Net cash provided by operating activities was $296.0 million during the first half of 2017, which included $122.3 million of net income, $163.0 million of non-cash adjustments to net income and a $10.7 million increase in changes in operating assets and liabilities. Non-cash adjustments to net income of $163.0 million primarily included DD&A expense of $383.3 million and $67.2 million of deferred income taxes, partially offset by unrealized gains on derivative contracts of $277.6 million. The increase in changes in operating assets and liabilities of $10.7 million primarily resulted from a decrease in accounts receivable of $27.4 million, partially offset by a decrease in accounts payable and accrued expenses of $7.8 million and a decrease in the ARO liability of $2.0 million.
Cash Flow from Investing Activities
A comparison of capital expenditures for the first half of 2018 and 2017, are presented in the table below:
Six Months Ended June 30,
Property, plant and equipment capital expenditures
Total accrued capital expenditures
Change in accruals and other non-cash adjustments
Total cash capital expenditures
In the first half of 2018, on an accrual basis, the Company invested $784.5 million on property, plant and equipment capital expenditures (which excludes property acquisitions), an increase of $264.2 million compared to the first half of 2017. In the first half of 2018, QEP's significant capital expenditures included $498.9 million in the Permian Basin (including midstream infrastructure of $38.3 million, primarily related to fresh water supply, produced water gathering, salt water disposal and oil and gas gathering), $157.8 million in the Williston Basin, $120.6 million in Haynesville/Cotton Valley (including midstream infrastructure of $7.5 million, primarily related to gas gathering) and $4.5 million in the Uinta Basin. In addition, in the first half of 2018, QEP acquired various oil and gas properties, primarily proved and unproved leasehold acreage in the Permian Basin for an aggregate purchase price of $45.1 million, of which $37.5 million was related to the 2017 Permian Basin Acquisition.
In the first half of 2017, on an accrual basis, the Company invested $520.3 million on property, plant and equipment capital expenditures (which excludes property acquisitions), including $297.7 million in the Permian Basin, $128.1 million in the Williston Basin, $72.2 million in Haynesville/Cotton Valley and $12.3 million in Pinedale. In addition, during the first half of 2017, QEP acquired various oil and gas properties, primarily proved and unproved leaseholds and additional surface acreage primarily in the Permian Basin, for an aggregate purchase price of $76.6 million.
The mid-point of our 2018 forecasted capital expenditures (excluding property acquisitions) is $1,120.0 million. QEP intends to fund capital expenditures (excluding property acquisitions) with cash flow from operating activities and borrowings under the credit facility. The aggregate levels of capital expenditures for 2018 and the allocation of those expenditures are dependent on a variety of factors, including drilling results, oil, gas and NGL prices, industry conditions, the extent to which properties or working interests are acquired, the availability of capital resources to fund the expenditures and changes in management's business assessments as to where QEP's capital can be most profitably deployed. Accordingly, the actual levels of capital expenditures and the allocation of those expenditures may vary materially from QEP's estimates.
Cash Flow from Financing Activities
In the first half of 2018, net cash provided by financing activities was $386.4 million compared to net cash used in financing activities of $8.0 million in the first half of 2017. During the first half of 2018, QEP had borrowings from the credit facility of $2,029.5 million and repayments on its credit facility of $1,543.5 million. In addition, QEP used $58.4 million of cash to repurchase common stock under the Company's share repurchase program and had treasury stock repurchases of $5.9 million related to the settlement of income tax and related benefit withholding obligations arising from the vesting of restricted share grants. QEP had a decrease in checks outstanding in excess of cash balances of $35.5 million. During the first half of 2017, QEP had treasury stock repurchases of $6.4 million, a decrease in long-term debt issuance costs paid of $1.1 million and a decrease in checks outstanding in excess of cash balances of $0.5 million.