Company Overview December 2017 Forw ard-Looking Statements This - - PowerPoint PPT Presentation

Company Overview December 2017

Forw ard-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

• r developments that Antero Resources Corporation and its subsidiaries (collectively, the “Company” or “Antero”) expects, believes or anticipates will
• r 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

• perating 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, 2016 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, 2016 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.

1

Antero Resources Corporation is denoted as “AR” in the presentation, Antero Midstream Partners LP is denoted as “AM” and Antero Midstream GP LP is denoted as “AMGP”, which are their respective New York Stock Exchange ticker symbols.

2

Market Cap(1)……….…….... Enterprise Value(2)…......…... Corporate Debt Ratings…… Stand-alone Leverage(3) Net Production (3Q 2017)… Liquids(4)..................... 3P Reserves(5)………..….... Net Acres(6)………….…...… Midstream Ownership(7)

• 1. Based on market capitalization as of 9/30/2017.
• 2. Market capitalization plus net debt on a stand-alone basis as of 9/30/2017.
• 3. Stand-alone net debt to latest twelve months EBITDAX as of 9/30/2017.
• 4. Oil plus NGLs.
• 5. 3P reserves as of 6/30/2017, assuming 28% ethane recovery, of which 96% represent 2P reserves.
• 6. Net acres as of 9/30/2017.
• 7. Market value of AR’s 53% ownership of Antero Midstream Partners (NYSE: AM) as of 9/30/2017.

$6.3 billion $9.7 billion Ba2 / BB 2.6x 2,317 MMcfe/d 112,000 Bbl/d 53.0 Tcfe 636,000 $3.1 billion

Antero Profile

Antero’s Core Business Strategy 3 Develop World Class Resource Over the Long Term

• Run by co-founders and management with significant ownership
• Forward thinking with industry leading hedge and firm transportation portfolio designed to

reduce price volatility and facilitate consistent, repeatable asset development

• Expand core inventory opportunistically through grass roots leasing and acquisitions

Generate High Margin Cash Flow

• Disciplined capital investment driven by single well but also corporate-wide returns
• Focus on liquids-rich inventory in the lowest cost U.S. shale basins
• Continuous focus on efficiency gains through reduced cycle times and long laterals

Maintain a Strong and Flexible Stand-alone Balance Sheet

• Fund drilling and completion capital with discretionary cash flow
• Target leverage in the low to mid 2x range
• Create optionality to return capital to shareholders

Capture the Energy Value Chain

• Continue to build the most integrated natural gas and NGL story in the U.S.
• Significant value, visibility and opportunity in integrated operations and 53% midstream
• wnership (NYSE: AM)

1 2 3 4

3,890 2,096 1,757 1,024 1,001 817 776 741 653 633 632 563

• 500

1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 AR A B C D E F G H I J K Undrilled Locations Core - NE Pennsylvania Dry Locations Core - SW Marcellus & Utica Dry Locations Core - Marcellus & Utica Liquids Rich Locations

Core Liquids-Rich Appalachia Undrilled Locations

AR 44%

B 13% C 10% H 8% E 6% I 5% A 4% D 3% J 3% G 2% K 2%

Core outlines based upon Antero geologic interpretation, well control, drilling activity, well economics and peer acreage positions based on investor presentations, news releases, 10-K/10-Qs and various other

• sources. Rig information per RigData as of 10/27/2017.
• 1. Peers include Ascent, CHK, CNX, COG, CVX, EQT, GPOR, HG, RICE, RRC and SWN.

* Undrilled location count net of acreage allocated to publicly disclosed joint ventures.

Based on thorough technical analysis of competitor acreage configurations, well results and geology, Antero has the largest core drilling inventory (see core outlines) in Appalachia and holds 44% of the total liquids rich undrilled inventory

33 SW Marcellus Rigs 31 Utica Rigs 12 NE Marcellus Rigs

76 Total Rigs

4

Largest Core Drilling Inventory in Appalachia- Liquids Focused

Undrilled Core Marcellus and Core Utica 3P Locations (1)

Avg. Lateral Length 6,414’ 6,416’ 8,394’ 5,868’ 8,547’ 9,339’ 7,486’ 7,301’ 8,868’ 7,157’ 8,033’ 7,812’

Capital Efficiencies and Cash Flow Growth Result in Free Cash Flow and Declining Leverage Through 2020(1) 3 Market Leading Exposure to NGL Prices and Production Growth 1

Antero Investment Highlights

5 Maximizing Financial Returns with Enhanced Completions and Long Laterals 2 Midstream Ownership and Integration Delivers Tremendous Value to Antero Shareholders 4

• 1. Assuming flat $3.00 NYMEX gas and $54 WTI oil through 2020.

105.6 34% 30% 11% 13% 8% 12% 12% 12% 13% 7% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 45.0 55.0 65.0 75.0 85.0 95.0 105.0 115.0 AR RRC DVN APC EOG COP CHK PXD NBL OXY NGL % of Product Revenues MBbl/d 3Q17 Daily NGL Production NGL % of Product Revenues

Largest NGL Producer in the U.S.

6

Source: SEC filings and company press releases. Realized prices are weighted average including ethane (C2) where applicable.

Antero is the largest NGL producer in the U.S and has the most NGL exposure at 34% of total upstream company revenues

Top U.S. NGL Producers (MBbl/d) – 3Q 2017 Largest NGL producer in the U.S. in 3Q ’17 with the Highest exposure to NGLs among the top 10 peer group

$23.11

Pre-hedged Realized Price ($/Bbl)

$16.93 $15.15 $31.07 $22.38 $20.72 $21.83 $18.96 $22.91 $22.99

1

20,000 40,000 60,000 80,000 100,000 120,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec MBbls 2015 2016 2017

Source: EIA and Bentek. Data as of 10/18/2017.

Antero is well positioned to capitalize on an improving propane market with low inventories, increasing demand and tightening of Mont Belvieu pricing relative to WTI

7

Historically Isolated U.S. Markets Unlocked with LPG Export Capacity Buildout Strong Absolute & Relative Price Improvement Driving Propane Inventories Short

26% and 37% reduction from 2015 and 2016 “trough” inventory levels, respectively

Strong Propane Fundamentals

1

• 200

400 600 800 1,000 1,200 1,400 1,600 000s Bbl/day

Historically the U.S. has been constrained by export capacity Excess capacity for exports to global markets

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 Propane % of WTI Propane Price ($/gallon) Mont Belvieu Propane Price % of WTI Propane Butane Export Terminal Capacity

9.4 11.0

• 2.0

4.0 6.0 8.0 10.0 12.0 Asia Europe Latin America North America Middle East Africa Other

8

Propane and butane increasingly becoming a globally priced product as U.S. domestic supply has the ability to reach primary demand growth centers in Asia Global Propane and Butane Outlook Growing Propane and Butane Demand

Source: PIRA report dated March 17, 2017.

