Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |||
Mar. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | |
Limited Partners Common Units [Member] | Limited Partners Subordinated Units [Member] | General Partner Units [Member] | ||
Entity Information [Line Items] | ' | ' | ' | ' |
Entity Registrant Name | 'QEP MIDSTREAM PARTNERS, LP | ' | ' | ' |
Entity Central Index Key | '0001576044 | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 26,719,037 | 26,705,000 | 1,090,286 |
Document Fiscal Year Focus | '2014 | ' | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' | ' |
Document Type | '10-Q | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
Successor [Member] | Predecessor [Member] | Limited Partners Common Units [Member] | Limited Partners Subordinated Units [Member] | |
Gathering and transportation | $28.90 | $36.60 | ' | ' |
Condensate sales | 2.1 | 3.5 | ' | ' |
Total revenues | 31 | 40.1 | ' | ' |
Gathering expense | 6.4 | 7.7 | ' | ' |
General and administrative | 4.7 | 5.7 | ' | ' |
Taxes other than income taxes | 0.5 | 0.3 | ' | ' |
Depreciation and amortization | 7.8 | 10.3 | ' | ' |
Total operating expenses | 19.4 | 24 | ' | ' |
Net loss from property sales | 0 | -0.3 | ' | ' |
Operating income | 11.6 | 15.8 | ' | ' |
Income from unconsolidated affiliates | 1.5 | 1.3 | ' | ' |
Interest expense | -0.6 | -1.1 | ' | ' |
Net income | 12.5 | 16 | ' | ' |
Net income attributable to noncontrolling interest | -0.8 | -0.6 | ' | ' |
Net income attributable to Predecessor | $11.70 | $15.40 | $5.70 | $5.70 |
Net income attributable to QEP Midstream per limited partner unit (basic and diluted) | ' | ' | $0.21 | $0.21 |
Weighted-average limited partner units outstanding (basic and diluted) | ' | ' | 26.7 | 26.7 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Cash and cash equivalents | $20.30 | $19 |
Accounts receivable, net | 10 | 9.1 |
Accounts receivable from related party | 21 | 25.5 |
Natural gas imbalance receivable | 3.3 | 1.7 |
Total current assets | 54.6 | 55.3 |
Property, plant and equipment, net | 491.4 | 493.4 |
Investment in unconsolidated affiliates | 27.5 | 27.8 |
Other noncurrent assets | 3.2 | 3.4 |
Total assets | 576.7 | 579.9 |
Accounts payable | 6.3 | 6.6 |
Accounts payable to related party | 4.8 | 9 |
Natural gas imbalance liability | 3.3 | 1.7 |
Deferred revenue | 11 | 9.6 |
Other current liabilities | 0.6 | 0.2 |
Total current liabilities | 26 | 27.1 |
Asset retirement obligation | 13.5 | 13.3 |
Deferred revenue | 11.6 | 11.9 |
Total long-term liabilities | 25.1 | 25.2 |
Commitments and contingencies (see Note 9) | ' | ' |
General partner units | 2.4 | 2.5 |
Total partner's capital | 481 | 482.2 |
Noncontrolling interest | 44.6 | 45.4 |
Total net equity | 525.6 | 527.6 |
Total liabilities and equity | 576.7 | 579.9 |
Limited Partners Subordinated Units [Member] | ' | ' |
Limited partner units | 67.7 | 68 |
Limited Partners Common Units [Member] | ' | ' |
Limited partner units | $410.90 | $411.70 |
Balance_Sheet_Parenthetical
Balance Sheet (Parenthetical) | Mar. 31, 2014 | Dec. 31, 2013 |
Limited Partners Common Units [Member] | ' | ' |
Weighted Average Shares Outstanding, Basic and Diluted | 26,719,037 | 26,710,748 |
Limited Partners Subordinated Units [Member] | ' | ' |
Weighted Average Shares Outstanding, Basic and Diluted | 26,705,000 | 26,705,000 |
General Partner Units [Member] | ' | ' |
Weighted Average Shares Outstanding, Basic and Diluted | 1,090,286 | 1,090,117 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Successor [Member] | Predecessor [Member] | |
Net income | $12.50 | $16 |
Depreciation and amortization | 7.8 | 10.3 |
Equity-based compensation expense | 0.4 | 0 |
Income from unconsolidated affiliates | -1.5 | -1.3 |
Distributions from unconsolidated affiliates | 1.8 | 1.5 |
Amortization of debt issuance costs | 0.2 | 0 |
Net loss from asset sales | 0 | 0.3 |
Accounts receivable | 3.6 | 9.1 |
Accounts payable and accrued expenses | -4.3 | 2.6 |
Other | 1.3 | 0.4 |
Net cash provided by operating activities | 21.8 | 38.9 |
Property, plant and equipment | -5.7 | -3.9 |
Proceeds from sale of assets | 0 | 0.8 |
Net cash used in investing activities | -5.7 | -3.1 |
Repayments of long-term debt to related party | 0 | -45.3 |
Contributions from (distributions to) parent, net | 1 | 12.5 |
Distributions to unitholders | -14.2 | 0 |
Distribution to noncontrolling interest | -1.6 | -1.5 |
Net cash used in financing activities | -14.8 | -34.3 |
Change in cash and cash equivalents | 1.3 | 1.5 |
Beginning cash and cash equivalents | 19 | 1.4 |
Ending cash and cash equivalents | 20.3 | 2.9 |
Change in capital expenditure accrual balance | ($0.10) | ($1.70) |
Nature_of_Business
Nature of Business | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Business Description and Basis of Presentation [Text Block] | ' |
Nature of Business | |
QEP Midstream Partners, LP (the Partnership) was formed in Delaware on April 19, 2013, to own, operate, acquire and develop midstream energy assets. The Partnership's assets consist of ownership interests in four gathering systems and two Federal Energy Regulatory Commission (FERC) regulated pipelines through which we provide natural gas and crude oil gathering and transportation services in Colorado, North Dakota, Utah and Wyoming. | |
On August 14, 2013, the Partnership completed its initial public offering (the IPO) of common units representing limited partner interests in the Partnership (see Note 3 - Initial Public Offering). Unless the context otherwise requires, references in this report to "Predecessor," "we," "our," "us," or like terms, when used on a historical basis (periods prior to the IPO on August 14, 2013), refer to QEP Midstream Partners, LP Predecessor (the Predecessor). References in this report to "QEP Midstream" the "Partnership," "Successor," "we," "our," "us," or like terms, when used from and after the IPO, in the present tense or prospectively (starting August 14, 2013), refer to QEP Midstream Partners, LP and its subsidiaries. For purposes of these financial statements, "QEP" refers to QEP Resources, Inc. and its consolidated subsidiaries, including the Partnership. | |
As part of the IPO, QEP Midstream Partners GP, LLC (General Partner) and QEP Field Services Company (QEP Field Services), both QEP affiliates, collectively contributed to the Partnership (i) a 100% ownership interest in each of QEP Midstream Partners Operating, LLC (the Operating Company), QEPM Gathering I, LLC and Rendezvous Pipeline Company, L.L.C. (Rendezvous Pipeline), (ii) a 78% interest in Rendezvous Gas Services, L.L.C. (Rendezvous Gas Services), and (iii) a 50% equity interest in Three Rivers Gathering, L.L.C. (Three Rivers Gathering). The General Partner serves as general partner of the Partnership and together with QEP provides services to the Partnership pursuant to an Omnibus Agreement between the parties. | |
