Baytex Energy (BTE) 6-K 25 Feb 21 Management's Annual Report on Internal Control Over Financial Reporting Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2020
Cover [Abstract]
Entity Registrant Name	BAYTEX ENERGY CORP.
Entity Central Index Key	0001279495
Document Type	6-K
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Consolidated Statements of Fina

Consolidated Statements of Financial Position - CAD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash	$ 0	$ 5,572
Trade and other receivables	107,477	173,762
Financial derivatives	5,057	5,433
Total current assets	112,534	184,767
Non-current assets
Exploration and evaluation assets	191,865	320,210
Oil and gas properties	3,077,548	5,387,889
Other plant and equipment	7,996	7,598
Lease assets	11,098	13,619
Deferred income tax asset	7,055	0
Total assets	3,408,096	5,914,083
Current liabilities
Trade and other payables	155,955	207,454
Financial derivatives	26,792	8,668
Less current portion of lease obligations	4,289	5,798
Less current portion of asset retirement obligations	11,820	11,579
Total current liabilities	198,856	233,499
Non-current liabilities
Credit facilities	649,221	505,412
Long-term notes	1,132,868	1,328,175
Lease obligations	6,787	8,085
Asset retirement obligations	748,563	656,395
Deferred income tax liability	93,588	235,308
Total Liabilities	2,829,883	2,966,874
SHAREHOLDERS’ EQUITY
Shareholders' capital	5,729,418	5,718,835
Contributed surplus	14,345	17,712
Accumulated other comprehensive income	618,976	556,224
Deficit	(5,784,526)	(3,345,562)
Total shareholders' equity	578,213	2,947,209
Total liabilities and shareholders' equity	$ 3,408,096	$ 5,914,083

Consolidated Statements of Loss

Consolidated Statements of Loss and Comprehensive Loss - CAD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue [abstract]
Petroleum and natural gas sales	$ 975,477	$ 1,805,919
Royalties	(163,735)	(320,241)
Revenue, net of royalties	811,742	1,485,678
Expenses
Operating	331,345	397,716
Transportation	28,437	43,942
Blending and other	48,381	68,795
General and administrative	34,268	45,469
Exploration and evaluation	14,011	11,764
Depletion and depreciation	486,380	731,686
Impairments	2,360,220	187,822
Financing and interest	125,441	125,865
Financial derivatives (gain) loss	(29,336)	7,197
Foreign exchange loss (gain)	8,688	(61,787)
Gain on dispositions	(901)	(2,238)
Other income	(5,304)	(7,526)
Total expenses	3,411,099	1,564,599
Net loss before income taxes	(2,599,357)	(78,921)
Income tax (recovery) expense
Current income tax expense	574	2,093
Deferred income tax (recovery) expense	(160,967)	(68,555)
Income tax recovery	(160,393)	(66,462)
Net loss	(2,438,964)	(12,459)
Other comprehensive income [abstract]
Foreign currency translation adjustment	62,752	(111,650)
Comprehensive loss	$ (2,376,212)	$ (124,109)
Net loss per common share
Basic (in cad per share)	$ (4.35)	$ (0.02)
Diluted (in cad per share)	$ (4.35)	$ (0.02)
Weighted average common shares
Basic (in shares)	560,657	557,048
Diluted (in shares)	560,657	557,048

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - CAD ($) $ in Thousands	Total	Shareholders’ capital	Contributed surplus	Accumulated other comprehensive income	Deficit
Beginning balance at Dec. 31, 2018	$ 3,055,424	$ 5,701,516	$ 19,137	$ 667,874	$ (3,333,103)
Vesting of share awards	0	17,319	(17,319)
Share-based compensation	15,894	17,319	15,894
Comprehensive loss	(124,109)			(111,650)	(12,459)
Ending balance at Dec. 31, 2019	2,947,209	5,718,835	17,712	556,224	(3,345,562)
Vesting of share awards	0	10,583	(10,583)
Share-based compensation	7,216	10,583	7,216
Comprehensive loss	(2,376,212)			62,752	(2,438,964)
Ending balance at Dec. 31, 2020	$ 578,213	$ 5,729,418	$ 14,345	$ 618,976	$ (5,784,526)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net loss - basic	$ (2,438,964)	$ (12,459)
Adjustments for:
Share-based compensation	7,216	15,894
Unrealized foreign exchange loss (gain)	9,232	(62,753)
Exploration and evaluation	14,011	11,764
Depletion and depreciation	486,380	731,686
Impairments	2,360,220	187,822
Non-cash financing, accretion and early redemption expense	18,907	18,448
Non-cash other income	(2,128)	0
Unrealized financial derivatives loss	18,500	82,817
Gain on dispositions	(901)	(2,238)
Deferred income tax recovery	(160,967)	(68,555)
Asset retirement obligations settled	7,168	15,417
Change in non-cash working capital	48,758	(52,070)
Cash provided by (used in) operating activities	353,096	834,939
Financing activities
Increase (decrease) in credit facilities	143,248	(7,775)
Payments on lease obligations	(5,925)	(5,956)
Net proceeds from issuance of long-term notes	652,150	0
Redemption of long-term notes	(833,672)	(198,128)
Cash provided by financing activities	(44,199)	(211,859)
Investing activities
Additions to exploration and evaluation assets	(4,490)	(2,948)
Additions to oil and gas properties	(275,850)	(549,343)
Additions to other plant and equipment	(2,280)	(552)
Property acquisitions	0	(3,667)
Proceeds from dispositions	182	1,487
Change in non-cash working capital	(32,031)	(62,485)
Cash used in investing activities	(314,469)	(617,508)
Change in cash	(5,572)	5,572
Cash, beginning of year	5,572	0
Cash, end of year	0	5,572
Supplementary information
Interest paid	102,358	112,241
Income taxes paid	$ 1,155	$ 1,160

Reporting Entity

Reporting Entity	12 Months Ended
	Dec. 31, 2020
Corporate Information And Statement Of IFRS Compliance [Abstract]
Reporting Entity	REPORTING ENTITYBaytex Energy Corp. (the “Company” or “Baytex”) is an oil and gas corporation engaged in the acquisition, development and production of oil and natural gas in the Western Canadian Sedimentary Basin and in Texas, United States. The Company’s common shares are traded on the Toronto Stock Exchange under the symbol BTE. The Company’s head and principal office is located at 2800, 520 – 3rd Avenue S.W., Calgary, Alberta, T2P 0R3, and its registered office is located at 2400, 525 – 8th Avenue S.W., Calgary, Alberta, T2P 1G1.

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2020
Corporate Information And Statement Of IFRS Compliance [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board (the "IASB"). The significant accounting policies set forth below were consistently applied to all periods presented. The consolidated financial statements were approved by the Board of Directors of Baytex on February 24, 2021. The consolidated financial statements have been prepared on a historical cost basis, with the exception of certain fair value measurements noted in the accounting policies set forth below. The consolidated financial statements are presented in Canadian dollars which is the functional currency of the Company. References to “US$” are to United States ("U.S.") dollars. All financial information is rounded to the nearest thousand, except per share amounts or where otherwise indicated. Current Environment and Estimation Uncertainty Management makes judgements and assumptions about the future in deriving estimates used in preparation of these consolidated financial statements in accordance with IFRS. Sources of estimation uncertainty include estimates used to determine economically recoverable oil, natural gas, and natural gas liquids reserves, the recoverable amount of long-lived assets or cash generating units, the provision for asset retirement obligations and the provision for income taxes and the related deferred tax assets and liabilities. In March 2020, the World Health Organization declared a global pandemic related to the novel coronavirus ("COVID-19"). The emergence of COVID-19 and the steps taken by governments to control the spread of the virus resulted in significant instability in the global economy and a sharp decline in demand for crude oil. This combined with the increased supply of crude oil due to the Russia and Saudi Arabia (collectively, "OPEC+") price war resulted in an unprecedented collapse in global crude oil prices and significant volatility during Q2/2020. Global crude oil prices began to recover during the second half of 2020 as Russia and members of OPEC agreed to curtail production and governments began to ease restrictions which increased demand. In Q4/2020 vaccines were approved and distribution began which fueled further optimism that demand will be restored. Vaccine approval and distribution has continued in 2021 and OPEC+ has agreed to continue production curtailments which has resulted in recent improvements in crude oil prices in 2021. These factors have impacted our results for the year ended December 31, 2020. We recorded impairments of $2.4 billion for the year ended December 31, 2020 which included amounts related to our exploration and evaluation assets (note 5) and oil and gas properties (note 6). These impairments were a result of a sharp drop in forecasted prices for the commodities we produce. In the current environment, assumptions and estimates regarding future commodity prices, the amount of economically recoverable reserves, exchange rates, and interest rates are subject to greater variability than normal. Actual results may differ from these estimates as the effect of future events cannot be determined with certainty. We took action to protect our financial liquidity in response to the volatility in commodity prices and instability in the global economy. We reduced our capital expenditures during 2020 and reduced production of oil and natural gas when commodity prices did not support economic production. As a result of these actions we maintained $367.2 million of availability on our credit facilities at December 31, 2020. Measurement Uncertainty and Judgments The preparation of the consolidated financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, revenues and expenses. These judgments, estimates and assumptions are based on all relevant information available to the Company at the time of financial statement preparation. Actual results can differ from those estimates as the effect of future events cannot be determined with certainty. The key areas of judgment or estimation uncertainty that have a significant risk of causing material adjustment to the reported amounts of assets, liabilities, revenues, and expenses are discussed below. Reserves The Company uses estimates of oil, natural gas and natural gas liquids ("NGL") reserves in the calculation of depletion, evaluating the recoverability of deferred income tax assets and in the determination of fair value estimates for non-financial assets. The process to estimate reserves is complex and requires significant judgment. Estimates of the Company's reserves are evaluated annually by independent reserves evaluators and represent the estimated recoverable quantities of oil, natural gas and NGL and the related net cash flows. This evaluation of reserves is prepared in accordance with the reserves definition contained in National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities" and the Canadian Oil and Gas Evaluation Handbook. Estimates of economically recoverable oil, natural gas and NGL and their future net cash flows are based on a number of factors and assumptions. Changes to estimates and assumptions such as forward price forecasts, production rates, ultimate reserve recovery, timing and amount of capital expenditures, production costs, marketability of oil and natural gas, royalty rates and other geological, economic and technical factors could have a significant impact on reported reserves. Changes in the Company's reserves estimates can have a significant impact on the carrying values of the Company's oil and gas properties, the calculation of depletion, the valuation of deferred income tax assets, the timing of cash flows for asset retirement obligations, asset impairments and estimates of fair value determined in accounting for business combinations. Cash-generating Units ("CGUs") The Company's oil and gas properties are aggregated into CGUs which are the smallest identifiable group of assets that generates cash flows that are largely independent of the cash flows from other assets or groups of assets. The aggregation of assets in CGUs requires management judgment and is based on geographical proximity, shared infrastructure and similar exposure to market risk. Identification of Impairment and Impairment Reversal Indicators Judgment is required to assess when indicators of impairment or impairment reversal exist and when a calculation of the recoverable amount is required. The CGUs comprising oil and gas properties are reviewed at each reporting date to assess whether there is any indication of impairment or impairment reversal. The assessment for each CGU considers significant changes in reservoir performance including forecasted production volumes, forecasted royalty, operating, capital and abandonment and reclamation costs, forecasted oil and gas prices and the resulting cash flows from proved plus probable oil and gas reserves. Measurement of Recoverable Amount If indicators of impairment or impairment reversal are determined to exist, the recoverable amount of an asset or CGU is calculated based on the higher of value-in-use ("VIU") and fair value less cost of disposal ("FVLCD"). These calculations require the use of estimates and assumptions including cash flows associated with proved plus probable oil and gas reserves, the discount rate used to present value future cash flows and assumptions regarding the timing and amount of capital expenditures and future abandonment and reclamation obligations. Any changes to these estimates and assumptions could impact the calculation of the recoverable amount and the carrying value of assets. Exploration and Evaluation ("E&E") Assets Costs associated with acquiring oil and natural gas licenses and exploratory drilling are accumulated as E&E assets pending determination of technical feasibility and commercial viability. The determination of technical feasibility and commercial viability of E&E assets for the purposes of reclassifying such assets to oil and gas properties is subject to management judgment. Management uses the establishment of commercial reserves as the basis for determining technical feasibility and commercial viability. Upon determination of commercial reserves, E&E assets are tested for impairment and reclassified to oil and natural gas properties. Asset Retirement Obligations The Company's provision for asset retirement obligations is based on estimated costs to abandon and reclaim the wells and the facilities, the estimated time period during which these costs will be incurred in the future, and discount and inflation rates. The provision for asset retirement obligations represents management's best estimate of the present value of the future abandonment and reclamation costs required under current regulatory requirements. Actual abandonment and reclamation costs could be materially different from estimated amounts. Income Taxes Tax regulations and legislation in the various jurisdictions in which the Company and its subsidiaries operate are subject to change and there are differing interpretations requiring management judgment. Deferred tax assets are recognized when it is considered probable that deductible temporary differences will be recovered in future periods, which requires management

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies, Changes In Accounting Policies And Errors [Abstract]
Significant Accounting Policies	SIGNIFICANT ACCOUNTING POLICIES Changes in Significant Accounting Policies Business Combinations Baytex adopted amendments to IFRS 3 Business Combinations effective January 1, 2020, which will be applied prospectively to acquisitions that occur on or after January 1, 2020. These amendments did not result in changes to the Company's accounting policies for applying the acquisition method but could result in future acquisitions being accounted for as an asset acquisition as opposed to a business combination should the criteria of the optional asset concentration test within these amendments be met. Significant Accounting Policies Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Subsidiaries are entities controlled by the Company. Control exists when the Company has the power to govern the financial and operating policies to obtain benefits from its activities. Significant subsidiaries included in the Company's accounts include Baytex Energy USA, Inc., Baytex Energy Ltd. and Baytex Energy Limited Partnership. Intercompany transactions are eliminated in preparation of the consolidated financial statements. Many of the Company's exploration, development and production activities are conducted through joint arrangements. The consolidated financial statements include the Company's proportionate share of the assets, liabilities, revenues and expenses generated by joint arrangements. Business Combinations Business combinations are accounted for using the acquisition method of accounting when the acquired assets meet the definition of a business under IFRS. The cost of an acquisition is measured as cash paid and the fair value of assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. The acquired identifiable assets and liabilities assumed are measured at their fair values at the date of acquisition. Any excess of the cost of acquisition over the fair value of the net identifiable assets acquired is recognized as goodwill. If the cost of acquisition is below the fair values of the identifiable net assets acquired, the difference is recognized as a bargain purchase gain in net income or loss. Associated transaction costs are expensed when incurred. Revenue Recognition Revenue from the sale of light oil and condensate, heavy oil, natural gas liquids, and natural gas is recognized based on the consideration specified in contracts with customers. Baytex recognizes revenue by unit of production and when control of the product transfers to the customer and collection is reasonably assured. This is generally at the point in time when the customer obtains legal title to the product which is when it is physically transferred to the pipeline or other transportation method agreed upon. The nature of the Company's performance obligations, including roles of third parties and partners, are evaluated to determine if the Company acts as a principal. Baytex recognizes revenue on a gross basis when it acts as the principal and has primary responsibility for the transaction. Revenue is recognized on a net basis when Baytex acts in the capacity of an agent rather than as a principal. The transaction price for variable price contracts in the Canadian and U.S. operating segments is based on a representative commodity price index, and may include adjustments for quality, location, delivery method, or other factors depending on the agreed upon terms of the contract. The amount of revenue recorded can vary depending on the grade, quality and quantities of oil or natural gas transferred to customers. Market conditions, which impact the Company's ability to negotiate certain components of the transaction price, can also cause the amount of revenue recorded to fluctuate from period to period. Tariffs, tolls and fees charged to other entities for the use of pipelines and facilities owned by Baytex are evaluated by management to determine if these originate from contracts with customers or from incidental or collaborative arrangements. Tariffs, tolls and fees charged to other entities that are from contracts with customers are recognized in revenue when the related services are provided. Exploration and Evaluation Assets Pre-license costs, including certain geological, geophysical and seismic expenditures, are incurred before the legal rights to explore a specific area have been obtained. These costs are charged to exploration expense in the period in which they are incurred. Once the legal right to explore has been acquired, costs directly associated with an exploration program are capitalized as an intangible asset until results of the exploration program have been evaluated. Costs capitalized as E&E assets include costs of license acquisition, technical services and studies, seismic acquisition, exploration drilling and testing of initial production results. E&E costs are subject to technical, commercial and management review to confirm the continued intent to develop or otherwise extract the underlying reserves. The technical feasibility and commercial viability of extracting petroleum and natural gas resources is dependent on the existence of economically recoverable reserves for the project. If the asset is determined not to be technically feasible or commercially viable the accumulated E&E costs associated with the exploration project are charged to E&E expense in the period the determination is made. Upon determination of technical feasibility and commercial viability, as evidenced by the classification of proved or probable reserves and management's intention to develop the E&E asset, the accumulated costs associated with the exploration project are tested for impairment and transferred to oil and gas properties. Oil and Gas Properties Items of oil and gas properties are initially recorded at cost. The initial cost of oil and gas properties includes the costs to acquire developed or producing oil and gas properties, and to develop oil and gas properties, such as costs of completing geological and geophysical surveys, drilling development wells, and the costs to construct and install development infrastructure such as wellhead equipment and processing facilities. Oil and gas properties includes costs related to planned major inspection, overhaul and turnaround activities to maintain items of oil and gas properties and benefit future years of operations. Replacements outside of a major inspection, overhaul or turnaround are recognized as oil and gas properties when it is probable the future economic benefits of the replacement will be realized by the Company. The carrying amount of any replaced or disposed item of oil and gas properties is derecognized. Repair and maintenance costs incurred for servicing an item of oil and gas properties is recorded as operating expense as incurred. Depletion and Depreciation The costs associated with an item of oil and gas properties are depleted on a unit-of-production basis by depletable area over proved plus probable reserves once commercial production has commenced. Future development costs required to bring those reserves into production are included in the depletable base. For purposes of the depletion calculation, petroleum and natural gas reserves are converted to a common unit of measurement on the basis of their relative energy content where six thousand cubic feet of natural gas equates to one barrel of oil equivalent. The depreciation methods and estimated useful lives for other plant and equipment are as follows: Classification Method Rate or period Motor Vehicles Diminishing balance 15% Office Equipment Diminishing balance 20% Computer Hardware Diminishing balance 30% Furniture and Fixtures Diminishing balance 10% Leasehold Improvements Straight-line over life of the lease Various Lease assets Straight-line over the shorter of the useful life or the lease term Various Other Assets Diminishing balance Various The expected lives of other plant and equipment are reviewed on an annual basis and, if necessary, changes in expected useful lives are accounted for prospectively. Impairment and Impairment Reversals Non-financial assets The Company reviews its non-financial assets, other than E&E assets, for indicators of impairment and impairment reversal at the end of each reporting period. The recoverable amount of the asset is estimated if indicators of impairment or impairment reversal exist. E&E assets are assessed for impairment when they are reclassified to oil and gas properties and if facts and circumstances suggest that the carrying amount exceeds the recoverable amount. When reviewing for indicators of impairment and impairment reversal, and testing for impairment or impairment reversal when indicators have been identified, assets are grouped together at a CGU level. The recoverable amount of an asset or CGU is the higher of its FVLCD and its VIU. The determination of recoverable amount includes estimates of proved and probable oil and gas reserves and the associated cash flows. Factors that impact these cash flows includes CGU production volumes, royalty obligations, operating costs, capital costs, forecast commodity prices, along with inflation and discount rates used to estimate present value. FVLCD is determined as the amount that would be obtained from the sale of an asset or CGU in an arm's length transaction between willing parties. In determining FVLCD, recent market transactions are considered if available. In the absence of such transactions, an appropriate valuation model is used. VIU is assessed using the present value of the estimated future cash flows of the asset or CGU. The estimated future cash flows are adjusted for risks specific to the asset or CGU and are discounted using a discount rate that reflects current market assessments of the time value of money. Where the carrying amount of a CGU exceeds its recoverable amount, the CGU is considered impaired and is written down to its recoverable amount. The impairment reduces the carrying amount of any goodwill allocated to the CGU first, with any remaining impairment being allocated to the individual assets in the CGU on a pro-rata basis. Impairments may be reversed for all CGUs and individual assets, other than goodwill, when there is indication that a previously recognized impairment may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. An impairment may be reversed only to the extent that the asset’s revised carrying amount does not exceed the carrying amount that would have been determined, net of depreciation and depletion, had no impairment been recognized. Impairment recognized in relation to goodwill is not reversed for subsequent increases in its recoverable amount. Impairments and impairment reversals are recorded in net income or loss in the period the impairment or impairment reversal occurs. Leases A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. A lease obligation and corresponding right-of-use asset ("lease asset") are recognized at the commencement of the lease. The present value of the lease obligation is based on the future lease payments and is discounted using the Company's incremental borrowing rate when the rate implicit in the lease is not readily available. The Company uses a single discount rate for a portfolio of leases with similar characteristics. The lease asset is recognized at the amount of the lease obligation, adjusted for lease incentives received and initial direct costs, on commencement of the lease. Depreciation is recognized on the lease asset over the shorter of the estimated useful life of the asset or the lease term. Lease payments are allocated between the liability and interest expense. Interest expense is recognized on the lease obligations using the effective interest rate method and payments are applied against the lease obligation. Management judgement is required to determine the discount rate used to calculate the present value of the lease obligation. The carrying amounts of the lease assets, lease obligations, and the resulting interest and depletion and depreciation expense are based on the implicit interest rate within the lease arrangement or, if this information is unavailable, the incremental borrowing rate. Incremental borrowing rates are based on judgments including economic environment, term, and the underlying risk inherent to the asset. Asset Retirement Obligations The Company recognizes asset retirement obligations when it has a legal or constructive obligation as a result of past events, it is probable that an outflow of economic resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The Company’s asset retirement obligations are based on its net ownership in wells and facilities. Management estimates the costs to abandon and reclaim the wells and the facilities using existing technology and the estimated time period during which these costs will be incurred in the future. Asset retirement obligations are recognized for future asset retirement costs associated with the abandonment and reclamation of the Company's E&E assets and oil and gas properties. Asset retirement obligations are measured at the present value of management's best estimate of the future cash flows required to settle the present obligation, discounted using the risk-free interest rate. The present value of the liability is capitalized as part of the cost of the related asset and depleted over its useful life. The asset retirement obligation is accreted until the date of expected settlement of the retirement obligation and is recognized within finance expense in the statements of income or loss. Changes in the future cash flow estimates resulting from revisions to the estimated timing or amount of undiscounted cash flows or the discount rates are recognized as changes in the asset retirement obligation provision and related asset at each reporting date. Foreign Currency Translation Foreign transactions Transactions completed in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the time of the transactions. Foreign currency assets and liabilities are translated to functional currency at the period-end exchange rate. Revenue and expenses are translated to functional currency using the average exchange rate for the period. Realized and unrealized gains and losses resulting from the settlement or translation of foreign currency transactions are included in net income or loss. Foreign operations The functional currency of the Company's subsidiaries is the currency of the primary economic environment in which the entity operates. Certain subsidiaries of the Company operate and transact primarily in currencies other than the Canadian dollar. The designation of a subsidiary's functional currency is a management judgment based on the currency of the primary economic environment in which the subsidiary operates. The financial statements of each entity are translated into Canadian dollars in preparation of the Company's consolidated financial statements. The assets and liabilities of a foreign operation are translated to Canadian dollars at the period-end exchange rate. Revenues and expenses of foreign operations are translated to Canadian dollars using the average exchange rate for the period. Foreign exchange differences are recognized in other comprehensive income or loss. If the Company or any of its entities disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the accumulated foreign currency translation gains or losses related to the foreign operation are recognized in net income or loss. Financial Instruments Financial assets are initially classified into three categories: measured at amortized cost; fair value through other comprehensive income (“FVOCI”); or fair value through profit or loss (“FVTPL”). Financial assets are categorized based on the Company’s objective for the asset and the contractual cash flows. A financial asset is classified as amortized cost if the asset is held with the objective to collect contractual cash flows that are solely payments of principal and interest on principal amounts outstanding. A financial asset is classified as FVOCI if the asset is held with the objective to both collect contractual cash flows and sell the financial asset. All other financial assets are measured at FVTPL. Financial assets are assessed for impairment using an expected credit loss model. Trade and other receivables are classified and measured at amortized cost. The measurement categories for each class of financial asset and financial liability is set forth in the following table. Financial Instrument Classification Cash and cash equivalents Amortized cost Trade and other receivables Amortized cost Financial derivatives Fair value through profit or loss Trade and other payables Amortized cost Credit facilities Amortized cost Long-term notes Amortized cost Lease obligations Amortized cost An embedded derivative is a component of a contract that modifies the cash flows of the contract. These hybrid contracts consist of a host contract and an embedded derivative. The embedded derivative is separated from the host contract and accounted for as a derivative unless the economic characteristics and risks of the embedded derivative are closely related to the host contract. The embedded derivatives are measured at FVTPL. Debt issuance costs related to the amendment of our credit facilities or the issuance of long term notes are capitalized and amortized as financing costs over the term of the credit facilities or long term notes. For a financial asset or a financial liability carried at amortized cost, transaction costs directly attributable to acquiring or issuing the asset or liability are added to, or deducted from, the fair value on initial recognition and amortized through net income or loss over the term of the financial instrument. Transaction costs that are directly attributable to the acquisition or issue of a financial asset or a financial liability classified as FVTPL are expensed at inception of the contract. The Company formally documents its risk management objectives and strategies to manage exposures to fluctuations in commodity prices, interest rates and foreign currency exchange rates. The risk management policy permits the use of certain derivative financial instruments, including swaps and collars, to manage these fluctuations. All transactions of this nature entered into by the Company are related to underlying financial instruments or future petroleum and natural gas production. These instruments are classified as FVTPL. The Company does not use financial derivatives for trading or speculative purposes. The Company has not designated its financial derivative contracts as effective accounting hedges, and therefore has not applied hedge accounting. As a result, the Company applies the fair value method of accounting for all derivative instruments by recording an asset or liability on the statements of financial position and recognizing changes in the fair value of the instrument in the statements of income or loss for the current period. The fair values of these instruments are based on quoted market prices or, in their absence, third-party market indications and forecasts. Attributable transaction costs are recognized in net income or loss when incurred. The Company has accounted for its physical delivery sales contracts, which were entered into and continue to be held for the purpose of receipt or delivery of non-financial items in accordance with its expected purchase, sale or usage requirements as executory contracts. As such, these contracts are not considered to be derivative financial instruments and have not been recorded at fair value on the statements of financial position. Settlements on these physical delivery sales contracts are recognized in revenue in the period the product is delivered to the sales point. Impairment of financial assets is determined by calculating the expected credit loss ("ECL"). The Company measures an ECL allowance for trade and other receivables. The Company determines the ECL which is the probability of default events related to the financial asset by using historical realized bad debts and forward looking information. The carrying amounts of financial assets are reduced by the amount of the ECL through an allowance account and losses are recognized in the statement of income or loss. Fair Value of Financial Instruments Baytex classifies the fair value of financial instruments according to the following hierarchy based on the amount of observable inputs used to value the instruments: • Level 1: Values based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. • Level 2: Values based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. • Level 3: Values based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Income Taxes Current and deferred income taxes are recognized in net income or loss, except when they relate to items that are recognized directly in equity, in which case the current and deferred taxes are also recognized directly in equity. Current income taxes for the current and prior periods are measured at the amount expected to be recoverable from or payable to the taxation authorities based on the income tax rates enacted at the end of the reporting period. The Company recognizes the financial statement impact of a tax filing position when it is probable that the position will be sustained upon audit. The liability is measured based on an assessment of possible outcomes and their associated probabilities. The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recorded for the effect of any temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of taxable income. Deferred income tax liabilities are generally recognized for all taxable temporary differences. Deferred income tax assets are recognized for all temporary differences deductible to the extent future recovery is probable. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be recovered. Deferred income taxes are calculated using enacted or substantively enacted tax rates. Deferred income tax balances are adjusted for any changes in the enacted or substantively enacted tax rates and the adjustment is recognized in the period that the rate change occurs. Share-based Compensation Plans The Company has a full-value award plan (the "Share Award Incentive Plan") pursuant to which restricted awards and performance awards (collectively, "share awards") may be granted to the directors, officers and employees of the Company and its subsidiaries. The maximum number of common shares issuable under the Share Award Incentive Plan (and any other long-term incentive plans of the Company) shall not at any time exceed 3.8% of the then-issued and outstanding common shares. Each restricted award entitles the holder to be issued the number of common shares designated in the restricted award (plus dividend equivalents). Each performance award entitles the holder to be issued the number of common shares designated in the performance award (plus dividend equivalents) multiplied by a payout multiplier. Expenses related to the Share Award Incentive Plan are determined based on the fair value of the share awards on the grant date which is based on quoted market prices for the Company's common shares. Both restricted and performance awards are expensed over the vesting period using the graded vesting method, with a corresponding increase to contributed surplus. The payout multiplier is dependent on the performance of the Company relative to predefined corporate performance measures for a particular period. In the case of both restricted and performance awards, the number of common shares to be issued on the applicable issue date is adjusted to account for the payments of dividends from the grant date to the applicable issue date. The Company has a cash-settled incentive award plan (the "Incentive Award Plan") pursuant to which incentive awards may be granted to officers and employees of the Company and its subsidiaries. Each incentive award entitles the holder to receive a cash payment equal to the value of one Baytex common share at the time of vesting. The incentive awards vest in equal tranches on the first, second and third anniversaries of the grant date. The cumulative expense is recognized at fair value at each period end and is included in trade and other payables. .

