Company Overview August 2015 FORWARD-LOOKING STATEMENTS This - PDF document

Company Overview August 2015

FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that Antero Resources Corporation and its subsidiaries (collectively, the “Company” or “Antero”) expects, believes or anticipates will or may occur in the future are forward-looking statements. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “project,” “foresee,” “should,” “would,” “could,” or other similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Without limiting the generality of the foregoing, forward- looking statements contained in this presentation specifically include estimates of the Company’s reserves, expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including as to the Company’s drilling program, production, hedging activities, capital expenditure levels and other guidance included in this presentation. These statements are based on certain assumptions made by the Company based on management’s experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or referenced under the heading “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014 and in the Company’s subsequent filings with the SEC. The Company cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the exploration for and development, production, gathering and sale of natural gas and oil. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, and the other risks described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014 and in the Company’s subsequent filings with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Antero Resources Corporation is denoted as “AR” and Antero Midstream Partners LP is denoted as “AM” in the presentation, which are their respective New York Stock Exchange ticker symbols. 1

CHANGES SINCE JULY 2015 PRESENTATION New AR slide highlighting recently spud Utica Shale well in Slide 5 West Virginia Updated AR slide showing consolidated enterprise value and Slide 14 AM equity value as of 6/30/2015 New AR slide highlighting the strong balance sheet and liquidity Slide 18 Updated AR slide for 2Q 2015 natural gas realizations and Slide 19 hedge gains Updated AM slide adding 2Q 2015 performance metrics and Slide 39 updated growth rates Updated AM slide showing capitalization table and cash Slide 40 position as of 6/30/2015 Updated AR slide showing debt position and financial and Slide 42 operating statistics as of 6/30/2015 Updated AR slide showing liquidity position and debt maturity Slide 43 position as of 6/30/2015 Updated EBITDAX reconciliation slide as of 6/30/2015 Slide 59 2

WELL COST REDUCTIONS SUPPORT SUSTAINABLE BUSINESS MODEL  Antero has reduced average well costs for a 9,000’ lateral by 16% in the Marcellus and 18% in the Utica as compared to 2014 well costs, through a combination of service cost reductions and drilling and completion efficiencies − 2015 drilling plans generate 26% to 49% rates of return including all pad, road and production facilities costs, depending on which strip price deck is assumed (6/30/2015 vs. 12/31/2014) MARCELLUS WELL ECONOMICS (1) UTICA WELL ECONOMICS (1) 289 60% 300 60% 1,500 254 49% 248 Total 3P Locations Total 3P Locations 1,010 43% 42% 39% 45% 45% 37% 889 200 1,000 30% 628 38% 30% 30% 38% ROR 16% 17% ROR 32% 14% 500 100 29% 28% 26% 15% 15% 94 13% 664 139 10% 11% 0% 0 0% 0 Highly-Rich Highly-Rich Rich Gas Dry Gas 2015 Condensate Highly-Rich Highly-Rich Rich Gas Dry Gas Gas/ Gas Gas/ Gas Drilling Condensate Condensate Plan Total 3P Locations ROR @ 12/31/2014 Strip ROR @ 6/30/2015 Strip Total 3P Locations ROR @ 12/31/2014 Strip ROR @ 6/30/2015 Strip  72% of Marcellus locations are processable (1100-plus Btu)  72% of Utica locations are processable (1100-plus Btu) Marcellus Well Cost Improvement (2) Utica Well Cost Improvement (2) 18% $2.000 16% $2.000 Decrease Decrease vs. 2014 $1.571 vs. 2014 $MM/1,000’ Lateral $MM/1,000’ Lateral $1.500 $1.357 $1.500 $1.289 $1.144 $1.000 $1.000 $0.500 $0.500 $0.000 $0.000 2014 2015E 2014 2015E Well Cost ($MM/1,000') Well Cost ($MM/1,000') 1. 12/31/2014 pre-tax well economics based on a 9,000’ lateral, 12/31/2014 natural gas and WTI strip pricing for 2015-2024, flat thereafter, NGLs at 32.5% of WTI for 2015–2016 and 50% of WTI thereafter, 3 and applicable firm transportation and operating costs. 6/30/2015 pre-tax well economics based on a 9,000’ lateral and 6/30/2015 strip pricing with same pricing assumptions as used for 12/31/2014 pricing. Well cost estimates include $1.2 million assumed for road, pad and production facilities. 2. 2015E well costs based on $10.3 million for a 9,000’ lateral Marcellus well and $11.6 million for a 9,000’ lateral Utica well.

