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Financial Instruments and Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 2021 | December 31, 2020 |
| Carrying value | Fair value | Carrying value | Fair value | Fair Value Measurement Hierarchy
Financial Assets |  |  |  |  |
FVTPL |  |  |  |  |
Financial Derivatives | $ | 8,654 |  | $ | 8,654 |  | $ | 5,057 |  | $ | 5,057 |  | Level 2
Total | $ | 8,654 |  | $ | 8,654 |  | $ | 5,057 |  | $ | 5,057 |  |
Amortized cost |  |  |  |  |
Trade and other receivables | $ | 173,409 |  | $ | 173,409 |  | $ | 107,477 |  | $ | 107,477 |  | — |
Total | $ | 173,409 |  | $ | 173,409 |  | $ | 107,477 |  | $ | 107,477 |  |
Financial Liabilities |  |  |  |  |
FVTPL |  |  |  |  |
Financial Derivatives | $ | (134,020) |  | $ | (134,020) |  | $ | (26,792) |  | $ | (26,792) |  | Level 2
Total | $ | (134,020) |  | $ | (134,020) |  | $ | (26,792) |  | $ | (26,792) |  |
Amortized cost |  |  |  |  |
Trade and other payables | $ | (190,692) |  | $ | (190,692) |  | $ | (155,955) |  | $ | (155,955) |  | — |
Credit Facilities | (505,171) |  | (506,514) |  | (649,221) |  | (651,173) |  | — |
Long-term notes | (874,527) |  | (917,889) |  | (1,132,868) |  | (761,129) |  | Level 1
Total | $ | (1,570,390) |  | $ | (1,615,095) |  | $ | (1,938,044) |  | $ | (1,568,257) |  |
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, 2021 | December 31, 2020 |
| Carrying value | Fair value | Carrying value | Fair value | Fair Value Measurement Hierarchy
Financial Assets |  |  |  |  |
FVTPL |  |  |  |  |
Financial Derivatives | $ | 8,654 |  | $ | 8,654 |  | $ | 5,057 |  | $ | 5,057 |  | Level 2
Total | $ | 8,654 |  | $ | 8,654 |  | $ | 5,057 |  | $ | 5,057 |  |
Amortized cost |  |  |  |  |
Trade and other receivables | $ | 173,409 |  | $ | 173,409 |  | $ | 107,477 |  | $ | 107,477 |  | — |
Total | $ | 173,409 |  | $ | 173,409 |  | $ | 107,477 |  | $ | 107,477 |  |
Financial Liabilities |  |  |  |  |
FVTPL |  |  |  |  |
Financial Derivatives | $ | (134,020) |  | $ | (134,020) |  | $ | (26,792) |  | $ | (26,792) |  | Level 2
Total | $ | (134,020) |  | $ | (134,020) |  | $ | (26,792) |  | $ | (26,792) |  |
Amortized cost |  |  |  |  |
Trade and other payables | $ | (190,692) |  | $ | (190,692) |  | $ | (155,955) |  | $ | (155,955) |  | — |
Credit Facilities | (505,171) |  | (506,514) |  | (649,221) |  | (651,173) |  | — |
Long-term notes | (874,527) |  | (917,889) |  | (1,132,868) |  | (761,129) |  | Level 1
Total | $ | (1,570,390) |  | $ | (1,615,095) |  | $ | (1,938,044) |  | $ | (1,568,257) |  |
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, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020
U.S. dollar denominated | US$602,503 |  | US$759,508 |  | US$829,934 |  | US$934,731 |
Disclosure of financial derivative contracts | Baytex had the following commodity financial derivative contracts outstanding as at February 24, 2022.
