Goldman conference presentation v f-02.01.16_revised 4

1. Goldman Sachs Global Energy Conference
January 7, 2016

2. 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.
1
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.

3. ANTERO – “THE BRIDGE” TO BETTER OIL & GAS PRICES
2015E 2016E 2017E
Large and Growing
Production Base
Declining Development
Costs
Production Sold
Forward
Strong Liquidity
Firm Transport to
Favorable Markets
40%+ growth
1.4 Bcfe/d+
25% - 30% growth target
midpoint 1.785 Bcfe/d
Continue to target peer-leading
production growth
~$0.88/Mcfe YTD down 10%
from 2014
• 2,450 “high grade”
horizontal locations with
similar economics
• Target 12% cost reduction
Continue to target peer-leading
development costs
1,316 BBtu/d hedged at
$4.43/MMBtu
(94% of guidance)
1,793 BBtu/d hedged at
$3.94/MMBtu
(≈100% of target)
2,073 BBtu/d hedged at
$3.57/MMBtu
• $3.0 billion at 9/30/2015
• Additional $2.7 billion of
AM units
Continue to target growth in
PDP reserves, midstream
assets and hedge portfolio
Continue to target growth in
PDP reserves, midstream
assets and hedge portfolio
• 2.3 Bcf/d of FT
• Expect 71% of sales volumes
priced at favorable markets
• 3.5 Bcf/d of FT
• Expect 95% of sales volumes
priced at favorable markets
• 3.8 Bcf/d of FT
• Expect 95% of sales volumes
priced at favorable markets
• 61,500 Bbl/d of FT on
Mariner East 2 for export
 Highly Sustainable Business Model - Antero holds a leading position within the lowest cost U.S. basin, a large and
growing production base, a substantial long-term hedge position, over $5.0 billion of direct and indirect liquidity, and
an increasing percentage of volumes sold to favorable markets
2

4. 94 289 254 664 139 1,010 889 628 248
29%
26%
23%
34%
27%
22%
11% 9% 10%
83%
80%
71%
63%
57%
47%
28%
24%
16%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Utica Highly-
Rich Gas
Utica Dry Gas
- Ohio
Utica Rich Gas Marcellus
Highly-Rich
Gas/
Condensate
Utica Highly-
Rich Gas/
Condensate
Marcellus
Highly-Rich
Gas
Marcellus Dry
Gas
Marcellus Rich
Gas
Utica
Condensate
ROR
ROR @ 12/31/2015 Strip Pricing - Before Hedges ROR @ 12/31/2015 Strip Pricing - After Hedges
2016 Antero
Drilling Plan
1. 12/31/2015 pre-tax well economics based on a 9,000’ lateral, 12/31/2015 natural gas and WTI strip pricing for 2016-2024, flat thereafter, NGLs at 37.5% of WTI for 2016 and 50% of WTI thereafter, and
applicable firm transportation and operating costs including 50% of Antero Midstream fees. Well cost estimates, which include $1.2 million for road, pad and production facilities, assume Antero will begin
to realize lower well costs in 2016 as the company utilizes incremental completion crews for deferred completions beginning at year end 2015 and as existing drilling rig contracts begin to roll off during
2016.
2. ROR @ 12/31/2015 Strip Pricing – After Hedges reflects 12/31/2015 well cost ROR methodology with the 12/31/2015 hedge value allocated based on 2016-2021 projected production volumes resulting in
blend of strip and hedge prices.
HIGH RETURN LOCATIONS DRIVE VALUE CREATION
3
 At 12/31/2015 strip pricing, Antero has 2,450 locations with well economics that exceed 20% rate of
return (excluding hedges)
– Including hedges, these locations generate rates of return of approximately 47% to 83%
 Rates of return include pad, facilities, cash production expenses (including midstream and FT costs)
– See assumptions pages in appendix for further detail
ANTERO MARCELLUS & UTICA WELL ECONOMICS(1)(2)
2,450 “High
Grade” Drilling
Locations
NYMEX
($/MMBtu)
WTI
($/Bbl)
C3+ NGL
($/Bbl)
2016 $2.50 $41 $15
2017 $2.79 $46 $23
2018 $2.91 $49 $25
2019 $3.03 $52 $26
2020 $3.18 $54 $27
2021-25 $3.31-$3.88 $55-$56 $27-$28
12/31/15 Strip Pricing 12/31/15 Hedge Pricing
NYMEX
($/MMBtu)
C3+ NGL
($/Bbl)
$4.19 $18
$3.72 $22
$3.70 $25
$3.60 $26
$3.38 $27
$3.31 - $3.88 $27-$28
$2.50 $2.79 $2.91 $3.03 $3.18
$4.19
$3.72 $3.70 $3.60 $3.38
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
2016 2017 2018 2019 2020
12/31/15 NYMEX Strip Pricing - Before Hedges
12/31/15 Strip Pricing - After Hedges
Locations

5. 4
HEDGING – INTEGRAL TO BUSINESS MODEL
 Hedging is a key component of Antero’s business model which includes development of a large, repeatable drilling inventory
– Locks in higher returns in a low commodity price environment and reduces well payout thereby enhancing liquidity
 Antero has realized $1.7 billion of gains on commodity hedges since 2009
– Gains realized in 28 of last 29 quarters, or 97% of the quarters since 2009
● Based on Antero’s hedge position and strip pricing as of 12/31/2015, the unrealized commodity derivative value is $3.1 billion
● Significant additional hedge capacity remains under the credit facility hedging covenant for 2018 – 2022 period
Quarterly Realized Hedge Gains / (Losses)
Realized Hedge Gains
Projected Hedge Gains
NYMEX Natural Gas
Historical Spot Prices
($/Mcf)
NYMEX Natural Gas
Futures Prices
3.5 Tcfe Hedged at
average price of
$3.81/Mcfe
through 2022
Average Hedge Prices
($/Mcfe)
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$0
$50
$100
$150
$200
$250
$300
$MM
$3.50
$4.51
$3.94
$3.57
$3.88 $3.89
$3.73
$3.30
$3.1 Billion on
Balance Sheet in
Hedge Gains
Through 2022Realized $1.7 Billion
in Hedge Gains
Since 2009

6. 2.1x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
Peer 5 AR Peer 1 Peer 6 Peer 2 Peer 3 Peer 4
E&P Debt (net of Cash and M-T-M Hedge Value)(1) / LTM EBITDA (excl. Realized Hedging Revenue)
5
HEDGE BOOK SUPPORTS FINANCIAL PROFILE
Note: Data presented as filed for the quarter ended September 30, 2015 ($ in millions), prepared by Antero management. Peer group comprised primarily of gas weighted E&P names with comparable
credit profiles, including NFX, QEP, RRC, SM, SWN, WPX.
1. Represents total E&P debt less cash and mark-to-market hedge value.
Antero exceeds closest credit peer by $2.3 billion
AR net leverage maps with strong
BB credit peers
Only credit peer with less than
$1.5 billion of E&P debt
$2,842
(9/30/15)
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
AR Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6
Mark-to-Market Hedge Value (9/30/15) for BB / BBB E&P Credits ($MM)
$3,117
(12/31/15)
$0
$1,000
$2,000
$3,000
$4,000
$5,000
AR Peer 5 Peer 2 Peer 1 Peer 3 Peer 4 Peer 6
E&P Debt (net of Cash and M-T-M Hedge Value)
BB Credit Peer
BBB Credit Peer

7. Pre Post
In-Service In-Service
Projected 2016 Average Volume (BBtu/d)
DOMS Priced Sales 329 0
TETCO M2 Priced Sales 321 0
TCO Priced Sales 0 80
Firm Sales (TCO / Nymex) 0 570
Total 650 650
2016 Strip Pricing ($/MMBtu)
DOMS (1)
$1.54 N/A
TETCO M2 (1)
$1.56 N/A
TCO (1)
N/A $2.31
Firm Sales (TCO / Nymex) (2)
N/A $2.21
Annual Revenue ($MM)
DOMS $185.1 $0.0
TETCO M2 183.0 0.0
TCO Pool Sales (1)
0.0 67.1
Firm Sales (TCO / Nymex) (2)
0.0 461.2
$368.1 $528.3
Incremental Revenue $160.2
Less: Incremental Firm Transport Costs: (25.2)
Projected Incremental EBITDA $135.0
STONEWALL PIPELINE IN SERVICE – EBITDA IMPACT
1. 2016 Strip pricing as of 12/31/2015.
2. Blended price based on contracted firm sales volumes with third parties.
Existing TCO capacity of 582 MMcf/d with additional
1.1 Bcf/d of Stonewall Gathering firm transportation
and sales should eliminate virtually all Marcellus
swing gas sales to Dominion South and TETCO M2
in 2016
6
2016 DOMS Strip: $1.54
Variance to Nymex ($0.95)
Variance to TCO ($0.77)
2016 TETCO M2 Strip: $1.56
Variance to Nymex ($0.93)
Variance to TCO ($0.75)

