Qep Resources (QEP) 10-Q 27 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2016shares
Document And Entity Information [Abstract]
Entity Registrant Name	QEP RESOURCES, INC.
Entity Central Index Key	1,108,827
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	216,747,837
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
REVENUES
Gas sales	$ 85.1	$ 122
Oil sales	143.8	178.8
NGL sales	13.6	19.1
Other revenue	2.3	4.4
Purchased gas and oil sales	16.5	143.8
Total Revenues	261.3	468.1
OPERATING EXPENSES
Purchased gas and oil expense	16.9	145.9
Lease operating expense	60	61.8
Gas, oil and NGL transportation and other handling costs	73.6	65.1
Gathering and other expense	1.3	1.7
General and administrative	48.7	47.4
Production and property taxes	17.8	27.8
Depreciation, depletion and amortization	240	195.4
Exploration expenses	0.3	1.1
Impairment	1,182.4	20
Total operating expenses	1,641	566.2
Net gain (loss) from asset sales	0.5	(30.5)
OPERATING INCOME (LOSS)	(1,379.2)	(128.6)
Realized and unrealized gains (losses) on derivative contracts (See Note 7)	50.9	80.9
Interest and other income (expense)	2.3	(2.6)
Interest expense	(36.7)	(36.8)
INCOME (LOSS) BEFORE INCOME TAXES	(1,362.7)	(87.1)
Income tax (provision) benefit	498.9	31.5
NET INCOME (LOSS)	$ (863.8)	$ (55.6)
Earnings per common share
Earnings Per Share, Basic	$ (4.55)	$ (0.32)
Earnings Per Share, Diluted	$ (4.55)	$ (0.32)
Weighted-average common shares outstanding
Used in basic calculation (in shares)	189.7	176.2
Used in diluted calculation (in shares)	189.7	176.2
Dividends per common share (in dollars per share)	$ 0	$ 0.02

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ (863.8)	$ (55.6)
Pension and other postretirement plans adjustments:
Amortization of net actuarial losses	[1]	0.1	0.2
Amortization of prior service costs	[2]	0.1	0.5
Other comprehensive income		0.2	0.7
Comprehensive income (loss)		$ (863.6)	$ (54.9)
[1]	Presented net of income tax expense of $0.1 million during the three months ended March 31, 2016 and 2015, respectively.
[2]	Presented net of income tax expense of $0.3 million during the three months ended March 31, 2015.

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Pension and other postretirement plans adjustments:
Amortization of net actuarial loss, income tax expense	$ (0.1)	$ (0.1)
Amortization of prior service cost, income tax expense	$ 0	$ (0.3)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Current Assets
Cash and cash equivalents	$ 616.4	$ 376.1
Accounts receivable, net	115.5	278.2
Income tax receivable	170.1	87.3
Fair value of derivative contracts	134.4	146.8
Gas, oil and NGL inventories at lower of average cost or market	7.9	13.3
Prepaid expenses and other	20.9	30.1
Total Current Assets	1,065.2	931.8
Property, Plant and Equipment (successful efforts method for gas and oil properties)
Proved properties	13,472.2	13,314.9
Unproved properties	678.6	691
Marketing and other	296.8	297.9
Material and supplies	31.1	38.5
Total Property, Plant and Equipment	14,478.7	14,342.3
Less Accumulated Depreciation, Depletion and Amortization
Exploration and production	8,252.4	6,870.2
Marketing and other	90.6	87.5
Total Accumulated Depreciation, Depletion and Amortization	8,343	6,957.7
Net Property, Plant and Equipment	6,135.7	7,384.6
Fair value of derivative contracts	20.8	23.2
Other noncurrent assets	60.9	58.6
TOTAL ASSETS	7,282.6	8,398.2
Current Liabilities
Checks outstanding in excess of cash balances	0	29.8
Accounts payable and accrued expenses	204.7	351.7
Production and property taxes	41.5	46.1
Interest payable	33.7	36.4
Fair value of derivative contracts	0	0.8
Current portion of long-term debt	176.7	176.8
Total Current Liabilities	456.6	641.6
Long-term debt	2,016.2	2,014.7
Deferred income taxes	1,033.3	1,479.8
Asset retirement obligations	207.4	204.9
Fair value of derivative contracts	3.4	4
Other long-term liabilities	$ 108	$ 105.3
Commitments and contingencies (Note 10)
EQUITY
Common stock – par value $0.01 per share; 500.0 million shares authorized; 217.6 million and 177.3 million shares issued, respectively	$ 2.2	$ 1.8
Treasury stock – 0.8 million and 0.5 million shares, respectively	(18.2)	(14.6)
Additional paid-in capital	931.4	554.8
Retained earnings	2,554.5	3,418.3
Accumulated other comprehensive income (loss)	(12.2)	(12.4)
Total Common Shareholders' Equity	3,457.7	3,947.9
TOTAL LIABILITIES AND EQUITY	$ 7,282.6	$ 8,398.2

CONDENSED CONSOLIDATED BALANCE6

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2016	Dec. 31, 2015
EQUITY
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500	500
Common stock, shares issued (in shares)	217.6	177.3
Treasury stock (in shares)	0.8	0.5

UNAUDITED STATEMENT OF EQUITY S

UNAUDITED STATEMENT OF EQUITY Statement - USD ($) shares in Millions, $ in Millions	Total	Common Stock, Value [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Shares, Issued		177.3
Stockholders' Equity	$ 3,947.9	$ 1.8	$ 14.6	$ 554.8	$ 3,418.3	$ (12.4)
Treasury Stock, Shares	(0.5)		0.5
Stockholders' Equity at Dec. 31, 2015	$ 3,947.9	$ 1.8	$ 14.6	554.8	3,418.3	(12.4)
Shares, Issued at Dec. 31, 2015		177.3
Treasury Stock, Shares at Dec. 31, 2015	(0.5)		0.5
Net income	$ (863.8)	$ 0	$ 0	0	(863.8)	0
Stockholders' Equity, Other Shares		0	0
Stock Issued During Period, Shares, New Issues		38	0
Stock Issued During Period, Value, New Issues	368.6	$ 0.4	$ 0	368.2	0	0
Stock Issued During Period, Shares, Treasury Stock Reissued			(0.3)
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	4.8		$ (3.6)	8.4	0	0
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures		2.3
Stock Granted, Value, Share-based Compensation, Net of Forfeitures		$ 0
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	(0.2)	$ 0	0	0	0	0.2
Shares, Issued		177.3
Shares, Issued at Mar. 31, 2016		217.6
Stockholders' Equity	$ 3,947.9	$ 1.8	$ 14.6	554.8	3,418.3	(12.4)
Treasury Stock, Shares	(0.5)		0.5
Treasury Stock, Shares at Mar. 31, 2016	(0.8)		0.8
Stockholders' Equity at Mar. 31, 2016	$ 3,457.7	$ 2.2	$ (18.2)	931.4	2,554.5	(12.2)
Shares, Issued		217.6
Stockholders' Equity	$ 3,457.7	$ 2.2	$ (18.2)	$ 931.4	$ 2,554.5	$ (12.2)
Treasury Stock, Shares	(0.8)		0.8

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING ACTIVITIES
Net income (loss)	$ (863.8)	$ (55.6)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	240	195.4
Deferred income taxes	(446.7)	(4.8)
Impairment	1,182.4	20
Share-based compensation	8	9.1
Amortization of debt issuance costs and discounts	1.6	1.9
Net (gain) loss from asset sales	(0.5)	30.5
Unrealized (gains) losses on marketable securities	(0.2)	0
Unrealized (gains) losses on derivative contracts	13.5	23.5
Changes in operating assets and liabilities	(52.6)	(492.7)
Net Cash Provided by (Used in) Operating Activities	81.7	(272.7)
INVESTING ACTIVITIES
Property acquisitions	(14.8)	0
Property, plant and equipment, including dry exploratory well expense	(185.8)	(342.1)
Proceeds from disposition of assets	22.9	1.6
Net Cash Provided by (Used in) Investing Activities	(177.7)	(340.5)
FINANCING ACTIVITIES
Checks outstanding in excess of cash balances	(29.8)	(38.9)
Treasury stock repurchases	(2.9)	(1.9)
Other capital contributions	0.2	(0.4)
Dividends paid	0	(3.5)
Proceeds from issuance of common stock, net	368.6	0
Excess tax (provision) benefit on share-based compensation	0.2	(1.8)
Net Cash Provided by (Used in) Financing Activities	336.3	(46.5)
Change in cash and cash equivalents	240.3	(659.7)
Beginning cash and cash equivalents	376.1	1,160.1
Ending cash and cash equivalents	616.4	500.4
Supplemental Disclosures:
Cash paid for interest, net of capitalized interest	37.8	37.6
Cash paid for income taxes	32	509.8
Non-cash Investing Activities
Change in capital expenditure accruals and other non-cash adjustments	$ (22.6)	$ (59.2)

Basis of Presentation (Notes)

