UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
    
Form SD
    
SPECIALIZED DISCLOSURE REPORT
Baytex Energy Corp.
(Exact name of registrant as specified in its charter)
Alberta, Canada001-32754Not Applicable
(State or other Jurisdiction of Incorporation)(Commission File Number)(IRS Employer Identification No.)
2800, 520 – 3rd Avenue S.W.
Calgary, Alberta, Canada
T2P 0R3
(Address of executive offices)(ZIP code)
Chad L. Kalmakoff, (587) 952-3000
(Name and telephone number, including area code,
of the person to contact in connection with this report.)
Check the appropriate box to indicate the rule pursuant to which this Form is being submitted, and provide the period to which the information in this Form applies:
_____    Rule 13p-1 under the Securities Exchange Act (17 CFR 240.13p-1) for the reporting period from January 1 to December 31, __________.
X     Rule 13q-1 under the Securities Exchange Act (17 CFR 240.13q-1) for the fiscal year ended December 31, 2023.







SECTION 1 – CONFLICT MINERALS DISCLOSURE

Item 1.01 – Conflict Minerals Disclosure and Report

Not applicable.

Item 1.02 – Exhibit

Not applicable.

SECTION 2 – RESOURCE EXTRACTION ISSUER DISCLOSURE

Section 2.01 – Resource Extraction Issuer Disclosure Report

Baytex Energy Corp. (the “Company”) is subject to Canada’s Extractive Sector Transparency Measures Act (“ESTMA”). The Company is relying on the alternative reporting provision of Item 2.01 and providing its ESTMA report for the year ended December 31, 2023 to satisfy the requirements of Item 2.01. The Company’s ESTMA report is available on the Company’s website at https://www.baytexenergy.com/content/uploads/2024/05/2023-ESTMA-Report-FINAL-8d94078e.pdf or on the Government of Canada’s website at https://natural-resources.canada.ca/our-natural-resources/minerals-mining/services-for-the-mining-industry/extractive-sector-transparency-measures-act/links-estma-reports/18198. The payment disclosure required by Form SD is included as Exhibit 2.01 to this Form SD.

SECTION 3 – EXHIBITS

Section 3.01 – Exhibits

The following exhibit is filed as part of this report.

Exhibit NumberDescription
Extractive Sector Transparency Measures Act – Annual Report for the year ended December 31, 2023




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the duly authorized undersigned.
Date: September 26, 2024    
BAYTEX ENERGY CORP.
By:/s/ Chad L. Kalmakoff                        
Name:Chad L. Kalmakoff
Title:Chief Financial Officer


Exhibit 2.01

Extractive Sector Transparency Measures Act - Annual Report
btelogo.jpg
Reporting Entity Name
BAYTEX ENERGY CORP.
Reporting Year
From
2023-01-01
To:
2023-12-31
Date submitted
2024-05-23
Reporting Entity ESTMA Identification Number
E144401
Picture1.jpg Original Submission
Picture2.jpg Amended Report
Other Subsidiaries Included
(optional field)
Not Consolidated
Not Substituted
Attestation by Reporting Entity
In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.
Full Name of Director or Officer of Reporting Entity
Chad Kalmakoff

Date

2023-05-23
Position Title
Chief Financial Officer


Extractive Sector Transparency Measures Act - Annual Report
Reporting Year
From:
2023-01-01
To:
2023-12-31
Reporting Entity Name
BAYTEX ENERGY CORP.Currency of the ReportCAD
Reporting Entity ESTMA
Identification Number
E144401
Subsidiary Reporting Entities (if necessary)
Payments by Project
Country
Project Name1
Taxes
Royalties
Fees
Production Entitlements
Bonuses
Dividends
Infrastructure Improvement Payments
Total Amount paid by Project
Notes23
Canada
CONVENTIONAL990,0003,880,0001,120,0005,990,000
Canada
DUVERNAY440,0003,130,000600,0004,170,000
Canada
LLOYDMINSTER5,750,00024,620,0004,050,0004,460,00038,880,000
Canada
PEACE RIVER
6,070,000100,810,0002,900,0002,840,000112,620,000
Canada
VIKING7,500,00017,340,0003,190,0004,400,000300,00032,730,000
United States of America
USA
8,930,00071,100,00080,030,000
Payments made in U.S. dollars have been converted to Canadian dollars using the December 29, 2023 exchange rate of 1.32045.
Additional Notes3:
All reported payments have been rounded to the nearest CDN $10,000.





Extractive Sector Transparency Measures Act - Annual Report
Reporting Year
From:
2023-01-01
To:
2023-12-31
Reporting Entity Name
BAYTEX ENERGY CORP.
Currency of the Report
CAD
Reporting Entity ESTMA
Identification Number
E144401
Subsidiary Reporting Entities (if necessary)
Payments by Payee
Country
Payee Name1
Departments, Agency, etc… within Payee that Received
Payments2
Taxes
Royalties
Fees
Production Entitlements
Bonuses
Dividends
Infrastructure Improvement Payments
Total Amount paid to Payee
Notes34
Canada
GOVERNMENT OF CANADA
RECEIVER GENERAL OF CANADA, CANADA REVENUE AGENCY, FARM CREDIT CANADA
120,000120,000
Canada -Alberta
PROVINCE OF ALBERTA
GOVERNMENT OF ALBERTA, MINISTER OF FINANCE, PROVINCIAL TREASURER OF ALBERTA, TREASURY BOARD AND FINANCE, CROWN DEBT COLLECTIONS , ALBERTA ENERGY REGULATOR, ALBERTA PETROLEUM MARKETING COMMISSION
99,170,0006,960,0003,020,000109,150,000
Royalties paid in-kind total $6.3MM and are valued at the fair market value of the volumes taken in-kind at the time of the transaction.
Canada -Saskatchewan
PROVINCE OF SASKATCHEWAN
MINISTER OF FINANCE, SASKATCHEWAN MINISTRY OF THE ECONOMY, SASKATCHEWAN INDUSTRY AND RESOURCES, MINISTRY OF AGRICULTURE - LANDS BRANCH, MINISTRY OF ENVIRONMENT, WATER SECURITY AGENCY
35,330,0002,990,0005,840,00044,160,000
Canada
BRAZEAU COUNTY
260,000260,000
Canada
CLEARWATER COUNTY
220,000220,000
Canada
COUNTY OF VERMILION RIVER NO. 24
400,000400,000
Canada
COUNTY OF WETASKIWIN NO. 10
370,000370,000
Canada
PONOKA COUNTY
80,000230,000310,000
Canada
MUNICIPAL DISTRICT OF BONNYVILLE NO. 87
430,000430,000
Canada
MUNICIPAL DISTRICT OF SMOKY RIVER NO.130
440,000440,000


Extractive Sector Transparency Measures Act - Annual Report
Reporting Year
From:
2023-01-01
To:
2023-12-31
Reporting Entity Name
BAYTEX ENERGY CORP.
Currency of the Report
CAD
Reporting Entity ESTMA
Identification Number
E144401
Subsidiary Reporting Entities (if necessary)
Payments by Payee
Country
Payee Name1
Departments, Agency, etc… within Payee that Received
Payments2
Taxes
Royalties
Fees
Production Entitlements
Bonuses
Dividends
Infrastructure Improvement Payments
Total Amount paid to Payee
Notes34
Canada
NORTHERN SUNRISE COUNTY
5,580,0005,580,000
Canada
RURAL MUNICIPALITY OF ANTELOPE PARK NO. 322
160,000160,000
Canada
RURAL MUNICIPALITY OF BRITANNIA NO. 502
780,000780,000
Canada
RURAL MUNICIPALITY OF CHESTERFIELD NO. 261
300,000300,000
Canada
RURAL MUNICIPALITY OF ELDON NO. 471
600,000600,000
Canada
RURAL MUNICIPALITY OF FRENCHMAN BUTTE NO. 51
300,000300,000
Canada
RURAL MUNICIPALITY OF HILLSDALE NO. 440
1,890,0001,890,000
Canada
RURAL MUNICIPALITY OF KINDERSLEY NO.290
1,680,000450,000150,0002,280,000
Canada
RURAL MUNICIPALITY OF MONET NO. 257
1,450,000500,0001,950,000
Canada
RURAL MUNICIPALITY OF MOUNTAIN VIEW NO. 318
100,000100,000
Canada
RURAL MUNICIPALITY OF OAKDALE NO. 320
1,830,0001,830,000
Canada
RURAL MUNICIPALITY OF PRAIRIEDALE NO. 321
620,000620,000
Canada
RURAL MUNICIPALITY OF PROGRESS NO. 351
850,000850,000
Canada
RURAL MUNICIPALITY OF SNIPE LAKE NO. 259
1,000,000150,0001,150,000