And Healthy Global Demand

1

Global propane and butane LPG demand growing at or above global GDP, equating to 1.6 MMBbls/d of incremental demand forecast from 2017 – 2025 ‒ Demand driven primarily by industrialization and urbanization in Asia ‒ Asia becoming the “price setter” as the world’s largest demand center ‒ Appalachia geographically advantaged for Europe destination cargoes and at parity for Asia destination cargoes vs. the Gulf Coast MMBbl/d

Global Propane Prices Converge

$0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $/gallon Mont Belvieu Far East Index Northwest Europe Asia Europe Latin America North America

Tightening inventories and increasing exports, along with an increase in global product prices, results in improvement in propane prices on both an absolute and relative basis

9

Propane to WTI Price Ratio (%)

• Mt. Belvieu Propane Price ($/Gallon)

Propane – Absolute and Relative Price Improvement

$0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60

Propane Price ($/Gallon) Mont Belvieu Propane Price

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Propane % of WTI Propane % of WTI $0.98/Gallon 73% of WTI

Source: ICE pricing data

1

25,000 50,000 75,000 100,000 125,000 150,000 175,000 2014 2015 2016 2017E Guidance 2018E Target 2019E Target 2020E Target

• 1. Excludes condensate.
• 2. Based on Antero NGL production targets from 2018 to 2020.

Total (Bbl/d) C5+ iC4 nC4 C3

C2 Ethane 17,476 C2 Ethane 26,500

Antero NGL Production Growth by Purity Product (Bbl/d) Antero has market-leading exposure to NGL volume growth

10

Ethane (C2) C3+ Production Propane (C3) Normal Butane (nC4) IsoButane (iC4) Natural Gasoline (C5+) C2

Rapidly Grow ing NGL Production…

1

(2) (2) (2) (1)

11

Despite a flat oil price environment, Antero’s pre-hedged realized C3+ NGL price has increased 70% since 2015 and is expected to improve further Antero C3+ NGL Realized Pricing ($/Bbl)(1)

• 1. WTI price and Mont Belvieu C3+ NGL price forecasts and represent strip pricing as of 9/25/2017. Antero year to date 2017 realized C3+ NGL pricing represents actuals through 6/30/2017. 2018-2020

realized C3+ NGL pricing reflects current company targets.

• 2. Based on unhedged contracted differentials for C4+ NGL products, guidance from midstream providers and strip pricing as of 10/27/2017.
• 3. Net of ME2 fees. Antero will account for ME2 fees as an expense once ME2 is placed in-service.

Improving Propane Prices Drive Increase in C3+ NGL Netbacks

$48.63 $43.14 $48.16 $54.00 $17.01 $18.74 $28.92 $35.00

$0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 $50.00 $55.00 2015 2016 Q3 2017 2018 - 2020

WTI Price Antero Realized C3+ Price Mont Belvieu C3+ NGL Price $25.49 $36.00 $38.50

35% of WTI 43% of WTI 60% of WTI 65% of WTI 53% of WTI 59% of WTI 75% of WTI 71% of WTI

$25.54

Antero Forecast Netback Price(3)

(2)

1

$147 $537 $651 $114 $0 $100 $200 $300 $400 $500 $600 $700 2017E $49 Oil 56% of WTI 2018E $54 Oil 65% of WTI 2018E $60 Oil 65% of WTI C3+ Cash Flow Incremental C3+ Cash Flow

12

Antero expects significant cash flow growth in 2018 from the improvement in NGL pricing with attractive upside to further increases in liquids pricing Significant Improvement in Cash Flow from C3+ NGLs (2018 vs. 2017)

Note: C3+ NGL cash flow represents revenue from C3+ NGL production, less processing, transportation and all other operating costs associated with C3+ NGL production and sales.

• 1. Represents annualized actual results for nine months ended September 30, 2017, annualized.

C3+ NGL Cash Flow ($MM)

Pow erful C3+ NGL Pricing Upside Exposure

1

$39.00/Bbl C3+ $35.00/Bbl C3+ $27.56/Bbl C3+

(1)

500 1,000 1,500 2,000 2,500 3,000 3,500 30 60 90 120 150 180 210 240 270 300 330 360 390 420

Wellhead Production (Cumulative MMcf) Days From Peak Gas

Higher Intensity Completions Increasing EURs

AR’s production from advanced completions is outperforming the 2.0 Bcf/1,000’ wellhead type curve – 2,500 lb/ft completions are 17% above type curve (First 243 days)

• 1. Cumulative average production per well normalized to a 9,000’ lateral. Cumulative production lines excludes wellhead condensate.
• 2. 1,875 pounds per foot type curve represents 1,750 pounds per foot wells and 2,000 pounds per foot wells.

13

AR Type Curve Outperformance(1)(2)

1,500 lb/ft

$0.85 MM/1,000 Well Cost 38 wells

1,875 lb/ft

$0.89 MM/1,000 Well Cost 90 wells

2,500 lb/ft

$0.97 MM/1,000’ Well Cost 21 wells

2.0 Bcf/1,000' Type Curve Cumulative Production

2

14

• 1. Assumes Nymex Henry Hub prices of $3.00 and WTI of $54; ethane rejection; and 9,000’ lateral length. Half cycle returns burdened by full fixed and variable transportation costs. See appendix for further
• assumptions. Locations as of 6/30/2017.