Basis of Presentation (Notes)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation [Text Block]	Nature of Business QEP Resources, Inc. (QEP or the Company) is an independent crude oil and natural gas production company focused in two major regions of the United States: the Northern Region (primarily in Wyoming, North Dakota and Utah) and the Southern Region (primarily in Texas and Louisiana). QEP's corporate headquarters are located in Denver, Colorado and shares of QEP's common stock trade on the New York Stock Exchange (NYSE) under the ticker symbol “QEP”. Basis of Presentation of Interim Condensed 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 and the year-end balance sheet do not include all of the information and notes required by GAAP for audited annual consolidated financial statements. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . 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, 2016 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . Equity Offering In March 2016, QEP issued 37.95 million additional shares of common stock through a public equity offering and received net proceeds of approximately $368.6 million . QEP expects to use the proceeds from this offering for general corporate purposes, which may include, among other things, reducing indebtedness, acquiring properties, funding a portion of the Company's exploration and production activities and working capital. Termination of Marketing Agreements and QEP Marketing Segment Effective January 1, 2016, QEP terminated its contracts for resale and marketing transactions between its wholly owned subsidiaries, QEP Marketing Company (QEP Marketing) and QEP Energy Company (QEP Energy). In addition, substantially all of QEP Marketing's third-party purchase and sale agreements and gathering, processing and transportation contracts were assigned to QEP Energy, except those contracts related to natural gas storage activities and the Haynesville gathering system. As a result, QEP Energy is directly marketing its own gas, oil and NGL production. While QEP will continue to act as an agent for the sale of gas, oil and NGL production for other working interest owners, for whom QEP serves as the operator, QEP is no longer the first purchaser of this production. QEP has substantially reduced its marketing activities, and subsequently, is reporting lower resale revenue and expenses than it had in prior periods. In conjunction with the changes described above, QEP conducted a segment analysis in accordance with Accounting Standards Update (ASU) Topic 820, Segment Reporting, and determined that QEP has one reportable segment effective January 1, 2016. Revision of Financial Statements In the fourth quarter of 2015, the Company determined that certain transactions that had been reported on a gross basis and included in "Purchased gas and oil sales" and "Purchased gas and oil expense" on the Condensed Consolidated Statement of Operations for the first quarter of 2015 should have been reported on a net basis, as the transactions were with the same counterparty and were entered into in contemplation of one another. The Company revised its financial statements to reflect the net accounting treatment and assessed the cumulative impact of the revisions on each period affected. The revisions had no effect on the Company’s operating income, net income, earnings per share, cash flows or retained earnings. The Company determined that the impact of the change from gross to net accounting was not material, either individually or in the aggregate, to previously issued financial statements. The Company has, however, recast its Condensed Consolidated Statement of Operations for the three months ended March 31, 2015 . The following table details the impact of these revisions for the three months ended March 31, 2015 , on the Condensed Consolidated Statement of Operations. Three Months Ended March 31, 2015 As reported As revised Change (in millions) REVENUES Purchased gas and oil sales $ 167.3 $ 143.8 $ (23.5 ) Total Revenues 491.6 468.1 (23.5 ) OPERATING EXPENSES Purchased gas and oil expense $ 169.4 $ 145.9 $ (23.5 ) Total Operating Expenses 589.7 566.2 (23.5 ) Reclassifications Certain prior period balances in the Condensed Consolidated Balance Sheets have been reclassified to conform to the current year presentation. Such reclassifications had no impact on operating income, net income, earnings per share, cash flows or shareholders’ equity previously reported. Impairment of Long-Lived Assets During the three months ended March 31, 2016 , QEP recorded impairment expense of $1,182.4 million , of which $1,167.9 million was related to proved properties due to lower future oil and gas prices, $10.8 million was related to expiring leaseholds on unproved properties and $3.7 million was related to impairment of goodwill. Of the $1,167.9 million impairment on proved properties, $1,164.0 million related to Pinedale properties, $3.5 million related to Other Northern properties and $0.4 million related to Other Southern properties. New Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-02, Leases (Topic 842) , which requires lessees to recognize the lease assets and lease liabilities classified as operating leases on the balance sheet. The amendment will be effective for reporting periods beginning on or after December 15, 2018, and early adoption is permitted. The Company is currently assessing the impact of the ASU on the Company's Condensed Consolidated Financial Statements. In March 2016, the FASB issued ASU No. 2016-06, Derivatives and hedging (Topic 815): Contingent put and call options in debt instruments , which clarifies the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. The amendment will be effective prospectively for reporting periods beginning on or after December 31, 2016, and early adoption is permitted. The Company is currently assessing the impact of the ASU on the Company's Condensed Consolidated Financial Statements. In March 2016, the FASB issued ASU No. 2016-08, Revenue from contracts with customers (Topic 606): Principal versus agent considerations (reporting revenue gross versus net), which clarifies the implementation guidance on principle versus agent considerations. The amendment will be effective prospectively for reporting periods beginning on or after December 31, 2017, and early adoption is not permitted. The Company is currently assessing the impact of the ASU on the Company's Condensed Consolidated Financial Statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to employee share-based payment accounting, which includes provisions intended to simplify various aspects related to how share-based compensation payments are accounted for and presented in the financial statements. This amendment will be effective prospectively for reporting periods beginning on or after December 15, 2016, and early adoption is permitted. The Company is currently assessing the impact of the ASU on the Company's Condensed Consolidated Financial Statements.

Acquisitions & Divestitures

Acquisitions & Divestitures	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Acquisitions & Divestitures [Text Block]	During the three months ended March 31, 2016 , QEP acquired various oil and gas properties, primarily in the Williston and Permian basins, for a total purchase price of $21.0 million , which primarily included additional interests in QEP's operated wells and the associated leasehold. As a part of the purchase price allocation, the Company recorded $3.7 million of goodwill. Additionally, during the three months ended March 31, 2016 , QEP received proceeds of $22.9 million , primarily related to the divestiture of certain non-core properties in the Southern Region.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Basic earnings per share (EPS) are computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted EPS includes the potential increase in the number of outstanding shares that could result from the exercise of in-the-money stock options. QEP’s unvested restricted shares are included in weighted-average basic common shares outstanding because, once the shares are granted, the restricted shares are considered issued and outstanding, the historical forfeiture rate is minimal and the restricted shares are eligible to receive dividends. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of earnings per share pursuant to the two-class method. The Company’s unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared. However, the Company’s unvested restricted stock does not have a contractual obligation to share in losses of the Company. The Company’s unexercised stock options do not contain rights to dividends. Under the two-class method, the earnings used to determine basic earnings per common share are reduced by an amount allocated to participating securities. When the Company records a net loss, none of the loss is allocated to the participating securities since the securities are not obligated to share in Company losses. Use of the two-class method has an insignificant impact on the calculation of basic and diluted earnings per common share. During the three months ended March 31, 2016 and 2015 , there were no anti-dilutive shares. A reconciliation of the components of basic and diluted shares used in the EPS calculation follows: Three Months Ended March 31, 2016 2015 (in millions) Weighted-average basic common shares outstanding 189.7 176.2 Potential number of shares issuable upon exercise of in-the-money stock options under the Long-term Stock Incentive Plan — — Average diluted common shares outstanding 189.7 176.2

Capitalized Exploratory Well Co

Capitalized Exploratory Well Costs (Notes)	3 Months Ended
	Mar. 31, 2016
Capitalized Exploratory Well Costs [Line Items]
Capitalized Exploratory Well Costs [Text Block]	Net changes in capitalized exploratory well costs are presented in the table below. The balance at March 31, 2016 , represents the amount of capitalized well costs that are pending the determination of proved reserves. Capitalized Exploratory Well Costs 2016 (in millions) Balance at January 1, $ 2.6 Additions to capitalized exploratory well costs pending the determination of proved reserves 11.5 Balance at March 31, $ 14.1

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation [Abstract]
Asset Retirement Obligations [Text Block]	QEP records asset retirement obligations (ARO) when there are legal obligations associated with the retirement of tangible, long-lived assets. The Company's ARO liability applies primarily to abandonment costs associated with oil and gas wells and certain other properties. The fair values of such costs are estimated by Company personnel based on abandonment costs of similar assets and depreciated over the life of the related assets. Revisions to the ARO estimates result from changes in expected cash flows or material changes in estimated asset retirement costs. The ARO liability is adjusted to present value each period through an accretion calculation using a credit-adjusted risk-free interest rate. Of the $209.2 million and $206.8 million ARO liability for the periods ended March 31, 2016 and December 31, 2015 , respectively, $1.8 million and $1.9 million , respectively, were included as a liability within "Accounts payable and accrued expenses" on the Condensed Consolidated Balance Sheets. The following is a reconciliation of the changes in the Company's ARO for the period specified below: Asset Retirement Obligations 2016 (in millions) ARO liability at January 1, $ 206.8 Accretion 2.1 Additions 1.5 Liabilities settled (1.2 ) ARO liability at March 31, $ 209.2