8. DOM S
23%
DOM S, 4% DOM S, 4%
TETCO M2
7%
TETCO M2
1%
TETCO M2
1%
TCO
40%
TCO
32%
TCO, 21%
NYMEX
10%
NYMEX
14%
NYMEX
10%
Gulf Coast
2%
Gulf Coast
21%
Gulf Coast
39%
Chicago
18% Chicago
28%
Chicago
25%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
($/Mcf) 2015E 2016E
NYMEX Strip Price(1) $2.66 $2.49
Basis Differential to NYMEX(1) $(0.53) $(0.17)
BTU Upgrade(5) $0.25 $0.24
Estimated Realized Hedge Gains $1.47 $1.49
Realized Gas Price with Hedges $3.86 $4.05
Premium to NYMEX +$1.29 +$1.56
Liquids Impact +$0.25 +$0.11
Premium to NYMEX w/ Liquids +$1.45 +$1.67
Realized Gas-Equivalent Price $4.11 $4.16
REALIZED PRICE “ROAD MAP”
Note: Hedge volumes as of 12/31/2015.
1. Based on 12/31/2015 strip pricing and YTD actuals for 2015.
2. Differential represents contractual deduct to NYMEX-based firm sales contract.
3. Represents 120,000 MMBtu/d of TCO index hedges and 390,000 MMBtu/d of
TCO basis hedges that are matched with NYMEX hedges for presentation
purposes.
4. Represents 60,000 MMBtu/d of TCO index hedges and 120,000 MMBtu/d of
TCO basis hedges that are matched with NYMEX hedges for presentation
purposes.
5. Assumes ethane rejection resulting in 1100 BTU residue sales gas.
2015
Basis(1)
2016
Basis(1)
2017
Basis(1)
2015
Hedges
2016
Hedges
2017
Hedges
Marketed%ofTargetResidueGasProduction
+$0.02/MMBtu
$(0.12)/MMBtu(2)
$(1.30)/MMBtu
$(0.28)/MMBtu
$0.02/MMBtu
$(0.43)/MMBtu(2)
$(0.95)/MMBtu
$(0.18)/MMBtu
$(0.04)/MMBtu
$(0.43)/MMBtu(2)
$(0.78)/MMBtu
$(0.25)/MMBtu
$(0.05)/MMBtu
$(0.06)/MMBtu
1,370,000 MMBtu/d
@ $3.40/MMBtu
40,000 MMBtu/d
@ $4.00/MMBtu
230,000 MMBtu/d
@ $5.74/MMBtu
510,000 MMBtu/d
@ $3.87/MMBtu(3)
170,000 MMBtu/d
@ $4.09/MMBtu
272,500 MMBtu/d
@ $5.35/MMBtu
180,000 MMBtu/d
@ $3.54/MMBtu(4)
95% exposure to favorable price indices71% exposure to favorable price indices 95% exposure to favorable price indices
 Antero’s exposure to favorable gas price indices like Chicago, Gulf Coast, NYMEX and TCO is expected to increase to 95% by 2016
 Improved 2016 realizations driven by Stonewall gathering pipeline which was placed in-service in early December 2015 and will eliminate
virtually all swing sales at Dominion South and Tetco in 2016
$(1.00)/MMBtu
$(0.93)/MMBtu
Wtd. Avg.
Basis ($0.53)
Wtd. Avg.
Basis $(0.17)
1,160,000 MMBtu/d
@ $4.34/MMBtu
Wtd. Avg.
Basis $(0.17)
1,612,500 MMBtu/d
@ $3.92/MMBtu
420,000 MMBtu/d
@ $4.27/MMBtu
2015E 2016E 2017E
7
380,000 MMBtu/d
@ $3.88/MMBtu
990,000 MMBtu/d
@ $3.49/MMBtu
70,000 MMBtu/d
@ $4.57/MMBtu
1,860,000 MMBtu/d
@ $3.64/MMBtu
$(0.10)/MMBtu
$(0.75)/MMBtu
Current markets
indicate positive
differential in 2016

9. $0.59
$0.43
$0.40
$0.41
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
2016 2017
Hedged Volume Average Hedge Price Strip (12/31/2015)
$52.61 $53.71 $46.23 $51.98
$16.53
$25.23
$15.17
$21.89
$98.01 $93.03
$48.63
$41.00
$0.00
$20.00
$40.00
$60.00
$80.00
$100.00
$120.00
AR NGL Pricing Mont Belvieu AR NGL Pricing Mont Belvieu AR NGL Pricing Mont Belvieu AR NGL Pricing Mont Belvieu
2013 2014 2015 YTD 2016E
Realized NGL C3+ Price WTI
NGL REALIZATIONS AND PROPANE HEDGES
8
1. Based on 2016 NGL and WTI strip prices as of 12/31/2015.
2. YTD as of 10/31/2015.
3. As of 12/31/2015.
Realized NGL Prices as % of WTI(1)
54% 50%
34% 37%
($/Bbl)
NGL Marketing Propane Hedges
 Realized NGL (C3+) price was 50% of WTI in 2014 and
Antero is forecasting 30% to 35% of WTI for 2015
− YTD 2015(2) NGL realizations were 34% of WTI
− Including propane hedges, first ten months of 2015
realizations were 40% of WTI
 By year-end 2016, Antero will market a significant portion
of its NGL volumes out of Marcus Hook to export markets
once Mariner East 2 is in service
– 61,500 Bbl/d firm commitment with expansion rights
(Bbl/d)
$82 MM $7 MM
($/Gal)
Mark-to-Market Value(3)
Target 2016 NGL pricing of
37% of WTI based on
12/31/15 strip pricing
(2)

10. 2016 FT Portfolio and
Projected Gas Sales
Net Production Target (MMcfe/d) (1) 1,785
Net Gas Production Target (MMcf/d) (80% of Net Production) 1,430
Net Revenue Interest Gross-up 80%
Gross Gas Production Target (MMcf/d) 1,785
BTU Upgrade (2) x1.100
Gross Gas Production Target (BBtu/d) 1,975
Firm Transportation / Firm Sales (BBtu/d) 3,525
Estimated % Utilization of FT/FS 56%
Excess Firm Transportation 1,550
Marketable Firm Transport (BBtu/d) (3) 1075
Unmarketable Firm Transportation 475
Estimated % Utilization of FT/FS Portfolio (Including Marketable FT) 87%
ANTERO FIRM TRANSPORTATION APPROPRIATELY
DESIGNED TO ACCOMMODATE GROWTH
91. Represents midpoint of 2016 preliminary targeted net daily production growth of 25% to 30%.
2. Assumes 1100 BTU residue sales gas.
3. Represents excess firm transportation that is deemed marketable to 3rd parties based on a positive differential between the receipt and delivery points of the FT capacity, less variable transport cost.
• Antero projects firm transportation in excess of
equity gas production of approximately 1,550
BBtu/d in 2016
• Expects to market or mitigate the cost of
approximately 1,075 Bbtu/d of the excess FT with
3rd party gas
• Expect to fully utilize FT portfolio by 2019,
assuming 2016 targeted production growth is
maintained long-term (excludes Appalachia
based FT directed to unfavorable indices)
0
600
1,200
1,800
2,400
3,000
3,600
(BBtu/d)
2016 Targeted
Gross Gas
Production(1)
1,975 BBtu/d
Unmarketable Unutilized
Firm Transport
~475 BBtu/d ($0.15 / MMBtu)
Marketable Unutilized
Firm Transport
~1,075 BBtu/d
($0.39 / MMBtu)
Utilized Firm Transport /
Firm Sales
~1,975 BBtu/d
($0.45 / MMBtu)
Total Firm Transport (4)
3,525 BBtu/d
Excess
Capacity Marketable /
FT Segment (Location) (BBtu/d) Unmarketable
Columbia / TGP (Marcellus) 625 Marketable
ANR North / ANR South (Utica) 450 Marketable
EQT / M3 (Marcellus) 475 Unmarketable
Total Excess Firm Transport 1,550
2016 Firm Transport
DecreasingCostofFT

11. 2016E
Marketing 2016E Marketing Revenue
Spread Assuming % Volume Mitigated
($ / MMBtu) (2)
25% 50%
"Marketable" Firm Transport Capacity
625 BBtu/d of Columbia / TGP $0.72 $41 $82
450 BBtu/d of ANR North / ANR South $0.12 4 10
Sub-Total $45 $92
$ / Mcfe - 2016E Targeted Production (1)
$0.07 $0.14
Unmarketable (EQT / M3) ($/MMBtu)
2016 TETCO M2 Pricing (Sold Gas) $1.56
2016 TETCO M2 Pricing (Bought Gas) (1.56)
Total Spread $0.00
Marketable (TCO / TGP) ($/MMBtu)
2016 TGP-500 Pricing (Sold Gas) $2.43
2016 TETCO M2 Pricing (Bought Gas) (1.56)
Less: Variable FT Costs (0.15)
Total Spread ("In the Money") $0.72
FIRM TRANSPORTATION PORTFOLIO PRESENTS
MARKETING OPPORTUNITIES
10
NOTE: Analysis based on current strip pricing as of 12/31/15.
1. Represents midpoint of 2016 preliminary targeted net daily production growth of 25% to 30%.
2. Spread for each respective “marketable” firm transport represents the difference between the gas price Antero
would receive at the delivery point of each pipeline versus the price Antero would pay to buy gas at the receipt
point of each piece of capacity, less the variable costs to transport on each segment of firm transportation.
2016 Projected Marketing Expenses:
0
600
1,200
1,800
2,400
3,000
3,600
(BBtu/d)
2016 Targeted Gross
Gas Production (2)
1,975 BBtu/d
$0.04 / Mcfe of 2016E
Production (2)
$0.09 to $0.16 /
Mcfe of 2016E
Production (2)
Utilized FT
$0.45 / Mcfe of 2016E
Production (2)
Illustrative Marketing Example:
2016 FT and Marketing Expenses per Unit:
2016 Marketing Revenue Projection:
Based on the midpoint of 2016 preliminary
targeted net daily production growth of 25% to
30%, Antero projects net marketing expenses of
~$0.13 to $0.20 per Mcfe in 2016
Gathering
& Transportation
Costs
Marketable
Net Marketing
Expense
Unmarketable
Net Marketing
Expense
Positive Spread
No Spread
($ in millions, except per unit amounts) 2016E 2016E 2016E
Demand Marketing Marketing Marketing
Cost Expenses Revenue Expenses, Net
"Unmarketable" Firm Transport
475 BBtu/d of EQT / M3 Appalachia FT $0.15 / MMBtu $26 - $26
"Marketable" Firm Transport Capacity
625 BBtu/d of Columbia / TGP $0.49 / MMBtu $112 $41 - $82 $30 - $71
450 BBtu/d of ANR North / ANR South $0.24 / MMBtu 40 $4 - $10 $30 - $36
Sub-Total $152 $45 - $92 $60 - $107
Grand Total - 2016 Marketing Expenses, Net $177 $45 - $92 ~$85 to $132 MM
$ / Mcfe - 2016 Targeted Production (1)
$0.27 $0.07 - $0.14 $0.13 - $0.20