The Predecessor consists of all of the Partnership's gathering assets as well as a 38% equity interest in Uintah Basin Field Services, L.L.C. (Uintah Basin Field Services) and a 100% interest in all other gathering assets owned by QEP Field Services in the Uinta Basin (collectively referred to as the Uinta Basin Gathering System). The Uinta Basin Gathering System was retained by QEP and was not part of the assets conveyed to the Partnership. |
Basis_of_Presentation_of_Inter
Basis of Presentation of Interim Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
Basis of Presentation of Interim Consolidated Financial Statements | |
Basis of Presentation | |
The interim unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (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. | |
Interim consolidated financial statements are unaudited and do not include all of the information and notes required by GAAP for audited consolidated financial statements. These financial statements should be read in conjunction with the Predecessor's audited consolidated financial statements for the year ended December 31, 2013, included in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission (SEC). These financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the results of operations and financial position. Amounts reported in the Unaudited Consolidated Statements of Income are not necessarily indicative of amounts expected for the respective annual periods. | |
The unaudited consolidated financial statements and accompanying notes prior to the IPO (August 14, 2013) relate to the Predecessor and have been prepared in accordance with GAAP on the basis of QEP's historical ownership of the Predecessor assets. The Predecessor's consolidated financial statements have been prepared from the separate records maintained by QEP and may not necessarily be indicative of the actual results of operations that might have occurred if the Predecessor had been operated separately during the periods reported. Further, management does not believe that these financial statements are necessarily comparable to the financial statements reported by the Partnership for periods subsequent to the IPO nor reflective of other transactions that resulted in the capitalization and start-up of the Partnership. See Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations - Factors Affecting the Comparability of Our Financial Results within this report for a description of the significant factors affecting the comparability of the Predecessor's historical results of operations and those of the Partnership subsequent to the IPO. | |
Recent Accounting Developments | |
During the three months ended March 31, 2014, there were no new accounting pronouncements that were applicable to the Partnership. |
Initial_Public_Offering
Initial Public Offering | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Initial Public Offering [Abstract] | ' | ||||||
Initial Public Offering [Text Block] | ' | ||||||
Initial Public Offering | |||||||
On August 14, 2013, the Partnership completed its IPO, selling 20,000,000 common units, representing limited partner interests in the Partnership, at a price to the public of $21.00 per common unit. The Partnership received net proceeds of $390.7 million from the sale of the common units, after deducting underwriting discounts and commissions, structuring fees and offering expenses of approximately $29.3 million. Following the IPO, the underwriters exercised their over-allotment option to purchase an additional 3,000,000 common units, at a price of $21.00 per common unit, providing additional net proceeds of $58.9 million, after deducting $4.1 million of underwriters' discounts and commissions and structuring fees, to the Partnership. | |||||||
The Partnership used the net proceeds to repay its outstanding debt balance with QEP, which was assumed with the assets contributed to the Partnership, pay revolving credit facility origination fees and make a cash distribution to QEP, a portion of which was used to reimburse QEP for certain capital expenditures it incurred with respect to assets contributed to the Partnership. | |||||||
The following is a reconciliation of proceeds from the IPO (in millions): | |||||||
Total proceeds from the IPO | $ | 483 | |||||
Offering costs | (33.4 | ) | |||||
Net proceeds from the IPO | 449.6 | ||||||
Revolving credit facility origination fees | (3.0 | ) | |||||
Repayment of outstanding debt with QEP | (95.5 | ) | |||||
Net proceeds distributed to QEP from the IPO | $ | 351.1 | |||||
As of March 31, 2014, the Partnership's ownership consisted of the following: | |||||||
Units | % Ownership | ||||||
Limited partner common units - QEP | 3,701,750 | 6.8 | % | ||||
Limited partner common units - public | 23,017,287 | 42.2 | % | ||||
Limited partner subordinated units - QEP | 26,705,000 | 49 | % | ||||
General partner units | 1,090,286 | 2 | % | ||||
Total QEP Midstream units | 54,514,323 | 100 | % | ||||
Contribution, Conveyance and Assumption Agreement and Concurrent Transactions | |||||||
In connection with the IPO, the Partnership entered into a Contribution, Conveyance and Assumption Agreement (the Contribution Agreement) with QEP Field Services, the General Partner and the Operating Company. Immediately prior to the IPO, the following transactions, among others, occurred pursuant to the Contribution Agreement: | |||||||
• | QEP Field Services contributed to the General Partner, as a capital contribution, a limited liability company interest in the Operating Company with a value equal to 2% of the equity value of the Partnership at the closing of the IPO; | ||||||
• | the General Partner contributed to the Partnership, as a capital contribution, the limited liability company interest in the Operating Company in exchange for (a) 1,090,000 general partner units representing the continuation of an aggregate 2% general partner interest in the Partnership and (b) all the incentive distribution rights of the Partnership; | ||||||
• | QEP Field Services contributed to the Partnership, as a capital contribution, its remaining limited liability company interests in the Operating Company in exchange for (a) 6,701,750 common units representing a 12.3% limited partner interest in the Partnership, (b) 26,705,000 subordinated units representing a 49% limited partner interest in the Partnership and (c) the right to receive a distribution from the Partnership; and | ||||||