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements [Text Block]	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. ASC 820 also establishes a fair value hierarchy. Level 1 inputs are quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. QEP has determined that its commodity derivative instruments are Level 2. The Level 2 fair value of commodity derivative contracts (see Note 7 – Derivative Contracts ) is based on market prices posted on the respective commodity exchange on the last trading day of the reporting period and industry standard discounted cash flow models. QEP primarily applies the market approach for recurring fair value measurements and maximizes its use of observable inputs and minimizes its use of unobservable inputs. QEP considers bid and ask prices for valuing the majority of its assets and liabilities measured and reported at fair value. In addition to using market data, QEP makes assumptions in valuing its assets and liabilities, including assumptions about risk and the risks inherent in the inputs to the valuation technique. The Company's policy is to recognize significant transfers between levels at the end of the reporting period. Certain of the Company's commodity derivative instruments are valued using industry standard models that consider various inputs, including quoted forward prices for commodities, time value, volatility, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument and can be derived from observable data or are supported by observable prices at which transactions are executed in the marketplace. The determination of fair value for derivative assets and liabilities also incorporates nonperformance risk for counterparties and for QEP. Derivative contract fair values are reported on a net basis to the extent a legal right of offset with the counterparty exists. The fair value of financial assets and liabilities at March 31, 2016 and December 31, 2015 , is shown in the table below: Fair Value Measurements Gross Amounts of Assets and Liabilities Netting Adjustments (1) Net Amounts Presented on the Condensed Consolidated Balance Sheets Level 1 Level 2 Level 3 March 31, 2016 (in millions) Financial Assets Commodity derivative instruments – short-term $ — $ 134.5 $ — $ (0.1 ) $ 134.4 Commodity derivative instruments – long-term — 20.9 — (0.1 ) 20.8 Total financial assets $ — $ 155.4 $ — $ (0.2 ) $ 155.2 Financial Liabilities Commodity derivative instruments – short-term $ — $ 0.1 $ — $ (0.1 ) $ — Commodity derivative instruments – long-term — 3.5 — (0.1 ) 3.4 Total financial liabilities $ — $ 3.6 $ — $ (0.2 ) $ 3.4 December 31, 2015 (in millions) Financial Assets Commodity derivative instruments – short-term $ — $ 147.8 $ — $ (1.0 ) $ 146.8 Commodity derivative instruments – long-term — 23.2 — — 23.2 Total financial assets $ — $ 171.0 $ — $ (1.0 ) $ 170.0 Financial Liabilities Commodity derivative instruments – short-term $ — $ 1.8 $ — $ (1.0 ) $ 0.8 Commodity derivative instruments – long-term — 4.0 — — 4.0 Total financial liabilities $ — $ 5.8 $ — $ (1.0 ) $ 4.8 _______________________ (1) The Company nets its derivative contract assets and liabilities outstanding with the same counterparty on the Condensed Consolidated Balance Sheets, as the contracts contain netting provisions. Refer to Note 7 – Derivative Contracts , for additional information regarding the Company's derivative contracts. The following table discloses the fair value and related carrying amount of certain financial instruments not disclosed in other Notes accompanying the Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q: Carrying Amount Level 1 Fair Value Carrying Amount Level 1 Fair Value March 31, 2016 December 31, 2015 (in millions) Financial Assets Cash and cash equivalents $ 616.4 $ 616.4 $ 376.1 $ 376.1 Financial Liabilities Checks outstanding in excess of cash balances $ — $ — $ 29.8 $ 29.8 Long-term debt 2,192.9 2,028.9 2,191.5 1,784.6 The carrying amounts of cash and cash equivalents and checks outstanding in excess of cash balances approximate fair value. The fair value of fixed-rate long-term debt is based on the trading levels and dollar prices for the Company’s debt at the end of the quarter. The carrying amount of variable-rate, long-term debt approximates fair value because the floating interest rate paid on such debt was set for periods of one month. The initial measurement of ARO at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with property, plant and equipment. Significant Level 3 inputs used in the calculation of asset retirement obligations include plugging costs and reserve lives. A reconciliation of the Company’s ARO is presented in Note 5 – Asset Retirement Obligations . Nonrecurring Fair Value Measurements The provisions of the fair value measurement standard are also applied to the Company's nonrecurring measurements. The Company utilizes fair value on a nonrecurring basis to review its proved oil and gas properties for potential impairment when events and circumstances indicate a possible decline in the recoverability of the carrying value of such property. During the three months ended March 31, 2016 and 2015 , the Company recorded impairments on certain proved oil and gas properties of $1,167.9 million and $19.4 million , respectively, resulting in a reduction of the associated carrying value to fair value. The fair value of the property was measured utilizing the income approach and utilizing inputs which are primarily based upon internally developed cash flow models. Given the unobservable nature of the inputs, proved oil and gas property impairments are considered Level 3 within the fair value hierarchy. Acquisitions of proved and unproved properties are also measured at fair value on a nonrecurring basis. The Company utilizes a discounted cash flow model to estimate the fair value of acquired property as of the acquisition date which utilizes the following inputs to estimate future net cash flows: estimated quantities of gas, oil and NGL reserves; estimates of future commodity prices; and estimated production rates, future operating and development costs, which are based on the Company's historic experience with similar properties. In some instances, market comparable information of recent transactions is used to estimate fair value of unproved acreage. Due to the unobservable characteristics of the inputs, the fair value of the properties is considered Level 3 within the fair value hierarchy.

Derivative Contracts

Derivative Contracts	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	QEP has established policies and procedures for managing commodity price volatility through the use of derivative instruments. In the normal course of business, QEP uses commodity price derivative instruments to reduce the impact of potential downward movements in commodity prices on cash flow, returns on capital investment, and other financial results. However, these instruments typically limit gains from favorable price movements. The volume of production subject to commodity derivative instruments and the mix of the instruments are frequently evaluated and adjusted by management in response to changing market conditions. QEP may enter into commodity derivative contracts for up to 100% of forecasted production from proved reserves, but generally, QEP enters into commodity derivative contracts for approximately 50% to 75% of its forecasted annual production by the end of the first quarter of each fiscal year. In addition, QEP may enter into commodity derivative contracts on a portion of its storage transactions. QEP does not enter into commodity derivative instruments for speculative purposes. QEP uses commodity derivative instruments known as fixed-price swaps or collars to realize a known price or price range for a specific volume of production delivered into a regional sales point. QEP's commodity derivative instruments do not require the physical delivery of gas or oil between the parties at settlement. All transactions are settled in cash with one party paying the other for the net difference in prices, multiplied by the contract volume, for the settlement period. Gas price derivative instruments are typically structured as fixed-price swaps or collars at regional price indices. Oil price derivative instruments are typically structured as NYMEX fixed-price swaps based at Cushing, Oklahoma or oil price swaps that use Intercontinental Exchange, Inc. (ICE) Brent oil prices as the reference price. QEP also enters into crude oil and natural gas basis swaps to achieve a fixed-price swap for a portion of its oil and gas sales at prices that reference specific regional index prices. QEP does not currently have any commodity derivative transactions that have margin requirements or collateral provisions that would require payments prior to the scheduled settlement dates. Commodity derivative contract counterparties are normally financial institutions and energy trading firms with investment-grade credit ratings. QEP routinely monitors and manages its exposure to counterparty risk by requiring specific minimum credit standards for all counterparties and avoids concentration of credit exposure by transacting with multiple counterparties. Derivative Contracts – Production The following table sets forth QEP’s quantities and average prices for its commodity derivative swap contracts as of March 31, 2016 : Year Index Total Volumes Average Swap Price per Unit (in millions) Gas sales (MMBtu) ($/MMBtu) 2016 NYMEX HH 42.2 $ 2.80 2016 IFNPCR 55.0 $ 2.53 2017 NYMEX HH 73.0 $ 2.75 2017 IFNPCR 32.9 $ 2.51 2018 NYMEX HH 7.3 $ 2.80 Oil sales (bbls) ($/bbl) 2016 (April through June) NYMEX WTI 1.7 $ 57.09 2016 (July through December) NYMEX WTI 4.8 $ 52.44 2017 NYMEX WTI 3.7 $ 51.71 The following table sets forth details of QEP's gas collars as of March 31, 2016 : Total Volume Average Price Average Price Year Index Floor Ceiling (in millions) (MMBtu) ($/MMBtu) ($/MMBtu) 2016 NYMEX HH 5.5 $ 2.75 $ 3.89 QEP uses gas basis swaps, combined with NYMEX HH fixed price swaps, to achieve fixed price swaps for the location at which it sells its physical production. The following table sets forth details of QEP's gas basis swaps as of March 31, 2016 : Year Index Less Differential Index Total Volumes Weighted-Average Differential (in millions) (MMBtu) ($/MMBtu) 2016 NYMEX HH IFNPCR 27.5 $ (0.16 ) 2017 NYMEX HH IFNPCR 51.1 $ (0.18 ) Derivative Contracts – Storage QEP enters into commodity derivative transactions to lock in a margin on gas volumes placed into storage. The following table sets forth QEP’s volumes and swap prices for its storage commodity derivative contracts as of March 31, 2016 : Year Type of Contract Index Total Volumes Average Swap Price per MMBtu (in millions) Gas sales (MMBtu) ($/MMBtu) 2016 SWAP IFNPCR 1.9 $ 2.57 2017 SWAP IFNPCR 0.2 $ 2.69 Gas purchases 2016 SWAP IFNPCR 0.7 $ 1.73 QEP Derivative Financial Statement Presentation The following table identifies the Condensed Consolidated Balance Sheet location of QEP’s outstanding derivative contracts on a gross contract basis as opposed to the net contract basis presentation in the Condensed Consolidated Balance Sheets and the related fair values at the balance sheet dates: Gross asset derivative instruments fair value Gross liability derivative instruments fair value Balance Sheet line item March 31, December 31, 2015 March 31, December 31, 2015 (in millions) Current: Commodity Fair value of derivative contracts $ 134.5 $ 147.8 $ 0.1 $ 1.8 Long-term: Commodity Fair value of derivative contracts 20.9 23.2 3.5 4.0 Total derivative instruments $ 155.4 $ 171.0 $ 3.6 $ 5.8 The effects of the change in fair value and settlement of QEP's derivative contracts recorded in "Realized and unrealized gains (losses) on derivative contracts" on the Condensed Consolidated Statements of Operations are summarized in the following table: Three Months Ended Derivative instruments not designated as cash flow hedges March 31, 2016 2015 Realized gains (losses) on commodity derivative contracts (in millions) Production Gas derivative contracts $ 21.5 $ 17.9 Oil derivative contracts 40.8 84.0 Storage Gas derivative contracts 2.1 2.5 Total realized gains (losses) on commodity derivative contracts 64.4 104.4 Unrealized gains (losses) on commodity derivative contracts Production Gas derivative contracts 15.4 11.4 Oil derivative contracts (27.9 ) (33.1 ) Storage Gas derivative contracts (1.0 ) (1.8 ) Total unrealized gains (losses) on commodity derivative contracts (13.5 ) (23.5 ) Total realized and unrealized gains (losses) on commodity derivative contracts $ 50.9 $ 80.9

