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Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2020

Financial Instruments [Abstract]

Disclosure of financial assets

The carrying value and fair value of the Company's financial instruments carried on the consolidated statements of financial position are classified into the following categories:

			December 31, 2020						December 31, 2019
			Carrying value			Fair value			Carrying value			Fair value			Fair Value Measurement Hierarchy
Financial Assets
FVTPL
Financial Derivatives			$	5,057		$	5,057		$	5,433		$	5,433		Level 2
Total			$	5,057		$	5,057		$	5,433		$	5,433
Financial assets at amortized cost
Cash			$	—		$	—		$	5,572		$	5,572		—
Trade and other receivables			107,477			107,477			173,762			173,762			—
Total			$	107,477		$	107,477		$	179,334		$	179,334
Financial Liabilities
FVTPL
Financial Derivatives			$	(26,792)		$	(26,792)		$	(8,668)		$	(8,668)		Level 2
Total			$	(26,792)		$	(26,792)		$	(8,668)		$	(8,668)
Financial liabilities at amortized cost
Trade and other payables			$	(155,955)		$	(155,955)		$	(207,454)		$	(207,454)		—
Credit Facilities			(649,221)			(651,173)			(505,412)			(506,471)			—
Long-term notes			(1,132,868)			(761,129)			(1,328,175)			(1,290,817)			Level 1
Total			$	(1,938,044)		$	(1,568,257)		$	(2,041,041)		$	(2,004,742)

Disclosure of financial liabilities

The carrying value and fair value of the Company's financial instruments carried on the consolidated statements of financial position are classified into the following categories:

			December 31, 2020						December 31, 2019
			Carrying value			Fair value			Carrying value			Fair value			Fair Value Measurement Hierarchy
Financial Assets
FVTPL
Financial Derivatives			$	5,057		$	5,057		$	5,433		$	5,433		Level 2
Total			$	5,057		$	5,057		$	5,433		$	5,433
Financial assets at amortized cost
Cash			$	—		$	—		$	5,572		$	5,572		—
Trade and other receivables			107,477			107,477			173,762			173,762			—
Total			$	107,477		$	107,477		$	179,334		$	179,334
Financial Liabilities
FVTPL
Financial Derivatives			$	(26,792)		$	(26,792)		$	(8,668)		$	(8,668)		Level 2
Total			$	(26,792)		$	(26,792)		$	(8,668)		$	(8,668)
Financial liabilities at amortized cost
Trade and other payables			$	(155,955)		$	(155,955)		$	(207,454)		$	(207,454)		—
Credit Facilities			(649,221)			(651,173)			(505,412)			(506,471)			—
Long-term notes			(1,132,868)			(761,129)			(1,328,175)			(1,290,817)			Level 1
Total			$	(1,938,044)		$	(1,568,257)		$	(2,041,041)		$	(2,004,742)

Carrying amounts of U.S. dollar denominated monetary assets and liabilities

The carrying amounts of the Company’s U.S. dollar denominated monetary assets and liabilities recorded in entities with a Canadian dollar functional currency at the reporting date are as follows:

Assets

Liabilities

December 31, 2020

December 31, 2019

December 31, 2020

December 31, 2019

U.S. dollar denominated

US$759,508

US$8,733

US$934,731

US$841,961

Disclosure of financial derivative contracts

Baytex had the following commodity financial derivative contracts outstanding as at February 24, 2021.

Period

Volume

Price/Unit (1)

Index

Oil

Basis swap

Jan 2021 to Jun 2021

2,000 bbl/d

WTI less US$13.75/bbl

WCS

Basis swap

Jan 2021 to Dec 2021

7,000 bbl/d

WTI less US$13.68/bbl

WCS

Basis swap (4)

Apr 2021 to Dec 2021

1,000 bbl/d

WTI less US$11.50/bbl

WCS

Basis swap (4)

Jan 2022 to Dec 2022

6,000 bbl/d

WTI less US$12.76/bbl

WCS

Basis swap

Jan 2021 to Dec 2021

6,000 bbl/d

WTI less US$5.17/bbl

MSW

Basis swap (4)

Mar 2021 to Dec 2021

1,500 bbl/d

WTI less US$4.50/bbl

MSW

Fixed - Sell

Jan 2021 to Dec 2021

4,000 bbl/d

US$45.00/bbl

WTI

3-way option (2)

Jan 2021 to Dec 2021

500 bbl/d

US$35.00/US$45.00/US$49.03

WTI

3-way option (2)

Jan 2021 to Dec 2021

1,500 bbl/d

US$35.00/US$45.00/US$49.10

WTI

3-way option (2)

Jan 2021 to Dec 2021

3,500 bbl/d

US$35.00/US$45.00/US$49.50

WTI

3-way option (2)