Segmented Financial Information

Segmented Financial Information	12 Months Ended
	Dec. 31, 2020
Operating Segments [Abstract]
Segmented Financial Information	SEGMENTED FINANCIAL INFORMATION 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 2020 2019 2020 2019 2020 2019 2020 2019 Revenue, net of royalties Petroleum and natural gas sales $ 571,741 $ 1,077,724 $ 403,736 $ 728,195 $ — $ — $ 975,477 $ 1,805,919 Royalties (46,064) (107,467) (117,671) (212,774) — — (163,735) (320,241) 525,677 970,257 286,065 515,421 — — 811,742 1,485,678 Expenses Operating 247,050 298,303 84,295 99,413 — — 331,345 397,716 Transportation 28,437 43,942 — — — — 28,437 43,942 Blending and other 48,381 68,795 — — — — 48,381 68,795 General and administrative — — — — 34,268 45,469 34,268 45,469 Exploration and evaluation 14,011 11,764 — — — — 14,011 11,764 Depletion and depreciation 309,420 463,501 169,439 261,766 7,521 6,419 486,380 731,686 Impairment 1,737,000 187,822 623,220 — — — 2,360,220 187,822 Share-based compensation — — — — 9,469 15,894 9,469 15,894 Financing and interest — — — — 125,441 125,865 125,441 125,865 Financial derivatives (gain) loss — — — — (29,336) 7,197 (29,336) 7,197 Foreign exchange loss (gain) — — — — 8,688 (61,787) 8,688 (61,787) Gain on dispositions (901) (2,238) — — — — (901) (2,238) Other income (2,128) — — — (3,176) (7,526) (5,304) (7,526) 2,381,270 1,071,889 876,954 361,179 152,875 131,531 3,411,099 1,564,599 Net income (loss) before income taxes (1,855,593) (101,632) (590,889) 154,242 (152,875) (131,531) (2,599,357) (78,921) Income tax expense (recovery) Current income tax expense 469 101 105 1,992 — — 574 2,093 Deferred income tax (recovery) expense (77,201) (32,942) (57,199) 10,055 (26,567) (45,668) (160,967) (68,555) (76,732) (32,841) (57,094) 12,047 (26,567) (45,668) (160,393) (66,462) Net income (loss) $ (1,778,861) $ (68,791) $ (533,795) $ 142,195 $ (126,308) $ (85,863) $ (2,438,964) $ (12,459) Total oil and natural gas capital expenditures (1) $ 174,770 $ 376,543 $ 105,388 $ 177,928 $ — $ — $ 280,158 $ 554,471 (1) Includes acquisitions, net of proceeds from divestitures. As at December 31, 2020 December 31, 2019 Canadian assets $ 1,646,412 $ 3,484,123 U.S. assets 1,737,533 2,403,310 Corporate assets 24,151 26,650 Total consolidated assets $ 3,408,096 $ 5,914,083

Exploration and Evaluation Asse

Exploration and Evaluation Assets	12 Months Ended
	Dec. 31, 2020
Exploration For And Evaluation Of Mineral Resources [Abstract]
Exploration and Evaluation Assets	EXPLORATION AND EVALUATION ASSETS December 31, 2020 December 31, 2019 Balance, beginning of year $ 320,210 $ 358,935 Capital expenditures 4,490 2,948 Property acquisitions — 1,523 Divestitures — (443) Impairment (113,058) (7,822) Property swaps 468 417 Exploration and evaluation expense (14,011) (11,764) Transfers to oil and gas properties (note 6) (8,585) (16,204) Foreign currency translation 2,351 (7,380) Balance, end of year $ 191,865 $ 320,210 At March 31, 2020, the Company identified indicators of impairment for the exploration and evaluation assets within each of its six CGUs. The estimated recoverable amount was below the carrying value of the exploration and evaluation assets in the Conventional, Peace River, Lloydminster, Viking and Eagle Ford CGUs and an impairment of $127.9 million was recorded as at March 31, 2020. The recoverable amount of each CGU was based on its FVLCD and was estimated with reference to arm's length transaction in comparable locations and the discounted cash flows associated with the Company's future development plans. The following table indicates the impairment booked for each CGU at March 31, 2020. Impairment at Conventional CGU $ 4,000 Peace River CGU 20,000 Lloydminster CGU 42,000 Viking CGU 13,000 Eagle Ford CGU 48,861 $ 127,861 At December 31, 2020, the Company estimated the recoverable amount of the exploration and evaluation assets within each of its six CGUs due to the ongoing volatility in future oil and natural gas prices. The recoverable amount supported the carrying amount for the Conventional, Peace River, Lloydminster, and Duvernay CGUs and no impairment or impairment reversal was recorded. The recoverable amount for the Viking and Eagle Ford CGUs exceeded their carrying amounts which resulted in an impairment reversal of $14.8 million at December 31, 2020. The recoverable amount of each CGU was based on its FVLCD and was estimated with reference to arm's length transaction in comparable locations and the discounted cash flows associated with the Company's future development plans. The following table indicates the impairment reversal booked for the Viking and Eagle Ford CGUs at December 31, 2020. Impairment reversal at December 31, 2020 Viking CGU $ 2,000 Eagle Ford CGU 12,803 $ 14,803 At December 31, 2019 the Company identified indicators of impairment for the exploration and evaluation assets within the Peace River CGU. The estimated recoverable amount was below the carrying value of the exploration and evaluation assets in the Peace River CGU and an impairment $7.8 million was recorded as at December 31, 2019. There were no indicators of impairment for exploration and evaluation assets in the remaining CGUs at December 31, 2019.

Oil and Gas Properties

Oil and Gas Properties	12 Months Ended
	Dec. 31, 2020
Property, plant and equipment [abstract]
Oil and gas properties	OIL AND GAS PROPERTIES Cost Accumulated Net book value Balance, December 31, 2018 $ 10,744,533 $ (4,926,644) $ 5,817,889 Capital expenditures 549,343 — 549,343 Property acquisitions 2,636 — 2,636 Transfers from exploration and evaluation assets (note 5) 16,204 — 16,204 Change in asset retirement obligations (note 10) 23,894 — 23,894 Divestitures (2,069) 1,690 (379) Property swaps 1,773 — 1,773 Impairment — (180,000) (180,000) Foreign currency translation (208,017) 89,813 (118,204) Depletion — (725,267) (725,267) Balance, December 31, 2019 $ 11,128,297 $ (5,740,408) $ 5,387,889 Capital expenditures 275,850 — 275,850 Transfers from exploration and evaluation assets (note 5) 8,585 — 8,585 Change in asset retirement obligations (note 10) 94,994 — 94,994 Property swaps (1,190) 178 (1,012) Impairments — (2,247,162) (2,247,162) Foreign currency translation (82,860) 120,123 37,263 Depletion — (478,859) (478,859) Balance, December 31, 2020 $ 11,423,676 $ (8,346,128) $ 3,077,548 Baytex recorded total impairments related to oil and gas properties of $2.2 billion for the year ended December 31, 2020 and $180.0 million for the year ended December 31, 2019. At March 31, 2020, the Company identified indicators of impairment for each of its six CGUs due to a significant decline in forecasted commodity prices. The recoverable amount was not sufficient to support the carrying amount which resulted in an impairment of $2.6 billion recorded at March 31, 2020. The recoverable amount of each CGU was based on its FVLCD which was estimated using a discounted cash flow model of proved plus probable cash flows from an independent reserve report prepared as at December 31, 2019 and was adjusted for operations between December 31, 2019 and March 31, 2020. The after-tax discount rates applied to the cash flows were between 8% and 14%. The recoverable amount of the Company's CGUs were calculated at March 31, 2020 using the following benchmark reference prices for the years 2020 to 2029 adjusted for commodity differentials specific to the Company. The prices and costs subsequent to 2029 have been adjusted for inflation at an annual rate of 2%. 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 WTI crude oil (US$/bbl) 29.17 40.45 49.17 53.28 55.66 56.87 58.01 59.17 60.35 61.56 WCS heavy oil (CA$/bbl) 19.21 34.65 46.34 51.25 54.28 55.72 56.96 58.22 59.51 60.82 LLS crude oil (US$/bbl) 32.17 43.80 52.55 56.68 59.10 60.35 61.52 62.72 63.94 65.19 Edmonton par oil (CA$/bbl) 29.22 46.85 59.27 65.02 68.43 69.81 71.24 72.70 74.19 75.71 Henry Hub gas (US$/mmbtu) 2.10 2.58 2.79 2.86 2.93 3.00 3.07 3.13 3.19 3.25 AECO gas (CA$/mmbtu) 1.74 2.20 2.38 2.45 2.53 2.60 2.66 2.72 2.79 2.85 Exchange rate (CAD/USD) 1.41 1.37 1.34 1.34 1.34 1.33 1.33 1.33 1.33 1.33 The following table demonstrates the sensitivity of the estimated recoverable amount of the Company's CGUs to reasonably possible changes in key assumptions inherent in the estimate. Recoverable amount Impairment Change in discount rate of 1% Change in oil price of $2.50/bbl Change in gas price of $0.25/mcf Conventional CGU $ 37,444 $ 41,000 $ 3,000 $ 3,500 $ 8,500 Peace River CGU 109,631 345,000 9,500 53,500 3,000 Lloydminster CGU 227,967 470,000 25,000 69,500 — Duvernay CGU 61,197 5,000 5,500 9,500 1,500 Viking CGU 962,134 915,000 57,000 123,000 4,000 Eagle Ford CGU 1,576,423 812,488 120,750 141,500 32,000 $ 2,974,796 $ 2,588,488 $ 220,750 $ 400,500 $ 49,000 At December 31, 2020, the Company estimated the recoverable amount of each of its six CGUs due to the volatility in commodity prices during the year and a reduction in future development costs per well for the Viking and Eagle Ford CGUs. The recoverable amount supported the carrying amount for the Conventional, Peace River, Lloydminster, and Duvernay CGUs and no impairment or impairment reversal was recorded. The recoverable amount for the Viking and Eagle Ford CGUs exceeded their carrying amounts which resulted in an impairment reversal of $341.3 million recorded at December 31, 2020. The recoverable amount for each CGU was based on its FVLCD which was estimated using a discounted cash flow model of proved plus probable cash flows from an independent reserve report prepared as at December 31, 2020. The after-tax discount rates applied to the cash flows were between 10% and 17%. The recoverable amount of the Company's CGUs were calculated at December 31, 2020 using the following benchmark reference prices for the years 2021 to 2030 adjusted for commodity differentials specific to the Company. The prices and costs subsequent to 2030 have been adjusted for inflation at an annual rate of 2%. 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 WTI crude oil (US$/bbl) 47.17 50.17 53.17 54.97 56.07 57.19 58.34 59.50 60.69 61.91 WCS heavy oil (CA$/bbl) 44.63 48.18 52.10 54.10 55.19 56.29 57.42 58.57 59.74 60.93 LLS crude oil (US$/bbl) 49.50 52.85 55.87 57.69 58.82 59.97 61.15 62.34 63.56 64.83 Edmonton par oil (CA$/bbl) 55.76 59.89 63.48 65.76 67.13 68.53 69.95 71.40 72.88 74.34 Henry Hub gas (US$/mmbtu) 2.83 2.87 2.90 2.96 3.02 3.08 3.14 3.20 3.26 3.33 AECO gas (CA$/mmbtu) 2.78 2.70 2.61 2.65 2.70 2.76 2.81 2.87 2.92 2.98 Exchange rate (CAD/USD) 1.30 1.31 1.31 1.31 1.31 1.31 1.31 1.31 1.31 1.31 The following table demonstrates the sensitivity of the estimated recoverable amount of the Company's CGUs to reasonably possible changes in key assumptions inherent in the estimate. Recoverable amount Impairment Change in discount rate of 1% Change in oil price of $2.50/bbl Change in gas price of $0.25/mcf Conventional CGU $ 54,265 $ — $ 1,000 $ 3,000 $ 9,000 Peace River CGU 104,225 — 1,000 49,500 3,000 Lloydminster CGU 212,979 — 7,000 57,500 500 Duvernay CGU 70,491 — 5,500 12,000 1,500 Viking CGU 1,026,026 116,000 34,500 106,500 5,000 Eagle Ford CGU 1,609,562 225,326 91,600 157,500 38,400 $ 3,077,548 $ 341,326 $ 140,600 $ 386,000 $ 57,400 At December 31, 2019, the Company identified indicators of impairment for its Peace River CGU due to a sustained decline in Canadian heavy oil prices and a reduction in planned exploration and development expenditures related to thermal properties in the Peace River CGU. The recoverable amount of the Peace River CGU was based on its VIU which was estimated using a discounted cash flow model using proved plus probable cash flows from an independent reserve report prepared as at December 31, 2019 and an after-tax discount rate of 11%. The recoverable amount was not sufficient to support the carrying amount of the CGU which resulted in an impairment of $180.0 million recorded as at December 31, 2019. There were no indicators of impairment or impairment reversal for the remaining CGUs at December 31, 2019.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	LEASES Lease Assets Baytex had the following right-of-use assets at December 31, 2020. Office Leases Field Equipment Vehicles and Other Total Balance, January 1, 2019 (1) $ 14,775 $ 2,254 $ 969 $ 17,998 Additions — 1,668 159 1,827 Modifications (6) 4 19 17 Depreciation (4,904) (837) (482) (6,223) Balance, December 31, 2019 $ 9,865 $ 3,089 $ 665 $ 13,619 Additions 20 962 203 1,185 Modifications 1,846 80 7 1,933 Depreciation (3,799) (1,381) (459) (5,639) Balance, December 31, 2020 $ 7,932 $ 2,750 $ 416 $ 11,098 (1) The Company adopted IFRS 16 Leases on January 1, 2019 using the modified retrospective approach. Lease Obligations Baytex had the following future commitments associated with its lease obligations at December 31, 2020. December 31, 2020 December 31, 2019 Less than 1 year $ 4,504 $ 6,216 1 - 3 years 4,302 7,748 3 - 5 years 3,044 604 After 5 years — — Total lease payments $ 11,850 $ 14,568 Amounts representing interest over the term of the lease (774) (685) Present value of net lease payments $ 11,076 $ 13,883 Less current portion of lease obligations 4,289 5,798 Non-current portion of lease obligations $ 6,787 $ 8,085 The Company recorded interest expense related to its lease obligations of $0.4 million and recorded lease payments of $5.9 million for the year ended December 31, 2020 (December 31, 2019 - $0.6 million and 6.0 million, respectively).

Credit Facilities

Credit Facilities	12 Months Ended
	Dec. 31, 2020
Financial Instruments [Abstract]
Credit Facilities	CREDIT FACILITIES December 31, 2020 December 31, 2019 Credit facilities - U.S. dollar denominated (1) $ 140,815 $ 206,144 Credit facilities - Canadian dollar denominated 510,358 300,327 Credit facilities - principal (2) $ 651,173 $ 506,471 Unamortized debt issuance costs (1,952) (1,059) Credit facilities $ 649,221 $ 505,412 (1) U.S. dollar denominated credit facilities balance was US$110.4 million as at December 31, 2020 (December 31, 2019 - US$159.0 million). (2) The increase in the principal amount of the credit facilities outstanding from December 31, 2019 to December 31, 2020 is the result of net draws of $145.0 million and a decrease in the reported amount of U.S. denominated debt of $0.3 million due to foreign exchange. Baytex has US$575 million of revolving credit facilities (the "Revolving Facilities") and a $300 million non-revolving secured term loan (the "Term Loan") (collectively the "Credit Facilities"). On March 3, 2020, Baytex amended its Credit Facilities to extend maturity from April 2, 2021 to April 2, 2024. These facilities will automatically be extended to June 4, 2024 providing Baytex has either refinanced, or has the ability to repay, the outstanding 2024 long-term notes with existing credit capacity as of April 1, 2024. The extendible secured Revolving Facilities are comprised of a US$50 million operating loan and a US$325 million syndicated revolving loan for Baytex and a US$200 million syndicated revolving loan for Baytex's wholly-owned subsidiary, Baytex Energy USA, Inc. The $300 million Term Loan is secured by the assets of Baytex's wholly-owned subsidiary, Baytex Energy Limited Partnership. The Credit Facilities are not borrowing base facilities and do not require annual or semi-annual reviews. The Credit Facilities contain standard commercial covenants in addition to the financial covenants detailed below. There are no mandatory principal payments required prior to maturity which could be extended upon Baytex's request. Advances (including letters of credit) under the Credit Facilities can be drawn in either Canadian or U.S. funds and bear interest at the bank’s prime lending rate, bankers’ acceptance discount rates or London Interbank Offered Rates ("LIBOR"), plus applicable margins. The LIBOR benchmark will no longer be published after December 31, 2021. We expect the LIBOR benchmark to be replaced with an alternative that will apply to our U.S. dollar borrowing at our option. We do not expect this change to have a material impact to Baytex as U.S. dollar borrowings under the credit facilities can also bear interest at the U.S. base loan rate. At December 31, 2020, Baytex had $15.0 million of outstanding letters of credit (December 31, 2019 - $15.2 million) under the Credit Facilities. At December 31, 2020, Baytex was in compliance with all of the covenants contained in the Credit Facilities and is forecasting compliance with these covenants based on current forward prices. The following table summarizes the financial covenants applicable to the Revolving Facilities and Baytex's compliance therewith as at December 31, 2020. Covenant Description Position as at December 31, 2020 Covenant Senior Secured Debt (1) to Bank EBITDA (2) (Maximum Ratio) 1.6:1.0 3.5:1.0 Interest Coverage (3) (Minimum Ratio) 3.9:1.0 2.0:1.0 (1) "Senior Secured Debt" is defined as the principal amount of the credit facilities and other secured obligations identified in the credit agreement. As at December 31, 2020, the Company's Senior Secured Debt totaled $666.2 million which includes $651.2 million of principal amounts outstanding and $15.0 million of letters of credit. (2) "Bank EBITDA" is calculated based on terms and definitions set out in the credit agreement which adjusts net income or loss for financing and interest expenses, income tax, non-recurring losses, certain specific unrealized and non-cash transactions (including depletion, depreciation, exploration and evaluation expenses, impairment, deferred income tax expense or recovery, unrealized gains and losses on financial derivatives and foreign exchange and share-based compensation) and is calculated based on a trailing twelve month basis including the impact of material acquisitions as if they had occurred at the beginning of the twelve month period. Bank EBITDA for the twelve months ended December 31, 2020 was $414.9 million. (3) "Interest coverage" is computed as the ratio of Bank EBITDA to financing and interest expense, excluding accretion of debt issue costs and asset retirement obligations, and is calculated on a trailing twelve month basis. Financing and interest expenses, excluding accretion of debt issue costs and asset retirement obligations, for the twelve months ended December 31, 2020 were $106.1 million. December 31, 2020 December 31, 2019 5.125% notes (US$400,000 – principal) due June 1, 2021 $ — $ 518,600 6.625% notes ($300,000 – principal) due July 19, 2022 — 300,000 5.625% notes (US$400,000 – principal) due June 1, 2024 510,200 518,600 8.75% notes (US$500,000 – principal) due April 1, 2027 637,750 — Total long-term notes - principal (1) $ 1,147,950 $ 1,337,200 Unamortized debt issuance costs (15,082) (9,025) Total long-term notes - net of unamortized debt issuance costs $ 1,132,868 $ 1,328,175 (1) The decrease in the principal amount of long-term notes outstanding from December 31, 2019 to December 31, 2020 is the result of principal repayments of $830.4 million, the issuance of $664.7 million aggregate principal amount and changes in the reported amount of U.S. denominated debt of $23.6 million. On February 5, 2020, Baytex issued US$500 million aggregate principal amount of senior unsecured notes due April 1, 2027 bearing interest at a rate of 8.75% per annum payable semi-annually (the "8.75% Senior Notes"). The 8.75% Senior Notes are redeemable at Baytex's option, in whole or in part, at specified redemption prices after April 1, 2023 and will be redeemable at par from April 1, 2026 to maturity. Transaction costs of $12.5 million were incurred in conjunction with the issuance which resulted in net proceeds of $652.2 million. On February 20, 2020, Baytex used a portion of the net proceeds from the issuance of the 8.75% Senior Notes to complete the early redemption of the US$400 million principal amount of the 5.125% senior unsecured notes due June 1, 2021 at par plus accrued interest. The principal payment was $530.4 million. On March 5, 2020, Baytex completed the early redemption of the $300 million principal amount of the 6.625% senior unsecured notes due July 19, 2022 at 101.104% of the principal amount plus accrued interest. The principal payment was $300.0 million plus early redemption expense of $3.3 million. The long-term notes do not contain any significant financial maintenance covenants but do contain a debt incurrence covenant that restricts the Company's ability to raise additional debt beyond the existing Credit Facilities and long-term notes.

