | |||
| OPERATING EXPENSES | |||||
| Natural gas, oil and NGL transportation and other handling costs | 0 | [1] | |||
|
Restatement Adjustment [Member]
|
|||||
| REVENUES | |||||
| Natural gas sales | 41.6 | ||||
| Oil sales | 0.7 | ||||
| NGL sales | 2.1 | ||||
| Gathering, processing and other | (22.7) | ||||
| OPERATING EXPENSES | |||||
| Natural gas, oil and NGL transportation and other handling costs | $ 21.7 | ||||
|
|||||
| X | ||||||||||
|
- Definition
Revenue related to midstream and downstream gas activities. May include the following: gathering from wells, processing to remove impurities, storage, transmission, and the sale of natural gas and related products. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Midstream refers to those gas industry activities that fall between exploration and production (upstream) and refining and marketing (downstream). It may be applied to the gathering, processing, transmission and storage of natural gas; including the treating of natural gas to remove impurities, along with the sale of by-products such as residue gas, natural gas liquids and condensate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Revenue from natural gas production during the reporting period. Natural gas consists largely of the hydrocarbon methane, and is found in underground formations either by itself or with crude oil. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Revenue from sale of residue oil and condensate, which normally exists in the reservoir as gas but condenses out as a liquid during production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Cost incurred during the reporting period in transporting goods and services to customers. Includes freight-out costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Earnings Per Share (Details)
In Millions, unless otherwise specified |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2011
|
|
| Earnings Per Share [Abstract] | ||
| Weighted-average basic common shares outstanding | 177.4 | 176.2 |
| Potential number of shares issuable under the Long-term Stock Incentive Plan | 1.1 | 2.1 |
| Average diluted common shares outstanding | 178.5 | 178.3 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Asset Retirement Obligations (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |||
|---|---|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| ARO Liability [Roll Forward] | ||||
| ARO liability at January 1, | $ 167.7 | $ 152.4 | $ 163.9 | $ 148.3 |
| Accretion | 2.5 | 2.3 | ||
| Liabilities incurred | 1.6 | 2.0 | ||
| Liabilities settled | (0.3) | (0.2) | ||
| ARO liability at March 31, | $ 167.7 | $ 152.4 | $ 163.9 | $ 148.3 |
| X | ||||||||||
|
- Definition
The carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of accretion expense recognized during the period that is associated with an asset retirement obligation. Accretion expense measures and incorporates changes due to the passage of time into the carrying amount of the liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of asset retirement obligations incurred during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of asset retirement obligations settled, or otherwise disposed of, during the period. This may include asset retirement obligations transferred to third parties associated with the sale of a long-lived asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Capitalized Exploratory Well Costs (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |||
|---|---|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Capitalized exploratory well costs [Roll Forward] | ||||
| Balance at January 1, | $ 5.0 | $ 8.1 | $ 5.0 | $ 13.6 |
| Additions to capitalized exploratory well costs pending the determination of proved reserves | 0 | 0 | ||
| Reclassifications to property, plant and equipment after the determination of proved reserves | 0 | (5.5) | ||
| Balance at March 31, | $ 5.0 | $ 8.1 | $ 5.0 | $ 13.6 |
| X | ||||||||||
|
- Definition
Additions to capitalized exploratory well costs that were added during the reporting period pending the determination of proved reserves. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of capitalized exploratory well costs that is pending the determination of proved reserves. This does not include amounts that were capitalized and subsequently expensed in the same annual period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Previously capitalized costs of the drilling of wells that were reclassified as part of the costs of the enterprise's wells and related equipment and facilities at the time that proved reserves were found. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Fair Value Measurements (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
|
| Financial liabilities | ||||
| Commodity derivative instruments - long-term | $ 0.1 | $ 0 | ||
|
Fair Value, Measurements, Recurring [Member]
|
||||
| Financial Assets | ||||
| Commodity derivative instruments - short-term | 333.8 | 273.7 | ||
| Commodity derivative instruments - long-term | 115.6 | 123.5 | ||
| Total financial assets | 449.4 | 397.2 | ||
