Am website presentation (b) january 2016

1. Partnership Overview
January 2016

2. FORWARD-LOOKING STATEMENTS
This presentation contains forward-looking statements. All statements, other than statements of historical facts, included in this presentation
that address activities, events or developments that Antero Midstream Partners LP, and its subsidiaries (collectively, the “Partnership”) expect,
believe or anticipate 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 expectations of plans, strategies, objectives, and
anticipated financial and operating results of the Partnership and Antero Resources Corporation (“Antero Resources”). These statements are
based on certain assumptions made by the Partnership and Antero Resources 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 Partnership, 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 Partnership’s
subsequent filings with the SEC.
The Partnership cautions you that these forward-looking statements are subject to risks and uncertainties that may cause these statements to
be inaccurate, and readers are cautioned not to place undue reliance on such statements. These risks include, but are not limited to, Antero
Resources’ expected future growth, Antero Resources’ ability to meet its drilling and development plan, commodity price volatility, inflation,
environmental risks, drilling and completion and other operating risks, regulatory changes, the uncertainty inherent in projecting future rates of
production, cash flow and access to capital, the timing of development expenditures, and the other risks discussed or referenced under the
heading “Item 1A. Risk Factors” in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2014 and in the
Partnership’s subsequent filings with the SEC.
Our ability to make future distributions is substantially dependent upon the development and drilling plan of Antero Resources, which itself is
substantially dependent upon the review and approval by the board of directors of Antero Resources of its capital budget on an annual
basis. In connection with the review and approval of the annual capital budget by the board of directors of Antero Resources, the board of
directors will take into consideration many factors, including expected commodity prices and the existing contractual obligations and capital
resources and liquidity of Antero Resources at the time.
Any forward-looking statement speaks only as of the date on which such statement is made, and the Partnership 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 Midstream Partners LP is denoted as “AM” and Antero Resources Corporation is denoted as “AR” in
the presentation, which are their respective New York Stock Exchange ticker symbols.

3. ANTERO MIDSTREAM – 2015 GUIDANCE
Key Variable Initial Guidance(1) Updated Guidance(2)
Adjusted EBITDA ($MM) $150 - $160 $180 - $190
Distributable Cash Flow ($MM) $135 - $145 $160 - $170
Year-over-Year Distribution Growth(3) 28% - 30% 28% - 30%
Low Pressure Pipelines Added (Miles) 44 27
High Pressure Pipelines Added (Miles) 20 15
Compression Capacity Added (MMcf/d) 545 545
Capital Expenditures ($MM)
Low Pressure Gathering $165 - $170 $90 - $95
High Pressure Gathering $85 - $90 $70 - $75
Compression $160 - $165 $165 - $170
Condensate Gathering $5 - $10 $5
Water Infrastructure(4) - $80 - $90
Maintenance Capital $10 - $15 $15
Total Capital Expenditures ($MM) $425 - $450 $425 - $450
1. Financial guidance per Partnership press release dated 1/20/2015.
2. Updated financial guidance per Partnership press release dated 10/13/2015.
3. Reflects the expected distribution growth associated with the fourth quarter 2015 over the fourth quarter 2014.
4. Includes fresh water delivery system plus waste water treatment capital expenditures.
Key Operating & Financial Assumptions
2

4. $0.170
$0.180
$0.190
$0.205
0.9x
1.2x
1.3x
1.4x
0.0x
0.2x
0.4x
0.6x
0.8x
1.0x
1.2x
1.4x
1.6x
$0.000
$0.050
$0.100
$0.150
$0.200
$0.250
$0.300
$0.350
$0.400
$0.450
$0.500
4Q14A 1Q15A 2Q15A 3Q15A 4Q15A 1Q16E 2Q16E 3Q16E 4Q16E 1Q17E 2Q17E 3Q17E 4Q17E
Distribution Per Unit (Left Axis) DCF Coverage (Right Axis)
$0.220
3
• Antero Midstream is targeting 28% to 30% annual distribution growth through 2017
• AM has delivered on those targets to-date with DCF coverage of 1.60x in the latest quarter
Note: Future distributions subject to AM Board approval.
1. Assumes midpoint of target distribution growth range.
2. 4Q 2015 distribution per Partnership press release dated 1/13/2016.
(2)
GROWTH – HIGH GROWTH MIDSTREAM THROUGHPUT

5. Sustainable
Business
Model
High Growth Sponsor
Drives AM Throughput
and Distribution Growth
Largest Dedicated Core
Liquids-Rich Acreage
Position in Appalachia
$1.0+ Billion of
AM Liquidity
4
Premier E&P Operator
in Appalachia
100% Fixed Fee and
Largest Firm Transport
and Hedge Portfolio
Opportunity to Build Out
Northeast Value Chain
Growth Liquids-
Rich
Value
Chain
Opportunity
High
Visibility
Sponsor
Strength
LEADING UNCONVENTIONAL MIDSTREAM BUSINESS MODEL
“Just-in Time”
Non-Speculative
Capital Program
Strong
Financial
Position
Mitigated
Commodity
Risk
1
2 3
4
5
67
8
Premier Appalachian
Midstream Partnership
Run by Co-Founders
Consolidated Acreage
Position in Lowest
Unit Cost Basin

