The lower equivalent price reflects field level price -- gas prices that were 26% lower than in the fourth quarter of 2011.
QEP Energy's combined derivatives portfolio contributed $83 million of EBITDA in the quarter compared to $66 million from the fourth quarter of '11, and $42 million from the first quarter of '11. The derivatives portfolio added $1.13 per Mcfe to QEP Energy's net realized price in the first quarter compared to $0.89 per Mcfe in the fourth quarter of '11 and $0.64 in the first quarter of '11. QEP Energy's combined lease operating transportation and production tax expenses were $114 million in the quarter, down from $122 million from the fourth quarter of '11 and up from $99 million in the first quarter of '11.
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