Jan 2021 to Dec 2021

10,000 bbl/d

US$35.00/US$45.00/US$55.00

WTI

3-way option (2)

Jan 2021 to Dec 2021

2,000 bbl/d

US$37.00/US$42.50/US$48.00

WTI

3-way option (2)(4)

Jan 2022 to Dec 2022

1,500 bbl/d

US$40.00/US$50.00/US$58.10

WTI

Swaption (3)

Jan 2022 to Dec 2022

5,000 bbl/d

US$53.00/bbl

WTI

Swaption (3)

Jan 2022 to Dec 2022

5,000 bbl/d

US$54.00/bbl

WTI

Natural Gas

Fixed - Sell

Jan 2021 to Jun 2021

3,000 GJ/d

$2.71/GJ

AECO 7A

Fixed - Sell

Jan 2021 to Dec 2021

16,000 GJ/d

$2.36/GJ

AECO 7A

Fixed - Sell

Jan 2021 to Dec 2021

2,500 GJ/d

$2.40/GJ

AECO 5A

Fixed - Sell

Jan 2021 to Dec 2021

12,000 mmbtu/d

US$2.70/mmbtu

NYMEX

3-way option (2)

Jan 2022 to Dec 2022

2,500 mmbtu/d

US$2.25/US$2.75/US$3.06

NYMEX

3-way option (2)(4)

Jan 2022 to Dec 2022

2,500 mmbtu/d

US$2.65/US$2.90/US$3.40

NYMEX

(1)Based on the weighted average price per unit for the period.

(2)Producer 3-way option consists of a sold call, a bought put and a sold put. To illustrate, in a US$35.00/US$45.00/US$55.00 contract, Baytex receives WTI plus US$10.00/bbl when WTI is at or below US$35.00/bbl; Baytex receives US$45.00/bbl when WTI is between US$35.00/bbl and US$45.00/bbl; Baytex receives the market price when WTI is between US$45.00/bbl and US$55.00/bbl; and Baytex receives US$55.00/bbl when WTI is above US$55.00/bbl.

(3)For these contracts, the counterparty has the right, if exercised on December 31, 2021, to enter a swap transaction for the remaining term, notional volume and fixed price per unit indicated above.

(4)Contracts entered subsequent to December 31, 2020.

Disclosure of financial derivatives marked-to-market

The following table sets forth the realized and unrealized gains and losses recorded on financial derivatives.

			Years Ended December 31
			2020			2019
Realized financial derivatives gain			$	(47,836)		$	(75,620)
Unrealized financial derivatives loss			18,500			82,817
Financial derivatives (gain) loss			$	(29,336)		$	7,197

Disclosure of cash outflows relating to financial liabilities

The timing of cash outflows relating to financial liabilities as at December 31, 2020 is outlined in the table below:

			Total			Less than 1 year			1-3 years			3-5 years			Beyond 5 years
Trade and other payables			$	155,955		$	155,955		$	—		$	—		$	—
Financial derivatives			26,792			26,792			—			—			—
Credit facilities (1)(2)			651,173			—			—			651,173			—
Long-term notes (2)			1,147,950			—			—			510,200			637,750
Interest on long-term notes (3)			446,854			84,502			169,004			123,479			69,869
Lease obligations (2)			11,850			4,504			4,302			3,044			—
			$	2,440,574		$	271,753		$	173,306		$	1,287,896		$	707,619

(1)At December 31, 2019, the credit facilities were set to mature on April 2, 2021. On March 3, 2020, Baytex amended the credit facilities to extend maturity to April 2, 2024 which will automatically be extended to June 4, 2024 providing the Company has either refinanced or has the ability to repay the outstanding 2024 long-term notes with existing credit capacity as of April 1, 2024.

(2)Principal amount of instruments. On February 5, 2020, Baytex issued US$500 million principal amount of 8.75% senior unsecured notes due 2027. On February 20, 2020 Baytex completed the redemption of the US$400 million principal amount of senior unsecured notes due 2021 and, on March 5, 2020, completed the redemption of $300 million principal amount of 6.625% senior unsecured notes due 2022 (note 9).

(3)Excludes interest on credit facilities as interest payments on credit facilities fluctuate based on amounts outstanding and the prevailing interest rate at the time of borrowing.

Trade and other receivables aging

The Company's trade and other receivables, net of the allowance for doubtful accounts, were aged as follows at December 31, 2020.

Trade and Other Receivables Aging			December 31, 2020			December 31, 2019
Current (less than 30 days)			$	104,210		$	169,500
31-60 days			1,493			1,199
61-90 days			220			342
Past due (more than 90 days)			1,554			2,721
			$	107,477		$	173,762

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