| Financial liabilities | ||||
| Commodity derivative instruments - short-term | 0 | 1.3 | ||
| Commodity derivative instruments - long-term | 0.1 | 0 | ||
| Total financial liabilities | 0.1 | 1.3 | ||
|
Fair Value, Measurements, Recurring [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]
|
||||
| Financial Assets | ||||
| Cash and cash equivalents | 0 | 0 | ||
| Financial liabilities | ||||
| Checks outstanding in excess of cash balances | 58.6 | 29.4 | ||
| Long-term debt | 1,673.5 | 1,679.4 | ||
|
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||||
| Financial Assets | ||||
| Cash and cash equivalents | 0 | 0 | ||
| Financial liabilities | ||||
| Checks outstanding in excess of cash balances | 58.6 | 29.4 | ||
| Long-term debt | 1,770.8 | 1,754.9 | ||
|
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
|
||||
| Financial Assets | ||||
| Commodity derivative instruments - short-term | 347.5 | 284.1 | ||
| Commodity derivative instruments - long-term | 115.8 | 123.5 | ||
| Total financial assets | 463.3 | 407.6 | ||
| Financial liabilities | ||||
| Commodity derivative instruments - short-term | 11.6 | 11.7 | ||
| Commodity derivative instruments - long-term | 0.3 | 0 | ||
| Total financial liabilities | 11.9 | 11.7 | ||
|
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
|
||||
| Financial Assets | ||||
| Commodity derivative instruments - short-term | 0 | 0 | ||
| Commodity derivative instruments - long-term | 0 | 0 | ||
| Total financial assets | 0 | 0 | ||
| Financial liabilities | ||||
| Commodity derivative instruments - short-term | 2.1 | 0 | ||
| Commodity derivative instruments - long-term | 0 | 0 | ||
| Total financial liabilities | 2.1 | 0 | ||
| Level 3 Unobservable input reconciliation [Roll Forward] | ||||
| Balance at January 1, | (2.1) | 0 | 23.2 | 36.3 |
| Realized gains and losses | 0 | 17.9 | ||
| Unrealized gains and losses | (2.1) | (13.1) | ||
| Settlements | 0 | (17.9) | ||
| Balance at March 31, | (2.1) | 0 | 23.2 | 36.3 |
|
Fair Value, Measurements, Recurring [Member] | Netting and Collateral [Member]
|
||||
| Financial Assets | ||||
| Commodity derivative instruments - short-term | (13.7) | (10.4) | ||
| Commodity derivative instruments - long-term | (0.2) | 0 | ||
| Total financial assets | (13.9) | (10.4) | ||
| Financial liabilities | ||||
| Commodity derivative instruments - short-term | (13.7) | (10.4) | ||
| Commodity derivative instruments - long-term | (0.2) | 0 | ||
| Total financial liabilities | $ (13.9) | $ (10.4) |
| X | ||||||||||
|
- Definition
The fair value amount of checks outstanding in excess of cash balances whether such amount is presented as a separate caption or as a parenthetical disclosure. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Company may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair values as of the balance sheet date of all assets resulting from contracts that meet the criteria of being accounted for as derivative instruments, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Fair values as of the balance sheet date for all assets resulting from contracts that meet the criteria of being accounted for as derivative instruments and which are expected to be converted into cash or otherwise disposed of within a year or the normal operating cycle, if longer, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair values as of the balance sheet date of all assets resulting from contracts that meet the criteria of being accounted for as derivative instruments which are expected to exist longer than one year or beyond the normal operating cycle, if longer, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and which are expected to be extinguished or otherwise disposed of within a year or the normal operating cycle, if longer, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and which are expected to be extinguished or otherwise disposed of after one year or beyond the normal operating cycle, if longer, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This element represents total gains (losses) for the period (realized and unrealized), arising from assets and liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3), which are included in other comprehensive income (a separate component of shareholders' equity). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents total gains or losses for the period (realized and unrealized), arising from assets measured at fair value on a recurring basis using unobservable inputs (Level 3), which are included in earnings or resulted in a change in net asset value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Settlements that have taken place during the period in relation to assets measured at fair value and categorized within Level 3 of the fair value hierarchy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents an asset measured at fair value using significant unobservable inputs (Level 3) which is required for reconciliation purposes of beginning and ending balances. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. No definition available.
