Baytex Energy (BTE) 40-F 23 Feb 23 2022 FY Annual report (Canada) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2022 shares
Document Information [Line Items]
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2022
Entity File Number	001-32754
Entity Registrant Name	BAYTEX ENERGY CORP.
Entity Incorporation, State or Country Code	A0
Entity Address, Address Line One	2800, 520 - 3rd Avenue S.W.
Entity Address, City or Town	Calgary
Entity Address, State or Province	AB
Entity Address, Postal Zip Code	T2P 0R3
City Area Code	587
Local Phone Number	952-3000
Title of 12(b) Security	Common Shares
Trading Symbol	BTE
Security Exchange Name	NYSE
Security Reporting Obligation	15(d)
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Common Stock, Shares Outstanding	544,930,072
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Central Index Key	0001279495
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
ICFR Auditor Attestation Flag	true
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	206 E. 9th St.
Entity Address, Address Line Two	Ste 1300
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78701
City Area Code	800
Local Phone Number	345-4647
Contact Personnel Name	Capitol Corporate Services, Inc.

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Calgary, Alberta, Canada
Auditor Firm ID	85

Consolidated Statements of Fina

Consolidated Statements of Financial Position - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash	$ 5,464	$ 0
Trade and other receivables	228,485	173,409
Financial derivatives	10,105	8,654
Total current assets	244,054	182,063
Non-current assets
Exploration and evaluation assets	168,684	172,824
Oil and gas properties	4,620,766	4,464,371
Other plant and equipment	6,568	7,121
Lease assets	6,453	8,264
Deferred income tax asset	57,244	0
Total assets	5,103,769	4,834,643
Trade and other payables	272,195	190,692
Current liabilities
Trade and other payables	272,195	190,692
Financial derivatives	0	134,020
Less current portion of lease obligations	3,521	2,938
Less current portion of asset retirement obligations	12,813	11,080
Total current liabilities	288,529	338,730
Non-current liabilities
Other payables	9,209	0
Credit facilities	383,031	505,171
Long-term notes	547,598	874,527
Lease obligations	3,017	4,827
Asset retirement obligations	576,110	732,603
Deferred income tax liability	265,858	167,456
Total liabilities	2,073,352	2,623,314
SHAREHOLDERS’ EQUITY
Shareholders' capital	5,499,664	5,736,593
Contributed surplus	89,879	13,559
Accumulated other comprehensive income	756,195	632,103
Deficit	(3,315,321)	(4,170,926)
Total shareholders' equity	3,030,417	2,211,329
Total liabilities and shareholders' equity	$ 5,103,769	$ 4,834,643

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - CAD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue, net of royalties
Petroleum and natural gas sales	$ 2,889,045	$ 1,868,195
Royalties	(562,964)	(339,156)
Revenue, net of royalties	2,326,081	1,529,039
Expenses
Operating	422,666	343,002
Transportation	48,561	32,261
Blending and other	189,454	85,689
General and administrative	50,270	40,804
Exploration and evaluation	30,239	15,212
Depletion and depreciation	587,050	464,580
Impairment reversal	(267,744)	(1,542,414)
Share-based compensation	29,056	11,130
Financing and interest	104,817	111,159
Financial derivatives loss	199,010	287,872
Foreign exchange loss (gain)	43,441	(2,868)
Gain on dispositions	(4,898)	(9,666)
Other expense (income)	3,244	(2,562)
Total expenses	1,435,166	(165,801)
Net income before income taxes	890,915	1,694,840
Income tax (recovery) expense
Current income tax expense	3,594	1,272
Deferred income tax expense	31,716	79,968
Income tax expense	35,310	81,240
Net income	855,605	1,613,600
Other comprehensive income
Foreign currency translation adjustment	124,092	13,127
Comprehensive income	$ 979,697	$ 1,626,727
Net income per common share
Basic (in cad per share)	$ 1.53	$ 2.86
Diluted (in cad per share)	$ 1.52	$ 2.82
Weighted average common shares
Basic (in shares)	557,986	563,674
Diluted (in shares)	563,835	571,610

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, 2020	$ 578,213	$ 5,729,418	$ 14,345	$ 618,976	$ (5,784,526)
Vesting of share awards	0	7,175	(7,175)
Share-based compensation	6,389	7,175	6,389
Transfers for liability-classified awards	0
Comprehensive income	1,626,727			13,127	1,613,600
Ending balance at Dec. 31, 2021	2,211,329	5,736,593	13,559	632,103	(4,170,926)
Vesting of share awards	0	8,501	(8,501)
Share-based compensation	3,159		3,159
Transfers for liability-classified awards	(4,791)		(4,791)
Repurchase of common shares for cancellation	(158,977)	(245,430)	86,453
Comprehensive income	979,697			124,092	855,605
Ending balance at Dec. 31, 2022	$ 3,030,417	$ 5,499,664	$ 89,879	$ 756,195	$ (3,315,321)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income	$ 855,605	$ 1,613,600
Adjustments for:
Share-based compensation	3,159	6,389
Unrealized foreign exchange loss (gain)	45,073	(1,905)
Exploration and evaluation	30,239	15,212
Depletion and depreciation	587,050	464,580
Impairment reversal	(267,744)	(1,542,414)
Non-cash financing and interest	24,431	19,090
Non-cash other income	(4,009)	(2,857)
Unrealized financial derivatives (gain) loss	(135,471)	103,631
Gain on dispositions	(4,898)	(9,666)
Adjustments for deferred tax expense	31,716	79,968
Asset retirement obligations settled	(18,351)	(6,662)
Change in non-cash working capital	26,072	(26,582)
Cash flows from operating activities	1,172,872	712,384
Financing activities
Decrease in credit facilities	(136,980)	(145,321)
Debt issuance costs	(2,138)	0
Payments on lease obligations	(3,732)	(4,334)
Redemption of long-term notes	(376,589)	(251,969)
Repurchase of common shares	(158,977)	0
Cash flows used in financing activities	(678,416)	(401,624)
Investing activities
Additions to exploration and evaluation assets	(6,359)	(3,298)
Additions to oil and gas properties	(515,183)	(310,005)
Additions to other plant and equipment	(1,148)	(907)
Property acquisitions	(1,352)	(1,557)
Proceeds from dispositions	25,649	7,804
Change in non-cash working capital	9,401	(2,797)
Cash flows used in investing activities	(488,992)	(310,760)
Change in cash	5,464	0
Cash, beginning of year	0	0
Cash, end of year	5,464	0
Supplementary information
Interest paid	84,225	93,114
Income taxes paid	$ 2,303	$ 253

Reporting Entity

Reporting Entity	12 Months Ended
	Dec. 31, 2022
Corporate Information And Statement Of IFRS Compliance [Abstract]
Reporting Entity	REPORTING ENTITYBaytex Energy Corp. (the “Company” or “Baytex”) is an energy company 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 and the New York 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, 2022
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 23, 2023. 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 fair value of financial derivatives, the provision for asset retirement obligations and the provision for income taxes and the related deferred tax assets and liabilities. Early in 2022, energy prices strengthened to multi-year highs due to heightened uncertainty of global oil and natural gas supply after Russia's invasion of Ukraine in addition to limited production growth reflecting oil and gas producers' capital discipline. Declines in global oil prices during the second half of 2022 were caused by concern over future demand due to central bank actions to moderate inflation. The impact of these factors has been considered in management's estimates as at and for the period ended December 31, 2022. Environmental Reporting Regulations Environmental reporting for public enterprises continues to evolve and the Company may be subject to additional future disclosure requirements. The International Sustainability Standards Board has issued an IFRS Sustainability Disclosure Standard with the objective to develop a global framework for environmental sustainability disclosure. The Canadian Securities Administrators have also issued a proposed National Instrument 51-107 Disclosure of Climate-related Matters which sets forth additional reporting requirements for Canadian Public Companies. Baytex continues to monitor developments on these reporting requirements and has not yet quantified the cost to comply with these regulations. 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, including considerations related to environmental regulation and related matters, 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 or reversals 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 inflows that are largely independent of the cash inflows 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. The assessment for exploration and evaluation ("E&E") assets considers arm's length sale transactions and significant changes in the Company's development plans. Measurement of Recoverable Amounts 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. 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 judgment. Deferred tax liabilities are recognized when it is considered probable that temporary differences will be payable to tax authorities in future periods, which requires management judgment. Income tax filings are subject to audit and re-assessment and changes in facts, circumstances and interpretations of the standards may result in a material change to the Company's provision for income taxes. Estimates of future income taxes are subject to measurement uncertainty.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies, Changes In Accounting Policies And Errors [Abstract]
Significant Accounting Policies	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. E&E 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 commercial 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 are initially recorded at cost and include the costs to acquire, develop, complete geological and geophysical surveys, drill wells, and construct and install infrastructure including 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 economic benefits of the replacement will be realized by the Company in the future. 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 The costs associated with 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. Impairment and Impairment Reversals Non-financial Assets The Company reviews its non-financial assets for indicators of impairment and impairment reversal at the end of each reporting period. E&E assets are also assessed for impairment when they are reclassified to oil and gas properties. The recoverable amount of the asset is estimated if indicators of impairment or impairment reversal exist. When reviewing for indicators of impairment or 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 include CGU production volumes, royalty obligations, operating costs, capital costs, forecasted commodity prices, along with inflation and discount rates used to estimate present value. FVLCD is the amount that would be obtained from the sale of an asset or CGU in an arm's length transaction. 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. 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 financing and interest expense in the consolidated statements of income and comprehensive income. 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. Management judgement is required in the designation of a subsidiary's functional currency. The financial statements of each entity are translated into Canadian dollars during the 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. The measurement category for each class of financial asset and financial liability is set forth in the following table. Financial Instrument Classification Cash 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 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. Embedded derivatives are measured at FVTPL. Debt issuance costs related to the amendment of the Company's 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 consolidated statements of income and comprehensive income 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 accounts for its physical delivery sales contracts as executory contracts. These contracts are entered into and held for the purpose of receipt or delivery of non-financial items in accordance with its expected purchase, sale or usage requirements. As such, these contracts are not considered to be derivative financial instruments and are not 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 number 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 deductible temporary differences 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 or increased to the extent that it is no longer probable or becomes 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 Share Award Incentive Plan 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 directors, officers and employees of the Company and its subsidiaries. Pursuant to the Share Award Incentive Plan, Baytex has the option to settle amounts payable related to Share Awards in cash on the settlement date. 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 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), or the equivalent cash value at the time of vesting. 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 performance multiplier, or the equivalent cash value at the time of vesting. The multiplier is dependent on the performance of the Company relative to predefined corporate performance measures for a particular period. The number of common shares to be issued on the applicable issue date for the Share Awards is adjusted to account for the payments of dividends from the grant date to the applicable issue date. When Share Awards are accounted for as equity-settled, share-based compensation expense is determined using the fair value of the Share Awards on the grant date which is based on quoted market prices for the Company's common shares. Share Awards vest in equal tranches on the first, second and third anniversaries of the grant date and are expensed over the vesting period using the graded vesting method, with a corresponding increase to contributed surplus. On the vest date, the associated contributed surplus is recognized in shareholders' capital. In December 2022, the Company received approval from its Board of Directors to settle the existing Share Awards with cash under the terms of the Share Award Incentive Plan. As a result, Baytex recognized the fair value of the liability for amortized unvested Share Awards in trade and other payables. The fair value of the liability recognized exceeded the amount previously recognized in contributed surplus of $4.8 million and the excess was recognized as share-based compensation expense in the period. Incentive Award Plan and Deferred Share Unit Plan 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 using the graded vesting method. The Company has a cash-settled deferred share unit plan (the "DSU Plan") pursuant to which deferred share units ("DSUs") may be granted to independent directors of the Company and its subsidiaries. Each DSU entitles the holder to receive a cash payment equal to the value of one Baytex common share on the date at which they cease to be a member of the Board. The awards vest immediately upon being granted and are expensed in full on the grant date. Liabilities associated with cash-settled awards are determined based on the fair value of the award at grant date and are subsequently revalued at each period end until the date of settlement. This valuation incorporates the period-end share price, the number of awards outstanding at each period end, and certain management estimates, such as estimated forfeitures and performance multiplier, if applicable. Share-based compensation expense related to cash-settled awards is recognized in the consolidated statements of income and comprehensive income over the relevant service period with a corresponding increase or decrease in trade and other payables. Classification of the associated short-term and long-term liabilities is dependent on the expected payout dates of the individual awards. Normal Course Issuer Bid ("NCIB") Share Repurchases On May 2, 2022, Baytex announced the acceptance from the Toronto Stock Exchange ("TSX") for implementation of an NCIB under which Baytex is permitted to purchase for cancellation a specified number of common shares over a specified time frame. The shares repurchased and cancelled are accounted for as a reduction in shareholders' capital at historical cost, with any discount paid recorded to contributed surplus and any premium paid recorded to retained earnings. Total consideration paid includes any commissions or fees paid as part of the transaction.

Segmented Financial Information

Segmented Financial Information	12 Months Ended
	Dec. 31, 2022
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 2022 2021 2022 2021 2022 2021 2022 2021 Revenue, net of royalties Petroleum and natural gas sales $ 1,926,561 $ 1,128,137 $ 962,484 $ 740,058 $ — $ — $ 2,889,045 $ 1,868,195 Royalties (277,428) (121,306) (285,536) (217,850) — — (562,964) (339,156) 1,649,133 1,006,831 676,948 522,208 — — 2,326,081 1,529,039 Expenses Operating 327,894 257,658 94,772 85,344 — — 422,666 343,002 Transportation 48,561 32,261 — — — — 48,561 32,261 Blending and other 189,454 85,689 — — — — 189,454 85,689 General and administrative — — — — 50,270 40,804 50,270 40,804 Exploration and evaluation 30,239 15,212 — — — — 30,239 15,212 Depletion and depreciation 409,286 303,135 171,747 155,806 6,017 5,639 587,050 464,580 Impairment reversal (267,744) (1,100,000) — (442,414) — — (267,744) (1,542,414) Share-based compensation — — — — 29,056 11,130 29,056 11,130 Financing and interest — — — — 104,817 111,159 104,817 111,159 Financial derivatives loss — — — — 199,010 287,872 199,010 287,872 Foreign exchange loss (gain) — — — — 43,441 (2,868) 43,441 (2,868) (Gain) loss on dispositions (4,898) (9,856) — 190 — — (4,898) (9,666) Other (income) expense (4,009) (2,857) — — 7,253 295 3,244 (2,562) 728,783 (418,758) 266,519 (201,074) 439,864 454,031 1,435,166 (165,801) Net income (loss) before income taxes 920,350 1,425,589 410,429 723,282 (439,864) (454,031) 890,915 1,694,840 Income tax expense Current income tax expense 3,594 1,272 Deferred income tax expense 31,716 79,968 35,310 81,240 Net income (loss) $ 920,350 $ 1,425,589 $ 410,429 $ 723,282 $ (439,864) $ (454,031) $ 855,605 $ 1,613,600 Additions to exploration and evaluation assets 6,359 3,298 — — — — 6,359 3,298 Additions to oil and gas properties 374,443 204,912 140,740 105,093 — — 515,183 310,005 Property acquisitions 1,352 1,557 — — — — 1,352 1,557 Proceeds from dispositions (25,649) (7,211) — (593) — — (25,649) (7,804) As at December 31, 2022 December 31, 2021 Canadian assets $ 2,779,596 $ 2,658,281 U.S. assets 2,301,047 2,152,323 Corporate assets 23,126 24,039 Total consolidated assets $ 5,103,769 $ 4,834,643

Exploration and Evaluation Asse

Exploration and Evaluation Assets	12 Months Ended
	Dec. 31, 2022
Exploration For And Evaluation Of Mineral Resources [Abstract]
Exploration and Evaluation Assets	EXPLORATION AND EVALUATION ASSETS December 31, 2022 December 31, 2021 Balance, beginning of year $ 172,824 $ 191,865 Capital expenditures 6,359 3,298 Property acquisitions 301 1,100 Divestitures (498) (166) Property swaps 385 408 Impairment reversal 22,503 — Exploration and evaluation expense (30,239) (15,212) Transfers to oil and gas properties (note 6) (8,496) (7,727) Foreign currency translation 5,545 (742) Balance, end of year $ 168,684 $ 172,824 At December 31, 2022, the Company identified indicators of impairment reversal for the exploration and evaluation assets within the Peace River CGU due to an increase in land sale values. The recoverable amount for the Peace River CGU exceeded its carrying value and an impairment reversal of $22.5 million was recorded at December 31, 2022. The recoverable amount was based on the CGUs FVLCD and was estimated with reference to arm's length transactions in comparable locations and the discounted cash flows associated with the Company's future development plans. At December 31, 2021, there were no indicators of impairment or impairment reversal for exploration and evaluation assets in any of the Company's CGUs.

Oil and Gas Properties

Oil and Gas Properties	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [abstract]
Oil and gas properties	OIL AND GAS PROPERTIES Cost Accumulated Net book value Balance, December 31, 2020 $ 11,423,676 $ (8,346,128) $ 3,077,548 Capital expenditures 310,005 — 310,005 Property acquisitions 274 — 274 Transfers from exploration and evaluation assets (note 5) 7,727 — 7,727 Change in asset retirement obligations (note 9) (12,222) — (12,222) Divestitures (37,835) 32,844 (4,991) Property swaps (26,131) 25,900 (231) Impairment reversal — 1,542,414 1,542,414 Foreign currency translation (31,977) 34,765 2,788 Depletion — (458,941) (458,941) Balance, December 31, 2021 $ 11,633,517 $ (7,169,146) $ 4,464,371 Capital expenditures 515,183 — 515,183 Property acquisitions 1,173 — 1,173 Transfers from exploration and evaluation assets (note 5) 8,496 — 8,496 Change in asset retirement obligations (note 9) (147,020) — (147,020) Divestitures (265,166) 241,892 (23,274) Impairment reversal — 245,241 245,241 Foreign currency translation 296,033 (158,404) 137,629 Depletion — (581,033) (581,033) Balance, December 31, 2022 $ 12,042,216 $ (7,421,450) $ 4,620,766 2022 Impairment Reversal At December 31, 2022, the Company identified indicators of impairment reversal for oil and gas properties in five CGUs due to the increase in forecasted commodity prices in addition to changes in proved plus probable reserves. The recoverable amounts for three CGUs exceeded their carrying values which resulted in an impairment reversal of $245.2 million recorded at December 31, 2022. The recoverable amount for each CGU was based on its FVLCD which was estimated using a discounted cash flow model of proved plus probable cash flows from an independent reserve report prepared as at December 31, 2022. The after-tax discount rates applied to the cash flows were between 12% and 23%. At December 31, 2022, the recoverable amounts of the five CGUs were calculated using the following benchmark reference prices for the years 2023 to 2032 adjusted for commodity differentials specific to the CGU. The prices and costs subsequent to 2032 have been adjusted for inflation at an annual rate of 2.0%. 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 WTI crude oil (US$/bbl) 80.33 78.50 76.95 77.61 79.16 80.74 82.36 84.00 85.69 87.40 WCS heavy oil ($/bbl) 76.54 77.75 77.55 80.07 81.89 84.02 85.73 87.44 89.20 91.11 LLS crude oil (US$/bbl) 82.83 80.68 78.81 79.49 81.07 82.68 84.33 86.00 87.71 89.46 Edmonton par oil ($/bbl) 103.76 97.74 95.27 95.58 97.07 99.01 100.99 103.01 105.07 106.69 Henry Hub gas (US$/mmbtu) 4.74 4.50 4.31 4.40 4.49 4.58 4.67 4.76 4.86 4.95 AECO gas ($/mmbtu) 4.23 4.40 4.21 4.27 4.34 4.43 4.51 4.60 4.69 4.79 Exchange rate (CAD/USD) 1.34 1.31 1.30 1.30 1.29 1.29 1.29 1.29 1.29 1.29 The following table summarizes the recoverable amount and impairment reversal for each of the five CGUs at December 31, 2022 and demonstrates the sensitivity of the impairment reversal to reasonably possible changes in key assumptions inherent in the calculation. 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 (1) $ 119,031 $ 23,707 $ — $ — $ — Peace River CGU (1) 676,939 140,534 — — — Lloydminster CGU 449,250 — 11,500 53,000 — Viking CGU 1,322,193 81,000 39,500 78,000 4,000 Eagle Ford CGU 2,102,646 — 95,800 131,100 28,500 $ 4,670,059 $ 245,241 $ 146,800 $ 262,100 $ 32,500 (1) The impairment reversals for the Conventional and Peace River CGUs were limited to the total accumulated impairments less subsequent depletion of $23.7 million and $140.5 million, respectively. As a result, changes in the key assumptions presented in the table above have no impact on the amount of the impairment reversal as at December 31, 2022. 2021 Impairment Reversals At June 30, 2021, indicators of impairment reversal were identified for oil and gas properties in each of the Company's six CGUs due to the increase in forecasted commodity prices. The recoverable amount for each of the six CGUs exceeded their carrying amounts which resulted in an impairment reversal of $1.1 billion recorded at June 30, 2021. 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 and was adjusted by management for operations between December 31, 2020 and June 30, 2021. The after-tax discount rates applied to the cash flows were between 10% and 16%. At December 31, 2021, indicators of impairment reversal were identified for oil and gas properties in five CGUs due to the increase in forecasted commodity prices in addition to changes in proved plus probable reserves. The recoverable amount for three CGUs exceeded their carrying amounts which resulted in an impairment reversal of $416 million recorded at December 31, 2021. 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, 2021. The after-tax discount rates applied to the cash flows were between 12% and 19%.

Credit Facilities

Credit Facilities	12 Months Ended
	Dec. 31, 2022
Financial Instruments [Abstract]
Credit Facilities	CREDIT FACILITIES December 31, 2022 December 31, 2021 Credit facilities - U.S. dollar denominated (1) $ 30,394 $ 156,332 Credit facilities - Canadian dollar denominated 355,000 350,182 Credit facilities - principal (2) $ 385,394 $ 506,514 Unamortized debt issuance costs (2,363) (1,343) Credit facilities $ 383,031 $ 505,171 (1) U.S. dollar denominated credit facilities balance was US$22.5 million as at December 31, 2022 (December 31, 2021 - US$123.5 million). (2) The decrease in the principal amount of the credit facilities outstanding from December 31, 2021 to December 31, 2022 is the result of net repayments of $136.9 million, partially offset by an increase in the reported amount of U.S. denominated debt of $15.8 million due to foreign exchange. At December 31, 2022 , Baytex had US$850 million of revolving credit facilities (the "Credit Facilities"). On April 1, 2022, Baytex amended its Credit Facilities to increase the revolving credit facility to US$850 million and extend the maturity from April 1, 2024 to April 1, 2026. The Credit Facilities are comprised of a US$50 million operating loan and a US$600 million syndicated revolving loan for Baytex and a US$10 million operating loan and a US$190 million syndicated revolving loan for Baytex's wholly-owned subsidiary, Baytex Energy USA, Inc. There were no changes to the financial covenants as a result of the amendments. 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 by Baytex. Advances 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 secured overnight financing rates ("SOFR"), plus applicable margins. The weighted average interest rate on the Credit Facilities was 3.6% for the year ended December 31, 2022 (2.1% for the year ended December 31, 2021). The following table summarizes the financial covenants applicable to the Credit Facilities and the Company's compliance therewith at December 31, 2022. Covenant Description Position as at December 31, 2022 Covenant Senior Secured Debt (1) to Bank EBITDA (2) (Maximum Ratio) 0.3:1.0 3.5:1.0 Interest Coverage (3) (Minimum Ratio) 15.5:1.0 2.0:1.0 (1) "Senior Secured Debt" is calculated in accordance with the credit facility agreement and is defined as the principal amount of the Credit Facilities and other secured obligations identified in the credit facility agreement. As at December 31, 2022, the Company's Senior Secured Debt totaled $385.4 million. (2) "Bank EBITDA" is calculated based on terms and definitions set out in the credit facility agreement which adjusts net income or loss for financing and interest expenses, income tax, non-recurring losses, certain specific unrealized and non-cash transactions 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 year ended December 31, 2022 was $1.2 billion. (3) "Interest coverage" is calculated in accordance with the credit facility agreement and is computed as the ratio of Bank EBITDA to financing and interest expenses, excluding certain non-cash transactions, and is calculated on a trailing twelve-month basis. Financing and interest expenses for the year ended December 31, 2022 was $80.2 million. On July 25, 2022 Baytex entered into a $20 million uncommitted unsecured demand revolving letter of credit facility (the "LC Facility"). Letters of credit under this facility are guaranteed by Export Development Canada and do not use capacity available under the Credit Facilities. As at December 31, 2022, Baytex had $15.7 million of outstanding letters of credit under the LC Facility. December 31, 2022 December 31, 2021 5.625% notes due June 1, 2024 (1) $ — $ 253,120 8.75% notes due April 1, 2027 (2) 554,597 632,800 Total long-term notes - principal (3) $ 554,597 $ 885,920 Unamortized debt issuance costs (6,999) (11,393) Total long-term notes - net of unamortized debt issuance costs $ 547,598 $ 874,527 (1) The U.S. dollar denominated principal outstanding of the 5.625% notes was nil at December 31, 2022 (December 31, 2021 - US$200.0 million). (2) The U.S. dollar denominated principal outstanding of the 8.75% notes was US$409.8 million at December 31, 2022 (December 31, 2021 - US$500.0 million). (3) The decrease in the principal amount of long-term notes outstanding from December 31, 2021 to December 31, 2022 is the result of principal repayments of $374.1 million and changes in the reported amount of U.S. denominated debt of $42.8 million. The long-term notes do not contain any significant financial maintenance covenants but do contain standard commercial covenants for debt incurrence and restricted payments. During 2022, Baytex repurchased and cancelled US$90.2 million principal of the 8.75% Notes due in 2027 and recorded early redemption expense of $2.5 million. On June 1, 2022 Baytex completed the early redemption of the US$200.0 million principal amount of the 5.625% Notes due in 2024 at par plus accrued interest and recorded a decrease to unamortized debt issuance costs of $1.7 million.

Long-Term Notes

Long-Term Notes	12 Months Ended
	Dec. 31, 2022
Financial Instruments [Abstract]
Long-Term Notes	CREDIT FACILITIES December 31, 2022 December 31, 2021 Credit facilities - U.S. dollar denominated (1) $ 30,394 $ 156,332 Credit facilities - Canadian dollar denominated 355,000 350,182 Credit facilities - principal (2) $ 385,394 $ 506,514 Unamortized debt issuance costs (2,363) (1,343) Credit facilities $ 383,031 $ 505,171 (1) U.S. dollar denominated credit facilities balance was US$22.5 million as at December 31, 2022 (December 31, 2021 - US$123.5 million). (2) The decrease in the principal amount of the credit facilities outstanding from December 31, 2021 to December 31, 2022 is the result of net repayments of $136.9 million, partially offset by an increase in the reported amount of U.S. denominated debt of $15.8 million due to foreign exchange. At December 31, 2022 , Baytex had US$850 million of revolving credit facilities (the "Credit Facilities"). On April 1, 2022, Baytex amended its Credit Facilities to increase the revolving credit facility to US$850 million and extend the maturity from April 1, 2024 to April 1, 2026. The Credit Facilities are comprised of a US$50 million operating loan and a US$600 million syndicated revolving loan for Baytex and a US$10 million operating loan and a US$190 million syndicated revolving loan for Baytex's wholly-owned subsidiary, Baytex Energy USA, Inc. There were no changes to the financial covenants as a result of the amendments. 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 by Baytex. Advances 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 secured overnight financing rates ("SOFR"), plus applicable margins. The weighted average interest rate on the Credit Facilities was 3.6% for the year ended December 31, 2022 (2.1% for the year ended December 31, 2021). The following table summarizes the financial covenants applicable to the Credit Facilities and the Company's compliance therewith at December 31, 2022. Covenant Description Position as at December 31, 2022 Covenant Senior Secured Debt (1) to Bank EBITDA (2) (Maximum Ratio) 0.3:1.0 3.5:1.0 Interest Coverage (3) (Minimum Ratio) 15.5:1.0 2.0:1.0 (1) "Senior Secured Debt" is calculated in accordance with the credit facility agreement and is defined as the principal amount of the Credit Facilities and other secured obligations identified in the credit facility agreement. As at December 31, 2022, the Company's Senior Secured Debt totaled $385.4 million. (2) "Bank EBITDA" is calculated based on terms and definitions set out in the credit facility agreement which adjusts net income or loss for financing and interest expenses, income tax, non-recurring losses, certain specific unrealized and non-cash transactions 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 year ended December 31, 2022 was $1.2 billion. (3) "Interest coverage" is calculated in accordance with the credit facility agreement and is computed as the ratio of Bank EBITDA to financing and interest expenses, excluding certain non-cash transactions, and is calculated on a trailing twelve-month basis. Financing and interest expenses for the year ended December 31, 2022 was $80.2 million. On July 25, 2022 Baytex entered into a $20 million uncommitted unsecured demand revolving letter of credit facility (the "LC Facility"). Letters of credit under this facility are guaranteed by Export Development Canada and do not use capacity available under the Credit Facilities. As at December 31, 2022, Baytex had $15.7 million of outstanding letters of credit under the LC Facility. December 31, 2022 December 31, 2021 5.625% notes due June 1, 2024 (1) $ — $ 253,120 8.75% notes due April 1, 2027 (2) 554,597 632,800 Total long-term notes - principal (3) $ 554,597 $ 885,920 Unamortized debt issuance costs (6,999) (11,393) Total long-term notes - net of unamortized debt issuance costs $ 547,598 $ 874,527 (1) The U.S. dollar denominated principal outstanding of the 5.625% notes was nil at December 31, 2022 (December 31, 2021 - US$200.0 million). (2) The U.S. dollar denominated principal outstanding of the 8.75% notes was US$409.8 million at December 31, 2022 (December 31, 2021 - US$500.0 million). (3) The decrease in the principal amount of long-term notes outstanding from December 31, 2021 to December 31, 2022 is the result of principal repayments of $374.1 million and changes in the reported amount of U.S. denominated debt of $42.8 million. The long-term notes do not contain any significant financial maintenance covenants but do contain standard commercial covenants for debt incurrence and restricted payments. During 2022, Baytex repurchased and cancelled US$90.2 million principal of the 8.75% Notes due in 2027 and recorded early redemption expense of $2.5 million. On June 1, 2022 Baytex completed the early redemption of the US$200.0 million principal amount of the 5.625% Notes due in 2024 at par plus accrued interest and recorded a decrease to unamortized debt issuance costs of $1.7 million.

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2022
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Asset Retirement Obligations	ASSET RETIREMENT OBLIGATIONS December 31, 2022 December 31, 2021 Balance, beginning of year $ 743,683 $ 760,383 Liabilities incurred 19,942 14,845 Liabilities settled (18,351) (6,662) Liabilities acquired from property acquisitions 950 249 Liabilities divested (3,464) (3,161) Property swaps — (4,113) Accretion (note 15) 15,683 12,381 Government grants (1) (4,009) (2,857) Change in estimate 6,124 (9,686) Changes in discount rates and inflation rates (2) (173,086) (17,381) Foreign currency translation 1,451 (315) Balance, end of year $ 588,923 $ 743,683 Less current portion of asset retirement obligations 12,813 11,080 Non-current portion of asset retirement obligations $ 576,110 $ 732,603 (1) During 2022, Baytex recognized $4.0 million of non-cash other income and a reduction in asset retirement obligations related to government grants provided by the Government of Alberta and the Government of Saskatchewan ($2.9 million in 2021). (2) The discount and inflation rates at December 31, 2022 were 3.3% and 2.1% respectively (December 31, 2021 - 1.7% and 1.8%). At December 31, 2022, the undiscounted amount of estimated cash flows required to settle the asset retirement obligations is $724.8 million (December 31, 2021 - $721.7 million). The discounted amount of estimated cash flow required to settle the asset retirement obligations at December 31, 2022, calculated using an estimated inflation rate of 2.1% (December 31, 2021 - 1.8%) and a risk free discount rate of 3.3% (December 31, 2021 - 1.7%), is $588.9 million (December 31, 2021 - $743.7 million). These costs are expected to be incurred over the next 60 years.

Shareholders' Capital

Shareholders' Capital	12 Months Ended
	Dec. 31, 2022
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, 2022, 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 meeting 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. During 2022, the TSX accepted Baytex's notice of intention to implement an NCIB. Under the terms of the NCIB, the Company may purchase for cancellation up to 56.3 million common shares over the 12-month period commencing May 9, 2022. The number of shares authorized for repurchase represents 10% of the Company's public float as at April 29, 2022. Purchases are made on the open market at prices prevailing at the time of the transaction. Number of Common Shares (000s) Amount Balance, December 31, 2020 561,227 $ 5,729,418 Vesting of share awards 2,986 7,175 Balance, December 31, 2021 564,213 $ 5,736,593 Vesting of share awards 5,035 8,501 Common shares repurchased and cancelled (24,318) (245,430) Balance, December 31, 2022 544,930 $ 5,499,664 During 2022, Baytex repurchased and cancelled 24.3 million common shares at an average price of $6.54 per share for total consideration of $159.0 million. The total consideration paid includes the commissions and fees and is recorded as a reduction to shareholders' equity.

Share-Based Compensation Plan

Share-Based Compensation Plan	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangements [Abstract]
Share-Based Compensation Plan	SHARE-BASED COMPENSATION PLAN For the year ended December 31, 2022, the Company recorded total share-based compensation expense of $29.1 million ($11.1 million for the year ended December 31, 2021) which includes $25.9 million of expense related to cash-settled awards and the associated equity total return swaps ($4.7 million for the year ended December 31, 2021). The Company's closing share price on December 31, 2022 was $6.08 (December 31, 2021 - $3.91). Share Award Incentive Plan Baytex has a Share Award Incentive 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 or the equivalent cash value at the time of vesting. A performance award entitles the holder of each award to receive between zero and two common shares or the cash equivalent value on vesting; the number of common shares issued is determined by a performance multiplier. The multiplier can range between zero and two and is calculated based on a number of factors determined and approved by the Board of Directors on an annual basis. The Share Awards vest in equal tranches on the first, second and third anniversaries of the grant date. In December 2022, the Company received approval from its Board of Directors to settle the existing Share Awards with cash upon vesting under the terms of the Share Award Incentive Plan. As a result, Baytex recognized the fair value of the liability for amortized unvested Share Awards in trade and other payables. The fair value of the liability recognized exceeded the amount previously recognized in contributed surplus of $4.8 million and the excess was recognized as share-based compensation expense in the period. The weighted average fair value of Share Awards granted during the year ended December 31, 2022 was $6.08 per restricted and performance award ($1.31 for the year ended December 31, 2021). The number of Share Awards outstanding is detailed below: (000s) Number of Number of Total number of Balance, December 31, 2020 4,122 4,088 8,210 Granted — 4,067 4,067 Added by performance factor — 669 669 Vested (1,861) (1,152) (3,013) Forfeited (168) (291) (459) Balance, December 31, 2021 2,093 7,381 9,474 Granted 68 1,391 1,459 Vested (1,377) (3,630) (5,007) Forfeited (22) (346) (368) Balance, December 31, 2022 762 4,796 5,558 Incentive Award Plan Baytex has an 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. During the year ended December 31, 2022, Baytex granted 1.4 million awards under the Incentive Award Plan at a fair value of $5.70 per award (5.0 million awards at $1.33 per award for the year ended December 31, 2021). At December 31, 2022 there were 5.1 million awards outstanding under the Incentive Award Plan (December 31, 2021 - 6.4 million). DSU Plan Baytex has a DSU Plan whereby each independent director of Baytex is entitled to receive a cash payment equal to the value of one Baytex common share on the date at which they cease to be a member of the Board. The awards vest immediately upon being granted and are expensed in full on the grant date. The units are recognized at fair value at each period end and are included in trade and other payables. During the year ended December 31, 2022, Baytex granted 0.2 million awards under the DSU Plan at a fair value of $5.68 per award (0.9 million awards at $1.29 per award for the year ended December 31, 2021). At December 31, 2022, there were 1.0 million awards outstanding under the DSU Plan (December 31, 2021 - 0.8 million). Equity Total Return Swaps The Company uses equity total return swaps on the equivalent number of Baytex common shares in order to fix a portion of the aggregate cost of the Company's cash-settled plans including the Incentive Award Plan, the DSU Plan and the Share Award Incentive Plan, at the fair value determined on the grant date. The fair value of the equity total return swap included in the carrying value of the Company's financial derivatives was nil at December 31, 2022 (December 31, 2021 - asset of $6.5 million). At December 31, 2022, an asset of $21.2 million associated with the equity total return swap was included in trade and other receivables.

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 31, 2022
Earnings per share [abstract]
Net Income Per Share	NET INCOME 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 were converted to common shares. The treasury stock method is used to determine the dilutive effect of share awards whereby the potential conversion of share awards 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 2022 2021 Net income Weighted average common shares (000's) Net income per share Net income Weighted average common shares (000's) Net income per share Net income - basic $ 855,605 557,986 $ 1.53 $ 1,613,600 563,674 $ 2.86 Dilutive effect of share awards — 5,849 — — 7,936 — Net income - diluted $ 855,605 563,835 $ 1.52 $ 1,613,600 571,610 $ 2.82 For the year ended December 31, 2022, 0.3 million shares were excluded from the calculation of diluted income per share as their effect was anti-dilutive. For the year ended December 31, 2021, no share awards were excluded from the calculation of diluted income per share as their effect was dilutive.

Petroleum and Natural Gas Sales

Petroleum and Natural Gas Sales	12 Months Ended
	Dec. 31, 2022
Disclosure of revenue from contracts with customers [Abstract]
Petroleum and Natural Gas Sales	PETROLEUM AND NATURAL GAS SALES Petroleum and natural gas sales from contracts with customers for the Company's Canadian and U.S. operating segments is set forth in the following table. Years Ended December 31 2022 2021 Canada U.S. Total Canada U.S. Total Light oil and condensate $ 693,043 $ 777,506 $ 1,470,549 $ 480,199 $ 585,635 $ 1,065,834 Heavy oil 1,102,076 — 1,102,076 560,696 — 560,696 NGL 30,847 89,658 120,505 18,904 75,611 94,515 Natural gas sales 100,595 95,320 195,915 68,338 78,812 147,150 Total petroleum and natural gas sales $ 1,926,561 $ 962,484 $ 2,889,045 $ 1,128,137 $ 740,058 $ 1,868,195 Included in accounts receivable at December 31, 2022 is $180.3 million of accrued receivables related to delivered volumes (December 31, 2021 - $154.0 million).

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes [Abstract]
Income Taxes	INCOME TAXES The provision for income taxes has been computed as follows: Years Ended December 31 2022 2021 Net income before income taxes $ 890,915 $ 1,694,840 Expected income taxes at the statutory rate of 24.80% (2021 – 25.12%) (1) 220,947 425,744 Increase (decrease) in income taxes resulting from: Effect of foreign exchange 4,976 (841) Effect of rate adjustments for foreign jurisdictions (25,522) (21,746) Effect of change in deferred tax benefit not recognized (2)(3) (129,931) (325,295) Effect of internal debt restructuring (44,762) — Adjustments, assessments and other 9,602 3,378 Income tax expense $ 35,310 $ 81,240 (1) The expected income tax rate decreased due to changes in the provincial apportionment of Canadian income. (2) A deferred income tax asset of $14.4 million remains unrecognized due to uncertainty surrounding future capital gains (December 31, 2021 - $29.8 million). The unrecognized deferred income tax asset relates to realized and unrealized foreign exchange losses arising from the repayment of previously issued U.S. dollar denominated long-term notes and from the translation of U.S. dollar denominated long-term notes currently outstanding. (3) A deferred income tax asset of $115.8 million was previously unrecognized due to uncertainty surrounding commodity prices. The tax benefit associated with the deferred income tax asset has been fully recognized in the current period as a result of the impairment reversals related to oil and gas properties and E&E assets recognized for the year ended December 31, 2022. As disclosed in the 2021 annual financial statements, certain indirect subsidiary entities received reassessments from the Canada Revenue Agency (the “CRA”) that denied $591.0 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. A continuity of the net deferred income tax liability is detailed in the following tables: As at January 1, 2022 Recognized in Net Income Foreign Currency Translation Adjustment December 31, 2022 Taxable temporary differences: Petroleum and natural gas properties $ (760,579) $ (18,081) $ (28,854) $ (807,514) Financial derivatives — (2,506) — (2,506) Other (21,616) (1,137) 1,802 (20,951) Deductible temporary differences: Asset retirement obligations 185,336 (40,693) 632 145,275 Financial derivatives 31,492 (31,492) — — Non-capital losses (1)(2) 342,884 18,707 12,242 373,833 Finance costs 55,027 43,486 4,736 103,249 Net deferred income tax liability (3) $ (167,456) $ (31,716) $ (9,442) $ (208,614) (1) Non-capital loss carry-forwards at December 31, 2022 totaled $1.8 billion and expire from 2033 to 2040. (2) A deferred income tax asset of $57.2 million has been recognized in respect of non-capital losses of a wholly owned financing subsidiary of Baytex; which losses will be offset against future interest income to be earned as a result of an internal debt restructuring. (3) The net deferred income tax liability is comprised of a deferred income tax asset of $57.2 million and a deferred income tax liability of $265.9 million. As at January 1, 2021 Recognized in Net Loss Foreign Currency Translation Adjustment December 31, 2021 Taxable temporary differences: Petroleum and natural gas properties $ (502,625) $ (257,800) $ (154) $ (760,579) Other (22,377) 624 137 (21,616) Deductible temporary differences: Asset retirement obligations 187,840 (2,436) (68) 185,336 Financial derivatives 5,410 26,082 — 31,492 Non-capital losses (1) 241,514 104,479 (3,109) 342,884 Finance costs 3,705 49,083 2,239 55,027 Net deferred income tax liability $ (86,533) $ (79,968) $ (955) $ (167,456) (1) Non-capital loss carry-forwards at December 31, 2021 totaled $2.0 billion and expire from 2033 to 2039.

Financing and Interest

Financing and Interest	12 Months Ended
	Dec. 31, 2022
Analysis of income and expense [abstract]
Financing and Interest	FINANCING AND INTEREST Years Ended December 31 2022 2021 Interest on Credit Facilities $ 19,550 $ 13,300 Interest on long-term notes 60,643 78,546 Interest on lease obligations 193 223 Cash interest $ 80,386 $ 92,069 Amortization of debt issue costs 6,286 4,858 Accretion of asset retirement obligations (note 9) 15,683 12,381 Early redemption expense (note 8) 2,462 1,851 Financing and interest $ 104,817 $ 111,159

Foreign Exchange

Foreign Exchange	12 Months Ended
	Dec. 31, 2022
Effects Of Changes In Foreign Exchange Rates [Abstract]
Foreign Exchange	FOREIGN EXCHANGE Years Ended December 31 2022 2021 Unrealized foreign exchange (gain) loss - intercompany notes (1) $ (2,674) $ 12,000 Unrealized foreign exchange loss (gain) - long-term notes & Credit Facilities 47,747 (13,905) Realized foreign exchange gain (1,632) (963) Foreign exchange loss (gain) $ 43,441 $ (2,868) (1) Baytex had a series of intercompany notes totaling US$601.0 million outstanding at December 31, 2021 that were issued from a Canadian functional currency subsidiary to a U.S. functional currency subsidiary. These notes were eliminated upon consolidation within the Statement of Financial Position and were revalued at the relevant foreign exchange rate at each period end. Foreign exchange gains or losses incurred within the Canadian functional currency subsidiary were recognized in unrealized foreign exchange gain or loss whereas those within the U.S. functional currency subsidiary were recognized in other comprehensive income. In January 2022, the intercompany notes were transferred from the Canadian functional currency subsidiary to another U.S. functional currency subsidiary. As a result, foreign exchange gains and losses incurred on these notes after the transfer are recognized in other comprehensive income.

Financial Instruments and Risk

Financial Instruments and Risk Management	12 Months Ended
	Dec. 31, 2022
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 fair value of trade and other receivables and trade and other payables approximates carrying value due to the short term to maturity. 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 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, 2022 December 31, 2021 Carrying value Fair value Carrying value Fair value Fair Value Measurement Hierarchy Financial Assets FVTPL Financial Derivatives $ 10,105 $ 10,105 $ 8,654 $ 8,654 Level 2 Total $ 10,105 $ 10,105 $ 8,654 $ 8,654 Amortized cost Cash $ 5,464 $ 5,464 $ — $ — — Trade and other receivables 228,485 228,485 173,409 173,409 — Total $ 233,949 $ 233,949 $ 173,409 $ 173,409 Financial Liabilities FVTPL Financial Derivatives $ — $ — $ (134,020) $ (134,020) Level 2 Total $ — $ — $ (134,020) $ (134,020) Amortized cost Trade and other payables $ (281,404) $ (281,404) $ (190,692) $ (190,692) — Credit Facilities (383,031) (385,394) (505,171) (506,514) — Long-term notes (547,598) (563,292) (874,527) (917,889) Level 1 Total $ (1,212,033) $ (1,230,090) $ (1,570,390) $ (1,615,095) There were no transfers between Level 1 and Level 2 during the years ended December 31, 2022 or 2021. 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. 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 $4.2 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, 2022 December 31, 2021 December 31, 2022 December 31, 2021 U.S. dollar denominated US$6,980 US$602,503 US$430,171 US$829,934 Interest Rate Risk The Company's interest rate risk arises from borrowing at floating rates under the Credit Facilities (note 7). Based on the principal outstanding on the Credit Facilities as at December 31, 2022, a change of 100 basis points in interest rates would impact net income or loss before income taxes by approximately $3.8 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, 2022, a US$1.00/bbl change in the underlying benchmark crude oil prices would impact net income before income taxes by approximately $4.7 million. There were no natural gas derivative contracts outstanding as at December 31, 2022. Financial Derivative Contracts Baytex had the following commodity financial derivative contracts outstanding as at February 23, 2023. Period Volume Price/Unit (1) Index Oil 3-way option (2) Jan 2023 to Dec 2023 2,000 bbl/d US$55.00/US$66.00/US$84.00 WTI 3-way option (2) Jan 2023 to Dec 2023 2,500 bbl/d US$60.00/US$75.00/US$91.54 WTI 3-way option (2) Jan 2023 to Dec 2023 2,500 bbl/d US$65.00/US$85.00/US$100.00 WTI 3-way option (2) Jan 2023 to Dec 2023 2,500 bbl/d US$65.00/US$85.00/US$106.50 WTI Basis Swap (3) Apr 2023 to Dec 2023 1,500 bbl/d WTI less US$2.50/bbl MSW (1) Based on the weighted average price per unit for the period. (2) Producer 3-way option consists of a sold call, a bought put and a sold put. To illustrate, in a US$65.00/US$85.00/US$100.00 contract, Baytex receives WTI plus US$20.00/bbl when WTI is at or below US$65.00/bbl; Baytex receives US$85.00/bbl when WTI is between US$65.00/bbl and US$85.00/bbl; Baytex receives the market price when WTI is between US$85.00/bbl and US$100.00/bbl; and Baytex receives US$100.00/bbl when WTI is above US$100.00/bbl. (3) Contracts entered subsequent to December 31, 2022. The following table sets forth the realized and unrealized gains and losses recorded on financial derivatives. Years Ended December 31 2022 2021 Realized financial derivatives loss $ 334,481 $ 184,241 Unrealized financial derivatives (gain) loss (135,471) 103,631 Financial derivatives loss $ 199,010 $ 287,872 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, 2022, Baytex had $385.4 million (December 31, 2021 - $506.5 million) of principal amounts outstanding on its Credit Facilities which have total availability of $1.2 billion (December 31, 2021 - $1.0 billion). On July 25, 2022 Baytex entered into a $20 million uncommitted unsecured demand revolving letter of credit facility (the "LC Facility"). Letters of credit under this facility are guaranteed by Export Development Canada and do not use available capacity under the Credit Facilities. As at December 31, 2022, Baytex had $15.7 million of outstanding letters of credit under the LC Facility (December 31, 2021 - $15.0 million). The timing of cash outflows relating to financial liabilities as at December 31, 2022 is outlined in the table below: Total Less than 1 year 1-3 years 3-5 years Beyond 5 years Trade and other payables $ 281,404 $ 272,195 $ 9,209 $ — $ — Credit Facilities - principal (1) 385,394 — — 385,394 — Long-term notes - principal (2) 554,597 — — 554,597 — Interest on long-term notes (3) 206,340 48,527 97,054 60,759 — Lease obligations - principal 6,760 3,641 2,822 297 — $ 1,434,495 $ 324,363 $ 109,085 $ 1,001,047 $ — (1) On April 1, 2022, Baytex extended the maturity of the Credit Facilities to April 1, 2026. (2) The US$409.8 million principal amount of 8.75% senior unsecured notes is due April 1, 2027. (3) Excludes interest on Credit Facilities as interest payments on Credit Facilities fluctuate based on amounts outstanding and the prevailing interest rate at the time of borrowing. 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, 2022, 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, 2022 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 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 recording 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, 2022, allowance for doubtful accounts was $2.5 million (December 31, 2021 - $2.6 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, 2022, accounts receivable that Baytex has deemed past due (more than 90 days) but not impaired was $3.0 million (December 31, 2021 - $1.8 million). Baytex has estimated the lifetime expected credit loss as at and for the year ended December 31, 2022 to be nominal. The Company's trade and other receivables, net of the allowance for doubtful accounts, were aged as follows at December 31, 2022. Trade and Other Receivables Aging December 31, 2022 December 31, 2021 Current (less than 30 days) $ 222,721 $ 171,058 31-60 days 1,993 441 61-90 days 766 107 Past due (more than 90 days) 3,005 1,803 $ 228,485 $ 173,409

Supplemental Information

Supplemental Information	12 Months Ended
	Dec. 31, 2022
Additional information [abstract]
Supplemental Information	SUPPLEMENTAL INFORMATION Changes in Non-Cash Working Capital Items Years Ended December 31 2022 2021 Trade and other receivables $ (55,076) $ (65,932) Trade and other payables 90,712 34,737 $ 35,636 $ (31,195) Changes in non-cash working capital related to: Operating activities $ 26,072 $ (26,582) Investing activities 9,401 (2,797) Transfers from equity 4,791 — Foreign currency translation on non-cash working capital (4,628) (1,816) $ 35,636 $ (31,195) Income Statement Presentation Baytex's consolidated statements of income and comprehensive income 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 2022 2021 Operating $ 11,814 $ 11,053 General and administrative 35,935 29,538 Total employee compensation costs $ 47,749 $ 40,591

Commitments

Commitments	12 Months Ended
	Dec. 31, 2022
Commitments And Contingencies [Abstract]
Commitments	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, 2022, 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 $ 6,372 $ 1,071 $ 1,081 $ 754 $ 3,466 Transportation agreements 195,414 34,790 79,661 70,167 10,796 Total $ 201,786 $ 35,861 $ 80,742 $ 70,921 $ 14,262 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 (see note 9). 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, 2022
Related Party [Abstract]
Related Parties	RELATED PARTIES Transactions with key management personnel and directors are noted in the table below. Years Ended December 31 2022 2021 Short-term employee benefits $ 6,868 $ 5,995 Share-based compensation 9,043 5,917 Termination payments 1,758 — Total compensation for key management personnel $ 17,669 $ 11,912

Capital Management

Capital Management	12 Months Ended
	Dec. 31, 2022
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, 2022, the Company's capital structure was comprised of shareholders' capital, long-term notes, trade and other receivables, trade and other payables, cash and the Credit Facilities. 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. 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 following capital management measures and ratios are used to monitor current and projected sources of liquidity. Net Debt The Company uses net debt to monitor its current financial position and to evaluate existing sources of liquidity. Baytex also uses net debt projections to estimate future liquidity and whether additional sources of capital are required to fund ongoing operations. Baytex also uses net debt to adjusted funds flow ratio calculated on a twelve-month trailing basis to monitor the Company's existing capital structure and future liquidity requirements. The following table reconciles Net Debt to amounts disclosed in the primary financial statements. December 31, 2022 December 31, 2021 Credit Facilities $ 383,031 $ 505,171 Unamortized debt issuance costs - Credit Facilities (note 7) 2,363 1,343 Long-term notes 547,598 874,527 Unamortized debt issuance costs - Long-term notes (note 8) 6,999 11,393 Trade and other payables 281,404 190,692 Cash (5,464) — Trade and other receivables (228,485) (173,409) Net Debt $ 987,446 $ 1,409,717 Net Debt to Adjusted Funds Flow 0.8 1.9 Adjusted Funds Flow Adjusted Funds Flow is used to monitor operating performance and the Company's ability to generate funds for exploration and development expenditures and settlement of abandonment obligations. Adjusted funds flow is comprised of cash flows from operating activities adjusted for changes in non-cash working capital and asset retirement obligations settled during the applicable period. Adjusted Funds Flow is reconciled to amounts disclosed in the primary financial statements in the following table. Years Ended December 31 2022 2021 Cash flows from operating activities $ 1,172,872 $ 712,384 Change in non-cash working capital (26,072) 26,582 Asset retirement obligations settled 18,351 6,662 Adjusted Funds Flow $ 1,165,151 $ 745,628

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies, Changes In Accounting Policies And Errors [Abstract]
Current Environment and Estimation Uncertainty	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 fair value of financial derivatives, the provision for asset retirement obligations and the provision for income taxes and the related deferred tax assets and liabilities. Early in 2022, energy prices strengthened to multi-year highs due to heightened uncertainty of global oil and natural gas supply after Russia's invasion of Ukraine in addition to limited production growth reflecting oil and gas producers' capital discipline. Declines in global oil prices during the second half of 2022 were caused by concern over future demand due to central bank actions to moderate inflation. The impact of these factors has been considered in management's estimates as at and for the period ended December 31, 2022.
Environmental Reporting Regulations	Environmental Reporting Regulations Environmental reporting for public enterprises continues to evolve and the Company may be subject to additional future disclosure requirements. The International Sustainability Standards Board has issued an IFRS Sustainability Disclosure Standard with the objective to develop a global framework for environmental sustainability disclosure. The Canadian Securities Administrators have also issued a proposed National Instrument 51-107 Disclosure of Climate-related Matters which sets forth additional reporting requirements for Canadian Public Companies. Baytex continues to monitor developments on these reporting requirements and has not yet quantified the cost to comply with these regulations.
Measurement Uncertainty and Judgments	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, including considerations related to environmental regulation and related matters, 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 or reversals 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 inflows that are largely independent of the cash inflows 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. The assessment for exploration and evaluation ("E&E") assets considers arm's length sale transactions and significant changes in the Company's development plans. Measurement of Recoverable Amounts 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. 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 judgment. Deferred tax liabilities are recognized when it is considered probable that temporary differences will be payable to tax authorities in future periods, which requires management judgment. Income tax filings are subject to audit and re-assessment and changes in facts, circumstances and interpretations of the standards may result in a material change to the Company's provision for income taxes. Estimates of future income taxes are subject to measurement uncertainty.
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.
E&E Assets	E&E 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.
Oil and Gas Properties	Oil and Gas Properties Oil and gas properties are initially recorded at cost and include the costs to acquire, develop, complete geological and geophysical surveys, drill wells, and construct and install infrastructure including 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 economic benefits of the replacement will be realized by the Company in the future. 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	Depletion The costs associated with 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.
Impairment and Impairment Reversals	Impairment and Impairment Reversals Non-financial Assets The Company reviews its non-financial assets for indicators of impairment and impairment reversal at the end of each reporting period. E&E assets are also assessed for impairment when they are reclassified to oil and gas properties. The recoverable amount of the asset is estimated if indicators of impairment or impairment reversal exist. When reviewing for indicators of impairment or 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 include CGU production volumes, royalty obligations, operating costs, capital costs, forecasted commodity prices, along with inflation and discount rates used to estimate present value. FVLCD is the amount that would be obtained from the sale of an asset or CGU in an arm's length transaction. 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.
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. Management judgement is required in the designation of a subsidiary's functional currency. The financial statements of each entity are translated into Canadian dollars during the 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. The measurement category for each class of financial asset and financial liability is set forth in the following table. Financial Instrument Classification Cash 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 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. Embedded derivatives are measured at FVTPL. Debt issuance costs related to the amendment of the Company's 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 consolidated statements of income and comprehensive income 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 accounts for its physical delivery sales contracts as executory contracts. These contracts are entered into and held for the purpose of receipt or delivery of non-financial items in accordance with its expected purchase, sale or usage requirements. As such, these contracts are not considered to be derivative financial instruments and are not 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 number 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 deductible temporary differences 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 or increased to the extent that it is no longer probable or becomes 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 Share Award Incentive Plan 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 directors, officers and employees of the Company and its subsidiaries. Pursuant to the Share Award Incentive Plan, Baytex has the option to settle amounts payable related to Share Awards in cash on the settlement date. 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 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), or the equivalent cash value at the time of vesting. 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 performance multiplier, or the equivalent cash value at the time of vesting. The multiplier is dependent on the performance of the Company relative to predefined corporate performance measures for a particular period. The number of common shares to be issued on the applicable issue date for the Share Awards is adjusted to account for the payments of dividends from the grant date to the applicable issue date. When Share Awards are accounted for as equity-settled, share-based compensation expense is determined using the fair value of the Share Awards on the grant date which is based on quoted market prices for the Company's common shares. Share Awards vest in equal tranches on the first, second and third anniversaries of the grant date and are expensed over the vesting period using the graded vesting method, with a corresponding increase to contributed surplus. On the vest date, the associated contributed surplus is recognized in shareholders' capital. In December 2022, the Company received approval from its Board of Directors to settle the existing Share Awards with cash under the terms of the Share Award Incentive Plan. As a result, Baytex recognized the fair value of the liability for amortized unvested Share Awards in trade and other payables. The fair value of the liability recognized exceeded the amount previously recognized in contributed surplus of $4.8 million and the excess was recognized as share-based compensation expense in the period. Incentive Award Plan and Deferred Share Unit Plan 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 using the graded vesting method. The Company has a cash-settled deferred share unit plan (the "DSU Plan") pursuant to which deferred share units ("DSUs") may be granted to independent directors of the Company and its subsidiaries. Each DSU entitles the holder to receive a cash payment equal to the value of one Baytex common share on the date at which they cease to be a member of the Board. The awards vest immediately upon being granted and are expensed in full on the grant date. Liabilities associated with cash-settled awards are determined based on the fair value of the award at grant date and are subsequently revalued at each period end until the date of settlement. This valuation incorporates the period-end share price, the number of awards outstanding at each period end, and certain management estimates, such as estimated forfeitures and performance multiplier, if applicable. Share-based compensation expense related to cash-settled awards is recognized in the consolidated statements of income and comprehensive income over the relevant service period with a corresponding increase or decrease in trade and other payables. Classification of the associated short-term and long-term liabilities is dependent on the expected payout dates of the individual awards.

Segmented Financial Informati_2

Segmented Financial Information (Tables)	12 Months Ended
	Dec. 31, 2022
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 2022 2021 2022 2021 2022 2021 2022 2021 Revenue, net of royalties Petroleum and natural gas sales $ 1,926,561 $ 1,128,137 $ 962,484 $ 740,058 $ — $ — $ 2,889,045 $ 1,868,195 Royalties (277,428) (121,306) (285,536) (217,850) — — (562,964) (339,156) 1,649,133 1,006,831 676,948 522,208 — — 2,326,081 1,529,039 Expenses Operating 327,894 257,658 94,772 85,344 — — 422,666 343,002 Transportation 48,561 32,261 — — — — 48,561 32,261 Blending and other 189,454 85,689 — — — — 189,454 85,689 General and administrative — — — — 50,270 40,804 50,270 40,804 Exploration and evaluation 30,239 15,212 — — — — 30,239 15,212 Depletion and depreciation 409,286 303,135 171,747 155,806 6,017 5,639 587,050 464,580 Impairment reversal (267,744) (1,100,000) — (442,414) — — (267,744) (1,542,414) Share-based compensation — — — — 29,056 11,130 29,056 11,130 Financing and interest — — — — 104,817 111,159 104,817 111,159 Financial derivatives loss — — — — 199,010 287,872 199,010 287,872 Foreign exchange loss (gain) — — — — 43,441 (2,868) 43,441 (2,868) (Gain) loss on dispositions (4,898) (9,856) — 190 — — (4,898) (9,666) Other (income) expense (4,009) (2,857) — — 7,253 295 3,244 (2,562) 728,783 (418,758) 266,519 (201,074) 439,864 454,031 1,435,166 (165,801) Net income (loss) before income taxes 920,350 1,425,589 410,429 723,282 (439,864) (454,031) 890,915 1,694,840 Income tax expense Current income tax expense 3,594 1,272 Deferred income tax expense 31,716 79,968 35,310 81,240 Net income (loss) $ 920,350 $ 1,425,589 $ 410,429 $ 723,282 $ (439,864) $ (454,031) $ 855,605 $ 1,613,600 Additions to exploration and evaluation assets 6,359 3,298 — — — — 6,359 3,298 Additions to oil and gas properties 374,443 204,912 140,740 105,093 — — 515,183 310,005 Property acquisitions 1,352 1,557 — — — — 1,352 1,557 Proceeds from dispositions (25,649) (7,211) — (593) — — (25,649) (7,804)
Assets by segment	As at December 31, 2022 December 31, 2021 Canadian assets $ 2,779,596 $ 2,658,281 U.S. assets 2,301,047 2,152,323 Corporate assets 23,126 24,039 Total consolidated assets $ 5,103,769 $ 4,834,643

Exploration and Evaluation As_2

Exploration and Evaluation Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Exploration For And Evaluation Of Mineral Resources [Abstract]
Exploration and evaluation assets	December 31, 2022 December 31, 2021 Balance, beginning of year $ 172,824 $ 191,865 Capital expenditures 6,359 3,298 Property acquisitions 301 1,100 Divestitures (498) (166) Property swaps 385 408 Impairment reversal 22,503 — Exploration and evaluation expense (30,239) (15,212) Transfers to oil and gas properties (note 6) (8,496) (7,727) Foreign currency translation 5,545 (742) Balance, end of year $ 168,684 $ 172,824

Oil and Gas Properties (Tables)

Oil and Gas Properties (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [abstract]
Plant and equipment	Cost Accumulated Net book value Balance, December 31, 2020 $ 11,423,676 $ (8,346,128) $ 3,077,548 Capital expenditures 310,005 — 310,005 Property acquisitions 274 — 274 Transfers from exploration and evaluation assets (note 5) 7,727 — 7,727 Change in asset retirement obligations (note 9) (12,222) — (12,222) Divestitures (37,835) 32,844 (4,991) Property swaps (26,131) 25,900 (231) Impairment reversal — 1,542,414 1,542,414 Foreign currency translation (31,977) 34,765 2,788 Depletion — (458,941) (458,941) Balance, December 31, 2021 $ 11,633,517 $ (7,169,146) $ 4,464,371 Capital expenditures 515,183 — 515,183 Property acquisitions 1,173 — 1,173 Transfers from exploration and evaluation assets (note 5) 8,496 — 8,496 Change in asset retirement obligations (note 9) (147,020) — (147,020) Divestitures (265,166) 241,892 (23,274) Impairment reversal — 245,241 245,241 Foreign currency translation 296,033 (158,404) 137,629 Depletion — (581,033) (581,033) Balance, December 31, 2022 $ 12,042,216 $ (7,421,450) $ 4,620,766
Disclosure of recoverable amount of CGU benchmark reference prices	The prices and costs subsequent to 2032 have been adjusted for inflation at an annual rate of 2.0%. 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 WTI crude oil (US$/bbl) 80.33 78.50 76.95 77.61 79.16 80.74 82.36 84.00 85.69 87.40 WCS heavy oil ($/bbl) 76.54 77.75 77.55 80.07 81.89 84.02 85.73 87.44 89.20 91.11 LLS crude oil (US$/bbl) 82.83 80.68 78.81 79.49 81.07 82.68 84.33 86.00 87.71 89.46 Edmonton par oil ($/bbl) 103.76 97.74 95.27 95.58 97.07 99.01 100.99 103.01 105.07 106.69 Henry Hub gas (US$/mmbtu) 4.74 4.50 4.31 4.40 4.49 4.58 4.67 4.76 4.86 4.95 AECO gas ($/mmbtu) 4.23 4.40 4.21 4.27 4.34 4.43 4.51 4.60 4.69 4.79 Exchange rate (CAD/USD) 1.34 1.31 1.30 1.30 1.29 1.29 1.29 1.29 1.29 1.29
Sensitivity of The Estimated Recoverable Amount of Changes in Assumptions	The following table summarizes the recoverable amount and impairment reversal for each of the five CGUs at December 31, 2022 and demonstrates the sensitivity of the impairment reversal to reasonably possible changes in key assumptions inherent in the calculation. 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 (1) $ 119,031 $ 23,707 $ — $ — $ — Peace River CGU (1) 676,939 140,534 — — — Lloydminster CGU 449,250 — 11,500 53,000 — Viking CGU 1,322,193 81,000 39,500 78,000 4,000 Eagle Ford CGU 2,102,646 — 95,800 131,100 28,500 $ 4,670,059 $ 245,241 $ 146,800 $ 262,100 $ 32,500 (1) The impairment reversals for the Conventional and Peace River CGUs were limited to the total accumulated impairments less subsequent depletion of $23.7 million and $140.5 million, respectively. As a result, changes in the key assumptions presented in the table above have no impact on the amount of the impairment reversal as at December 31, 2022.

Credit Facilities (Tables)

Credit Facilities (Tables)	12 Months Ended
	Dec. 31, 2022
Financial Instruments [Abstract]
Bank loans	December 31, 2022 December 31, 2021 Credit facilities - U.S. dollar denominated (1) $ 30,394 $ 156,332 Credit facilities - Canadian dollar denominated 355,000 350,182 Credit facilities - principal (2) $ 385,394 $ 506,514 Unamortized debt issuance costs (2,363) (1,343) Credit facilities $ 383,031 $ 505,171 (1) U.S. dollar denominated credit facilities balance was US$22.5 million as at December 31, 2022 (December 31, 2021 - US$123.5 million). (2) The decrease in the principal amount of the credit facilities outstanding from December 31, 2021 to December 31, 2022 is the result of net repayments of $136.9 million, partially offset by an increase in the reported amount of U.S. denominated debt of $15.8 million due to foreign exchange. The following table summarizes the financial covenants applicable to the Credit Facilities and the Company's compliance therewith at December 31, 2022. Covenant Description Position as at December 31, 2022 Covenant Senior Secured Debt (1) to Bank EBITDA (2) (Maximum Ratio) 0.3:1.0 3.5:1.0 Interest Coverage (3) (Minimum Ratio) 15.5:1.0 2.0:1.0 (1) "Senior Secured Debt" is calculated in accordance with the credit facility agreement and is defined as the principal amount of the Credit Facilities and other secured obligations identified in the credit facility agreement. As at December 31, 2022, the Company's Senior Secured Debt totaled $385.4 million. (2) "Bank EBITDA" is calculated based on terms and definitions set out in the credit facility agreement which adjusts net income or loss for financing and interest expenses, income tax, non-recurring losses, certain specific unrealized and non-cash transactions 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 year ended December 31, 2022 was $1.2 billion. (3) "Interest coverage" is calculated in accordance with the credit facility agreement and is computed as the ratio of Bank EBITDA to financing and interest expenses, excluding certain non-cash transactions, and is calculated on a trailing twelve-month basis. Financing and interest expenses for the year ended December 31, 2022 was $80.2 million. December 31, 2022 December 31, 2021 5.625% notes due June 1, 2024 (1) $ — $ 253,120 8.75% notes due April 1, 2027 (2) 554,597 632,800 Total long-term notes - principal (3) $ 554,597 $ 885,920 Unamortized debt issuance costs (6,999) (11,393) Total long-term notes - net of unamortized debt issuance costs $ 547,598 $ 874,527 (1) The U.S. dollar denominated principal outstanding of the 5.625% notes was nil at December 31, 2022 (December 31, 2021 - US$200.0 million). (2) The U.S. dollar denominated principal outstanding of the 8.75% notes was US$409.8 million at December 31, 2022 (December 31, 2021 - US$500.0 million). (3) The decrease in the principal amount of long-term notes outstanding from December 31, 2021 to December 31, 2022 is the result of principal repayments of $374.1 million and changes in the reported amount of U.S. denominated debt of $42.8 million.

Long-Term Notes (Tables)

Long-Term Notes (Tables)	12 Months Ended
	Dec. 31, 2022
Financial Instruments [Abstract]
Long-term notes	December 31, 2022 December 31, 2021 Credit facilities - U.S. dollar denominated (1) $ 30,394 $ 156,332 Credit facilities - Canadian dollar denominated 355,000 350,182 Credit facilities - principal (2) $ 385,394 $ 506,514 Unamortized debt issuance costs (2,363) (1,343) Credit facilities $ 383,031 $ 505,171 (1) U.S. dollar denominated credit facilities balance was US$22.5 million as at December 31, 2022 (December 31, 2021 - US$123.5 million). (2) The decrease in the principal amount of the credit facilities outstanding from December 31, 2021 to December 31, 2022 is the result of net repayments of $136.9 million, partially offset by an increase in the reported amount of U.S. denominated debt of $15.8 million due to foreign exchange. The following table summarizes the financial covenants applicable to the Credit Facilities and the Company's compliance therewith at December 31, 2022. Covenant Description Position as at December 31, 2022 Covenant Senior Secured Debt (1) to Bank EBITDA (2) (Maximum Ratio) 0.3:1.0 3.5:1.0 Interest Coverage (3) (Minimum Ratio) 15.5:1.0 2.0:1.0 (1) "Senior Secured Debt" is calculated in accordance with the credit facility agreement and is defined as the principal amount of the Credit Facilities and other secured obligations identified in the credit facility agreement. As at December 31, 2022, the Company's Senior Secured Debt totaled $385.4 million. (2) "Bank EBITDA" is calculated based on terms and definitions set out in the credit facility agreement which adjusts net income or loss for financing and interest expenses, income tax, non-recurring losses, certain specific unrealized and non-cash transactions 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 year ended December 31, 2022 was $1.2 billion. (3) "Interest coverage" is calculated in accordance with the credit facility agreement and is computed as the ratio of Bank EBITDA to financing and interest expenses, excluding certain non-cash transactions, and is calculated on a trailing twelve-month basis. Financing and interest expenses for the year ended December 31, 2022 was $80.2 million. December 31, 2022 December 31, 2021 5.625% notes due June 1, 2024 (1) $ — $ 253,120 8.75% notes due April 1, 2027 (2) 554,597 632,800 Total long-term notes - principal (3) $ 554,597 $ 885,920 Unamortized debt issuance costs (6,999) (11,393) Total long-term notes - net of unamortized debt issuance costs $ 547,598 $ 874,527 (1) The U.S. dollar denominated principal outstanding of the 5.625% notes was nil at December 31, 2022 (December 31, 2021 - US$200.0 million). (2) The U.S. dollar denominated principal outstanding of the 8.75% notes was US$409.8 million at December 31, 2022 (December 31, 2021 - US$500.0 million). (3) The decrease in the principal amount of long-term notes outstanding from December 31, 2021 to December 31, 2022 is the result of principal repayments of $374.1 million and changes in the reported amount of U.S. denominated debt of $42.8 million.

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2022
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Change in asset retirement obligations	December 31, 2022 December 31, 2021 Balance, beginning of year $ 743,683 $ 760,383 Liabilities incurred 19,942 14,845 Liabilities settled (18,351) (6,662) Liabilities acquired from property acquisitions 950 249 Liabilities divested (3,464) (3,161) Property swaps — (4,113) Accretion (note 15) 15,683 12,381 Government grants (1) (4,009) (2,857) Change in estimate 6,124 (9,686) Changes in discount rates and inflation rates (2) (173,086) (17,381) Foreign currency translation 1,451 (315) Balance, end of year $ 588,923 $ 743,683 Less current portion of asset retirement obligations 12,813 11,080 Non-current portion of asset retirement obligations $ 576,110 $ 732,603 (1) During 2022, Baytex recognized $4.0 million of non-cash other income and a reduction in asset retirement obligations related to government grants provided by the Government of Alberta and the Government of Saskatchewan ($2.9 million in 2021). (2) The discount and inflation rates at December 31, 2022 were 3.3% and 2.1% respectively (December 31, 2021 - 1.7% and 1.8%).

Shareholders' Capital (Tables)

Shareholders' Capital (Tables)	12 Months Ended
	Dec. 31, 2022
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. During 2022, the TSX accepted Baytex's notice of intention to implement an NCIB. Under the terms of the NCIB, the Company may purchase for cancellation up to 56.3 million common shares over the 12-month period commencing May 9, 2022. The number of shares authorized for repurchase represents 10% of the Company's public float as at April 29, 2022. Purchases are made on the open market at prices prevailing at the time of the transaction. Number of Common Shares (000s) Amount Balance, December 31, 2020 561,227 $ 5,729,418 Vesting of share awards 2,986 7,175 Balance, December 31, 2021 564,213 $ 5,736,593 Vesting of share awards 5,035 8,501 Common shares repurchased and cancelled (24,318) (245,430) Balance, December 31, 2022 544,930 $ 5,499,664

Share-Based Compensation Plan (

Share-Based Compensation Plan (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangements [Abstract]
Number of share awards outstanding	The number of Share Awards outstanding is detailed below: (000s) Number of Number of Total number of Balance, December 31, 2020 4,122 4,088 8,210 Granted — 4,067 4,067 Added by performance factor — 669 669 Vested (1,861) (1,152) (3,013) Forfeited (168) (291) (459) Balance, December 31, 2021 2,093 7,381 9,474 Granted 68 1,391 1,459 Vested (1,377) (3,630) (5,007) Forfeited (22) (346) (368) Balance, December 31, 2022 762 4,796 5,558

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings per share [abstract]
Net income (loss) per share	Years Ended December 31 2022 2021 Net income Weighted average common shares (000's) Net income per share Net income Weighted average common shares (000's) Net income per share Net income - basic $ 855,605 557,986 $ 1.53 $ 1,613,600 563,674 $ 2.86 Dilutive effect of share awards — 5,849 — — 7,936 — Net income - diluted $ 855,605 563,835 $ 1.52 $ 1,613,600 571,610 $ 2.82

Petroleum and Natural Gas Sal_2

Petroleum and Natural Gas Sales (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of revenue from contracts with customers [Abstract]
Disclosure of disaggregation of revenue from contracts with customers	Petroleum and natural gas sales from contracts with customers for the Company's Canadian and U.S. operating segments is set forth in the following table. Years Ended December 31 2022 2021 Canada U.S. Total Canada U.S. Total Light oil and condensate $ 693,043 $ 777,506 $ 1,470,549 $ 480,199 $ 585,635 $ 1,065,834 Heavy oil 1,102,076 — 1,102,076 560,696 — 560,696 NGL 30,847 89,658 120,505 18,904 75,611 94,515 Natural gas sales 100,595 95,320 195,915 68,338 78,812 147,150 Total petroleum and natural gas sales $ 1,926,561 $ 962,484 $ 2,889,045 $ 1,128,137 $ 740,058 $ 1,868,195

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes [Abstract]
Provision for income taxes	The provision for income taxes has been computed as follows: Years Ended December 31 2022 2021 Net income before income taxes $ 890,915 $ 1,694,840 Expected income taxes at the statutory rate of 24.80% (2021 – 25.12%) (1) 220,947 425,744 Increase (decrease) in income taxes resulting from: Effect of foreign exchange 4,976 (841) Effect of rate adjustments for foreign jurisdictions (25,522) (21,746) Effect of change in deferred tax benefit not recognized (2)(3) (129,931) (325,295) Effect of internal debt restructuring (44,762) — Adjustments, assessments and other 9,602 3,378 Income tax expense $ 35,310 $ 81,240 (1) The expected income tax rate decreased due to changes in the provincial apportionment of Canadian income. (2) A deferred income tax asset of $14.4 million remains unrecognized due to uncertainty surrounding future capital gains (December 31, 2021 - $29.8 million). The unrecognized deferred income tax asset relates to realized and unrealized foreign exchange losses arising from the repayment of previously issued U.S. dollar denominated long-term notes and from the translation of U.S. dollar denominated long-term notes currently outstanding. (3) A deferred income tax asset of $115.8 million was previously unrecognized due to uncertainty surrounding commodity prices. The tax benefit associated with the deferred income tax asset has been fully recognized in the current period as a result of the impairment reversals related to oil and gas properties and E&E assets recognized for the year ended December 31, 2022.
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, 2022 Recognized in Net Income Foreign Currency Translation Adjustment December 31, 2022 Taxable temporary differences: Petroleum and natural gas properties $ (760,579) $ (18,081) $ (28,854) $ (807,514) Financial derivatives — (2,506) — (2,506) Other (21,616) (1,137) 1,802 (20,951) Deductible temporary differences: Asset retirement obligations 185,336 (40,693) 632 145,275 Financial derivatives 31,492 (31,492) — — Non-capital losses (1)(2) 342,884 18,707 12,242 373,833 Finance costs 55,027 43,486 4,736 103,249 Net deferred income tax liability (3) $ (167,456) $ (31,716) $ (9,442) $ (208,614) (1) Non-capital loss carry-forwards at December 31, 2022 totaled $1.8 billion and expire from 2033 to 2040. (2) A deferred income tax asset of $57.2 million has been recognized in respect of non-capital losses of a wholly owned financing subsidiary of Baytex; which losses will be offset against future interest income to be earned as a result of an internal debt restructuring. (3) The net deferred income tax liability is comprised of a deferred income tax asset of $57.2 million and a deferred income tax liability of $265.9 million. As at January 1, 2021 Recognized in Net Loss Foreign Currency Translation Adjustment December 31, 2021 Taxable temporary differences: Petroleum and natural gas properties $ (502,625) $ (257,800) $ (154) $ (760,579) Other (22,377) 624 137 (21,616) Deductible temporary differences: Asset retirement obligations 187,840 (2,436) (68) 185,336 Financial derivatives 5,410 26,082 — 31,492 Non-capital losses (1) 241,514 104,479 (3,109) 342,884 Finance costs 3,705 49,083 2,239 55,027 Net deferred income tax liability $ (86,533) $ (79,968) $ (955) $ (167,456) (1) Non-capital loss carry-forwards at December 31, 2021 totaled $2.0 billion and expire from 2033 to 2039.

Financing and Interest (Tables)

Financing and Interest (Tables)	12 Months Ended
	Dec. 31, 2022
Analysis of income and expense [abstract]
Schedule of financing and interest	Years Ended December 31 2022 2021 Interest on Credit Facilities $ 19,550 $ 13,300 Interest on long-term notes 60,643 78,546 Interest on lease obligations 193 223 Cash interest $ 80,386 $ 92,069 Amortization of debt issue costs 6,286 4,858 Accretion of asset retirement obligations (note 9) 15,683 12,381 Early redemption expense (note 8) 2,462 1,851 Financing and interest $ 104,817 $ 111,159

Foreign Exchange (Tables)

Foreign Exchange (Tables)	12 Months Ended
	Dec. 31, 2022
Effects Of Changes In Foreign Exchange Rates [Abstract]
Foreign exchange gains and losses	Years Ended December 31 2022 2021 Unrealized foreign exchange (gain) loss - intercompany notes (1) $ (2,674) $ 12,000 Unrealized foreign exchange loss (gain) - long-term notes & Credit Facilities 47,747 (13,905) Realized foreign exchange gain (1,632) (963) Foreign exchange loss (gain) $ 43,441 $ (2,868) (1) Baytex had a series of intercompany notes totaling US$601.0 million outstanding at December 31, 2021 that were issued from a Canadian functional currency subsidiary to a U.S. functional currency subsidiary. These notes were eliminated upon consolidation within the Statement of Financial Position and were revalued at the relevant foreign exchange rate at each period end. Foreign exchange gains or losses incurred within the Canadian functional currency subsidiary were recognized in unrealized foreign exchange gain or loss whereas those within the U.S. functional currency subsidiary were recognized in other comprehensive income. In January 2022, the intercompany notes were transferred from the Canadian functional currency subsidiary to another U.S. functional currency subsidiary. As a result, foreign exchange gains and losses incurred on these notes after the transfer are recognized in other comprehensive income.