Restructuring Costs

Restructuring Costs	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	During 2015 , QEP had multiple restructuring events, including the closure of its Tulsa office, which occurred in the third quarter of 2015. The Company estimates that the total costs related to the 2015 reorganizations will be approximately $8.1 million , of which approximately $5.3 million is related to one-time termination benefits and approximately $2.8 million is related to relocation of certain employees. During the three months ended March 31, 2016 , restructuring costs of $0.3 million were incurred and paid related to the Tulsa office closure, all of which were related to the relocation of certain employees. The Company estimates that the remaining $0.1 million of restructuring costs related to the 2015 reorganizations will be incurred during the remainder of 2016. These restructuring costs were recorded within "General and administrative" expense of the Condensed Consolidated Statement of Operations.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt [Text Block]	As of the indicated dates, the principal amount of QEP’s debt consisted of the following: March 31, December 31, (in millions) Revolving Credit Facility due 2019 $ — $ — 6.05% Senior Notes due 2016 176.8 176.8 6.80% Senior Notes due 2018 134.0 134.0 6.80% Senior Notes due 2020 136.0 136.0 6.875% Senior Notes due 2021 625.0 625.0 5.375% Senior Notes due 2022 500.0 500.0 5.25% Senior Notes due 2023 650.0 650.0 Less: unamortized discount and unamortized debt issuance costs (28.9 ) (30.3 ) Total principal amount of debt (including current portion) 2,192.9 2,191.5 Less: current portion of long-term debt (176.7 ) (176.8 ) Total long-term debt outstanding $ 2,016.2 $ 2,014.7 Of the total debt outstanding on March 31, 2016 , the 6.05% Senior Notes due September 1, 2016 , the 6.80% Senior Notes due April 1, 2018 , the 6.80% Senior Notes due March 1, 2020 and the 6.875% Senior Notes due March 1, 2021 , will mature within the next five years . In addition, the revolving credit facility matures on December 2, 2019 . Credit Facility QEP’s revolving credit facility, which matures in December 2019 , provides for loan commitments of $1.8 billion from a group of financial institutions. The credit facility provides for borrowings at short-term interest rates and contains customary provisions and restrictions. The credit agreement contains financial covenants (as defined in the credit agreement) that limit the amount of debt the Company may incur and may limit the amount available to be drawn under the credit facility, including: (i) a net funded debt to capitalization ratio that may not exceed 60%, (ii) a leverage ratio under which net funded debt may not exceed 4.25 times consolidated EBITDA (as defined in the credit agreement) for the fiscal quarters ending on and prior to December 31, 2017, and 3.75 times thereafter and (iii) a present value coverage ratio under which the present value of the Company’s proved reserves must exceed net funded debt by 1.25 times at any time prior to January 1, 2018, and 1.50 times at any time on or after January 1, 2018. At March 31, 2016 , QEP was in compliance with the covenants under the credit agreement. During the three months ended March 31, 2016 and 2015 , QEP had no borrowings under the credit facility. Additionally, as of March 31, 2016 and 2015 , QEP had no borrowings outstanding under the credit facility and had $2.8 million and $3.7 million , respectively, in letters of credit outstanding under the credit facility. Senior Notes At March 31, 2016 , the Company had $2,221.8 million principal amount of senior notes outstanding with maturities ranging from September 2016 to May 2023 and coupons ranging from 5.25% to 6.875% . The senior notes pay interest semi-annually, are unsecured senior obligations and rank equally with all of our other existing and future unsecured and senior obligations. QEP may redeem all of its senior notes at any time before their maturity at a redemption price based on a make-whole amount plus accrued and unpaid interest to the date of redemption. The indentures governing QEP’s senior notes contain customary events of default and covenants that may limit QEP’s ability to, among other things, place liens on its property or assets.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies [Text Block]	QEP is involved in various commercial and regulatory claims, litigation and other legal proceedings that arise in the ordinary course of its business. QEP assesses these claims in an effort to determine the degree of probability and range of possible loss for potential accrual in its Condensed Consolidated Financial Statements. In accordance with ASC 450, Contingencies , an accrual is recorded for a material loss contingency when its occurrence is probable and damages are reasonably estimable based on the anticipated most likely outcome or the minimum amount within a range of possible outcomes. Because legal proceedings are inherently unpredictable, and unfavorable resolutions can occur, assessing contingencies is highly subjective and requires judgments about uncertain future events. When evaluating contingencies, QEP may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, the presence of complex or novel legal theories, the ongoing discovery and/or development of information important to the matter. Litigation Rocky Mountain Resources Lawsuit – Rocky Mountain Resources, LLC (Rocky Mountain) filed its complaint in March 2011, seeking determination of the existence of a 4% overriding royalty interest in an oil and gas lease. Rocky Mountain alleges that the defendants have failed to pay Rocky Mountain monies associated with the claimed 4% overriding royalty interest since the issuance of the lease by the State of Wyoming in 1980. In February 2015, a jury rendered a verdict against QEP and awarded Rocky Mountain damages in the amount of $16.7 million , including interest. QEP is appealing the verdict to the Wyoming Supreme Court, and, in connection with such appeal, has posted a bond for approximately $20.0 million (representing the amount of the verdict and two years of accrued interest at the statutory rate of 10% ). In accordance with the Court’s order, QEP is depositing the future monthly revenues attributable to the 4% overriding royalty interest with the Court as it becomes due and payable. The overriding royalty payments will be subject to the direction of the Court following the conclusion of the appeal. QEP estimates that, notwithstanding the verdict, the range of reasonably possible losses is still zero to approximately $20.0 million .

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation [Text Block]	QEP issues stock options, restricted shares and restricted share units under its Long-Term Stock Incentive Plan (LTSIP) and awards performance share units under its Cash Incentive Plan (CIP) to certain officers, employees, and non-employee directors. QEP recognizes the expense over the vesting periods for the stock options, restricted shares, restricted share units and performance share units. There were 6.9 million shares available for future grants under the LTSIP at March 31, 2016 . Share-based compensation expense is recognized within “General and administrative” expense on the Condensed Consolidated Statements of Operations and is summarized in the table below: Three Months Ended March 31, 2016 2015 (in millions) Stock options $ 0.7 $ 0.8 Restricted share awards 6.5 6.3 Performance share units 0.8 2.0 Restricted share units — — Total share-based compensation expense $ 8.0 $ 9.1 Stock Options QEP uses the Black-Scholes-Merton mathematical model to estimate the fair value of stock option awards at the date of the grant. Fair value calculations rely upon subjective assumptions used in the mathematical model and may not be representative of future results. The Black-Scholes-Merton model is intended for measuring the value of options traded on an exchange. The Company utilizes the "simplified" method to estimate the expected term of the stock options granted as there is limited historical exercise data available in estimating the expected term of the stock options. QEP uses a historical volatility method to estimate the fair value of stock options awards and the risk-free interest rate is based on the yield on U.S. Treasury strips with maturities similar to those of the expected term of the stock options. The stock options typically vest in equal installments over a three-year period from the grant date and are exercisable immediately upon vesting through the seventh anniversary of the grant date. To fulfill options exercised, QEP either reissues treasury stock or issues new shares. The calculated fair value of options granted and major assumptions used in the model at the date of grant are listed below for the three months ended March 31, 2016 : Stock Option Assumptions Weighted-average grant date fair value of awards granted during the period $ 3.76 Weighted-average risk-free interest rate 1.15 % Weighted-average expected price volatility 43.4 % Expected dividend yield — % Expected term in years at the date of grant 4.5 Stock option transactions under the terms of the LTSIP are summarized below: Options Outstanding Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (per share) (in years) (in millions) Outstanding at December 31, 2015 2,200,776 $ 27.94 Granted 436,726 10.12 Canceled (386,999 ) 23.98 Outstanding at March 31, 2016 2,250,503 $ 25.17 4.22 $ 1.7 Options Exercisable at March 31, 2016 1,448,779 $ 30.00 3.06 $ — Unvested Options at March 31, 2016 801,724 $ 16.43 6.32 $ 1.7 During the three months ended March 31, 2016 and 2015 , there were no exercises of stock options. As of March 31, 2016 , $2.8 million of unrecognized compensation cost related to stock options granted under the LTSIP, which is included within "Additional paid-in capital" on the Condensed Consolidated Balance Sheet, is expected to be recognized over a weighted-average period of 2.45 years. Restricted Share Awards Restricted share grants typically vest in equal installments over a three -year period from the grant date. The grant date fair value is determined based on the closing bid price of the Company's common stock on the grant date. The total fair value of restricted stock that vested during the three months ended March 31, 2016 and 2015 , was $20.4 million and $18.0 million , respectively. The weighted-average grant date fair value of restricted stock was $10.13 per share and $21.67 per share for the three months ended March 31, 2016 and 2015 , respectively. As of March 31, 2016 , $36.2 million of unrecognized compensation cost related to restricted shares granted under the LTSIP, which is included within "Additional paid-in capital" on the Condensed Consolidated Balance Sheet, is expected to be recognized over a weighted-average vesting period of 2.55 years. Transactions involving restricted shares under the terms of the LTSIP are summarized below: Restricted Shares Outstanding Weighted- (per share) Unvested balance at December 31, 2015 2,008,210 $ 24.18 Granted 2,356,919 10.13 Vested (783,782 ) 26.01 Forfeited (41,193 ) 18.32 Unvested balance at March 31, 2016 3,540,154 $ 14.50 Performance Share Units The performance share units' cash payouts are dependent upon the Company’s total shareholder return compared to a group of its peers over a three-year period. The awards are denominated in share units and have historically been delivered in cash. Beginning with awards granted in 2015, the Company has the option to settle earned awards in cash or shares of common stock under the Company's LTSIP; however, as of March 31, 2016 , the Company expects to settle all awards in cash. The weighted-average grant date fair value of the performance share units was $10.12 per share and $21.69 per share for the three months ended March 31, 2016 and 2015 , respectively. As of March 31, 2016 , $12.7 million of unrecognized compensation cost, which represents the unvested portion of the fair market value of performance shares granted, is expected to be recognized over a weighted-average vesting period of 2.33 years. Transactions involving performance share units under the terms of the CIP are summarized below: Performance Share Units Outstanding Weighted-Average Grant Date Fair Value Unvested balance at December 31, 2015 630,786 $ 27.50 Granted 594,245 10.12 Vested and Paid (178,169 ) 30.07 Forfeited (3,024 ) 27.39 Unvested balance at March 31, 2016 1,043,838 $ 17.17 Restricted Share Units Restricted share units vest over a three-year period and are deferred into the Company's nonqualified unfunded deferred compensation plan at the time of vesting. The weighted-average grant date fair value of the restricted share units was $10.12 per share for the three months ended March 31, 2016 . As of March 31, 2016 , $0.3 million of unrecognized compensation cost, which represents the unvested portion of the fair market value of restricted share units granted, is expected to be recognized over a weighted-average vesting period of 2.94 years. Restricted Share Units Outstanding Weighted-Average Grant Date Fair Value Unvested balance at December 31, 2015 — $ — Granted 21,493 10.12 Unvested balance at March 31, 2016 21,493 $ 10.12

