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Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024						December 31, 2023
			Carrying value			Fair value			Carrying value			Fair value			Fair Value Measurement Hierarchy
Financial Assets
FVTPL
Financial Derivatives			$	25,573		$	25,573		$	23,274		$	23,274		Level 2
Total			$	25,573		$	25,573		$	23,274		$	23,274
Amortized cost
Cash			$	16,610		$	16,610		$	55,815		$	55,815		—
Trade receivables			387,266			387,266			339,405			339,405
Total			$	403,876		$	403,876		$	395,220		$	395,220
Financial Liabilities
FVTPL
Financial Derivatives			$	(1,645)		$	(1,645)		$	—		$	—		Level 2
Total			$	(1,645)		$	(1,645)		$	—		$	—
Amortized cost
Trade payables			$	(512,473)		$	(512,473)		$	(477,295)		$	(477,295)		—
Dividends payable			(17,598)			(17,598)			(18,381)			(18,381)			—
Credit Facilities (1)			(324,346)			(341,207)			(848,749)			(864,736)			—
Long-term notes			(1,932,890)			(1,990,598)			(1,562,361)			(1,653,118)			Level 1
Total			$	(2,787,307)		$	(2,861,876)		$	(2,906,786)		$	(3,013,530)

(1)     The difference in the carrying value and fair value of the Credit Facilities is due to unamortized debt issuance costs. Refer to Note 8.

The Company's trade receivables, net of the allowance for doubtful accounts, were aged as follows:

			December 31, 2024			December 31, 2023
Current (less than 30 days)			$	383,968		$	321,450
31-60 days			1,224			14,836
61-90 days			492			461
Past due (more than 90 days)			1,582			2,658
			$	387,266		$	339,405

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, 2024						December 31, 2023
			Carrying value			Fair value			Carrying value			Fair value			Fair Value Measurement Hierarchy
Financial Assets
FVTPL
Financial Derivatives			$	25,573		$	25,573		$	23,274		$	23,274		Level 2
Total			$	25,573		$	25,573		$	23,274		$	23,274
Amortized cost
Cash			$	16,610		$	16,610		$	55,815		$	55,815		—
Trade receivables			387,266			387,266			339,405			339,405
Total			$	403,876		$	403,876		$	395,220		$	395,220
Financial Liabilities
FVTPL
Financial Derivatives			$	(1,645)		$	(1,645)		$	—		$	—		Level 2
Total			$	(1,645)		$	(1,645)		$	—		$	—
Amortized cost
Trade payables			$	(512,473)		$	(512,473)		$	(477,295)		$	(477,295)		—
Dividends payable			(17,598)			(17,598)			(18,381)			(18,381)			—
Credit Facilities (1)			(324,346)			(341,207)			(848,749)			(864,736)			—
Long-term notes			(1,932,890)			(1,990,598)			(1,562,361)			(1,653,118)			Level 1
Total			$	(2,787,307)		$	(2,861,876)		$	(2,906,786)		$	(3,013,530)

(1)     The difference in the carrying value and fair value of the Credit Facilities is due to unamortized debt issuance costs. Refer to Note 8.

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, 2024

December 31, 2023

December 31, 2024

December 31, 2023

U.S. dollar denominated

US$21,450

US$17,923

US$1,399,881

US$1,249,725

Disclosure of financial derivative contracts

Baytex had the following commodity financial derivative contracts outstanding as at March 4, 2025.

Remaining Period

Volume

Price/Unit (1)

Index

Oil

Basis differential

Jan 2025 to Dec 2025

2,000 bbl/d

WTI less US$2.75/bbl

MSW

Basis differential

Jan 2025 to Jun 2025

3,000 bbl/d

WTI less US$13.50/bbl

WCS

Basis differential

Jul 2025 to Dec 2025

2,500 bbl/d

WTI less US$13.50/bbl

WCS

Basis differential

Jan 2025 to Dec 2025

14,000 bbl/d

WTI less US$13.10/bbl

WCS

Basis differential (3)