Financial Instruments and Ris_2

Financial Instruments and Risk Management (Tables)	12 Months Ended
	Dec. 31, 2022
Financial Instruments [Abstract]
Disclosure of financial assets	The carrying value and fair value of the Company's financial instruments carried on the consolidated statements of financial position are classified into the following categories: December 31, 2022 December 31, 2021 Carrying value Fair value Carrying value Fair value Fair Value Measurement Hierarchy Financial Assets FVTPL Financial Derivatives $ 10,105 $ 10,105 $ 8,654 $ 8,654 Level 2 Total $ 10,105 $ 10,105 $ 8,654 $ 8,654 Amortized cost Cash $ 5,464 $ 5,464 $ — $ — — Trade and other receivables 228,485 228,485 173,409 173,409 — Total $ 233,949 $ 233,949 $ 173,409 $ 173,409 Financial Liabilities FVTPL Financial Derivatives $ — $ — $ (134,020) $ (134,020) Level 2 Total $ — $ — $ (134,020) $ (134,020) Amortized cost Trade and other payables $ (281,404) $ (281,404) $ (190,692) $ (190,692) — Credit Facilities (383,031) (385,394) (505,171) (506,514) — Long-term notes (547,598) (563,292) (874,527) (917,889) Level 1 Total $ (1,212,033) $ (1,230,090) $ (1,570,390) $ (1,615,095)
Disclosure of financial liabilities	The carrying value and fair value of the Company's financial instruments carried on the consolidated statements of financial position are classified into the following categories: December 31, 2022 December 31, 2021 Carrying value Fair value Carrying value Fair value Fair Value Measurement Hierarchy Financial Assets FVTPL Financial Derivatives $ 10,105 $ 10,105 $ 8,654 $ 8,654 Level 2 Total $ 10,105 $ 10,105 $ 8,654 $ 8,654 Amortized cost Cash $ 5,464 $ 5,464 $ — $ — — Trade and other receivables 228,485 228,485 173,409 173,409 — Total $ 233,949 $ 233,949 $ 173,409 $ 173,409 Financial Liabilities FVTPL Financial Derivatives $ — $ — $ (134,020) $ (134,020) Level 2 Total $ — $ — $ (134,020) $ (134,020) Amortized cost Trade and other payables $ (281,404) $ (281,404) $ (190,692) $ (190,692) — Credit Facilities (383,031) (385,394) (505,171) (506,514) — Long-term notes (547,598) (563,292) (874,527) (917,889) Level 1 Total $ (1,212,033) $ (1,230,090) $ (1,570,390) $ (1,615,095)
Carrying amounts of U.S. dollar denominated monetary assets and liabilities	The carrying amounts of the Company’s U.S. dollar denominated monetary assets and liabilities recorded in entities with a Canadian dollar functional currency at the reporting date are as follows: Assets Liabilities December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 U.S. dollar denominated US$6,980 US$602,503 US$430,171 US$829,934
Disclosure of financial derivative contracts	Baytex had the following commodity financial derivative contracts outstanding as at February 23, 2023. Period Volume Price/Unit (1) Index Oil 3-way option (2) Jan 2023 to Dec 2023 2,000 bbl/d US$55.00/US$66.00/US$84.00 WTI 3-way option (2) Jan 2023 to Dec 2023 2,500 bbl/d US$60.00/US$75.00/US$91.54 WTI 3-way option (2) Jan 2023 to Dec 2023 2,500 bbl/d US$65.00/US$85.00/US$100.00 WTI 3-way option (2) Jan 2023 to Dec 2023 2,500 bbl/d US$65.00/US$85.00/US$106.50 WTI Basis Swap (3) Apr 2023 to Dec 2023 1,500 bbl/d WTI less US$2.50/bbl MSW (1) Based on the weighted average price per unit for the period. (2) Producer 3-way option consists of a sold call, a bought put and a sold put. To illustrate, in a US$65.00/US$85.00/US$100.00 contract, Baytex receives WTI plus US$20.00/bbl when WTI is at or below US$65.00/bbl; Baytex receives US$85.00/bbl when WTI is between US$65.00/bbl and US$85.00/bbl; Baytex receives the market price when WTI is between US$85.00/bbl and US$100.00/bbl; and Baytex receives US$100.00/bbl when WTI is above US$100.00/bbl. (3) Contracts entered subsequent to December 31, 2022.
Disclosure of financial derivatives marked-to-market	The following table sets forth the realized and unrealized gains and losses recorded on financial derivatives. Years Ended December 31 2022 2021 Realized financial derivatives loss $ 334,481 $ 184,241 Unrealized financial derivatives (gain) loss (135,471) 103,631 Financial derivatives loss $ 199,010 $ 287,872
Disclosure of cash outflows relating to financial liabilities	The timing of cash outflows relating to financial liabilities as at December 31, 2022 is outlined in the table below: Total Less than 1 year 1-3 years 3-5 years Beyond 5 years Trade and other payables $ 281,404 $ 272,195 $ 9,209 $ — $ — Credit Facilities - principal (1) 385,394 — — 385,394 — Long-term notes - principal (2) 554,597 — — 554,597 — Interest on long-term notes (3) 206,340 48,527 97,054 60,759 — Lease obligations - principal 6,760 3,641 2,822 297 — $ 1,434,495 $ 324,363 $ 109,085 $ 1,001,047 $ — (1) On April 1, 2022, Baytex extended the maturity of the Credit Facilities to April 1, 2026. (2) The US$409.8 million principal amount of 8.75% senior unsecured notes is due April 1, 2027. (3) Excludes interest on Credit Facilities as interest payments on Credit Facilities fluctuate based on amounts outstanding and the prevailing interest rate at the time of borrowing.
Trade and other receivables aging	The Company's trade and other receivables, net of the allowance for doubtful accounts, were aged as follows at December 31, 2022. Trade and Other Receivables Aging December 31, 2022 December 31, 2021 Current (less than 30 days) $ 222,721 $ 171,058 31-60 days 1,993 441 61-90 days 766 107 Past due (more than 90 days) 3,005 1,803 $ 228,485 $ 173,409

Supplemental Information (Table

Supplemental Information (Tables)	12 Months Ended
	Dec. 31, 2022
Additional information [abstract]
Changes in non-cash working capital items	Years Ended December 31 2022 2021 Trade and other receivables $ (55,076) $ (65,932) Trade and other payables 90,712 34,737 $ 35,636 $ (31,195) Changes in non-cash working capital related to: Operating activities $ 26,072 $ (26,582) Investing activities 9,401 (2,797) Transfers from equity 4,791 — Foreign currency translation on non-cash working capital (4,628) (1,816) $ 35,636 $ (31,195)
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 2022 2021 Operating $ 11,814 $ 11,053 General and administrative 35,935 29,538 Total employee compensation costs $ 47,749 $ 40,591

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments And Contingencies [Abstract]
Financial obligations and expected timing	These obligations as of December 31, 2022, 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 $ 6,372 $ 1,071 $ 1,081 $ 754 $ 3,466 Transportation agreements 195,414 34,790 79,661 70,167 10,796 Total $ 201,786 $ 35,861 $ 80,742 $ 70,921 $ 14,262

Related Parties (Tables)

Related Parties (Tables)	12 Months Ended
	Dec. 31, 2022
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 2022 2021 Short-term employee benefits $ 6,868 $ 5,995 Share-based compensation 9,043 5,917 Termination payments 1,758 — Total compensation for key management personnel $ 17,669 $ 11,912

Capital Management (Tables)

Capital Management (Tables)	12 Months Ended
	Dec. 31, 2022
Corporate Information And Statement Of IFRS Compliance [Abstract]
Net Debt	December 31, 2022 December 31, 2021 Credit Facilities $ 383,031 $ 505,171 Unamortized debt issuance costs - Credit Facilities (note 7) 2,363 1,343 Long-term notes 547,598 874,527 Unamortized debt issuance costs - Long-term notes (note 8) 6,999 11,393 Trade and other payables 281,404 190,692 Cash (5,464) — Trade and other receivables (228,485) (173,409) Net Debt $ 987,446 $ 1,409,717 Net Debt to Adjusted Funds Flow 0.8 1.9
Adjusted Funds Flow	Adjusted Funds Flow is reconciled to amounts disclosed in the primary financial statements in the following table. Years Ended December 31 2022 2021 Cash flows from operating activities $ 1,172,872 $ 712,384 Change in non-cash working capital (26,072) 26,582 Asset retirement obligations settled 18,351 6,662 Adjusted Funds Flow $ 1,165,151 $ 745,628

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Details) - CAD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [table]
Maximum percentage of issuable awards to outstanding common stock		3.80%
Transfers for liability-classified awards		$ (4,791)	$ 0
Contributed surplus
Disclosure of detailed information about property, plant and equipment [table]
Transfers for liability-classified awards	$ 4,800	$ (4,791)

Segmented Financial Informati_3

Segmented Financial Information - Information By Reportable Segment (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue, net of royalties
Petroleum and natural gas sales	$ 2,889,045	$ 1,868,195
Royalties	(562,964)	(339,156)
Revenue, net of royalties	2,326,081	1,529,039
Expenses
Operating	422,666	343,002
Transportation	48,561	32,261
Blending and other	189,454	85,689
General and administrative	50,270	40,804
Exploration and evaluation	30,239	15,212
Depletion and depreciation	587,050	464,580
Impairment reversal	(267,744)	(1,542,414)
Share-based compensation	3,159	6,389
Financing and interest	104,817	111,159
Financial derivatives loss	199,010	287,872
Foreign exchange loss (gain)	43,441	(2,868)
(Gain) loss on dispositions	(4,898)	(9,666)
Other expense (income)	3,244	(2,562)
Total expenses	1,435,166	(165,801)
Net income before income taxes	890,915	1,694,840
Income tax (recovery) expense
Current income tax expense	3,594	1,272
Deferred income tax expense	31,716	79,968
Income tax expense	35,310	81,240
Net income	855,605	1,613,600
Additions to exploration and evaluation assets	(6,359)	(3,298)
Additions to oil and gas properties	515,183	310,005
Property acquisitions	1,352	1,557
Proceeds from dispositions	(25,649)	(7,804)
Operating segments | Canada
Revenue, net of royalties
Petroleum and natural gas sales	1,926,561	1,128,137
Royalties	(277,428)	(121,306)
Revenue, net of royalties	1,649,133	1,006,831
Expenses
Operating	327,894	257,658
Transportation	48,561	32,261
Blending and other	189,454	85,689
General and administrative	0	0
Exploration and evaluation	30,239	15,212
Depletion and depreciation	409,286	303,135
Impairment reversal	(267,744)	(1,100,000)
Share-based compensation	0	0
Financing and interest	0	0
Financial derivatives loss	0	0
Foreign exchange loss (gain)	0	0
(Gain) loss on dispositions	(4,898)	(9,856)
Other expense (income)	(4,009)	(2,857)
Total expenses	728,783	(418,758)
Net income before income taxes	920,350	1,425,589
Income tax (recovery) expense
Net income	920,350	1,425,589
Additions to exploration and evaluation assets	6,359	3,298
Additions to oil and gas properties	374,443	204,912
Property acquisitions	1,352	1,557
Proceeds from dispositions	(25,649)	(7,211)
Operating segments | U.S.
Revenue, net of royalties
Petroleum and natural gas sales	962,484	740,058
Royalties	(285,536)	(217,850)
Revenue, net of royalties	676,948	522,208
Expenses
Operating	94,772	85,344
Transportation	0	0
Blending and other	0	0
General and administrative	0	0
Exploration and evaluation	0	0
Depletion and depreciation	171,747	155,806
Impairment reversal	0	(442,414)
Share-based compensation	0	0
Financing and interest	0	0
Financial derivatives loss	0	0
Foreign exchange loss (gain)	0	0
(Gain) loss on dispositions	0	190
Other expense (income)	0	0
Total expenses	266,519	(201,074)
Net income before income taxes	410,429	723,282
Income tax (recovery) expense
Net income	410,429	723,282
Additions to exploration and evaluation assets	0	0
Additions to oil and gas properties	140,740	105,093
Property acquisitions	0	0
Proceeds from dispositions	0	(593)
Operating segments | Corporate
Revenue, net of royalties
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	50,270	40,804
Exploration and evaluation	0	0
Depletion and depreciation	6,017	5,639
Impairment reversal	0	0
Share-based compensation	29,056	11,130
Financing and interest	104,817	111,159
Financial derivatives loss	199,010	287,872
Foreign exchange loss (gain)	43,441	(2,868)
(Gain) loss on dispositions	0	0
Other expense (income)	7,253	295
Total expenses	439,864	454,031
Net income before income taxes	(439,864)	(454,031)
Income tax (recovery) expense
Net income	(439,864)	(454,031)
Additions to exploration and evaluation assets	0	0
Additions to oil and gas properties	0	0
Property acquisitions	0	0
Proceeds from dispositions	0	0
Operating segments | Consolidated
Revenue, net of royalties
Petroleum and natural gas sales	2,889,045	1,868,195
Royalties	(562,964)	(339,156)
Revenue, net of royalties	2,326,081	1,529,039
Expenses
Operating	422,666	343,002
Transportation	48,561	32,261
Blending and other	189,454	85,689
General and administrative	50,270	40,804
Exploration and evaluation	30,239	15,212
Depletion and depreciation	587,050	464,580
Impairment reversal	(267,744)	(1,542,414)
Share-based compensation	29,056	11,130
Financing and interest	104,817	111,159
Financial derivatives loss	199,010	287,872
Foreign exchange loss (gain)	43,441	(2,868)
(Gain) loss on dispositions	(4,898)	(9,666)
Other expense (income)	3,244	(2,562)
Total expenses	1,435,166	(165,801)
Net income before income taxes	890,915	1,694,840
Income tax (recovery) expense
Current income tax expense	3,594	1,272
Deferred income tax expense	31,716	79,968
Income tax expense	35,310	81,240
Net income	855,605	1,613,600
Additions to exploration and evaluation assets	6,359	3,298
Additions to oil and gas properties	515,183	310,005
Property acquisitions	1,352	1,557
Proceeds from dispositions	$ (25,649)	$ (7,804)

Segmented Financial Informati_4

Segmented Financial Information - Assets By Segment (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [line items]
Assets	$ 5,103,769	$ 4,834,643
Operating segments | Canada
Disclosure of operating segments [line items]
Assets	2,779,596	2,658,281
Operating segments | U.S.
Disclosure of operating segments [line items]
Assets	2,301,047	2,152,323
Operating segments | Corporate
Disclosure of operating segments [line items]
Assets	$ 23,126	$ 24,039

Exploration and Evaluation As_3

Exploration and Evaluation Assets - Schedule of Assets (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in intangible assets other than goodwill [abstract]
Exploration and evaluation assets, beginning of year	$ 172,824
Exploration and evaluation expense	(30,239)	$ (15,212)
Exploration and evaluation assets, end of year	168,684	172,824
Impairment loss (reversal of impairment loss) recognised in profit or loss	(245,241)	0
Exploration and evaluation assets
Reconciliation of changes in intangible assets other than goodwill [abstract]
Impairment loss (reversal of impairment loss) recognised in profit or loss	(22,500)
Exploration and evaluation assets
Reconciliation of changes in intangible assets other than goodwill [abstract]
Exploration and evaluation assets, beginning of year	172,824	191,865
Capital expenditures	6,359	3,298
Property acquisitions	301	1,100
Divestitures	(498)	(166)
Property swaps	385	408
Impairment reversal	22,503	0
Exploration and evaluation expense	(30,239)	(15,212)
Transfers to oil and gas properties	(8,496)	(7,727)
Foreign currency translation	5,545	(742)
Exploration and evaluation assets, end of year	$ 168,684	$ 172,824

Oil and Gas Properties - Schedu

Oil and Gas Properties - Schedule of PPE Activity, Oil and Gas (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in property, plant and equipment [abstract]
Impairment reversal	$ 245,241	$ 0
Oil and gas assets
Reconciliation of changes in property, plant and equipment [abstract]
Balance, beginning of year	4,464,371	3,077,548
Capital expenditures	515,183	310,005
Property acquisitions	1,173	274
Transfers from exploration and evaluation assets	8,496	7,727
Change is asset retirement obligations	(147,020)	(12,222)
Divestitures	(23,274)	(4,991)
Property swaps		(231)
Impairment reversal	245,241	1,542,414
Foreign currency translation	137,629	2,788
Depletion	(581,033)	(458,941)
Balance, end of year	4,620,766	4,464,371
Oil and gas assets | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Balance, beginning of year	11,633,517	11,423,676
Capital expenditures	515,183	310,005
Property acquisitions	1,173	274
Transfers from exploration and evaluation assets	8,496	7,727
Change is asset retirement obligations	(147,020)	(12,222)
Divestitures	(265,166)	(37,835)
Property swaps		(26,131)
Impairment reversal	0	0
Foreign currency translation	296,033	(31,977)
Depletion	0	0
Balance, end of year	12,042,216	11,633,517
Oil and gas assets | Accumulated depletion
Reconciliation of changes in property, plant and equipment [abstract]
Balance, beginning of year	(7,169,146)	(8,346,128)
Capital expenditures	0	0
Property acquisitions	0	0
Transfers from exploration and evaluation assets	0	0
Change is asset retirement obligations	0	0
Divestitures	241,892	32,844
Property swaps		25,900
Impairment reversal	245,241	1,542,414
Foreign currency translation	(158,404)	34,765
Depletion	(581,033)	(458,941)
Balance, end of year	$ (7,421,450)	$ (7,169,146)

Oil and Gas Properties - Additi

Oil and Gas Properties - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2021 CAD ($) cashGeneratingUnit	Dec. 31, 2022 CAD ($) cashGeneratingUnit	Dec. 31, 2021 CAD ($) cashGeneratingUnit
Disclosure of detailed information about property, plant and equipment [line items]
Number of cash generating units | cashGeneratingUnit	6	5
Number of cash generating units, with recoverable amounts | cashGeneratingUnit		3	3
Impairment loss (reversal of impairment loss) recognised in profit or loss		$ 245,241	$ 0
Adjusted inflation for prices and costs subsequent to 2023		0.020
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			416,000
Oil and gas assets
Disclosure of detailed information about property, plant and equipment [line items]
Impairment loss (reversal of impairment loss) recognised in profit or loss		$ 245,241	$ 1,542,414
Impairment	$ 1,100,000
Oil and gas assets | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Discount rate applied to cash flow projections	10%	12%	12%
Oil and gas assets | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Number of cash generating units | cashGeneratingUnit			5
Discount rate applied to cash flow projections	16%	23%	19%