Employee Benefits

Employee Benefits	3 Months Ended
	Mar. 31, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employee Benefits [Text Block]	Pension and Other Postretirement Benefits The Company provides pension and other postretirement benefits to certain employees through three retirement benefit plans: the QEP Resources, Inc. Retirement Plan (the Pension Plan), the Supplemental Executive Retirement Plan (SERP), and a postretirement medical plan (the Medical Plan). As a result of the Company's divestitures in 2014 and retirements in 2015, the number of active participants in the Pension Plan fell to 50 employees during the year ended December 31, 2015 , which is the minimum number of active participants for a plan to be qualified under the Internal Revenue Services' participation rules. In order to prevent disqualification, the Pension Plan was amended in June 2015 and was frozen effective January 1, 2016, such that employees do not earn additional defined benefits for future services. The Pension Plan is a closed, qualified defined-benefit pension plan that is funded and provides pension benefits to certain QEP employees. During the three months ended March 31, 2016 , the Company made contributions of $2.0 million to the Pension Plan and expects to contribute $2.0 million to the Pension Plan during the remainder of 2016 . Contributions to the Pension Plan increase plan assets. The SERP is a nonqualified retirement plan that is unfunded and provides pension benefits to certain QEP employees. During the three months ended March 31, 2016 , the Company made contributions of $1.1 million to its SERP and expects to contribute an additional $2.5 million to its SERP during the remainder of 2016 . Contributions to the SERP are used to fund current benefit payments. The SERP was amended and restated in June 2015 and was closed to new participants effective January 1, 2016. The Medical Plan is unfunded and provides other postretirement benefits including certain health care and life insurance benefits for certain retired employees. During the three months ended March 31, 2016 , the Company made contributions of $0.1 million to its Medical Plan and expects to contribute an additional $0.2 million to its Medical Plan during the remainder of 2016 . Contributions to the Medical Plan are used to fund current benefit payments. The following table sets forth the Company’s net periodic benefit costs related to its Pension Plan, SERP and Medical Plan: Three Months Ended March 31, 2016 2015 Pension Plan and SERP benefits (in millions) Service cost $ 0.2 $ 0.6 Interest cost 1.2 1.3 Expected return on plan assets (1.4 ) (1.4 ) Amortization of prior service costs (1) 0.1 0.8 Amortization of actuarial losses (1) 0.2 0.3 Periodic expense $ 0.3 $ 1.6 Medical Plan benefits Interest cost $ 0.1 $ 0.1 Periodic expense $ 0.1 $ 0.1 ____________________________ (1) Amortization of prior service costs and actuarial losses out of accumulated other comprehensive income are recognized in the Condensed Consolidated Statements of Operations in "General and administrative" expense.

Subsequent Event (Notes)

Subsequent Event (Notes)	3 Months Ended
	Mar. 31, 2016
Subsequent Event [Line Items]
Subsequent Events [Text Block]	In April 2016, the Company streamlined its organizational structure, resulting in a reduction of approximately 6% of its total workforce. The Company estimates that the total cost related to this restructuring will be approximately $2.2 million , all of which is related to one-time termination benefits and will be recorded in the second quarter of 2016.

Basis of Presentation Revision

Basis of Presentation Revision of Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	Three Months Ended March 31, 2015 As reported As revised Change (in millions) REVENUES Purchased gas and oil sales $ 167.3 $ 143.8 $ (23.5 ) Total Revenues 491.6 468.1 (23.5 ) OPERATING EXPENSES Purchased gas and oil expense $ 169.4 $ 145.9 $ (23.5 ) Total Operating Expenses 589.7 566.2 (23.5 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Components of basic and diluted shares used in EPS [Table Text Block]	A reconciliation of the components of basic and diluted shares used in the EPS calculation follows: Three Months Ended March 31, 2016 2015 (in millions) Weighted-average basic common shares outstanding 189.7 176.2 Potential number of shares issuable upon exercise of in-the-money stock options under the Long-term Stock Incentive Plan — — Average diluted common shares outstanding 189.7 176.2

Capitalized Exploratory Well 24

Capitalized Exploratory Well Costs (Tables)	3 Months Ended
	Mar. 31, 2016
Capitalized Exploratory Well Costs [Abstract]
Capitalized Exploratory Well Costs [Table Text Block]	Net changes in capitalized exploratory well costs are presented in the table below. The balance at March 31, 2016 , represents the amount of capitalized well costs that are pending the determination of proved reserves. Capitalized Exploratory Well Costs 2016 (in millions) Balance at January 1, $ 2.6 Additions to capitalized exploratory well costs pending the determination of proved reserves 11.5 Balance at March 31, $ 14.1

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation [Abstract]
Asset retirement obligations rollforward [Table Text Block]	The following is a reconciliation of the changes in the Company's ARO for the period specified below: Asset Retirement Obligations 2016 (in millions) ARO liability at January 1, $ 206.8 Accretion 2.1 Additions 1.5 Liabilities settled (1.2 ) ARO liability at March 31, $ 209.2

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of financial assets and liabilities [Table Text Block]	The fair value of financial assets and liabilities at March 31, 2016 and December 31, 2015 , is shown in the table below: Fair Value Measurements Gross Amounts of Assets and Liabilities Netting Adjustments (1) Net Amounts Presented on the Condensed Consolidated Balance Sheets Level 1 Level 2 Level 3 March 31, 2016 (in millions) Financial Assets Commodity derivative instruments – short-term $ — $ 134.5 $ — $ (0.1 ) $ 134.4 Commodity derivative instruments – long-term — 20.9 — (0.1 ) 20.8 Total financial assets $ — $ 155.4 $ — $ (0.2 ) $ 155.2 Financial Liabilities Commodity derivative instruments – short-term $ — $ 0.1 $ — $ (0.1 ) $ — Commodity derivative instruments – long-term — 3.5 — (0.1 ) 3.4 Total financial liabilities $ — $ 3.6 $ — $ (0.2 ) $ 3.4 December 31, 2015 (in millions) Financial Assets Commodity derivative instruments – short-term $ — $ 147.8 $ — $ (1.0 ) $ 146.8 Commodity derivative instruments – long-term — 23.2 — — 23.2 Total financial assets $ — $ 171.0 $ — $ (1.0 ) $ 170.0 Financial Liabilities Commodity derivative instruments – short-term $ — $ 1.8 $ — $ (1.0 ) $ 0.8 Commodity derivative instruments – long-term — 4.0 — — 4.0 Total financial liabilities $ — $ 5.8 $ — $ (1.0 ) $ 4.8	[1]
Fair value and related carrying amount of certain financial instruments [Table Text Block]	The following table discloses the fair value and related carrying amount of certain financial instruments not disclosed in other Notes accompanying the Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q: Carrying Amount Level 1 Fair Value Carrying Amount Level 1 Fair Value March 31, 2016 December 31, 2015 (in millions) Financial Assets Cash and cash equivalents $ 616.4 $ 616.4 $ 376.1 $ 376.1 Financial Liabilities Checks outstanding in excess of cash balances $ — $ — $ 29.8 $ 29.8 Long-term debt 2,192.9 2,028.9 2,191.5 1,784.6
[1]	The Company nets its derivative contract assets and liabilities outstanding with the same counterparty on the Condensed Consolidated Balance Sheets, as the contracts contain netting provisions. Refer to Note 7 – Derivative Contracts, for additional information regarding the Company's derivative contracts.

