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Financial Instruments and Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022 | December 31, 2021 |
| Carrying value | Fair value | Carrying value | Fair value | Fair Value Measurement Hierarchy
Financial Assets |  |  |  |  |
FVTPL |  |  |  |  |
Financial Derivatives | $ | 10,105 |  | $ | 10,105 |  | $ | 8,654 |  | $ | 8,654 |  | Level 2
Total | $ | 10,105 |  | $ | 10,105 |  | $ | 8,654 |  | $ | 8,654 |  |
Amortized cost |  |  |  |  |
Cash | $ | 5,464 |  | $ | 5,464 |  | $ | — |  | $ | — |  | — |
Trade and other receivables | 228,485 |  | 228,485 |  | 173,409 |  | 173,409 |  | — |
Total | $ | 233,949 |  | $ | 233,949 |  | $ | 173,409 |  | $ | 173,409 |  |
Financial Liabilities |  |  |  |  |
FVTPL |  |  |  |  |
Financial Derivatives | $ | — |  | $ | — |  | $ | (134,020) |  | $ | (134,020) |  | Level 2
Total | $ | — |  | $ | — |  | $ | (134,020) |  | $ | (134,020) |  |
Amortized cost |  |  |  |  |
Trade and other payables | $ | (281,404) |  | $ | (281,404) |  | $ | (190,692) |  | $ | (190,692) |  | — |
Credit Facilities | (383,031) |  | (385,394) |  | (505,171) |  | (506,514) |  | — |
Long-term notes | (547,598) |  | (563,292) |  | (874,527) |  | (917,889) |  | Level 1
Total | $ | (1,212,033) |  | $ | (1,230,090) |  | $ | (1,570,390) |  | $ | (1,615,095) |  |
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, 2022 | December 31, 2021 |
| Carrying value | Fair value | Carrying value | Fair value | Fair Value Measurement Hierarchy
Financial Assets |  |  |  |  |
FVTPL |  |  |  |  |
Financial Derivatives | $ | 10,105 |  | $ | 10,105 |  | $ | 8,654 |  | $ | 8,654 |  | Level 2
Total | $ | 10,105 |  | $ | 10,105 |  | $ | 8,654 |  | $ | 8,654 |  |
Amortized cost |  |  |  |  |
Cash | $ | 5,464 |  | $ | 5,464 |  | $ | — |  | $ | — |  | — |
Trade and other receivables | 228,485 |  | 228,485 |  | 173,409 |  | 173,409 |  | — |
Total | $ | 233,949 |  | $ | 233,949 |  | $ | 173,409 |  | $ | 173,409 |  |
Financial Liabilities |  |  |  |  |
FVTPL |  |  |  |  |
Financial Derivatives | $ | — |  | $ | — |  | $ | (134,020) |  | $ | (134,020) |  | Level 2
Total | $ | — |  | $ | — |  | $ | (134,020) |  | $ | (134,020) |  |
Amortized cost |  |  |  |  |
Trade and other payables | $ | (281,404) |  | $ | (281,404) |  | $ | (190,692) |  | $ | (190,692) |  | — |
Credit Facilities | (383,031) |  | (385,394) |  | (505,171) |  | (506,514) |  | — |
Long-term notes | (547,598) |  | (563,292) |  | (874,527) |  | (917,889) |  | Level 1
Total | $ | (1,212,033) |  | $ | (1,230,090) |  | $ | (1,570,390) |  | $ | (1,615,095) |  |
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, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021
U.S. dollar denominated | US$6,980 |  | US$602,503 |  | US$430,171 |  | US$829,934 |
Disclosure of financial derivative contracts | Baytex had the following commodity financial derivative contracts outstanding as at February 23, 2023.
| Period | Volume | Price/Unit (1) | Index
Oil |  |  |  |
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) | Jan 2023 to Dec 2023 | 2,500 bbl/d | US$60.00/US$75.00/US$91.54 | WTI
3-way option (2) | Jan 2023 to Dec 2023 | 2,500 bbl/d | US$65.00/US$85.00/US$100.00 | WTI
3-way option (2) | Jan 2023 to Dec 2023 | 2,500 bbl/d | US$65.00/US$85.00/US$106.50 | WTI
Basis Swap (3) | Apr 2023 to Dec 2023 | 1,500 bbl/d | WTI less US$2.50/bbl | MSW
(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$65.00/US$85.00/US$100.00 contract, Baytex receives WTI plus US$20.00/bbl when WTI is at or below US$65.00/bbl; Baytex receives US$85.00/bbl when WTI is between US$65.00/bbl and US$85.00/bbl; Baytex receives the market price when WTI is between US$85.00/bbl and US$100.00/bbl; and Baytex receives US$100.00/bbl when WTI is above US$100.00/bbl. (3)Contracts entered subsequent to December 31, 2022.
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
| 2022 |  | 2021 |
Realized financial derivatives loss | $ | 334,481 |  | $ | 184,241 |
Unrealized financial derivatives (gain) loss | (135,471) |  | 103,631 |
Financial derivatives loss | $ | 199,010 |  | $ | 287,872 |
Disclosure of cash outflows relating to financial liabilities | The timing of cash outflows relating to financial liabilities as at December 31, 2022 is outlined in the table below:
| Total | Less than 1 year | 1-3 years | 3-5 years | Beyond 5 years
Trade and other payables | $ | 281,404 |  | $ | 272,195 |  | $ | 9,209 |  | $ | — |  | $ | — |
Credit Facilities - principal (1) | 385,394 |  | — |  | — |  | 385,394 |  | — |
Long-term notes - principal (2) | 554,597 |  | — |  | — |  | 554,597 |  | — |
Interest on long-term notes (3) | 206,340 |  | 48,527 |  | 97,054 |  | 60,759 |  | — |
Lease obligations - principal | 6,760 |  | 3,641 |  | 2,822 |  | 297 |  | — |
| $ | 1,434,495 |  | $ | 324,363 |  | $ | 109,085 |  | $ | 1,001,047 |  | $ | — |
(1)On April 1, 2022, Baytex extended the maturity of the Credit Facilities to April 1, 2026. (2)The US$409.8 million principal amount of 8.75% senior unsecured notes is due April 1, 2027. (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, 2022.
Trade and Other Receivables Aging | December 31, 2022 | December 31, 2021
Current (less than 30 days) | $ | 222,721 |  | $ | 171,058 |
31-60 days | 1,993 |  | 441 |
61-90 days | 766 |  | 107 |
Past due (more than 90 days) | 3,005 |  | 1,803 |
| $ | 228,485 |  | $ | 173,409 |

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