12. $1.97
AR P3 P4 P2 P1
“THE BRIDGE” RESULTS IN OUTPERFORMANCE VS. PEERS
Quarterly Appalachian Peer Group EBITDAX Margin ($/Mcfe)(1)
Quarterly Appalachian Peer Group EBITDAX ($MM)(1)
3Q 2014 4Q 2014 1Q 2015 2Q 2015
Note: AR and EQT EBITDAX margin excludes EBITDA from midstream MLP associated with noncontrolling interest. CNX excludes EBITDAX contribution from coal operations.
1. Source: Public data from form 10-Qs and 10-Ks. Peers include COG, CNX, EQT and RRC.
3Q 2014 4Q 2014 1Q 2015 2Q 2015
AR Peer Group Ranking – Top Tier
#1 #1 #2 #1 #1
AR Peer Group Ranking – Improving Over Time
#2 #3 #2 #1 #1
Y-O-Y AR:  $1MM
Peer Avg:  $103MM
NYMEX Gas: 32%
NYMEX Oil:  53%
Y-O-Y AR:  33%
Peer Avg:  51%
NYMEX Gas:  32%
NYMEX Oil:  53%
11
$292
$0
$50
$100
$150
$200
$250
$300
$350
$400
P2 AR P3 P4 P1
$330
P2 P4 AR P3 P1
$355
P2 AR P4 P3 P1
$269
AR P2 P3 P4 P1
$291
AR P3 P2 P4 P1
3Q 2015
$2.93
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
AR P3 P2 P1 P4
$2.84
AR P2 P3 P4 P1
$2.56
P2 AR P3 P4 P1
$1.90
AR P3 P4 P2 P1
(2)3Q 2015
For the second straight quarter, Antero has both the highest
EBITDAX and EBITDAX margin among Appalachian peers

13. 12
Most Active Operator
in Appalachia
Largest Firm Transport
and Processing
Portfolio in Appalachia
Largest Gas Hedge
Position in U.S. E&P +
Strong Financial
Liquidity
Highest Growth
Large Cap E&P
Largest Core Liquids-
Rich Position in
Appalachia
Highest Realizations
and Margins Among
Large Cap
Appalachian Peers
Growth Liquids-Rich
Hedging &
Liquidity
Midstream
Drilling
LEADING UNCONVENTIONAL BUSINESS MODEL
MLP (NYSE: AM)
Highlights
Substantial Value in
Midstream Business
Realizations
Takeaway
Well
Economics
1
2 3
4
5
67
8
Premier Appalachian
E&P Company
Run by Co-Founders
High Return
Locations

14. Note: 2014 SEC prices were $4.07/MMBtu for natural gas and $81.48/Bbl for oil on a weighted average Appalachian index basis. 2015 SEC prices expected to be lower.
1. All net acres allocated to the WV/PA Utica Shale Dry Gas 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 leasehold.
2. Antero and industry rig locations as of 1/1/2016, and average rig count for 4Q 2015, per RigData.
DRILLING – MOST ACTIVE OPERATOR IN APPALACHIA
13
COMBINED TOTAL – 12/31/14 RESERVES
Assumes Ethane Rejection
Net Proved Reserves 12.7 Tcfe
Net 3P Reserves 40.7 Tcfe
Pre-Tax 3P PV-10 $22.8 Bn
Net 3P Reserves & Resource 53 to 57 Tcfe
Net 3P Liquids 1,026 MMBbls
% Liquids – Net 3P 15%
3Q 2015 Net Production 1,506 MMcfe/d
- 3Q 2015 Net Liquids 52,250 Bbl/d
Net Acres(1) 569,000
Undrilled 3P Locations 5,331
UTICA SHALE CORE
Net Proved Reserves 758 Bcfe
Net 3P Reserves 7.6 Tcfe
Pre-Tax 3P PV-10 $6.1 Bn
Net Acres 147,000
Undrilled 3P Locations 1,024
MARCELLUS SHALE CORE
Net Proved Reserves 11.9 Tcfe
Net 3P Reserves 28.4 Tcfe
Pre-Tax 3P PV-10 $16.8 Bn
Net Acres 422,000
Undrilled 3P Locations 3,191
UPPER DEVONIAN SHALE
Net Proved Reserves 8 Bcfe
Net 3P Reserves 4.6 Tcfe
Pre-Tax 3P PV-10 NM
Undrilled 3P Locations 1,116
WV/PA UTICA SHALE DRY GAS
Net Resource 12.5 to 16 Tcf
Net Acres 188,000
Undrilled Locations 1,889
0
2
4
6
8
10
12
RigCount
Operators
4Q Average SW Marcellus & Utica

15. 0
10,000
20,000
30,000
40,000
2010 2011 2012 2013 2014 2015E
NGLs (C3+) Oil
5 246
6,436
23,051
37,000+
61%+ Growth
Guidance1. Assumes ethane rejection.
2. Reflects midpoint of 2016 production growth target of 25%-30%.
1,400
1,785
0
600
1,200
1,800
2010 2011 2012 2013 2014 2015E 2016E
Marcellus Utica Guidance
30
124
239
522
1,007
14
AVERAGE NET DAILY PRODUCTION (MMcfe/d)
0
50
100
150
200
2010 2011 2012 2013 2014 2015E
Marcellus Utica Deferred Completions
19
38
60
114
177 180
130
GROWTH – STRONG TRACK RECORD
OPERATED GROSS WELLS COMPLETED
40%+ Growth
Guidance
0
3,000
6,000
9,000
12,000
15,000
2010 2011 2012 2013 2014
Marcellus Utica
677
2,844
4,283
7,632
(1) (1)
12,683
(1)
NET PROVED RESERVES (Bcfe)
AVERAGE NET DAILY LIQUIDS PRODUCTION (Bbl/d)
+
25%-30%
Growth
Target
(2)

16. 15
LIQUIDS-RICH – LARGEST CORE POSITION
Source: Core outlines and peer net acreage positions based on investor presentations, news releases and 10-K/10-Qs. Rig information per RigData as of 1/1/2016.
1. Based on company filings and presentations. Peer group includes Ascent, CHK, CNX, CVX, ECR, EQT, GPOR, NBL, RRC, STO, SWN.
• Antero controls an estimated 37% of
the NGLs in the liquids-rich core of
the two plays
• Antero has the largest core liquids-
rich position in Appalachia with
≈371,000 net acres (> 1100 Btu)
• Represents over 21% of core liquids-
rich acreage in Marcellus and Utica
plays combined
 Antero has over 3,000 undeveloped rich gas locations with an average lateral length of 6,800’ in its 3P reserves as of 12/31/2014
0
100
200
300
400
(000s)
Core Liquids-Rich Net Acres(1)

17. 248
139 94
254
289
16%
57%
83%
71%
80%
10%
27%
29%
23% 26%
0
100
200
300
0%
20%
40%
60%
80%
100%
Condensate Highly-Rich
Gas/
Condensate
Highly-Rich
Gas
Rich Gas Dry Gas
Total3PLocations
ROR
664 1,010
628
88963% 47%
24%
28%34%
22%
9% 11%
0
400
800
1,200
0%
15%
30%
45%
60%
75%
Highly-Rich
Gas/
Condensate
Highly-Rich Gas Rich Gas Dry Gas
Total3PLocations
ROR
Total 3P Locations ROR @ 12/31/2015 Strip Pricing - After Hedges ROR @ 12/31/2015 Strip Pricing - Before Hedges
MARCELLUS WELL ECONOMICS(1)(2)
WELL ECONOMICS – WELL COST REDUCTIONS SUPPORT
SUSTAINABLE BUSINESS MODEL
Marcellus Well Cost Improvement(3)
1. 12/31/2015 pre-tax well economics based on a 9,000’ lateral, 12/31/2015 natural gas and WTI strip pricing for 2016-2025, flat thereafter, NGLs at 37.5% of WTI for 2016 and 50% of WTI thereafter, and
applicable firm transportation and operating costs including 50% of Antero Midstream fees. Well cost estimates, which include $1.2 million for road, pad and production facilities.
2. ROR @ 12/31/2015 Strip-With Hedges reflects 12/31/2015 well cost ROR methodology, with the 12/31/2015 hedge value allocated based on 2016-2021 projected production volumes resulting in blend of
strip and hedge prices.
3. 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.
16
UTICA WELL ECONOMICS(1)(2)
 72% of Marcellus locations are processable (1100-plus Btu)  72% of Utica locations are processable (1100-plus Btu)
2016
Drilling
Plan
 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
 At 12/31/2015 strip pricing, Antero has 2,450 locations that exceed 20% rate of return (excluding hedges)
– Including hedges, these locations generate rates of return of approximately 50% to 90%
Utica Well Cost Improvement(3)
$1.357
$1.144
$0.000
$0.500
$1.000
$1.500
$2.000
2014 2015E
$MM/1,000’Lateral
Well Cost ($MM/1,000')
16%
Decrease
vs. 2014 $1.571
$1.289
$0.000
$0.500
$1.000
$1.500
$2.000
2014 2015E
$MM/1,000’Lateral
Well Cost ($MM/1,000')
18%
Decrease
vs. 2014

