QEP Resources, Inc.

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SEC Filings

10-Q
QEP RESOURCES, INC. filed this Form 10-Q on 07/25/2018
Entire Document
 


Uinta Basin Divestiture Commodity Derivative Swaps
Year
 
Index
 
Total Volumes
 
Average Swap Price per Unit
 
 
 
 
(in millions)
 
 
Oil sales
 
 
 
(bbls)

 
($/bbl)

2018
 
NYMEX WTI
 
0.1

 
$
68.55

2019
 
NYMEX WTI
 
0.5

 
$
65.30

2020
 
NYMEX WTI
 
0.6

 
$
61.20

2021
 
NYMEX WTI
 
0.6

 
$
58.50

2022
 
NYMEX WTI
 
0.4

 
$
56.15

2023
 
NYMEX WTI
 
0.2

 
$
55.00

Gas sales
 
 
 
(MMBtu)

 
($/MMBtu)

2018
 
NYMEX HH
 
2.9

 
$
2.86

2019
 
NYMEX HH
 
13.4

 
$
2.74

2020
 
NYMEX HH
 
20.2

 
$
2.63

2021
 
NYMEX HH
 
19.3

 
$
2.59

2022
 
NYMEX HH
 
8.7

 
$
2.61

2023
 
NYMEX HH
 
5.4

 
$
2.68

Uinta Basin Divestiture Commodity Derivative Basis Swaps
Year
 
Index
 
Basis
 
Total Volumes
 
Weighted-Average Differential
Gas sales
 
 
 
 
 
(MMBtu)

 
($/MMBtu)

2018
 
NYMEX HH
 
IFNPCR
 
2.9

 
$
(0.63
)
2019
 
NYMEX HH
 
IFNPCR
 
13.4

 
$
(0.77
)
2020
 
NYMEX HH
 
IFNPCR
 
20.2

 
$
(0.77
)

Changes in the fair value of derivative contracts from December 31, 2017 to June 30, 2018, are presented below:
 
Commodity derivative contracts
 
(in millions)
Net fair value of oil and gas derivative contracts outstanding at December 31, 2017
$
(131.9
)
Contracts settled
88.7

Change in oil and gas prices on futures markets
61.2

Contracts added
(193.4
)
Net fair value of oil and gas derivative contracts outstanding at June 30, 2018
$
(175.4
)

The following table shows the sensitivity of the fair value of oil and gas derivative contracts to changes in the market price of oil, gas and basis differentials:
 
June 30, 2018
 
(in millions)
Net fair value – asset (liability)
$
(175.4
)
Fair value if market prices of oil, gas and basis differentials decline by 10%
$
(157.8
)
Fair value if market prices of oil, gas and basis differentials increase by 10%
$
(192.9
)


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