Long-Term Notes

Long-Term Notes	12 Months Ended
	Dec. 31, 2020
Financial Instruments [Abstract]
Long-Term Notes	CREDIT FACILITIES December 31, 2020 December 31, 2019 Credit facilities - U.S. dollar denominated (1) $ 140,815 $ 206,144 Credit facilities - Canadian dollar denominated 510,358 300,327 Credit facilities - principal (2) $ 651,173 $ 506,471 Unamortized debt issuance costs (1,952) (1,059) Credit facilities $ 649,221 $ 505,412 (1) U.S. dollar denominated credit facilities balance was US$110.4 million as at December 31, 2020 (December 31, 2019 - US$159.0 million). (2) The increase in the principal amount of the credit facilities outstanding from December 31, 2019 to December 31, 2020 is the result of net draws of $145.0 million and a decrease in the reported amount of U.S. denominated debt of $0.3 million due to foreign exchange. Baytex has US$575 million of revolving credit facilities (the "Revolving Facilities") and a $300 million non-revolving secured term loan (the "Term Loan") (collectively the "Credit Facilities"). On March 3, 2020, Baytex amended its Credit Facilities to extend maturity from April 2, 2021 to April 2, 2024. These facilities will automatically be extended to June 4, 2024 providing Baytex has either refinanced, or has the ability to repay, the outstanding 2024 long-term notes with existing credit capacity as of April 1, 2024. The extendible secured Revolving Facilities are comprised of a US$50 million operating loan and a US$325 million syndicated revolving loan for Baytex and a US$200 million syndicated revolving loan for Baytex's wholly-owned subsidiary, Baytex Energy USA, Inc. The $300 million Term Loan is secured by the assets of Baytex's wholly-owned subsidiary, Baytex Energy Limited Partnership. The Credit Facilities are not borrowing base facilities and do not require annual or semi-annual reviews. The Credit Facilities contain standard commercial covenants in addition to the financial covenants detailed below. There are no mandatory principal payments required prior to maturity which could be extended upon Baytex's request. Advances (including letters of credit) under the Credit Facilities can be drawn in either Canadian or U.S. funds and bear interest at the bank’s prime lending rate, bankers’ acceptance discount rates or London Interbank Offered Rates ("LIBOR"), plus applicable margins. The LIBOR benchmark will no longer be published after December 31, 2021. We expect the LIBOR benchmark to be replaced with an alternative that will apply to our U.S. dollar borrowing at our option. We do not expect this change to have a material impact to Baytex as U.S. dollar borrowings under the credit facilities can also bear interest at the U.S. base loan rate. At December 31, 2020, Baytex had $15.0 million of outstanding letters of credit (December 31, 2019 - $15.2 million) under the Credit Facilities. At December 31, 2020, Baytex was in compliance with all of the covenants contained in the Credit Facilities and is forecasting compliance with these covenants based on current forward prices. The following table summarizes the financial covenants applicable to the Revolving Facilities and Baytex's compliance therewith as at December 31, 2020. Covenant Description Position as at December 31, 2020 Covenant Senior Secured Debt (1) to Bank EBITDA (2) (Maximum Ratio) 1.6:1.0 3.5:1.0 Interest Coverage (3) (Minimum Ratio) 3.9:1.0 2.0:1.0 (1) "Senior Secured Debt" is defined as the principal amount of the credit facilities and other secured obligations identified in the credit agreement. As at December 31, 2020, the Company's Senior Secured Debt totaled $666.2 million which includes $651.2 million of principal amounts outstanding and $15.0 million of letters of credit. (2) "Bank EBITDA" is calculated based on terms and definitions set out in the credit agreement which adjusts net income or loss for financing and interest expenses, income tax, non-recurring losses, certain specific unrealized and non-cash transactions (including depletion, depreciation, exploration and evaluation expenses, impairment, deferred income tax expense or recovery, unrealized gains and losses on financial derivatives and foreign exchange and share-based compensation) and is calculated based on a trailing twelve month basis including the impact of material acquisitions as if they had occurred at the beginning of the twelve month period. Bank EBITDA for the twelve months ended December 31, 2020 was $414.9 million. (3) "Interest coverage" is computed as the ratio of Bank EBITDA to financing and interest expense, excluding accretion of debt issue costs and asset retirement obligations, and is calculated on a trailing twelve month basis. Financing and interest expenses, excluding accretion of debt issue costs and asset retirement obligations, for the twelve months ended December 31, 2020 were $106.1 million. December 31, 2020 December 31, 2019 5.125% notes (US$400,000 – principal) due June 1, 2021 $ — $ 518,600 6.625% notes ($300,000 – principal) due July 19, 2022 — 300,000 5.625% notes (US$400,000 – principal) due June 1, 2024 510,200 518,600 8.75% notes (US$500,000 – principal) due April 1, 2027 637,750 — Total long-term notes - principal (1) $ 1,147,950 $ 1,337,200 Unamortized debt issuance costs (15,082) (9,025) Total long-term notes - net of unamortized debt issuance costs $ 1,132,868 $ 1,328,175 (1) The decrease in the principal amount of long-term notes outstanding from December 31, 2019 to December 31, 2020 is the result of principal repayments of $830.4 million, the issuance of $664.7 million aggregate principal amount and changes in the reported amount of U.S. denominated debt of $23.6 million. On February 5, 2020, Baytex issued US$500 million aggregate principal amount of senior unsecured notes due April 1, 2027 bearing interest at a rate of 8.75% per annum payable semi-annually (the "8.75% Senior Notes"). The 8.75% Senior Notes are redeemable at Baytex's option, in whole or in part, at specified redemption prices after April 1, 2023 and will be redeemable at par from April 1, 2026 to maturity. Transaction costs of $12.5 million were incurred in conjunction with the issuance which resulted in net proceeds of $652.2 million. On February 20, 2020, Baytex used a portion of the net proceeds from the issuance of the 8.75% Senior Notes to complete the early redemption of the US$400 million principal amount of the 5.125% senior unsecured notes due June 1, 2021 at par plus accrued interest. The principal payment was $530.4 million. On March 5, 2020, Baytex completed the early redemption of the $300 million principal amount of the 6.625% senior unsecured notes due July 19, 2022 at 101.104% of the principal amount plus accrued interest. The principal payment was $300.0 million plus early redemption expense of $3.3 million. The long-term notes do not contain any significant financial maintenance covenants but do contain a debt incurrence covenant that restricts the Company's ability to raise additional debt beyond the existing Credit Facilities and long-term notes.

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2020
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Asset Retirement Obligations	ASSET RETIREMENT OBLIGATIONS December 31, 2020 December 31, 2019 Balance, beginning of year $ 667,974 $ 646,898 Liabilities incurred 15,189 21,748 Liabilities settled (7,168) (15,417) Liabilities acquired from property acquisitions — 1,648 Liabilities divested (721) (1,331) Property swaps (525) 792 Accretion (note 16) 8,978 13,713 Government grants (1) (2,128) — Change in estimate (2) (12,771) 19,632 Changes in discount rates and inflation rates 92,576 (17,486) Foreign currency translation (1,021) (2,223) Balance, end of year $ 760,383 $ 667,974 Less current portion of asset retirement obligations 11,820 11,579 Non-current portion of asset retirement obligations $ 748,563 $ 656,395 (1) Baytex received $2.1 million of government grants from the Governments of Alberta and Saskatchewan. The grants were used to abandon and reclaim well sites which reduced our assets retirement obligations and was included in other income. (2) Changes in the estimated costs, the timing of abandonment and reclamation and the status of wells are factors resulting in a change in estimate. At December 31, 2020, the undiscounted amount of estimated cash flows required to settle the asset retirement obligations is $721.0 million (December 31, 2019 - $714.8 million). The discounted amount of estimated cash flow required to settle the asset retirement obligations at December 31, 2020, calculated using an estimated inflation rate of 1.5% (December 31, 2019 - 1.4%) and a risk free discount rate of 1.2% (December 31, 2019 - 1.8%), is $760.4 million (December 31, 2019 - $668.0 million). These costs are expected to be incurred over the next 60 years.

Shareholders' Capital

Shareholders' Capital	12 Months Ended
	Dec. 31, 2020
Share Capital, Reserves And Other Equity Interest [Abstract]
Shareholders' Capital	SHAREHOLDERS' CAPITAL The authorized capital of Baytex consists of an unlimited number of common shares without nominal or par value and 10.0 million preferred shares without nominal or par value, issuable in series. Baytex establishes the rights and terms of the preferred shares upon issuance. As at December 31, 2020, no preferred shares have been issued by the Company and all common shares issued were fully paid. The holders of common shares may receive dividends as declared from time to time and are entitled to one vote per share at any meetings of the holders of common shares. All common shares rank equally with regard to the Company's net assets in the event the Company is wound-up or terminated. Number of Common Shares (000s) Amount Balance, December 31, 2018 554,060 $ 5,701,516 Vesting of share awards 4,245 17,319 Balance, December 31, 2019 558,305 $ 5,718,835 Vesting of share awards 2,922 10,583 Balance, December 31, 2020 561,227 $ 5,729,418

Share-Based Compensation Plan

Share-Based Compensation Plan	12 Months Ended
	Dec. 31, 2020
Share-Based Payment Arrangements [Abstract]
Share-Based Compensation Plan	SHARE-BASED COMPENSATION PLAN The Company recorded compensation expense related to the share awards of $9.5 million for the year ended December 31, 2020 ($15.9 million for the year ended December 31, 2019) which includes $2.3 million of cash compensation expense related to the incentive award plan and the associated equity total return swaps. Share Award Plans Baytex has a share award plan pursuant to which it issues restricted and performance awards. A restricted award entitles the holder of each award to receive one common share of Baytex at the time of vesting. A performance award entitles the holder of each award to receive between zero and two common shares on vesting; the number of common shares issued is determined by a multiplier. The multiplier, which ranges between zero and two, is calculated based on a number of factors determined and approved by the Board of Directors on an annual basis. The restricted awards and performance awards vest in equal tranches on the first, second and third anniversaries of the grant date. The weighted average fair value of share awards granted during the year ended December 31, 2020 was $1.48 per restricted and performance award (December 31, 2019 - $2.63). The number of share awards outstanding is detailed below: (000s) Number of Number of performance awards (1) Total number of Balance, December 31, 2018 3,243 3,273 6,516 Granted 3,184 3,245 6,429 Vested and converted to common shares (2,081) (2,164) (4,245) Forfeited (545) (1,219) (1,764) Balance, December 31, 2019 3,801 3,135 6,936 Granted 2,239 3,253 5,492 Vested and converted to common shares (1,730) (1,192) (2,922) Forfeited (188) (1,108) (1,296) Balance, December 31, 2020 4,122 4,088 8,210 (1) Based on underlying awards before applying the payout multiplier which can range from 0x to 2x. Incentive Award Plan Baytex has a cash-settled incentive award plan (the "Incentive Award" plan) whereby the holder of each incentive award is entitled to receive a cash payment equal to the value of one Baytex common share at the time of vesting. The incentive awards vest in equal tranches on the first, second and third anniversaries of the grant date. The cumulative expense is recognized at fair value at each period end and is included in trade and other payables. The Company uses equity total return swaps ("Equity TRS") on the equivalent number of Baytex common shares in order to fix the aggregate cost of the Incentive Award plan at the fair value determined on the grant date. The carrying value of the financial derivatives includes the fair value of the Equity TRS which was a liability of $1.1 million on December 31, 2020. During the year ended December 31, 2020, Baytex granted 2.9 million awards under the Incentive Award plan at a fair value of $1.50 per award. Share Options Baytex assumed share option plans pursuant to a business combination in 2018. No new grants will be made under the option plans. At December 31, 2020, 0.3 million share options were outstanding with a weighted average remaining life of 0.3 years and a weighted average exercise price of $5.40 (December 31, 2019 - 2.5 million options with a weighted average exercise price of $6.83).

Net Income (Loss) Per Share

Net Income (Loss) Per Share	12 Months Ended
	Dec. 31, 2020
Earnings per share [abstract]
Net Income (Loss) Per Share	NET INCOME (LOSS) PER SHARE Baytex calculates basic income or loss per share based on the net income or loss attributable to shareholders using the weighted average number of shares outstanding during the period. Diluted income per share amounts reflect the potential dilution that could occur if share awards and share options were converted to common shares. The treasury stock method is used to determine the dilutive effect of share awards and share options whereby the potential conversion of share awards and share options and the amount of compensation expense, if any, attributed to future services are assumed to be used to purchase common shares at the average market price during the year. Years Ended December 31 2020 2019 Net loss Weighted average common shares (000's) Net loss per share Net loss Weighted average common shares (000's) Net loss per share Net loss - basic $ (2,438,964) 560,657 $ (4.35) $ (12,459) 557,048 $ (0.02) Dilutive effect of share awards — — — — — — Dilutive effect of share options — — — — — — Net loss - diluted $ (2,438,964) 560,657 $ (4.35) $ (12,459) 557,048 $ (0.02)

Petroleum and Natural Gas Sales

Petroleum and Natural Gas Sales	12 Months Ended
	Dec. 31, 2020
Disclosure of revenue from contracts with customers [Abstract]
Petroleum and Natural Gas Sales	PETROLEUM AND NATURAL GAS SALES The Company's petroleum and natural gas sales from contracts with customers for each reportable segment is set forth in the following table. Years Ended December 31 2020 2019 Canada U.S. Total Canada U.S. Total Light oil and condensate $ 296,125 $ 327,460 $ 623,585 $ 538,487 $ 600,163 $ 1,138,650 Heavy oil 236,235 — 236,235 500,187 — 500,187 NGL 6,037 34,845 40,882 8,430 60,647 69,077 Natural gas sales 33,344 41,431 74,775 30,620 67,385 98,005 Total petroleum and natural gas sales $ 571,741 $ 403,736 $ 975,477 $ 1,077,724 $ 728,195 $ 1,805,919 Included in accounts receivable at December 31, 2020 is $81.3 million (December 31, 2019 - $138.0 million) of accrued petroleum and natural gas sales related to deliveries for periods ended prior to the reporting date.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Taxes [Abstract]
Income Taxes	NCOME TAXES The provision for income taxes has been computed as follows: Years Ended December 31 2020 2019 Net loss before income taxes $ (2,599,357) $ (78,921) Expected income taxes at the statutory rate of 25.42% (1) (2019 – 26.72%) (660,757) (21,088) (Increase) decrease in income tax recovery resulting from: Share-based compensation 1,834 4,247 Effect of foreign exchange 1,017 (8,155) Effect of change in income tax rates 10,969 (6,098) Effect of rate adjustments for foreign jurisdictions 22,375 (27,785) Effect of change in deferred tax benefit not recognized 444,117 (7,563) Effect of U.S. tax change 19,807 — Adjustments and assessments 245 (20) Income tax recovery $ (160,393) $ (66,462) (1) On October 20, 2020 the Alberta government enacted legislation to decrease the corporate income tax rate from 10% to 8% effective July 1, 2020. At December 31, 2020, a deferred tax asset of $469.7 million remains unrecognized due to uncertainty surrounding future commodity prices and future capital gains (December 31, 2019 - $28.0 million). These deferred income tax assets relate to deductible temporary differences of $854.2 million, capital losses of $237.9 million and non-capital losses of $1,015.2 million, which expire from 2034 to 2040. In June 2016, certain indirect subsidiary entities received reassessments from the Canada Revenue Agency (the “CRA”) that denied $591 million of non-capital loss deductions that relate to the calculation of income taxes for the years 2011 through 2015. In September 2016, Baytex filed notices of objection with the CRA appealing each reassessment received. There has been no change in the status of these reassessments since an Appeals Officer was assigned to the Company's file in July 2018. Baytex remains confident that the original tax filings are correct and intends to defend those tax filings through the appeals process. On April 7, 2020, the U.S. Department of the Treasury and the IRS published final regulations addressing “anti-hybrid” rules under section 267A of the U.S. tax code and thus became substantially enacted. Pursuant to these regulations, the Company is no longer entitled to certain tax benefits previously recognized during 2019. Accordingly, a charge against deferred income taxes in the amount of $19.8 million was recorded in 2020. A continuity of the net deferred income tax liability is detailed in the following tables: As at January 1, 2020 Recognized in Net Income Foreign Currency Translation Adjustment December 31, 2020 Taxable temporary differences: Petroleum and natural gas properties $ (881,994) $ 378,321 $ 1,048 $ (502,625) Financial derivatives — — — — Other (2,403) (18,839) (1,135) (22,377) Deductible temporary differences: Asset retirement obligations 164,523 23,432 (115) 187,840 Financial derivatives 802 4,608 — 5,410 Non-capital losses 386,717 (141,468) (3,735) 241,514 Other 97,047 (85,087) (8,255) 3,705 Net deferred income tax liability (1) $ (235,308) $ 160,967 $ (12,192) $ (86,533) (1) Non-capital loss carry-forwards at December 31, 2020 totaled $2,165.2 million and expire from 2034 to 2040. As at January 1, 2019 Recognized in Net Loss Foreign Currency Translation Adjustment December 31, 2019 Taxable temporary differences: Petroleum and natural gas properties $ (954,506) $ 48,995 $ 23,517 $ (881,994) Financial derivatives (21,486) 21,486 — — Other (3,045) 5,192 (4,550) (2,403) Deductible temporary differences: Asset retirement obligations 172,359 (7,364) (472) 164,523 Financial derivatives — 802 — 802 Non-capital losses 399,699 (1,460) (11,522) 386,717 Finance costs 96,143 904 — 97,047 Net deferred income tax liability (1) $ (310,836) $ 68,555 $ 6,973 $ (235,308) (1) Non-capital loss carry-forwards at December 31, 2019 totaled $1,714.6 million and expire from 2034 to 2039.

Financing and Interest

Financing and Interest	12 Months Ended
	Dec. 31, 2020
Analysis of income and expense [abstract]
Financing and Interest	FINANCING AND INTEREST Years Ended December 31 2020 2019 Interest on credit facilities $ 15,256 $ 20,376 Interest on long-term notes 90,830 86,431 Interest on lease obligations 448 610 Non-cash financing 6,617 4,735 Accretion of asset retirement obligations (note 10) 8,978 13,713 Early redemption expense (note 9) 3,312 — Financing and interest $ 125,441 $ 125,865

Foreign Exchange

Foreign Exchange	12 Months Ended
	Dec. 31, 2020
Effects Of Changes In Foreign Exchange Rates [Abstract]
Foreign Exchange	FOREIGN EXCHANGE Years Ended December 31 2020 2019 Unrealized foreign exchange loss - intercompany notes (1) $ 31,617 $ — Unrealized foreign exchange gain - long-term notes (22,385) (62,753) Realized foreign exchange (gain) loss (544) 966 Foreign exchange loss (gain) $ 8,688 $ (61,787) (1) During 2020, a series of intercompany notes totaling US$751.0 million were issued from a Canadian subsidiary to a U.S. subsidiary. These notes are eliminated upon consolidation within the Statement of Financial Position and are revalued at the relevant foreign exchange rate at each period end. Foreign exchange gains or losses incurred within the Canadian subsidiary are recognized in unrealized foreign exchange gain or loss whereas those within the U.S. subsidiary are recognized in other comprehensive income.

