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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 40-F
| | | | | |
| ☐ | Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934 |
| ☒ | Annual Report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 |
For the fiscal year ended: December 31, 2025
Commission File Number: 001-32754
BAYTEX ENERGY CORP.
(Exact name of Registrant as specified in its charter)
| | | | | | | | |
| Alberta | 1381 | Not Applicable |
| (Province or other jurisdiction of incorporation or organization) | (Primary standard industrial classification code number, if applicable) | (I.R.S. employer identification number, if applicable) |
2800, 520 - 3rd Avenue S.W.
Calgary, Alberta
T2P 0R3
(587) 952-3000
(Address and telephone number of registrant's principle executive offices)
Baytex Energy USA, Inc.
16285 Park Ten Place, Ste 500
Houston, Texas 77084
(713) 722-6500
(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common Shares | | BTE | | New York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
For annual reports, indicate by check mark the information filed with this form:
☒ Annual Information Form ☒ Audited Annual Financial Statements
Indicate the number of outstanding shares of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: 765,568,147
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).
Yes ý No ¨
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act. ☐ Emerging growth company
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ¨
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this Annual Report on Form 40-F are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended (the "Exchange Act") and Section 27A of the Securities Act of 1933, as amended. Please see section titled "Special Note Regarding Forward-Looking Statements" in the Annual Information Form, which is Exhibit 99.1 of this Annual Report on Form 40-F.
Principal Documents
The following documents are filed as part of this Annual Report on Form 40-F and incorporated herein by reference:
A.Annual Information Form
For the Registrant's Annual Information Form for the year ended December 31, 2025, see Exhibit 99.1 of this Annual Report on Form 40-F.
B.Audited Annual Financial Statements
For the Registrant's Audited Consolidated Financial Statements for the year ended December 31, 2025, including the report of its Independent Registered Public Accounting Firm with respect thereto, see Exhibit 99.2 of this Annual Report on Form 40-F.
C.Management's Discussion and Analysis
For the Registrant's Management's Discussion and Analysis of the operating and financial results for the year ended December 31, 2025, see Exhibit 99.3 of this Annual Report on Form 40-F.
D. Supplemental Oil and Gas Information
For the Registrant's Supplemental Disclosures about Extractive Activities - Oil and Gas (unaudited), see Exhibit 99.4 of this Annual Report on Form 40-F.
Controls and Procedures
A.Certifications
The required disclosure is included in Exhibits 99.5, 99.6, 99.7 and 99.8 of this Annual Report on Form 40-F.
B. Disclosure Controls and Procedures
As of the end of the Registrant's fiscal year ended December 31, 2025, an internal evaluation was conducted under the supervision of and with the participation of the Registrant's management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the Registrant's "disclosure controls and procedures" (as defined in Rule 13a-15(e) under Exchange Act). Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the design and operation of the Registrant's disclosure controls and procedures were effective to ensure that the information required to be disclosed in the reports that the Registrant files or submits to the Securities and Exchange Commission is (i) recorded, processed, summarized and reported, within the required time periods; and (ii) accumulated and communicated to the Registrant's management, including the Chief Executive Officer and the Chief Financial Officer, to allow timely decisions regarding the required disclosure.
It should be noted that while the Chief Executive Officer and the Chief Financial Officer believe that the Registrant's disclosure controls and procedures provide a reasonable level of assurance that they are effective, they do not expect that the Registrant's disclosure controls and procedures will prevent all errors and fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.
C.Management's Annual Report on Internal Control Over Financial Reporting
Management's Annual Report on Internal Control Over Financial Reporting is included in the Management's Report that accompanies the Registrant's Audited Consolidated Financial Statements for the year ended December 31, 2025, filed as Exhibit 99.2 to this Annual Report on Form 40-F, and is incorporated herein by reference.
D.Attestation Report of Independent Registered Public Accounting Firm
The Attestation Report of the Registrant's Auditor is included in the Report of Independent Registered Public Accounting Firm that accompanies the Registrant's Audited Consolidated Financial Statements for the year ended December 31, 2025, filed as Exhibit 99.2 of this Annual Report on Form 40-F, and is incorporated herein by reference.
E.Changes in Internal Control Over Financial Reporting
During the year ended December 31, 2025, there were no changes in the Registrant's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Audit Committee Financial Expert
The Registrant's Board of Directors has determined that Ms. Jennifer Maki is an "audit committee financial expert" (as that term is defined in paragraph 8(b) of General Instruction B to Form 40-F) and is "independent" (as defined by the New York Stock Exchange corporate governance rules).