18. Antero Resources
Corporation (NYSE: AR)
$9.9 Billion Enterprise Value(1)
Ba2/BB Corporate Rating
Antero Midstream
Partners LP (NYSE: AM)
$4.5 Billion Enterprise Value(1)
67% LP Interest
$2.7 Billion MV(1)
E&P Assets
Gathering/Compression
Assets
MIDSTREAM – MLP (NYSE: AM) HIGHLIGHTS
SUBSTANTIAL VALUE IN MIDSTREAM BUSINESS
1. AR enterprise value excludes AM debt, minority interest and cash. Market values (MV) as of 12/31/2015 and includes subordinated units; balance sheet data as of 9/30/2015.
2. Based on 277.0 million AR shares outstanding and 175.8 million AM units outstanding.
3. 3.5 Tcfe hedged at $3.81/Mcfe average price through 2022 with mark-to-market (MTM) value of $3.1 billion as of 12/31/2015. 17
Corporate Structure Overview(1)
Market Valuation of AR Ownership in AM:
• AR ownership: 67% LP Interest = 116.9 million units
AM Price
per Unit
AM Units
Owned
by AR
(MM)
AR Value in
AM LP Units
($MMs)
Value Per
AR Share(2)
$20 117 $2,338 $8
$21 117 $2,455 $9
$22 117 $2,572 $9
$23 117 $2,689 $10
$24 117 $2,806 $10
$25 117 $2,923 $11
Water Infrastructure
Assets
MLP Benefits:
- Funding vehicle to expand midstream business
- Highlights value of Antero Midstream
- Liquid asset for Antero Resources
Public
33% LP Interest
$1.3 Billion MV(1)
$3.1 Bn MTM
Hedge Position(3)
As of 3Q 2015:
 1,506 MMcfe/d Net
 40.7 Tcfe 3P Reserves
 5,331 Undrilled Locations

19. TAKEAWAY – LARGEST FIRM TRANSPORTATION AND
PROCESSING PORTFOLIO IN APPALACHIA
Antero Long Term Firm Processing & Takeaway Position (YE 2018) – Accessing Favorable Markets
Mariner East 2
62 MBbl/d Commitment
Marcus Hook Export
Shell
20 MBbl/d Commitment
Beaver County Cracker (2)
Sabine Pass (Trains 1-4)
50 MMcf/d per Train
Lake Charles LNG(3)
150 MMcf/d
Freeport LNG
70 MMcf/d
1. February 2016 and full year 2016 futures basis, respectively, provided by Intercontinental Exchange dated 12/31/2015. Favorable markets shaded in green.
2. Subject to Shell FID expected mid-year 2016.
3. Lake Charles LNG 150 MMcf/d commitment subject to BG FID expected in 2016.
Chicago(1)
$0.25 /
$0.02
CGTLA(1)
$(0.07) /
$(0.06)
TCO(1)
$(0.16) /
$(0.18)
18
Cove Point LNG4.85 Bcf/d
Firm Gas
Takeaway
By YE 2018
 Antero’s natural gas firm transportation (FT) portfolio builds to 4.85 Bcf/d by YE 2018 with 87% serving favorable markets, with an average demand
fee of $0.40/MMBtu and positive weighted average basis differential to NYMEX after assumed Btu uplift for gas
YE 2018 Gas Market Mix
AR 4.85 Bcf/d FT
44%
Gulf Coast
17%
Midwest
13%
Atlantic
Seaboard
13%
Dom S/TETCO
(PA)
13%
TCO
Positive
weighted
average basis
differential
Antero Commitments
(3)
(2)

20. $4
$8
$5
$25
$34 $29 $28 $26 $12 $16 $17 $28 $29
$19 $25
$43
$80 $83
$59 $49 $48
$14
$47 $54
$1
$1
$58
$78
$185$196$206
($2.00)
($1.00)
$0.00
$1.00
$2.00
$3.00
$4.00
($20.0)
$30.0
$80.0
$130.0
$180.0
$230.0
Quarterly Realized Gains/(Losses)
1Q '08 - 4Q '15
1,793 2,073 2,015 1,960 1,288 480 10
$3.94
$3.57
$3.88 $3.89
$3.73
$3.50
$3.30
$2.50
$2.79 $2.91 $3.03 $3.18 $3.31
$3.46
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
-
500
1,000
1,500
2,000
2,500
2016 2017 2018 2019 2020 2021 2022
19
Average Index Hedge Price(1)Hedged Volume Current NYMEX Strip(2)
COMMODITY HEDGE POSITION
 ~$3.1 billion mark-to-market unrealized gain based on 12/31/2015 prices
 3.5 Tcfe hedged from January 1, 2016 through year-end 2022
$1,009 MM $572 MM $711 MM $567 MM $232 MM $26 MM
Mark-to-Market Value(2)
HEDGING – LARGEST GAS HEDGE POSITION IN U.S. E&P
~ 100% of 2016
Target Hedged
191. Weighted average index price based on volumes hedged assuming 6:1 gas to liquids ratio; excludes impact of TCO basis hedges. 3,000 Bbl/d of oil and 23,000 Bbl/d of propane hedged for 2015.
2. As of 12/31/2015.
 Hedging is a key component of Antero’s business model due to the large, repeatable drilling inventory
 Antero has realized $1.7 billion of gains on commodity hedges since 2008
– Gains realized in 30 of last 32 quarters
$MM
$/Mcfe
$0 MM

21. Liquid “non-E&P assets” of $5.8 Bn
significantly exceeds total debt of $3.9 Bn
Liquidity
LIQUIDITY – STRONG BALANCE SHEET AND FLEXIBILITY
Antero Resources (NYSE:AR) Antero Midstream (NYSE:AM)
9/30/2015 Debt Liquid Non-E&P Assets 9/30/2015 Debt Liquid Assets
Debt Type $MM
Credit facility $500
6.00% senior notes due 2020 525
5.375% senior notes due 2021 1,000
5.125% senior notes due 2022 1,100
5.625% senior notes due 2023 750
Total $3,875
Asset Type $MM
Commodity derivatives(1) $3,117
AM equity ownership(2) 2,668
Cash 10
Total $5,795
Asset Type $MM
Cash $10
Credit facility – commitments(3) 4,000
Credit facility – drawn (500)
Credit facility – letters of credit (535)
Total $2,975
Debt Type $MM
Credit facility $525
Total $525
Asset Type $MM
Cash $18
Total $18
Liquidity
Asset Type $MM
Cash $18
Credit facility – capacity 1,500
Credit facility – drawn (525)
Credit facility – letters of credit -
Total $993
Approximately $3.0 billion of liquidity at AR
plus an additional $2.7 billion of AM units
Approximately $1 billion of liquidity
at AM
20
Only 35% of AM credit facility capacity drawn
Note: All balance sheet data as of 9/30/2015, inclusive of water drop down and associated financing.
1. Mark-to-market as of 12/31/2015.
2. Based on AR ownership of AM units (116.9 million common and subordinated units) and AM’s closing price as of 12/31/2015.
3. AR credit facility commitments of $4.0 billion, borrowing base of $4.5 billion.

22. $2.32
$2.32
$1.94 $1.95 $1.86 $1.77
$3.99
$3.18
$2.77 $2.63
$2.46
$2.21
$2.55/Mcf Midpoint
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
AR RICE RRC EQT CNX SWN
Natural Gas Price Realization - Before Hedges Natural Gas Price Realization - After Hedges Median - After Hedges
$12.08
$8.10
$6.23
$4.75 $4.72
$16.47
$8.10
$9.45
$4.75 $4.72
$6.43/Bbl Midpoint
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
AR EQT RRC CNX SWN COG
NGL Realization - Before Hedges NGL Realization - After Hedges Median - After Hedges
REALIZATIONS – 3Q 2015 LEADING NATURAL GAS AND
NGL REALIZATIONS
Note: Excludes peer that does not report a standalone NGL price.
1) Public data from form 10-Qs and 10-Ks. Peers include COG, CNX, EQT, RRC and SWN.
NATURAL GAS PRICE REALIZATIONS(1) 3Q 2015 NYMEX: $2.77/MMbtu
NGL PRICE REALIZATIONS(1) 3Q15 NYMEX WTI: $46.42/Bbl
($/Mcf)
($/Bbl)
68% of sales to favorable markets, expected to increase to 95% in 2016 (TCO, Chicago, Nymex)
26%
of
WTI 17% of WTI 10% of WTI 10% of WTI
21
• Antero’s realized NGL price, including hedges, was approximately 3x greater than the peer
group average during the quarter.
• Outperformance expected to continue into 2016 as AR has 30,000 Bbl/d of propane hedged
along with contracted C4+ pricing – expect NGL price realizations to be 37% of WTI
• Further improvement expected beyond 2016 when Mariner East 2 is placed into service35%
of
WTI
87% hedged in 3Q15, expected to increase to ~100% in 2016
13%
of
WTI
21%
of
WTI N/A