Derivative Contracts (Tables)

Derivative Contracts (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	The following table sets forth QEP’s quantities and average prices for its commodity derivative swap contracts as of March 31, 2016 : Year Index Total Volumes Average Swap Price per Unit (in millions) Gas sales (MMBtu) ($/MMBtu) 2016 NYMEX HH 42.2 $ 2.80 2016 IFNPCR 55.0 $ 2.53 2017 NYMEX HH 73.0 $ 2.75 2017 IFNPCR 32.9 $ 2.51 2018 NYMEX HH 7.3 $ 2.80 Oil sales (bbls) ($/bbl) 2016 (April through June) NYMEX WTI 1.7 $ 57.09 2016 (July through December) NYMEX WTI 4.8 $ 52.44 2017 NYMEX WTI 3.7 $ 51.71 The following table sets forth details of QEP's gas collars as of March 31, 2016 : Total Volume Average Price Average Price Year Index Floor Ceiling (in millions) (MMBtu) ($/MMBtu) ($/MMBtu) 2016 NYMEX HH 5.5 $ 2.75 $ 3.89 QEP uses gas basis swaps, combined with NYMEX HH fixed price swaps, to achieve fixed price swaps for the location at which it sells its physical production. The following table sets forth details of QEP's gas basis swaps as of March 31, 2016 : Year Index Less Differential Index Total Volumes Weighted-Average Differential (in millions) (MMBtu) ($/MMBtu) 2016 NYMEX HH IFNPCR 27.5 $ (0.16 ) 2017 NYMEX HH IFNPCR 51.1 $ (0.18 ) Derivative Contracts – Storage QEP enters into commodity derivative transactions to lock in a margin on gas volumes placed into storage. The following table sets forth QEP’s volumes and swap prices for its storage commodity derivative contracts as of March 31, 2016 : Year Type of Contract Index Total Volumes Average Swap Price per MMBtu (in millions) Gas sales (MMBtu) ($/MMBtu) 2016 SWAP IFNPCR 1.9 $ 2.57 2017 SWAP IFNPCR 0.2 $ 2.69 Gas purchases 2016 SWAP IFNPCR 0.7 $ 1.73
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Gross asset derivative instruments fair value Gross liability derivative instruments fair value Balance Sheet line item March 31, December 31, 2015 March 31, December 31, 2015 (in millions) Current: Commodity Fair value of derivative contracts $ 134.5 $ 147.8 $ 0.1 $ 1.8 Long-term: Commodity Fair value of derivative contracts 20.9 23.2 3.5 4.0 Total derivative instruments $ 155.4 $ 171.0 $ 3.6 $ 5.8
Derivative Instruments, Gain (Loss) [Table Text Block]	Three Months Ended Derivative instruments not designated as cash flow hedges March 31, 2016 2015 Realized gains (losses) on commodity derivative contracts (in millions) Production Gas derivative contracts $ 21.5 $ 17.9 Oil derivative contracts 40.8 84.0 Storage Gas derivative contracts 2.1 2.5 Total realized gains (losses) on commodity derivative contracts 64.4 104.4 Unrealized gains (losses) on commodity derivative contracts Production Gas derivative contracts 15.4 11.4 Oil derivative contracts (27.9 ) (33.1 ) Storage Gas derivative contracts (1.0 ) (1.8 ) Total unrealized gains (losses) on commodity derivative contracts (13.5 ) (23.5 ) Total realized and unrealized gains (losses) on commodity derivative contracts $ 50.9 $ 80.9

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt Outstanding [Table Text Block]	As of the indicated dates, the principal amount of QEP’s debt consisted of the following: March 31, December 31, (in millions) Revolving Credit Facility due 2019 $ — $ — 6.05% Senior Notes due 2016 176.8 176.8 6.80% Senior Notes due 2018 134.0 134.0 6.80% Senior Notes due 2020 136.0 136.0 6.875% Senior Notes due 2021 625.0 625.0 5.375% Senior Notes due 2022 500.0 500.0 5.25% Senior Notes due 2023 650.0 650.0 Less: unamortized discount and unamortized debt issuance costs (28.9 ) (30.3 ) Total principal amount of debt (including current portion) 2,192.9 2,191.5 Less: current portion of long-term debt (176.7 ) (176.8 ) Total long-term debt outstanding $ 2,016.2 $ 2,014.7

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation Expense [Table Text Block]	Share-based compensation expense is recognized within “General and administrative” expense on the Condensed Consolidated Statements of Operations and is summarized in the table below: Three Months Ended March 31, 2016 2015 (in millions) Stock options $ 0.7 $ 0.8 Restricted share awards 6.5 6.3 Performance share units 0.8 2.0 Restricted share units — — Total share-based compensation expense $ 8.0 $ 9.1
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The calculated fair value of options granted and major assumptions used in the model at the date of grant are listed below for the three months ended March 31, 2016 : Stock Option Assumptions Weighted-average grant date fair value of awards granted during the period $ 3.76 Weighted-average risk-free interest rate 1.15 % Weighted-average expected price volatility 43.4 % Expected dividend yield — % Expected term in years at the date of grant 4.5
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Stock option transactions under the terms of the LTSIP are summarized below: Options Outstanding Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (per share) (in years) (in millions) Outstanding at December 31, 2015 2,200,776 $ 27.94 Granted 436,726 10.12 Canceled (386,999 ) 23.98 Outstanding at March 31, 2016 2,250,503 $ 25.17 4.22 $ 1.7 Options Exercisable at March 31, 2016 1,448,779 $ 30.00 3.06 $ — Unvested Options at March 31, 2016 801,724 $ 16.43 6.32 $ 1.7
Schedule of Share-based Compensation, Restricted Share Awards Activity [Table Text Block]	Transactions involving restricted shares under the terms of the LTSIP are summarized below: Restricted Shares Outstanding Weighted- (per share) Unvested balance at December 31, 2015 2,008,210 $ 24.18 Granted 2,356,919 10.13 Vested (783,782 ) 26.01 Forfeited (41,193 ) 18.32 Unvested balance at March 31, 2016 3,540,154 $ 14.50 Restricted Share Units Outstanding Weighted-Average Grant Date Fair Value Unvested balance at December 31, 2015 — $ — Granted 21,493 10.12 Unvested balance at March 31, 2016 21,493 $ 10.12
Schedule of Share-based Compensation, Restricted Share Units Activity [Table Text Block]	Transactions involving restricted shares under the terms of the LTSIP are summarized below: Restricted Shares Outstanding Weighted- (per share) Unvested balance at December 31, 2015 2,008,210 $ 24.18 Granted 2,356,919 10.13 Vested (783,782 ) 26.01 Forfeited (41,193 ) 18.32 Unvested balance at March 31, 2016 3,540,154 $ 14.50 Restricted Share Units Outstanding Weighted-Average Grant Date Fair Value Unvested balance at December 31, 2015 — $ — Granted 21,493 10.12 Unvested balance at March 31, 2016 21,493 $ 10.12
Schedule of Other Share-based Compensation, Activity [Table Text Block]	Transactions involving performance share units under the terms of the CIP are summarized below: Performance Share Units Outstanding Weighted-Average Grant Date Fair Value Unvested balance at December 31, 2015 630,786 $ 27.50 Granted 594,245 10.12 Vested and Paid (178,169 ) 30.07 Forfeited (3,024 ) 27.39 Unvested balance at March 31, 2016 1,043,838 $ 17.17

Employee Benefits (Tables)

Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Benefit Costs [Table Text Block]	The following table sets forth the Company’s net periodic benefit costs related to its Pension Plan, SERP and Medical Plan: Three Months Ended March 31, 2016 2015 Pension Plan and SERP benefits (in millions) Service cost $ 0.2 $ 0.6 Interest cost 1.2 1.3 Expected return on plan assets (1.4 ) (1.4 ) Amortization of prior service costs (1) 0.1 0.8 Amortization of actuarial losses (1) 0.2 0.3 Periodic expense $ 0.3 $ 1.6 Medical Plan benefits Interest cost $ 0.1 $ 0.1 Periodic expense $ 0.1 $ 0.1

Basis of Presentation Equity Of

Basis of Presentation Equity Offering (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common Stock, Shares Issued in Period	37,950
Proceeds from Issuance of Common Stock	$ 368.6	$ 0

Basis of Presentation Revisio32

Basis of Presentation Revision of Financial Statements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revision of Financial Statements [Line Items]
Operating Expenses	$ 1,641	$ 566.2
As reported [Member]
Revision of Financial Statements [Line Items]
Revenue from Purchased Oil and Gas		167.3
Revenues		491.6
Cost of Purchased Oil and Gas		169.4
Operating Expenses		589.7
As revised [Member]
Revision of Financial Statements [Line Items]
Revenue from Purchased Oil and Gas		143.8
Revenues		468.1
Cost of Purchased Oil and Gas		145.9
Operating Expenses		566.2
Change [Member]
Revision of Financial Statements [Line Items]
Revenue from Purchased Oil and Gas		(23.5)
Revenues		(23.5)
Cost of Purchased Oil and Gas		(23.5)
Operating Expenses		$ (23.5)