6. -
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
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)
5
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
SPONSOR STRENGTH – LEADERSHIP IN APPALACHIAN BASIN

7. Note: 2015 SEC prices were $2.56/MMBtu for natural gas and $50.13/Bbl for oil on a weighted average Appalachian index basis.
1. 3P reserve pre-tax PV-10 based on annual strip pricing for first 10-years and flat thereafter as of December 31, 2015. NGL pricing assumes 39%, 46% and 48% of WTI strip prices for 2016, 2017 and
2018 and thereafter, respectively.
2. 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.
3. Antero and industry rig locations as of 1/1/2016, and average rig count for 4Q 2015, per RigData.
6
COMBINED TOTAL – 12/31/15 RESERVES
Assumes Ethane Rejection
Net Proved Reserves 13.2 Tcfe
Net 3P Reserves 37.1 Tcfe
Strip Pre-Tax 3P PV-10(1) $11.2 Bn
Net 3P Reserves & Resource 50 to 53 Tcfe
Net 3P Liquids 1,237 MMBbls
% Liquids – Net 3P 20%
4Q 2015 Net Production 1,497 MMcfe/d
- 4Q 2015 Net Liquids 54,750 Bbl/d
Net Acres(2) 569,000
Undrilled 3P Locations 3,719
OHIO UTICA SHALE CORE
Net Proved Reserves 1.8 Tcfe
Net 3P Reserves 7.5 Tcfe
Strip Pre-Tax 3P PV-10(1) $2.5 Bn
Net Acres 147,000
Undrilled 3P Locations 814
MARCELLUS SHALE CORE
Net Proved Reserves 11.4 Tcfe
Net 3P Reserves 29.6 Tcfe
Strip Pre-Tax 3P PV-10(1) $8.7 Bn
Net Acres 422,000
Undrilled 3P Locations 2,905
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(3)
SPONSOR STRENGTH – MOST ACTIVE OPERATOR
IN APPALACHIA

8. 27.4%
26.3% 26.2%
22.8%
19.7%
15.2%
12.5% 11.7% 11.2%
8.7%
2.5%
(0.3%)
(1.2%) (1.5%)
(4.0%) (4.1%)
(13.6%)
(19.9%)
-25%
-15%
-5%
5%
15%
25%
35%
45%
40%+
7
Appalachian Peers
Source: Represents median of Wall Street research estimates for 2015E production growth vs. 2014 actual production.
1. Includes all North American E&P companies with a market capitalization greater than $4.5 billion.
2. Based on publicly announced 2015 production growth target of 40%+.
 Antero’s 40%+ production growth guidance for 2015 leads the U.S. large cap E&P industry and drives AM growth(1)
GROWTH – HIGHEST GROWTH LARGE CAP E&P
(2)

9. 26 31 40 36 41
116
222
358
454 435
478
0
100
200
300
400
500
600
700
800 Utica Marcellus
10 38 80 126
266
531
908
1,134 1,197 1,216 1,195
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800 Utica Marcellus
108
216
281 331 386
531
738
935 965
1,038
1,124
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800 Utica Marcellus
$1
$5 $7 $8 $11
$19
$28
$36
$41
$55
$0
$10
$20
$30
$40
$50
$60
Low Pressure Gathering (MMcf/d)
Compression (MMcf/d)
High Pressure Gathering (MMcf/d)
EBITDA ($MM)(1)
8
$185
Note: Y-O-Y growth based on 4Q’14 to 4Q’15.
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.
GROWTH – HIGH GROWTH MIDSTREAM THROUGHPUT

10. 9
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)

11. 626 971
553
755
63% 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
184
98
108
161
263
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
MARCELLUS WELL ECONOMICS(1)(2)
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.
10
UTICA WELL ECONOMICS(1)(2)
 74% of Marcellus locations are processable (1100-plus Btu)  68% 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 2,227 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
SUSTAINABLE BUSINESS MODEL – AR MULTI-YEAR DRILLING
INVENTORY SUPPORTS LOW RISK, HIGH RETURN GROWTH PROFILE