Integrated platform yields attractive well economics and sustainable growth

$13.2 $16.4 $19.7 107% 132% 162% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% $0.0 $4.0 $8.0 $12.0 $16.0 $20.0 1.7 2.3 2.0 2.7 2.3 3.1 Unhedged Pre-Tax ROR Pre-Tax PV-10 ($MM) Pre-Tax PV-10 Pre-Tax ROR

Highly-Rich Gas/Condensate: $3.00 Gas / $54 Oil(1)

Wellhead Bcf/1,000’: Processed Bcfe/1,000’:

2.0 2.7

632 Undrilled Locations

1313 Btu

$7.4 $9.5 $11.8 45% 55% 67% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% $0.0 $4.0 $8.0 $12.0 $16.0 $20.0 1.7 2.1 2.0 2.5 2.3 2.8 Unhedged Pre-Tax ROR Pre-Tax PV-10 ($MM) Pre-Tax PV-10 Pre-Tax ROR

2.0 2.5

Wellhead Bcf/1,000’: Processed Bcfe/1,000’:

Highly-Rich Gas: $3.00 Gas / $54 Oil(1)

1,211 Undrilled Locations

1250 Btu

2

Strong Marcellus Half-Cycle Returns

6,000 Foot Lateral 9,000 Foot Lateral

NOTE: Assumes 2.0 Bcf/1,000’ type curve for the Antero Marcellus Highly-Rich Gas (1250 Btu) and Nymex Henry Hub prices of $3.00 and WTI of $54. 1. All laterals rounded to the nearest thousand. 788 of the 894 wells have been completed 2. Represents wells placed to sales.

Antero has been a leader in drilling long laterals in Appalachia

12,000 Foot Lateral

Pre-Tax Economics ROR (%) 39% PV-10 ($MM) $5.1 Pre-Tax Economics ROR (%) 55% PV-10 ($MM) $9.5 Pre-Tax Economics ROR (%) 61% PV-10 ($MM) $12.5

30 29 14 25 9 5 1 181 227 279 294 164 150 55 37 9 16 50 100 150 200 250 300 350 ≤ 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 ≥ 15000 Well Count Lateral Length(1)

Antero Lateral Lengths To Date

15

Antero

# of Wells Avg. Lateral Length Total Drilling Program to Date 894 8,250 2017 Program(2) 135 9,250 2018-2020 Program(2) 470 9,500 Wells to Date ≥10,000’ 230 10,750

Longer Laterals Materially Improve Economics

2

15,000 Foot Lateral

Pre-Tax Economics ROR (%) 68% PV-10 ($MM) $16.3

Future completion programs focused on longer lateral length locations

16

Antero holds over 30% of the core drilling inventory(2) in Appalachia for lateral lengths greater than 10,000 feet and has been a consistent leader in drilling long laterals in Appalachia

• 1. Direct Appalachian Basin peers include EQT, RRC, RICE, COG, CNX. Acreage must support ≥ 50% WI in laterals to be counted.
• 2. Represents estimated total location inventory of undrilled wells for the top 12 peers operating in the core Marcellus & Utica plays. Core based upon Antero geologic interpretation, well control and peer acreage

positions based on investor presentations, news releases, 10-K/10-Qs and various other sources; see page 4 for core outlines and additional information.

Antero Holds the Largest Long Lateral Inventory

2

330 475 511 515 435 376 300 239

• 100

200 300 400 500 600 6,000 7,000 8,000 9,000 10,000 11,000 12,000 >12,000 Number of Wells Lateral Length (in feet) ANTERO Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer Core Undrilled Inventory by Lateral Length

$3.64 $3.91 $3.70 $3.63 $3.31 $3.16 $2.91 $3.50 $3.50 $3.25 $3.00 $3.00

$2.00 $3.00 $4.00 400 800 1,200 1,600 2,000 2,400 2017 2018 2019 2020 2021 2022 2023 BBtu/d $/Mcf

17

• 1. AR stand-alone LTM EBITDAX includes $127 million in distributions from AR’s ownership of AM common units.
• 2. Nymex strip pricing as of 9/30/2017.

$1 Billion Delevering Program Completed

AR Leverage Reduction(1)  Restructuring of hedge swap prices resulted in no change to hedge volumes  80% of targeted natural gas production hedged through 2020 at $3.43/MMBtu

– $1.2 billion of remaining hedge value

 Utilizing a portion of net operating losses carried forward to eliminate cash taxes on realized gains Antero monetized over $1 billion of non-E&P assets through the sale of $311 million of AM common units and $750 million through hedge restructuring

• Reduced stand-alone net debt/LTM EBITDAX to 2.6x

Hedged Volume Current NYMEX Strip(2)

Natural Gas Hedge Position

Restructured Hedge Price Previous Hedge Price

~$750 Million of Proceeds

No Change to Price Remaining Value as of 9/30/17: $1.2 Billion(2)

3.4x 3.0x 3.2x 2.6x 0.0x 1.0x 2.0x 3.0x 4.0x 6/30/2017 9/30/2017 Consolidated Standalone

3

18

Improving Capital Efficiencies

Planned Antero Well Completions by Year (2017-2020)

170 190 190 255 135 150 170 150 35 75 95 200 50 100 150 200 250 300 2017 2018 2019 2020 January 2017 Plan Current Plan Cumulative Well Count Reduction

Improving EURs, longer laterals and reduced cycle times results in 200 fewer well completions saving approximately $1.5 billion through 2020 while still delivering essentially the same production targets

Drilling and Completion Capital Budget and Targets (1)

2017 Budget 2018 Target 2019 Target 2020 Target Drilling & Completion ($MM) $1,300 ~$1,300 $1,500 $1,500 % Production Growth Target 20% CAGR Through 2020 (4-Year CAGR)

9,300 9,250 9,100 9,600 9,000 9,200 8,600 10,200

Lateral Length Lateral Length

• 1. Represents a combination of 2,000 lb/ft and 2,500 lb/ft completions.

3

($1,484) ($757) ($358) ($150) D&C $2,477 D&C $1,684 D&C $1,472 D&C $1,300 D&C $1,300 D&C $1,500 D&C $1,500 ($1,500) ($1,000) ($500) $0 $500 $1,000 $1,500 $2,000 $2,500 2014A 2015A 2016A 2017 Consensus 2018 Target 2019 Target 2020 Target

19

Capital Efficiency Drives Elimination of Outspend

Capital efficiencies have significantly reduced E&P outspend and are expected to result in drilling and completion (D&C) capex within E&P free cash flow by 2019 D&C Capex vs. Stand-alone E&P Cash Flow ($MM) - $3.00 Gas / $54 Oil

D&C Capital to be funded with E&P Cash Flow (1)

Note: E&P cash flow represents E&P cash flow from operations plus AM distributions from condensed consolidating statement of cash flows in Antero Resources’ 10-K.

• 1. E&P free cash flow represents AR stand alone cash flow from operations, plus distributions from LP ownership in AM, plus earn out payments associated with water drop-down ($125 MM in each of 2019 and

2020) less stand-alone D&C capex which includes water fees paid to AM for completions which are capitalized on stand-alone basis.

• 2. Consolidated D&C capex excludes water fees paid to AM for completions.