Financial Instruments and Risk

Financial Instruments and Risk Management	12 Months Ended
	Dec. 31, 2020
Financial Instruments [Abstract]
Financial Instruments and Risk Management	FINANCIAL INSTRUMENTS AND RISK MANAGEMENTThe Company's financial assets and liabilities are comprised of cash, trade and other receivables, trade and other payables, financial derivatives, credit facilities and long-term notes. The carrying value of cash, trade and other receivables and trade and other payables approximates their fair value due to the short period to maturity of these instruments. The fair value of the credit facilities is equal to the principal amount outstanding as the credit facilities bear interest at floating rates and credit spreads that are indicative of market rates. The fair value of the long-term notes is determined based on market prices. The fair value of financial derivatives is measured with reference to quoted market prices, estimated of future volatility and interest rates available at period end. 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, 2020 December 31, 2019 Carrying value Fair value Carrying value Fair value Fair Value Measurement Hierarchy Financial Assets FVTPL Financial Derivatives $ 5,057 $ 5,057 $ 5,433 $ 5,433 Level 2 Total $ 5,057 $ 5,057 $ 5,433 $ 5,433 Financial assets at amortized cost Cash $ — $ — $ 5,572 $ 5,572 — Trade and other receivables 107,477 107,477 173,762 173,762 — Total $ 107,477 $ 107,477 $ 179,334 $ 179,334 Financial Liabilities FVTPL Financial Derivatives $ (26,792) $ (26,792) $ (8,668) $ (8,668) Level 2 Total $ (26,792) $ (26,792) $ (8,668) $ (8,668) Financial liabilities at amortized cost Trade and other payables $ (155,955) $ (155,955) $ (207,454) $ (207,454) — Credit Facilities (649,221) (651,173) (505,412) (506,471) — Long-term notes (1,132,868) (761,129) (1,328,175) (1,290,817) Level 1 Total $ (1,938,044) $ (1,568,257) $ (2,041,041) $ (2,004,742) There were no transfers between Level 1 and Level 2 in during the years ended December 31, 2020 or 2019. Financial Risk Baytex is exposed to a variety of financial risks, including market risk, liquidity risk and credit risk. The Company's process to mitigate these risks is described below. Market Risk Market risk is the risk that the fair value or future cash flows of financial assets or liabilities will fluctuate due to movements in market prices. Market risk is comprised of foreign currency risk, interest rate risk and commodity price risk. Foreign Currency Risk Baytex is exposed to fluctuations in foreign exchange rates as a result of the U.S. dollar portion of its credit facilities, long-term notes, intercompany notes, crude oil sales based on U.S. dollar benchmark prices and commodity financial derivative contracts that are settled in U.S. dollars. The Company's net income or loss, comprehensive income or loss and cash flow will therefore be impacted by fluctuations in foreign exchange rates. To manage the impact of foreign exchange rate fluctuations, the Company may enter into agreements to fix the Canadian to U.S. dollar exchange rate. At December 31, 2020 and 2019, the Company did not have any currency derivative contracts outstanding. A $0.01 increase or decrease in the CAD/USD foreign exchange rate on the revaluation of outstanding U.S. dollar denominated assets and liabilities, would impact net income or loss before income taxes by approximately $1.8 million. 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, 2020 December 31, 2019 December 31, 2020 December 31, 2019 U.S. dollar denominated US$759,508 US$8,733 US$934,731 US$841,961 Interest Rate Risk The Company's interest rate risk arises from borrowing at floating rates under the Revolving Facilities and Term Loan (note 8). Based on the principal outstanding on the Credit Facilities, as at December 31, 2020, a change of 100 basis points in interest rates would have an impact on net income or loss before income taxes of approximately $6.5 million. Commodity Price Risk Baytex utilizes financial derivative contracts or physical delivery contracts to manage the risk associated with changes in commodity prices. The use of derivatives is governed by a Risk Management Policy approved by the Board of Directors of Baytex which sets out limits on the use of derivatives. Baytex does not use financial derivatives for speculative purposes. Baytex's financial derivative contracts are subject to master netting agreements that create a legally enforceable right to offset by the counterparty the related financial assets and financial liabilities. When assessing the potential impact of crude oil price changes on the crude oil financial derivative contracts outstanding as at December 31, 2020, a US$1.00/bbl change in the underlying benchmark crude oil prices would impact net income or loss before income taxes by approximately $18.9 million. When assessing the potential impact of natural gas price changes on the financial derivative contracts outstanding as at December 31, 2020, a US$0.25 change in the underlying benchmark natural gas prices would impact net income or loss before income taxes by approximately $4.6 million. Financial Derivative Contracts Baytex had the following commodity financial derivative contracts outstanding as at February 24, 2021. Period Volume Price/Unit (1) Index Oil Basis swap Jan 2021 to Jun 2021 2,000 bbl/d WTI less US$13.75/bbl WCS Basis swap Jan 2021 to Dec 2021 7,000 bbl/d WTI less US$13.68/bbl WCS Basis swap (4) Apr 2021 to Dec 2021 1,000 bbl/d WTI less US$11.50/bbl WCS Basis swap (4) Jan 2022 to Dec 2022 6,000 bbl/d WTI less US$12.76/bbl WCS Basis swap Jan 2021 to Dec 2021 6,000 bbl/d WTI less US$5.17/bbl MSW Basis swap (4) Mar 2021 to Dec 2021 1,500 bbl/d WTI less US$4.50/bbl MSW Fixed - Sell Jan 2021 to Dec 2021 4,000 bbl/d US$45.00/bbl WTI 3-way option (2) Jan 2021 to Dec 2021 500 bbl/d US$35.00/US$45.00/US$49.03 WTI 3-way option (2) Jan 2021 to Dec 2021 1,500 bbl/d US$35.00/US$45.00/US$49.10 WTI 3-way option (2) Jan 2021 to Dec 2021 3,500 bbl/d US$35.00/US$45.00/US$49.50 WTI 3-way option (2) Jan 2021 to Dec 2021 10,000 bbl/d US$35.00/US$45.00/US$55.00 WTI 3-way option (2) Jan 2021 to Dec 2021 2,000 bbl/d US$37.00/US$42.50/US$48.00 WTI 3-way option (2)(4) Jan 2022 to Dec 2022 1,500 bbl/d US$40.00/US$50.00/US$58.10 WTI Swaption (3) Jan 2022 to Dec 2022 5,000 bbl/d US$53.00/bbl WTI Swaption (3) Jan 2022 to Dec 2022 5,000 bbl/d US$54.00/bbl WTI Natural Gas Fixed - Sell Jan 2021 to Jun 2021 3,000 GJ/d $2.71/GJ AECO 7A Fixed - Sell Jan 2021 to Dec 2021 16,000 GJ/d $2.36/GJ AECO 7A Fixed - Sell Jan 2021 to Dec 2021 2,500 GJ/d $2.40/GJ AECO 5A Fixed - Sell Jan 2021 to Dec 2021 12,000 mmbtu/d US$2.70/mmbtu NYMEX 3-way option (2) Jan 2022 to Dec 2022 2,500 mmbtu/d US$2.25/US$2.75/US$3.06 NYMEX 3-way option (2)(4) Jan 2022 to Dec 2022 2,500 mmbtu/d US$2.65/US$2.90/US$3.40 NYMEX (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$35.00/US$45.00/US$55.00 contract, Baytex receives WTI plus US$10.00/bbl when WTI is at or below US$35.00/bbl; Baytex receives US$45.00/bbl when WTI is between US$35.00/bbl and US$45.00/bbl; Baytex receives the market price when WTI is between US$45.00/bbl and US$55.00/bbl; and Baytex receives US$55.00/bbl when WTI is above US$55.00/bbl. (3) For these contracts, the counterparty has the right, if exercised on December 31, 2021, to enter a swap transaction for the remaining term, notional volume and fixed price per unit indicated above. (4) Contracts entered subsequent to December 31, 2020. The following table sets forth the realized and unrealized gains and losses recorded on financial derivatives. Years Ended December 31 2020 2019 Realized financial derivatives gain $ (47,836) $ (75,620) Unrealized financial derivatives loss 18,500 82,817 Financial derivatives (gain) loss $ (29,336) $ 7,197 Liquidity Risk Liquidity risk is the risk that Baytex will encounter difficulty in meeting obligations associated with financial liabilities. Baytex manages its liquidity risk through cash and debt management. Such strategies include monitoring forecasted and actual cash flows from operating, financing and investing activities, available credit under existing banking arrangements, opportunities to issue additional common shares as well as reducing capital expenditures. As at December 31, 2020, Baytex had available unused credit facilities in the amount of $367.2 million (December 31, 2019 - $523.8 million). The timing of cash outflows relating to financial liabilities as at December 31, 2020 is outlined in the table below: Total Less than 1 year 1-3 years 3-5 years Beyond 5 years Trade and other payables $ 155,955 $ 155,955 $ — $ — $ — Financial derivatives 26,792 26,792 — — — Credit facilities (1)(2) 651,173 — — 651,173 — Long-term notes (2) 1,147,950 — — 510,200 637,750 Interest on long-term notes (3) 446,854 84,502 169,004 123,479 69,869 Lease obligations (2) 11,850 4,504 4,302 3,044 — $ 2,440,574 $ 271,753 $ 173,306 $ 1,287,896 $ 707,619 (1) At December 31, 2019, the credit facilities were set to mature on April 2, 2021. On March 3, 2020, Baytex amended the credit facilities to extend maturity to April 2, 2024 which will automatically be extended to June 4, 2024 providing the Company has either refinanced or has the ability to repay the outstanding 2024 long-term notes with existing credit capacity as of April 1, 2024. (2) Principal amount of instruments. On February 5, 2020, Baytex issued US$500 million principal amount of 8.75% senior unsecured notes due 2027. On February 20, 2020 Baytex completed the redemption of the US$400 million principal amount of senior unsecured notes due 2021 and, on March 5, 2020, completed the redemption of $300 million principal amount of 6.625% senior unsecured notes due 2022 (note 9). (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. Credit Risk Credit risk is the risk that a counterparty to a financial asset will default resulting in Baytex incurring a loss. As at December 31, 2020, the Company is exposed to credit risk with respect to its trade and other receivables and financial derivatives. Baytex manages these risks through the selection and monitoring of credit-worthy counterparties. Most of the Company's trade and other receivables relate to petroleum and natural gas sales. Baytex reviews its exposure to individual entities on a regular basis and manages its credit risk by entering into sales contracts after reviewing the creditworthiness of the entity. Letters of credit or parental guarantees may be obtained prior to the commencement of business with certain counterparties. Credit risk may also arise from financial derivative instruments. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The Company considers all financial assets that are not impaired or past due to be of good credit quality. The majority of the Company's credit exposure on trade and other receivables at December 31, 2020 relates to accrued revenues. Accounts receivable from purchasers of the Company's petroleum and natural gas sales are typically collected on the 25th day of the month following production. Joint interest receivables are typically collected within one three Should the Company determine that the ultimate collection of a receivable is in doubt, the carrying amount of trade and other receivables is reduced by adjusting the allowance for doubtful accounts and a charge to net income or loss. If the Company subsequently determines the accounts receivable is uncollectible, the receivable and allowance for doubtful accounts are adjusted accordingly. As at December 31, 2020, allowance for doubtful accounts was $2.0 million (December 31, 2019 - $1.6 million). In determining whether amounts past due are collectible, the Company will assess the nature of the past due amounts as well as the credit worthiness and past payment history of the counterparty. As at December 31, 2020, accounts receivable that Baytex has deemed past due (more than 90 days) but not impaired was $1.6 million (December 31, 2019 - $2.7 million). Baytex has estimated the lifetime expected credit loss as at and for the year ended December 31, 2020 to be nominal. The Company's trade and other receivables, net of the allowance for doubtful accounts, were aged as follows at December 31, 2020. Trade and Other Receivables Aging December 31, 2020 December 31, 2019 Current (less than 30 days) $ 104,210 $ 169,500 31-60 days 1,493 1,199 61-90 days 220 342 Past due (more than 90 days) 1,554 2,721 $ 107,477 $ 173,762

Supplemental Information

Supplemental Information	12 Months Ended
	Dec. 31, 2020
Additional Information1 [Abstract]
Supplemental Information	SUPPLEMENTAL INFORMATION Changes in Non-Cash Working Capital Items Years Ended December 31 2020 2019 Trade and other receivables $ 66,285 $ (62,198) Trade and other payables (51,499) (50,660) $ 14,786 $ (112,858) Changes in non-cash working capital related to: Operating activities $ 48,758 $ (52,070) Investing activities (32,031) (62,485) Foreign currency translation on non-cash working capital (1,941) 1,697 $ 14,786 $ (112,858) Income Statement Presentation Baytex's consolidated statements of income or loss and comprehensive income or loss are prepared primarily according to the nature of expense, with the exception of employee compensation costs which are included in both operating expense and general and administrative expense line items. The following table details the amount of total employee compensation costs included in the operating expense and general and administrative expense. Years Ended December 31 2020 2019 Operating $ 9,065 $ 12,918 General and administrative 22,802 33,728 Total employee compensation costs $ 31,867 $ 46,646

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments And Contingencies [Abstract]
Commitments and Contingencies	COMMITMENTS Baytex has a number of financial obligations that are incurred in the ordinary course of business. These obligations are of a recurring nature and impact the Company’s cash flow from operations in an ongoing manner. A significant portion of these obligations will be funded by adjusted funds flow. These obligations as of December 31, 2020, and the expected timing of funding of these obligations, are noted in the table below. Total Less than 1-3 years 3-5 years Beyond 5 years Processing agreements $ 6,361 836 1,320 474 3,731 Transportation agreements 98,406 16,698 40,351 24,903 16,454 Total $ 104,767 $ 17,534 $ 41,671 $ 25,377 $ 20,185 Baytex also has ongoing obligations related to the abandonment and reclamation of well sites and facilities which have reached the end of their economic lives. The present value of the future estimated abandonment and reclamation costs are included in the asset retirement obligations presented in the statements of financial position. Programs to abandon and reclaim wellsites and facilities are undertaken regularly in accordance with applicable legislative requirements.

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2020
Related Party [Abstract]
Related Parties	RELATED PARTIES Transactions with key management personnel and directors are noted in the table below. Years Ended December 31 2020 2019 Short-term employee benefits $ 4,295 $ 6,202 Share-based compensation 4,080 9,188 Termination payments — 2,208 Total compensation for key management personnel $ 8,375 $ 17,598

Capital Management

Capital Management	12 Months Ended
	Dec. 31, 2020
Corporate Information And Statement Of IFRS Compliance [Abstract]
Capital Management	CAPITAL MANAGEMENT The Company's capital management objective is to maintain financial flexibility and sufficient sources of liquidity to execute its capital programs, while meeting short and long-term commitments. Baytex strives to actively manage its capital structure in response to changes in economic conditions. At December 31, 2020, the Company's capital structure was comprised of shareholders' capital, long-term notes, trade and other receivables, trade and other payables and the credit facilities. During 2020, Baytex took additional action to protect financial liquidity in response to lower oil prices and the global economic instability related to COVID-19. The Company's 2020 exploration and development expenditures were reduced by moderating the pace of activity in the U.S. and suspending drilling and completion operations in Canada. Certain high cost, low margin, production was shut-in for a portion of 2020 when netbacks were challenged by low commodity prices. Baytex remains committed to cost saving initiatives which resulted in lower operating expenses and general administrative costs during 2020. The capital intensive nature of Baytex's operations requires the maintenance of adequate sources of liquidity to fund ongoing exploration and development. Baytex's capital resources consist primarily of adjusted funds flow, available credit facilities and proceeds received from the divestiture of oil and gas properties. The Company's adjusted funds flow depends on a number of factors, including commodity prices, production and sales volumes, royalties, operating expenses, taxes and foreign exchange rates. In order to manage its capital structure and liquidity, Baytex may from time to time issue equity or debt securities, enter into business transactions including the sale of assets or adjust capital spending to manage current and projected debt levels. There is no certainty that any of these additional sources of capital would be available if required. At December 31, 2020, Baytex was in compliance with all of the covenants contained in the Credit Facilities and had unused capacity of $367.2 million (December 31, 2019 - $523.8 million). Baytex considers adjusted funds flow a key measure that provides a more complete understanding of operating performance and the Company's ability to generate funds for exploration and development expenditures, debt repayment, settlement of abandonment obligations and potential future dividends. Baytex eliminates settlements of abandonment obligations from cash flow from operations as the amounts can be discretionary and may vary from period to period depending on the Company's capital programs and the maturity of its operating areas. The settlement of abandonment obligations are managed through the capital budgeting process which considers available adjusted funds flow. Changes in non-cash working capital are eliminated in the determination of adjusted funds flow as the timing of collection, payment and incurrence is variable and by excluding them from the calculation Baytex is able to provide a more meaningful measure of cash flow on a continuing basis. Adjusted funds flow should not be construed as an alternative to performance measures determined in accordance with IFRS, such as cash flow from operating activities and net income or loss. Adjusted funds flow does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures for other entities. It is reconciled to the nearest measure determined in accordance with IFRS, cash flow from operating activities, as set forth below. Years Ended December 31 2020 2019 Cash flow from operating activities $ 353,096 $ 834,939 Change in non-cash working capital (48,758) 52,070 Asset retirement obligations settled 7,168 15,417 Adjusted funds flow $ 311,506 $ 902,426 The Company believes that net debt assists in providing a more complete understanding of its financial position and provides a key measure to assess liquidity. Net debt is calculated based on the principal amounts of the credit facilities and long-term notes outstanding, including trade and other payables, cash, and trade and other receivables. The principal amounts of the credit facilities and long-term notes outstanding are used in the calculation of net debt as these amounts represent the Company's total repayment obligation at maturity. The carrying amount of debt issue costs associated with the credit facilities and long-term notes are excluded on the basis that these amounts have already been paid by Baytex at inception of the contract and do not represent an additional source of liquidity or repayment obligation. Net debt does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measure for other entities. The computation of net debt is set forth below. December 31, 2020 December 31, 2019 Credit facilities - principal $ 651,173 $ 506,471 Long-term notes - principal 1,147,950 1,337,200 Trade and other payables 155,955 207,454 Cash — (5,572) Trade and other receivables (107,477) (173,762) Net debt $ 1,847,601 $ 1,871,791

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies, Changes In Accounting Policies And Errors [Abstract]
Consolidation	Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Subsidiaries are entities controlled by the Company. Control exists when the Company has the power to govern the financial and operating policies to obtain benefits from its activities. Significant subsidiaries included in the Company's accounts include Baytex Energy USA, Inc., Baytex Energy Ltd. and Baytex Energy Limited Partnership. Intercompany transactions are eliminated in preparation of the consolidated financial statements. Many of the Company's exploration, development and production activities are conducted through joint arrangements. The consolidated financial statements include the Company's proportionate share of the assets, liabilities, revenues and expenses generated by joint arrangements.
Business Combinations	Business Combinations Business combinations are accounted for using the acquisition method of accounting when the acquired assets meet the definition of a business under IFRS. The cost of an acquisition is measured as cash paid and the fair value of assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. The acquired identifiable assets and liabilities assumed are measured at their fair values at the date of acquisition. Any excess of the cost of acquisition over the fair value of the net identifiable assets acquired is recognized as goodwill. If the cost of acquisition is below the fair values of the identifiable net assets acquired, the difference is recognized as a bargain purchase gain in net income or loss. Associated transaction costs are expensed when incurred.
Revenue Recognition	Revenue Recognition Revenue from the sale of light oil and condensate, heavy oil, natural gas liquids, and natural gas is recognized based on the consideration specified in contracts with customers. Baytex recognizes revenue by unit of production and when control of the product transfers to the customer and collection is reasonably assured. This is generally at the point in time when the customer obtains legal title to the product which is when it is physically transferred to the pipeline or other transportation method agreed upon. The nature of the Company's performance obligations, including roles of third parties and partners, are evaluated to determine if the Company acts as a principal. Baytex recognizes revenue on a gross basis when it acts as the principal and has primary responsibility for the transaction. Revenue is recognized on a net basis when Baytex acts in the capacity of an agent rather than as a principal. The transaction price for variable price contracts in the Canadian and U.S. operating segments is based on a representative commodity price index, and may include adjustments for quality, location, delivery method, or other factors depending on the agreed upon terms of the contract. The amount of revenue recorded can vary depending on the grade, quality and quantities of oil or natural gas transferred to customers. Market conditions, which impact the Company's ability to negotiate certain components of the transaction price, can also cause the amount of revenue recorded to fluctuate from period to period. Tariffs, tolls and fees charged to other entities for the use of pipelines and facilities owned by Baytex are evaluated by management to determine if these originate from contracts with customers or from incidental or collaborative arrangements. Tariffs, tolls and fees charged to other entities that are from contracts with customers are recognized in revenue when the related services are provided.
Exploration and Evaluation Assets	Exploration and Evaluation Assets Pre-license costs, including certain geological, geophysical and seismic expenditures, are incurred before the legal rights to explore a specific area have been obtained. These costs are charged to exploration expense in the period in which they are incurred. Once the legal right to explore has been acquired, costs directly associated with an exploration program are capitalized as an intangible asset until results of the exploration program have been evaluated. Costs capitalized as E&E assets include costs of license acquisition, technical services and studies, seismic acquisition, exploration drilling and testing of initial production results. E&E costs are subject to technical, commercial and management review to confirm the continued intent to develop or otherwise extract the underlying reserves. The technical feasibility and commercial viability of extracting petroleum and natural gas resources is dependent on the existence of economically recoverable reserves for the project. If the asset is determined not to be technically feasible or commercially viable the accumulated E&E costs associated with the exploration project are charged to E&E expense in the period the determination is made. Upon determination of technical feasibility and commercial viability, as evidenced by the classification of proved or probable reserves and management's intention to develop the E&E asset, the accumulated costs associated with the exploration project are tested for impairment and transferred to oil and gas properties.
Oil and Gas Properties	Oil and Gas Properties Items of oil and gas properties are initially recorded at cost. The initial cost of oil and gas properties includes the costs to acquire developed or producing oil and gas properties, and to develop oil and gas properties, such as costs of completing geological and geophysical surveys, drilling development wells, and the costs to construct and install development infrastructure such as wellhead equipment and processing facilities. Oil and gas properties includes costs related to planned major inspection, overhaul and turnaround activities to maintain items of oil and gas properties and benefit future years of operations. Replacements outside of a major inspection, overhaul or turnaround are recognized as oil and gas properties when it is probable the future economic benefits of the replacement will be realized by the Company. The carrying amount of any replaced or disposed item of oil and gas properties is derecognized. Repair and maintenance costs incurred for servicing an item of oil and gas properties is recorded as operating expense as incurred.
Depletion and Depreciation	Depletion and Depreciation The costs associated with an item of oil and gas properties are depleted on a unit-of-production basis by depletable area over proved plus probable reserves once commercial production has commenced. Future development costs required to bring those reserves into production are included in the depletable base. For purposes of the depletion calculation, petroleum and natural gas reserves are converted to a common unit of measurement on the basis of their relative energy content where six thousand cubic feet of natural gas equates to one barrel of oil equivalent. The depreciation methods and estimated useful lives for other plant and equipment are as follows: Classification Method Rate or period Motor Vehicles Diminishing balance 15% Office Equipment Diminishing balance 20% Computer Hardware Diminishing balance 30% Furniture and Fixtures Diminishing balance 10% Leasehold Improvements Straight-line over life of the lease Various Lease assets Straight-line over the shorter of the useful life or the lease term Various Other Assets Diminishing balance Various The expected lives of other plant and equipment are reviewed on an annual basis and, if necessary, changes in expected useful lives are accounted for prospectively.
Impairment and Impairment Reversals	Impairment and Impairment Reversals Non-financial assets The Company reviews its non-financial assets, other than E&E assets, for indicators of impairment and impairment reversal at the end of each reporting period. The recoverable amount of the asset is estimated if indicators of impairment or impairment reversal exist. E&E assets are assessed for impairment when they are reclassified to oil and gas properties and if facts and circumstances suggest that the carrying amount exceeds the recoverable amount. When reviewing for indicators of impairment and impairment reversal, and testing for impairment or impairment reversal when indicators have been identified, assets are grouped together at a CGU level. The recoverable amount of an asset or CGU is the higher of its FVLCD and its VIU. The determination of recoverable amount includes estimates of proved and probable oil and gas reserves and the associated cash flows. Factors that impact these cash flows includes CGU production volumes, royalty obligations, operating costs, capital costs, forecast commodity prices, along with inflation and discount rates used to estimate present value. FVLCD is determined as the amount that would be obtained from the sale of an asset or CGU in an arm's length transaction between willing parties. In determining FVLCD, recent market transactions are considered if available. In the absence of such transactions, an appropriate valuation model is used. VIU is assessed using the present value of the estimated future cash flows of the asset or CGU. The estimated future cash flows are adjusted for risks specific to the asset or CGU and are discounted using a discount rate that reflects current market assessments of the time value of money. Where the carrying amount of a CGU exceeds its recoverable amount, the CGU is considered impaired and is written down to its recoverable amount. The impairment reduces the carrying amount of any goodwill allocated to the CGU first, with any remaining impairment being allocated to the individual assets in the CGU on a pro-rata basis. Impairments may be reversed for all CGUs and individual assets, other than goodwill, when there is indication that a previously recognized impairment may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. An impairment may be reversed only to the extent that the asset’s revised carrying amount does not exceed the carrying amount that would have been determined, net of depreciation and depletion, had no impairment been recognized. Impairment recognized in relation to goodwill is not reversed for subsequent increases in its recoverable amount. Impairments and impairment reversals are recorded in net income or loss in the period the impairment or impairment reversal occurs.
Leases	Leases A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. A lease obligation and corresponding right-of-use asset ("lease asset") are recognized at the commencement of the lease. The present value of the lease obligation is based on the future lease payments and is discounted using the Company's incremental borrowing rate when the rate implicit in the lease is not readily available. The Company uses a single discount rate for a portfolio of leases with similar characteristics. The lease asset is recognized at the amount of the lease obligation, adjusted for lease incentives received and initial direct costs, on commencement of the lease. Depreciation is recognized on the lease asset over the shorter of the estimated useful life of the asset or the lease term. Lease payments are allocated between the liability and interest expense. Interest expense is recognized on the lease obligations using the effective interest rate method and payments are applied against the lease obligation.
Asset Retirement Obligations	Asset Retirement Obligations The Company recognizes asset retirement obligations when it has a legal or constructive obligation as a result of past events, it is probable that an outflow of economic resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The Company’s asset retirement obligations are based on its net ownership in wells and facilities. Management estimates the costs to abandon and reclaim the wells and the facilities using existing technology and the estimated time period during which these costs will be incurred in the future.
Foreign Currency Translation	Foreign Currency Translation Foreign transactions Transactions completed in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the time of the transactions. Foreign currency assets and liabilities are translated to functional currency at the period-end exchange rate. Revenue and expenses are translated to functional currency using the average exchange rate for the period. Realized and unrealized gains and losses resulting from the settlement or translation of foreign currency transactions are included in net income or loss. Foreign operations The functional currency of the Company's subsidiaries is the currency of the primary economic environment in which the entity operates. Certain subsidiaries of the Company operate and transact primarily in currencies other than the Canadian dollar. The designation of a subsidiary's functional currency is a management judgment based on the currency of the primary economic environment in which the subsidiary operates. The financial statements of each entity are translated into Canadian dollars in preparation of the Company's consolidated financial statements. The assets and liabilities of a foreign operation are translated to Canadian dollars at the period-end exchange rate. Revenues and expenses of foreign operations are translated to Canadian dollars using the average exchange rate for the period. Foreign exchange differences are recognized in other comprehensive income or loss. If the Company or any of its entities disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the accumulated foreign currency translation gains or losses related to the foreign operation are recognized in net income or loss.
Financial Instruments	Financial Instruments Financial assets are initially classified into three categories: measured at amortized cost; fair value through other comprehensive income (“FVOCI”); or fair value through profit or loss (“FVTPL”). Financial assets are categorized based on the Company’s objective for the asset and the contractual cash flows. A financial asset is classified as amortized cost if the asset is held with the objective to collect contractual cash flows that are solely payments of principal and interest on principal amounts outstanding. A financial asset is classified as FVOCI if the asset is held with the objective to both collect contractual cash flows and sell the financial asset. All other financial assets are measured at FVTPL. Financial assets are assessed for impairment using an expected credit loss model. Trade and other receivables are classified and measured at amortized cost. The measurement categories for each class of financial asset and financial liability is set forth in the following table. Financial Instrument Classification Cash and cash equivalents Amortized cost Trade and other receivables Amortized cost Financial derivatives Fair value through profit or loss Trade and other payables Amortized cost Credit facilities Amortized cost Long-term notes Amortized cost Lease obligations Amortized cost An embedded derivative is a component of a contract that modifies the cash flows of the contract. These hybrid contracts consist of a host contract and an embedded derivative. The embedded derivative is separated from the host contract and accounted for as a derivative unless the economic characteristics and risks of the embedded derivative are closely related to the host contract. The embedded derivatives are measured at FVTPL. Debt issuance costs related to the amendment of our credit facilities or the issuance of long term notes are capitalized and amortized as financing costs over the term of the credit facilities or long term notes. For a financial asset or a financial liability carried at amortized cost, transaction costs directly attributable to acquiring or issuing the asset or liability are added to, or deducted from, the fair value on initial recognition and amortized through net income or loss over the term of the financial instrument. Transaction costs that are directly attributable to the acquisition or issue of a financial asset or a financial liability classified as FVTPL are expensed at inception of the contract. The Company formally documents its risk management objectives and strategies to manage exposures to fluctuations in commodity prices, interest rates and foreign currency exchange rates. The risk management policy permits the use of certain derivative financial instruments, including swaps and collars, to manage these fluctuations. All transactions of this nature entered into by the Company are related to underlying financial instruments or future petroleum and natural gas production. These instruments are classified as FVTPL. The Company does not use financial derivatives for trading or speculative purposes. The Company has not designated its financial derivative contracts as effective accounting hedges, and therefore has not applied hedge accounting. As a result, the Company applies the fair value method of accounting for all derivative instruments by recording an asset or liability on the statements of financial position and recognizing changes in the fair value of the instrument in the statements of income or loss for the current period. The fair values of these instruments are based on quoted market prices or, in their absence, third-party market indications and forecasts. Attributable transaction costs are recognized in net income or loss when incurred. The Company has accounted for its physical delivery sales contracts, which were entered into and continue to be held for the purpose of receipt or delivery of non-financial items in accordance with its expected purchase, sale or usage requirements as executory contracts. As such, these contracts are not considered to be derivative financial instruments and have not been recorded at fair value on the statements of financial position. Settlements on these physical delivery sales contracts are recognized in revenue in the period the product is delivered to the sales point.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Baytex classifies the fair value of financial instruments according to the following hierarchy based on the amount of observable inputs used to value the instruments: • Level 1: Values based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. • Level 2: Values based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. • Level 3: Values based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.
Income Taxes	Income Taxes Current and deferred income taxes are recognized in net income or loss, except when they relate to items that are recognized directly in equity, in which case the current and deferred taxes are also recognized directly in equity. Current income taxes for the current and prior periods are measured at the amount expected to be recoverable from or payable to the taxation authorities based on the income tax rates enacted at the end of the reporting period. The Company recognizes the financial statement impact of a tax filing position when it is probable that the position will be sustained upon audit. The liability is measured based on an assessment of possible outcomes and their associated probabilities. The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recorded for the effect of any temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of taxable income. Deferred income tax liabilities are generally recognized for all taxable temporary differences. Deferred income tax assets are recognized for all temporary differences deductible to the extent future recovery is probable. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be recovered. Deferred income taxes are calculated using enacted or substantively enacted tax rates. Deferred income tax balances are adjusted for any changes in the enacted or substantively enacted tax rates and the adjustment is recognized in the period that the rate change occurs.
Share-based Compensation	Share-based Compensation Plans The Company has a full-value award plan (the "Share Award Incentive Plan") pursuant to which restricted awards and performance awards (collectively, "share awards") may be granted to the directors, officers and employees of the Company and its subsidiaries. The maximum number of common shares issuable under the Share Award Incentive Plan (and any other long-term incentive plans of the Company) shall not at any time exceed 3.8% of the then-issued and outstanding common shares. Each restricted award entitles the holder to be issued the number of common shares designated in the restricted award (plus dividend equivalents). Each performance award entitles the holder to be issued the number of common shares designated in the performance award (plus dividend equivalents) multiplied by a payout multiplier. Expenses related to the Share Award Incentive Plan are determined based on the fair value of the share awards on the grant date which is based on quoted market prices for the Company's common shares. Both restricted and performance awards are expensed over the vesting period using the graded vesting method, with a corresponding increase to contributed surplus. The payout multiplier is dependent on the performance of the Company relative to predefined corporate performance measures for a particular period. In the case of both restricted and performance awards, the number of common shares to be issued on the applicable issue date is adjusted to account for the payments of dividends from the grant date to the applicable issue date. The Company has a cash-settled incentive award plan (the "Incentive Award Plan") pursuant to which incentive awards may be granted to officers and employees of the Company and its subsidiaries. Each incentive award entitles the holder to receive a cash payment equal to the value of one Baytex common share at the time of vesting. The incentive awards vest in equal tranches on the first, second and third anniversaries of the grant date. The cumulative expense is recognized at fair value at each period end and is included in trade and other payables.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies, Changes In Accounting Policies And Errors [Abstract]
Depreciation methods and estimated useful lives for other plant and equipment	The depreciation methods and estimated useful lives for other plant and equipment are as follows: Classification Method Rate or period Motor Vehicles Diminishing balance 15% Office Equipment Diminishing balance 20% Computer Hardware Diminishing balance 30% Furniture and Fixtures Diminishing balance 10% Leasehold Improvements Straight-line over life of the lease Various Lease assets Straight-line over the shorter of the useful life or the lease term Various Other Assets Diminishing balance Various Cost Accumulated Net book value Balance, December 31, 2018 $ 10,744,533 $ (4,926,644) $ 5,817,889 Capital expenditures 549,343 — 549,343 Property acquisitions 2,636 — 2,636 Transfers from exploration and evaluation assets (note 5) 16,204 — 16,204 Change in asset retirement obligations (note 10) 23,894 — 23,894 Divestitures (2,069) 1,690 (379) Property swaps 1,773 — 1,773 Impairment — (180,000) (180,000) Foreign currency translation (208,017) 89,813 (118,204) Depletion — (725,267) (725,267) Balance, December 31, 2019 $ 11,128,297 $ (5,740,408) $ 5,387,889 Capital expenditures 275,850 — 275,850 Transfers from exploration and evaluation assets (note 5) 8,585 — 8,585 Change in asset retirement obligations (note 10) 94,994 — 94,994 Property swaps (1,190) 178 (1,012) Impairments — (2,247,162) (2,247,162) Foreign currency translation (82,860) 120,123 37,263 Depletion — (478,859) (478,859) Balance, December 31, 2020 $ 11,423,676 $ (8,346,128) $ 3,077,548