12. 11
HIGH VISIBILITY – PROJECTED MARCELLUS MIDSTREAM
BUILDOUT
2014 2015 2016 2017 2018+

13. 12
HIGH VISIBILITY – PROJECTED UTICA MIDSTREAM BUILDOUT
2014 2015 2016 2017 2018+

14. Fixed
Fee
100%
13
MITIGATED COMMODITY RISK – 100% FIXED FEE – RICH TO DRY
Contract Mix
Fixed
Fee
97%
Fixed
Fee
100%
Fixed
Fee
100%
Fixed
Fee
94%
(1)
.
Source: Core net acreage positions based on investor presentations, news releases and 10-K/10-Qs.
1. Represents assets held at MLP.
2. Rig count as of 6/26/2015, per RigData.
3. Includes Antero Resources rigs located in Doddridge County, WV.
4. Includes Antero Resources and Range Resources rigs.
Commodity
Based
Commodity
Based
Commodity
Based
Appalachian Exposure
Marcellus – Dry
    
Marcellus – Rich
    
Utica – Dry
 
Utica – Rich
 
Rigs Running on Liquids-Rich Core Acreage Midstream Footprint (2)
Fixed
Fee
90%
Commodity
Based
(3) (4)
10
2 2
1 1
13
0
5
10
15
AM CNNX EQM CMLP SMLP MWE

15. MITIGATED COMMODITY RISK – FIRM TRANSPORTATION &
SALES PORTFOLIO
14
MMBtu/d
Antero Resources Transportation Portfolio
• Antero Resources has built the largest firm transportation portfolio with 4.85 BBtu/d by year end 2018
71%
29%
85%
15%
94%
6%
2015E 2016E 2017E 2018E
Favorable:
Chicago
MichCon
Gulf Coast
NYMEX
TCO
AR Increasing Access to Favorable Markets
94%
6%
(NYMEX/TCO) Mid-Atlantic (NYMEX)
(ANR) Gulf Coast
(REX/ANR/NGLP/MGT) Midwest
(DOM S) Appalachia
(TETCO M2) Appalachia
(Tennessee) Gulf Coast
(TCO) Appalachia or Gulf Coast
Less
favorable:
TETCO M2
Dominion South
-
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
(TCO) Appalachia or Gulf Coast
(Stonewall/WB) Mid-Atlantic/NYMEX
(Stonewall/TGP) Gulf Coast
Appalachia
Appalachia
(REX/ANR/NGPL/MGT) Midwest
(ANR/Rover) Gulf Coast
AR Gross Gas Production

16. 15
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
$3.79/Mcfe
through 2022
Average Hedge Prices
($/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

17. 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.)
Water Drop
Down
16
VALUE CHAIN OPPORTUNITY – FULL MIDSTREAM VALUE CHAIN

18. 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.
Liquid “non-E&P assets” of $5.8 Bn
significantly exceeds total debt of $3.9 Bn
Liquidity
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
17
Only 35% of AM credit facility capacity drawn
STRONG FINANCIAL POSITION – STRONG BALANCE SHEET
AND FLEXIBILITY

19. 0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8
TotalDebt/LQAEBITDA
• $1.5 billion revolver in place to fund future growth capital
(5x Debt/EBITDA Cap)
• Liquidity of $993 million at 9/30/2015
• Sponsor (NYSE: AR) has Ba2/BB corporate ratings
AM Liquidity (9/30/2015)
AM Peer Leverage Comparison(1)
($ in millions)
Revolver Capacity $1,500
Less: Borrowings 525
Plus: Cash 18
Liquidity $993
1. As of 9/30/2015. Peers include TEP, EQM, MWE, WES, RMP, SHLX, DM, and CNNX.
2. AM pro forma for water drop down; LQA EBITDA for water based on 2016E midpoint of 8.5x – 9.0x purchase price multiple announced.
Financial Flexibility
18
(2)
STRONG FINANCIAL POSITION – SIGNIFICANT FINANCIAL
FLEXIBILITY

20. TOP TIER DISTRIBUTION GROWTH & HEALTHY COVERAGE
19
26% 26%
24%
25%
24% 25%
18%
15%
10%
12%
6%
1.6x 1.5x
1.2x
1.8x
1.2x
1.2x
1.6x
1.3x
1.2x 1.3x
1.0x
0.00x
0.20x
0.40x
0.60x
0.80x
1.00x
1.20x
1.40x
1.60x
1.80x
2.00x
0%
5%
10%
15%
20%
25%
30%
AM SHLX PSXP VLP DM MPLX EQM TEP CNNX WES MWE
3–Year Expected Distribution Growth Rate and DCF Coverage(1)
1. Based on Bloomberg 2015-2017 consensus distribution and DCF coverage estimates data as of 10/9/2015.