Stand-alone E&P Positive Free Cash Flow(1) Consolidated Drilling and Completion Capex(2) Stand-alone E&P Free Cash Flow Outspend (1)

3

1.0 1.5 1.8 2.3 2.7 3.3 3.8 3.9x 3.6x 2.8x

0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x 0.0 1.0 2.0 3.0 4.0 5.0 6.0 2014A 2015A 2016A 2017 Guidance 2018 Target 2019 Target 2020 Target

Stand-alone E&P Leverage Net Production (Bcfe/d)

20

Attractive Long Term Outlook

Antero Resources Stand-alone E&P Long-Term Targets(1)

Target Leverage in Low 2x Reduce Capex & Leverage Generate Free Cash Flow Optionality to Return Capital to Shareholders

Stand-alone E&P Leverage Net Production (Actual) Net Production (Guidance) Net Production (Target)

Antero is now well positioned to generate free cash flow and peer leading growth

3

• 1. Assumes WTI price of $54 and Nymex Henry Hub price of $3.00.

 Accelerate trend towards investment grade quality – current corporate ratings Ba2/BB  Maintain conservative leverage profile below 3.0x near-term (on stand-alone basis) with medium-term target of low 2x leverage  Fund drilling and completion capital with stand-alone upstream cash flow from operations (including AM distributions and earn-out payments from water business sale in 2015)  Continue to hedge over a rolling five to six year period to support consistent production development into long-term processing and firm transportation commitments, smoothing volatile oil and gas prices  Maintain stand-alone AR liquidity of at least ~$1 billion on $2.5 billion credit facility

Financial Policy Overview

More Conservative Financial Policy

21 3

New $4.5 Billion Credit Facility with $2.5 Billion in Lender Commitments

• Downsized lender commitments by $1.5 billion due to reduced need for bank capital
• Supported by $4.5 billion borrowing base
• Credit facility includes fall away covenants (interest coverage ratio and proved PV-9 to total

debt ratio) triggered if and when Antero is assigned an investment grade rating

• No leverage test

$89 $112 $- $50 $100 $150 $200 $250 $300 2015A 2016A 2017E 2018E 2019E 2020E

$1,150 $2,755 $6,123 $795 $179 $311 $320 $250 $3,118

$0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000

AM IPO (2014) Sale of Water Business (2015) Sale of AM Units (2016) Sale of AM Units (9/6/17) AM Distributions Received as of 9/30/17 Total Proceeds to Date Expected Earnout Payments (2019E-2020E) Pre-tax Value of AM Units Held by AR @ $31.53 (9/30/17) Pre-tax Cumulative Value of Antero Midstream

Cash Proceeds (SMM)

Midstream Driving Value for AR Since Inception

Midstream integration has provided tremendous value to AR shareholders and the go-forward upside is very attractive

AM Distributions to AR(1) Antero Midstream Return on Investment for AR (Pre-tax)(2)

Note: Represents distributions declared during fiscal year ended December 31 based on Antero Midstream guidance and long-term distribution growth targets.

• 1. Represents distribution growth targets for AR owned units through 2020. As of 9/30/2017, AR owns 98.9 million AM units.
• 2. Midstream proceeds received by AR to date plus market value of AR’s 53% ownership of AM divided by the approximate $1.3 billion of AR capital invested at time of AM IPO.
• 3. After-tax using 38% federal and state tax rate and $1.5 billion of AR NOLs.

AM price per unit After-tax value of AM units held by AR ($Billion) (3) Value per AR share $29 $2.3 $7 $32 $2.5 $8 $35 $2.7 $9 $38 $2.9 $9 $41 $3.1 $10

Consensus AM Price Target: $41

4.7x ROI

AM Share Price Value

22

(2)

4

Midstream Infrastructure (In Service)

Gathering Pipelines (Miles) 341 Compression Capacity (MMcf/d) 1,600 Condensate Pipelines (Miles) 19 Processing Plant (MMcf/d) 400 Fractionation Plant (Bbl/d) 20,000 Fresh Water Pipelines (Miles) 323 Fresh Water Impoundments 38 Regional Pipeline Capacity (Bcf/d) 1.4 Antero Clearwater Facility (Bbl/d)(1) 60,000

Compressor Station Antero Clearwater Facility Sherwood Processing Facility Stonewall Pipeline Gathering Pipelines Freshwater Delivery Pipelines` Antero Rig

Antero Midstream Asset Overview

23

Antero Clearwater Facility Sherwood Processing Complex

.

• 1. The Antero Clearwater Facility is scheduled to be placed into service in the fourth quarter of 2017.

Capturing the Midstream Value Chain

Upstream Downstream

~$4.2 Billion Organic Project Backlog ~$800 Million JV Project Backlog

WELL PAD

LOW PRESSURE GATHERING HIGH PRESSURE GATHERING

COMPRESSION GAS PROCESSING (50% INTEREST) REGIONAL GATHERING PIPELINE (15% INTEREST) FRACTIONATION TERMINALS & STORAGE

Y-GRADE PIPELINE (ETHANE, PROPANE, BUTANE) NGL PRODUCT PIPELINES

LONG HAUL PIPELINE

INTERCONNECT

END USERS

PDH PLANT

• Participating in the full value chain diversifies and sustains Antero’s integrated business model
• $5.0 billion organic project backlog and ~$1.0 billion potential downstream investment opportunity set

~$1.0 Billion Downstream Investment Opportunity Set

Note: Third party logos denote company operator of respective asset.

AM Assets AM/MPLX JV Assets Potential AM Opportunities

24 4

Key Drivers Behind Long Term Outlook

Market Leading Exposure to NGLs Largest Core Liquids-Rich Drilling Inventory Improving Capital Efficiencies with Long Laterals and Higher Intensity Completions Attractive Half Cycle and Company-Wide Returns Disciplined Spending Within Upstream Cash Flow 25

Cash Flow Growth Capital Efficiency Drilling Inventory Attractive Returns NGL Exposure

Solid Balance Sheet with Abundant Liquidity and Optionality

Balance Sheet

26

APPENDIX 26

Simplified Organizational Structure

27

Note: Enterprise Value as of 9/30/2017.