Segmented Financial Informati_2

Segmented Financial Information (Tables)	12 Months Ended
	Dec. 31, 2020
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. Canada U.S. Corporate Consolidated Years Ended December 31 2020 2019 2020 2019 2020 2019 2020 2019 Revenue, net of royalties Petroleum and natural gas sales $ 571,741 $ 1,077,724 $ 403,736 $ 728,195 $ — $ — $ 975,477 $ 1,805,919 Royalties (46,064) (107,467) (117,671) (212,774) — — (163,735) (320,241) 525,677 970,257 286,065 515,421 — — 811,742 1,485,678 Expenses Operating 247,050 298,303 84,295 99,413 — — 331,345 397,716 Transportation 28,437 43,942 — — — — 28,437 43,942 Blending and other 48,381 68,795 — — — — 48,381 68,795 General and administrative — — — — 34,268 45,469 34,268 45,469 Exploration and evaluation 14,011 11,764 — — — — 14,011 11,764 Depletion and depreciation 309,420 463,501 169,439 261,766 7,521 6,419 486,380 731,686 Impairment 1,737,000 187,822 623,220 — — — 2,360,220 187,822 Share-based compensation — — — — 9,469 15,894 9,469 15,894 Financing and interest — — — — 125,441 125,865 125,441 125,865 Financial derivatives (gain) loss — — — — (29,336) 7,197 (29,336) 7,197 Foreign exchange loss (gain) — — — — 8,688 (61,787) 8,688 (61,787) Gain on dispositions (901) (2,238) — — — — (901) (2,238) Other income (2,128) — — — (3,176) (7,526) (5,304) (7,526) 2,381,270 1,071,889 876,954 361,179 152,875 131,531 3,411,099 1,564,599 Net income (loss) before income taxes (1,855,593) (101,632) (590,889) 154,242 (152,875) (131,531) (2,599,357) (78,921) Income tax expense (recovery) Current income tax expense 469 101 105 1,992 — — 574 2,093 Deferred income tax (recovery) expense (77,201) (32,942) (57,199) 10,055 (26,567) (45,668) (160,967) (68,555) (76,732) (32,841) (57,094) 12,047 (26,567) (45,668) (160,393) (66,462) Net income (loss) $ (1,778,861) $ (68,791) $ (533,795) $ 142,195 $ (126,308) $ (85,863) $ (2,438,964) $ (12,459) Total oil and natural gas capital expenditures (1) $ 174,770 $ 376,543 $ 105,388 $ 177,928 $ — $ — $ 280,158 $ 554,471
Assets by segment	As at December 31, 2020 December 31, 2019 Canadian assets $ 1,646,412 $ 3,484,123 U.S. assets 1,737,533 2,403,310 Corporate assets 24,151 26,650 Total consolidated assets $ 3,408,096 $ 5,914,083

Exploration and Evaluation As_2

Exploration and Evaluation Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Exploration For And Evaluation Of Mineral Resources [Abstract]
Exploration and evaluation assets	December 31, 2020 December 31, 2019 Balance, beginning of year $ 320,210 $ 358,935 Capital expenditures 4,490 2,948 Property acquisitions — 1,523 Divestitures — (443) Impairment (113,058) (7,822) Property swaps 468 417 Exploration and evaluation expense (14,011) (11,764) Transfers to oil and gas properties (note 6) (8,585) (16,204) Foreign currency translation 2,351 (7,380) Balance, end of year $ 191,865 $ 320,210
Impairment of cash generating units	The following table indicates the impairment booked for each CGU at March 31, 2020. Impairment at Conventional CGU $ 4,000 Peace River CGU 20,000 Lloydminster CGU 42,000 Viking CGU 13,000 Eagle Ford CGU 48,861 $ 127,861
Schedule of impairment and impairment reversal	The following table indicates the impairment reversal booked for the Viking and Eagle Ford CGUs at December 31, 2020. Impairment reversal at December 31, 2020 Viking CGU $ 2,000 Eagle Ford CGU 12,803 $ 14,803

Oil and Gas Properties (Tables)

Oil and Gas Properties (Tables)	12 Months Ended
	Dec. 31, 2020
Property, plant and equipment [abstract]
Plant and equipment	The depreciation methods and estimated useful lives for other plant and equipment are as follows: Classification Method Rate or period Motor Vehicles Diminishing balance 15% Office Equipment Diminishing balance 20% Computer Hardware Diminishing balance 30% Furniture and Fixtures Diminishing balance 10% Leasehold Improvements Straight-line over life of the lease Various Lease assets Straight-line over the shorter of the useful life or the lease term Various Other Assets Diminishing balance Various Cost Accumulated Net book value Balance, December 31, 2018 $ 10,744,533 $ (4,926,644) $ 5,817,889 Capital expenditures 549,343 — 549,343 Property acquisitions 2,636 — 2,636 Transfers from exploration and evaluation assets (note 5) 16,204 — 16,204 Change in asset retirement obligations (note 10) 23,894 — 23,894 Divestitures (2,069) 1,690 (379) Property swaps 1,773 — 1,773 Impairment — (180,000) (180,000) Foreign currency translation (208,017) 89,813 (118,204) Depletion — (725,267) (725,267) Balance, December 31, 2019 $ 11,128,297 $ (5,740,408) $ 5,387,889 Capital expenditures 275,850 — 275,850 Transfers from exploration and evaluation assets (note 5) 8,585 — 8,585 Change in asset retirement obligations (note 10) 94,994 — 94,994 Property swaps (1,190) 178 (1,012) Impairments — (2,247,162) (2,247,162) Foreign currency translation (82,860) 120,123 37,263 Depletion — (478,859) (478,859) Balance, December 31, 2020 $ 11,423,676 $ (8,346,128) $ 3,077,548
Disclosure of recoverable amount of CGU benchmark reference prices	The recoverable amount of the Company's CGUs were calculated at March 31, 2020 using the following benchmark reference prices for the years 2020 to 2029 adjusted for commodity differentials specific to the Company. The prices and costs subsequent to 2029 have been adjusted for inflation at an annual rate of 2%. 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 WTI crude oil (US$/bbl) 29.17 40.45 49.17 53.28 55.66 56.87 58.01 59.17 60.35 61.56 WCS heavy oil (CA$/bbl) 19.21 34.65 46.34 51.25 54.28 55.72 56.96 58.22 59.51 60.82 LLS crude oil (US$/bbl) 32.17 43.80 52.55 56.68 59.10 60.35 61.52 62.72 63.94 65.19 Edmonton par oil (CA$/bbl) 29.22 46.85 59.27 65.02 68.43 69.81 71.24 72.70 74.19 75.71 Henry Hub gas (US$/mmbtu) 2.10 2.58 2.79 2.86 2.93 3.00 3.07 3.13 3.19 3.25 AECO gas (CA$/mmbtu) 1.74 2.20 2.38 2.45 2.53 2.60 2.66 2.72 2.79 2.85 Exchange rate (CAD/USD) 1.41 1.37 1.34 1.34 1.34 1.33 1.33 1.33 1.33 1.33 The recoverable amount of the Company's CGUs were calculated at December 31, 2020 using the following benchmark reference prices for the years 2021 to 2030 adjusted for commodity differentials specific to the Company. The prices and costs subsequent to 2030 have been adjusted for inflation at an annual rate of 2%. 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 WTI crude oil (US$/bbl) 47.17 50.17 53.17 54.97 56.07 57.19 58.34 59.50 60.69 61.91 WCS heavy oil (CA$/bbl) 44.63 48.18 52.10 54.10 55.19 56.29 57.42 58.57 59.74 60.93 LLS crude oil (US$/bbl) 49.50 52.85 55.87 57.69 58.82 59.97 61.15 62.34 63.56 64.83 Edmonton par oil (CA$/bbl) 55.76 59.89 63.48 65.76 67.13 68.53 69.95 71.40 72.88 74.34 Henry Hub gas (US$/mmbtu) 2.83 2.87 2.90 2.96 3.02 3.08 3.14 3.20 3.26 3.33 AECO gas (CA$/mmbtu) 2.78 2.70 2.61 2.65 2.70 2.76 2.81 2.87 2.92 2.98 Exchange rate (CAD/USD) 1.30 1.31 1.31 1.31 1.31 1.31 1.31 1.31 1.31 1.31
Sensitivity of The Estimated Recoverable Amount of Changes in Assumptions	The following table demonstrates the sensitivity of the estimated recoverable amount of the Company's CGUs to reasonably possible changes in key assumptions inherent in the estimate. Recoverable amount Impairment Change in discount rate of 1% Change in oil price of $2.50/bbl Change in gas price of $0.25/mcf Conventional CGU $ 37,444 $ 41,000 $ 3,000 $ 3,500 $ 8,500 Peace River CGU 109,631 345,000 9,500 53,500 3,000 Lloydminster CGU 227,967 470,000 25,000 69,500 — Duvernay CGU 61,197 5,000 5,500 9,500 1,500 Viking CGU 962,134 915,000 57,000 123,000 4,000 Eagle Ford CGU 1,576,423 812,488 120,750 141,500 32,000 $ 2,974,796 $ 2,588,488 $ 220,750 $ 400,500 $ 49,000 The following table demonstrates the sensitivity of the estimated recoverable amount of the Company's CGUs to reasonably possible changes in key assumptions inherent in the estimate. Recoverable amount Impairment Change in discount rate of 1% Change in oil price of $2.50/bbl Change in gas price of $0.25/mcf Conventional CGU $ 54,265 $ — $ 1,000 $ 3,000 $ 9,000 Peace River CGU 104,225 — 1,000 49,500 3,000 Lloydminster CGU 212,979 — 7,000 57,500 500 Duvernay CGU 70,491 — 5,500 12,000 1,500 Viking CGU 1,026,026 116,000 34,500 106,500 5,000 Eagle Ford CGU 1,609,562 225,326 91,600 157,500 38,400 $ 3,077,548 $ 341,326 $ 140,600 $ 386,000 $ 57,400

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Disclosure Of Right Of Use Assets and Depreciation	Baytex had the following right-of-use assets at December 31, 2020. Office Leases Field Equipment Vehicles and Other Total Balance, January 1, 2019 (1) $ 14,775 $ 2,254 $ 969 $ 17,998 Additions — 1,668 159 1,827 Modifications (6) 4 19 17 Depreciation (4,904) (837) (482) (6,223) Balance, December 31, 2019 $ 9,865 $ 3,089 $ 665 $ 13,619 Additions 20 962 203 1,185 Modifications 1,846 80 7 1,933 Depreciation (3,799) (1,381) (459) (5,639) Balance, December 31, 2020 $ 7,932 $ 2,750 $ 416 $ 11,098
Disclosure of Future Commitment Obligations	Baytex had the following future commitments associated with its lease obligations at December 31, 2020. December 31, 2020 December 31, 2019 Less than 1 year $ 4,504 $ 6,216 1 - 3 years 4,302 7,748 3 - 5 years 3,044 604 After 5 years — — Total lease payments $ 11,850 $ 14,568 Amounts representing interest over the term of the lease (774) (685) Present value of net lease payments $ 11,076 $ 13,883 Less current portion of lease obligations 4,289 5,798 Non-current portion of lease obligations $ 6,787 $ 8,085 The Company recorded interest expense related to its lease obligations of $0.4 million and recorded lease payments of $5.9 million for the year ended December 31, 2020 (December 31, 2019 - $0.6 million and 6.0 million, respectively).

Credit Facilities (Tables)

Credit Facilities (Tables)	12 Months Ended
	Dec. 31, 2020
Financial Instruments [Abstract]
Bank loans	December 31, 2020 December 31, 2019 Credit facilities - U.S. dollar denominated (1) $ 140,815 $ 206,144 Credit facilities - Canadian dollar denominated 510,358 300,327 Credit facilities - principal (2) $ 651,173 $ 506,471 Unamortized debt issuance costs (1,952) (1,059) Credit facilities $ 649,221 $ 505,412 (1) U.S. dollar denominated credit facilities balance was US$110.4 million as at December 31, 2020 (December 31, 2019 - US$159.0 million). (2) The increase in the principal amount of the credit facilities outstanding from December 31, 2019 to December 31, 2020 is the result of net draws of $145.0 million and a decrease in the reported amount of U.S. denominated debt of $0.3 million due to foreign exchange. At December 31, 2020, Baytex was in compliance with all of the covenants contained in the Credit Facilities and is forecasting compliance with these covenants based on current forward prices. The following table summarizes the financial covenants applicable to the Revolving Facilities and Baytex's compliance therewith as at December 31, 2020. Covenant Description Position as at December 31, 2020 Covenant Senior Secured Debt (1) to Bank EBITDA (2) (Maximum Ratio) 1.6:1.0 3.5:1.0 Interest Coverage (3) (Minimum Ratio) 3.9:1.0 2.0:1.0 (1) "Senior Secured Debt" is defined as the principal amount of the credit facilities and other secured obligations identified in the credit agreement. As at December 31, 2020, the Company's Senior Secured Debt totaled $666.2 million which includes $651.2 million of principal amounts outstanding and $15.0 million of letters of credit. (2) "Bank EBITDA" is calculated based on terms and definitions set out in the credit agreement which adjusts net income or loss for financing and interest expenses, income tax, non-recurring losses, certain specific unrealized and non-cash transactions (including depletion, depreciation, exploration and evaluation expenses, impairment, deferred income tax expense or recovery, unrealized gains and losses on financial derivatives and foreign exchange and share-based compensation) and is calculated based on a trailing twelve month basis including the impact of material acquisitions as if they had occurred at the beginning of the twelve month period. Bank EBITDA for the twelve months ended December 31, 2020 was $414.9 million. (3) "Interest coverage" is computed as the ratio of Bank EBITDA to financing and interest expense, excluding accretion of debt issue costs and asset retirement obligations, and is calculated on a trailing twelve month basis. Financing and interest expenses, excluding accretion of debt issue costs and asset retirement obligations, for the twelve months ended December 31, 2020 were $106.1 million. December 31, 2020 December 31, 2019 5.125% notes (US$400,000 – principal) due June 1, 2021 $ — $ 518,600 6.625% notes ($300,000 – principal) due July 19, 2022 — 300,000 5.625% notes (US$400,000 – principal) due June 1, 2024 510,200 518,600 8.75% notes (US$500,000 – principal) due April 1, 2027 637,750 — Total long-term notes - principal (1) $ 1,147,950 $ 1,337,200 Unamortized debt issuance costs (15,082) (9,025) Total long-term notes - net of unamortized debt issuance costs $ 1,132,868 $ 1,328,175 (1) The decrease in the principal amount of long-term notes outstanding from December 31, 2019 to December 31, 2020 is the result of principal repayments of $830.4 million, the issuance of $664.7 million aggregate principal amount and changes in the reported amount of U.S. denominated debt of $23.6 million.

Long-Term Notes (Tables)

Long-Term Notes (Tables)	12 Months Ended
	Dec. 31, 2020
Financial Instruments [Abstract]
Long-term notes	December 31, 2020 December 31, 2019 Credit facilities - U.S. dollar denominated (1) $ 140,815 $ 206,144 Credit facilities - Canadian dollar denominated 510,358 300,327 Credit facilities - principal (2) $ 651,173 $ 506,471 Unamortized debt issuance costs (1,952) (1,059) Credit facilities $ 649,221 $ 505,412 (1) U.S. dollar denominated credit facilities balance was US$110.4 million as at December 31, 2020 (December 31, 2019 - US$159.0 million). (2) The increase in the principal amount of the credit facilities outstanding from December 31, 2019 to December 31, 2020 is the result of net draws of $145.0 million and a decrease in the reported amount of U.S. denominated debt of $0.3 million due to foreign exchange. At December 31, 2020, Baytex was in compliance with all of the covenants contained in the Credit Facilities and is forecasting compliance with these covenants based on current forward prices. The following table summarizes the financial covenants applicable to the Revolving Facilities and Baytex's compliance therewith as at December 31, 2020. Covenant Description Position as at December 31, 2020 Covenant Senior Secured Debt (1) to Bank EBITDA (2) (Maximum Ratio) 1.6:1.0 3.5:1.0 Interest Coverage (3) (Minimum Ratio) 3.9:1.0 2.0:1.0 (1) "Senior Secured Debt" is defined as the principal amount of the credit facilities and other secured obligations identified in the credit agreement. As at December 31, 2020, the Company's Senior Secured Debt totaled $666.2 million which includes $651.2 million of principal amounts outstanding and $15.0 million of letters of credit. (2) "Bank EBITDA" is calculated based on terms and definitions set out in the credit agreement which adjusts net income or loss for financing and interest expenses, income tax, non-recurring losses, certain specific unrealized and non-cash transactions (including depletion, depreciation, exploration and evaluation expenses, impairment, deferred income tax expense or recovery, unrealized gains and losses on financial derivatives and foreign exchange and share-based compensation) and is calculated based on a trailing twelve month basis including the impact of material acquisitions as if they had occurred at the beginning of the twelve month period. Bank EBITDA for the twelve months ended December 31, 2020 was $414.9 million. (3) "Interest coverage" is computed as the ratio of Bank EBITDA to financing and interest expense, excluding accretion of debt issue costs and asset retirement obligations, and is calculated on a trailing twelve month basis. Financing and interest expenses, excluding accretion of debt issue costs and asset retirement obligations, for the twelve months ended December 31, 2020 were $106.1 million. December 31, 2020 December 31, 2019 5.125% notes (US$400,000 – principal) due June 1, 2021 $ — $ 518,600 6.625% notes ($300,000 – principal) due July 19, 2022 — 300,000 5.625% notes (US$400,000 – principal) due June 1, 2024 510,200 518,600 8.75% notes (US$500,000 – principal) due April 1, 2027 637,750 — Total long-term notes - principal (1) $ 1,147,950 $ 1,337,200 Unamortized debt issuance costs (15,082) (9,025) Total long-term notes - net of unamortized debt issuance costs $ 1,132,868 $ 1,328,175 (1) The decrease in the principal amount of long-term notes outstanding from December 31, 2019 to December 31, 2020 is the result of principal repayments of $830.4 million, the issuance of $664.7 million aggregate principal amount and changes in the reported amount of U.S. denominated debt of $23.6 million.

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2020
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Change in asset retirement obligations	December 31, 2020 December 31, 2019 Balance, beginning of year $ 667,974 $ 646,898 Liabilities incurred 15,189 21,748 Liabilities settled (7,168) (15,417) Liabilities acquired from property acquisitions — 1,648 Liabilities divested (721) (1,331) Property swaps (525) 792 Accretion (note 16) 8,978 13,713 Government grants (1) (2,128) — Change in estimate (2) (12,771) 19,632 Changes in discount rates and inflation rates 92,576 (17,486) Foreign currency translation (1,021) (2,223) Balance, end of year $ 760,383 $ 667,974 Less current portion of asset retirement obligations 11,820 11,579 Non-current portion of asset retirement obligations $ 748,563 $ 656,395 (1) Baytex received $2.1 million of government grants from the Governments of Alberta and Saskatchewan. The grants were used to abandon and reclaim well sites which reduced our assets retirement obligations and was included in other income.