|
|
Derivative Contracts (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2012
QEP Energy [Member]
Natural gas derivative contracts [Member]
|
Mar. 31, 2011
QEP Energy [Member]
Natural gas derivative contracts [Member]
|
Mar. 31, 2012
QEP Energy [Member]
Oil derivative contracts [Member]
|
Mar. 31, 2011
QEP Energy [Member]
Oil derivative contracts [Member]
|
Mar. 31, 2012
QEP Energy [Member]
NGL derivative contracts [Member]
|
Mar. 31, 2011
QEP Energy [Member]
NGL derivative contracts [Member]
|
Mar. 31, 2012
QEP Field Services [Member]
NGL derivative contracts [Member]
|
Mar. 31, 2011
QEP Field Services [Member]
NGL derivative contracts [Member]
|
Mar. 31, 2012
QEP Marketing [Member]
Natural gas derivative contracts [Member]
|
Mar. 31, 2011
QEP Marketing [Member]
Natural gas derivative contracts [Member]
|
Mar. 31, 2012
Realized and unrealized gains on commodity derivative instruments [Member]
|
Mar. 31, 2011
Realized and unrealized gains on commodity derivative instruments [Member]
|
Mar. 31, 2012
Accumulated other comprehensive income (loss) [Member]
|
Mar. 31, 2011
Accumulated other comprehensive income (loss) [Member]
|
Mar. 31, 2012
Natural Gas Sales [Member]
|
Mar. 31, 2011
Natural Gas Sales [Member]
|
Mar. 31, 2012
Oil Sales [Member]
|
Mar. 31, 2011
Oil Sales [Member]
|
Mar. 31, 2012
NGL Sales [Member]
|
Mar. 31, 2011
NGL Sales [Member]
|
Mar. 31, 2012
Marketing Purchases [Member]
|
Mar. 31, 2011
Marketing Purchases [Member]
|
Mar. 31, 2012
Interest and Other Income [Member]
|
Mar. 31, 2011
Interest and Other Income [Member]
|
Mar. 31, 2012
Swap [Member]
Natural Gas Sales (MMbtu) [Member]
2012 [Member]
NYMEX [Member]
Bcf
|
Mar. 31, 2012
Swap [Member]
Natural Gas Sales (MMbtu) [Member]
2012 [Member]
IFPEPL [Member]
MMBTU
|
Mar. 31, 2012
Swap [Member]
Natural Gas Sales (MMbtu) [Member]
2012 [Member]
IFNPCR [Member]
MMBTU
|
Mar. 31, 2012
Swap [Member]
Natural Gas Sales (MMbtu) [Member]
2012 [Member]
IFCNPTE [Member]
MMBTU
|
Mar. 31, 2012
Swap [Member]
Natural Gas Sales (MMbtu) [Member]
2013 [Member]
NYMEX [Member]
Bcf
|
Mar. 31, 2012
Swap [Member]
Natural Gas Sales (MMbtu) [Member]
2013 [Member]
IFNPCR [Member]
MMBTU
|
Mar. 31, 2012
Swap [Member]
Oil Sales (Bbls) [Member]
2012 [Member]
NYMEX WTI [Member]
MMBbls
|
Mar. 31, 2012
Swap [Member]
NGL Sales [Member]
2012 [Member]
Mt. Belvieu Ethane [Member]
gal
|
Mar. 31, 2012
Swap [Member]
NGL Sales [Member]
2012 [Member]
Mt. Belvieu Propane [Member]
gal
|
Mar. 31, 2012
Swap [Member]
QEP Field Services [Member]
2012 [Member]
Mt. Belvieu Ethane [Member]
gal
|
Mar. 31, 2012
Swap [Member]
QEP Field Services [Member]
2012 [Member]
Mt. Belvieu Propane [Member]
gal
|
Mar. 31, 2012
Swap [Member]
QEP Marketing [Member]
2012 [Member]
IFNPCR [Member]
MMBTU
|
Mar. 31, 2012
Swap [Member]
QEP Marketing [Member]
2013 [Member]
IFNPCR [Member]
MMBTU
|
Mar. 31, 2012
Swap [Member]
Purchased Gas and Oil Expense [Member]
2012 [Member]
IFNPCR [Member]
MMBTU
|
Mar. 31, 2012
Costless Collars [Member]
|
Dec. 31, 2011
Costless Collars [Member]
|
Mar. 31, 2012
Costless Collars [Member]
Short-term [Member]
|
Dec. 31, 2011
Costless Collars [Member]
Short-term [Member]
|
Mar. 31, 2012
Costless Collars [Member]
Long-term [Member]
|
Dec. 31, 2011
Costless Collars [Member]
Long-term [Member]
|
Mar. 31, 2012
Costless Collars [Member]
Oil Sales (Bbls) [Member]
2012 [Member]
NYMEX WTI [Member]
MMBbls
|
Mar. 31, 2012
Costless Collars [Member]
Oil Sales (Bbls) [Member]
2013 [Member]
NYMEX WTI [Member]
MMBbls
|
Mar. 31, 2012
QEP Energy [Member]
Fixed-price swaps [Member]
Natural Gas Sales (MMbtu) [Member]
|
Mar. 31, 2011
QEP Energy [Member]
Fixed-price swaps [Member]
Natural Gas Sales (MMbtu) [Member]
|
Mar. 31, 2012
QEP Energy [Member]
Fixed-price swaps [Member]
Oil Sales (Bbls) [Member]
|
Mar. 31, 2011
QEP Energy [Member]
Fixed-price swaps [Member]
Oil Sales (Bbls) [Member]
|
Mar. 31, 2012
QEP Energy [Member]
Fixed-price swaps [Member]
NGL Sales [Member]
|
Mar. 31, 2011
QEP Energy [Member]
Fixed-price swaps [Member]
NGL Sales [Member]
|
Mar. 31, 2012
QEP Energy [Member]
Costless Collars [Member]
Natural Gas Sales (MMbtu) [Member]
|
Mar. 31, 2011
QEP Energy [Member]
Costless Collars [Member]
Natural Gas Sales (MMbtu) [Member]
|
Mar. 31, 2012
QEP Energy [Member]
Costless Collars [Member]
Oil Sales (Bbls) [Member]
|
Mar. 31, 2011
QEP Energy [Member]
Costless Collars [Member]
Oil Sales (Bbls) [Member]
|
Mar. 31, 2012
QEP Energy [Member]
Costless Collars [Member]
NGL Sales [Member]
|
Mar. 31, 2011
QEP Energy [Member]
Costless Collars [Member]
NGL Sales [Member]
|
Mar. 31, 2012
QEP Field Services [Member]
Fixed-price swaps [Member]
