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Financial Instruments and Risk Management (Tables)

12 Months Ended

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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