23. -
100
200
300
400
500
600
AR Peer 1 Peer 2 Peer 3 Peer 4 Peer 5
Core Net Acres - Dry Core Net Acres - Liquids Rich
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
AR EQT RRC COG CNX SWN
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
EQT COG AR SWN RRC CNX
LEADERSHIP IN APPALACHIAN BASIN
Top Producers in Appalachia (Net MMcfe/d) – 3Q 2015(1)(2)
Top 12 U.S. Natural Gas Producers (Net MMcf/d) – 3Q 2015(1)
Appalachian Producers by Proved Reserves (Bcfe) – YE 2014(1)(2) Appalachian Producers by Core Net Acres (000’s) – August 2015(3)(4)
1. Based on company filings and presentations.
2. Appalachian only production and reserves where available. Excludes companies that do not break out Appalachian production including CVX, HES and XOM.
3. Based on Antero geologic interpretation supported by state well data, company presentations and public land data. Peer group includes CNX, COG, EQT, RRC, SWN.
4. Southwestern leasehold and reserves include the impact from STO and WPX property acquisitions closed in January 2015.
5. Includes proved reserves categorized in “Northern Division” consisting of Utica Shale, Marcellus Shale and Powder River Basin.
(4)
22
3rd Largest
Appalachian
Producer
 Antero has the largest proved reserve base, the largest core liquids-rich acreage position and is one of the largest producers in the Appalachian Basin
Appalachian Peers
11th Largest
U.S. Gas
Producer
Largest Proved
Reserve Base In
Appalachia
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Largest Liquids-
Rich Core Position
in Appalachia

24. ASSET OVERVIEW
23

25. WORLD CLASS MARCELLUS SHALE
DEVELOPMENT PROJECT
100% operated
Operating 7 drilling rigs including
1 intermediate rig
422,000 net acres in
southwestern Marcellus core
(75% includes processable rich
gas assuming an 1100 Btu cutoff)
– 52% HBP with additional 25%
not expiring for 5+ years
419 horizontal wells completed
and online
– Laterals average 7,500’
– 100% drilling success rate
6 plants in-service at Sherwood
Processing Complex capable of
processing in excess of 1.2 Bcf/d
of rich gas
− Over 900 MMcf/d of Antero gas
being processed currently
Net production of 1,140 MMcfe/d
in 3Q 2015, including 33,000
Bbl/d of liquids
3,191 future drilling locations in
the Marcellus (2,302 or 72% are
processable rich gas)
28.4 Tcfe of net 3P (17% liquids),
includes 11.9 Tcfe of proved
reserves (assuming ethane
rejection)
Highly-Rich Gas
138,000 Net Acres
1,010 Gross Locations
Rich Gas
91,000 Net Acres
628 Gross Locations
Dry Gas
107,000 Net Acres
889 Gross Locations
Highly-Rich/Condensate
86,000 Net Acres
664 Gross Locations
HEFLIN UNIT
30-Day Rate
2H: 21.4 MMcfe/d
(21% liquids)
CONSTABLE UNIT
30-Day Rate
1H: 14.3 MMcfe/d
(25% liquids)
Sherwood
Processing
Complex
Source: Company presentations and press releases. Antero acreage position reflects tax districts in which greater than 3,000 net acres are held. Note: Rates in ethane rejection.
NERO UNIT
30-Day Rate
1H: 18.2 MMcfe/d
(27% liquids)
BEE LEWIS PAD
30-Day Rate
4-well combined
30-Day Rate of
67 MMcfe/d
(26% liquids)
RJ SMITH PAD
30-Day Rate
4-well combined
30-Day Rate of
56 MMcfe/d
(21% liquids)
24
HENDERSHOT UNIT
30-Day Rate
1H: 16.3 MMcfe/d
2H: 18.1 MMcfe/d
(29% liquids)
HORNET UNIT
30-Day Rate
1H: 21.5 MMcfe/d
2H: 17.2 MMcfe/d
(26% liquids)
CARR UNIT
30-Day Rate
2H: 20.6 MMcfe/d
(20% liquids)
WAGNER PAD
30-Day Rate
4-well combined
30-Day Rate of
59 MMcfe/d
(14% liquids)

26. Antero’s Marcellus well performance has continued to improve over time with a tight statistical
range of results across its entire acreage position
PROLIFIC PREDICTABLE RESULTS ACROSS ENTIRE
MARCELLUS POSITION
25
Marcellus PDP Locations
(As of 9/30/2015)
(1)
1. Source: IHS; 3rd party producing wells include Consol, EQT, Exxon/XTO, Noble, Ascent, PDC, Magnum Hunter, Statoil, Chesapeake / SWN.
>1275 BTU
2.2 Bcfe/1,000’ Lateral
7 SSL Wells
1200-1275 BTU
2.0 Bcfe/1,000’ Lateral
106 SSL Wells
1100-1200 BTU
1.8 Bcfe/1,000’ Lateral
110 SSL Wells
Average Antero Marcellus Well
2014
Actual
2H 2015
Budget Current
30-Day Rate (MMcfe/d): 13.1 16.1 16.1
Gross EUR (Bcfe): 15.3 19.2 19.2
Gross Well Cost ($MM): $11.8 $10.3 $9.1
Lateral Length (Feet): 8,052 9,000 9,000
Net F&D ($/Mcfe): $0.89 $0.63 $0.56
Btu: 1195 1250 1250

27. Note: Antero acreage position reflects townships in which greater than 3,000 net acres are held. Antero 30-day rates in ethane rejection.
1. 30-day rate reflects restricted choke regime.
 100% operated
 Operating 3 drilling rigs
 147,000 net acres in the core rich gas/
condensate window (73% includes processable
rich gas assuming an 1100 Btu cutoff)
– 28% HBP with additional 61% not expiring
for 5+ years
 93 operated horizontal wells completed and
online in Antero core areas
− 100% drilling success rate
 4 plants in-service at Seneca Processing
Complex capable of processing 800 MMcf/d of
rich gas
− Over 500 MMcf/d being processed currently,
including third party production
 Net production of 366 MMcfe/d in 3Q 2015
including 19,250 Bbl/d of liquids
 Fifth third-party compressor station went in-
service September 2015 with a capacity of 120
MMcf/d
 First AM compressor station went in-service
November 2015
 1,024 future gross drilling locations (735 or 72%
are processable gas)
 7.6 Tcfe of net 3P (15% liquids), includes
758 Bcfe of proved reserves (assuming ethane
rejection)
WORLD CLASS OHIO UTICA SHALE
DEVELOPMENT PROJECT
26
Cadiz
Processing
Plant
NORMAN UNIT
30-Day Rate
2 wells average
16.8 MMcfe/d
(15% liquids)
RUBEL UNIT
30-Day Rate
3 wells average
17.2 MMcfe/d
(20% liquids)
Utica
Core
Area
GARY UNIT
30-Day Rate
3 wells average
24.2 MMcfe/d
(21% liquids)
Highly-Rich/Cond
29,000 Net Acres
139 Gross Locations
Highly-Rich Gas
11,000 Net Acres
94 Gross Locations
Rich Gas
30,000 Net Acres
254 Gross Locations
Dry Gas
41,000 Net Acres
289 Gross Locations
NEUHART UNIT 3H
30-Day Rate
16.2 MMcfe/d
(57% liquids)
Condensate
36,000 Net Acres
248 Gross Locations
DOLLISON UNIT 1H
30-Day Rate
19.8 MMcfe/d
(40% liquids)
MYRON UNIT 1H
30-Day Rate
26.8 MMcfe/d
(52% liquids)
Seneca
Processing
Complex
LAW UNIT
30-Day Rate
2 wells average
16.1 MMcfe/d
(50% liquids)
SCHAFER UNIT
30-Day Rate(1)
2 wells average
14.2 MMcfe/d
(49% liquids)
URBAN PAD
30-Day Rate
4 wells average
18.8 MMcfe/d
(15% liquids)
GRAVES UNIT
500’ Density Pilot
30-Day Rate
4 wells average
15.5 MMcfe/d
(24% liquids)
FRANKLIN UNIT
30-Day Rate
3 wells average
17.6 MMcfe/d
(16% liquids)
FRAKES UNIT
30-Day Rate
2 wells average
18.6 MMcfe/d
(42% liquids)

28. LARGE UTICA SHALE DRY GAS POSITION
27
 Antero has completed its first dry gas Utica well – a 6,619’
lateral in Tyler County, WV
 Antero has 229,000 net acres of exposure to Utica dry gas
play in OH, WV and PA
 Other operators have reported strong Utica Shale dry gas
results including the following wells:
Chesapeake
Hubbard BRK #3H
3,550’ Lateral
IP 11.1 MMcf/d
Hess
Porterfield 1H-17
5,000’ Lateral
IP 17.2 MMcf/d
Gulfport
Irons #1-4H
5,714’ Lateral
IP 30.3 MMcf/d
Eclipse
Tippens #6H
5,858’ Lateral
IP 23.2 MMcf/d
Magnum Hunter
Stalder #3UH
5,050’ Lateral
IP 32.5 MMcf/d
Antero
Utica Well
Completing
Well Operator
24-hr IP
(MMcf/d)
Lateral
Length
(Ft)
24-hr
IP/1,000’
Lateral
(MMcf/d)
Scotts Run EQT 72.9 3,221 22.633
Gaut 4IH CNX 61.0 5,840 11.131
CSC #11H RRC 59.0 5,420 10.886
Stewart-Win 1300U MHR 46.5 5,289 8.792
Bigfoot 9H RICE 41.7 6,957 5.994
Blank U-7H GST 36.8 6,617 5.561
Stalder #3UH MHR 32.5 5,050 6.436
Irons #1-4H GPOR 30.3 5,714 5.303
Pribble 6HU SGY 30.0 3,605 8.322
Simms U-5H GST 29.4 4,447 6.611
Conner 6H CVX 25.0 6,451 3.875
Messenger 3H SWN 25.0 5,889 4.245
Tippens #6H ECR 23.2 5,858 3.960
Porterfield 1H-17 HESS 17.2 5,000 3.440
1. Antero acreage position reflects tax districts in which greater than 3,000 net acres are held in OH, WV and PA.
2. Stewart-Winland well is most proximate Utica test to Antero’s Tyler County, WV well which is currently being completed.
Magnum Hunter
Stewart Winland 1300U
5,289’ Lateral
IP 46.5 MMcf/d
Range
Claysville SC #11H
5,420’ Lateral
IP 59.0 MMcf/d
Chevron
Conner 6H
6,451’ Lateral
IP 25.0 MMcf/d
Gastar
Simms U-5H
4,447’ Lateral
IP 29.4 MMcf/d
Utica Shale Dry Gas Acreage in OH/WV/PA(1)
Rice
Bigfoot 9H
6,957’ Lateral
IP 41.7 MMcf/d
AR Utica Shale Dry Gas
WV/PA
Net Resource
12.5 to 16 Tcf
1,889 Gross Locations
188,000 Net Acres
AR Utica Shale Dry Gas
Ohio
3P Reserves
2.4 Tcf
289 Gross Locations
41,000 Net Acres
AR Utica Shale Dry Gas
Total OH/WV/PA
Net Resource
14.9 to 18.4 Tcf
2,178 Gross Locations
229,000 Net Acres
Stone Energy
Pribble 6HU
3,605’ Lateral
IP 30.0 MMcf/d
Southwestern
Messenger 3H
5,889’ Lateral
IP 25.0 MMcf/d
Rice
Blue Thunder
10H, 12H
≈9,000’ Lateral
Gastar
Blake U-7H
6,617’ Lateral
IP 36.8 MMcf/d
EQT
Scotts Run
3,221’ Lateral
IP 72.9 MMcf/d
CNX
Gaut 4IH
5,840’ Lateral
IP 61.0 MMcf/d
(2)