Ethane Sales (Gals) [Member]
|
Mar. 31, 2011
QEP Field Services [Member]
Fixed-price swaps [Member]
Ethane Sales (Gals) [Member]
|
Mar. 31, 2012
QEP Field Services [Member]
Fixed-price swaps [Member]
Propane Sales (Gals) [Member]
|
Mar. 31, 2011
QEP Field Services [Member]
Fixed-price swaps [Member]
Propane Sales (Gals) [Member]
|
|
| Derivative Contracts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forecasted production from proved reserves (in hundredths) | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unrealized gains on derivative contracts | $ 395.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unrealized gains on derivative contracts, net of tax | 248.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative volumes as a percent of production (in hundredths) | 60.00% | 43.00% | 37.00% | 0.00% | 16.00% | 0.00% | 0.00% | 12.00% | 15.00% | 35.00% | 0.00% | 0.00% | 32.00% | 0.00% | 88.00% | 0.00% | |||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives, Fair Value [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative, Index | NYMEX | IFPEPL | IFNPCR | IFCNPTE | NYMEX | IFNPCR | NYMEX WTI | Mt. Belvieu Ethane | Mt. Belvieu Propane | Mt. Belvieu Ethane | Mt. Belvieu Propane | IFNPCR | IFNPCR | IFNPCR | NYMEX WTI | NYMEX WTI | |||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Contracts - Volumes and Prices | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Volume (in Bcf, Mbbl, millions of gallons, millions of MMBtu) | 57.8 | 6.1 | 65.4 | 7.7 | 29.2 | 65.7 | 1.4 | 11.6 | 17.3 | 11.6 | 9.6 | 1.7 | 1.2 | 1.1 | 1.1 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||
| Average Swap price per unit ($ per unit) | 4.72 | 4.47 | 4.69 | 2.67 | 3.68 | 5.66 | 97.03 | 0.64 | 1.28 | 0.64 | 1.35 | 4.15 | 4.57 | 2.80 | 105.80 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Collars Floor Price ($ per unit) | $ 87.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Collars Ceiling Price ($ per unit) | $ 115 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative - Contract Year | 2012 | 2012 | 2012 | 2012 | 2013 | 2013 | 2012 | 2012 | 2012 | 2012 | 2012 | 2012 | 2013 | 2012 | 2012 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Derivative Contracts, Gross [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value, Gross | 463.3 | 407.6 | 347.5 | 284.1 | 115.8 | 123.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value, Gross | 14.0 | 11.7 | 13.7 | 11.7 | 0.3 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amount that will be settled and reclassified from AOCI to Consolidated Statement of Income during the next twelve months | 144.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives not designated as hedging instruments - Commodity derivatives [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Realized gain (loss) on commodity derivative contracts | 85.7 | (31.2) | (2.7) | 0 | 0.4 | 0 | 1.1 | 0 | 3.5 | 0 | 88.0 | (31.2) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Unrealized gain (loss) on commodity derivative contracts | 132.3 | 31.2 | (11.5) | 0 | 2.9 | 0 | 3.0 | 0 | 1.6 | 0 | 128.3 | 31.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Total gain (loss) on commodity derivative instruments | 216.3 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) on derivative instruments for the effective portion of hedge recognized in AOCI [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) on derivative instruments for the effective portion of hedge recognized in AOCI | 0 | 0.2 | 0 | 73.1 | 0 | 0 | 0 | 0 | 0 | 3.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) recognized in income for the ineffective portion of hedges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest and other income | $ 0 | $ (0.2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Aggregate notional amount of derivative expressed in nonmonetary units. For example, the number of barrels specified in a fuel oil forward purchase contract. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The contract year for the derivative contract. No definition available.
|
| X | ||||||||||
|
- Definition
Derivative volumes as a percent of production. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the forecasted production percentage from proved reserves. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Represents the realized gain (loss) on commodity derivative contracts not designated as hedging instruments for the period. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the unrealized gain (loss) on commodity derivative contracts not designated as hedging instruments for the period. No definition available.