NGL EXPORTS AND NETBACKS STEP-UP BY 4Q 2016  Upon in-service of Mariner East II, Antero will have the ability to market its propane and n-butane to international buyers, providing uplifts of $0.14/Gal and $0.12/Gal, respectively, to the current netbacks received from propane and n-butane volumes shipped to Mont Belvieu today − In the meantime, Antero has 23,000 Bbl/d of propane hedged at $0.63/Bbl in 2015 and 30,000 Bbl/d hedged at $0.59/Bbl in 2016  Commitment to Mariner East II results in over $100 million in combined incremental annualized cash Europe flow from sales of propane and n-butane (~$75 MM from propane and ~$28 MM from n-butane) Mont Belvieu Netback ($/Gal) Pricing Propane : $0.69/Gal Propane N-Butane N-Butane : $0.87/Gal August Mont Belvieu (1) : $0.43 $0.60 Less: Shipping Costs to Mont Belvieu (2) : (0.25) (0.25) Appalachia Netback to AR: $0.18 $0.35 Mariner East II Shipping Shipping Propane : $0.18/Gal Mariner East II $0.25/Gal N-Butane : $0.21/Gal 61,500 Bbl/d AR Commitment (see table below) (3) Pricing 4Q 2016 In-Service Propane : $0.43/Gal NWE Netback ($/Gal) N-Butane : $0.60/Gal Propane N-Butane August NWE Price (1) : $0.69 $0.87 AR Mariner East II Commitment (Bbl/d) Less: Spot Freight (4) : Option (3) (0.18) (0.21) Product Base Total FOB Margin at Marcus Hook: $0.51 $0.66 Ethane (C2) 11,500 - 11,500 Less: Pipeline & Terminal Fee (5) : (0.19) (0.19) Propane (C3) 35,000 35,000 70,000 Butane (C4) 15,000 15,000 30,000 NWE Netback to AR: $0.32 $0.47 Total 61,500 50,000 111,500 Upside to Appalachia Netback: $0.14 $0.12 1. Source: Intercontinental exchange as of 6/30/2015. 4. Shipping rates based on benchmark Baltic shipping rate of $129/ton as of 6/30/15, adjusted for number of 2. Source of graphic: Tudor Pickering Holt & Co. research presentation dated June 16, 2015 shipping days to NWE. 4 3. As an anchor shipper on Mariner East II, Antero has the right to expand its NGL commitment with notice to operator. 5. Pipeline fee equal to $0.0725/gal, per Mariner East I tariff. Terminal fee equal to $0.12/gal, per TPH report dated June 16, 2015.

ANTERO TO DRILL UTICA DRY GAS WELL IN WV  Antero recently spud a dry gas Utica well in Tyler County, WV in 3Q 2015 Utica Shale Dry Gas Cross Section Illustrating Dry Gas Target Point Pleasant Target Point Pleasant Sub-Basin (1) • Dry gas fairway extends from the Antero Utica acreage in eastern Ohio to the Antero Marcellus play acreage in northern West Virginia • Antero has 224,000 net acres and 2,178 potential locations in the Point Pleasant high pressure, high porosity dry gas fairway in OH, WV and PA − 10,000’ to 14,500’ TVD − Density log porosity values average > 8.5% − 120-130’ total thickness − 25 to 59 MMcf/d industry 24-hr IP flow rates * − 1010-1040 BTU expected 5 1. Antero acreage position reflects tax districts in which greater than 3,000 net acres are held in OH, WV and PA.