100% Incentive Distribution Rights (IDRs)

Public

(NYSE: AMGP) Enterprise Value : $3.8 Bn (NYSE: AM) Enterprise Value : $6.9 Bn (NYSE: AR) Enterprise Value: $9.7 Bn 80% 20%

Affiliates Affiliates

53% 32%

Public

68% 47%

Public

The combined enterprise value of the Antero complex is over $17 billion

Key Variable

Updated 2017 Guidance(1) Previous 2017 Guidance(1) Q4 2017 Guidance Net Daily Production (MMcfe/d) 2,250 – 2,300 Net Residue Natural Gas Production (MMcf/d) 1,650 – 1,675 Net C3+ NGL Production (Bbl/d) 68,000 – 71,000 Net Ethane Production (Bbl/d) 26,000 – 27,000 Net Oil Production (Bbl/d) 6,000 – 7,000 Net Liquids Production (Bbl/d) 100,000 – 105,000 Natural Gas Realized Price Differential to NYMEX Before Hedging ($/Mcf)(2)(3) ($0.15) – ($0.10) +$0.00 – $0.10 ($0.20) – ($0.15) Oil Realized Price Differential to NYMEX WTI Oil Before Hedging ($/Bbl) ($7.00) – ($6.50) ($9.00) – ($7.00) ($5.00) – ($6.00) C3+ NGL Realized Price (% of NYMEX WTI)(2) 57.5% – 62.5% 50% – 55% 70% – 75% Ethane Realized Price (Differential to Mont Belvieu) ($/Gal) $0.00 $0.00 $0.00 Consolidated EBITDAX ($MM): $410 - $440

Operating:

Cash Production Expense ($/Mcfe)(4) $1.55 – $1.65 Marketing Expense, Net of Marketing Revenue ($/Mcfe) $0.075 – $0.125 G&A Expense ($/Mcfe) $0.15 – $0.20

Capital Expenditures ($MM):

Drilling & Completion $1,300 Land $200 Total Capital Expenditures ($MM) $1,500

Antero Resources – Q4’17 and 2017 Guidance

Key Operating & Financial Assumptions

• 3. Includes Btu upgrade as Antero’s processed tailgate and unprocessed dry gas production is greater than 1000 Btu on average.
• 4. Includes lease operating expenses, gathering, compression and transportation expenses and production taxes.
• 1. Updated guidance per press release dated 11/02/2017.
• 2. Based on strip pricing as of 10/27/2017.

28

Antero NGL Barrel (September Pricing)

29

NGL Barrel Composition & Pricing – Ethane Rejection vs. Partial Recovery

• 1. GPM represents gallons of NGLs per wellhead unproccessed Mcf.

0% 20% 40% 60% 80% 100% Ethane Rejection C5: 18% IC4: 16% C4: 9% C3: 57%

1.5 GPM(1) 2.2 GPM

Pentane (C5): $1.17/Gallon IsoButane (IC4): $1.02 /Gallon Butane (C4): $0.99/Gallon Propane (C3): $0.89/Gallon Ethane (C2): $0.27/Gallon

$40.75/Bbl Mont Belvieu Pricing $31.63/Bbl $(7.52)/Bbl Northeast Differential $(5.09)/Bbl $33.23/Bbl Antero Realized Price ($/Bbl) $26.54/Bbl 67% % of WTI 53% Mont Belvieu September 2017 Pricing Antero realized $33.23/Bbl for its C3+ NGL barrels in September 2017 ‒ 67% of WTI oil price Including 21% ethane recovery, Antero realized $26.54 per barrel for its NGL barrels ‒ Antero is currently leaving approximately 123,000 Bbl/d of ethane in the gas stream

21% Recovery 12% 7% 11% 39% 31%

100 200 300 400 500 600 700 800 900 1000 MBbl/d)

30

Historical Ethane Prices ($/Gallon)

Ethane Fundamentals and Improving Pricing

U.S. Domestic Steam Cracker Capacity (MBbl/d) Ethane Outlook

Significant domestic demand growth for ethane driven by construction and expansion of world-class steam crackers ‒ Antero is an anchor supplier (30 MBbl/d) to Shell’s planned ethane cracker in Beaver Co, PA Ethane rejection rates will continue to decrease; however, ethane supply will be partially restricted by takeaway capacity ‒ U.S. is currently rejecting ~575 MBbl/d of ethane 240 MBbl/d of seaborne export capacity completed in 2016 provides additional outlet to global markets ‒ Additional 100 MBbl/d of demand via pipeline exports to Canada

Shell - PA

Does not include ~350 MBbl/d of additional cracking capacity that has been proposed but has not reached FID

Source: Bentek and PIRA. $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 Ethane price collapse driven by U.S. shale development and inability to absorb supply until cracker demand increases in 2018+

Most Attractive Firm Transport Portfolio in Appalachia

Antero’s natural gas takeaway position results in price certainty at attractive all-in netbacks to Nymex: Nymex less $0.42/Mcf expected 2017-2020, after deducting FT costs

13% of FT Portfolio $0.15/Mcf Average Cost (0.6 Bcf/d)

Local Markets

Note: Strip basis differentials to Nymex Henry Hub represents October 2017 and 2017-2019 strip pricing, respectively as of October 27th, 2017 for each index.

• 1. Weighted average differential to Nymex calculated using 2017-2019 strip pricing as of October 27th, 2017.

Antero Firm Transportation Portfolio (2017-2019)

Weighted

• Avg. FT Cost

Weighted Average Differential to Nymex(1) $0.46/Mcf +$0.04/Mcf Premium with BTU Upgrade

Antero Producing Areas

($0.22) ($0.22)

($0.32) ($0.31) ($0.10) ($0.08) $0.06 ($0.18) ($1.19) ($0.57)

31

$4 $5 $25 $34 $29 $28 $26 $12 $16 $17$28 $29 $19 $25 $43 $80 $83 $59 $49$48 $14 $47 $54 $1 $58 $78 $185 $196 $206 $270 $324 $293 $197 $190 $45 $31

($2.00) ($1.00) $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $0.0 $70.0 $140.0 $210.0 $280.0 $350.0

Largest E& P Gas Hedge Position in U.S.

2,163 2,027 2,330 1,418 710 850 90 $3.58 $3.52 $3.50 $3.25 $3.00 $3.00 $2.91 $3.10 $3.05 $2.89 $2.84 $2.83 $2.85 $2.87

$0.00 $1.00 $2.00 $3.00 $4.00 $5.00 400 800 1,200 1,600 2,000 2,400 2017 2018 2019 2020 2021 2022 2023 BBtu/d $/Mcfe

Average Index Hedge Price(2) Hedged Volume Current NYMEX Strip(3)

Pro Forma Commodity Hedge Position(1)

$62 MM

Mark-to-Market Value(3)

~ 95% of 2017 Guidance Hedged

32

• 1. Pro forma for hedge monetization per press release dated 9/21/2017.
• 2. Weighted average index price based on volumes hedged assuming 6:1 gas to liquids ratio; excludes impact of TCO basis hedges. 27,500 Bbl/d of propane hedged in 2017 and 2,000 Bbl/d hedged in
• 2018. 20,000 Bbl/d of ethane hedged in 2017 and 3,000 Bbl/d of oil hedged in 2017.
• 3. As of 9/30/2017. Includes impact from $750 million hedge monetization in September 2017.