|
| X | ||||||||||
|
- Definition
The estimated net amount of existing gains or losses on cash flow hedges at the reporting date expected to be reclassified to earnings within the next 12 months. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cap rate on a price risk derivative such as a cap or collar. A payment or receipt is triggered if the market rate exceeds the cap rate on the contract. No definition available.
|
| X | ||||||||||
|
- Definition
Fair value of derivative asset, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of derivative liability, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Floor rate on a price risk derivative such as a floor or a collar. A payment or receipt is triggered if the market rate falls below the floor rate on the contract. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The portion of gains and losses (net) on derivative instruments designated and qualifying as hedging instruments representing (a) the amount of the hedge ineffectiveness and (b) the amount, if any, excluded from the assessment of hedge effectiveness. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The effective portion of gains and losses (net) on derivative instruments designated and qualifying as hedging instruments that was recognized in other comprehensive income during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Net gain (loss) from the increase (decrease) in fair value of derivative instrument not designated as hedging instrument. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The price per unit of the notional amount of the derivative contract expressed in nonmonetary units. For example, the price per barrel specified in a fuel oil forward purchase contract. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Reference to the index or unit of measurement for the underlying which establishes the pricing terms of the derivative instrument. For example, the basis on the underlying for a natural gas futures contract might be the NYMEX price per million British thermal units (MMBtu). No definition available.
|
| X | ||||||||||
|
- Definition
Pre tax change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges. A cash flow hedge is a hedge of the exposure to variability in the cash flows of a recognized asset or liability or a forecasted transaction that is attributable to a particular risk. Includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Restructuring Costs (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended |
|---|---|
|
Mar. 31, 2012
|
|
| Restructuring Costs [Abstract] | |
| Number of division offices to be consolidated | 2 |
| Number of regional offices created | 1 |
| Restructuring Cost and Reserve [Line Items] | |
| Estimated restructuring costs | $ 5.8 |
| Restructuring costs incurred to date | 2.7 |
| Increase (Decrease) in Restructuring Liability [Roll Forward] | |
| Balance at December 31, 2011 | 0 |
| Costs incurred and charged to expense | 2.7 |
| Costs paid or otherwise settled | (2.4) |
| Balance at March 31, 2012 | 0.3 |
|
One-time Termination Benefits [Member]
|
|
| Restructuring Cost and Reserve [Line Items] | |
| Estimated restructuring costs | 1.7 |
| Restructuring costs incurred to date | 1.1 |
|
Employee Relocation [Member]
|
|
| Restructuring Cost and Reserve [Line Items] | |
| Estimated restructuring costs | 3.6 |
|
Termination of Lease [Member]
|
|
| Restructuring Cost and Reserve [Line Items] | |
| Estimated restructuring costs | $ 0.5 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Number of division offices to be consolidated. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the number of regional offices created from the closure of two divisional offices. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of costs incurred to date for the specified type of restructuring cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount expected to be charged against earnings in the current and future periods for the specified restructuring cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying amount (including both current and noncurrent portions of the accrual) as of the balance sheet date pertaining to a specified type of cost associated with exit from or disposal of business activities or restructuring pursuant to a duly authorized plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reserve increase representing the amount charged against earnings in the period for a specified incurred and estimated type of cost associated with exit from or disposal of business activities or restructuring pursuant to a duly authorized plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of cash paid in the period to fully or partially settle a specified, previously accrued type of restructuring cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Debt (Details) (USD $)
|
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2012
|
Dec. 31, 2011
|
|
| Debt Instrument [Line Items] | ||
| Total principal amount of debt | $ 1,678,900,000 | $ 1,684,900,000 |
| Less unamortized discount | (5,400,000) | (5,500,000) |
| Total long-term debt outstanding | 1,673,500,000 | 1,679,400,000 |
| Principal amount of senior notes outstanding | 1,578,400,000 | |
| Senior Notes, stated interest rate, minimum (in hundredths) | 5.375% | |
| Senior Notes, stated interest rate, maximim (in hundredths) | 6.875% | |
|
Revolving Credit Facility [Member]
|
||
| Debt Instrument [Line Items] | ||
| Total principal amount of debt | 100,500,000 | 606,500,000 |
| Maturity date of long-term debt | Aug. 25, 2016 | |
| Borrowing capacity | 1,500,000,000 | |
| Potential increased borrowing capacity | 2,000,000,000 | |
| Weighted-average interest rate (in hundredths) | 2.06% | |
| Number of maturity date extentions | 2 | |
| Amount outstanding | 100,500,000 | |
| Letters of credit outstanding | 4,100,000 | |
|
Senior Notes Due 2016 [Member]
|
||
| Debt Instrument [Line Items] | ||
| Total principal amount of debt | 176,800,000 | 176,800,000 |
| Long-term debt, interest rate (in hundredths) | 6.05% | |
| Maturity date of long-term debt | Sep. 01, 2016 | |
|
Senior Notes Due 2018 [Member]
|
||
| Debt Instrument [Line Items] | ||
| Total principal amount of debt | 138,600,000 | 138,600,000 |
|
Senior Notes Due 2020 [Member]
|
||
| Debt Instrument [Line Items] | ||
| Total principal amount of debt | 138,000,000 | 138,000,000 |
|
Senior Notes Due 2021 [Member]
|
||
| Debt Instrument [Line Items] | ||
| Total principal amount of debt | 625,000,000 | 625,000,000 |
|
Senior Notes Due 2022 [Member]
|
||
| Debt Instrument [Line Items] | ||
| Total principal amount of debt | 500,000,000 | 0 |
| Long-term debt, interest rate (in hundredths) | 5.375% | |
| Proceeds from issuance of debt | 493,000,000 | |
| Debt issuance costs | $ 7,000,000 |
| X | ||||||||||
|
- Definition
Represents the number of maturity date extensions allowed per the provisions of the credit agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date before deducting unamortized discount or premiums (if any). May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the fee that accompanies borrowing money under the debt instrument. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Interest rate stated in the contractual debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
When presenting a range of interest rates, the highest stated (contractual) rate for funds borrowed under the debt agreement as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
When presenting a range of interest rates, the lowest stated (contractual) rate for funds borrowed under the debt agreement as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Date when the debt instrument is scheduled to be fully repaid, which may be presented in a variety of ways (year, month and year, day, month and year, quarter, etc.). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of debt discount that was originally recognized at the issuance of the instrument that has yet to be amortized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total amount of the contingent obligation under letters of credit outstanding as of the reporting date. No definition available.
|
| X | ||||||||||
|
- Definition
Amount borrowed under the credit facility as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of current borrowing capacity under the credit facility considering any current restrictions on the amount that could be borrowed (for example, borrowings may be limited by the amount of current assets), but without considering any amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date. May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reflects the calculation as of the balance sheet date of the average interest rate weighted by the amount of long-term debt outstanding by type or by instrument at that time. No definition available.
|
| X | ||||||||||
|
- Definition
The cash inflow during the period from additional borrowings in aggregate debt. Includes proceeds from short-term and long-term debt. No definition available.
|
| X | ||||||||||
|
- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Share-Based Compensation (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2011
|
|
| Share-Based Compensation [Abstract] | ||
| Shares available for future grants | 13,200,000 | |
| Total compensation expense related to share-based compensation | $ 5.7 | $ 7.4 |
|
Stock Options [Member]
|
||
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
| Fair value of options at grant date | $ 14.49 | |
| Risk-free interest rate | 81.00% | |
| Expected price volatility | 55.90% | |
| Expected dividend yield | 0.26% | |
| Expected life in years | 5.0 | |
| Options Outstanding [RollForward] | ||
| Outstanding at December 31, 2011 (in shares) | 2,003,694 | |
| Granted (in shares) | 283,029 | |
| Exercised (in shares) | (313,342) | |
| Forfeited (in shares) | 0 | |
| Outstanding at March 31, 2012 (in shares) | 1,973,381 | |
| Options Excercisable (in shares) | 1,393,956 | |
| Unvested Options (in shares) | 579,425 | |
| Weighted-Average Price [Abstract] | ||
| Weighted-Average Price, beginning (in dollars per share) | $ 21.23 | |
| Weighted-Average Price, Granted (in dollars per share) | $ 30.90 | |
| Weighted-Average Price, Exercised (in dollars per share) | $ 8.15 | |
| Weighted-Average Price, Forfeited (in dollars per share) | $ 0 | |
| Weighted-Average Price, Ending (in dollars per share) | $ 24.69 | |
| Weighted-Average Price, Options Excercisable | $ 22.08 | |
| Weighted-Average Price, Unvested Options | $ 30.97 | |