Basis of Presentation Impairmen

Basis of Presentation Impairment of Long-Lived Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of Oil and Gas Properties	$ 1,182.4
Goodwill, Acquired During Period	3.7
Proved Property [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of Oil and Gas Properties	1,167.9	$ 19.4
Unproved Property [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of Oil and Gas Properties	10.8
Pinedale [Member] | Proved Property [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of Oil and Gas Properties	1,164
Other Northern [Member] | Proved Property [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of Oil and Gas Properties	3.5
Other Southern [Member] | Proved Property [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of Oil and Gas Properties	$ 0.4

Acquisitions & Divestitures (Na

Acquisitions & Divestitures (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Business Acquisition [Line Items]
Acquisition Costs, Period Cost	$ 21
Goodwill, Acquired During Period	3.7
Proceeds from Sale of Oil and Gas Property and Equipment	$ 22.9	$ 1.6

Earnings Per Share Components o

Earnings Per Share Components of Basic and Diluted Shares Used In EPS Calculation (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Weighted-average basic common shares outstanding	189.7	176.2
Potential number of shares issuable upon exercise of in-the-money stock options under the Long-term Stock Incentive Plan	0	0
Average diluted common shares outstanding	189.7	176.2

Capitalized Exploratory Well 36

Capitalized Exploratory Well Costs (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Capitalized Exploratory Well Costs [Abstract]
Capitalized exploratory well costs, beginning balance	$ 2.6
Capitalized exploratory well costs, ending balance	14.1
Additions to capitalized exploratory well costs pending the determination of proved reserves	$ 11.5

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Asset Retirement Obligation [Abstract]
Asset Retirement Obligation, Current	$ 1.8	$ 1.9
ARO Liability [Roll Forward]
ARO liability, Beginning Balance	206.8
Accretion	2.1
Additions	1.5
Liabilities settled	(1.2)
ARO liability, Ending Balance	$ 209.2

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment of Oil and Gas Properties		$ 1,182.4
Fair Value, Measurements, Recurring [Member]
Financial Assets
Net amount of derivative assets presented on condensed consolidated balance sheets		155.2		$ 170
Financial liabilities
Net amount of derivative liabilities presented on condensed consolidated balance sheets		3.4		4.8
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Financial Assets
Derivative Asset, Fair Value, Gross		0		0
Financial liabilities
Derivative Liability, Fair Value, Gross		0		0
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Financial Assets
Derivative Asset, Fair Value, Gross		155.4		171
Financial liabilities
Derivative Liability, Fair Value, Gross		3.6		5.8
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Financial Assets
Derivative Asset, Fair Value, Gross		0		0
Financial liabilities
Derivative Liability, Fair Value, Gross		0		0
Fair Value, Measurements, Recurring [Member] | Netting Adjustments [Member]
Financial Assets
Derivative Asset, Fair Value, Gross	[1]	(0.2)		(1)
Financial liabilities
Derivative Liability, Fair Value, Gross	[1]	(0.2)		(1)
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Financial Assets
Derivative Asset, Fair Value, Gross		155.4		171
Financial liabilities
Derivative Liability, Fair Value, Gross		3.6		5.8
Long-term [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member]
Financial Assets
Net amount of derivative assets presented on condensed consolidated balance sheets		20.8		23.2
Financial liabilities
Net amount of derivative liabilities presented on condensed consolidated balance sheets		3.4		4
Long-term [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Financial Assets
Derivative Asset, Fair Value, Gross		0		0
Financial liabilities
Derivative Liability, Fair Value, Gross		0		0
Long-term [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Financial Assets
Derivative Asset, Fair Value, Gross		20.9		23.2
Financial liabilities
Derivative Liability, Fair Value, Gross		3.5		4
Long-term [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Financial Assets
Derivative Asset, Fair Value, Gross		0		0
Financial liabilities
Derivative Liability, Fair Value, Gross		0		0
Long-term [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Netting Adjustments [Member]
Financial Assets
Derivative Asset, Fair Value, Gross	[1]	(0.1)		0
Financial liabilities
Derivative Liability, Fair Value, Gross	[1]	(0.1)		0
Short-term [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member]
Financial Assets
Net amount of derivative assets presented on condensed consolidated balance sheets		134.4		146.8
Financial liabilities
Net amount of derivative liabilities presented on condensed consolidated balance sheets		0		0.8
Short-term [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Financial Assets
Derivative Asset, Fair Value, Gross		0		0
Financial liabilities
Derivative Liability, Fair Value, Gross		0		0
Short-term [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Financial Assets
Derivative Asset, Fair Value, Gross		134.5		147.8
Financial liabilities
Derivative Liability, Fair Value, Gross		0.1		1.8
Short-term [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Financial Assets
Derivative Asset, Fair Value, Gross		0		0
Financial liabilities
Derivative Liability, Fair Value, Gross		0		0
Short-term [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Netting Adjustments [Member]
Financial Assets
Derivative Asset, Fair Value, Gross	[1]	(0.1)		(1)
Financial liabilities
Derivative Liability, Fair Value, Gross	[1]	(0.1)		$ (1)
Proved Property [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment of Oil and Gas Properties		$ 1,167.9	$ 19.4
[1]	The Company nets its derivative contract assets and liabilities outstanding with the same counterparty on the Condensed Consolidated Balance Sheets, as the contracts contain netting provisions. Refer to Note 7 – Derivative Contracts, for additional information regarding the Company's derivative contracts.

Fair Value Measurements Fair 39

Fair Value Measurements Fair Value and Related Carrying Amount of Certain Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, at Carrying Value	$ 616.4	$ 376.1	$ 500.4	$ 1,160.1
Checks outstanding in excess of cash balances	0	29.8
Long-term debt	2,192.9	2,191.5
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, at Carrying Value	616.4	376.1
Checks outstanding in excess of cash balances	0	29.8
Long-term debt	2,192.9	2,191.5
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, at Carrying Value	616.4	376.1
Checks outstanding in excess of cash balances	0	29.8
Long-term debt, fair value	$ 2,028.9	$ 1,784.6

Derivative Contracts (Narrative

Derivative Contracts (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016
Derivative [Line Items]
Maximum Forecasted Production Covered By Derivatives	100.00%
Minimum [Member]
Derivative [Line Items]
Expected Annual Production Covered By Derivatives	50.00%
Maximum [Member]
Derivative [Line Items]
Expected Annual Production Covered By Derivatives	75.00%

Derivative Contracts Schedule O

Derivative Contracts Schedule Of Commodity Derivative Contracts (Details) MMBTU in Millions	3 Months Ended
	Mar. 31, 2016USD ($)MMBTU$ / MMBTU
Gas Swaps [Member] | Production [Member] | Year 2016 [Member] | NYMEX HH [Member]
Derivative [Line Items]
Derivative Volumes	42.2
Average Swap Price per Unit | $	$ 2.80
Gas Swaps [Member] | Production [Member] | Year 2016 [Member] | IFNPCR [Member]
Derivative [Line Items]
Derivative Volumes	55
Average Swap Price per Unit | $	$ 2.53
Gas Swaps [Member] | Production [Member] | Year 2017 [Member] | NYMEX HH [Member]
Derivative [Line Items]
Derivative Volumes	73
Average Swap Price per Unit | $	$ 2.75
Gas Swaps [Member] | Production [Member] | Year 2017 [Member] | IFNPCR [Member]
Derivative [Line Items]
Derivative Volumes	32.9
Average Swap Price per Unit | $	$ 2.51
Gas Swaps [Member] | Production [Member] | Year 2018 [Member] | NYMEX HH [Member]
Derivative [Line Items]
Derivative Volumes	7.3
Average Swap Price per Unit | $	$ 2.80
Gas Swaps [Member] | Storage [Member] | Year 2016 [Member] | IFNPCR [Member]
Derivative [Line Items]
Derivative Volumes	1.9
Average Swap Price per Unit | $	$ 2.57
Gas Swaps [Member] | Storage [Member] | Year 2017 [Member] | IFNPCR [Member]
Derivative [Line Items]
Derivative Volumes	0.2
Average Swap Price per Unit | $	$ 2.69
Oil Swaps [Member] | Production [Member] | Year 2016 (April through June) [Member] | NYMEX WTI [Member]
Derivative [Line Items]
Derivative Volumes	1.7
Average Swap Price per Unit | $	$ 57.09
Oil Swaps [Member] | Production [Member] | Year 2016 (July through December) [Member] | NYMEX WTI [Member]
Derivative [Line Items]
Derivative Volumes	4.8
Average Swap Price per Unit | $	$ 52.44
Oil Swaps [Member] | Production [Member] | Year 2017 [Member] | NYMEX WTI [Member]
Derivative [Line Items]
Derivative Volumes	3.7
Average Swap Price per Unit | $	$ 51.71
Gas Collars [Member] | Production [Member] | Year 2016 [Member] | NYMEX HH [Member]
Derivative [Line Items]
Derivative Volumes	5.5
Derivative Average Price Floor | $	$ 2.75
Derivative Average Price Ceiling | $	$ 3.89
Gas Basis Swaps [Member] | Production [Member] | Year 2016 [Member] | NYMEX HH LESS IFNPCR [Member]
Derivative [Line Items]
Derivative Volumes	27.5
Weighted-Average Differential | $ / MMBTU	(0.16)
Gas Basis Swaps [Member] | Production [Member] | Year 2017 [Member] | NYMEX HH LESS IFNPCR [Member]
Derivative [Line Items]
Derivative Volumes	51.1
Weighted-Average Differential | $ / MMBTU	(0.18)
Gas Purchase Swaps [Member] | Storage [Member] | Year 2016 [Member] | IFNPCR [Member]
Derivative [Line Items]
Derivative Volumes	0.7
Average Swap Price per Unit | $	$ 1.73

