XML 37 R26.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Capital Management | 12 Months Ended
--- | ---
Dec. 31, 2021
Corporate Information And Statement Of IFRS Compliance [Abstract] |
Capital Management | CAPITAL MANAGEMENT The Company's capital management objective is to maintain financial flexibility and sufficient sources of liquidity to execute its capital programs, while meeting short and long-term commitments. Baytex strives to actively manage its capital structure in response to changes in economic conditions. At December 31, 2021, the Company's capital structure was comprised of shareholders' capital, long-term notes, trade and other receivables, trade and other payables and the Credit Facilities. In order to manage its capital structure and liquidity, Baytex may from time to time issue equity or debt securities, enter into business transactions including the sale of assets or adjust capital spending to manage current and projected debt levels. There is no certainty that any of these additional sources of capital would be available if required. The capital intensive nature of Baytex's operations requires the maintenance of adequate sources of liquidity to fund ongoing exploration and development. Baytex's capital resources consist primarily of Adjusted Funds Flow, available Credit Facilities and proceeds received from the divestiture of oil and gas properties. The following capital management measures and ratios are used to monitor current and projected sources of liquidity. Net Debt The Company uses Net Debt to monitor it's current financial position and to evaluate existing sources of liquidity. Baytex also uses Net Debt projections to estimate future liquidity and whether additional sources of capital are required to fund ongoing operations. The following table reconciles Net Debt to amounts disclosed in the primary financial statements.
| December 31, 2021 | December 31, 2020
Credit facilities | $ | 505,171 |  | $ | 649,221 |
Unamortized debt issuance costs - Credit Facilities (note 7) | 1,343 |  | 1,952 |
Long-term notes | 874,527 |  | 1,132,868 |
Unamortized debt issuance costs - Long-term notes (note 8) | 11,393 |  | 15,082 |
Trade and other payables | 190,692 |  | 155,955 |
Trade and other receivables | (173,409) |  | (107,477) |
Net Debt | $ | 1,409,717 |  | $ | 1,847,601 |
Adjusted Funds Flow Adjusted Funds Flow is used to monitor operating performance and the Company's ability to generate funds for exploration and development expenditures, debt repayment, settlement of abandonment obligations and potential future dividends. Baytex also uses a Net Debt to Adjusted Funds Flow ratio calculated on a twelve-month trailing basis to monitor the Company's existing capital structure and future liquidity requirements. Adjusted Funds Flow is reconciled to amounts disclosed in the primary financial statements in the following table.
| Years Ended December 31
| 2021 | 2020
Cash flows from operating activities | $ | 712,384 |  | $ | 353,096 |
Change in non-cash working capital | 26,582 |  | (48,758) |
Asset retirement obligations settled | 6,662 |  | 7,168 |
Adjusted Funds Flow | $ | 745,628 |  | $ | 311,506 |
Net Debt to Adjusted Funds Flow | 1.9 |  | 5.9 |

X
- Definition Corporate Information And Statement Of IFRS Compliance [Abstract] + References No definition available. + Details
Name: | bte_CorporateInformationAndStatementOfIFRSComplianceAbstract
Namespace Prefix: | bte_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of information that enables users of financial statements to evaluate the entity's objectives, policies and processes for managing capital. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 1 -IssueDate 2021-01-01 -Paragraph 134 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_134&doctype=Standard -URIDate 2021-03-24 + Details
Name: | ifrs-full_DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration