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BAYTEX ENERGY CORP.
CIK:0001279495|SEC Filings
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
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| Operating activities | |||||
| Net (loss) income | $ (603,779) | $ 236,597 | [1] | ||
| Adjustments for: | |||||
| Unrealized foreign exchange (gain) loss | (88,538) | 153,930 | |||
| Exploration and evaluation | 5,534 | 779 | |||
| Depletion and depreciation | 1,264,692 | 1,385,910 | |||
| Impairment | 148,000 | 0 | |||
| Non-cash financing and accretion | 170,886 | 62,270 | |||
| Unrealized financial derivatives gain | (2,564) | (654) | |||
| Loss on dispositions | 508,080 | 1,220 | |||
| Costs of disposal | (26,383) | 0 | |||
| Deferred income tax expense | 112,241 | 114,927 | |||
| Asset retirement obligations settled | (20,318) | (28,793) | |||
| Change in non-cash working capital | 18,111 | (17,922) | |||
| Cash flows from operating activities | 1,485,962 | 1,908,264 | |||
| Financing activities | |||||
| Decrease in credit facilities | (334,253) | (539,676) | |||
| Debt issuance costs | (2,997) | (25,023) | |||
| Payments on lease obligations | (13,272) | (15,510) | |||
| Net proceeds from issuance of long-term notes | 0 | 780,936 | |||
| Redemption of long-term notes | (1,879,806) | (580,913) | |||
| Repurchase of common shares | (29,420) | (222,200) | |||
| Dividends declared | (69,187) | (71,985) | |||
| Change in non-cash working capital | (1,620) | 6,200 | |||
| Cash flows used in financing activities | (2,330,555) | (668,171) | |||
| Investing activities | |||||
| Additions to exploration and evaluation assets | (930) | 0 | |||
| Additions to oil and gas properties | (1,205,141) | (1,256,633) | |||
| Additions to other plant and equipment | (2,281) | (5,370) | |||
| Additions to assets held for sale | (38,117) | 0 | |||
| Advances received for assets held for sale | 23,334 | 0 | |||
| Property acquisitions | (32,018) | (52,415) | |||
| Proceeds from dispositions, net of cash disposed | 3,018,427 | 46,495 | |||
| Change in non-cash working capital | 17,822 | (11,375) | |||
| Cash flows from (used in) investing activities | 1,781,096 | (1,279,298) | |||
| Change in cash | 936,503 | (39,205) | |||
| Cash, beginning of year | 16,610 | 55,815 | |||
| Cash, end of year | 953,113 | 16,610 | |||
| Supplementary information | |||||
| Interest paid | 202,494 | 200,218 | |||
| Income taxes paid | $ 22,094 | $ 19,430 | |||
| |||||
Consolidated Statements of Financial Position - CAD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Current assets | ||
| Cash | $ 953,113 | $ 16,610 |
| Trade receivables | 135,230 | 387,266 |
| Prepaids and other assets | 35,008 | 20,178 |
| Financial derivatives | 28,898 | 25,573 |
| Assets held for sale | 38,117 | 0 |
| Total current assets | 1,190,366 | 449,627 |
| Non-current assets | ||
| Exploration and evaluation assets | 133,585 | 124,355 |
| Oil and gas properties | 1,918,435 | 6,921,168 |
| Other plant and equipment | 7,648 | 8,025 |
| Lease assets | 20,812 | 22,068 |
| Prepaids and other assets | 28,224 | 56,290 |
| Deferred income tax asset | 46,344 | 178,212 |
| Total assets | 3,345,414 | 7,759,745 |
| Current liabilities | ||
| Trade payables | 236,373 | 512,473 |
| Share-based compensation liability | 26,108 | 18,806 |
| Dividends payable | 17,268 | 17,598 |
| Financial derivatives | 2,406 | 0 |
| Liabilities related to asset held for sale | 23,710 | 0 |
| Lease obligations | 7,175 | 9,193 |
| Asset retirement obligations | 17,138 | 15,656 |
| Total current liabilities | 330,178 | 573,726 |
| Non-current liabilities | ||
| Other long-term liabilities | 0 | 20,887 |
| Share-based compensation liability | 8,694 | 5,926 |
| Financial derivatives | 0 | 1,645 |
| Credit facilities | 1,138 | 324,346 |
| Long-term notes | 93,834 | 1,932,890 |
| Lease obligations | 15,844 | 15,459 |
| Asset retirement obligations | 506,677 | 625,295 |
| Deferred income tax liability | 0 | 88,561 |
| Total liabilities | 956,365 | 3,588,735 |
| SHAREHOLDERS’ EQUITY | ||
| Shareholders' capital | 6,072,562 | 6,137,479 |
| Contributed surplus | 397,681 | 361,854 |
| Accumulated other comprehensive income | 13,356 | 1,093,261 |
| Deficit | (4,094,550) | (3,421,584) |
| Total shareholders' equity | 2,389,049 | 4,171,010 |
| Total liabilities and shareholders' equity | $ 3,345,414 | $ 7,759,745 |