Extractive Sector Transparency Measures Act - Annual Report
Reporting Year
From:
2023-01-01
To:
2023-12-31
Reporting Entity Name
BAYTEX ENERGY CORP.
Currency of the Report
CAD
Reporting Entity ESTMA
Identification Number
E144401
Subsidiary Reporting Entities (if necessary)
Payments by Payee
Country
Payee Name1
Departments, Agency, etc… within Payee that Received
Payments2
Taxes
Royalties
Fees
Production Entitlements
Bonuses
Dividends
Infrastructure Improvement Payments
Total Amount paid to Payee
Notes34
Canada
RURAL MUNICIPALITY OF WILTON NO. 472
290,000290,000
Canada
RURAL MUNICIPALITY OF WINSLOW NO.319
140,000140,000
Canada
SPECIAL AREAS BOARD
490,000490,000
Canada
STURGEON COUNTY
390,000390,000
Canada
TOWN OF RIMBEY
180,000180,000
Canada
METIS SETTLEMENTS GENERAL COUNCIL
4,580,0004,580,000
Canada
PEAVINE METIS SETTLEMENT ASSOCIATION
110,00010,700,000430,0002,840,00014,080,000
United States of America
KARNES COUNTY
4,090,0004,090,000
Payments made in U.S. dollars have been converted to Canadian dollars using the December 29, 2023 exchange rate of 1.32045.
United States of America
STATE OF TEXAS
3,600,00071,100,00074,700,000
Payments made in U.S. dollars have been converted to Canadian dollars using the December 29, 2023 exchange rate of 1.32045.
United States of America
LAVACA COUNTY
530,000
530,000
Payments made in U.S. dollars have been converted to Canadian dollars using the December 29, 2023 exchange rate of 1.32045.


Extractive Sector Transparency Measures Act - Annual Report
Reporting Year
From:
2023-01-01
To:
2023-12-31
Reporting Entity Name
BAYTEX ENERGY CORP.
Currency of the Report
CAD
Reporting Entity ESTMA
Identification Number
E144401
Subsidiary Reporting Entities (if necessary)
Payments by Payee
Country
Payee Name1
Departments, Agency, etc… within Payee that Received
Payments2
Taxes
Royalties
Fees
Production Entitlements
Bonuses
Dividends
Infrastructure Improvement Payments
Total Amount paid to Payee
Notes34
United States of America
DIMMIT COUNTY
700,000
700,000
Payments made in U.S. dollars have been converted to Canadian dollars using the December 29, 2023 exchange rate of 1.32045.
Additional Notes:
All reported payments have been rounded to the nearest CDN $10,000.


Image_3.jpg



INTRODUCTION

Baytex Energy Corp. and its subsidiaries (collectively the “Company” or “Baytex”) has prepared the following report (the “Report”) of payments made to government entities for the year ended December 31, 2023, as required by the Extractive Sector Transparency Measures Act, S.C. 2014, c.39, s.376 (“ESTMA” or “the Act”).

In addition to the payments required to be reported under the Act, Baytex makes broader socio-economic contributions to the local areas in which we operate that are outside the scope of this report. Information pertaining to these contributions is included in Baytex’s 2022 Sustainability Report available on the Company’s website at www.baytexenergy.com. Baytex’s 2023 Sustainability Report will be released in the summer of 2024.

BASIS OF PREPARATION

The Report is presented in Canadian Dollars and has been prepared in accordance with the requirements of the Act and the Natural Resources Canada Technical Reporting Specifications. The purpose of the Technical Reporting Specifications is to provide the form and manner specifications for the reporting process. The following is a summary of judgements and definition s that Baytex has made in preparation of the Report.

Payee

A payee is:

a)Any government in Canada or in a foreign state;
b)A body that is established by two or more governments;
c)Any trust, board, commission, corporation or body or other authority that is established to exercise or perform, or that exercises or performs, a power, duty or function of a government for a government referred to in a) above or a body referred to in b) above.

Payees include governments at any level, including national, regional, state/provincial , local/municipal levels, as well as Indigenous governments. Payees include Crown corporations and other state-owned enterprises that are exercising or performing a power, duty or function of government.

Where practical, the name of the department, agency or other body of the payee that received the payment is disclosed.

Activities within the scope of the Act

Payments made by Baytex to payees arising from the commercial development of oil, gas and minerals (“commercial development”) are disclosed in this Report. This Report includes payments related to initial processing activities that are integrated with the Company’s extraction operations and comprise commercial development. Payments that are not related to commercial development, as defined by ESTMA and the Technical Reporting Specifications, are excluded from this Report.

Project

Payments are reported at a project level except for payments that are not attributable to a specific project and are reported at the entity level. Corporate income taxes, which are not typically levied at a project level, are an example of this.