$/Mcfe

~ 84% of 2018 Target Hedged

Pro forma ~$1.2 billion mark-to-market unrealized gain based on 9/30/2017 prices with 2.9 Tcfe hedged from October 1, 2017 through year-end 2023 at $3.36 per MMBtu

• Hedging is a key component of Antero’s business model due to the large, repeatable drilling inventory
• Antero has realized $3.6 billion of gains on commodity hedges since 2008 with gains realized in 37 of last 39 quarters(3)

Quarterly Realized Gains/(Losses) – 1Q ‘08 - 3Q ‘17

$MM

$323 MM $39 MM $42 MM $1 MM $504 MM $202 MM

$811

$1.13 $1.04 $1.22 $1.25 $0.82 $3.26 $2.79 $2.78 $2.24 $2.05 $2.13 $1.75 $1.56 $0.99 $1.23 $- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 AR Peer 1 Peer 2 Peer 3 Peer 4 EBITDAX GPT LOE Ad Valorem G&A Revenue Cash Costs

Peer Leading Stand-alone EBITDAX Margin On a Normalized Basis 33

3Q 2017 Stand-alone EBITDAX Margins (Pre-Hedge / Pre-Marketing)($/Mcfe)(1)

Margin Rank:

1 2 3

Source: SEC filings and company press releases. Peers include COG, EQT, RRC and SWN. 1. AR and EQT EBITDAX include distributions from midstream ownership. AR’s EBITDAX excludes net marketing expense and the hedges put in place to support firm transportation. Cash costs for AR and EQT represent stand-alone GPT, production taxes, LOE and cash G&A. 2. Stand-alone EBITDAX divided by unprocessed units (Mcf) of production to normalize to dry gas production.

Normalized Antero Stand-alone EBITDAX Margins – 3Q 2017 ($/Unit)

Peer Rank:

3 4 5

$1.13 $0.21 $0.32 $1.34 $1.66 $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80

Raw EBITDAX Margin ($/Mcfe) Add Back Contract Underpayments (WGL & SJR) Normalized EBITDAX Margin ($/Mcfe) Pre-Processing Unit Conversion Normalized EBITDAX Margin ($/Mcf)

Transitory Event

(2) (2)

Compare to Rich Gas Peers Compare to Dry Gas Peers

1 1

Single Well Economics: Half Cycle Cost Assumptions(1) 34

SWE Cost Type Description of Cost Marcellus Utica

Well Costs

• Drilling and completion costs
• Reflects average well costs across most

Btu regimes for a 9,000’ lateral

• Includes 50% AM water fees
• Includes $1.0 million for road, pad and

production facilities. $8.4 mm (Assumes 1,750 lbs of proppant per lateral foot) $9.6 mm (Assumes ~2,000 lbs of proppant per lateral foot) Net Royalty Interest

• Reflects Antero’s average NRI in the

respective plays 84% 81% Midstream Gathering Fees

• Midstream compression fees (50% of

AM fees, unless otherwise noted)

• Compression fuel ($0.10-$0.11 per

Mcfe) $0.39 per Mcfe (Crestwood: $0.79 per Mcfe) $0.50 per Mcfe Processing Fees

• Processing fees
• Plant fuel & electricity
• Transportation & fractionation
• Does not apply to wells under 1100 Btu

$0.62 per Mcfe $0.67 per Mcfe Operating Expenses

• Fixed costs (monthly expenses)
• Variable costs (gas and liquids)
• Numbers reflect averages across most

Btu regimes $0.07 per Mcfe $0.08 per Mcfe FT(1)

• Fully utilized FT costs (including both

demand and variable fees associated with expected production) $0.52 per Mcfe $0.51 per Mcfe Taxes

• Ad valorem and severance taxes vary

depending on revenue and production $0.15 per Mcfe $0.07 per Mcfe

(1) SWE cost assumptions reflect average costs per Mcfe on the first five years of the life of a well (2) SWEs exclude marketing expenses and related commodity hedge contracts that support Antero’s firm transportation portfolio

Marcellus Well Economics and Total Gross Locations(1)

632 1,211 673 855 161% 72% 16% 18% 132% 55% 10% 11% 200 400 600 800 1,000 1,200 1,400 0% 20% 40% 60% 80% 100% 120% 140% 160% 180%

Highly-Rich Gas/ Condensate (4) Highly-Rich Gas Rich Gas Dry Gas

Total 3P Locations ROR

Total 3P Locations ROR at $3 Gas / $54 Oil - After Hedges ROR at $3 Gas / $54 Oil - Before Hedges

• 1. Pre-tax well economics reflect $3.00 Nymex Henry Hub natural gas prices, $54 WTI oil prices, and NGLs at ~65% of WTI. NGL prices are forecast to increase in 2018 relative to WTI due to projected in-service

date of Mariner East 2 project allowing for a significant increase in AR NGL exports via ship.

• 2. Pricing for a 1225 BTU y-grade ethane rejection barrel.
• 3. Undeveloped well locations as of 6/30/2017.
• 4. SWE cost assumptions reflect average costs per Mcfe on the first five years of the life of a well

DRY GAS LOCATIONS RICH GAS LOCATIONS HIGHLY RICH GAS LOCATIONS

Assumptions

 Natural Gas – $3  Oil – $54  NGLs – ~65% of Oil Price 2017+ Classification Highly-Rich Gas/ Condensate(4) Highly-Rich Gas(4) Rich Gas(4) Dry Gas(4) Modeled BTU 1313 1250 1150 1050

EUR (Bcfe): 24.4 22.1 19.4 18.0 EUR (MMBoe): 4.1 3.7 3.2 3.0 % Liquids: 32% 24% 10% 0% Lateral Length (ft): 9,000 9,000 9,000 9,000 Proppant (lbs/ft sand): 1,750 1,750 1,750 1,750 Well Cost ($MM): $8.4 $8.4 $8.4 $8.4 Bcfe/1,000’: 2.7 2.5 2.2 2.0 Net F&D ($/Mcfe): $0.41 $0.45 $0.52 $0.55 Net Direct Operating Expense ($/Mcfe): $1.20 $1.27 $1.57 $1.08 Transportation Expense ($/Mcfe): $0.41 $0.48 $0.57 $0.63 Pre-Tax NPV10 ($MM): $16.4 $9.5 $0.0 $0.3 Pre-Tax ROR: 132% 55% 10% 11% Payout (Years): 1.2 1.9 7.6 7.0 Gross 3P Locations in BTU Regime(3): 632 1,211 673 855 2017 Drilling Plan

