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 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, 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. 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. 1

Antero Profile Market Cap (1) ……….…….... $6.3 billion Enterprise Value (2) …......…... $9.7 billion Corporate Debt Ratings…… Ba2 / BB Stand-alone Leverage (3) 2.6x Net Production (3Q 2017)… 2,317 MMcfe/d Liquids (4) ..................... 112,000 Bbl/d 3P Reserves (5) ………..….... 53.0 Tcfe Net Acres (6) ………….…...… 636,000 Midstream Ownership (7) $3.1 billion 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. 2 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.

Antero’s Core Business Strategy Develop World Class Resource Over the Long Term 1 • 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 2 • 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 3 • 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 4 • 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 ownership (NYSE: AM) 3

Largest Core Drilling Inventory in Appalachia- Liquids Focused 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 12 NE Marcellus Rigs Undrilled Core Marcellus and Core Utica 3P Locations (1) 4,500 Core - NE Pennsylvania Dry Locations Core Liquids-Rich Appalachia Undrilled 3,890 Locations 4,000 Core - SW Marcellus & Utica Dry Locations 31 Utica Rigs G K A D J I E 2% 2% Core - Marcellus & Utica Liquids Rich 4% 3% 3% 3,500 5% 6% Locations H Undrilled Locations 3,000 8% AR 44% 2,500 C 2,096 10% 2,000 1,757 B 13% 33 SW Marcellus Rigs 1,500 1,024 1,001 817 1,000 776 741 653 633 632 563 76 Total 500 Rigs - Avg. AR A B C D E F G H I J K Lateral 7,812’ 6,414’ 6,416’ 7,157’ 8,394’ 8,033’ 5,868’ 8,547’ 9,339’ 7,301’ 7,486’ 8,868’ Length 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. 4 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.

Antero Investment Highlights 1 Market Leading Exposure to NGL Prices and Production Growth Maximizing Financial Returns with Enhanced Completions 2 and Long Laterals Capital Efficiencies and Cash Flow Growth Result in 3 Free Cash Flow and Declining Leverage Through 2020 (1) Midstream Ownership and Integration Delivers 4 Tremendous Value to Antero Shareholders 5 1. Assuming flat $3.00 NYMEX gas and $54 WTI oil through 2020.

1 Largest NGL Producer in the U.S. 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 115.0 45% Largest NGL producer in the 105.6 40% U.S. in 3Q ’17 with the 105.0 Highest exposure to NGLs 35% among the top 10 peer group 34% NGL % of Product Revenues 95.0 30% 30% 85.0 25% MBbl/d 20% 75.0 15% 65.0 13% 13% 12% 12% 12% 11% 10% 8% 7% 55.0 5% $23.11 $16.93 $15.15 $31.07 $22.38 $20.72 $21.83 $18.96 $22.91 $22.99 45.0 0% AR RRC DVN APC EOG COP CHK PXD NBL OXY 3Q17 Daily NGL Production NGL % of Product Revenues Pre-hedged Realized Price ($/Bbl) 6 Source: SEC filings and company press releases. Realized prices are weighted average including ethane (C2) where applicable.

1 Strong Propane Fundamentals 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 Historically Isolated U.S. Markets Unlocked with LPG Export Capacity Buildout Excess capacity for exports to Propane Butane Export Terminal Capacity global markets 1,600 1,400 1,200 Historically the U.S. has been 000s Bbl/day 1,000 constrained by export capacity 800 600 400 200 - Driving Propane Inventories Short Strong Absolute & Relative Price Improvement Mont Belvieu Propane Price % of WTI 2015 2016 2017 120,000 $1.60 90% Propane Price ($/gallon) 80% $1.40 100,000 Propane % of WTI 70% $1.20 60% 80,000 $1.00 MBbls 50% $0.80 60,000 40% 26% and 37% reduction $0.60 30% 40,000 from 2015 and 2016 $0.40 20% “trough” inventory $0.20 10% 20,000 levels, respectively $0.00 0% 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 7 Source: EIA and Bentek. Data as of 10/18/2017.