Oil and Gas Properties - Recove

Oil and Gas Properties - Recoverable Amount Of Company CGUs (Details) - Company's CGUs	12 Months Ended
	Dec. 31, 2022 cadPerBbl $ / MMBTU usdPerBbl $ / $ $ / MMBTU
Year 1
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.34
Year 2
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.31
Year 3
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.30
Year 4
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.30
Year 5
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.29
Year 6
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.29
Year 7
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.29
Year 8
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.29
Year 9
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.29
Year 10
Disclosure of detailed information about property, plant and equipment [line items]
Average foreign exchange rate (in dollars per share) | $ / $	1.29
WTI | Oil reserves | Year 1
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	80.33
WTI | Oil reserves | Year 2
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	78.50
WTI | Oil reserves | Year 3
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	76.95
WTI | Oil reserves | Year 4
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	77.61
WTI | Oil reserves | Year 5
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	79.16
WTI | Oil reserves | Year 6
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	80.74
WTI | Oil reserves | Year 7
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	82.36
WTI | Oil reserves | Year 8
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	84
WTI | Oil reserves | Year 9
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	85.69
WTI | Oil reserves | Year 10
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	87.40
WCS | Oil reserves | Year 1
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	76.54
WCS | Oil reserves | Year 2
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	77.75
WCS | Oil reserves | Year 3
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	77.55
WCS | Oil reserves | Year 4
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	80.07
WCS | Oil reserves | Year 5
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	81.89
WCS | Oil reserves | Year 6
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	84.02
WCS | Oil reserves | Year 7
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	85.73
WCS | Oil reserves | Year 8
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	87.44
WCS | Oil reserves | Year 9
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	89.20
WCS | Oil reserves | Year 10
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	91.11
LLS | Oil reserves | Year 1
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	82.83
LLS | Oil reserves | Year 2
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	80.68
LLS | Oil reserves | Year 3
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	78.81
LLS | Oil reserves | Year 4
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	79.49
LLS | Oil reserves | Year 5
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	81.07
LLS | Oil reserves | Year 6
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	82.68
LLS | Oil reserves | Year 7
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	84.33
LLS | Oil reserves | Year 8
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	86
LLS | Oil reserves | Year 9
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	87.71
LLS | Oil reserves | Year 10
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | usdPerBbl	89.46
Edmonton Par | Oil reserves | Year 1
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	103.76
Edmonton Par | Oil reserves | Year 2
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	97.74
Edmonton Par | Oil reserves | Year 3
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	95.27
Edmonton Par | Oil reserves | Year 4
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	95.58
Edmonton Par | Oil reserves | Year 5
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	97.07
Edmonton Par | Oil reserves | Year 6
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	99.01
Edmonton Par | Oil reserves | Year 7
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	100.99
Edmonton Par | Oil reserves | Year 8
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	103.01
Edmonton Par | Oil reserves | Year 9
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	105.07
Edmonton Par | Oil reserves | Year 10
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | cadPerBbl	106.69
Henry Hub | Natural gas reserves | Year 1
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.74
Henry Hub | Natural gas reserves | Year 2
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.50
Henry Hub | Natural gas reserves | Year 3
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.31
Henry Hub | Natural gas reserves | Year 4
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.40
Henry Hub | Natural gas reserves | Year 5
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.49
Henry Hub | Natural gas reserves | Year 6
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.58
Henry Hub | Natural gas reserves | Year 7
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.67
Henry Hub | Natural gas reserves | Year 8
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.76
Henry Hub | Natural gas reserves | Year 9
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.86
Henry Hub | Natural gas reserves | Year 10
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.95
AECO | Natural gas reserves | Year 1
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.23
AECO | Natural gas reserves | Year 2
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.40
AECO | Natural gas reserves | Year 3
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.21
AECO | Natural gas reserves | Year 4
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.27
AECO | Natural gas reserves | Year 5
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.34
AECO | Natural gas reserves | Year 6
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.43
AECO | Natural gas reserves | Year 7
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.51
AECO | Natural gas reserves | Year 8
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.60
AECO | Natural gas reserves | Year 9
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.69
AECO | Natural gas reserves | Year 10
Disclosure of detailed information about property, plant and equipment [line items]
Commodity sales price | $ / MMBTU	4.79

Oil and Gas Properties - Sensit

Oil and Gas Properties - Sensitivity of the Estimated Recoverable Amount of Possible Changes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($) cadPerBbl cadPerMcf	Dec. 31, 2021 CAD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Discount rate	1%
Oil price | cadPerBbl	2.50
Gas price | cadPerMcf	0.25
Recoverable amount	$ 4,670,059
Impairment reversal	245,241	$ 0
Change in discount rate of 1%	146,800
Change in oil price of $2.50/bbl	262,100
Change in gas price of $0.25/mcf	32,500
Conventional CGU (1)
Disclosure of detailed information about property, plant and equipment [line items]
Recoverable amount	119,031
Impairment reversal	23,707
Change in discount rate of 1%	0
Change in oil price of $2.50/bbl	0
Change in gas price of $0.25/mcf	0
Peace River CGU (1)
Disclosure of detailed information about property, plant and equipment [line items]
Recoverable amount	676,939
Impairment reversal	140,534
Change in discount rate of 1%	0
Change in oil price of $2.50/bbl	0
Change in gas price of $0.25/mcf	0
Lloydminster CGU
Disclosure of detailed information about property, plant and equipment [line items]
Recoverable amount	449,250
Impairment reversal	0
Change in discount rate of 1%	11,500
Change in oil price of $2.50/bbl	53,000
Change in gas price of $0.25/mcf	0
Viking CGU
Disclosure of detailed information about property, plant and equipment [line items]
Recoverable amount	1,322,193
Impairment reversal	81,000
Change in discount rate of 1%	39,500
Change in oil price of $2.50/bbl	78,000
Change in gas price of $0.25/mcf	4,000
Eagle Ford CGU
Disclosure of detailed information about property, plant and equipment [line items]
Recoverable amount	2,102,646
Impairment reversal	0
Change in discount rate of 1%	95,800
Change in oil price of $2.50/bbl	131,100
Change in gas price of $0.25/mcf	$ 28,500

Credit Facilities - Bank Loan (

Credit Facilities - Bank Loan (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)
Disclosure of detailed information about borrowings [line items]
Secured bank loans received	$ 383,031			$ 505,171
Principal
Disclosure of detailed information about borrowings [line items]
Secured bank loans received	385,394			506,514
Changes in reported amount of U.S. denominated debt	42,800
Unamortized debt issuance costs
Disclosure of detailed information about borrowings [line items]
Secured bank loans received	(2,363)			(1,343)
Bank loan - U.S. dollar denominated
Disclosure of detailed information about borrowings [line items]
Secured bank loans received	30,394			156,332
Bank loan - U.S. dollar denominated | Principal
Disclosure of detailed information about borrowings [line items]
Secured bank loans received			$ 22.5		$ 123.5
Credit facilities - Canadian dollar denominated
Disclosure of detailed information about borrowings [line items]
Secured bank loans received	355,000			$ 350,182
Credit facilities - Canadian dollar denominated | Principal
Disclosure of detailed information about borrowings [line items]
Net draws	$ 136,900	$ 15.8

Credit Facilities - Additional

Credit Facilities - Additional Information (Details) $ in Millions, $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Jul. 25, 2022 CAD ($)	Dec. 31, 2021 CAD ($)
Disclosure of detailed information about borrowings [line items]
Outstanding letters of credit		$ 15.7		$ 15
Revolving Facilities
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	$ 850
Operating loan
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	50
Syndicated loan
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	600
Subsidiary operating loan
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	10
Subsidiary syndicated loan
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	$ 190
Long-Term Notes And Credit Facilities | Weighted average [member] | Effective Interest Rate
Disclosure of detailed information about borrowings [line items]
Weighted average interest rate on Credit Facilities	3.60%	3.60%		2.10%
LC Facility
Disclosure of detailed information about borrowings [line items]
Outstanding letters of credit			$ 20

Credit Facilities - Financial C

Credit Facilities - Financial Covenants (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)
Disclosure of detailed information about borrowings [line items]
Senior Secured Debt, as defined	$ 385,400
Credit Facilities	383,031	$ 505,171
Bank EBITDA, as defined	1,200,000
Financing and interest expenses, as defined	80,200
Cost
Disclosure of detailed information about borrowings [line items]
Credit Facilities	$ 385,394	$ 506,514
Position as at December 31, 2022
Disclosure of detailed information about borrowings [line items]
Senior Secured Debt to Bank EBITDA (Maximum Ratio)	0.3
Interest Coverage (Minimum Ratio)	15.5
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) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2022 USD ($)	Jun. 01, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 05, 2020
Disclosure of detailed information about borrowings [line items]
Long-term notes	$ 547,598		$ 874,527
Repurchased and cancelled principal notes	376,589		251,969
Early redemption expense	6,286		4,858
Unamortized debt issuance costs					$ 1.7
Principal
Disclosure of detailed information about borrowings [line items]
Long-term notes	554,597		885,920
Loan repayments	374,100
Changes in reported amount of U.S. denominated debt	42,800
Unamortized debt issuance costs
Disclosure of detailed information about borrowings [line items]
Long-term notes	$ (6,999)		(11,393)
5.625% notes due June 1, 2024
Disclosure of detailed information about borrowings [line items]
Notional amount				$ 0	$ 200	$ 200
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	$ 0		253,120
8.75% Notes Due April 1, 2027
Disclosure of detailed information about borrowings [line items]
Notional amount				$ 409.8		$ 500
Repurchased and cancelled principal notes		$ 90.2
Early redemption expense	$ 2,500
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	$ 554,597		$ 632,800

Asset Retirement Obligations -

Asset Retirement Obligations - Changes In Asset Retirement Obligations (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in other provisions [Abstract]
Accretion	$ 15,683	$ 12,381
Government grants	(4,009)	(2,857)
Less current portion of asset retirement obligations	12,813	11,080
Non-current portion of asset retirement obligations	576,110	732,603
Asset retirement obligation
Reconciliation of changes in other provisions [Abstract]
Balance, beginning of the year	743,683	760,383
Liabilities incurred	19,942	14,845
Liabilities settled	(18,351)	(6,662)
Liabilities acquired from property acquisitions	950	249
Liabilities divested	(3,464)	(3,161)
Proceeds from dispositions	0	(4,113)
Accretion	15,683	12,381
Government grants	(4,009)	(2,857)
Change in estimate	6,124	(9,686)
Changes in discount rates and inflation rates	(173,086)	(17,381)
Foreign currency translation	1,451	(315)
Balance, end of the year	$ 588,923	$ 743,683

Asset Retirement Obligations _2

Asset Retirement Obligations - Additional Information (Details) - Asset retirement obligation - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of other provisions [line items]
Estimated cash flows, undiscounted amount	$ 724,800	$ 721,700
Estimated inflation rate	2.10%	1.80%
Estimated risk free rate	3.30%	1.70%
Other provisions	$ 588,923	$ 743,683	$ 760,383
Other provisions, period of costs being incurred	60 years

Shareholders' Capital (Details)

Shareholders' Capital (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($) shares vote $ / shares	Dec. 31, 2021 CAD ($) shares
Shares repurchased and cancelled, average price (in dollars per share) | $ / shares	$ 6.54
Repurchase of common shares	$ (158,977)	$ 0
Number of Common Shares
Vesting of share awards (in shares) | shares	5,007,000	3,013,000
Changes in equity [abstract]
Beginning balance	$ 2,211,329	$ 578,213
Vesting of share awards	3,159	6,389
Repurchase of common shares for cancellation	(158,977)
Ending balance	$ 3,030,417	$ 2,211,329
Shareholders’ capital
Shares authorized for repurchase and cancellation (in shares) | shares	56,300,000
Purchase of treasury shares, repurchase period	12 months
Number of shares authorized for repurchase as percentage of public float (in shares)	10%
Number of Common Shares
Beginning balance (in shares) | shares	564,213,000	561,227,000
Vesting of share awards (in shares) | shares	5,035,000	2,986,000
Common shares repurchased and cancelled (in shares) | shares	(24,318,000)
Ending balance (in shares) | shares	544,930,000	564,213,000
Changes in equity [abstract]
Beginning balance	$ 5,736,593	$ 5,729,418
Vesting of share awards		7,175
Repurchase of common shares for cancellation	(245,430)
Ending balance	$ 5,499,664	$ 5,736,593
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	1 Months Ended	12 Months Ended
	Dec. 31, 2022 CAD ($) shares share $ / shares	Dec. 31, 2022 CAD ($) shares share $ / shares	Dec. 31, 2021 CAD ($) shares share $ / shares	Dec. 31, 2020 shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Compensation expense related to share awards		$ 29,056,000	$ 11,130,000
Cash compensation expense related to share awards		$ 25,900,000	$ 4,700,000
Closing share price (in dollars per share) | $ / shares	$ 6.08	$ 6.08	$ 3.91
Transfers for liability-classified awards		$ (4,791,000)	$ 0
Number of other equity instruments outstanding in share-based payment arrangement | shares	5,558	5,558	9,474	8,210
Granted (in shares) | shares		1,459	4,067
Financial derivatives	$ 0	$ 0	$ 134,020,000
Contributed surplus
Disclosure of terms and conditions of share-based payment arrangement [line items]
Transfers for liability-classified awards	4,800,000	$ (4,791,000)
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Payout multiplier		0%
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Payout multiplier		200%
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)	$ 5.70	$ 5.70	$ 1.33
Number of other equity instruments outstanding in share-based payment arrangement | share	5,100,000	5,100,000	6,400,000
Granted (in shares) | share		1,400,000	5,000,000
Deferred Share Unit Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value of share awards (in cad per share)	$ 5.68	$ 5.68	$ 1.29
Number of other equity instruments outstanding in share-based payment arrangement | share	1,000,000	1,000,000	800,000
Granted (in shares) | share		200,000	900,000
Incentive Award Plan And DSU Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Current derivative financial assets			$ 6,500,000
Financial derivatives	$ 0	$ 0
Current derivative financial assets, realized portion of swap	21,200,000	$ 21,200,000
Restricted awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of common shares entitled by restricted award | share		1
Weighted average fair value of share awards (in cad per share)	$ 6.08	$ 6.08	$ 1.31
Number of other equity instruments outstanding in share-based payment arrangement | shares	762	762	2,093	4,122
Granted (in shares) | shares		68	0
Performance awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding in share-based payment arrangement | shares	4,796	4,796	7,381	4,088
Granted (in shares) | shares		1,391	4,067
Performance awards | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of common shares entitled by restricted award | share		0
Performance awards | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of common shares entitled by restricted award | share		2

Share-Based Compensation Plan_2

Share-Based Compensation Plan - Shares Outstanding (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Total number of Share Awards
Beginning balance (in shares)	9,474	8,210
Granted (in shares)	1,459	4,067
Added by performance factor (in shares)		669
Vested and converted to common shares (in shares)	(5,007)	(3,013)
Forfeited (in shares)	(368)	(459)
Ending balance (in shares)	5,558	9,474
Minimum
Total number of Share Awards
Payout multiplier	0%
Maximum
Total number of Share Awards
Payout multiplier	200%
Restricted awards
Total number of Share Awards
Beginning balance (in shares)	2,093	4,122
Granted (in shares)	68	0
Added by performance factor (in shares)		0
Vested and converted to common shares (in shares)	(1,377)	(1,861)
Forfeited (in shares)	(22)	(168)
Ending balance (in shares)	762	2,093
Performance awards
Total number of Share Awards
Beginning balance (in shares)	7,381	4,088
Granted (in shares)	1,391	4,067
Added by performance factor (in shares)		669
Vested and converted to common shares (in shares)	(3,630)	(1,152)
Forfeited (in shares)	(346)	(291)
Ending balance (in shares)	4,796	7,381

Net Income Per Share (Details)

Net Income Per Share (Details) - CAD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Net income
Net income - basic	$ 855,605	$ 1,613,600
Net income - diluted	$ 855,605	$ 1,613,600
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract]
Weighted average common shares - basic (in shares)	557,986,000	563,674,000
Dilutive effect of share awards (in shares)	5,849,000	7,936,000
Weighted average common shares - diluted (in shares)	563,835,000	571,610,000
Net income per share
Basic (in cad per share)	$ 1.53	$ 2.86
Diluted (in cad per share)	$ 1.52	$ 2.82
Instruments with potential future dilutive effect not included in calculation of diluted earnings per share	300,000	0