Derivative Contracts Schedule42

Derivative Contracts Schedule of Derivatives Financial Statement Presentation (Details) - Fair Value, Inputs, Level 2 [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 155.4	$ 171
Derivative Liability, Fair Value, Gross	3.6	5.8
Commodity Contract [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	155.4	171
Derivative Liability, Fair Value, Gross	3.6	5.8
Commodity Contract [Member] | Short-term [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	134.5	147.8
Derivative Liability, Fair Value, Gross	0.1	1.8
Commodity Contract [Member] | Long-term [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	20.9	23.2
Derivative Liability, Fair Value, Gross	$ 3.5	$ 4

Derivative Contracts Gain (Loss

Derivative Contracts Gain (Loss) in Statement of Financial Performance (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative [Line Items]
Realized gain (loss) on commodity derivative contracts not designated as hedging instruments	$ 64.4	$ 104.4
Unrealized gain (loss) on commodity derivative contracts not designated as hedging instruments	(13.5)	(23.5)
Realized and Unrealized Gain (Loss) on Commodity Derivative Contracts Not Designated as Hedging Instruments	50.9	80.9
Oil derivative contracts [Member] | Production [Member]
Derivative [Line Items]
Realized gain (loss) on commodity derivative contracts not designated as hedging instruments	40.8	84
Unrealized gain (loss) on commodity derivative contracts not designated as hedging instruments	(27.9)	(33.1)
Natural gas derivative contracts [Member] | Production [Member]
Derivative [Line Items]
Realized gain (loss) on commodity derivative contracts not designated as hedging instruments	21.5	17.9
Unrealized gain (loss) on commodity derivative contracts not designated as hedging instruments	15.4	11.4
Natural gas derivative contracts [Member] | Storage [Member]
Derivative [Line Items]
Realized gain (loss) on commodity derivative contracts not designated as hedging instruments	2.1	2.5
Unrealized gain (loss) on commodity derivative contracts not designated as hedging instruments	$ (1)	$ (1.8)

Restructuring Costs Narrative (

Restructuring Costs Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost		$ 8.1
Restructuring and Related Cost, Expected Cost Remaining	$ 0.1
One-time Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost		5.3
Employee Relocation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost		$ 2.8
Employee Relocation [Member] | Tulsa Regional Office [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 0.3

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Debt Maturity Period	5 years
Principal amount of senior notes outstanding	$ 2,221.8
Debt Instrument, Maturity Date Range, Start	Sep. 1, 2016
Debt Instrument, Maturity Date Range, End	May 1, 2023
Senior Notes, stated interest rate, minimum (in hundredths)	5.25%
Senior Notes, stated interest rate, maximim (in hundredths)	6.875%
Revolving Credit Facility due 2019 [Member]
Debt Instrument [Line Items]
Maturity date of long-term debt	Dec. 2, 2019
Borrowing capacity	$ 1,800
Letters of credit outstanding	$ 2.8	$ 3.7
6.05% Senior Notes due 2016 [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate (in hundredths)	6.05%
Maturity date of long-term debt	Sep. 1, 2016
6.80% Senior Notes due 2018 [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate (in hundredths)	6.80%
Maturity date of long-term debt	Apr. 1, 2018
6.80% Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate (in hundredths)	6.80%
Maturity date of long-term debt	Mar. 1, 2020
6.875% Senior Notes Due 2021 [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate (in hundredths)	6.875%
Maturity date of long-term debt	Mar. 1, 2021

Debt Schedule of Debt Instrumen

Debt Schedule of Debt Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Less unamortized discount	$ (28.9)	$ (30.3)
Long-term debt	2,192.9	2,191.5
Less: current portion of long-term debt	(176.7)	(176.8)
Total long-term debt outstanding	2,016.2	2,014.7
Revolving Credit Facility due 2019 [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	0	0
Senior Notes Due 2016 [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	176.8	176.8
Senior Notes Due 2018 [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	134	134
Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	136	136
6.875% Senior Notes Due 2021 [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	625	625
Senior Notes Due 2022 [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	500	500
5.25% Senior Notes Due 2023 [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 650	$ 650

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss Contingency, Range of Possible Loss, Minimum	$ 0
Loss Contingency, Range of Possible Loss, Maximum	20
Litigation Settlement, Amount	$ 16.7
Litigation Settlement Statutory Interest Rate	10.00%
Loss Contingency Bond Posted	$ 20

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	6.9
Share-based compensation	$ 8	$ 9.1
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 2.8
Weighted average period for recognition of equity-based compensation expense	2 years 5 months 13 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value, grants	$ 10.13	$ 21.67
Unrecognized compensation costs	$ 36.2
Weighted average period for recognition of equity-based compensation expense	2 years 6 months 19 days
Award vesting period	3 years
Total fair value of stock that vested during the period	$ 20.4	$ 18
Performance Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value, grants	$ 10.12	$ 21.69
Unrecognized compensation costs	$ 12.7
Weighted average period for recognition of equity-based compensation expense	2 years 4 months
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value, grants	$ 10.12
Unrecognized compensation costs	$ 0.3
Weighted average period for recognition of equity-based compensation expense	2 years 11 months 9 days

Share-Based Compensation Fair V

Share-Based Compensation Fair Value Of Options Granted And Major Assumptions Used (Details)	3 Months Ended
	Mar. 31, 2016$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value of awards granted during the period	$ 3.76
Weighted-average risk-free interest rate	1.15%
Weighted-average expected price volatility	43.40%
Expected dividend yield	0.00%
Expected term in years at the date of grant	4 years 6 months

Share-Based Compensation Schedu

Share-Based Compensation Schedule Of Stock Option Transactions (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period | shares	2,200,776
Options granted | shares	436,726
Options cancelled | shares	(386,999)
Outstanding at end of period | shares	2,250,503
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average exercise price, beginning of year | $ / shares	$ 27.94
Weighted average exercise price, granted in period | $ / shares	10.12
Weighted average exercise price, canceled in period | $ / shares	23.98
Weighted average exercise price, end of year | $ / shares	$ 25.17
Options exercisable, shares | shares	1,448,779
Options exercisable, weighted average exercise price | $ / shares	$ 30
Unvested options, shares | shares	801,724
Unvested options, weighted average exercise price | $ / shares	$ 16.43
Weighted average remaining contractual term, options outstanding	4 years 2 months 20 days
Weighted average remaining contractual term, options exercisable	3 years 21 days
Weighted average remaining contractual term, options unvested	6 years 3 months 26 days
Aggregate intrinsic value, options outstanding | $	$ 1.7
Aggregate intrinsic value, options exercisable | $	0
Aggregate intrinsic value, options unvested | $	$ 1.7

Share-Based Compensation Sche51

Share-Based Compensation Schedule of Restricted Share Awards Transactions (Details) - Restricted Stock [Member] - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested balance at beginning of period	2,008,210
Shares granted	2,356,919
Shares vested	(783,782)
Shares forfeited	(41,193)
Unvested balance at end of period	3,540,154
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Weighted average grant date fair value, beginning of period	$ 24.18
Weighted average grant date fair value, grants	10.13	$ 21.67
Weighted average grant date fair value, vested	26.01
Weighted average grant date fair value, forfeited	18.32
Weighted average grant date fair value, end of period	$ 14.50

Share-Based Compensation Sche52

Share-Based Compensation Schedule Of Performance Share Unit Transactions (Details) - Performance Share Units [Member] - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested balance at beginning of period	630,786
Shares granted	594,245
Shares vested	(178,169)
Shares forfeited	(3,024)
Unvested balance at end of period	1,043,838
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Weighted average grant date fair value, beginning of period	$ 27.50
Weighted average grant date fair value, grants	10.12	$ 21.69
Weighted average grant date fair value, vested	30.07
Weighted average grant date fair value, forfeited	27.39
Weighted average grant date fair value, end of period	$ 17.17

Share-Based Compensation Sche53

Share-Based Compensation Schedule of Restricted Share Unit Transactions (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	21,493	0
Shares granted	21,493
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 10.12	$ 0
Weighted average grant date fair value, grants	$ 10.12

Share-Based Compensation Share-

Share-Based Compensation Share-based compensation expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Expense [Line Items]
Share-based Compensation	$ 8	$ 9.1
Employee Stock Option [Member]
Share-based Compensation Expense [Line Items]
Share-based Compensation	0.7	0.8
Restricted Stock [Member]
Share-based Compensation Expense [Line Items]
Share-based Compensation	6.5	6.3
Performance Share Units [Member]
Share-based Compensation Expense [Line Items]
Share-based Compensation	0.8	2
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Expense [Line Items]
Share-based Compensation	$ 0	$ 0

Employee Benefits (Narrative) (

Employee Benefits (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Funded Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension Contributions	$ 2
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year	2
Unfunded Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension Contributions	1.1
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year	2.5
Other Postretirement Benefit Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year	0.2
Other Postretirement Benefits Payments	$ 0.1

Employee Benefits Schedule of N

Employee Benefits Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost		$ 0.2	$ 0.6
Interest cost		1.2	1.3
Expected return on plan assets		(1.4)	(1.4)
Amortization of prior service costs	[1]	0.1	0.8
Amortization of actuarial losses	[1]	0.2	0.3
Periodic expense		0.3	1.6
Other Postretirement Benefit Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost		0.1	0.1
Periodic expense		$ 0.1	$ 0.1
[1]	Amortization of prior service costs and actuarial losses out of accumulated other comprehensive income are recognized in the Condensed Consolidated Statements of Operations in "General and administrative"