Segmented Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

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	2022		2021		2022		2021		2022		2021		2022		2021

Revenue, net of royalties
Petroleum and natural gas sales	$	1,926,561	$	1,128,137	$	962,484	$	740,058	$	—	$	—	$	2,889,045	$	1,868,195
Royalties	(277,428)		(121,306)		(285,536)		(217,850)		—		—		(562,964)		(339,156)
	1,649,133		1,006,831		676,948		522,208		—		—		2,326,081		1,529,039

Expenses
Operating	327,894		257,658		94,772		85,344		—		—		422,666		343,002
Transportation	48,561		32,261		—		—		—		—		48,561		32,261
Blending and other	189,454		85,689		—		—		—		—		189,454		85,689
General and administrative	—		—		—		—		50,270		40,804		50,270		40,804

Exploration and evaluation	30,239		15,212		—		—		—		—		30,239		15,212
Depletion and depreciation	409,286		303,135		171,747		155,806		6,017		5,639		587,050		464,580
Impairment reversal	(267,744)		(1,100,000)		—		(442,414)		—		—		(267,744)		(1,542,414)
Share-based compensation	—		—		—		—		29,056		11,130		29,056		11,130
Financing and interest	—		—		—		—		104,817		111,159		104,817		111,159
Financial derivatives loss	—		—		—		—		199,010		287,872		199,010		287,872
Foreign exchange loss (gain)	—		—		—		—		43,441		(2,868)		43,441		(2,868)
(Gain) loss on dispositions	(4,898)		(9,856)		—		190		—		—		(4,898)		(9,666)
Other (income) expense	(4,009)		(2,857)		—		—		7,253		295		3,244		(2,562)
	728,783		(418,758)		266,519		(201,074)		439,864		454,031		1,435,166		(165,801)
Net income (loss) before income taxes	920,350		1,425,589		410,429		723,282		(439,864)		(454,031)		890,915		1,694,840
Income tax expense
Current income tax expense													3,594		1,272
Deferred income tax expense													31,716		79,968
													35,310		81,240
Net income (loss)	$	920,350	$	1,425,589	$	410,429	$	723,282	$	(439,864)	$	(454,031)	$	855,605	$	1,613,600

Additions to exploration and evaluation assets	6,359		3,298		—		—		—		—		6,359		3,298
Additions to oil and gas properties	374,443		204,912		140,740		105,093		—		—		515,183		310,005
Property acquisitions	1,352		1,557		—		—		—		—		1,352		1,557
Proceeds from dispositions	(25,649)		(7,211)		—		(593)		—		—		(25,649)		(7,804)

Assets by segment


As at	December 31, 2022		December 31, 2021
Canadian assets	$	2,779,596	$	2,658,281
U.S. assets	2,301,047		2,152,323
Corporate assets	23,126		24,039
Total consolidated assets	$	5,103,769	$	4,834,643