Company Overview February 2014 FORWARD-LOOKING STATEMENTS This - PowerPoint PPT Presentation

Company Overview February 2014

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 in the Company’s Registration Statement on Form S-1 (File No. 333 – 189284) (the “Registration Statement”) with the U.S. Securities and Exchange Commission (the “SEC”) 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 the Registration Statement 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: A “PURE PLAY” ON THE MARCELLUS / UTICA ● Marcellus is the largest gas field in the U.S., 2 nd largest in the world – Industry production approximately 14 Bcf/d today Critical Mass In Two ● Antero has 35 Tcfe of 3P reserves in Marcellus and Utica Shales World Class Shale Plays ● 566 MMcfe/d of average net production in 3Q 2013 including 7,900 Bbl/d of liquids; 675–680 MMcfe/d net production guidance for 4Q 2013 ● 159% Appalachian production CAGR since 2010 to YE 2013 ● Most active driller in Appalachia – 20 rigs running Market Leading Growth ● Most active driller in Marcellus Shale – 15 rigs running ● 3 rd most active driller in the Utica Shale – 5 rigs running ● Low development cost leader: $1.03/Mcfe (1) Industry Leading Capital ● Industry leading growth-adjusted recycle ratio: 6.1x (1) Efficiency and Recycle Ratio ● Top quartile return on productive capital: 27% for 2013E ● 1.4 Bcf/d of processing capacity and 1.5 Bcf/d of gas takeaway by year- Significant Emphasis on end 2014 Takeaway and ● Liquids expected to grow from 8% of third quarter 2013 production Liquids Processing due to focus on liquids-rich development ● ~$1.8 billion pro forma available liquidity with current $1.5 billion bank Liquidity and Hedge commitment (2) Position Support High ● 1.3 Tcfe hedged through 2019 at an average index price of $4.64/MMBtu Growth Story and $96.54/Bbl ● Over 30 years as a team (over 20 years in unconventional) Outstanding ● “Shale Pioneers” – early mover and driller of over 500 horizontal shale Management Team wells in the Barnett, Woodford, Marcellus and Utica Shales 2 1. Three year average through 2012; pro forma for Arkoma and Piceance divestitures. 2. See page 21 for the derivation of 9/30/2013 liquidity.

PREMIER UNCONVENTIONAL RESOURCE PLATFORM TOTAL – 12/31/13 RESERVES (1) MARCELLUS SHALE A “Pure-Play” Appalachian-Focused Shale Company Assumes Ethane Rejection Net Proved Reserves (1) 7.2 Tcfe • 100% operated Net Proved Reserves (1) 7.6 Tcfe Net 3P Reserves (1) 25.0 Tcfe Pre-Tax 3P PV-10 (1) $15,729 MM • Stable acreage base Net 3P Reserves (1) 35.0 Tcfe Pre-Tax 3P PV-10 (1) $20,362 MM − Marcellus Shale: 51% HBP, with additional 21% % Liquids – Net 3P 17% not expiring for 5+ years 3Q 2013 Net Production 519 MMcfe/d Net 3P Liquids 902 MMBbls − Utica Shale: 20% HBP, with additional 79% not Undrilled 3P Locations 3,068 % Liquids – Net 3P 15% expiring for 5+ years 3Q 2013 Net Production (2) 566 MMcfe/d UTICA SHALE – LIQUIDS RICH B • Portfolio flexibility across dry gas to liquids-rich and - 3Q 2013 Net Liquids (2) 7,900 Bbl/d condensate windows Net Proved Reserves (1) 362 Bcfe Net Acres (3) 454,000 Net 3P Reserves (1) 5.8 Tcfe • Significant investment in midstream infrastructure and Undrilled 3P Locations 4,778 Pre-Tax 3P PV-10 (1) $4,666 MM secured takeaway capacity % Liquids – Net 3P 15% • Financial flexibility to pursue planned 2014 and 2015 3Q 2013 Net Production 44 MMcfe/d development drilling activities Undrilled 3P Locations 759 • Full scale development underway − 20 rigs currently operating UPPER DEVONIAN SHALE C A Net Proved Reserves (1) 44 Bcfe C Net 3P Reserves (1) 4.2 Tcfe B Additional Hedge Value Pre-Tax 3P PV-10 (1) NM D % Liquids – Net 3P 7% • 1.3 Tcfe hedged from 1/1/2014 through 12/31/2019 at a 3Q 2013 Net Production 3 MMcfe/d NYMEX-equivalent price of $4.97/MMBtu Undrilled 3P Locations 951 • ~ $940 million mark-to-market value as of 1/31/2014 not included in reserve PV-10 UTICA SHALE – DRY GAS D ~ 50% hedged through NYMEX; 50% hedged through • Net Acres (3) 126,000 regional hubs Net Resource 5.0 Tcfe Undrilled Locations 950 1. Proved, probable, and possible reserves as of December 31, 2013, assuming ethane rejection using SEC methodology and SEC pricing. Evaluations prepared by our internal reserve engineers and audited by DeGolyer & MacNaughton (D&M). Pre-Tax 3P PV-10 is a non-GAAP financial measure. 3 2. Represents the average net daily production for the period July 1, 2013 through September 30, 2013. 3. All net acres allocated to the Dry Gas Utica and Upper Devonian Shale are included among the net acres allocated to the Marcellus Shale as they are stacked pay formations attributable to the same leases.

STRONG TRACK RECORD OF GROWTH AVERAGE NET DAILY PRODUCTION (MMcfe/d) APPALACHIAN PRODUCTION (MMcfe/d) Woodford Piceance Marcellus Utica Marcellus Utica 950 1,000 1,000 950 800 800 Sold Woodford and Piceance 600 600 522 522 400 400 334 244 239 200 200 133 124 105 87 31 30 6 0 0 (5) (4) (5) (4) 2006 2007 2008 2009 2010 2011 2012 2013E 2014E 2010 2011 2012 2013E 2014E NET PROVED SEC RESERVES (Bcfe) (2) OPERATED GROSS WELLS SPUD (3) Woodford Piceance Marcellus Utica Woodford Piceance Marcellus Utica 9,000 193 200 7,632 8,000 175 157 7,000 150 6,000 126 119 125 5,017 4,929 5,000 96 91 100 Financial 85 4,000 Crisis 3,231 75 66 3,000 50 2,000 680 1,141 18 25 1,000 235 87 0 0 (4) (5) 2006 2007 2008 2009 2010 2011 2012 2013 2006 2007 2008 2009 2010 2011 2012 2013E 2014E 1. CAGR = Compound Annual Growth Rate. 2. Proved reserves for 2006, 2007, and 2008 represent previously effective SEC methodology. 2009, 2010, 2011, 2012 and 2013 proved reserves based on current SEC reserve methodology and SEC pricing and are audited by independent third- party engineers; excludes Arkoma Basin reserves which were sold on June 20, 2012 and Piceance Basin reserves which were sold on December 21, 2012. 4 3. Includes 44 Bcfe of Upper Devonian Shale proved reserves. 4. Per Company press release dated January 27, 2014. 5. Per Company press release dated January 29, 2014; production mid-point of 925-975 MMcfe/d guidance.