• | the public, through the underwriters, contributed $420.0 million in cash (or $390.7 million, net of the underwriters' discounts and commissions, structuring fees and offering expenses of approximately $29.3 million) to the Partnership in exchange for the issuance of 20,000,000 common units. | ||||||
Subsequent to the IPO, the underwriters exercised their over-allotment option to purchase an additional 3,000,000 common units in the Partnership, which reduced QEP Field Services' common unit interest in the Partnership from 12.3% to 6.8%. | |||||||
The contribution of QEP Field Services' and the General Partner's limited liability company interest in the Operating Company to the Partnership was valued using the carryover book value of the Operating Company, as the transaction is a transfer of assets between entities under common control, as follows (in millions): | |||||||
Cash and cash equivalents | $ | 1.1 | |||||
Accounts receivable, net | 26.4 | ||||||
Property, plant and equipment, net | 485.6 | ||||||
Investment in unconsolidated affiliate | 27.9 | ||||||
Account payable and accrued expenses | (21.1 | ) | |||||
Long-term debt to related party | (95.5 | ) | |||||
Asset retirement obligation | (11.8 | ) | |||||
Other liabilities | (4.8 | ) | |||||
Net assets | $ | 407.8 | |||||
First Amended and Restated Agreement of Limited Partnership of QEP Midstream Partners, LP | |||||||
In connection with the IPO, the Agreement of Limited Partnership was amended and restated by the First Amended and Restated Agreement of Limited Partnership of QEP Midstream Partners, LP (as amended and restated, the Partnership Agreement). |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Related Party Transaction [Line Items] | ' | ||||||||
Related Party Transactions Disclosure [Text Block] | ' | ||||||||
Related Party Transactions | |||||||||
The following table summarizes the related party income statement transactions of the Partnership and Predecessor with QEP: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Successor | Predecessor | ||||||||
(in millions) | |||||||||
Revenues from affiliate | $ | 21.7 | $ | 20.7 | |||||
General and administrative to affiliate | (3.5 | ) | (5.7 | ) | |||||
Interest expense to affiliate | — | (1.1 | ) | ||||||
The Partnership | |||||||||
Our General Partner is owned by QEP Field Services, which is a subsidiary of QEP. As of March 31, 2014, QEP Field Services owns 3,701,750 common units and 26,705,000 subordinated units representing a 55.8% limited partner interest in us. In addition, the General Partner owns 1,090,286 general partner units representing a 2.0% general partner interest in us, as well as incentive distribution rights. Transactions with our General Partner, QEP Field Services and QEP are considered to be related party transactions, because our General Partner and its affiliates own more than 5% of our equity interests. In addition to the agreements discussed in Note 3 - Initial Public Offering, the Partnership entered into the following agreements with QEP. | |||||||||
Omnibus Agreement | |||||||||
In connection with the IPO, the Partnership entered into an Omnibus Agreement (the Omnibus Agreement) with QEP Field Services, the General Partner, the Operating Company and QEP, which addresses the following matters: | |||||||||
• | the Partnership's payment of an annual amount to QEP, initially in the amount of $13.8 million, for the provision of certain general and administrative services by QEP to the Partnership, including a fixed annual fee of approximately $1.4 million for executive management services provided by certain officers of the General Partner, who are also executives of QEP. The remaining portion of this annual amount reflects an estimate of the costs QEP will incur in providing the services; | ||||||||
• | the Partnership's obligation to reimburse QEP for any out-of-pocket costs and expenses incurred by QEP in providing general and administrative services (which reimbursement is in addition to certain expenses of the General Partner and its affiliates that are reimbursed under the Partnership's partnership agreement), as well as any other out-of-pocket expenses incurred by QEP on the Partnership's behalf; and | ||||||||
• | an indemnity by QEP for certain environmental and other liabilities, and the Partnership's obligation to indemnify QEP and its subsidiaries for events and conditions associated with the operation of the Partnership's assets that occur after the closing of the IPO. | ||||||||
As long as QEP controls the General Partner, the Omnibus Agreement will remain in full force and effect. If QEP ceases to control the General Partner, either party may terminate the Omnibus Agreement, but the indemnification obligations will remain in full force and effect in accordance with their terms. | |||||||||
For the period ended March 31, 2014, the Partnership was charged $3.5 million under the Omnibus Agreement by QEP. | |||||||||
Service Agreements | |||||||||
In connection with the IPO, the Partnership entered into various midstream agreements with QEP including, but not limited to, natural gas, crude oil, water and condensate gathering and transportation agreements, a fixed-price condensate purchase agreement, operating agreements and other service agreements. The Partnership believes that the terms and conditions under these agreements are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services in the ordinary course of its business. | |||||||||
The Predecessor | |||||||||
Prior to the IPO, the Predecessor had the following agreements in place with QEP resulting in affiliate transactions. | |||||||||
Centralized Cash Management | |||||||||
QEP operated a cash management system whereby excess cash from its various subsidiaries, held in separate bank accounts, was consolidated into a centralized account. Sales and purchases related to third-party transactions were settled in cash but were received or paid by QEP within the centralized cash management system. | |||||||||
Affiliated Debt | |||||||||
The Predecessor's long-term debt consisted of an allocation from QEP Field Services of its total long-term debt related to QEP Field Services' debt agreements with QEP. During 2013, QEP Field Services had a $250.0 million promissory note with QEP, which matured at the end of the first quarter of 2013 with a fixed interest rate of 6.05%. The promissory note was renewed on April 1, 2013, with a maturity date of April 1, 2014. In addition, QEP Field Services entered into a $1.0 billion revolving credit type promissory note with QEP, with a maturity date of April 1, 2017, to assist with funding of capital expenditures. Interest allocated to the Predecessor under these notes in the first quarter of 2013 was based on the fixed-rate due to QEP and was settled in cash. QEP Field Services was in compliance with its covenants under the agreements for all periods prior to the IPO, and there were no letters of credit outstanding. In connection with the IPO, $95.5 million of affiliated debt was assumed by the Partnership and was repaid in full on August 14, 2013, with proceeds of the IPO extinguishing all affiliated debt of the Partnership. | |||||||||