A “project” is defined as the operational activities that are governed by a single contract, license, lease, concession or similar legal agreement and form the basis for payment liabilities with a government. However, if multiple such agreements are substantially interconnected, the agreements are grouped into a single “project” for reporting purposes, as permitted under the Act and the Technical Reporting Specifications.

Cash and in-kind payments



Payments are reported on a cash basis, meaning that they are reported in the period in which they are paid. In -kind payments are converted to an equivalent cash value based on the most appropriate and relevant valuation method for each payment, which can be at cost or market value or such value as stated in the contract.

Payments made in a foreign currency are translated into Canadian dollars at the year -end exchange rate, as allowed in the Technical Reporting Specifications.

Payments to the same payee that meet or exceed CAD$100,000 in one category of payment are disclosed and are rounded to the nearest CAD$10,000.

Refunds, rebates and credits

Amounts paid to payees have been reported at the amounts paid by Baytex, including instances where an applicable credit or rebate reduces the amount payable, to reflect the net cash payment to the payee. Cash refunds or rebates received from payees have not been reported where they have not been applied as a credit to amounts owing.

Operatorship

Baytex often conducts joint venture operations with other entities for commercial development. Typically one entity, the operator, makes payments on behalf of all parties and is reimbursed by the non -operating venture partners. Where Baytex makes a reportable payment, the full amount paid is disclosed, regardless of whether Baytex is the operator or could subsequently be reimbursed by its non-operating venture partners.

Payments made by other entities with which Baytex has joint control or arrangement are excluded from this Report, with the exception of certain payments made for our non-operated properties where the operator is not subject to the Act. As such, we have reported the net payments the operator made on our behalf using the best information available.

PAYMENT CATEGORIES

The information is reported under the following payment categories.

Taxes

This payment category includes taxes levied on income, profit and production. Taxes reported include corporate income tax, property taxes and certain provincial resource surcharges that relate to commercial development. Consumption taxes, personal income taxes, sales taxes and taxes withheld by others on behalf of the Company, as well as tax refunds received are excluded.

Royalties

These are payments for the rights to extract oil and natural gas resources and include in-kind royalties.

Fees

Fees include payments for rental fees, entry fees, regulatory charges and other considerations for licenses, permits and/or concessions required in order to gain access to an area where extractive activities are performed. Amounts paid in ordinary course commercial transactions in exchange for services or goods provided by a payee are excluded.

Production entitlements

These payments relate to the payee’s share of oil, gas or mineral production under production sharing agreements or similar contractual or legislated arrangements. There were no reportable production entitlement payments for the year ended December 31, 2023.

Bonuses

Signing, discovery, production and any other type of bonus paid to a payee are reported under this category.

Dividends

These are dividend payments other than dividends paid to a payee as an ordinary shareholder of an entity unless paid in lieu of production entitlements or royalties. There were no reportable dividend payments for the year ended December 31, 2023.

Infrastructure improvement payments

These payments relate to the construction of infrastructure that is unrelated to the Company’s commercial development activities.