29. ANTERO’S FIRST UTICA DRY GAS WELL
28
 Antero recently drilled and completed its first dry gas Utica well in
Tyler County, WV (Rymer 4HD)
− 11,409 Total Vertical Depth (TVD)
− 6,619’ lateral length
− 100% working interest
 Dry gas fairway extends from the Antero Utica acreage in eastern
Ohio to the Antero Marcellus play acreage in northern West
Virginia
 188,000 net acres in West Virginia and Pennsylvania with net
resource of 12.5 to 16 Tcf as of 9/30/2015 (not included in 40.7
Tcfe of net 3P reserves)
− 1,889 locations underlying current Marcellus Shale leasehold in
West Virginia and Pennsylvania
 41,000 net acres in Ohio with net 3P reserves of 2.4 Tcf as of
12/31/2014
− 289 locations in Ohio
 In total, Antero has 229,000 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’ to 130’ total thickness
− 25 MMcf/d to 73 MMcf/d industry 24-hr IP flow rates
− 1000 to 1040 BTU expected
NOTE: Wellbore diagram for illustrative purposes only.
Targeted Pay Zone
IP / 1,000’ Lateral (MMcf/d)
5.0 – 10.0
10.0 – 15.0
15.0 – 25.0
Gulfport
Irons #1-4H
5,714’ Lateral
IP/1,000’: 5.3 MMcf/d
Range
Claysville SC #11H
5,420’ Lateral
IP/1,000’: 10.9 MMcf/d
CNX
Gaut 4IH
5,840’ Lateral
IP/1,000’: 10.4 MMcf/d
EQT
Scotts Run
3,221’ Lateral
IP/1,000’: 22.6 MMcf/d
Gastar
Blake U-7H
6,617’ Lateral
IP/1,000’: 5.6 MMcf/d
Gastar
Sims U-5H
4,447’ Lateral
IP/1,000’: 6.6 MMcf/d
Stone Energy
Pribble 6HU
3,605’ Lateral
IP/1,000’: 8.3 MMcf/d
Magnum Hunter
Stalder #3UH
5,050’ Lateral
IP/1,000’: 6.4 MMcf/d
Magnum Hunter
Stewart Winland 1300U
5,280’ Lateral
IP/1,000’: 8.8 MMcf/d
Antero
Utica Well Completed
Rymer 4HD
Utica Dry Gas Fairway

30. 29
Antero Midstream (NYSE: AM)
Asset Overview

31. 1. Represents inception to date actuals as of 12/31/2014 and 2015 midpoint guidance.
2. Includes water drop down and $15.0 million of maintenance capex at 2015 midpoint guidance.
30
Utica
Shale
Marcellus
Shale
Projected Midstream Infrastructure(1)
Marcellus
Shale
Utica
Shale Total
YE 2014 Cumulative Gathering/
Compression Capex ($MM) $836 $345 $1,181
Gathering Pipelines
(Miles) 153 80 233
Compression Capacity
(MMcf/d) 375 - 375
Condensate Gathering Pipelines
(Miles) - 16 16
2015E Capex Budget ($MM)(2) $256 $182 $438
Gathering Pipelines
(Miles) 31 12 43
Compression Capacity
(MMcf/d) 425 120 545
Condensate Gathering Pipelines
(Miles) - 3 3
Midstream Assets
ANTERO MIDSTREAM ASSET OVERVIEW
• Gathering and compression assets in core of rapidly
growing Marcellus and Utica Shale plays
– Acreage dedication of ~434,000 net leasehold
acres for gathering and compression services
– Additional stacked pay potential with dedication on
~147,000 acres of Utica deep rights underlying the
Marcellus in WV and PA
– 100% fixed fee long term contracts
• AR owns 67% of AM units (NYSE: AM)

32. ANTERO INTEGRATED WATER BUSINESS
31
Marcellus Fresh Water System(2)
• Provides fresh water to support Marcellus well completions
• Year-round water supply sources: Ohio River and local rivers
• Ozone Water treatment facility expected in-service January 2016
• Significant asset growth in 2015 as summarized below:
Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.
1. Represents inception to date actuals as of 9/30/2015 and 2015 guidance.
2. All Antero water withdrawal sites are fully permitted under long-term state regulatory permits both in WV and OH.
3. Assumes fee of $3.685 per barrel subject to annual inflation and 250,000 barrels of water per well that utilize the fresh water delivery system based on 9,000 foot lateral. Operating margin excludes G&A.
4. Assumes fee of $3.635 per barrel subject to annual inflation and 275,000 barrels of water per well that utilize the fresh water delivery system based on 9,000 foot lateral. Operating margin excludes G&A.
Utica Fresh Water System(2)
• Provides fresh water to support Utica well completions
• Year-round water supply sources: local reservoirs and rivers
• Significant asset growth in 2015 as summarized below:
Marcellus Water System YE 2014 YE 2015E
Water Pipeline (Miles) 177 226
Fresh Water Storage Impoundments 22 24
Cash Operating Margin per Well ($)(3) $700K -
$750K
Utica Water System YE 2014 YE 2015E
Water Pipeline (Miles) 61 90
Fresh Water Storage Impoundments 8 14
Cash Operating Margin per Well ($)(4) $775K -
$825K
Projected Fresh Water Delivery Infrastructure(1)
Marcellus
Shale
Utica
Shale Total
YE 2015E Cumulative
Water System Capex ($MM) $340 $113 $453
Water Pipelines (Miles) 226 90 316
Water Storage Facilities 24 14 38
 AM acquired AR’s integrated water business for $1.05 billion plus earn out payments of $125 million at year-end in each of 2019 and 2020
− The acquired business includes Antero’s Marcellus and Utica freshwater delivery business, the fully-contracted future advanced wastewater
treatment complex and all fluid handling and disposal services for Antero
Antero advanced wastewater treatment facility
to be constructed – connects to Antero
freshwater delivery system

33. 0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Antero Clearwater Advanced Wastewater Treatment Capacity (Bbl/d)
Produced/Flowback Volumes (Bbl/d)
ADVANCED WASTEWATER TREATMENT
Illustrative Produced & Flowback Water VolumesAdvanced Wastewater Treatment
Antero Produced Water Services and Freshwater Delivery Business
Antero Advanced
Wastewater Treatment
3rd Party Recycling
and Well Disposal
(Bbl/d)
Advanced Wastewater Treatment Complex
Estimated capital expenditures ($ million)(1) ~$275
Standalone EBITDA at 100% utilization(2) ~$55 – $65
Implied investment to standalone EBITDA build-out multiple ~4x – 5x
Estimated per well savings to Antero Resources ~$150,000
Estimated in-service date Late 2017
Operating capacity (Bbl/d) 60,000
Operating agreement
•Antero has contracted with Veolia to integrate an advanced wastewater treatment complex into its water business
• Veolia will build and operate, and Antero will own largest
advanced wastewater treatment complex in Appalachia
− Will treat and recycle AR produced and flowback water
− Creates additional year-round water source for completions
− Will have capacity for third party business over first two years
1. Includes capital to construct pipeline to connect facility to freshwater delivery system. Includes $10 million that AR agreed to fund in the drop down transaction.
2. Standalone EBITDA projection assumes inter-company fixed fee for recycling of $4.00 per barrel and 60,000 barrels per day of capacity. Does not include potential sales of marketable byproducts.
20 Years, Extendable
32Integrated Water Business
Antero Advanced
Wastewater Treatment
Freshwater delivery system
Flowback and
produced
Water
Well Pad
Well Pad
Completion
Operations
Producing
Freshwater
Salt
Calcium Chloride
Marketable byproduct
Marketable byproduct used in oil
and gas operations
Freshwater delivery system

34. $1
$5 $7 $8 $11
$19
$28
$36
$41
$55
$0
$10
$20
$30
$40
$50
$60
26 31 40 36 41
116
222
358
454 435
0
100
200
300
400
500
600
700 Marcellus
10 38 80 126
266
531
908
1,134
1,197 1,216
0
200
400
600
800
1,000
1,200
1,400
1,600 Utica Marcellus
108
216
281
331
386
531
738
935 965
1,038
0
200
400
600
800
1,000
1,200
1,400 Utica Marcellus
Low Pressure Gathering (MMcf/d)
Compression (MMcf/d)
High Pressure Gathering (MMcf/d)
EBITDA ($MM)(1)
33
$185
HIGH GROWTH MIDSTREAM THROUGHPUT
1. 2015E EBITDA guidance updated per 10/13/2015 Partnership press release based on 10/1/2015 effective date for water drop down. Y-O-Y growth based on 3Q’14 to 3Q’15.

