Segmented Financial Information (Tables)

12 Months Ended

Dec. 31, 2020

Baytex's reportable segments are determined based on the geographic location and nature of the underlying operations:

•Canada includes the exploration for, and the development and production of, crude oil and natural gas in Western Canada;

•U.S. includes the exploration for, and the development and production of, crude oil and natural gas in the U.S.; and

•Corporate includes corporate activities and items not allocated between operating segments.


	Canada				U.S.				Corporate				Consolidated
Years Ended December 31	2020		2019		2020		2019		2020		2019		2020		2019

Revenue, net of royalties
Petroleum and natural gas sales	$	571,741	$	1,077,724	$	403,736	$	728,195	$	—	$	—	$	975,477	$	1,805,919
Royalties	(46,064)		(107,467)		(117,671)		(212,774)		—		—		(163,735)		(320,241)
	525,677		970,257		286,065		515,421		—		—		811,742		1,485,678

Expenses
Operating	247,050		298,303		84,295		99,413		—		—		331,345		397,716
Transportation	28,437		43,942		—		—		—		—		28,437		43,942
Blending and other	48,381		68,795		—		—		—		—		48,381		68,795
General and administrative	—		—		—		—		34,268		45,469		34,268		45,469

Exploration and evaluation	14,011		11,764		—		—		—		—		14,011		11,764
Depletion and depreciation	309,420		463,501		169,439		261,766		7,521		6,419		486,380		731,686
Impairment	1,737,000		187,822		623,220		—		—		—		2,360,220		187,822
Share-based compensation	—		—		—		—		9,469		15,894		9,469		15,894
Financing and interest	—		—		—		—		125,441		125,865		125,441		125,865
Financial derivatives (gain) loss	—		—		—		—		(29,336)		7,197		(29,336)		7,197
Foreign exchange loss (gain)	—		—		—		—		8,688		(61,787)		8,688		(61,787)
Gain on dispositions	(901)		(2,238)		—		—		—		—		(901)		(2,238)
Other income	(2,128)		—		—		—		(3,176)		(7,526)		(5,304)		(7,526)
	2,381,270		1,071,889		876,954		361,179		152,875		131,531		3,411,099		1,564,599
Net income (loss) before income taxes	(1,855,593)		(101,632)		(590,889)		154,242		(152,875)		(131,531)		(2,599,357)		(78,921)
Income tax expense (recovery)
Current income tax expense	469		101		105		1,992		—		—		574		2,093
Deferred income tax (recovery) expense	(77,201)		(32,942)		(57,199)		10,055		(26,567)		(45,668)		(160,967)		(68,555)
	(76,732)		(32,841)		(57,094)		12,047		(26,567)		(45,668)		(160,393)		(66,462)
Net income (loss)	$	(1,778,861)	$	(68,791)	$	(533,795)	$	142,195	$	(126,308)	$	(85,863)	$	(2,438,964)	$	(12,459)

Total oil and natural gas capital expenditures (1)	$	174,770	$	376,543	$	105,388	$	177,928	$	—	$	—	$	280,158	$	554,471

(1)Includes acquisitions, net of proceeds from divestitures.

Assets by segment


As at	December 31, 2020		December 31, 2019
Canadian assets	$	1,646,412	$	3,484,123
U.S. assets	1,737,533		2,403,310
Corporate assets	24,151		26,650
Total consolidated assets	$	3,408,096	$	5,914,083