The Securities and Exchange Commission has indicated that the designation or identification of a person as an "audit committee financial expert" does not (i) mean that such person is an "expert" for any purpose, including without limitation for purposes of Section 11 of the Securities Act of 1933, (ii) impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and the board of directors in the absence of such designation or identification, or (iii) affect the duties, obligations or liability of any other member of the audit committee or the board of directors.
Code of Ethics
The Registrant has adopted a "code of ethics" (as that term is defined in paragraph 9(b) of General Instruction B to Form 40-F) ("Code of Ethics"), which is applicable to the directors, officers, employees and consultants of the Registrant and its affiliates
(including, its principal executive officer, principal financial officer, principal accounting officer or controller, and persons performing similar functions). The Code of Ethics is available on the Registrant's website at www.baytexenergy.com.
In the past fiscal year, the Registrant has not amended any provision of its Code of Ethics that relates to any element of the code of ethics definition enumerated in paragraph (9)(b) of General Instruction B to Form 40-F, or granted any waiver, including an implicit waiver, from any provision of its Code of Ethics.
If any amendment to the Code of Ethics is made, or if any waiver from the provisions thereof is granted, the Registrant may elect to disclose the information about such amendment or waiver required by Form 40-F to be disclosed, by posting such disclosure on the Registrant’s website, which may be accessed at www.baytexenergy.com.
Principal Accountant Fees and Services
The required disclosure is included under the heading "Audit Committee Information" and subheading "External Auditor Service Fees" in the Registrant's Annual Information Form for the year ended December 31, 2025, filed as Exhibit 99.1 to this Annual Report on Form 40-F, and is incorporated herein by reference. Our independent registered public accounting firm is KPMG LLP, Calgary, Alberta, Canada, Auditor Firm ID: 85.
Off-Balance Sheet Arrangements
The Registrant does not have any "off-balance sheet arrangements" (as that term is described in paragraph 11 of General Instruction B to Form 40-F) that have or are reasonably likely to have a current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.
Cash Obligations
The required disclosure is included under the heading "Capital Resources and Liquidity" and subheading "Contractual Obligations and Contingencies" in the Registrant's Management's Discussion and Analysis for the year ended December 31, 2025, filed as Exhibit 99.3 to this Annual Report on Form 40-F, and is incorporated herein by reference.
Identification of the Audit Committee
The Registrant has a separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant's Audit Committee members consist of Ms. Jennifer Maki, Mr. Steve Reynish and Mr. Don Hrap.
Mine Safety Disclosure
Not applicable.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
Recovery of Erroneously Awarded Compensation
Not applicable.
Compliance with NYSE Corporate Governance Rules
As a Canadian corporation listed on the NYSE, we are not required to comply with most of the NYSE’s corporate governance standards, and instead may comply with Canadian corporate governance practices. However, we are required to disclose the significant differences between our corporate governance practices and the requirements applicable to U.S. domestic companies listed on the NYSE. These significant differences are disclosed on our website at https://www.baytexenergy.com. Except as disclosed on our website, we are in compliance with the NYSE corporate governance standards in all significant respects.
UNDERTAKING
The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.
CONSENT TO SERVICE OF PROCESS
(1)The Registrant has previously filed a Form F-X in connection with the class of securities in relation to which the obligation to file this report arises.
(2)Any change to the name or address of the Registrant's agent for service shall be communicated promptly to the Commission by amendment to Form F-X referencing the file number of the Registrant.
SIGNATURES
Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized on March 4, 2026.
| | | | | | | | | | | | | | |
| | BAYTEX ENERGY CORP. |
| | | By: | /s/ Chad L. Kalmakoff |
| | | Name: | Chad L. Kalmakoff |
| | | Title: | Chief Financial Officer |
EXHIBIT INDEX
| | | | | |
| Exhibit No. | Document |
| Executive Incentive Compensation Clawback Policy, dated as of November 24, 2023 (incorporated by reference to Exhibit 97.1 of the Registrant’s Annual Report on Form 40-F for the year ended December 31, 2023 (File No. 001-32754) |
| Annual Information Form of the Registrant for the fiscal year ended December 31, 2025. |
| Audited Consolidated Financial Statements of the Registrant for the year ended December 31, 2025 together with the Auditors' Report thereon. |
| Management's Discussion and Analysis of the operating and financial results of the Registrant for the year ended December 31, 2025. |
| Supplemental Disclosures about Extractive Activities - Oil and Gas (unaudited). |
| Certification of Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002. |
| Certification of Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002. |
| Certification of Chief Executive Officer under Section 906 of the Sarbanes-Oxley Act of 2002. |
| Certification of Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002. |
| Consent of KPMG LLP, Independent Registered Public Accounting Firm. |
| Consent of McDaniel & Associates Consultants Ltd., independent engineers. |
| 101 | Interactive Data Files. |