v3.24.3
Document Information
 12 Months Ended
Dec. 31, 2023
Document Information:  
Document Type 2.01 SD
Amendment false
CIK 0001279495
Registrant Name Baytex Energy Corp.
Period End Date Dec. 31, 2023
Reporting Currency CAD
v3.24.3
Payments, by Category - CAD ($)
Taxes
Royalties
Fees
Bonuses
Infrastructure
Total Payments
Total $ 29,680,000 $ 220,880,000 $ 11,860,000 $ 11,700,000 $ 300,000 $ 274,420,000
v3.24.3
Payments, by Project - 12 months ended Dec. 31, 2023 - CAD ($)
Taxes
Royalties
Fees
Bonuses
Infrastructure
Total Payments
Total $ 29,680,000 $ 220,880,000 $ 11,860,000 $ 11,700,000 $ 300,000 $ 274,420,000
CONVENTIONAL [Member]            
Total 990,000 3,880,000 1,120,000     5,990,000
DUVERNAY [Member]            
Total 440,000 3,130,000 600,000     4,170,000
LLOYDMINSTER [Member]            
Total 5,750,000 24,620,000 4,050,000 4,460,000   38,880,000
PEACE RIVER [Member]            
Total 6,070,000 100,810,000 2,900,000 2,840,000   112,620,000
VIKING [Member]            
Total 7,500,000 17,340,000 $ 3,190,000 $ 4,400,000 $ 300,000 32,730,000
USA [Member]            
Total $ 8,930,000 $ 71,100,000       $ 80,030,000
v3.24.3
Payments, by Government - 12 months ended Dec. 31, 2023 - CAD ($)
Taxes
Royalties
Fees
Bonuses
Infrastructure
Total Payments
Total $ 29,680,000 $ 220,880,000 $ 11,860,000 $ 11,700,000 $ 300,000 $ 274,420,000
CANADA | GOVERNMENT OF CANADA [Member]            
Total     120,000     120,000
CANADA | PROVINCE OF ALBERTA [Member]            
Total   99,170,000 6,960,000 3,020,000   109,150,000
CANADA | PROVINCE OF SASKATCHEWAN [Member]            
Total   35,330,000 2,990,000 5,840,000   44,160,000
CANADA | BRAZEAU COUNTY [Member]            
Total 260,000         260,000
CANADA | CLEARWATER COUNTY [Member]            
Total 220,000         220,000
CANADA | COUNTY OF VERMILION RIVER NO. 24 [Member]            
Total 400,000         400,000
CANADA | COUNTY OF WETASKIWIN NO. 10 [Member]            
Total 370,000         370,000
CANADA | PONOKA COUNTY [Member]            
Total 80,000   230,000     310,000
CANADA | MUNICIPAL DISTRICT OF BONNYVILLE NO. 87 [Member]            
Total 430,000         430,000
CANADA | MUNICIPAL DISTRICT OF SMOKY RIVER NO.130 [Member]            
Total 440,000         440,000
CANADA | NORTHERN SUNRISE COUNTY [Member]            
Total 5,580,000         5,580,000
CANADA | RURAL MUNICIPALITY OF ANTELOPE PARK NO. 322 [Member]            
Total 160,000         160,000
CANADA | RURAL MUNICIPALITY OF BRITANNIA NO. 502 [Member]            
Total 780,000         780,000
CANADA | RURAL MUNICIPALITY OF CHESTERFIELD NO. 261 [Member]            
Total 300,000         300,000
CANADA | RURAL MUNICIPALITY OF ELDON NO. 471 [Member]            
Total 600,000         600,000
CANADA | RURAL MUNICIPALITY OF FRENCHMAN BUTTE NO. 51 [Member]            
Total 300,000         300,000
CANADA | RURAL MUNICIPALITY OF HILLSDALE NO. 440 [Member]            
Total 1,890,000         1,890,000
CANADA | RURAL MUNICIPALITY OF KINDERSLEY NO.290 [Member]            
Total 1,680,000   450,000   150,000 2,280,000
CANADA | RURAL MUNICIPALITY OF MONET NO. 257 [Member]            
Total 1,450,000   500,000     1,950,000
CANADA | RURAL MUNICIPALITY OF MOUNTAIN VIEW NO. 318 [Member]            
Total 100,000         100,000
CANADA | RURAL MUNICIPALITY OF OAKDALE NO. 320 [Member]            
Total 1,830,000         1,830,000
CANADA | RURAL MUNICIPALITY OF PRAIRIEDALE NO. 321 [Member]            
Total 620,000         620,000
CANADA | RURAL MUNICIPALITY OF PROGRESS NO. 351 [Member]            
Total 850,000         850,000
CANADA | RURAL MUNICIPALITY OF SNIPE LAKE NO. 259 [Member]            
Total 1,000,000       $ 150,000 1,150,000
CANADA | RURAL MUNICIPALITY OF WILTON NO. 472 [Member]            
Total 290,000         290,000
CANADA | RURAL MUNICIPALITY OF WINSLOW NO.319 [Member]            
Total 140,000         140,000
CANADA | SPECIAL AREAS BOARD [Member]            
Total 490,000         490,000
CANADA | STURGEON COUNTY [Member]            
Total 390,000         390,000
CANADA | TOWN OF RIMBEY [Member]            
Total     180,000     180,000
CANADA | METIS SETTLEMENTS GENERAL COUNCIL [Member]            
Total   4,580,000       4,580,000
CANADA | PEAVINE METIS SETTLEMENT ASSOCIATION [Member]            
Total 110,000 10,700,000 $ 430,000 $ 2,840,000   14,080,000
UNITED STATES | KARNES COUNTY [Member]            
Total 4,090,000         4,090,000
UNITED STATES | STATE OF TEXAS [Member]            
Total 3,600,000 $ 71,100,000       74,700,000
UNITED STATES | LAVACA COUNTY [Member]            
Total 530,000         530,000
UNITED STATES | DIMMIT COUNTY [Member]            
Total $ 700,000         $ 700,000
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