| Period | Volume | Price/Unit(1) | Index
Oil |  |  |  |
Basis swap | Jan 2022 to Dec 2022 | 12,000 bbl/d | WTI less US$12.40/bbl | WCS
Basis swap | Jan 2022 to Dec 2022 | 4,000 bbl/d | WTI less US$4.43/bbl | MSW
Basis swap(3) | Feb 2022 to Jun 2022 | 1,000 bbl/d | WTI less US$3.00/bbl | MSW
Basis swap(3) | Mar 2022 to Dec 2022 | 2,000 bbl/d | WTI less US$2.88/bbl | MSW
Fixed - Sell | Jan 2022 to Dec 2022 | 10,000 bbl/d | US$53.50/bbl | WTI
3-way option(2) | Jan 2022 to Dec 2022 | 1,500 bbl/d | US$40.00/US$50.00/US$58.10 | WTI
3-way option(2) | Jan 2022 to Dec 2022 | 2,000 bbl/d | US$46.00/US$56.00/US$66.72 | WTI
3-way option(2) | Jan 2022 to Dec 2022 | 2,500 bbl/d | US$47.00/US$57.00/US$67.00 | WTI
3-way option(2) | Jan 2022 to Dec 2022 | 2,500 bbl/d | US$50.00/US$60.00/US$70.00 | WTI
3-way option(2) | Jan 2022 to Dec 2022 | 2,000 bbl/d | US$53.00/US$63.50/US$72.90 | WTI
3-way option(2) | Jan 2023 to Dec 2023 | 2,000 bbl/d | US$55.00/US$66.00/US$84.00 | WTI
3-way option(2)(3) | Jan 2023 to Dec 2023 | 2,500 bbl/d | US$60.00/US$75.00/US$91.54 | WTI
Natural Gas |  |  |  |
Fixed - Sell | Jan 2022 to Dec 2022 | 5,000 GJ/d | $2.53/GJ | AECO 7A
Fixed - Sell | Jan 2022 to Dec 2022 | 14,250 GJ/d | $2.84/GJ | AECO 5A
Fixed - Sell | Jan 2022 to Dec 2022 | 1,000 mmbtu/d | US$2.94/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) | Jan 2022 to Dec 2022 | 1,500 mmbtu/d | US$2.60/US$2.91/US$3.56 | NYMEX
3-way option(2) | Jan 2022 to Dec 2022 | 2,500 mmbtu/d | US$2.60/US$3.00/US$3.83 | NYMEX
3-way option(2) | Jan 2022 to Dec 2022 | 2,500 mmbtu/d | US$2.65/US$2.90/US$3.40 | NYMEX
3-way option(2) | Jan 2022 to Dec 2022 | 2,500 mmbtu/d | US$3.00/US$3.75/US$4.40 | 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$50.00/US$60.00/US$70.00 contract, Baytex receives WTI plus US$10.00/bbl when WTI is at or below US$50.00/bbl; Baytex receives US$60.00/bbl when WTI is between US$50.00/bbl and US$60.00/bbl; Baytex receives the market price when WTI is between US$60.00/bbl and US$70.00/bbl; and Baytex receives US$70.00/bbl when WTI is above US$70.00/bbl. (3)Contracts entered subsequent to December 31, 2021.
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
| 2021 |  | 2020 |
Realized financial derivatives loss (gain) | $ | 184,241 |  | $ | (47,836) |
Unrealized financial derivatives loss | 103,631 |  | 18,500 |
Financial derivatives loss (gain) | $ | 287,872 |  | $ | (29,336) |
Disclosure of cash outflows relating to financial liabilities | The timing of cash outflows relating to financial liabilities as at December 31, 2021 is outlined in the table below:
| Total | Less than 1 year | 1-3 years | 3-5 years | Beyond 5 years
Trade and other payables | $ | 190,692 |  | $ | 190,692 |  | — |  | $ | — |  | $ | — |
Financial derivatives | 134,020 |  | 134,020 |  | — |  | — |  | — |
Credit facilities(1)(2) | 506,514 |  | — |  | 506,514 |  | — |  | — |
Long-term notes(1)(3) | 885,920 |  | — |  | 253,120 |  | — |  | 632,800 |
Interest on long-term notes(4) | 325,172 |  | 69,608 |  | 130,868 |  | 110,740 |  | 13,956 |
Lease obligations(1) | 8,014 |  | 3,068 |  | 3,989 |  | 902 |  | 55 |
| $ | 2,050,332 |  | $ | 397,388 |  | $ | 894,491 |  | $ | 111,642 |  | $ | 646,811 |
(1)Principal amount of instruments. (2)The credit facilities mature on April 2, 2024 and 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. (3)Principal amount of instruments. The US$500 million principal amount of 8.75% senior unsecured notes is due April 1, 2027 and the US$200 million principal amount of the 5.625% senior unsecured notes is due June 1, 2024 (note 8). (4)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, 2021.
Trade and Other Receivables Aging | December 31, 2021 | December 31, 2020
Current (less than 30 days) | $ | 171,058 |  | $ | 104,210 |
31-60 days | 441 |  | 1,493 |
61-90 days | 107 |  | 220 |
Past due (more than 90 days) | 1,803 |  | 1,554 |
| $ | 173,409 |  | $ | 107,477 |

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