35. Regional Gas Pipelines
Miles Capacity In-Service
Stonewall Gathering
Pipeline(2)
50 1.4 Bcf/d Yes
1. Acquired by AM from AR for a $1.05 billion upfront payment and a $125 million earn out in each of 2019 and 2020.
2. AM holds option to purchase 15% of Stonewall pipeline at cost plus cost of carry.
End
Users
End
Users
Gas Processing
Y-Grade Pipeline
Long-Haul Interstate
Pipeline
Inter
Connect
NGL Product
Pipelines
Fractionation
Compression
Low Pressure Gathering
Well Pad
Terminals
and
Storage
(Miles) YE 2014 YE 2015E
Marcellus 91 108
Utica 45 56
Total 136 164
AM has option to participate
in processing, fractionation,
terminaling and storage
projects offered to AR
(Miles) YE 2014 YE 2015E
Marcellus 62 76
Utica 35 36
Total 97 112
(MMcf/d) YE 2014 YE 2015E
Marcellus 375 800
Utica 0 120
Total 375 920
AM Owned Assets
Condensate Gathering
Stabilization
(Miles) YE 2014 YE 2015E
Utica 16 19
End
Users
AM Option Assets
(Ethane, Propane,
Butane, etc.)
AM’S FULL VALUE CHAIN BUSINESS MODEL
Water Drop
Down
34

36. Downstream LNG
and NGL Sales
Production and
Cash Flow Growth
35
Antero has completed its first Utica dry gas well with encouraging early
results; has 229,000 net acres in OH, WV and PA highly prospective for
Utica dry gas
KEY CATALYSTS
Targeting 25% to 30% production growth in 2016 with ~100% hedged at
$3.94/MMBtu; capital budget flexibility to commodity price changes
Large, low unit cost core Marcellus and Utica natural gas drilling
inventory with associated liquids generates attractive returns supported
by long-term natural gas hedges, takeaway portfolio and downstream
LNG and NGL sales agreements
Pursuing additional value enhancing long-term LNG and NGL sales
agreements, as well as additional NGL firm takeaway
Antero owns 67% of Antero Midstream Partners and thereby participates
directly in its growth and value creation; acquisition of integrated water
business from Antero expected to result in distributable cash flow per
unit accretion in 2016
Midstream MLP
Growth
Sustainability of
Antero’s Integrated
Business Model
1
2
3
5
4
Utica Dry Gas
Activity

37. 36
APPENDIX
36

38. ($ in millions) 9/30/2015
Cash $27
Senior Secured Revolving Credit Facility 500
Midstream Bank Credit Facility 525
6.00% Senior Notes Due 2020 525
5.375% Senior Notes Due 2021 1,000
5.125% Senior Notes Due 2022 1,100
5.625% Senior Notes Due 2023 750
Net Unamortized Premium 7
Total Debt $4,407
Net Debt $4,380
Financial & Operating Statistics
LTM EBITDAX(1)
$1,246
LTM Interest Expense(2) $219
Proved Reserves (Bcfe) (12/31/2014) 12,683
Proved Developed Reserves (Bcfe) (12/31/2014) 3,803
Credit Statistics
Net Debt / LTM EBITDAX 3.5x
Net Debt / Net Book Capitalization 38%
Net Debt / Proved Developed Reserves ($/Mcfe) $1.15
Net Debt / Proved Reserves ($/Mcfe) $0.35
Liquidity
Credit Facility Commitments(3) $5,500
Less: Borrowings (1,025)
Less: Letters of Credit (535)
Plus: Cash 27
Liquidity (Credit Facility + Cash) $3,968
ANTERO CAPITALIZATION – CONSOLIDATED
1. LTM and 9/30/2015 EBITDAX reconciliation provided on page 43.
2. LTM interest expense adjusted for all capital market transactions since 1/1/2014.
3. AR lender commitments under the facility increased to $4.0 billion from $3.0 billion on 2/17/2015; borrowing base capacity increased to $4.5 billion from $4.0 billion on 10/26/2015. AM credit facility
increased to $1.5 billion concurrent with water drop down on 9/23/2015.
37

39. -
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
5,500,000
FIRM TRANSPORTATION AND FIRM SALES PORTFOLIO
38
MMBtu/d
Columbia
7/26/2009 – 9/30/2025
Firm Sales #1
10/1/2011– 10/31/2019
Firm Sales #2
10/1/2011 – 11/30/2015
Firm Sales #3
1/1/2013 – 5/31/2022
Momentum III
9/1/2012 – 12/31/2023
EQT
8/1/2012 – 6/30/2025
REX/MGT/ANR
7/1/2014 – 12/31/2034
Tennessee
11/1/2015– 9/30/2030
(Stonewall/WB) Mid-Atlantic/NYMEX
(Stonewall/TGP) Gulf Coast
(TCO) Appalachia or Gulf Coast
Appalachia
Appalachia
ANR
3/1/2015– 2/28/2045
(REX/ANR/NGPL/MGT) Midwest
Local Distribution
11/1/2015 – 9/30/2037
(ANR/Rover) Gulf Coast
Antero Transportation Portfolio
1,280 BBtu/d
790 BBtu/d
375 BBtu/d
250 BBtu/d
800 BBtu/d
600 BBtu/d
630 BBtu/d
40 BBtu/d
Illustrative gross gas production fills Antero’s market-leading
firm transportation / sales portfolio by 2019 (excluding
unfavorable Appalachia-based firm transport) (1)
Gross Gas Production (Actuals) Illustrative Gross Gas Production
(25% Annual Growth CAGR Assumed) (1)
1. Assumes midpoint of preliminary production growth target of 25% to 30% in 2016 and targeted 25% annual production growth CAGR through 2020.

40. 664
1,010
628
889
63%
47%
24% 28%
34%
22%
9% 11% 0
200
400
600
800
1,000
1,200
0%
20%
40%
60%
80%
Highly-Rich Gas/
Condensate
Highly-Rich Gas Rich Gas Dry Gas
Total3PLocations
ROR
Total 3P Locations
ROR @ 12/31/2015 Strip Pricing - After Hedges
ROR @ 12/31/2015 Strip Pricing - Before Hedges
MARCELLUS SINGLE WELL ECONOMICS
– IN ETHANE REJECTION
39
DRY GAS LOCATIONS RICH GAS LOCATIONS
HIGHLY
RICH GAS
LOCATIONS
Assumptions
 Natural Gas – 12/31/2015 strip
 Oil – 12/31/2015 strip
 NGLs – 37% of Oil Price 2016; 50% of
Oil Price 2017+
NYMEX
($/MMBtu)
WTI
($/Bbl)
C3+ NGL(2)
($/Bbl)
2016 $2.50 $41 $15
2017 $2.79 $46 $23
2018 $2.91 $49 $25
2019 $3.03 $52 $26
2020 $3.18 $54 $27
2021-25 $3.31-$3.88 $55-$56 $27-$28
Marcellus Well Economics and Total Gross Locations(1)
Classification
Highly-Rich Gas/
Condensate
Highly-Rich
Gas Rich Gas Dry Gas
Modeled BTU 1313 1250 1150 1050
EUR (Bcfe): 20.8 18.8 16.8 15.3
EUR (MMBoe): 3.5 3.1 2.8 2.6
% Liquids: 33% 24% 12% 0%
Lateral Length (ft): 9,000 9,000 9,000 9,000
Well Cost ($MM): $9.1 $9.1 $9.1 $9.1
Bcfe/1,000’: 2.3 2.1 1.9 1.7
Net F&D ($/Mcfe): $0.44 $0.48 $0.54 $0.59
Direct Operating Expense ($/well/month): $1,498 $1,498 $1,498 $1,498
Direct Operating Expense ($/Mcf): $0.92 $0.92 $1.17 $0.71
Transportation Expense ($/Mcf): $0.28 $0.28 $0.28 $0.28
Pre-Tax NPV10 ($MM): $8.9 $5.1 ($0.7) $0.2
Pre-Tax ROR: 34% 22% 9% 11%
Payout (Years): 2.0 2.8 6.5 5.5
Gross 3P Locations(3): 664 1,010 628 889
1. 12/31/2015 pre-tax well economics based on a 9,000’ lateral, 12/31/2015 natural gas and WTI strip pricing for 2016-2025, flat thereafter, NGLs at 37.5% of WTI for 2016 and 50% of WTI thereafter,
and applicable firm transportation and operating costs including 50% of Antero Midstream fees. Well cost estimates, which include $1.2 million for road, pad and production facilities, assume
Antero will begin to realize lower well costs in 2016 as the company utilizes incremental completion crews for deferred completions beginning at year end 2015 and as existing drilling rig contracts
begin to roll off during 2016.
2. Pricing for a 1225 BTU y-grade ethane rejection barrel. NGLs at 37.5% of WTI for 2016 and 50% of WTI for 2017 and thereafter. NGL prices are forecast to increase in 2017 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.
3. Undeveloped well locations as of 12/31/2014.
2016
Drilling
Plan