Allocation of Costs | |||||||||
The employees supporting the Predecessor's operations were employees of QEP. General and administrative expenses allocated to the Predecessor were $5.7 million for the three months ended March 31, 2013. The consolidated financial statements of the Predecessor include direct charges for operations of our assets and costs allocated by QEP. These costs were reimbursed and related to: (i) various business services, including, but not limited to, payroll, accounts payable and facilities management, (ii) various corporate services, including, but not limited to, legal, accounting, treasury, information technology and human resources and (iii) compensation, equity-based compensation, benefits and pension and post-retirement costs. These expenses were charged or allocated to the Predecessor based on the nature of the expenses and its proportionate share of QEP's gross property, plant and equipment, operating income and direct labor costs. Management believes these allocation methodologies were reasonable. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Property, Plant and Equipment [Line Items] | ' | ||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||||
Property, Plant and Equipment | |||||||||||
A summary of the historical cost of the Partnership's property, plant and equipment is as follows: | |||||||||||
Estimated Useful | 31-Mar-14 | 31-Dec-13 | |||||||||
Lives | |||||||||||
Successor | Successor | ||||||||||
(in millions) | |||||||||||
Gathering equipment | 5 to 40 years | $ | 743.4 | $ | 737.9 | ||||||
General support equipment | — | — | |||||||||
Total property, plant and equipment | 743.4 | 737.9 | |||||||||
Accumulated depreciation | (252.0 | ) | (244.5 | ) | |||||||
Total net property, plant and equipment | $ | 491.4 | $ | 493.4 | |||||||
Asset_Retirement_Obligation
Asset Retirement Obligation | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Asset Retirement Obligation [Abstract] | ' | |||
Asset Retirement Obligation Disclosure [Text Block] | ' | |||
Asset Retirement Obligations | ||||
The Partnership records asset retirement obligations (ARO) when there are legal obligations associated with the retirement of tangible long-lived assets. The fair values of such costs are estimated by our personnel based on abandonment costs of similar assets and depreciated over the life of the related assets. Revisions to the ARO liability may occur due, among other things, to changes in estimated abandonment costs and estimated settlement timing. The ARO liability is adjusted to present value each period through an accretion calculation using our credit-adjusted, risk-free interest rate. | ||||
The following is a reconciliation of the changes in the ARO liability for the periods specified below (in millions): | ||||
Asset Retirement | ||||
Obligations | ||||
ARO liability at January 1, 2014 | $ | 13.3 | ||
Accretion | 0.2 | |||
ARO liability at March 31, 2014 | $ | 13.5 | ||
Debt
Debt | 3 Months Ended | |
Mar. 31, 2014 | ||
Line of Credit Facility [Abstract] | ' | |
Debt Disclosure [Text Block] | ' | |
Debt | ||
In connection with the IPO, we entered into a $500.0 million senior secured revolving credit facility (the Credit Facility) with a group of financial institutions. The Credit Facility matures on August 14, 2018 and contains an accordion provision that would allow for the amount of the facility to be increased to $750.0 million with the agreement of the lenders. The Credit Facility is available for working capital, capital expenditures, permitted acquisitions and general corporate purposes, including distributions. Substantially all of the Partnership's assets, excluding equity in and assets of certain joint ventures and unrestricted subsidiaries and other customary exclusions, are pledged as collateral under the Credit Facility. In addition, the Credit Facility contains restrictions and events of default customary for transactions of this nature. | ||
Loans under the Credit Facility will bear interest at the Partnership's option at a variable rate per annum equal to either: | ||
• | a base rate, which will be the highest of (i) the administrative agent's prime rate in effect on such day, (ii) the federal funds rate in effect on such day plus 0.50%, and (iii) one-month LIBOR plus 1.0%, in each case, plus an applicable margin ranging from 0.75% to 1.50% based on the Partnership's consolidated leverage ratio; or | |
• | LIBOR plus an applicable margin ranging from 1.75% to 2.50% based on the Partnership's consolidated leverage ratio. | |
As of March 31, 2014, there was no debt outstanding under the Credit Facility, and the Partnership was in compliance with the covenants under the credit agreement. The unused portion of the Credit Facility is subject to a commitment fee ranging from 0.325% to 0.500% per annum depending on the Partnership's consolidated leverage ratio (as defined in the Credit Facility agreement). For the three months ended March 31, 2014, the Partnership incurred $0.4 million of commitment fees. All debt outstanding prior to and at the IPO relates to intercompany debt with QEP discussed in Note 4 - Related Party Transactions. The net proceeds from the IPO were used to pay off the $95.5 million of debt assumed by the Partnership in connection with the IPO. |
EquityBased_Compensation
Equity-Based Compensation | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Phantom Unit Award Activity [Abstract] | ' | |||||||
Unit Compensation [Text Block] | ' | |||||||
Equity-Based Compensation | ||||||||
In connection with the IPO, the board of directors of the General Partner (the Board) adopted the QEP Midstream Partners, LP 2013 Long-Term Incentive Plan (the LTIP) for officers, directors and employees of the General Partner and its affiliates, and any consultants, affiliates of the General Partner or other individuals who perform services for the Partnership. The Partnership reserved 5,341,000 common units for issuance pursuant to and in accordance with the LTIP. | ||||||||
The LTIP provides for the grant, from time to time at the discretion of the Board, of unit awards, restricted units, phantom units, unit options, unit appreciation rights, distribution equivalent rights, profits interest units and other equity-based awards. The LTIP limits the number of common units that may be delivered pursuant to awards under the LTIP to 5,341,000 common units. Common units cancelled or forfeited will be available for delivery pursuant to other awards. The LTIP is administered by the Board or a designated committee thereof. | ||||||||