Petroleum and Natural Gas Sal_3

Petroleum and Natural Gas Sales (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [line items]
Petroleum and natural gas sales	$ 2,889,045	$ 1,868,195
Trade receivable, accrued petroleum and natural gas sales
Disclosure of operating segments [line items]
Included in accounts receivable	180,300	154,000
Canada
Disclosure of operating segments [line items]
Petroleum and natural gas sales	1,926,561	1,128,137
U.S.
Disclosure of operating segments [line items]
Petroleum and natural gas sales	962,484	740,058
Light oil and condensate
Disclosure of operating segments [line items]
Petroleum and natural gas sales	1,470,549	1,065,834
Light oil and condensate | Canada
Disclosure of operating segments [line items]
Petroleum and natural gas sales	693,043	480,199
Light oil and condensate | U.S.
Disclosure of operating segments [line items]
Petroleum and natural gas sales	777,506	585,635
Heavy oil
Disclosure of operating segments [line items]
Petroleum and natural gas sales	1,102,076	560,696
Heavy oil | Canada
Disclosure of operating segments [line items]
Petroleum and natural gas sales	1,102,076	560,696
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	120,505	94,515
NGL | Canada
Disclosure of operating segments [line items]
Petroleum and natural gas sales	30,847	18,904
NGL | U.S.
Disclosure of operating segments [line items]
Petroleum and natural gas sales	89,658	75,611
Natural gas sales
Disclosure of operating segments [line items]
Petroleum and natural gas sales	195,915	147,150
Natural gas sales | Canada
Disclosure of operating segments [line items]
Petroleum and natural gas sales	100,595	68,338
Natural gas sales | U.S.
Disclosure of operating segments [line items]
Petroleum and natural gas sales	$ 95,320	$ 78,812

Income Taxes - Provision For In

Income Taxes - Provision For Income Taxes (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Net income before income taxes	$ 890,915	$ 1,694,840
Expected income taxes at the statutory rate	$ 220,947	$ 425,744
Tax rate	24.80%	25.12%
Increase (Decrease) From Tax Effects [Abstract]
Effect of foreign exchange	$ 4,976	$ (841)
Effect of rate adjustments for foreign jurisdictions	(25,522)	(21,746)
Effect of change in deferred tax benefit not recognized	(129,931)	(325,295)
Effect of internal debt restructuring	(44,762)	0
Adjustments, assessments and other	9,602	3,378
Income tax expense	$ 35,310	$ 81,240

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - CAD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Deferred tax assets, unrecognized	$ 14.4	$ 29.8
Deferred tax assets, previously unrecognized due to uncertainty surrounding commodity prices	$ 115.8
Accumulated non-capital losses		$ 591

Income Taxes - Continuity of Ne

Income Taxes - Continuity of Net Deferred Income Tax Liability (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in deferred tax liability (asset) [abstract]
Beginning balance	$ (167,456)	$ (86,533)
Recognized in Net Income	(31,716)	(79,968)
Foreign Currency Translation Adjustment	(9,442)	(955)
Ending balance	(208,614)	(167,456)
Non-capital loss carry-forwards	1,800,000	2,000,000
Deferred income tax asset	57,244	0
Petroleum and natural gas properties
Changes in deferred tax liability (asset) [abstract]
Beginning balance	(760,579)	(502,625)
Recognized in Net Income	(18,081)	(257,800)
Foreign Currency Translation Adjustment	(28,854)	(154)
Ending balance	(807,514)	(760,579)
Financial derivatives
Changes in deferred tax liability (asset) [abstract]
Beginning balance	0
Recognized in Net Income	(2,506)
Ending balance	(2,506)	0
Other
Changes in deferred tax liability (asset) [abstract]
Beginning balance	(21,616)	(22,377)
Recognized in Net Income	(1,137)	624
Foreign Currency Translation Adjustment	1,802	137
Ending balance	(20,951)	(21,616)
Asset retirement obligations
Changes in deferred tax liability (asset) [abstract]
Beginning balance	185,336	187,840
Recognized in Net Income	(40,693)	(2,436)
Foreign Currency Translation Adjustment	632	(68)
Ending balance	145,275	185,336
Financial derivatives
Changes in deferred tax liability (asset) [abstract]
Beginning balance	31,492	5,410
Recognized in Net Income	(31,492)	26,082
Ending balance	0	31,492
Non-capital losses
Changes in deferred tax liability (asset) [abstract]
Beginning balance	342,884	241,514
Recognized in Net Income	18,707	104,479
Foreign Currency Translation Adjustment	12,242	(3,109)
Ending balance	373,833	342,884
Finance costs
Changes in deferred tax liability (asset) [abstract]
Beginning balance	55,027	3,705
Recognized in Net Income	43,486	49,083
Foreign Currency Translation Adjustment	4,736	2,239
Ending balance	$ 103,249	$ 55,027

Financing and Interest (Details

Financing and Interest (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Interest on Credit Facilities	$ 19,550	$ 13,300
Interest on long-term notes	60,643	78,546
Interest on lease obligations	193	223
Cash interest	80,386	92,069
Early redemption expense	6,286	4,858
Accretion on asset retirement obligations	15,683	12,381
Early redemption expense	2,462	1,851
Financing and interest	$ 104,817	$ 111,159

Foreign Exchange (Details)

Foreign Exchange (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)
Effects Of Changes In Foreign Exchange Rates [Line Items]
Adjustments for unrealised foreign exchange losses (gains)	$ (45,073)	$ 1,905
Realized foreign exchange gain	(1,632)	(963)
Foreign exchange loss (gain)	43,441	(2,868)
Intercompany notes			$ 601
Unrealized foreign exchange loss - intercompany notes
Effects Of Changes In Foreign Exchange Rates [Line Items]
Adjustments for unrealised foreign exchange losses (gains)	(2,674)	12,000
Unrealized foreign exchange loss (gain) - long-term notes & Credit Facilities
Effects Of Changes In Foreign Exchange Rates [Line Items]
Adjustments for unrealised foreign exchange losses (gains)	$ 47,747	$ (13,905)

Financial Instruments and Ris_3

Financial Instruments and Risk Management - Carrying Value and Fair Value of Financial Instruments (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
FVTPL
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	$ 0	$ (134,020)
Liabilities, at fair value	0	(134,020)
FVTPL | Financial Derivatives | Level 2
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	0	(134,020)
Liabilities, at fair value	0	(134,020)
Amortized cost
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	(1,212,033)	(1,570,390)
Liabilities, at fair value	(1,230,090)	(1,615,095)
Amortized cost | Trade and other payables | Level 1
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	(281,404)	(190,692)
Liabilities, at fair value	(281,404)	(190,692)
Amortized cost | Credit Facilities | Level 1
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	(383,031)	(505,171)
Liabilities, at fair value	(385,394)	(506,514)
Amortized cost | Long-term notes | Level 1
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	(547,598)	(874,527)
Liabilities, at fair value	(563,292)	(917,889)
FVTPL
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	10,105	8,654
Financial assets, at fair value	10,105	8,654
FVTPL | Level 2
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	10,105	8,654
Financial assets, at fair value	10,105	8,654
Amortized cost
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	233,949	173,409
Financial assets, at fair value	233,949	173,409
Amortized cost | Cash | Level 1
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	5,464	0
Financial assets, at fair value	5,464	0
Amortized cost | Trade and Other Receivables | Level 1
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	228,485	173,409
Financial assets, at fair value	$ 228,485	$ 173,409

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, 2022 CAD ($) usdPerBbl	Dec. 31, 2022 USD ($) usdPerBbl	Dec. 31, 2021 USD ($)
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	4,200,000
Currency risk | U.S. dollar denominated, liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
U.S. dollar denominated		$ 430,171	$ 829,934
Currency risk | U.S. dollar denominated, assets
Disclosure of nature and extent of risks arising from financial instruments [line items]
U.S. dollar denominated		$ 6,980	$ 602,503
Interest rate risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Effect on net income	$ 3,800,000
Impact of base point change on interest rates	100%	100%
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	$ 4,700,000

Financial Instruments and Ris_5

Financial Instruments and Risk Management - Financial Derivative Contracts (Details)	Dec. 31, 2022 usdPerBbl bblPerDay
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	20
Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	65
Price Two
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	85
Price Three
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	100
Oil Three-Way Option Jan 2022 To Dec 2022 - 3
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	2,000
Oil Three-Way Option Jan 2022 To Dec 2022 - 3 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	55
Oil Three-Way Option Jan 2022 To Dec 2022 - 3 | Price Two
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	66
Oil Three-Way Option Jan 2022 To Dec 2022 - 3 | Price Three
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	84
Oil Three-Way Option Jan 2022 To Dec 2022 - 4
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	2,500
Oil Three-Way Option Jan 2022 To Dec 2022 - 4 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	60
Oil Three-Way Option Jan 2022 To Dec 2022 - 4 | Price Two
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	75
Oil Three-Way Option Jan 2022 To Dec 2022 - 4 | Price Three
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	91.54
Oil Three-Way Option Jan 2023 To Dec 2023 - 1
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	2,500
Oil Three-Way Option Jan 2023 To Dec 2023 - 1 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	65
Oil Three-Way Option Jan 2023 To Dec 2023 - 1 | Price Two
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	85
Oil Three-Way Option Jan 2023 To Dec 2023 - 1 | Price Three
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	100
Oil Three-Way Option Jan 2023 To Dec 2023 - 2
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	2,500
Oil Three-Way Option Jan 2023 To Dec 2023 - 2 | Price One
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	65
Oil Three-Way Option Jan 2023 To Dec 2023 - 2 | Price Two
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	85
Oil Three-Way Option Jan 2023 To Dec 2023 - 2 | Price Three
Disclosure of detailed information about financial instruments [line items]
Derivative price/unit	106.50
Oil Basis Swap April 2023 To December 2023
Disclosure of detailed information about financial instruments [line items]
Volume | bblPerDay	1,500
Derivative price/unit	2.50

Financial Instruments and Ris_6

Financial Instruments and Risk Management - Financial Derivatives Marked-To-Market (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments [Abstract]
Realized financial derivatives loss	$ 334,481	$ 184,241
Unrealized financial derivatives (gain) loss	(135,471)	103,631
Financial derivatives loss	$ 199,010	$ 287,872

Financial Instruments and Ris_7

Financial Instruments and Risk Management - Liquidity Risk (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2022 USD ($)	Jul. 25, 2022 CAD ($)	Jun. 01, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 05, 2020
Disclosure of nature and extent of risks arising from financial instruments [line items]
Credit Facilities	$ 383,031	$ 505,171
Credit facilities available	1,200,000	1,000,000
Outstanding letters of credit	15,700	15,000
Trade and other payables	281,404	190,692
Credit facilities	383,031	505,171
Long-term notes	547,598	874,527
Cost
Disclosure of nature and extent of risks arising from financial instruments [line items]
Credit Facilities	$ 385,394	$ 506,514
8.75% Notes Due April 1, 2027
Disclosure of nature and extent of risks arising from financial instruments [line items]
Notional amount			$ 409.8			$ 500
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%
5.625% notes due June 1, 2024
Disclosure of nature and extent of risks arising from financial instruments [line items]
Notional amount			$ 0		$ 200	$ 200
5.625% notes due June 1, 2024 | Fixed interest rate
Disclosure of nature and extent of risks arising from financial instruments [line items]
Borrowings, interest rate	5.625%		5.625%
LC Facility
Disclosure of nature and extent of risks arising from financial instruments [line items]
Outstanding letters of credit				$ 20,000
Liquidity risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Trade and other payables	$ 281,404
Credit facilities	385,394
Long-term notes	554,597
Interest on long-term notes	206,340
Lease obligations	6,760
Financial liabilities	1,434,495
Less than 1 year | Liquidity risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Trade and other payables	272,195
Credit facilities	0
Long-term notes	0
Interest on long-term notes	48,527
Lease obligations	3,641
Financial liabilities	324,363
1-3 years | Liquidity risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Trade and other payables	9,209
Credit facilities	0
Long-term notes	0
Interest on long-term notes	97,054
Lease obligations	2,822
Financial liabilities	109,085
3-5 years | Liquidity risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Trade and other payables	0
Credit facilities	385,394
Long-term notes	554,597
Interest on long-term notes	60,759
Lease obligations	297
Financial liabilities	1,001,047
Beyond 5 years | Liquidity risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Trade and other payables	0
Credit facilities	0
Long-term notes	0
Interest on long-term notes	0
Lease obligations	0
Financial liabilities	$ 0

Financial Instruments and Ris_8

Financial Instruments and Risk Management - Credit Risk (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of financial assets [line items]
Current trade receivables	$ 228,485	$ 173,409
Financial assets neither past due nor impaired | Current (less than 30 days)
Disclosure of financial assets [line items]
Current trade receivables	222,721	171,058
Financial assets neither past due nor impaired | 31-60 days
Disclosure of financial assets [line items]
Current trade receivables	1,993	441
Financial assets neither past due nor impaired | 61-90 days
Disclosure of financial assets [line items]
Current trade receivables	766	107
Financial assets past due but not impaired | Past due (more than 90 days)
Disclosure of financial assets [line items]
Current trade receivables	$ 3,005	1,803
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	$ 180,300	154,000
Trade receivables
Disclosure of financial assets [line items]
Allowance for doubtful accounts	$ 2,500	$ 2,600
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, 2022	Dec. 31, 2021
Additional information [abstract]
Trade and other receivables	$ (55,076)	$ (65,932)
Trade and other payables	90,712	34,737
Trade and other receivables/payables	35,636	(31,195)
Changes in non-cash working capital related to:
Change in non-cash working capital	26,072	(26,582)
Investing activities	9,401	(2,797)
Transfers from equity	4,791	0
Foreign currency translation on non-cash working capital	(4,628)	(1,816)
Changes in non-cash working capital	$ 35,636	$ (31,195)

Supplemental Information - Empl

Supplemental Information - Employee Compensation Costs (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Employee Compensation [Line Items]
Employee compensation costs	$ 47,749	$ 40,591
Operating
Disclosure Of Employee Compensation [Line Items]
Employee compensation costs	11,814	11,053
General and administrative
Disclosure Of Employee Compensation [Line Items]
Employee compensation costs	$ 35,935	$ 29,538

Commitments (Details)

Commitments (Details) $ in Thousands	Dec. 31, 2022 CAD ($)
Disclosure Of Maturity Analysis Of Lease And Other Payments [Line Items]
Processing agreements	$ 6,372
Transportation agreements	195,414
Total	201,786
Less than 1 year
Disclosure Of Maturity Analysis Of Lease And Other Payments [Line Items]
Processing agreements	1,071
Transportation agreements	34,790
Total	35,861
1-3 years
Disclosure Of Maturity Analysis Of Lease And Other Payments [Line Items]
Processing agreements	1,081
Transportation agreements	79,661
Total	80,742
3-5 years
Disclosure Of Maturity Analysis Of Lease And Other Payments [Line Items]
Processing agreements	754
Transportation agreements	70,167
Total	70,921
After 5 years
Disclosure Of Maturity Analysis Of Lease And Other Payments [Line Items]
Processing agreements	3,466
Transportation agreements	10,796
Total	$ 14,262

Related Parties (Details)

Related Parties (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party [Abstract]
Short-term employee benefits	$ 6,868	$ 5,995
Share-based compensation	9,043	5,917
Termination payments	1,758	0
Total compensation for key management personnel	$ 17,669	$ 11,912

Capital Management - Net Debt (

Capital Management - Net Debt (Details) - CAD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Trade and other payables	$ 281,404,000	$ 190,692,000
Cash	(5,464,000)	0	$ 0
Trade and other receivables	(228,485,000)	(173,409,000)
Net Debt	$ 987,446,000	$ 1,409,717,000
Net Debt to Adjusted Funds Flow	0.8	1.9
Unamortized debt issuance costs | Credit Facilities
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 2,363,000	$ 1,343,000
Unamortized debt issuance costs | Long-term notes
Disclosure of detailed information about borrowings [line items]
Borrowings	6,999,000	11,393,000
Cost | Credit Facilities
Disclosure of detailed information about borrowings [line items]
Borrowings	(383,031,000)	(505,171,000)
Cost | Long-term notes
Disclosure of detailed information about borrowings [line items]
Borrowings	$ (547,598,000)	$ (874,527,000)

Capital Management - Bank EBITD

Capital Management - Bank EBITDA (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Corporate Information And Statement Of IFRS Compliance [Abstract]
Net income - basic	$ 855,605	$ 1,613,600
Financing and interest	104,817	111,159
Unrealized foreign exchange loss (gain)	45,073	(1,905)
Unrealized financial derivatives (gain) loss	(135,471)	103,631
Current income tax expense	3,594	1,272
Deferred income tax expense	31,716	79,968
Depletion and depreciation	587,050	464,580
Gain on dispositions	(4,898)	(9,666)
Impairment reversal	(267,744)	(1,542,414)
Share-based compensation	3,159	6,389
Exploration and evaluation	30,239	15,212
Interest on lease obligations	(193)	(223)
Early redemption expense	(2,462)	(1,851)
Non-cash other income	$ (4,009)	$ (2,857)

Capital Management - Adjusted F

Capital Management - Adjusted Funds Flow (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Corporate Information And Statement Of IFRS Compliance [Abstract]
Cash flows from operating activities	$ 1,172,872	$ 712,384
Change in non-cash working capital	(26,072)	26,582
Asset retirement obligations settled	18,351	6,662
Adjusted Funds Flow	$ 1,165,151	$ 745,628