| Weighted-Average Remaining Contractual Term, Outstanding (in years) | 3.8 | |
| Aggregate Intrinsic Value, Outstanding | 13.3 | |
| Weighted-Average Remaining Contractual Term, Options Excercisable (in years) | 3.0 | |
| Aggregate Intrinsic Value, Options Excercisable | 12.4 | |
| Weighted-Average Remaining Contractual Term, Unvested Options (in years) | 6.0 | |
| Aggregate Intrinsic Value, Unvested Options | 0.9 | |
| Intrinsic value of options exercised | 6.9 | 1.8 |
| Unrecognized compensation cost | 5.4 | |
| Weighted-average period for recognition of compensation costs (in years) | 2.6 | |
|
Restricted Stock [Member]
|
||
| Weighted-Average Price [Abstract] | ||
| Weighted-Average Price, beginning balance (in dollars per share) | $ 32.80 | |
| Weighted-Average Price, Granted (in dollars per share) | $ 30.89 | $ 39.00 |
| Weighted-Average Price, Vested (in dollars per share) | $ 32.85 | |
| Weighted-Average Price, Forfeited (in dollars per share) | $ 32.89 | |
| Weighted-Average Price, Ending Balance (in dollars per share) | $ 31.87 | |
| Unrecognized compensation cost | 30.0 | |
| Weighted-average period for recognition of compensation costs (in years) | 2.6 | |
| Vesting period minimum (in years) | 3Y | |
| Vesting period maximum (in years) | 4Y | |
| Total fair value of stock that vested | 11.6 | 7.9 |
| Restricted Shares Outstanding [Roll Forward] | ||
| Balance, beginning (in shares) | 1,099,752 | |
| Granted (in shares) | 659,633 | |
| Vested (in shares) | (362,743) | |
| Forfeited (in shares) | (31,036) | |
| Balance, Ending (in shares) | 1,365,606 | |
|
Performance Share Units [Member]
|
||
| Weighted-Average Price [Abstract] | ||
| Weighted-Average Price, beginning balance (in dollars per share) | $ 39.07 | |
| Weighted-Average Price, Granted (in dollars per share) | $ 30.90 | $ 39.07 |
| Weighted-Average Price, Vested (in dollars per share) | $ 0 | |
| Weighted-Average Price, Forfeited (in dollars per share) | $ 39.07 | |
| Weighted-Average Price, Ending Balance (in dollars per share) | $ 34.17 | |
| Unrecognized compensation cost | $ 4.4 | |
| Weighted-average period for recognition of compensation costs (in years) | 2.6 | |
| Restricted Shares Outstanding [Roll Forward] | ||
| Balance, beginning (in shares) | 115,274 | |
| Granted (in shares) | 168,448 | |
| Vested (in shares) | 0 | |
| Forfeited (in shares) | (2,707) | |
| Balance, Ending (in shares) | 281,015 | |
| X | ||||||||||
|
- Definition
The weighted average price at which grantees could have acquired the underlying shares with respect to stock options that were terminated during the reporting period due to noncompliance with plan terms during the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
The weighted-average price as of the balance sheet date for unvested stock options. No definition available.
|
| X | ||||||||||
|
- Definition
The estimated minimum dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term. No definition available.
|
| X | ||||||||||
|
- Definition
The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option released in period. No definition available.
|
| X | ||||||||||
|
- Definition
The total dollar difference between fair values of the underlying shares reserved for issuance and exercise prices of unvested portions of options outstanding and currently exercisable under the option plan as of the balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
The number of shares into which unvested stock options outstanding as of the balance sheet date can be currently converted under the option plan. No definition available.
|
| X | ||||||||||
|
- Definition
The weighted average period between the balance sheet date and expiration for all unvested portions of options outstanding under the plan, which may be expressed in a decimal value for number of years. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
As of the balance sheet date, the aggregate unrecognized cost of equity-based awards made to employees under equity-based compensation awards that have yet to vest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, using a decimal to express in number of years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The maximum vesting term over which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition. No definition available.
|
| X | ||||||||||
|
- Definition
The minimum vesting term over which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition. No definition available.
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total fair value of equity-based awards for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The minimum period of time an equity-based award is expected to be outstanding. An equity-based award's expected term is generally determined based on, among other factors, the instrument's contractual term and the effects of employees' expected exercise and post-vesting employment termination behavior. No definition available.
|
| X | ||||||||||
|
- Definition
The estimated measure of the minimum percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period. No definition available.
|
| X | ||||||||||
|
- Definition
The minimum risk-free interest rate assumption that is used in valuing an option on its own shares. No definition available.
