Segmented Financial Information

12 Months Ended

Dec. 31, 2021

SEGMENTED FINANCIAL INFORMATION

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	2021		2020		2021		2020		2021		2020		2021		2020

Revenue, net of royalties
Petroleum and natural gas sales	$	1,128,137	$	571,741	$	740,058	$	403,736	$	—	$	—	$	1,868,195	$	975,477
Royalties	(121,306)		(46,064)		(217,850)		(117,671)		—		—		(339,156)		(163,735)
	1,006,831		525,677		522,208		286,065		—		—		1,529,039		811,742

Expenses
Operating	257,658		247,050		85,344		84,295		—		—		343,002		331,345
Transportation	32,261		28,437		—		—		—		—		32,261		28,437
Blending and other	85,689		48,381		—		—		—		—		85,689		48,381
General and administrative	—		—		—		—		40,804		34,268		40,804		34,268

Exploration and evaluation	15,212		14,011		—		—		—		—		15,212		14,011
Depletion and depreciation	303,135		309,420		155,806		169,439		5,639		7,521		464,580		486,380
Impairment (reversal) loss	(1,100,000)		1,737,000		(442,414)		623,220		—		—		(1,542,414)		2,360,220
Share-based compensation	—		—		—		—		11,130		9,469		11,130		9,469
Financing and interest	—		—		—		—		111,159		125,441		111,159		125,441
Financial derivatives loss (gain)	—		—		—		—		287,872		(29,336)		287,872		(29,336)
Foreign exchange (gain) loss	—		—		—		—		(2,868)		8,688		(2,868)		8,688
(Gain) loss on dispositions	(9,856)		(901)		190		—		—		—		(9,666)		(901)
Other (income) expense	(2,857)		(2,128)		—		—		295		(3,176)		(2,562)		(5,304)
	(418,758)		2,381,270		(201,074)		876,954		454,031		152,875		(165,801)		3,411,099
Net income (loss) before income taxes	1,425,589		(1,855,593)		723,282		(590,889)		(454,031)		(152,875)		1,694,840		(2,599,357)
Income tax expense (recovery)
Current income tax (recovery) expense	(548)		469		1,820		105		—		—		1,272		574
Deferred income tax expense (recovery)	86,928		(77,201)		72,913		(57,199)		(79,873)		(26,567)		79,968		(160,967)
	86,380		(76,732)		74,733		(57,094)		(79,873)		(26,567)		81,240		(160,393)
Net income (loss)	$	1,339,209	$	(1,778,861)	$	648,549	$	(533,795)	$	(374,158)	$	(126,308)	$	1,613,600	$	(2,438,964)

Additions to exploration and evaluation assets	3,298		4,490		—		—		—		—		3,298		4,490
Additions to oil and gas properties	204,912		170,462		105,093		105,388		—		—		310,005		275,850
Property acquisitions	1,557		—		—		—		—		—		1,557		—
Proceeds from dispositions	(7,211)		(182)		(593)		—		—		—		(7,804)		(182)


As at	December 31, 2021		December 31, 2020
Canadian assets	$	2,658,281	$	1,646,412
U.S. assets	2,152,323		1,737,533
Corporate assets	24,039		24,151
Total consolidated assets	$	4,834,643	$	3,408,096