Shareholders' Capital (Tables)

Shareholders' Capital (Tables)	12 Months Ended
	Dec. 31, 2020
Share Capital, Reserves And Other Equity Interest [Abstract]
Schedule of shareholders' capital	All common shares rank equally with regard to the Company's net assets in the event the Company is wound-up or terminated. Number of Common Shares (000s) Amount Balance, December 31, 2018 554,060 $ 5,701,516 Vesting of share awards 4,245 17,319 Balance, December 31, 2019 558,305 $ 5,718,835 Vesting of share awards 2,922 10,583 Balance, December 31, 2020 561,227 $ 5,729,418

Share-Based Compensation Plan (

Share-Based Compensation Plan (Tables)	12 Months Ended
	Dec. 31, 2020
Share-Based Payment Arrangements [Abstract]
Number of share awards outstanding	The number of share awards outstanding is detailed below: (000s) Number of Number of performance awards (1) Total number of Balance, December 31, 2018 3,243 3,273 6,516 Granted 3,184 3,245 6,429 Vested and converted to common shares (2,081) (2,164) (4,245) Forfeited (545) (1,219) (1,764) Balance, December 31, 2019 3,801 3,135 6,936 Granted 2,239 3,253 5,492 Vested and converted to common shares (1,730) (1,192) (2,922) Forfeited (188) (1,108) (1,296) Balance, December 31, 2020 4,122 4,088 8,210 (1) Based on underlying awards before applying the payout multiplier which can range from 0x to 2x.

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings per share [abstract]
Net income (loss) per share	Years Ended December 31 2020 2019 Net loss Weighted average common shares (000's) Net loss per share Net loss Weighted average common shares (000's) Net loss per share Net loss - basic $ (2,438,964) 560,657 $ (4.35) $ (12,459) 557,048 $ (0.02) Dilutive effect of share awards — — — — — — Dilutive effect of share options — — — — — — Net loss - diluted $ (2,438,964) 560,657 $ (4.35) $ (12,459) 557,048 $ (0.02)

Petroleum and Natural Gas Sal_2

Petroleum and Natural Gas Sales (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of revenue from contracts with customers [Abstract]
Disclosure of disaggregation of revenue from contracts with customers	The Company's petroleum and natural gas sales from contracts with customers for each reportable segment is set forth in the following table. Years Ended December 31 2020 2019 Canada U.S. Total Canada U.S. Total Light oil and condensate $ 296,125 $ 327,460 $ 623,585 $ 538,487 $ 600,163 $ 1,138,650 Heavy oil 236,235 — 236,235 500,187 — 500,187 NGL 6,037 34,845 40,882 8,430 60,647 69,077 Natural gas sales 33,344 41,431 74,775 30,620 67,385 98,005 Total petroleum and natural gas sales $ 571,741 $ 403,736 $ 975,477 $ 1,077,724 $ 728,195 $ 1,805,919

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Taxes [Abstract]
Provision for income taxes	The provision for income taxes has been computed as follows: Years Ended December 31 2020 2019 Net loss before income taxes $ (2,599,357) $ (78,921) Expected income taxes at the statutory rate of 25.42% (1) (2019 – 26.72%) (660,757) (21,088) (Increase) decrease in income tax recovery resulting from: Share-based compensation 1,834 4,247 Effect of foreign exchange 1,017 (8,155) Effect of change in income tax rates 10,969 (6,098) Effect of rate adjustments for foreign jurisdictions 22,375 (27,785) Effect of change in deferred tax benefit not recognized 444,117 (7,563) Effect of U.S. tax change 19,807 — Adjustments and assessments 245 (20) Income tax recovery $ (160,393) $ (66,462) (1) On October 20, 2020 the Alberta government enacted legislation to decrease the corporate income tax rate from 10% to 8% effective July 1, 2020.
Continuity of net deferred income tax liability	A continuity of the net deferred income tax liability is detailed in the following tables: As at January 1, 2020 Recognized in Net Income Foreign Currency Translation Adjustment December 31, 2020 Taxable temporary differences: Petroleum and natural gas properties $ (881,994) $ 378,321 $ 1,048 $ (502,625) Financial derivatives — — — — Other (2,403) (18,839) (1,135) (22,377) Deductible temporary differences: Asset retirement obligations 164,523 23,432 (115) 187,840 Financial derivatives 802 4,608 — 5,410 Non-capital losses 386,717 (141,468) (3,735) 241,514 Other 97,047 (85,087) (8,255) 3,705 Net deferred income tax liability (1) $ (235,308) $ 160,967 $ (12,192) $ (86,533) (1) Non-capital loss carry-forwards at December 31, 2020 totaled $2,165.2 million and expire from 2034 to 2040. As at January 1, 2019 Recognized in Net Loss Foreign Currency Translation Adjustment December 31, 2019 Taxable temporary differences: Petroleum and natural gas properties $ (954,506) $ 48,995 $ 23,517 $ (881,994) Financial derivatives (21,486) 21,486 — — Other (3,045) 5,192 (4,550) (2,403) Deductible temporary differences: Asset retirement obligations 172,359 (7,364) (472) 164,523 Financial derivatives — 802 — 802 Non-capital losses 399,699 (1,460) (11,522) 386,717 Finance costs 96,143 904 — 97,047 Net deferred income tax liability (1) $ (310,836) $ 68,555 $ 6,973 $ (235,308) (1) Non-capital loss carry-forwards at December 31, 2019 totaled $1,714.6 million and expire from 2034 to 2039.

Financing and Interest (Tables)

Financing and Interest (Tables)	12 Months Ended
	Dec. 31, 2020
Analysis of income and expense [abstract]
Schedule of financing and interest	Years Ended December 31 2020 2019 Interest on credit facilities $ 15,256 $ 20,376 Interest on long-term notes 90,830 86,431 Interest on lease obligations 448 610 Non-cash financing 6,617 4,735 Accretion of asset retirement obligations (note 10) 8,978 13,713 Early redemption expense (note 9) 3,312 — Financing and interest $ 125,441 $ 125,865

Foreign Exchange (Tables)

Foreign Exchange (Tables)	12 Months Ended
	Dec. 31, 2020
Effects Of Changes In Foreign Exchange Rates [Abstract]
Foreign exchange gains and losses	Years Ended December 31 2020 2019 Unrealized foreign exchange loss - intercompany notes (1) $ 31,617 $ — Unrealized foreign exchange gain - long-term notes (22,385) (62,753) Realized foreign exchange (gain) loss (544) 966 Foreign exchange loss (gain) $ 8,688 $ (61,787) (1) During 2020, a series of intercompany notes totaling US$751.0 million were issued from a Canadian subsidiary to a U.S. subsidiary. These notes are eliminated upon consolidation within the Statement of Financial Position and are revalued at the relevant foreign exchange rate at each period end. Foreign exchange gains or losses incurred within the Canadian subsidiary are recognized in unrealized foreign exchange gain or loss whereas those within the U.S. subsidiary are recognized in other comprehensive income.

Financial Instruments and Ris_2

Financial Instruments and Risk Management (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 December 31, 2019 Carrying value Fair value Carrying value Fair value Fair Value Measurement Hierarchy Financial Assets FVTPL Financial Derivatives $ 5,057 $ 5,057 $ 5,433 $ 5,433 Level 2 Total $ 5,057 $ 5,057 $ 5,433 $ 5,433 Financial assets at amortized cost Cash $ — $ — $ 5,572 $ 5,572 — Trade and other receivables 107,477 107,477 173,762 173,762 — Total $ 107,477 $ 107,477 $ 179,334 $ 179,334 Financial Liabilities FVTPL Financial Derivatives $ (26,792) $ (26,792) $ (8,668) $ (8,668) Level 2 Total $ (26,792) $ (26,792) $ (8,668) $ (8,668) Financial liabilities at amortized cost Trade and other payables $ (155,955) $ (155,955) $ (207,454) $ (207,454) — Credit Facilities (649,221) (651,173) (505,412) (506,471) — Long-term notes (1,132,868) (761,129) (1,328,175) (1,290,817) Level 1 Total $ (1,938,044) $ (1,568,257) $ (2,041,041) $ (2,004,742)
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, 2020 December 31, 2019 Carrying value Fair value Carrying value Fair value Fair Value Measurement Hierarchy Financial Assets FVTPL Financial Derivatives $ 5,057 $ 5,057 $ 5,433 $ 5,433 Level 2 Total $ 5,057 $ 5,057 $ 5,433 $ 5,433 Financial assets at amortized cost Cash $ — $ — $ 5,572 $ 5,572 — Trade and other receivables 107,477 107,477 173,762 173,762 — Total $ 107,477 $ 107,477 $ 179,334 $ 179,334 Financial Liabilities FVTPL Financial Derivatives $ (26,792) $ (26,792) $ (8,668) $ (8,668) Level 2 Total $ (26,792) $ (26,792) $ (8,668) $ (8,668) Financial liabilities at amortized cost Trade and other payables $ (155,955) $ (155,955) $ (207,454) $ (207,454) — Credit Facilities (649,221) (651,173) (505,412) (506,471) — Long-term notes (1,132,868) (761,129) (1,328,175) (1,290,817) Level 1 Total $ (1,938,044) $ (1,568,257) $ (2,041,041) $ (2,004,742)
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, 2020 December 31, 2019 December 31, 2020 December 31, 2019 U.S. dollar denominated US$759,508 US$8,733 US$934,731 US$841,961
Disclosure of financial derivative contracts	Baytex had the following commodity financial derivative contracts outstanding as at February 24, 2021. Period Volume Price/Unit (1) Index Oil Basis swap Jan 2021 to Jun 2021 2,000 bbl/d WTI less US$13.75/bbl WCS Basis swap Jan 2021 to Dec 2021 7,000 bbl/d WTI less US$13.68/bbl WCS Basis swap (4) Apr 2021 to Dec 2021 1,000 bbl/d WTI less US$11.50/bbl WCS Basis swap (4) Jan 2022 to Dec 2022 6,000 bbl/d WTI less US$12.76/bbl WCS Basis swap Jan 2021 to Dec 2021 6,000 bbl/d WTI less US$5.17/bbl MSW Basis swap (4) Mar 2021 to Dec 2021 1,500 bbl/d WTI less US$4.50/bbl MSW Fixed - Sell Jan 2021 to Dec 2021 4,000 bbl/d US$45.00/bbl WTI 3-way option (2) Jan 2021 to Dec 2021 500 bbl/d US$35.00/US$45.00/US$49.03 WTI 3-way option (2) Jan 2021 to Dec 2021 1,500 bbl/d US$35.00/US$45.00/US$49.10 WTI 3-way option (2) Jan 2021 to Dec 2021 3,500 bbl/d US$35.00/US$45.00/US$49.50 WTI 3-way option (2) Jan 2021 to Dec 2021 10,000 bbl/d US$35.00/US$45.00/US$55.00 WTI 3-way option (2) Jan 2021 to Dec 2021 2,000 bbl/d US$37.00/US$42.50/US$48.00 WTI 3-way option (2)(4) Jan 2022 to Dec 2022 1,500 bbl/d US$40.00/US$50.00/US$58.10 WTI Swaption (3) Jan 2022 to Dec 2022 5,000 bbl/d US$53.00/bbl WTI Swaption (3) Jan 2022 to Dec 2022 5,000 bbl/d US$54.00/bbl WTI Natural Gas Fixed - Sell Jan 2021 to Jun 2021 3,000 GJ/d $2.71/GJ AECO 7A Fixed - Sell Jan 2021 to Dec 2021 16,000 GJ/d $2.36/GJ AECO 7A Fixed - Sell Jan 2021 to Dec 2021 2,500 GJ/d $2.40/GJ AECO 5A Fixed - Sell Jan 2021 to Dec 2021 12,000 mmbtu/d US$2.70/mmbtu NYMEX 3-way option (2) Jan 2022 to Dec 2022 2,500 mmbtu/d US$2.25/US$2.75/US$3.06 NYMEX 3-way option (2)(4) Jan 2022 to Dec 2022 2,500 mmbtu/d US$2.65/US$2.90/US$3.40 NYMEX (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$35.00/US$45.00/US$55.00 contract, Baytex receives WTI plus US$10.00/bbl when WTI is at or below US$35.00/bbl; Baytex receives US$45.00/bbl when WTI is between US$35.00/bbl and US$45.00/bbl; Baytex receives the market price when WTI is between US$45.00/bbl and US$55.00/bbl; and Baytex receives US$55.00/bbl when WTI is above US$55.00/bbl. (3) For these contracts, the counterparty has the right, if exercised on December 31, 2021, to enter a swap transaction for the remaining term, notional volume and fixed price per unit indicated above. (4) Contracts entered subsequent to December 31, 2020.
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 2020 2019 Realized financial derivatives gain $ (47,836) $ (75,620) Unrealized financial derivatives loss 18,500 82,817 Financial derivatives (gain) loss $ (29,336) $ 7,197
Disclosure of cash outflows relating to financial liabilities	The timing of cash outflows relating to financial liabilities as at December 31, 2020 is outlined in the table below: Total Less than 1 year 1-3 years 3-5 years Beyond 5 years Trade and other payables $ 155,955 $ 155,955 $ — $ — $ — Financial derivatives 26,792 26,792 — — — Credit facilities (1)(2) 651,173 — — 651,173 — Long-term notes (2) 1,147,950 — — 510,200 637,750 Interest on long-term notes (3) 446,854 84,502 169,004 123,479 69,869 Lease obligations (2) 11,850 4,504 4,302 3,044 — $ 2,440,574 $ 271,753 $ 173,306 $ 1,287,896 $ 707,619 (1) At December 31, 2019, the credit facilities were set to mature on April 2, 2021. On March 3, 2020, Baytex amended the credit facilities to extend maturity to April 2, 2024 which will automatically be extended to June 4, 2024 providing the Company has either refinanced or has the ability to repay the outstanding 2024 long-term notes with existing credit capacity as of April 1, 2024. (2) Principal amount of instruments. On February 5, 2020, Baytex issued US$500 million principal amount of 8.75% senior unsecured notes due 2027. On February 20, 2020 Baytex completed the redemption of the US$400 million principal amount of senior unsecured notes due 2021 and, on March 5, 2020, completed the redemption of $300 million principal amount of 6.625% senior unsecured notes due 2022 (note 9). (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, 2020. Trade and Other Receivables Aging December 31, 2020 December 31, 2019 Current (less than 30 days) $ 104,210 $ 169,500 31-60 days 1,493 1,199 61-90 days 220 342 Past due (more than 90 days) 1,554 2,721 $ 107,477 $ 173,762

Supplemental Information (Table

Supplemental Information (Tables)	12 Months Ended
	Dec. 31, 2020
Additional information [abstract]
Changes in non-cash working capital items	Years Ended December 31 2020 2019 Trade and other receivables $ 66,285 $ (62,198) Trade and other payables (51,499) (50,660) $ 14,786 $ (112,858) Changes in non-cash working capital related to: Operating activities $ 48,758 $ (52,070) Investing activities (32,031) (62,485) Foreign currency translation on non-cash working capital (1,941) 1,697 $ 14,786 $ (112,858)
Employee compensation costs	The following table details the amount of total employee compensation costs included in the operating expense and general and administrative expense. Years Ended December 31 2020 2019 Operating $ 9,065 $ 12,918 General and administrative 22,802 33,728 Total employee compensation costs $ 31,867 $ 46,646

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments And Contingencies [Abstract]
Financial obligations and expected timing	These obligations as of December 31, 2020, and the expected timing of funding of these obligations, are noted in the table below. Total Less than 1-3 years 3-5 years Beyond 5 years Processing agreements $ 6,361 836 1,320 474 3,731 Transportation agreements 98,406 16,698 40,351 24,903 16,454 Total $ 104,767 $ 17,534 $ 41,671 $ 25,377 $ 20,185

Related Parties (Tables)

Related Parties (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party [Abstract]
Transactions with key management personnel	Transactions with key management personnel and directors are noted in the table below. Years Ended December 31 2020 2019 Short-term employee benefits $ 4,295 $ 6,202 Share-based compensation 4,080 9,188 Termination payments — 2,208 Total compensation for key management personnel $ 8,375 $ 17,598

Capital Management (Tables)

Capital Management (Tables)	12 Months Ended
	Dec. 31, 2020
Corporate Information And Statement Of IFRS Compliance [Abstract]
Capital management information	It is reconciled to the nearest measure determined in accordance with IFRS, cash flow from operating activities, as set forth below. Years Ended December 31 2020 2019 Cash flow from operating activities $ 353,096 $ 834,939 Change in non-cash working capital (48,758) 52,070 Asset retirement obligations settled 7,168 15,417 Adjusted funds flow $ 311,506 $ 902,426 December 31, 2020 December 31, 2019 Credit facilities - principal $ 651,173 $ 506,471 Long-term notes - principal 1,147,950 1,337,200 Trade and other payables 155,955 207,454 Cash — (5,572) Trade and other receivables (107,477) (173,762) Net debt $ 1,847,601 $ 1,871,791

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020
Accounting Policies, Changes In Accounting Policies And Errors [Abstract]
Maximum percentage of issuable awards to outstanding common stock	3.80%

Significant Accounting Polici_5

Significant Accounting Policies - Depreciation Methods and Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2020
Motor Vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation rate	15.00%
Office Equipment
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation rate	20.00%
Computer Hardware
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation rate	30.00%
Furniture and Fixtures
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation rate	10.00%

Segmented Financial Informati_3

Segmented Financial Information - Information By Reportable Segment (Details) - CAD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Revenue [abstract]
Petroleum and natural gas sales		$ 975,477	$ 1,805,919
Royalties		(163,735)	(320,241)
Revenue, net of royalties		811,742	1,485,678
Expenses
Operating		331,345	397,716
Transportation		28,437	43,942
Blending and other		48,381	68,795
General and administrative		34,268	45,469
Exploration and evaluation		14,011	11,764
Depletion and depreciation		486,380	731,686
Impairment	$ 2,588,488	2,360,220	187,822
Share-based compensation		7,216	15,894
Financing and interest		125,441	125,865
Financial derivatives (gain) loss		(29,336)	7,197
Foreign exchange loss (gain)		(8,688)	61,787
Gain on dispositions		(901)	(2,238)
Other income		5,304	7,526
Total expenses		3,411,099	1,564,599
Net loss before income taxes		(2,599,357)	(78,921)
Income tax (recovery) expense
Current income tax expense		574	2,093
Deferred income tax (recovery) expense		(160,967)	(68,555)
Income tax recovery		(160,393)	(66,462)
Net loss		(2,438,964)	(12,459)
Operating segments | Canada
Revenue [abstract]
Petroleum and natural gas sales		571,741	1,077,724
Royalties		(46,064)	(107,467)
Revenue, net of royalties		525,677	970,257
Expenses
Operating		247,050	298,303
Transportation		28,437	43,942
Blending and other		48,381	68,795
General and administrative		0	0
Exploration and evaluation		14,011	11,764
Depletion and depreciation		309,420	463,501
Impairment		1,737,000	187,822
Share-based compensation		0	0
Financing and interest		0	0
Financial derivatives (gain) loss		0	0
Foreign exchange loss (gain)		0	0
Gain on dispositions		(901)	(2,238)
Other income		2,128	0
Total expenses		2,381,270	1,071,889
Net loss before income taxes		(1,855,593)	(101,632)
Income tax (recovery) expense
Current income tax expense		469	101
Deferred income tax (recovery) expense		(77,201)	(32,942)
Income tax recovery		(76,732)	(32,841)
Net loss		(1,778,861)	(68,791)
Total oil and natural gas capital expenditures		174,770	376,543
Operating segments | U.S.
Revenue [abstract]
Petroleum and natural gas sales		403,736	728,195
Royalties		(117,671)	(212,774)
Revenue, net of royalties		286,065	515,421
Expenses
Operating		84,295	99,413
Transportation		0	0
Blending and other		0	0
General and administrative		0	0
Exploration and evaluation		0	0
Depletion and depreciation		169,439	261,766
Impairment		623,220	0
Share-based compensation		0	0
Financing and interest		0	0
Financial derivatives (gain) loss		0	0
Foreign exchange loss (gain)		0	0
Gain on dispositions		0	0
Other income		0	0
Total expenses		876,954	361,179
Net loss before income taxes		(590,889)	154,242
Income tax (recovery) expense
Current income tax expense		105	1,992
Deferred income tax (recovery) expense		(57,199)	10,055
Income tax recovery		(57,094)	12,047
Net loss		(533,795)	142,195
Total oil and natural gas capital expenditures		105,388	177,928
Operating segments | Corporate
Revenue [abstract]
Petroleum and natural gas sales		0	0
Royalties		0	0
Revenue, net of royalties		0	0
Expenses
Operating		0	0
Transportation		0	0
Blending and other		0	0
General and administrative		34,268	45,469
Exploration and evaluation		0	0
Depletion and depreciation		7,521	6,419
Impairment		0	0
Share-based compensation		9,469	15,894
Financing and interest		125,441	125,865
Financial derivatives (gain) loss		(29,336)	7,197
Foreign exchange loss (gain)		8,688	61,787
Gain on dispositions		0	0
Other income		(3,176)	7,526
Total expenses		152,875	131,531
Net loss before income taxes		(152,875)	(131,531)
Income tax (recovery) expense
Current income tax expense		0	0
Deferred income tax (recovery) expense		(26,567)	(45,668)
Income tax recovery		(26,567)	(45,668)
Net loss		(126,308)	(85,863)
Total oil and natural gas capital expenditures		0	0
Operating segments | Consolidated
Revenue [abstract]
Petroleum and natural gas sales		975,477	1,805,919
Royalties		(163,735)	(320,241)
Revenue, net of royalties		811,742	1,485,678
Expenses
Operating		331,345	397,716
Transportation		28,437	43,942
Blending and other		48,381	68,795
General and administrative		34,268	45,469
Exploration and evaluation		14,011	11,764
Depletion and depreciation		486,380	731,686
Impairment		2,360,220	187,822
Share-based compensation		9,469	15,894
Financing and interest		125,441	125,865
Financial derivatives (gain) loss		(29,336)	7,197
Foreign exchange loss (gain)		(8,688)	61,787
Gain on dispositions		(901)	(2,238)
Other income		5,304	7,526
Total expenses		3,411,099	1,564,599
Net loss before income taxes		(2,599,357)	(78,921)
Income tax (recovery) expense
Current income tax expense		574	2,093
Deferred income tax (recovery) expense		(160,967)	(68,555)
Income tax recovery		(160,393)	(66,462)
Net loss		(2,438,964)	(12,459)
Total oil and natural gas capital expenditures		$ 280,158	$ 554,471

Segmented Financial Informati_4

Segmented Financial Information - Assets By Segment (Details) - CAD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of operating segments [line items]
Assets	$ 3,408,096	$ 5,914,083
Operating segments | Canada
Disclosure of operating segments [line items]
Assets	1,646,412	3,484,123
Operating segments | U.S.
Disclosure of operating segments [line items]
Assets	1,737,533	2,403,310
Operating segments | Corporate
Disclosure of operating segments [line items]
Assets	$ 24,151	$ 26,650

Exploration and Evaluation As_3

Exploration and Evaluation Assets - Schedule of Assets (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of changes in intangible assets other than goodwill [abstract]
Exploration and evaluation assets, beginning of year	$ 320,210
Exploration and evaluation expense	(14,011)	$ (11,764)
Exploration and evaluation assets, end of year	191,865	320,210
Exploration and evaluation assets
Reconciliation of changes in intangible assets other than goodwill [abstract]
Exploration and evaluation assets, beginning of year	320,210	358,935
Capital expenditures	4,490	2,948
Property acquisitions	0	1,523
Divestitures	0	(443)
Impairment	(113,058)	(7,822)
Property swaps	468	417
Exploration and evaluation expense	(14,011)	(11,764)
Transfers to oil and gas properties	(8,585)	(16,204)
Foreign currency translation	2,351	(7,380)
Exploration and evaluation assets, end of year	$ 191,865	$ 320,210