Single Well Economics: Marcellus – In Ethane Rejection

35

Utica Well Economics and Gross Locations(1)

222 59 86 128 255 27% 55% 43% 31% 35% 23% 44% 30% 20% 23% 50 100 150 200 250 300 0% 20% 40% 60% 80%

Condensate Highly-Rich Gas/ Condensate Highly-Rich Gas Rich Gas Dry Gas

Total 3P Locations ROR

Total 3P Locations ROR at $3 Gas / $54 Oil - After Hedges ROR at $3 Gas / $54 Oil - Before Hedges

Single Well Economics: Utica – In Ethane Rejection

DRY GAS LOCATIONS RICH GAS LOCATIONS HIGHLY RICH GAS LOCATIONS

Classification Condensate(4) Highly-Rich Gas/ Condensate(4) Highly-Rich Gas(4) Rich Gas(4) Dry Gas(4) Modeled BTU 1275 1235 1215 1175 1050

EUR (Bcfe): 9.9 18.7 21.4 20.5 19.8 EUR (MMBoe): 1.6 3.1 3.6 3.4 3.3 % Liquids 39% 30% 21% 16% 0% Lateral Length (ft): 9,000 9,000 9,000 9,000 9,000 Proppant (lbs/ft sand): 1,500 2,000 2,000 2,000 2,000 Well Cost ($MM): $8.7 $9.3 $9.9 $9.9 $9.9 Bcfe/1,000’: 1.1 2.1 2.4 2.3 2.2 Net F&D ($/Mcfe): $1.09 $0.62 $0.57 $0.59 $0.62 Net Direct Operating Expense ($/Mcfe): $1.17 $1.27 $1.36 $1.39 $0.74 Transportation Expense ($/Mcfe): $0.38 $0.45 $0.52 $0.55 $0.65 Pre-Tax NPV10 ($MM): $3.3 $8.1 $5.5 $3.1 $4.0 Pre-Tax ROR: 23% 44% 30% 20% 23% Payout (Years): 3.6 2.1 2.8 3.9 3.6 Gross 3P Locations in BTU Regime(3): 222 59 86 128 255 2017 Drilling Plan

36

• 1. Pre-tax well economics reflect $3.00 Nymex Henry Hub natural gas prices, $54 WTI oil prices, and NGLs at ~65% of WTI. NGL prices are forecast to increase in 2018 relative to WTI due to projected in-service

date of Mariner East 2 project allowing for a significant increase in AR NGL exports via ship.

• 2. Pricing for a 1225 BTU y-grade ethane rejection barrel.
• 3. Undeveloped well locations as of 6/30/2017, pro forma for recent acreage acquisition. 3P locations representative of BTU regime; EUR and economics within regime will vary based on BTU content.
• 4. SWE cost assumptions reflect average costs per Mcfe on the first five years of the life of a well

Assumptions

 Natural Gas – $3  Oil – $54  NGLs – ~65% of Oil Price 2017+

Liquid “non-E&P assets” of $4.7 Bn significantly exceeds total debt of $3.5 billion

Liquidity

Antero Resources (NYSE:AR) Antero Midstream (NYSE:AM)

9/30/2017 Debt Liquid Non-E&P Assets 9/30/2017 Debt (1) Liquid Assets

Debt Type $MM

Credit facility $25 5.375% senior notes due 2021 1,000 5.125% senior notes due 2022 1,100 5.625% senior notes due 2023 750 5.00% senior notes due 2025 600

Total $3,475 Asset Type $MM

Commodity derivatives $1,200 AM equity ownership 3,118 Cash 21

Total $4,339 Asset Type $MM

Cash $21 Credit facility – commitments(1) 2,500 Credit facility – drawn

• Credit facility – letters of credit

(700)

Total $1,821 Debt Type $MM

Credit facility $427 5.375% senior notes due 2024 650

Total $1,077 Asset Type $MM

Cash $2

Total $2

Pro Forma Liquidity

Asset Type $MM

Cash $2 Credit facility – capacity 1,500 Credit facility – drawn (427) Credit facility – letters of credit

• Total

$1,075 Approximately $1.8 billion of liquidity at AR plus an additional $3.1 billion of AM units Approximately $1.1 billion of liquidity at AM

37

Only 28% of AM credit facility capacity drawn

• 1. AR credit facility commitments of $2.5 billion, borrowing base of $4.0 billion.
• 2. AM equity value as of 9/30/2017.

Strong Balance Sheet and High Flexibility

$1,500 $1,075 $427 $0 $2 $0 $300 $600 $900 $1,200 $1,500

Credit Facility 9/30/2017 Bank Debt 9/30/2017 L/Cs Outstanding 9/30/2017 Cash 9/30/2017 Liquidity 9/30/2017

38

$2,500 $25 $1,796 $700 $21 $0 $1,000 $2,000 $3,000 $4,000

Credit Facility 9/30/2017 Bank Debt 9/30/2017 L/Cs Outstanding 9/30/2017 Cash 9/30/2017 Liquidity 9/30/2017

AR Liquidity Position ($MM)(1) AM Liquidity Position ($MM)(1)

AR Credit Facility AR Senior Notes

Debt Maturity Profile(1)

AM Credit Facility AM Senior Notes

Liquidity & Debt Term Structure

• Approximately $2.9 billion of combined AR and AM financial liquidity as of 9/30/2017
• No leverage covenant in AR bank facility, only interest coverage and working capital covenants

New credit facilities for AR and AM have allowed Antero to extend its average debt maturity of to 2022

• 1. As of 9/30/2017.