Common Units | ||||||||
During the three months ended March 31, 2014, the Board granted 8,289 common units to the non-employee directors of the Board at $23.53 per unit, which vested immediately. The fair value of common unit awards granted to non-employee directors is based on the fair market value of the Partnership's common units on the date of the grant, and the equity-based compensation expense is recognized at the time of grant, because the common unit awards vest immediately and are non-forfeitable. | ||||||||
Phantom Units | ||||||||
During the three months ended March 31, 2014, the Board granted 13,439 phantom units to employees of the General Partner, which vest in equal installments over a three-year period from the grant date and are payable in common units. The fair value of phantom unit awards granted to employees is based on the fair market value of the Partnership's common units on the date of the grant, and the equity-based compensation expense is recognized over the vesting period of three years. | ||||||||
The following is a summary of the Partnership's phantom unit award activity for the period ended March 31, 2014: | ||||||||
Phantom Units Outstanding | Weighted-Average Grant-Date Fair Value Per Unit | |||||||
Unvested balance at beginning of the period | 38,250 | $ | 22.03 | |||||
Granted | 13,439 | 23.68 | ||||||
Vested | — | — | ||||||
Forfeited | — | — | ||||||
Unvested balance at March 31, 2014 | 51,689 | $ | 22.46 | |||||
Total compensation expense recognized for the common unit and phantom unit awards for the three months ended March 31, 2014 was $0.4 million, and the total amount of unrecognized compensation cost related to the phantom unit award was $0.8 million as of March 31, 2014, which is expected to be recognized over the remaining vesting period of 2.5 years. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Commitments and Contingencies | |
We are involved in various commercial and regulatory claims, litigation and other legal proceedings that arise in the ordinary course of our business. We assess these claims in an effort to determine the degree of probability and range of possible loss for potential accrual in our consolidated financial statements. In accordance with ASC 450, Contingencies, an accrual is recorded for a loss contingency when its occurrence is probable and damages can be reasonably estimated based on the anticipated most likely outcome or the minimum amount within a range of possible outcomes. Because legal proceedings are inherently unpredictable and unfavorable resolutions could occur, assessing contingencies is highly subjective and requires judgments about uncertain future events. When evaluating contingencies, we may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, the presence of complex or novel legal theories, and/or the ongoing discovery and development of information important to the matter. The Partnership's litigation loss contingencies are discussed below. We are unable to estimate reasonably possible losses in excess of recorded accruals for these contingencies for the reasons set forth above. We believe, however, that after consideration of accrued amounts, insurance coverage and indemnification arrangements, the resolution of pending proceedings will not have a material effect on our financial position, results of operations or cash flows. | |
Litigation | |
At the closing of the IPO, the assets and agreement subject to the ongoing litigation between Questar Gas Company (QGC) and QEP Field Services, styled Questar Gas Company v. QEP Field Services Company, Civil No. 120902969, Third Judicial District Court, State of Utah, were assigned to the Partnership. QEP Field Services' former affiliate, QGC, filed this complaint in state court in Utah on May 1, 2012, asserting claims for breach of contract, breach of implied covenant of good faith and fair dealing, and an accounting and declaratory judgment related to a 1993 gathering agreement (the 1993 Agreement) executed when the parties were affiliates. Under the 1993 Agreement, certain of our systems provide gathering services to QGC charging an annual gathering rate which is based on the cost of service. QGC is disputing the calculation of the gathering rate. The annual gathering rate has been calculated in the same manner under the 1993 Agreement since it was amended in 1998, without any prior objection or challenge by QGC. QGC netted the disputed amount from its monthly payment of the gathering fees to QEP Field Services and has continued to net such amount from its monthly payment to the Partnership. As of March 31, 2014, the Partnership has deferred revenue of $9.9 million related to the QGC disputed amount. Specific monetary damages are not asserted. QEP Field Services has filed counterclaims seeking damages and a declaratory judgment relating to its gathering services under the 1993 Agreement. QGC may seek to amend its complaint to add the Partnership as a defendant in the litigation. The Partnership has been indemnified by QEP for costs, expenses and other losses incurred by the Partnership in connection with the QGC dispute, subject to certain limitations, as set forth in the Omnibus Agreement (defined above in Note 4 - Related Party Transactions). |
Net_Income_Per_Limited_Partner
Net Income Per Limited Partner Unit | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Net Income Per Limited Partner Unit [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
Net Income Per Limited Partner Unit | |||||||||||||||||
Net income per unit is applicable to the Partnership's limited partner common and subordinated units. Net income per unit is calculated following the two-class method as the Partnership has more than one class of participating securities, including common units, subordinated units, general partner units, certain equity-based compensation awards and incentive distribution rights. Net income per unit is calculated by dividing the limited partners' interest in net income attributable to the Partnership, after deducting any general partner incentive distributions, by the weighted-average number of outstanding common and subordinated units outstanding. | |||||||||||||||||
Net income per unit is only calculated for the period subsequent to the IPO as no units were outstanding prior to August 14, 2013. As of March 31, 2014, the basic net income per unit and the diluted net income per unit were equal as there were no potentially dilutive units outstanding. | |||||||||||||||||