Exploration and Evaluation As_4

Exploration and Evaluation Assets - Impairment Booked for Cash Generating Untis (Details) - Exploration and evaluation assets - CAD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Exploration For And Evaluation Of Mineral Resources [Abstract]
Impairment loss on financial assets	$ 127,861
Disclosure of detailed information about property, plant and equipment [line items]
Impairment loss on financial assets	127,861
Conventional CGU
Exploration For And Evaluation Of Mineral Resources [Abstract]
Impairment loss on financial assets	4,000
Disclosure of detailed information about property, plant and equipment [line items]
Impairment loss on financial assets	4,000
Peace River CGU
Exploration For And Evaluation Of Mineral Resources [Abstract]
Impairment loss on financial assets	20,000	$ 7,800
Disclosure of detailed information about property, plant and equipment [line items]
Impairment loss on financial assets	20,000	$ 7,800
Lloydminster CGU
Exploration For And Evaluation Of Mineral Resources [Abstract]
Impairment loss on financial assets	42,000
Disclosure of detailed information about property, plant and equipment [line items]
Impairment loss on financial assets	42,000
Viking CGU
Exploration For And Evaluation Of Mineral Resources [Abstract]
Impairment loss on financial assets	13,000
Disclosure of detailed information about property, plant and equipment [line items]
Impairment loss on financial assets	13,000
Eagle Ford CGU
Exploration For And Evaluation Of Mineral Resources [Abstract]
Impairment loss on financial assets	48,861
Disclosure of detailed information about property, plant and equipment [line items]
Impairment loss on financial assets	$ 48,861

Exploration and Evaluation As_5

Exploration and Evaluation Assets - Impairment Reversal Booked (Details) - CAD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [line items]
Reversal of impairment loss recognised in profit or loss		$ 341,326
Viking CGU
Disclosure of detailed information about property, plant and equipment [line items]
Reversal of impairment loss recognised in profit or loss		116,000
Eagle Ford CGU
Disclosure of detailed information about property, plant and equipment [line items]
Reversal of impairment loss recognised in profit or loss		225,326
Exploration and evaluation assets
Disclosure of detailed information about property, plant and equipment [line items]
Impairment loss on financial assets	$ (127,861)
Exploration and evaluation assets | Viking CGU
Disclosure of detailed information about property, plant and equipment [line items]
Reversal of impairment loss recognised in profit or loss		2,000
Impairment loss on financial assets	(13,000)
Exploration and evaluation assets | Eagle Ford CGU
Disclosure of detailed information about property, plant and equipment [line items]
Reversal of impairment loss recognised in profit or loss		12,803
Impairment loss on financial assets	$ (48,861)
Exploration and evaluation assets | Viking And Eagle Ford Cash Generating Units
Disclosure of detailed information about property, plant and equipment [line items]
Reversal of impairment loss recognised in profit or loss		$ 14,803

Oil and Gas Properties - Schedu

Oil and Gas Properties - Schedule of PPE Activity, Oil and Gas (Details) - Oil and gas assets - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of changes in property, plant and equipment [abstract]
Balance, beginning of year	$ 5,387,889	$ 5,817,889
Capital expenditures	275,850	549,343
Property acquisitions		2,636
Transfers from exploration and evaluation assets	8,585	16,204
Change is asset retirement obligations	94,994	23,894
Divestitures		(379)
Property swaps	(1,012)	1,773
Impairment	(2,247,162)	(180,000)
Foreign currency translation	37,263	(118,204)
Depletion	(478,859)	(725,267)
Balance, end of year	3,077,548	5,387,889
Cost
Reconciliation of changes in property, plant and equipment [abstract]
Balance, beginning of year	11,128,297	10,744,533
Capital expenditures	275,850	549,343
Property acquisitions		2,636
Transfers from exploration and evaluation assets	8,585	16,204
Change is asset retirement obligations	94,994	23,894
Divestitures		(2,069)
Property swaps	(1,190)	1,773
Impairment	0	0
Foreign currency translation	(82,860)	(208,017)
Depletion	0	0
Balance, end of year	11,423,676	11,128,297
Accumulated depletion
Reconciliation of changes in property, plant and equipment [abstract]
Balance, beginning of year	(5,740,408)	(4,926,644)
Capital expenditures	0	0
Property acquisitions		0
Transfers from exploration and evaluation assets	0	0
Change is asset retirement obligations	0	0
Divestitures		1,690
Property swaps	178	0
Impairment	(2,247,162)	(180,000)
Foreign currency translation	120,123	89,813
Depletion	(478,859)	(725,267)
Balance, end of year	$ (8,346,128)	$ (5,740,408)

Oil and Gas Properties - Additi

Oil and Gas Properties - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020CAD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Adjusted inflation for prices and costs subsequent to 2023		0.02
Reversal of impairment loss recognised in profit or loss		$ 341,326
Conventional CGU
Disclosure of detailed information about property, plant and equipment [line items]
Reversal of impairment loss recognised in profit or loss		0
Oil and gas assets
Disclosure of detailed information about property, plant and equipment [line items]
Impairment	$ (2,600,000)	(2,200,000)	$ (180,000)
Discount rate applied to cash flow projections			11.00%
Impairment		$ (2,247,162)	$ (180,000)
Oil and gas assets | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Discount rate applied to cash flow projections	8.00%	10.00%
Oil and gas assets | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Discount rate applied to cash flow projections	14.00%	17.00%
Oil and gas assets | Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Impairment		$ (2,247,162)	$ (180,000)

Oil and Gas Properties - Recove

Oil and Gas Properties - Recoverable Amount Of Company CGUs (Details) - Company's CGUs	3 Months Ended	12 Months Ended
	Mar. 31, 2020cadPerGigajoulesusdPerGigajoulesusdPerBblcadPerBbl$ / $	Dec. 31, 2020$ / $cadPerGigajoulescadPerBblusdPerGigajoulesusdPerBbl
2020
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.41	1.30
2021
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.37	1.31
2022
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.34	1.31
2023
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.34	1.31
2024
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.34	1.31
2025
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.33	1.31
2026
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.33	1.31
2027
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.33	1.31
2028
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.33	1.31
2029
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.33	1.31
WTI | Oil reserves | 2020
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	29.17	47.17
WTI | Oil reserves | 2021
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	40.45	50.17
WTI | Oil reserves | 2022
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	49.17	53.17
WTI | Oil reserves | 2023
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	53.28	54.97
WTI | Oil reserves | 2024
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	55.66	56.07
WTI | Oil reserves | 2025
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	56.87	57.19
WTI | Oil reserves | 2026
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	58.01	58.34
WTI | Oil reserves | 2027
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	59.17	59.50
WTI | Oil reserves | 2028
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	60.35	60.69
WTI | Oil reserves | 2029
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	61.56	61.91
WCS | Oil reserves | 2020
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	19.21	44.63
WCS | Oil reserves | 2021
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	34.65	48.18
WCS | Oil reserves | 2022
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	46.34	52.10
WCS | Oil reserves | 2023
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	51.25	54.10
WCS | Oil reserves | 2024
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	54.28	55.19
WCS | Oil reserves | 2025
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	55.72	56.29
WCS | Oil reserves | 2026
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	56.96	57.42
WCS | Oil reserves | 2027
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	58.22	58.57
WCS | Oil reserves | 2028
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	59.51	59.74
WCS | Oil reserves | 2029
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	60.82	60.93
LLS | Oil reserves | 2020
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	32.17	49.50
LLS | Oil reserves | 2021
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	43.80	52.85
LLS | Oil reserves | 2022
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	52.55	55.87
LLS | Oil reserves | 2023
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	56.68	57.69
LLS | Oil reserves | 2024
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	59.10	58.82
LLS | Oil reserves | 2025
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	60.35	59.97
LLS | Oil reserves | 2026
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	61.52	61.15
LLS | Oil reserves | 2027
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	62.72	62.34
LLS | Oil reserves | 2028
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	63.94	63.56
LLS | Oil reserves | 2029
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	65.19	64.83
Edmonton Par | Oil reserves | 2020
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	29.22	55.76
Edmonton Par | Oil reserves | 2021
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	46.85	59.89
Edmonton Par | Oil reserves | 2022
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	59.27	63.48
Edmonton Par | Oil reserves | 2023
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	65.02	65.76
Edmonton Par | Oil reserves | 2024
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	68.43	67.13
Edmonton Par | Oil reserves | 2025
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	69.81	68.53
Edmonton Par | Oil reserves | 2026
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	71.24	69.95
Edmonton Par | Oil reserves | 2027
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	72.70	71.40
Edmonton Par | Oil reserves | 2028
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	74.19	72.88
Edmonton Par | Oil reserves | 2029
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	75.71	74.34
Henry Hub | Oil reserves | 2020
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules		2.83
Henry Hub | Oil reserves | 2021
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules		2.87
Henry Hub | Oil reserves | 2022
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules		2.90
Henry Hub | Oil reserves | 2023
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules		2.96
Henry Hub | Oil reserves | 2024
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules		3.02
Henry Hub | Oil reserves | 2025
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules		3.08
Henry Hub | Oil reserves | 2026
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules		3.14
Henry Hub | Oil reserves | 2027
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules		3.20
Henry Hub | Oil reserves | 2028
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules		3.26
Henry Hub | Oil reserves | 2029
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules		3.33
Henry Hub | Natural gas reserves | 2020
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules	2.10
Henry Hub | Natural gas reserves | 2021
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules	2.58
Henry Hub | Natural gas reserves | 2022
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules	2.79
Henry Hub | Natural gas reserves | 2023
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules	2.86
Henry Hub | Natural gas reserves | 2024
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules	2.93
Henry Hub | Natural gas reserves | 2025
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules	3
Henry Hub | Natural gas reserves | 2026
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules	3.07
Henry Hub | Natural gas reserves | 2027
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules	3.13
Henry Hub | Natural gas reserves | 2028
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules	3.19
Henry Hub | Natural gas reserves | 2029
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerGigajoules	3.25
AECO | Natural gas reserves | 2020
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerGigajoules	1.74	2.78
AECO | Natural gas reserves | 2021
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerGigajoules	2.20	2.70
AECO | Natural gas reserves | 2022
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerGigajoules	2.38	2.61
AECO | Natural gas reserves | 2023
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerGigajoules	2.45	2.65
AECO | Natural gas reserves | 2024
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerGigajoules	2.53	2.70
AECO | Natural gas reserves | 2025
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerGigajoules	2.60	2.76
AECO | Natural gas reserves | 2026
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerGigajoules	2.66	2.81
AECO | Natural gas reserves | 2027
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerGigajoules	2.72	2.87
AECO | Natural gas reserves | 2028
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerGigajoules	2.79	2.92
AECO | Natural gas reserves | 2029
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerGigajoules	2.85	2.98

Oil and Gas Properties - Sensit

Oil and Gas Properties - Sensitivity of the Estimated Recoverable Amount of Possible Changes (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020CAD ($)	Dec. 31, 2020CAD ($)cadPerMcfcadPerBbl	Dec. 31, 2019CAD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Discount rate		1.00%
Oil price | cadPerBbl		2.50
Gas price | cadPerMcf		0.25
Recoverable amount	$ 2,974,796	$ 3,077,548
Impairments	2,588,488	2,360,220	$ 187,822
Change in discount rate of 1%	220,750	140,600
Change in oil price of $2.50/bbl	400,500	386,000
Change in gas price of $0.25/mcf	49,000	57,400
Impairment reversal		341,326
Conventional CGU
Disclosure of detailed information about property, plant and equipment [line items]
Recoverable amount	37,444	54,265
Impairments	41,000
Change in discount rate of 1%	3,000	1,000
Change in oil price of $2.50/bbl	3,500	3,000
Change in gas price of $0.25/mcf	8,500	9,000
Impairment reversal		0
Peace River CGU
Disclosure of detailed information about property, plant and equipment [line items]
Recoverable amount	109,631	104,225
Impairments	345,000
Change in discount rate of 1%	9,500	1,000
Change in oil price of $2.50/bbl	53,500	49,500
Change in gas price of $0.25/mcf	3,000	3,000
Impairment reversal		0
Lloydminster CGU
Disclosure of detailed information about property, plant and equipment [line items]
Recoverable amount	227,967	212,979
Impairments	470,000
Change in discount rate of 1%	25,000	7,000
Change in oil price of $2.50/bbl	69,500	57,500
Change in gas price of $0.25/mcf	0	500
Impairment reversal		0
Duvernay CGU
Disclosure of detailed information about property, plant and equipment [line items]
Recoverable amount	61,197	70,491
Impairments	5,000
Change in discount rate of 1%	5,500	5,500
Change in oil price of $2.50/bbl	9,500	12,000
Change in gas price of $0.25/mcf	1,500	1,500
Impairment reversal		0
Viking CGU
Disclosure of detailed information about property, plant and equipment [line items]
Recoverable amount	962,134	1,026,026
Impairments	915,000
Change in discount rate of 1%	57,000	34,500
Change in oil price of $2.50/bbl	123,000	106,500
Change in gas price of $0.25/mcf	4,000	5,000
Impairment reversal		116,000
Eagle Ford CGU
Disclosure of detailed information about property, plant and equipment [line items]
Recoverable amount	1,576,423	1,609,562
Impairments	812,488
Change in discount rate of 1%	120,750	91,600
Change in oil price of $2.50/bbl	141,500	157,500
Change in gas price of $0.25/mcf	$ 32,000	38,400
Impairment reversal		$ 225,326

Leases - Right-Of-Use Assets (D

Leases - Right-Of-Use Assets (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Roll Forward]
Right-of-use assets, beginning balance	$ 13,619	$ 17,998
Additions	1,185	1,827
Modifications	1,933	17
Depreciation	(5,639)	(6,223)
Right-of-use assets, ending balance	11,098	13,619
Office Leases
Leases [Roll Forward]
Right-of-use assets, beginning balance	9,865	14,775
Additions	20	0
Modifications	1,846	(6)
Depreciation	(3,799)	(4,904)
Right-of-use assets, ending balance	7,932	9,865
Field Equipment
Leases [Roll Forward]
Right-of-use assets, beginning balance	3,089	2,254
Additions	962	1,668
Modifications	80	4
Depreciation	(1,381)	(837)
Right-of-use assets, ending balance	2,750	3,089
Vehicles And Other
Leases [Roll Forward]
Right-of-use assets, beginning balance	665	969
Additions	203	159
Modifications	7	19
Depreciation	(459)	(482)
Right-of-use assets, ending balance	$ 416	$ 665

Leases - Future Commitments (De

Leases - Future Commitments (Details) - CAD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of maturity analysis of operating lease payments [line items]
Lease obligations	$ 11,850	$ 14,568
Amounts representing interest over the term of the lease	(774)	(685)
Present value of net lease payments	11,076	13,883
Less current portion of lease obligations	4,289	5,798
Lease obligations	6,787	8,085
Less than 1 year
Disclosure of maturity analysis of operating lease payments [line items]
Lease obligations	4,504	6,216
1-3 years
Disclosure of maturity analysis of operating lease payments [line items]
Lease obligations	4,302	7,748
3-5 years
Disclosure of maturity analysis of operating lease payments [line items]
Lease obligations	3,044	604
After 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Lease obligations	$ 0	$ 0

Leases - Additional Information

Leases - Additional Information (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Interest expense related to lease obligations	$ 448	$ 610
Payments on lease obligations	$ (5,925)	$ (5,956)

Credit Facilities - Bank Loan (

Credit Facilities - Bank Loan (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019CAD ($)	Dec. 31, 2019USD ($)
Disclosure of detailed information about borrowings [line items]
Secured bank loans received	$ 649,221		$ 505,412
Bank loan - U.S. dollar denominated
Disclosure of detailed information about borrowings [line items]
Secured bank loans received	140,815		206,144
Credit facilities - Canadian dollar denominated
Disclosure of detailed information about borrowings [line items]
Secured bank loans received	510,358		300,327
Principal
Disclosure of detailed information about borrowings [line items]
Secured bank loans received	651,173		506,471
Changes in reported amount of U.S. denominated debt	23,600
Principal | Bank loan - U.S. dollar denominated
Disclosure of detailed information about borrowings [line items]
Secured bank loans received		$ 110.4		$ 159
Changes in reported amount of U.S. denominated debt	300
Principal | Credit facilities - Canadian dollar denominated
Disclosure of detailed information about borrowings [line items]
Net draws	145,000
Unamortized debt issuance costs
Disclosure of detailed information about borrowings [line items]
Secured bank loans received	$ (1,952)		$ (1,059)

Credit Facilities - Additional

Credit Facilities - Additional Information (Details)	Dec. 31, 2020USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)
Disclosure of detailed information about borrowings [line items]
Outstanding letters of credit		$ 15,000,000	$ 15,200,000
Revolving Facilities
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	$ 575,000,000
Term Loan
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity		$ 300,000,000
Operating loan
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	50,000,000
Syndicated loan
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	325,000,000
Subsidiary syndicated loan
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	$ 200,000,000

Credit Facilities - Financial C

Credit Facilities - Financial Covenants (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)
Disclosure of detailed information about borrowings [line items]
Senior Secured Debt, as defined	$ 666,200
Credit facilities - principal	649,221	$ 505,412
Outstanding letters of credit	15,000	15,200
Bank EBITDA, as defined	414,900
Financing and interest expenses, as defined	106,100
Cost
Disclosure of detailed information about borrowings [line items]
Credit facilities - principal	$ 651,173	$ 506,471
Position as at December 31, 2020
Disclosure of detailed information about borrowings [line items]
Senior Secured Debt to Bank EBITDA (Maximum Ratio)	1.6
Interest Coverage (Minimum Ratio)	3.9
Covenant
Disclosure of detailed information about borrowings [line items]
Senior Secured Debt to Bank EBITDA (Maximum Ratio)	3.5
Interest Coverage (Minimum Ratio)	2

Long-Term Notes (Details)

Long-Term Notes (Details)	Mar. 05, 2020CAD ($)	Feb. 05, 2020CAD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)	Dec. 31, 2020USD ($)	Feb. 20, 2020CAD ($)	Feb. 20, 2020USD ($)	Feb. 05, 2020USD ($)
Disclosure of detailed information about borrowings [line items]
Long-term notes - principal			$ 1,132,868,000	$ 1,328,175,000
Notional amount			664,700,000
Repayments of bonds, notes and debentures			833,672,000	198,128,000
Early redemption expense			3,312,000	0
Principal
Disclosure of detailed information about borrowings [line items]
Long-term notes - principal			1,147,950,000	1,337,200,000
Loan repayments			830,400,000
Changes in reported amount of U.S. denominated debt			23,600,000
Unamortized debt issuance costs
Disclosure of detailed information about borrowings [line items]
Long-term notes - principal			$ (15,082,000)	(9,025,000)
5.125% notes due June 1, 2021
Disclosure of detailed information about borrowings [line items]
Notional amount					$ 400,000,000	$ 530,400,000	$ 400,000,000
5.125% notes due June 1, 2021 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate			5.125%		5.125%	5.125%	5.125%
5.125% notes due June 1, 2021 | Principal
Disclosure of detailed information about borrowings [line items]
Long-term notes - principal			$ 0	518,600,000
6.625% notes due July 19, 2022
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 300,000,000		$ 300,000,000
Early redemption expense	$ 3,300,000
6.625% notes due July 19, 2022 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	6.625%		6.625%		6.625%
Early redemption of notes	101.104%
6.625% notes due July 19, 2022 | Principal
Disclosure of detailed information about borrowings [line items]
Long-term notes - principal			$ 0	300,000,000
5.625% notes due June 1, 2024
Disclosure of detailed information about borrowings [line items]
Notional amount					$ 400,000,000
5.625% notes due June 1, 2024 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate			5.625%		5.625%
5.625% notes due June 1, 2024 | Principal
Disclosure of detailed information about borrowings [line items]
Long-term notes - principal			$ 510,200,000	518,600,000
8.75% Notes Due April 1, 2027
Disclosure of detailed information about borrowings [line items]
Notional amount					$ 500,000,000			$ 500,000,000
Transaction costs		$ 12,500,000
8.75% Notes Due April 1, 2027 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate			8.75%		8.75%			8.75%
8.75% Notes Due April 1, 2027 | Principal
Disclosure of detailed information about borrowings [line items]
Long-term notes - principal			$ 637,750,000	$ 0

Asset Retirement Obligations -

Asset Retirement Obligations - Changes In Asset Retirement Obligations (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of changes in other provisions [Abstract]
Accretion	$ 8,978	$ 13,713
Government grants	(2,128)	0
Less current portion of asset retirement obligations	11,820	11,579
Non-current portion of asset retirement obligations	748,563	656,395
Asset retirement obligation
Reconciliation of changes in other provisions [Abstract]
Balance, beginning of the year	667,974	646,898
Liabilities incurred	15,189	21,748
Liabilities settled	(7,168)	(15,417)
Liabilities acquired from property acquisitions	0	1,648
Liabilities divested	(721)	(1,331)
Property swaps	(525)	792
Accretion	8,978	13,713
Government grants	(2,128)	0
Change in estimate	(12,771)	19,632
Changes in discount rates and inflation rates	92,576	(17,486)
Foreign currency translation	(1,021)	(2,223)
Balance, end of the year	$ 760,383	$ 667,974

Asset Retirement Obligations _2

Asset Retirement Obligations - Additional Information (Details) - Asset retirement obligation - CAD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of other provisions [line items]
Estimated cash flows, undiscounted amount	$ 721,000	$ 714,800
Estimated inflation rate	1.50%	1.40%
Estimated risk free rate	1.20%	1.80%
Other provisions	$ 760,383	$ 667,974	$ 646,898

Shareholders' Capital (Details)

Shareholders' Capital (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020CAD ($)sharesvote	Dec. 31, 2019CAD ($)shares
Number of Common Shares
Vested and converted to common shares (in shares) | shares	2,922,000	4,245,000
Changes in equity [abstract]
Beginning balance | $	$ 2,947,209	$ 3,055,424
Share-based compensation | $	7,216	15,894
Ending balance | $	$ 578,213	$ 2,947,209
Shareholders’ capital
Number of Common Shares
Beginning balance (in shares) | shares	558,305,000	554,060,000
Vested and converted to common shares (in shares) | shares	2,922,000	4,245,000
Ending balance (in shares) | shares	561,227,000	558,305,000
Changes in equity [abstract]
Beginning balance | $	$ 5,718,835	$ 5,701,516
Share-based compensation | $	10,583	17,319
Ending balance | $	$ 5,729,418	$ 5,718,835
Preference shares
Preferred shares without nominal or par value (in shares) | shares	10,000,000
Issued on corporate acquisition (in shares) | shares	0
Ordinary shares
Voting rights, votes per share | vote	1

Share-Based Compensation Plan -

Share-Based Compensation Plan - Additional Information (Details) $ / shares in Units, shares in Thousands, share in Millions	12 Months Ended
	Dec. 31, 2020CAD ($)sharesshare$ / shares	Dec. 31, 2019CAD ($)shareshares$ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Compensation expense related to share awards	$ 9,469,000	$ 15,894,000
Cash compensation expense related to share awards	2,300,000
Financial derivatives	$ 26,792,000	$ 8,668,000
Granted (in shares) | shares	5,492	6,429
Options Outstanding, number outstanding at December 31, 2019 (in shares) | share	0.3	2.5
Options Outstanding, weighted average remaining life	3 months 18 days
Options Outstanding, weighted average exercise price (in cad per share) | $ / shares	$ 5.40	$ 6.83
Incentive Award Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value of share awards (in cad per share)	$ 1.50
Financial derivatives	$ 1,100,000
Granted (in shares) | share	2.9
Restricted awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value of share awards (in cad per share)	$ 1.48	$ 2.63
Granted (in shares) | shares	2,239	3,184

Share-Based Compensation Plan_2

Share-Based Compensation Plan - Shares Outstanding (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Total number of share awards
Beginning balance (in shares)	6,936	6,516
Granted (in shares)	5,492	6,429
Vested and converted to common shares (in shares)	(2,922)	(4,245)
Forfeited (in shares)	(1,296)	(1,764)
Ending balance (in shares)	8,210	6,936
Minimum
Total number of share awards
Payout multiplier	0.00%
Maximum
Total number of share awards
Payout multiplier	200.00%
Restricted awards
Total number of share awards
Beginning balance (in shares)	3,801	3,243
Granted (in shares)	2,239	3,184
Vested and converted to common shares (in shares)	(1,730)	(2,081)
Forfeited (in shares)	(188)	(545)
Ending balance (in shares)	4,122	3,801
Performance awards
Total number of share awards
Beginning balance (in shares)	3,135	3,273
Granted (in shares)	3,253	3,245
Vested and converted to common shares (in shares)	(1,192)	(2,164)
Forfeited (in shares)	(1,108)	(1,219)
Ending balance (in shares)	4,088	3,135

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details) - CAD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net loss
Net loss - basic	$ (2,438,964)	$ (12,459)
Net loss - diluted	$ (2,438,964)	$ (12,459)
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract]
Weighted average common shares - basic (in shares)	560,657	557,048
Dilutive effect of share awards (in shares)	0	0
Dilutive effect of share options (in shares)	0	0
Weighted average common shares - diluted (in shares)	560,657	557,048
Net loss per share
Net income (loss) per share - basic (in cad per share)	$ (4.35)	$ (0.02)
Net income (loss) per share - diluted (in cad per share)	$ (4.35)	$ (0.02)