$1,000 $1,100 $750 $650 $600 $25 $427 200 400 600 800 1000 1200 1400 1600 1800 2017 2018 2019 2020 2021 2022 2023 2024 2025

Antero Resources Stand-alone EBITDAX Reconciliation

AR Stand-alone EBITDAX Reconciliation

($ in millions) Three Months Ended LTM Ended 09/30/2017 09/30/2017 EBITDAX: Operating loss $(114.1) $(235.8) Commodity derivative fair value losses 66.0 181.3 Net cash receipts on settled derivatives instruments 61.5 326.9 Depreciation, depletion, amortization and accretion 176.9 720.1 Impairment of unproved properties and accretion 41.0 198.8 Exploration expense 1.6 9.1 Change in fair value of contingent acquisitions consideration (2.6) (15.8) Equity-based compensation expense 19.2 78.6 Gain on sale of assets

• (93.8)

AM distributions net to AR ownership 34.8 126.8 Segment Adjusted EBITDAX $284.3 $1,296.2

39

Antero Resources EBITDAX Reconciliation

40

EBITDAX Reconciliation

($ in millions) Quarter Ended LTM Ended 9/30/2017 9/30/2017 EBITDAX: Net income including noncontrolling interest $(90.0) $(197.3) Commodity derivative fair value gains 66.0 181.3 Net cash receipts on settled derivatives instruments 61.5 326.9 Gain of sale on assets

• (97.6)

Interest expense 70.1 273.2 Loss on early extinguishment of debt

• 16.9

Income tax expense (45.1) (160.5) Depreciation, depletion, amortization and accretion 207.6 835.3 Impairment of unproved properties 41.0 198.8 Exploration expense 1.6 9.1 Equity-based compensation expense 26.4 105.7 Equity in earnings of unconsolidated affiliate (7.0) (11.3) Distributions from unconsolidated affiliates 4.3 17.8 Consolidated Adjusted EBITDAX $336.4 $1,498.3

Antero Midstream EBITDA Reconciliation

41

EBITDA and DCF Reconciliation

($ in thousands) Three months ended September 30, 2016 2017 Reconciliation of Net Income to Adjusted EBITDA and Distributable Cash Flow: Net income $70,524 $80,893 Interest expense 5,303 9,311 Depreciation expense 26,136 30,556 Accretion of contingent acquisition consideration 3,527 2,556 Equity-based compensation 6,599 7,199 Equity in earnings from unconsolidated affiliate (1,544) (7,033) Distributions received from unconsolidated affiliates

• 4,300

Adjusted EBITDA $110,545 $127,782 Interest paid (4,043) (20,572) Cash reserved for payment of income tax withholding upon vesting of Antero Midstream Partners LP equity- based compensation awards (1,000) (1,500) Cash to be received from unconsolidated affiliates 2,221

• Cash reserved for bond interest
• 8,831

Maintenance capital expenditures (4,638) (16,000) Distributable Cash Flow $103,085 $98,541

($MMs) Exploration & Production Gathering & Processing Water Handling & Treatment Marketing Elimination of Intersegment Transactions Consolidated Total Revenues: Third-Party $660 $7 $0 $51

• $718

Intersegment 1 98 93

• (191)
• Gains on settled derivatives

61

• 61

Total Revenue $722 $105 $93 $51 (191) $780 Cash operating expenses: Lease operating $24

• $52
• ($52)

$23 Gathering, Processing & Transp. (3rd party) 272

• 272

Gathering, Processing & Transp. (AM fees) 98 10

• (98)

10 Production Taxes 22 1

• 23

G&A (before equity-based comp) 29 4 3

• (0)

36 Marketing

• 79
• 79

Total Cash Operating Expenses $445 $15 $55 $79 ($150) $443 Segment Adjust EBITDAX $278 $90 $38 ($28) ($41) $336 Capital Expenditures: D&C (excluding water) $265

• $265

D&C (including water) 93

• (41)

52 Land / Acquisitions 57

• 57

G&C / Water Infrastructure

• 99

48 147 Total CapEx $415 $99 $48 $0 ($41) $522

3Q 2017 Segment EBITDAX and Capital Expenditures

42

3Q 2017 Segment EBITDAX and Capital Expenditures

1 2

Gathering and compression fees paid to Antero Midstream are included in Gathering, Processing & Transportation expense on stand-alone basis (eliminated on consolidated basis); Gathering and compression operating expenses borne by AM on stand-alone basis (included in GPT on consolidated basis) Water fees paid to Antero Midstream included in Drilling & Completion capital expenditures on stand-alone basis; water operating expenses borne by AM on stand-alone basis and AR on consolidated basis On consolidated basis, water fees are eliminated from D&C capital, but water operating expenses are capitalized Stand-alone EBITDAX : $284 Million(1) : $128 Million

• 1. AR stand-alone EBITDAX represents E&P EBITDAX plus ~$35 million in distributions from AM ownership less net marketing expense.

Cautionary Note

The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserve estimates (collectively, “3P”). Antero has provided internally generated estimates for proved, probable and possible reserves in this presentation in accordance with SEC guidelines and definitions. The estimates of proved, probable and possible reserves as of December 31, 2016 included in this presentation have been audited by Antero’s third-party engineers. Unless otherwise noted, reserve estimates as of December 31, 2016 assume ethane rejection and strip pricing. Actual quantities that may be ultimately recovered from Antero’s interests may differ substantially from the estimates in this presentation. Factors affecting ultimate recovery include the scope of Antero’s ongoing drilling program, which will be directly affected by commodity prices, the availability of capital, drilling and production costs, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals and other factors; and actual drilling results, including geological and mechanical factors affecting recovery rates. In this presentation:  “3P reserves” refer to Antero’s estimated aggregate proved, probable and possible reserves as of December 31, 2016. The SEC prohibits companies from aggregating proved, probable and possible reserves in filings with the SEC due to the different levels of certainty associated with each reserve category.  “EUR,” or “Estimated Ultimate Recovery,” refers to Antero’s internal estimates of per well hydrocarbon quantities that may be potentially recovered from a hypothetical future well completed as a producer in the area. These quantities do not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or the SEC’s oil and natural gas disclosure rules.  “Condensate” refers to gas having a heat content between 1250 BTU and 1300 BTU in the Utica Shale.  “Highly-Rich Gas/Condensate” refers to gas having a heat content between 1275 BTU and 1350 BTU in the Marcellus Shale and 1225 BTU and 1250 BTU in the Utica Shale.  “Highly-Rich Gas” refers to gas having a heat content between 1200 BTU and 1275 BTU in the Marcellus Shale and 1200 BTU and 1225 BTU in the Utica Shale.  “Rich Gas” refers to gas having a heat content of between 1100 BTU and 1200 BTU.  “Dry Gas” refers to gas containing insufficient quantities of hydrocarbons heavier than methane to allow their commercial extraction or to require their removal in order to render the gas suitable for fuel use.

Regarding Hydrocarbon Quantities

43