Apr 2025 to Dec 2025

5,000 bbl/d

WTI less US$13.50/bbl

WCS

Collar

Jan 2025 to Mar 2025

5,000 bbl/d

US$60.00/US$88.70

WTI

Collar

Jan 2025 to Mar 2025

2,500 bbl/d

US$60.00/US$90.20

WTI

Collar

Jan 2025 to Mar 2025

2,500 bbl/d

US$60.00/US$90.05

WTI

Collar

Jan 2025 to Mar 2025

7,500 bbl/d

US$60.00/US$90.00

WTI

Collar

Jan 2025 to Jun 2025

2,500 bbl/d

US$60.00/US$94.25

WTI

Collar

Jan 2025 to Jun 2025

2,500 bbl/d

US$60.00/US$93.90

WTI

Collar

Jan 2025 to Jun 2025

5,000 bbl/d

US$60.00/US$91.95

WTI

Collar

Jan 2025 to Jun 2025

2,500 bbl/d

US$60.00/US$90.00

WTI

Collar

Jan 2025 to Jun 2025

3,000 bbl/d

US$60.00/US$89.55

WTI

Collar

Apr 2025 to Jun 2025

2,000 bbl/d

US$60.00/US$88.17

WTI

Collar

Apr 2025 to Jun 2025

5,000 bbl/d

US$60.00/US$90.50

WTI

Collar

Apr 2025 to Jun 2025

3,000 bbl/d

US$60.00/US$90.60

WTI

Collar

Jan 2025 to Dec 2025

4,500 bbl/d

US$60.00/US$80.00

WTI

Collar (2)

Jul 2025 to Dec 2025

27,500 bbl/d

US$60.00/US$80.00

WTI

Collar (2)

Oct 2025 to Dec 2025

3,500 bbl/d

US$60.00/US$80.00

WTI

Collar (2)

Apr 2025 to Sep 2025

8,000 bbl/d

US$60.00/US$80.00

WTI

Natural gas

Collar

Jan 2025 to Dec 2025

7,000 mmbtu/d

US$3.00/US$4.01

NYMEX

Collar

Jan 2025 to Dec 2025

5,000 mmbtu/d

US$3.25/US$4.03

NYMEX

Collar

Jan 2025 to Dec 2025

5,000 mmbtu/d

US$3.25/US$4.08

NYMEX

Collar

Jan 2025 to Dec 2025

3,000 mmbtu/d

US$3.25/US$4.135

NYMEX

Collar

Jan 2025 to Dec 2025

5,500 mmbtu/d

US$3.25/US$4.14

NYMEX

Collar

Jan 2025 to Dec 2025

7,000 mmbtu/d

US$3.00/US$4.32

NYMEX

Collar

Jan 2025 to Dec 2025

3,000 mmbtu/d

US$3.00/US$4.85

NYMEX

Collar

Jan 2025 to Dec 2025

8,000 mmbtu/d

US$3.00/US$4.855

NYMEX

Collar

Jan 2025 to Jun 2025

3,000 mmbtu/d

US$3.00/US$4.05

NYMEX

Collar

Jul 2025 to Dec 2025

9,000 mmbtu/d

US$3.00/US$4.05

NYMEX

Collar

Jan 2026 to Dec 2026

10,000 mmbtu/d

US$3.25/US$4.25

NYMEX

Collar

Jan 2026 to Dec 2026

11,000 mmbtu/d

US$3.25/US$5.02

NYMEX

AECO basis differential

Jan 2025 to Mar 2025

5,000 mmbtu/d

NYMEX less US$1.27/mmbtu

NYMEX

AECO basis differential

Apr 2025 to Jun 2025

5,000 mmbtu/d

NYMEX less US$1.19/mmbtu

NYMEX

(1)Based on the weighted average price per unit for the period.

(2)Contracts include deferred premiums to be paid throughout the contract term. The weighted average deferred premium is $0.87/bbl.

(3)Contract entered subsequent to December 31, 2024.

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
			2024			2023
Realized financial derivatives gain			$	(1,447)		$	(36,212)
Unrealized financial derivatives (gain) loss			(654)			11,517
Financial derivatives gain			$	(2,101)		$	(24,695)

Disclosure of cash outflows relating to financial liabilities

The timing of cash outflows relating to financial liabilities as at December 31, 2024 is outlined in the table below:

			Total			2025			2026-2027			2028-2029			2030 and beyond
Trade payables			$	512,473		$	512,473		$	—		$	—		$	—
Financial derivatives			1,645			—			1,645			—			—
Credit Facilities - principal			341,207			—			—			341,207			—
Long-term notes - principal (1)			1,980,619			—			—			—			1,980,619
Interest on long-term notes (2)			962,531			159,035			318,069			318,069			167,358
			$	3,798,475		$	671,508		$	319,714		$	659,276		$	2,147,977

(1)The US$800.0 million principal amount of 8.50% senior unsecured notes is due April 30, 2030 and the US$575.0 million principal amount of 7.375% senior unsecured notes is due March 15, 2032.

(2)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.

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