Baytex Energy Corp 2025年度报告

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, 2025Commission File Number:001-32754 BAYTEX ENERGY CORP.(Exact name of Registrant as specified in its charter) 2800, 520 - 3Avenue S.W.Calgary, AlbertaT2P 0R3(587) 952-3000(Address and telephone number of registrant's principle executive offices)rd Baytex Energy USA, Inc.16285 Park Ten Place, Ste 500Houston, 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: Name of each exchange on whichregistered 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 bythe 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 Actduring the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has beensubject to such filing requirements for the past 90 days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theRegistrant was required to submit such files).Yes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 theregistrant 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 toits 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 effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic 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 theregistrant 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-basedcompensation 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 theSecurities 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 Exhibit99.1 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 Form40-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 itsIndependent 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 Exhibit99.3 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 AnnualReport 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 i