The following tables set forth distributions in excess of net income attributable to QEP Midstream and the calculation of net income per unit for the three months ended March 31, 2014 (in millions, except per unit amounts). | |||||||||||||||||
Net income attributable to QEP Midstream | $ | 11.7 | |||||||||||||||
General partner's distribution declared(1) | (0.3 | ) | |||||||||||||||
Limited partners' distribution declared on common units(1) | (7.2 | ) | |||||||||||||||
Limited partners' distribution declared on subordinated units(1) | (7.2 | ) | |||||||||||||||
Distribution in excess of net income attributable to QEP Midstream | $ | (3.0 | ) | ||||||||||||||
(1) On April 22, 2014, the Partnership declared its quarterly cash distribution of $14.7 million, or $0.27 per unit for the first quarter of 2014. The quarterly distribution will be paid on May 15, 2014 to unitholders of record as of the close of business on May 5, 2014. During the three months ended March 31, 2014, no net income was attributable to incentive distribution rights. | |||||||||||||||||
General Partner | Limited Partners' Common Units | Limited Partners' Subordinated Units | Total | ||||||||||||||
(in millions, except per unit amounts) | |||||||||||||||||
Net income attributable to QEP Midstream: | |||||||||||||||||
Distribution declared | $ | 0.3 | $ | 7.2 | $ | 7.2 | $ | 14.7 | |||||||||
Distributions in excess of net income attributable to QEP Midstream | — | (1.5 | ) | (1.5 | ) | (3.0 | ) | ||||||||||
Net income attributable to QEP Midstream | $ | 0.3 | $ | 5.7 | $ | 5.7 | $ | 11.7 | |||||||||
Weighted-average limited partner units outstanding | |||||||||||||||||
Basic and diluted | 1.1 | 26.7 | 26.7 | 54.5 | |||||||||||||
Net income per limited partner unit attributable to the QEP Midstream | |||||||||||||||||
Basic and diluted | $ | 0.21 | $ | 0.21 | |||||||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Events | |
Distribution | |
On April 22, 2014, the Partnership declared a quarterly cash distribution of $14.7 million, or $0.27 per unit for the first quarter of 2014. The quarterly distribution will be paid on May 15, 2014 to unitholders of record as of the close of business on May 5, 2014. | |
Acquisition | |
In May 2014, the Partnership entered into a purchase and sale agreement to acquire 40% of the membership interests in Green River Processing, LLC (Green River Processing) for $230.0 million, subject to customary purchase price adjustments, (the Green River Processing Acquisition) from QEP Field Services. The Green River Processing Acquisition is expected to close in July 2014 and will be funded with borrowings under the Credit Facility. The Green River Processing Acquisition will be accounted for as an equity investment in unconsolidated affiliate on the Unaudited Consolidated Balance Sheets. The investment will be recorded at the carrying value as of the acquisition date as the Green River Processing Acquisition represents a transaction between entities under common control with the difference between the carrying amount and the purchase price recorded to equity. | |
Green River Processing is a wholly owned subsidiary of QEP Field Services and will own the Blacks Fork processing complex and the Emigrant Trail processing plant, both of which are located in southwest Wyoming. The combined processing capacity of Green River Processing is 890 MMcf per day, of which 560 MMcf per day is cryogenic capacity and 330 MMcf per day is Joule-Thomson processing capacity. In addition, there is 15,000 bbl per day of NGL fractionation capacity at the Blacks Fork processing complex. |
Initial_Public_Offering_Tables
Initial Public Offering (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Initial Public Offering [Abstract] | ' | ||||||
Reconciliation of Proceeds from Offering [Table Text Block] | ' | ||||||
Total proceeds from the IPO | $ | 483 | |||||
Offering costs | (33.4 | ) | |||||
Net proceeds from the IPO | 449.6 | ||||||
Revolving credit facility origination fees | (3.0 | ) | |||||
Repayment of outstanding debt with QEP | (95.5 | ) | |||||
Net proceeds distributed to QEP from the IPO | $ | 351.1 | |||||
Schedule of Other Ownership Interests [Table Text Block] | ' | ||||||
Units | % Ownership | ||||||
Limited partner common units - QEP | 3,701,750 | 6.8 | % | ||||
Limited partner common units - public | 23,017,287 | 42.2 | % | ||||
Limited partner subordinated units - QEP | 26,705,000 | 49 | % | ||||
General partner units | 1,090,286 | 2 | % | ||||
Total QEP Midstream units | 54,514,323 | 100 | % | ||||
Net Assets Contributed [Table Text Block] | ' | ||||||
Cash and cash equivalents | $ | 1.1 | |||||
Accounts receivable, net | 26.4 | ||||||
Property, plant and equipment, net | 485.6 | ||||||
Investment in unconsolidated affiliate | 27.9 | ||||||
Account payable and accrued expenses | (21.1 | ) | |||||
Long-term debt to related party | (95.5 | ) | |||||
Asset retirement obligation | (11.8 | ) | |||||
Other liabilities | (4.8 | ) | |||||
Net assets | $ | 407.8 | |||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Related Party Transaction [Line Items] | ' | ||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Successor | Predecessor | ||||||||
(in millions) | |||||||||
Revenues from affiliate | $ | 21.7 | $ | 20.7 | |||||
General and administrative to affiliate | (3.5 | ) | (5.7 | ) | |||||
Interest expense to affiliate | — | (1.1 | ) | ||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Property, Plant and Equipment [Line Items] | ' | ||||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||||
A summary of the historical cost of the Partnership's property, plant and equipment is as follows: | |||||||||||
Estimated Useful | 31-Mar-14 | 31-Dec-13 | |||||||||
Lives | |||||||||||
Successor | Successor | ||||||||||
(in millions) | |||||||||||
Gathering equipment | 5 to 40 years | $ | 743.4 | $ | 737.9 | ||||||
General support equipment | — | — | |||||||||
Total property, plant and equipment | 743.4 | 737.9 | |||||||||
Accumulated depreciation | (252.0 | ) | (244.5 | ) | |||||||
Total net property, plant and equipment | $ | 491.4 | $ | 493.4 | |||||||
Asset_Retirement_Obligation_Ta
Asset Retirement Obligation (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Asset Retirement Obligation [Abstract] | ' | |||
Schedule of Change in Asset Retirement Obligation [Table Text Block] | ' | |||
The following is a reconciliation of the changes in the ARO liability for the periods specified below (in millions): | ||||
Asset Retirement | ||||
Obligations | ||||
ARO liability at January 1, 2014 | $ | 13.3 | ||
Accretion | 0.2 | |||
ARO liability at March 31, 2014 | $ | 13.5 | ||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Phantom Unit Award Activity [Abstract] | ' | |||||||
