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Exhibit 2.01
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Extractive Sector Transparency Measures Act - Annual Report | |
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 |  Original Submission  Amended Report | |
Other Subsidiaries Included (optional field) | |
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Not Consolidated | |
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Not Substituted | |
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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. |
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Full Name of Director or Officer of Reporting Entity | Chad Kalmakoff |
Date |
2023-05-23 |
Position Title | Chief Financial Officer |
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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 Project |
Country | Project Name1 | Taxes | Royalties | Fees | Production Entitlements | Bonuses | Dividends | Infrastructure Improvement Payments | Total Amount paid by Project | Notes23 |
Canada | CONVENTIONAL | 990,000 | 3,880,000 | 1,120,000 | | | | | 5,990,000 | |
Canada | DUVERNAY | 440,000 | 3,130,000 | 600,000 | | | | | 4,170,000 | |
Canada | LLOYDMINSTER | 5,750,000 | 24,620,000 | 4,050,000 | | 4,460,000 | | | 38,880,000 | |
Canada | PEACE RIVER | 6,070,000 | 100,810,000 | 2,900,000 | | 2,840,000 | | | 112,620,000 | |
Canada | VIKING | 7,500,000 | 17,340,000 | 3,190,000 | | 4,400,000 | | 300,000 | 32,730,000 | |
United States of America | USA | 8,930,000 | 71,100,000 | | | | | | 80,030,000 | 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. |
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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 | | | 120,000 | | | | | 120,000 | |
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 | | 99,170,000 | 6,960,000 | | 3,020,000 | | | 109,150,000 | 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 | | 35,330,000 | 2,990,000 | | 5,840,000 | | | 44,160,000 | |
Canada | BRAZEAU COUNTY | | 260,000 | | | | | | | 260,000 | |
Canada | CLEARWATER COUNTY | | 220,000 | | | | | | | 220,000 | |
Canada | COUNTY OF VERMILION RIVER NO. 24 | | 400,000 | | | | | | | 400,000 | |
Canada | COUNTY OF WETASKIWIN NO. 10 | | 370,000 | | | | | | | 370,000 | |
Canada | PONOKA COUNTY | | 80,000 | | 230,000 | | | | | 310,000 | |
Canada | MUNICIPAL DISTRICT OF BONNYVILLE NO. 87 | | 430,000 | | | | | | | 430,000 | |
Canada | MUNICIPAL DISTRICT OF SMOKY RIVER NO.130 | | 440,000 | | | | | | | 440,000 | |
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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 | | 5,580,000 | | | | | | | 5,580,000 | |
Canada | RURAL MUNICIPALITY OF ANTELOPE PARK NO. 322 | | 160,000 | | | | | | | 160,000 | |
Canada | RURAL MUNICIPALITY OF BRITANNIA NO. 502 | | 780,000 | | | | | | | 780,000 | |
Canada | RURAL MUNICIPALITY OF CHESTERFIELD NO. 261 | | 300,000 | | | | | | | 300,000 | |
Canada | RURAL MUNICIPALITY OF ELDON NO. 471 | | 600,000 | | | | | | | 600,000 | |
Canada | RURAL MUNICIPALITY OF FRENCHMAN BUTTE NO. 51 | | 300,000 | | | | | | | 300,000 | |
Canada | RURAL MUNICIPALITY OF HILLSDALE NO. 440 | | 1,890,000 | | | | | | | 1,890,000 | |
Canada | RURAL MUNICIPALITY OF KINDERSLEY NO.290 | | 1,680,000 | | 450,000 | | | | 150,000 | 2,280,000 | |
Canada | RURAL MUNICIPALITY OF MONET NO. 257 | | 1,450,000 | | 500,000 | | | | | 1,950,000 | |
Canada | RURAL MUNICIPALITY OF MOUNTAIN VIEW NO. 318 | | 100,000 | | | | | | | 100,000 | |
Canada | RURAL MUNICIPALITY OF OAKDALE NO. 320 | | 1,830,000 | | | | | | | 1,830,000 | |
Canada | RURAL MUNICIPALITY OF PRAIRIEDALE NO. 321 | | 620,000 | | | | | | | 620,000 | |
Canada | RURAL MUNICIPALITY OF PROGRESS NO. 351 | | 850,000 | | | | | | | 850,000 | |
Canada | RURAL MUNICIPALITY OF SNIPE LAKE NO. 259 | | 1,000,000 | | | | | | 150,000 | 1,150,000 | |
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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 | | 290,000 | | | | | | | 290,000 | |
Canada | RURAL MUNICIPALITY OF WINSLOW NO.319 | | 140,000 | | | | | | | 140,000 | |
Canada | SPECIAL AREAS BOARD | | 490,000 | | | | | | | 490,000 | |
Canada | STURGEON COUNTY | | 390,000 | | | | | | | 390,000 | |
Canada | TOWN OF RIMBEY | | | | 180,000 | | | | | 180,000 | |
Canada | METIS SETTLEMENTS GENERAL COUNCIL | | | 4,580,000 | | | | | | 4,580,000 | |
Canada | PEAVINE METIS SETTLEMENT ASSOCIATION | | 110,000 | 10,700,000 | 430,000 | | 2,840,000 | | | 14,080,000 | |
United States of America | KARNES COUNTY | | 4,090,000 | | | | | | | 4,090,000 | 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 | | 3,600,000 | 71,100,000 | | | | | | 74,700,000 | 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. |
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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. |
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.