41. 248
139
94
254 289
16%
57%
83%
71%
80%
10%
27% 29%
23% 26%
0
50
100
150
200
250
300
0%
20%
40%
60%
80%
100%
Condensate Highly-Rich Gas/
Condensate
Highly-Rich Gas Rich Gas Dry Gas
Total3PLocations
ROR
Total 3P Locations
ROR @ 12/31/2015 Strip Pricing - After Hedges
ROR @ 12/31/2015 Strip Pricing - Before Hedges
UTICA SINGLE WELL ECONOMICS
– IN ETHANE REJECTION
40
DRY GAS LOCATIONS RICH GAS LOCATIONS
HIGHLY
RICH GAS
LOCATIONS
Utica Well Economics and Gross Locations(1)
Classification Condensate
Highly-Rich Gas/
Condensate
Highly-Rich
Gas Rich Gas Dry Gas
Modeled BTU 1275 1235 1215 1175 1050
EUR (Bcfe): 9.4 17.0 25.3 23.8 21.4
EUR (MMBoe): 1.6 2.8 4.2 4.0 3.6
% Liquids 35% 26% 21% 14% 0%
Lateral Length (ft): 9,000 9,000 9,000 9,000 9,000
Well Cost ($MM): $10.2 $10.2 $10.2 $10.2 $10.2
Bcfe/1,000’: 1.0 1.9 2.8 2.7 2.4
Net F&D ($/Mcfe): $1.08 $0.60 $0.40 $0.43 $0.48
Fixed Operating Expense ($/well/month): $2,788 $2,788 $2,788 $2,788 $1,498
Direct Operating Expense ($/Mcf): $0.99 $0.99 $0.99 $0.99 $0.50
Direct Operating Expense ($/Bbl): $2.73 $2.73 $2.73 - -
Transportation Expense ($/Mcf): $0.55 $0.55 $0.55 $0.55 $0.55
Pre-Tax NPV10 ($MM): $0.0 $5.8 $7.6 $5.6 $6.4
Pre-Tax ROR: 10% 27% 29% 23% 26%
Payout (Years): 7.8 3.1 2.9 3.7 3.2
Gross 3P Locations(3): 248 139 94 254 289
1. 12/31/2015 pre-tax well economics based on a 9,000’ lateral, 12/31/2015 natural gas and WTI strip pricing for 2016-2025, flat thereafter, NGLs at 37.5% of WTI for 2016 and 50% of WTI thereafter,
and applicable firm transportation and operating costs including 50% of Antero Midstream fees. Well cost estimates, which include $1.2 million for road, pad and production facilities, assume
Antero will begin to realize lower well costs in 2016 as the company utilizes incremental completion crews for deferred completions beginning at year end 2015 and as existing drilling rig contracts
begin to roll off during 2016.
2. Pricing for a 1225 BTU y-grade ethane rejection barrel. NGLs at 37.5% of WTI for 2016 and 50% of WTI for 2017 and thereafter. NGL prices are forecast to increase in 2017 relative to WTI due to
projected in-service date of Mariner East 2 project allowing for a significant increase in AR NGL exports via ship.
3. Undeveloped well locations as of 12/31/2014. 3P locations representative of BTU regime; EUR and economics within regime will vary based on BTU content.
2016
Drilling
Plan
Assumptions
 Natural Gas – 12/31/2015 strip
 Oil – 12/31/2015 strip
 NGLs – 37% of Oil Price 2016; 50% of
Oil Price 2017+
NYMEX
($/MMBtu)
WTI
($/Bbl)
C3+ NGL(2)
($/Bbl)
2016 $2.50 $41 $15
2017 $2.79 $46 $23
2018 $2.91 $49 $25
2019 $3.03 $52 $26
2020 $3.18 $54 $27
2021-25 $3.31-$3.88 $55-$56 $27-$28

42. Europe
Mariner East II
Shipping
$0.25/Gal
NGL EXPORTS AND NETBACKS STEP-UP BY 4Q 2016
1. Source: Intercontinental exchange as of 12/31/2015.
2. Source of graphic: Tudor Pickering Holt & Co. research presentation dated June 16, 2015.
3. As an anchor shipper on Mariner East 2, Antero has the right to expand its NGL commitment with
notice to operator.
4. Shipping rates based on benchmark Baltic shipping rate of $59.57/ton as of 12/31/15, adjusted
for number of shipping days to NWE.
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.
 Upon in-service of Mariner East II, Antero will have the ability to market its propane and n-butane to
international buyers, which we expect will provide uplifts of $0.16/Gal and $0.18/Gal, respectively, to the
current netbacks received from propane and n-butane volumes shipped to Mont Belvieu today
− In the meantime, Antero has 30,000 Bbl/d of propane hedged at $0.59/Bbl in 2016
 Commitment to Mariner East II results in approximately $127 million in combined incremental annualized
cash flow from propane and n-butane sales (~$86 MM from propane and ~$41 MM from n-butane)
Pricing
Propane: $0.39/Gal
N-Butane: $0.56/Gal
Pricing
Propane: $0.56/Gal
N-Butane: $0.76/Gal
Mariner East II
61,500 Bbl/d AR
Commitment
(see table below) (3)
4Q 2016 In-Service
Shipping
Propane: $0.07/Gal
N-Butane: $0.08/Gal
AR Mariner East II Commitment (Bbl/d)
Product Base Option (3)
Total
Ethane (C2) 11,500 - 11,500
Propane (C3) 35,000 35,000 70,000
Butane (C4) 15,000 15,000 30,000
Total 61,500 50,000 111,500
41
Mont Belvieu Propane Netback ($/Gal)
Propane N-Butane
January Mont Belvieu Price (1)
: $0.39 $0.56
Less: Shipping Costs to Mont Belvieu (2)
: (0.25) (0.25)
Appalachia Propane Netback to AR: $0.14 $0.31
NWE Netback ($/Gal)
Propane N-Butane
January NWE Price (1)
: $0.56 $0.76
Less: Spot Freight (4)
: ($0.07) ($0.08)
FOB Margin at Marcus Hook: $0.49 $0.68
Less: Pipeline & Terminal Fee (5)
: (0.19) (0.19)
Appalachia Netback to AR: $0.30 $0.49
Upside to Appalachia Netback: $0.16 $0.18

43. Moody's S&P
POSITIVE RATINGS MOMENTUM
Moody’s / S&P Historical Corporate Credit Ratings
“We could raise the ratings due to our assessment of an improvement in
the company's financial profile. An improvement in the financial profile
would include maintaining FFO to debt of greater than 45% and
narrowing the amount that the company outspends its cash flows by.”
- S&P Credit Research, September 2014
"The upgrade reflects Moody's expectation that Antero will continue to
report strong production growth and increasing reserves despite
challenging market conditions and without a significant increase in
leverage. Antero's low finding and development costs and significant
commodity hedge position should allow the company to continue to
prosper despite today's low commodity price environment.“
- Moody’s Credit Research, February 2015
Corporate Credit Rating
(Moody’s / S&P)
Ba3 / BB-
B1 / B+
B2 / B
B3 / B-
9/1/2010 2/24/2011 10/21/2013 9/4/20145/31/13
Ba2 / BB
Ba1 / BB+
Caa1 / CCC+
(1)
1. Represents corporate credit rating of Antero Resources Corporation / Antero Resources LLC.
Baa3 / BBB-
Moody’s Upgrade Rationale S&P Upgrade Criteria
42
3/31/2015
Ba2/BB

44. ANTERO RESOURCES EBITDAX RECONCILIATION
43
EBITDAX Reconciliation
($ in millions) Quarter Ended LTM Ended
9/30/2015 9/30/2015
EBITDAX:
Net income (loss) including noncontrolling interest $544.7 $1,413.4
Commodity derivative fair value (gains) (1,079.1) (2,768.3)
Net cash receipts (payments) on settled derivatives instruments 205.9 665.1
(Gain) loss on sale of assets - (40.0)
Interest expense 60.9 222.9
Loss on early extinguishment of debt - -
Income tax expense (benefit) 335.5 868.5
Depreciation, depletion, amortization and accretion 189.1 706.5
Impairment of unproved properties 8.8 51.0
Exploration expense 1.1 9.8
Equity-based compensation expense 23.9 105.6
State franchise taxes - 0.6
Contract termination and rig stacking - 10.9
Consolidated Adjusted EBITDAX $290.8 $1,245.9
EBITDAX:
Net income from discontinued operations - -
(Gain) on sale of assets - -
Provision for income taxes - -
Adjusted EBITDAX from discontinued operations - -
Total Adjusted EBITDAX $290.8 $1,245.9

45. ANTERO MIDSTREAM EBITDA RECONCILIATION
44
EBITDA Reconciliation
Three months ended
September 30,
2014 2015
Reconciliation of Net Income to Adjusted EBITDA and Distributable Cash Flow:
Net income $ 34,290 $ 42,648
Add:
Interest expense 2,455 2,044
Less:
Pre-water acquisition net income attributed to parent (29,211) (7,841)
Pre-water acquisition interest expense attributed to parent (522) (770)
Pre-water acquisition operating income attributed to parent (29,733) (8,611)
Operating income - attributable to Partnership $ 7,012 $ 36,081
Add:
Depreciation expense - attributable to Partnership 10,227 15,076
Equity-based compensation expense - attributable to Partnership 1,562 4,205
Adjusted EBITDA $ 18,801 $ 55,362
Less:
Cash interest paid - attributable to Partnership (1,038)
Maintenance capital expenditures attributable to Partnership (4,214)
Distributable cash flow $ 50,110
Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities:
Adjusted EBITDA $ 18,801 $ 55,362
Add:
Pre-water acquisition net income attributed to parent 29,211 7,841
Pre-water acquisition depreciation expense attributed to parent 4,390 6,485
Pre-water acquisition equity based compensation expense attributed to parent 549 1,079
Pre-water acquisition interest expense attributed to parent 522 770
Amortization of deferred financing costs attributed to parent — 285
Less:
Interest expense (2,455) (2,044)
Changes in operating assets and liabilities (8,258) (15,311)
Net cash provided by operating activities $ 42,760 $ 54,467