Phantom Unit Award Activity [Table Text Block] | ' | |||||||
Phantom Units Outstanding | Weighted-Average Grant-Date Fair Value Per Unit | |||||||
Unvested balance at beginning of the period | 38,250 | $ | 22.03 | |||||
Granted | 13,439 | 23.68 | ||||||
Vested | — | — | ||||||
Forfeited | — | — | ||||||
Unvested balance at March 31, 2014 | 51,689 | $ | 22.46 | |||||
Net_Income_Per_Limited_Partner1
Net Income Per Limited Partner Unit (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Net Income Per Limited Partner Unit [Abstract] | ' | ||||||||||||||||
Schedule of Distributions in Excess of Net Income [Table Text Block] | ' | ||||||||||||||||
Net income attributable to QEP Midstream | $ | 11.7 | |||||||||||||||
General partner's distribution declared(1) | (0.3 | ) | |||||||||||||||
Limited partners' distribution declared on common units(1) | (7.2 | ) | |||||||||||||||
Limited partners' distribution declared on subordinated units(1) | (7.2 | ) | |||||||||||||||
Distribution in excess of net income attributable to QEP Midstream | $ | (3.0 | ) | ||||||||||||||
Distributions Made to Limited Partner, by Distribution [Table Text Block] | ' | ||||||||||||||||
General Partner | Limited Partners' Common Units | Limited Partners' Subordinated Units | Total | ||||||||||||||
(in millions, except per unit amounts) | |||||||||||||||||
Net income attributable to QEP Midstream: | |||||||||||||||||
Distribution declared | $ | 0.3 | $ | 7.2 | $ | 7.2 | $ | 14.7 | |||||||||
Distributions in excess of net income attributable to QEP Midstream | — | (1.5 | ) | (1.5 | ) | (3.0 | ) | ||||||||||
Net income attributable to QEP Midstream | $ | 0.3 | $ | 5.7 | $ | 5.7 | $ | 11.7 | |||||||||
Weighted-average limited partner units outstanding | |||||||||||||||||
Basic and diluted | 1.1 | 26.7 | 26.7 | 54.5 | |||||||||||||
Net income per limited partner unit attributable to the QEP Midstream | |||||||||||||||||
Basic and diluted | $ | 0.21 | $ | 0.21 | |||||||||||||
Nature_of_Business_Details
Nature of Business (Details) | Mar. 31, 2014 | Aug. 14, 2013 |
Initial Public Offering Narrative (Details) | ' | ' |
Rendezvous Gas Services Ownership Percentage | ' | 78.00% |
QEP Midstream Partners, LLC Ownership Percentage | 100.00% | ' |
Three Rivers Ownership Percentage | ' | 50.00% |
Equity Method Investment, Ownership Percentage | ' | 38.00% |
Uinta Basin Gathering Ownership Percentage | 100.00% | ' |
Initial_Public_Offering_Narrat
Initial Public Offering (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Aug. 14, 2013 | Mar. 31, 2014 |
Initial Public Offering Narrative (Details) [Line Items] | ' | ' |
Ownership Percentage | ' | 100.00% |
General partner ownership interest in subsidiary | 2.00% | ' |
Shares Issued, Price Per Share | 21 | ' |
Partners' Capital Account, Public Sale of Units | 483 | ' |
Partners Capital Offering Costs | 33.4 | ' |
Partners' Capital Account, Public Sale of Units Net of Offering Costs | 449.6 | ' |
General Partners' Capital Account, Units Issued | 1,090,000 | ' |
QEP Field Services Company [Member] | ' | ' |
Initial Public Offering Narrative (Details) [Line Items] | ' | ' |
Ownership Percentage | ' | 55.80% |
Partners' Capital Account, Units, Contributed | 6,701,750 | ' |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 12.30% | 6.80% |
Limited Partner Common Units Sold to Public [Member] | ' | ' |
Initial Public Offering Narrative (Details) [Line Items] | ' | ' |
Partners' Capital Account, Units, Sold in Public Offering | 20,000,000 | ' |
Partners' Capital Account, Public Sale of Units | 420 | ' |
Partners Capital Offering Costs | 29.3 | ' |
Partners' Capital Account, Public Sale of Units Net of Offering Costs | 390.7 | ' |
Limited Partner Common Units Sold to Underwriters [Member] | ' | ' |
Initial Public Offering Narrative (Details) [Line Items] | ' | ' |
Partners' Capital Account, Units, Sold in Public Offering | 3,000,000 | ' |
Partners Capital Offering Costs | 4.1 | ' |
Partners' Capital Account, Public Sale of Units Net of Offering Costs | 58.9 | ' |
Initial_Public_Offering_Reconc
Initial Public Offering (Reconciliation Of Proceeds From IPO) (Details) (USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Aug. 14, 2013 |
Reconciliation of Proceeds from IPO [Line Items] | ' |
Total proceeds from the IPO | $483 |
Offering costs | -33.4 |
Net proceeds from the IPO | 449.6 |
Revolving credit facility origination fees | -3 |
Repayment of outstanding debt with QEP | -95.5 |
Net proceeds of offering distributed to QEP from the offering | $351.10 |
Initial_Public_Offering_Partne
Initial Public Offering (Partnership's Ownership) (Details) | Mar. 31, 2014 |
Other Ownership Interests [Line Items] | ' |
Total Partners' Capital Units | 54,514,323 |
Ownership Percentage | 100.00% |
QEP Field Services Company [Member] | ' |
Other Ownership Interests [Line Items] | ' |
Ownership Percentage | 55.80% |
Limited Partners Subordinated Units [Member] | QEP Field Services Company [Member] | ' |
Other Ownership Interests [Line Items] | ' |
Limited partner common units | 26,705,000 |
Ownership Percentage | 49.00% |
Limited Partners Common Units [Member] | Publicly Owned [Member] | ' |
Other Ownership Interests [Line Items] | ' |
Limited partner common units | 23,017,287 |
Ownership Percentage | 42.20% |
Limited Partners Common Units [Member] | QEP Field Services Company [Member] | ' |
Other Ownership Interests [Line Items] | ' |
Limited partner common units | 3,701,750 |
Ownership Percentage | 6.80% |
General Partner Units [Member] | QEP Field Services Company [Member] | ' |
Other Ownership Interests [Line Items] | ' |
General partner units | 1,090,286 |
Ownership Percentage | 2.00% |
Initial_Public_Offering_Schedu
Initial Public Offering (Schedule of Net Assets Contributed in IPO) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Aug. 14, 2013 |
In Millions, unless otherwise specified | |||
Business Acquisition [Line Items] | ' | ' | ' |
Cash and cash equivalents | $20.30 | $19 | $1.10 |
Accounts receivable, net | ' | ' | 26.4 |
Property, plant and equipment, net | 491.4 | 493.4 | 485.6 |
Investment in unconsolidated affiliates | 27.5 | 27.8 | 27.9 |
Accounts payable and accrued expenses | -6.3 | -6.6 | -21.1 |
Long-term debt to related party | ' | ' | -95.5 |
Asset retirement obligation | -13.5 | -13.3 | -11.8 |
Other liabilities | ' | ' | -4.8 |
Net assets | ' | ' | $407.80 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | ||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Aug. 14, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
QEP Field Services Company [Member] | Limited Partners Common Units [Member] | Limited Partners Subordinated Units [Member] | General Partner Units [Member] | Notes Payable, Other Payables [Member] | Revolving Credit Facility [Member] | Predecessor [Member] | ||||
