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Financial Instruments and Risk Management (Tables)
 12 Months Ended
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, 2022December 31, 2021
Carrying valueFair valueCarrying valueFair valueFair 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 receivables228,485 228,485 173,409 173,409 — 
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, 2022December 31, 2021
Carrying valueFair valueCarrying valueFair valueFair 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 receivables228,485 228,485 173,409 173,409 — 
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:
AssetsLiabilities
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
U.S. dollar denominatedUS$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.
PeriodVolume
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:
TotalLess than 1 year1-3 years3-5 yearsBeyond 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 - principal6,760 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 AgingDecember 31, 2022December 31, 2021
Current (less than 30 days)$222,721 $171,058 
31-60 days1,993 441 
61-90 days766 107 
Past due (more than 90 days)3,005 1,803 
$228,485 $173,409