Petroleum and Natural Gas Sal_3

Petroleum and Natural Gas Sales (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of operating segments [line items]
Petroleum and natural gas sales	$ 975,477	$ 1,805,919
Trade receivable, accrued petroleum and natural gas sales
Disclosure of operating segments [line items]
Included in accounts receivable	81,300	138,000
Canada
Disclosure of operating segments [line items]
Petroleum and natural gas sales	571,741	1,077,724
U.S.
Disclosure of operating segments [line items]
Petroleum and natural gas sales	403,736	728,195
Light oil and condensate
Disclosure of operating segments [line items]
Petroleum and natural gas sales	623,585	1,138,650
Light oil and condensate | Canada
Disclosure of operating segments [line items]
Petroleum and natural gas sales	296,125	538,487
Light oil and condensate | U.S.
Disclosure of operating segments [line items]
Petroleum and natural gas sales	327,460	600,163
Heavy oil
Disclosure of operating segments [line items]
Petroleum and natural gas sales	236,235	500,187
Heavy oil | Canada
Disclosure of operating segments [line items]
Petroleum and natural gas sales	236,235	500,187
Heavy oil | U.S.
Disclosure of operating segments [line items]
Petroleum and natural gas sales	0	0
NGL
Disclosure of operating segments [line items]
Petroleum and natural gas sales	40,882	69,077
NGL | Canada
Disclosure of operating segments [line items]
Petroleum and natural gas sales	6,037	8,430
NGL | U.S.
Disclosure of operating segments [line items]
Petroleum and natural gas sales	34,845	60,647
Natural gas sales
Disclosure of operating segments [line items]
Petroleum and natural gas sales	74,775	98,005
Natural gas sales | Canada
Disclosure of operating segments [line items]
Petroleum and natural gas sales	33,344	30,620
Natural gas sales | U.S.
Disclosure of operating segments [line items]
Petroleum and natural gas sales	$ 41,431	$ 67,385

Income Taxes - Provision For In

Income Taxes - Provision For Income Taxes (Details) - CAD ($) $ in Thousands	Oct. 20, 2020	Oct. 19, 2020	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Abstract]
Net loss before income taxes			$ (2,599,357)	$ (78,921)
Expected income taxes at the statutory rate			$ (660,757)	$ (21,088)
Tax rate	8.00%	10.00%	25.42%	26.72%
Increase (Decrease) From Tax Effects [Abstract]
Share-based compensation			$ 1,834	$ 4,247
Effect of foreign exchange			1,017	(8,155)
Effect of change in income tax rates			10,969	(6,098)
Effect of rate adjustments for foreign jurisdictions			22,375	(27,785)
Effect of change in deferred tax benefit not recognized			444,117	(7,563)
Effect of U.S. tax change			19,807
Adjustments and assessments			245	(20)
Income tax recovery			$ (160,393)	$ (66,462)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2016
Income Taxes [Abstract]
Deferred tax assets, unrecognized	$ 469,700	$ 28,000
Unrecognized deferred tax assets, deductible temporary differences	854,200
Unrecognized deferred tax assets, capital losses	237,900
Unrecognized deferred tax assets. non-capital losses	1,015,200
Accumulated non-capital losses			$ 591,000
Effect of U.S. tax change	$ 19,807

Income Taxes - Continuity of Ne

Income Taxes - Continuity of Net Deferred Income Tax Liability (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Changes in deferred tax liability (asset) [abstract]
Beginning balance	$ 235,308	$ 310,836
Recognized in Net Income	(160,967)	(68,555)
Foreign Currency Translation Adjustment	(12,192)	6,973
Ending balance	86,533	235,308
Non-capital loss carry-forwards			$ 2,165,200	$ 1,714,600
Recognized in Net Income	(160,967)	(68,555)
Deferred tax asset	86,533	310,836	86,533	235,308
Petroleum and natural gas properties
Changes in deferred tax liability (asset) [abstract]
Beginning balance	881,994	954,506
Recognized in Net Income	(378,321)	(48,995)
Foreign Currency Translation Adjustment	1,048	23,517
Ending balance	502,625	881,994
Recognized in Net Income	(378,321)	(48,995)
Deferred tax asset	502,625	954,506	502,625	881,994
Financial derivatives
Changes in deferred tax liability (asset) [abstract]
Beginning balance	0	21,486
Recognized in Net Income	0	(21,486)
Ending balance	0	0
Recognized in Net Income	0	(21,486)
Deferred tax asset	0	21,486	0	0
Other
Changes in deferred tax liability (asset) [abstract]
Beginning balance	2,403	3,045
Recognized in Net Income	18,839	(5,192)
Foreign Currency Translation Adjustment	(1,135)	(4,550)
Ending balance	22,377	2,403
Recognized in Net Income	18,839	(5,192)
Deferred tax asset	22,377	3,045	22,377	2,403
Asset retirement obligations
Changes in deferred tax liability (asset) [abstract]
Beginning balance	(164,523)	(172,359)
Recognized in Net Income	(23,432)	7,364
Foreign Currency Translation Adjustment	(115)	(472)
Ending balance	(187,840)	(164,523)
Recognized in Net Income	(23,432)	7,364
Deferred tax asset	(164,523)	(164,523)	(187,840)	(164,523)
Financial derivatives
Changes in deferred tax liability (asset) [abstract]
Beginning balance	(802)	0
Recognized in Net Income	(4,608)	(802)
Ending balance	(5,410)	(802)
Recognized in Net Income	(4,608)	(802)
Deferred tax asset	(802)	(802)	(5,410)	(802)
Non-capital losses
Changes in deferred tax liability (asset) [abstract]
Beginning balance	(386,717)	(399,699)
Recognized in Net Income	141,468	1,460
Foreign Currency Translation Adjustment	(3,735)	(11,522)
Ending balance	(241,514)	(386,717)
Recognized in Net Income	141,468	1,460
Deferred tax asset	(241,514)	(399,699)	(241,514)	(386,717)
Other
Changes in deferred tax liability (asset) [abstract]
Beginning balance	(97,047)
Recognized in Net Income	85,087
Foreign Currency Translation Adjustment	(8,255)
Ending balance	(3,705)	(97,047)
Recognized in Net Income	85,087
Deferred tax asset	(3,705)	(97,047)	$ (3,705)	(97,047)
Finance costs
Changes in deferred tax liability (asset) [abstract]
Beginning balance	(97,047)	(96,143)
Recognized in Net Income		(904)
Ending balance		(97,047)
Recognized in Net Income		(904)
Deferred tax asset	$ (97,047)	$ (97,047)		$ (97,047)

Financing and Interest (Details

Financing and Interest (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Analysis of income and expense [abstract]
Interest on credit facilities	$ 15,256	$ 20,376
Interest on long-term notes	90,830	86,431
Interest on lease obligations	448	610
Non-cash financing	6,617	4,735
Accretion on asset retirement obligations	8,978	13,713
Early redemption expense	3,312	0
Financing and interest	$ 125,441	$ 125,865

Foreign Exchange (Details)

Foreign Exchange (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019CAD ($)
Effects Of Changes In Foreign Exchange Rates [Line Items]
Adjustments for unrealised foreign exchange losses (gains)	$ (9,232)		$ 62,753
Realized foreign exchange (gain) loss	(544)		966
Foreign exchange loss (gain)	8,688		(61,787)
Intercompany notes		$ 751
Unrealized foreign exchange loss - intercompany notes
Effects Of Changes In Foreign Exchange Rates [Line Items]
Adjustments for unrealised foreign exchange losses (gains)	31,617		0
Unrealized foreign exchange gain - long-term notes
Effects Of Changes In Foreign Exchange Rates [Line Items]
Adjustments for unrealised foreign exchange losses (gains)	$ (22,385)		$ (62,753)

Financial Instruments and Ris_3

Financial Instruments and Risk Management - Carrying Value and Fair Value of Financial Instruments (Details) - CAD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
FVTPL
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	$ (26,792)	$ (8,668)
Liabilities, at fair value	(26,792)	(8,668)
FVTPL | Financial Derivatives | Level 2
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	(26,792)	(8,668)
Liabilities, at fair value	(26,792)	(8,668)
Financial liabilities at amortized cost
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	(1,938,044)	(2,041,041)
Liabilities, at fair value	(1,568,257)	(2,004,742)
Financial liabilities at amortized cost | Trade and other payables | Level 1
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	(155,955)	(207,454)
Liabilities, at fair value	(155,955)	(207,454)
Financial liabilities at amortized cost | Credit Facilities | Level 1
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	(649,221)	(505,412)
Liabilities, at fair value	(651,173)	(506,471)
Financial liabilities at amortized cost | Long-term notes | Level 1
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	(1,132,868)	(1,328,175)
Liabilities, at fair value	(761,129)	(1,290,817)
FVTPL
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	5,057	5,433
Financial assets, at fair value	5,057	5,433
FVTPL | Level 2
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	5,057	5,433
Financial assets, at fair value	5,057	5,433
Financial assets at amortized cost
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	107,477	179,334
Financial assets, at fair value	107,477	179,334
Financial assets at amortized cost | Cash | Level 1
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	5,572
Financial assets, at fair value	0	5,572
Financial assets at amortized cost | Trade and Other Receivables | Level 1
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	107,477	173,762
Financial assets, at fair value	$ 107,477	$ 173,762

Financial Instruments and Ris_4

Financial Instruments and Risk Management - Foreign Currency Risk, Interest Rate Risk, Interest Rate Swaps and Commodity Price Risk (Details) $ in Thousands	Dec. 31, 2020CAD ($)usdPerBbl	Dec. 31, 2020USD ($)usdPerBbl	Dec. 31, 2019USD ($)
Currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Increase/decrease risk in foreign exchange rate	$ 0.01
Effect on net income	1,800,000
Currency risk | U.S. dollar denominated, liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
U.S. dollar denominated		$ 934,731	$ 841,961
Currency risk | U.S. dollar denominated, assets
Disclosure of nature and extent of risks arising from financial instruments [line items]
U.S. dollar denominated		$ 759,508	$ 8,733
Interest rate risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Effect on net income	$ 6,500,000
Impact of base point change on interest rates	100.00%	100.00%
Commodity price risk | Oil Price
Disclosure of nature and extent of risks arising from financial instruments [line items]
Potential impact of crude oil price changes | usdPerBbl	1	1
Potential impact of natural gas price changes	$ 18,900,000
Commodity price risk | Natural Gas Price
Disclosure of nature and extent of risks arising from financial instruments [line items]
Potential impact of crude oil price changes | usdPerBbl	0.25	0.25
Potential impact of natural gas price changes	$ 4,600,000

Financial Instruments and Ris_5

Financial Instruments and Risk Management - Financial Derivative Contracts (Details)	Dec. 31, 2020usdPerBbl$ / MMBTUbblPerDaygigajoulesPerDaycadPerGigajoulesmmbtuPerDay
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	10
Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	35
Price Two
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	45
Price Three
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	55
Oil Basis Swap Jan 2021 to June 2021
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	2,000
Oil Basis Swap Jan 2021 to June 2021 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	13.75
Oil Basis Swap Jan 2021 to December 2021
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	7,000
Oil Basis Swap Jan 2021 to December 2021 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	13.68
Oil Basis Swap Apr 2021 to December 2021
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	1,000
Oil Basis Swap Apr 2021 to December 2021 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	11.50
Oil Basis Swap Jan 2022 to December 2022 - 1
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	6,000
Oil Basis Swap Jan 2022 to December 2022 - 1 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	12.76
Oil Basis Swap Jan 2021 to Dec 2021 - 1
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	6,000
Oil Basis Swap Jan 2021 to Dec 2021 - 1 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	5.17
Oil Basis Swap March 2021 to December 2021
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	1,500
Oil Basis Swap March 2021 to December 2021 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	4.50
Oil Fixed Cell Jan 2021 to December 2021
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	4,000
Oil Fixed Cell Jan 2021 to December 2021 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	45
Oil Three Way Option Jan 2021 to Dec 2021
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	500
Oil Three Way Option Jan 2021 to Dec 2021 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	35
Oil Three Way Option Jan 2021 to Dec 2021 | Price Two
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	45
Oil Three Way Option Jan 2021 to Dec 2021 | Price Three
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	49.03
Oil Three Way Option Jan 2021 to Dec 2021 - 1
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	1,500
Oil Three Way Option Jan 2021 to Dec 2021 - 1 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	35
Oil Three Way Option Jan 2021 to Dec 2021 - 1 | Price Two
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	45
Oil Three Way Option Jan 2021 to Dec 2021 - 1 | Price Three
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	49.10
Oil Three Way Option Jan 2021 to Dec 2021 - 2
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	3,500
Oil Three Way Option Jan 2021 to Dec 2021 - 2 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	35
Oil Three Way Option Jan 2021 to Dec 2021 - 2 | Price Two
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	45
Oil Three Way Option Jan 2021 to Dec 2021 - 2 | Price Three
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	49.50
Oil Three Way Option Jan 2021 to Dec 2021 - 3
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	10,000
Oil Three Way Option Jan 2021 to Dec 2021 - 3 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	35
Oil Three Way Option Jan 2021 to Dec 2021 - 3 | Price Two
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	45
Oil Three Way Option Jan 2021 to Dec 2021 - 3 | Price Three
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	55
Oil Three Way Option Jan 2021 to Dec 2021 - 4
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	2,000
Oil Three Way Option Jan 2021 to Dec 2021 - 4 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	37
Oil Three Way Option Jan 2021 to Dec 2021 - 4 | Price Two
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	42.50
Oil Three Way Option Jan 2021 to Dec 2021 - 4 | Price Three
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	48
Oil Three Way Option Jan 2022 to Dec 2022
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	1,500
Oil Three Way Option Jan 2022 to Dec 2022 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	40
Oil Three Way Option Jan 2022 to Dec 2022 | Price Two
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	50
Oil Three Way Option Jan 2022 to Dec 2022 | Price Three
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	58.10
Oil Swaption Jan 2022 to Dec 2022
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	5,000
Oil Swaption Jan 2022 to Dec 2022 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	53
Oil Swaption Jan 2022 to Dec 2022 - 1
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	5,000
Oil Swaption Jan 2022 to Dec 2022 - 1 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	54
Natural Gas Fixed - Sell Jan 2021 To Jun 2021
Disclosure of detailed information about financial instruments [line items]
Volume | gigajoulesPerDay	3,000
Natural Gas Fixed - Sell Jan 2021 To Jun 2021 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit | cadPerGigajoules	2.71
Natural Gas Fixed - Sell Jan 2021 To Dec 2021
Disclosure of detailed information about financial instruments [line items]
Volume | gigajoulesPerDay	16,000
Natural Gas Fixed - Sell Jan 2021 To Dec 2021 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit | cadPerGigajoules	2.36
Natural Gas Three Way Option Jan 2021 to Dec 2021
Disclosure of detailed information about financial instruments [line items]
Volume | gigajoulesPerDay	2,500
Natural Gas Three Way Option Jan 2021 to Dec 2021 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit | cadPerGigajoules	2.40
Natural Gas Fixed - Sell Jan 2021 To Dec 2021 - 1
Disclosure of detailed information about financial instruments [line items]
Volume | mmbtuPerDay	12,000
Natural Gas Fixed - Sell Jan 2021 To Dec 2021 - 1 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit | $ / MMBTU	2.70
Natural Gas Three Way Option Jan 2022 to Dec 2022
Disclosure of detailed information about financial instruments [line items]
Volume | mmbtuPerDay	2,500
Natural Gas Three Way Option Jan 2022 to Dec 2022 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit | $ / MMBTU	2.25
Natural Gas Three Way Option Jan 2022 to Dec 2022 | Price Two
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit | $ / MMBTU	2.75
Natural Gas Three Way Option Jan 2022 to Dec 2022 | Price Three
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit | $ / MMBTU	3.06
Natural Gas Three Way Option Jan 2022 to Dec 2022
Disclosure of detailed information about financial instruments [line items]
Volume | mmbtuPerDay	2,500
Natural Gas Three Way Option Jan 2022 to Dec 2022 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit | $ / MMBTU	2.65
Natural Gas Three Way Option Jan 2022 to Dec 2022 | Price Two
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit | $ / MMBTU	2.90
Natural Gas Three Way Option Jan 2022 to Dec 2022 | Price Three
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit | $ / MMBTU	3.40

Financial Instruments and Ris_6

Financial Instruments and Risk Management - Financial Derivatives Marked-To-Market (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Financial Instruments [Abstract]
Realized financial derivatives gain	$ (47,836)	$ (75,620)
Unrealized financial derivatives loss	18,500	82,817
Financial derivatives (gain) loss	$ (29,336)	$ 7,197

Financial Instruments and Ris_7

Financial Instruments and Risk Management - Liquidity Risk (Details)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)	Mar. 05, 2020CAD ($)	Feb. 20, 2020CAD ($)	Feb. 20, 2020USD ($)	Feb. 05, 2020USD ($)	Dec. 31, 2019CAD ($)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Undrawn borrowing facilities	$ 367,200,000
Financial derivatives	26,792,000						$ 8,668,000
Trade and other payables	155,955,000						207,454,000
Credit facilities	649,221,000						505,412,000
Long-term notes	1,132,868,000						1,328,175,000
Lease obligations	11,850,000						14,568,000
Notional amount	$ 664,700,000
8.75% Notes Due April 1, 2027
Disclosure of nature and extent of risks arising from financial instruments [line items]
Notional amount		$ 500,000,000				$ 500,000,000
8.75% Notes Due April 1, 2027 | Fixed interest rate
Disclosure of nature and extent of risks arising from financial instruments [line items]
Borrowings, interest rate	8.75%	8.75%				8.75%
5.125% notes due June 1, 2021
Disclosure of nature and extent of risks arising from financial instruments [line items]
Notional amount		$ 400,000,000		$ 530,400,000	$ 400,000,000
5.125% notes due June 1, 2021 | Fixed interest rate
Disclosure of nature and extent of risks arising from financial instruments [line items]
Borrowings, interest rate	5.125%	5.125%		5.125%	5.125%
6.625% notes due July 19, 2022
Disclosure of nature and extent of risks arising from financial instruments [line items]
Notional amount	$ 300,000,000		$ 300,000,000
6.625% notes due July 19, 2022 | Fixed interest rate
Disclosure of nature and extent of risks arising from financial instruments [line items]
Borrowings, interest rate	6.625%	6.625%	6.625%
Liquidity risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Undrawn borrowing facilities	$ 367,200,000						523,800,000
Trade and other payables	155,955,000
Credit facilities	651,173,000
Long-term notes	1,147,950,000
Interest on long-term notes	446,854,000
Lease obligations	11,850,000
Financial liabilities	2,440,574,000
Less than 1 year
Disclosure of nature and extent of risks arising from financial instruments [line items]
Lease obligations	4,504,000						6,216,000
Less than 1 year | Liquidity risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial derivatives	26,792,000
Trade and other payables	155,955,000
Credit facilities	0
Long-term notes	0
Interest on long-term notes	84,502,000
Lease obligations	4,504,000
Financial liabilities	271,753,000
1-3 years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Lease obligations	4,302,000						7,748,000
1-3 years | Liquidity risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial derivatives	0
Trade and other payables	0
Credit facilities	0
Long-term notes	0
Interest on long-term notes	169,004,000
Lease obligations	4,302,000
Financial liabilities	173,306,000
3-5 years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Lease obligations	3,044,000						604,000
3-5 years | Liquidity risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial derivatives	0
Trade and other payables	0
Credit facilities	651,173,000
Long-term notes	510,200,000
Interest on long-term notes	123,479,000
Lease obligations	3,044,000
Financial liabilities	1,287,896,000
Beyond 5 years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Lease obligations	0						$ 0
Beyond 5 years | Liquidity risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial derivatives	0
Trade and other payables	0
Credit facilities	0
Long-term notes	637,750,000
Interest on long-term notes	69,869,000
Lease obligations	0
Financial liabilities	$ 707,619,000

Financial Instruments and Ris_8

Financial Instruments and Risk Management - Credit Risk (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets [line items]
Current trade receivables	$ 107,477	$ 173,762
Financial assets neither past due nor impaired | Current (less than 30 days)
Disclosure of financial assets [line items]
Current trade receivables	104,210	169,500
Financial assets neither past due nor impaired | 31-60 days
Disclosure of financial assets [line items]
Current trade receivables	1,493	1,199
Financial assets neither past due nor impaired | 61-90 days
Disclosure of financial assets [line items]
Current trade receivables	220	342
Financial assets past due but not impaired | Past due (more than 90 days)
Disclosure of financial assets [line items]
Current trade receivables	$ 1,554	2,721
Trade receivable, purchasers of petroleum and natural gas
Disclosure of financial assets [line items]
Trade receivable typical collection period	25 days
Trade receivable, accrued petroleum and natural gas sales
Disclosure of financial assets [line items]
Included in accounts receivable	$ 81,300	138,000
Trade receivables
Disclosure of financial assets [line items]
Allowance for doubtful accounts	$ 2,000	$ 1,600
Minimum | Trade receivable, joint interest receivable
Disclosure of financial assets [line items]
Trade receivable typical collection period	1 month
Maximum | Trade receivable, joint interest receivable
Disclosure of financial assets [line items]
Trade receivable typical collection period	3 months

Supplemental Information - Chan

Supplemental Information - Change in Non-Cash Working Capital Items (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Additional information [abstract]
Trade and other receivables	$ 66,285	$ (62,198)
Trade and other payables	(51,499)	(50,660)
Trade and other receivables/payables	14,786	(112,858)
Changes in non-cash working capital related to:
Change in non-cash working capital	48,758	(52,070)
Investing activities	(32,031)	(62,485)
Foreign currency translation on non-cash working capital	(1,941)	1,697
Changes in non-cash working capital	$ 14,786	$ (112,858)

Supplemental Information - Empl

Supplemental Information - Employee Compensation Costs (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Employee Compensation [Line Items]
Employee compensation costs	$ 31,867	$ 46,646
Operating
Disclosure Of Employee Compensation [Line Items]
Employee compensation costs	9,065	12,918
General and administrative
Disclosure Of Employee Compensation [Line Items]
Employee compensation costs	$ 22,802	$ 33,728

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2020CAD ($)
Disclosure Of Maturity Analysis Of Lease And Other Payments [Line Items]
Processing agreements	$ 6,361
Transportation agreements	98,406
Total	104,767
Less than 1 year
Disclosure Of Maturity Analysis Of Lease And Other Payments [Line Items]
Processing agreements	836
Transportation agreements	16,698
Total	17,534
1-3 years
Disclosure Of Maturity Analysis Of Lease And Other Payments [Line Items]
Processing agreements	1,320
Transportation agreements	40,351
Total	41,671
3-5 years
Disclosure Of Maturity Analysis Of Lease And Other Payments [Line Items]
Processing agreements	474
Transportation agreements	24,903
Total	25,377
After 5 years
Disclosure Of Maturity Analysis Of Lease And Other Payments [Line Items]
Processing agreements	3,731
Transportation agreements	16,454
Total	$ 20,185

Related Parties (Details)

Related Parties (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Related Party [Abstract]
Short-term employee benefits	$ 4,295	$ 6,202
Share-based compensation	4,080	9,188
Termination payments	0	2,208
Total compensation for key management personnel	$ 8,375	$ 17,598

Capital Management (Details)

Capital Management (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Undrawn Credit Facilities and Net Debt Ratio [Abstract]
Undrawn borrowing facilities	$ 367,200
Funds From Operations [Abstract]
Cash flow from operating activities	353,096	$ 834,939
Change in non-cash working capital	(48,758)	52,070
Asset retirement obligations settled	7,168	15,417
Adjusted funds flow	311,506	902,426
Net Debt [Abstract]
Credit facilities - principal	649,221	505,412
Long-term notes - principal	1,132,868	1,328,175
Trade and other payables	155,955	207,454
Cash	0	(5,572)	$ 0
Trade and other current receivables	(107,477)	(173,762)
Net debt	1,847,601	1,871,791
Cost
Net Debt [Abstract]
Credit facilities - principal	651,173	506,471
Long-term notes - principal	1,147,950	1,337,200
Liquidity risk
Undrawn Credit Facilities and Net Debt Ratio [Abstract]
Undrawn borrowing facilities	367,200	$ 523,800
Net Debt [Abstract]
Trade and other payables	$ 155,955

Uncategorized Items - _IXDS

Label	Element	Value
Proceeds from non-current borrowings	ifrs-full_ProceedsFromNoncurrentBorrowings	$ 652,200,000