QEP Field Services Company [Member] | QEP Field Services Company [Member] | QEP Field Services Company [Member] | ||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Omnibus Agreement Annual Payment | $13,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Omnibus Agreement G&A payment | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' |
Quarterly management fee | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date Range, Start | ' | ' | ' | ' | ' | ' | ' | 1-Apr-13 | ' | ' |
Debt Instrument, Maturity Date Range, End | ' | ' | ' | ' | ' | ' | ' | 1-Apr-14 | 1-Apr-17 | ' |
Promissory note with related party | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Other Long-term Debt | ' | ' | 95,500,000 | ' | ' | ' | ' | ' | ' | ' |
Related party debt, fixed interest rate | ' | 6.05% | ' | ' | ' | ' | ' | ' | ' | ' |
General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,700,000 |
Limited partner common units | ' | ' | ' | ' | 3,701,750 | 26,705,000 | ' | ' | ' | ' |
Ownership Percentage | 100.00% | ' | ' | 55.80% | 6.80% | 49.00% | 2.00% | ' | ' | ' |
General partner units | ' | ' | ' | ' | ' | ' | 1,090,286 | ' | ' | ' |
Related_Party_Transactions_Rel
Related Party Transactions Related Party Income Statement Transactions (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Successor [Member] | Predecessor [Member] | |
Related Party Transaction [Line Items] | ' | ' |
Revenues from affiliate | $21.70 | $20.70 |
General and administrative to affiliate | -3.5 | -5.7 |
Interest expense to affiliate | $0 | ($1.10) |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Aug. 14, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Gas Gathering and Processing Equipment [Member] | Gas Gathering and Processing Equipment [Member] | Gas Gathering and Processing Equipment [Member] | Gas Gathering and Processing Equipment [Member] | |||
Minimum [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | '5 years | '40 years |
Property, plant and equipment, gross | $743.40 | $737.90 | ' | $743.40 | $737.90 | ' | ' |
Accumulated depreciation | ' | ' | ' | -252 | -244.5 | ' | ' |
Total net property, plant and equipment | $491.40 | $493.40 | $485.60 | ' | ' | ' | ' |
Asset_Retirement_Obligation_De
Asset Retirement Obligation (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Aug. 14, 2013 |
Asset Retirement Obligation [Abstract] | ' | ' |
Asset retirement obligation | $13.30 | $11.80 |
Accretion | 0.2 | ' |
Asset Retirement Obligation | $13.50 | $11.80 |
Debt_Details
Debt (Details) (USD $) | 2 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2014 | Aug. 14, 2013 |
Line of Credit Facility [Abstract] | ' | ' | ' |
QEP Midstream Credit Facility | $500 | ' | ' |
QEP Midsteam Credit Facility Maximum Amount | ' | 750 | ' |
Credit facility commitment fees | ' | 0.4 | ' |
Related party debt paid off in conjunction with the IPO | ' | ' | $95.50 |
EquityBased_Compensation_Narra
Equity-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Number of units reserved for issuance under the LTIP | 5,341,000 |
Phantom units granted | 13,439 |
Common units granted | 8,289 |
Grant date fair value | $23.53 |
Compensation expense recognized for common and phantom unit awards | $0.40 |
Unrecognized compensation cost related to the phantom unit award | $0.80 |
Remaining vesting period | '2 years 6 months |
EquityBased_Compensation_Sched
Equity-Based Compensation Schedule of Phantom Unit Activity (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ' |
Unvested balance, beginning of period | 38,250 |
Granted | 13,439 |
Vested | 0 |
Forfeitures | 0 |
Unvested balance, end of period | 51,689 |
Fair value, start of period | $22.03 |
Fair value, granted | $23.68 |
Fair value, vested | $0 |
Fair value, forfeited | $0 |
Fair value, end of period | $22.46 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies [Abstract] | ' |
Deferred Revenue | $9.90 |
Net_Income_Per_Limited_Partner2
Net Income Per Limited Partner Unit Schedule of Distributions (Details) (USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Distributions in Excess of Net Income [Line Items] | ' |
Net income attributable to Partnership | $11.70 |
General partner's distribution declared(1) | -0.3 |
Distributions in excess of Net Income | -3 |
Quarterly cash distribution, amount | 14.7 |
Quarterly cash distribution, amount per unit | $0.27 |
Limited Partners Common Units [Member] | ' |
Distributions in Excess of Net Income [Line Items] | ' |
Net income attributable to Partnership | 5.7 |
Limited partners' distribution declared on common units(1) | -7.2 |
Distributions in excess of Net Income | -1.5 |
Limited Partners Subordinated Units [Member] | ' |
Distributions in Excess of Net Income [Line Items] | ' |
Net income attributable to Partnership | 5.7 |
Limited partners' distribution declared on common units(1) | -7.2 |
Distributions in excess of Net Income | ($1.50) |
Net_Income_Per_Limited_Partner3
Net Income Per Limited Partner Unit Schedule of Net Income Per Unit (Details) (USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Schedule of Net Income Per Unit [Line Items] | ' |
Distributions declared | $14.70 |
Distributions in excess of Net Income | -3 |
Net income attributable to Partnership | 11.7 |
Weighted Average Limited Partnership Units Outstanding, Basic and Diluted | 54.5 |
Limited Partners Common Units [Member] | ' |
Schedule of Net Income Per Unit [Line Items] | ' |
Distributions declared | 7.2 |
Distributions in excess of Net Income | -1.5 |
Net income attributable to Partnership | 5.7 |
Weighted Average Limited Partnership Units Outstanding, Basic and Diluted | 26.7 |
Net income per limited partner unit | $0.21 |
Limited Partners Subordinated Units [Member] | ' |
Schedule of Net Income Per Unit [Line Items] | ' |
Distributions declared | 7.2 |
Distributions in excess of Net Income | -1.5 |
Net income attributable to Partnership | 5.7 |
Weighted Average Limited Partnership Units Outstanding, Basic and Diluted | 26.7 |
Net income per limited partner unit | $0.21 |
General Partner Units [Member] | ' |
Schedule of Net Income Per Unit [Line Items] | ' |
Distributions declared | 0.3 |
Distributions in excess of Net Income | 0 |
Net income attributable to Partnership | $0.30 |
Weighted Average Limited Partnership Units Outstanding, Basic and Diluted | 1.1 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Subsequent Event [Line Items] | ' |
Quarterly cash distribution, amount | $14.70 |
Quarterly cash distribution, amount per unit | $0.27 |
Equity Method Investment, Ownership Percentage | 40.00% |
Equity Method Investment, Cost Basis | $230 |