|
| X | ||||||||||
|
- Definition
The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The total dollar difference between fair values of the underlying shares reserved for issuance and exercise prices of vested portions of options outstanding and currently exercisable under the option plan as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average period between the balance sheet date and expiration for all vested portions of options outstanding and currently exercisable (or convertible) under the plan, which may be expressed in a decimal value for number of years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total accumulated difference between fair values of underlying shares on dates of exercise and exercise price on options which were exercised (or share units converted) into shares during the reporting period under the plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average price at which option holders acquired shares when converting their stock options into shares under the plan during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average price at which grantees could have acquired the underlying shares with respect to stock options that were terminated during the reporting period due to noncompliance with plan terms during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net number of share options (or share units) granted during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on stock options awarded under the plan during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total dollar difference between fair values of the underlying shares reserved for issuance and exercise prices pertaining to options outstanding under the plan as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of shares reserved for issuance under stock option agreements awarded under the plan that validly exist and are outstanding as of the balance sheet date, including vested options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The weighted average price as of the beginning of the year at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average period between the balance sheet date and expiration for all awards outstanding under the plan, which may be expressed in a decimal value for number of years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Employee Benefits (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2011
|
|
|
Pension Benefits [Member]
|
||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
| Service cost | $ 1.0 | $ 0.7 |
| Interest cost | 1.2 | 1.1 |
| Expected return on plan assets | (0.9) | (0.6) |
| Amortization of prior service costs | 1.3 | 1.3 |
| Amortization of actuarial loss | 0.2 | 0 |
| Periodic expense | 2.8 | 2.5 |
|
Pension Benefits [Member] | Funded Pension Plan [Member]
|
||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
| Contributions to unfunded pension plan | 1.3 | |
| Expected to contribute to unfunded pension plans | 5.0 | |
|
Pension Benefits [Member] | Unfunded Pension Plan [Member]
|
||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
| Contributions to unfunded pension plan | 1.0 | |
| Expected to contribute to unfunded pension plans | 0.3 | |
|
Other Postretirement Benefits [Member]
|
||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
| Service cost | 0 | 0 |
| Interest cost | 0.1 | 0.1 |
| Expected return on plan assets | 0 | 0 |
| Amortization of prior service costs | 0.1 | 0.1 |
| Amortization of actuarial loss | 0 | 0 |
| Periodic expense | $ 0.2 | $ 0.2 |
| X | ||||||||||
|
- Definition
The amount of gains or losses recognized in net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of the prior service cost or credit recognized in net periodic benefit cost relating to benefit changes attributable to plan participants' prior service pursuant to a plan amendment or a plan initiation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The employer's best estimate, as soon as it can be reasonably determined, of contributions expected to be paid to the plan in the current remaining fiscal period. Estimated contributions may be presented in the aggregate combining (1) contributions required by funding regulations or laws, (2) discretionary contributions, and (3) noncash contributions. No definition available.
|
| X | ||||||||||
|
- Definition
An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total amount of net periodic benefit cost for defined benefit plans for the period. Periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) due to settlements or curtailments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash or cash equivalents contributed by the entity to fund its pension plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Operations by Line of Business (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2011
|
|||||||||
| Segment Reporting Information [Line Items] | ||||||||||
| Revenues from unaffiliated customers | $ 603.2 | [1],[2] | $ 617.9 | [1] | ||||||
| Revenues from affiliated companies | 158.4 | 156.4 | ||||||||
| Operating (loss) income | 49.5 | [3] | 137.1 | [3] | ||||||
| Net income attributable to QEP | 155.2 | 73.2 | ||||||||
|
QEP Energy [Member]
|
||||||||||
| Segment Reporting Information [Line Items] | ||||||||||
| Revenues from unaffiliated customers | 396.8 | [1],[2] | 396.2 | [1],[2] | ||||||
| Operating (loss) income | (12.9) | [3] | 87.9 | [3] | ||||||
| Net income attributable to QEP | 108.1 | 43.1 | ||||||||
|
QEP Field Services [Member]
|
||||||||||
| Segment Reporting Information [Line Items] | ||||||||||
| Revenues from unaffiliated customers | 93.6 | [1],[2] | 73.3 | [1],[2] | ||||||
| Revenues from affiliated companies | 26.1 | 23.3 | ||||||||
| Operating (loss) income | 66.0 | [3] | 47.3 | [3] | ||||||
| Net income attributable to QEP | 45.4 | 28.0 | ||||||||
|
QEP Marketing and Other [Member]
|
||||||||||
| Segment Reporting Information [Line Items] | ||||||||||
| Revenues from unaffiliated customers | 112.8 | [1],[2] | 148.4 | [1],[2] | ||||||
| Revenues from affiliated companies | 132.3 | 133.1 | ||||||||
| Operating (loss) income | (3.6) | [3] | 1.9 | [3] | ||||||
| Net income attributable to QEP | $ 1.7 | $ 2.1 | ||||||||
|
||||||||||
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate revenue during the period related to oil and gas business activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
| X | ||||||||||
|
- Definition
Revenues arising from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's' management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Subsequent Events (Details) (Senior term loan [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended |
|---|---|
|
Mar. 31, 2012
|
|
|
Senior term loan [Member]
|
|
| Subsequent Event [Line Items] | |
| Senior term loan agreement amount | $ 300 |
| Senior loan maturing date | Apr. 30, 2017 |
| Extension period (in years) | 1 |
| Amount borrowed at closing | 100 |
| Senior term loan remaining availability | $ 200 |
| X | ||||||||||
|
- Definition
Period of time for a subsequent extension to the senior term loan No definition available.
|
| X | ||||||||||
|
- Definition
Date when the debt instrument is scheduled to be fully repaid, which may be presented in a variety of ways (year, month and year, day, month and year, quarter, etc.). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Increase for additional borrowings on the credit facility during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|