XML 52 R31.htm IDEA: XBRL DOCUMENT v3.25.0.1
Segmented Financial Information (Tables)
 12 Months Ended
Dec. 31, 2024
Operating Segments [Abstract]  
Information by reportable segment
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.
CanadaU.S.CorporateConsolidated
Years Ended December 312024 20232024 20232024 20232024 2023
Revenue, net of royalties
Petroleum and natural gas sales $1,874,046 $1,729,021 $2,334,909 $1,653,600 $— $— $4,208,955 $3,382,621 
Royalties(261,205)(213,148)(618,881)(456,644)— — (880,086)(669,792)
1,612,841 1,515,873 1,716,028 1,196,956 — — 3,328,869 2,712,829 
Expenses
Operating336,069 368,605 317,880 202,234 — — 653,949 570,839 
Transportation84,211 64,325 48,931 24,981 — — 133,142 89,306 
Blending and other263,943 224,802 — — — — 263,943 224,802 
General and administrative— — — — 81,746 69,789 81,746 69,789 
Transaction costs — — — — 1,539 49,045 1,539 49,045 
Exploration and evaluation 779 8,896 — — — — 779 8,896 
Depletion and depreciation 473,792 484,232 898,271 555,548 13,847 8,124 1,385,910 1,047,904 
Impairment loss— 184,000 — 649,662 — — — 833,662 
Share-based compensation — — — — 17,872 37,699 17,872 37,699 
Financing and interest — — — — 268,374 192,173 268,374 192,173 
Financial derivatives gain— — — — (2,101)(24,695)(2,101)(24,695)
Foreign exchange loss (gain)— — — — 155,895 (10,848)155,895 (10,848)
(Gain) loss on dispositions(4,134)141,295 5,354 — — — 1,220 141,295 
Other (income) expense— (1,271)— — (6,689)815 (6,689)(456)
1,154,660 1,474,884 1,270,436 1,432,425 530,483 322,102 2,955,579 3,229,411 
Net income (loss) before income taxes458,181 40,989 445,592 (235,469)(530,483)(322,102)373,290 (516,582)
Income tax expense (recovery)
Current income tax expense21,766 14,403 
Deferred income tax expense (recovery)114,927 (297,629)
136,693 (283,226)
Net income (loss)$458,181 $40,989 $445,592 $(235,469)$(530,483)$(322,102)$236,597 $(233,356)
Additions to oil and gas properties489,486 463,198 767,147 549,589 — — 1,256,633 1,012,787 
Corporate acquisition, net of cash acquired— — — 662,579 — — — 662,579 
Property acquisitions48,889 20,023 3,526 18,891 — — 52,415 38,914 
Proceeds from dispositions(41,149)(160,256)(5,346)— — — (46,495)(160,256)
Assets by segment
As atDecember 31, 2024December 31, 2023
Canadian assets$2,381,991 $2,289,083 
U.S. assets5,322,088 5,112,493 
Corporate assets55,666 59,355 
Total consolidated assets$7,759,745 $7,460,931