21. MWE
WES
CNNX
TEP
EQM
MPLX
VLP
PSXP
DM
SHLX
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3% 8% 13% 18% 23% 28% 33%
Yield(%)
2015-2018 Distribution Growth CAGR
Bubble Size Reflects Market Capitalization
R-squared = .83
Note: Based on Bloomberg consensus estimates and market prices as of 10/9/2015.
ATTRACTIVE VALUE PROPOSITION
20
AM - Current
Yield: 3.18%
Price: $23.87
AM - Implied
Yield: 2.53%
Price: $30.05
• Attractive appreciation potential on a relative basis

22. Antero Midstream (NYSE: AM)
Asset Overview
21

23. 1. Represents inception to date actuals as of 12/31/2014 and 2015 midpoint guidance.
2. Includes water drop down and $15.0 million of maintenance capex at 2015 midpoint guidance.
22
Utica
Shale
Marcellus
Shale
Projected Midstream Infrastructure(1)
Marcellus
Shale
Utica
Shale Total
YE 2014 Cumulative Gathering/
Compression Capex ($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)

24. ANTERO MIDSTREAM ASSETS – RICH GAS MARCELLUS
23
• Provides Marcellus gathering and compression services
− Liquids-rich gas is delivered to MWE’s 1.2 Bcf/d
Sherwood processing complex
• Significant growth projected over the next twelve months as
set out below:
• Antero plans to operate an average of nine drilling rigs in the
Marcellus Shale during 2015, including intermediate rigs
− 100% of rigs targeting the highly-rich gas/condensate
and highly-rich gas regimes
• Of the 80 gross wells targeted to be completed in 2015, 90%
(72 gross wells) are forecast to be completed in the AM
dedicated area
− AM dedicated acreage contains 2,165 gross
undeveloped Marcellus locations and 313 Upper
Devonian locations
• Antero will defer 50 completions originally scheduled to
occur in the second and third quarters of 2015 into 2016 in
order to limit natural gas volumes sold into unfavorable
pricing markets
− 28 of the deferred completions are in the AM dedicated
area
Marcellus Gathering & Compression
Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.
YE 2014 YE 2015E
Low Pressure Gathering
Pipelines (Miles)
91 108
High Pressure Gathering
Pipelines (Miles)
62 76
Compression Capacity (MMcf/d) 375 800

25. 24
• Provides Utica gathering and compression services
− Liquids-rich gas delivered into MWE’s 800 MMcf/d
Seneca processing complex
− Condensate delivered to centralized stabilization
and truck loading facilities
• Significant growth projected over the next twelve
months as set out below:
• Antero plans to operate an average of five drilling rigs
in the Utica Shale during 2015, including intermediate
rigs
− 100% of rigs targeting the highly-rich
gas/condensate and highly-rich gas regimes
• All of the 50 gross wells targeted to be completed in
2015 are on Antero Midstream’s footprint
Utica Gathering & Compression
Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.
ANTERO MIDSTREAM ASSETS – RICH & DRY GAS UTICA
YE 2014 YE 2015E
Low Pressure Gathering
Pipelines (Miles)
45 56
High Pressure Gathering
Pipelines (Miles)
35 36
Condensate Pipelines (Miles) 16 19
Compression Capacity (MMcf/d) 0 120

26. ANTERO INTEGRATED WATER BUSINESS
25
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

27. 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
26Integrated 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

28. ORGANIC GROWTH STRATEGY: “BUILD VS. BUY”
27
• Organic growth strategy provides attractive
returns and project economics, while
avoiding the competitive acquisition market
• Industry leading organic growth story
– ~$1.06 billion in capital spent through
9/30/2014
– $425 million in additional growth capital
forecast for the twelve-month period
ending 12/31/15 (excludes $12.5 million of
maintenance capital)
Note: Precedent data per IHS Herold’s research and public filings.
1. Antero organic multiple calculated as estimated gathering and compression capital expended through Q3 2014 divided by 2015 projected gathering and compression EBITDA, assuming 12-15 month
lag between capital incurred and full system utilization.
2. Selected gathering and compression drop down acquisitions since 1/1/2011. Drop down multiples are based on NTM EBITDA. Source: Barclays.
6.8x
11.9x
10.7x
10.0x
9.3x
9.0x 9.0x 9.0x 8.9x 8.9x 8.8x
8.6x
8.0x 7.9x
7.0x 6.9x
5.5x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
12.0x
Drop Down Multiple(2)
Organic EBITDA Multiple vs. Precedent Drop Down Multiples
Median: 8.9x
Value creation for the AM unit holder =
Build at 4x to 7x EBITDA
vs.
Drop Down / Buy at 8x to 12x EBITDA

29. LP
Gathering
HP
Gathering Compression
Condensate
Gathering
Water
Business
Regional
Pipeline
Processing/
Fractionation
Unlevered IRR Range: 25% - 35% 15% - 25% 10% - 20% 25% - 35% 30% - 40% 15% - 25% 15% - 20%
Payout (Years): 2.5 - 4.0 3.5 - 4.5 4.0 - 6.5 2.0 - 3.5 2.0 – 3.0 3.5 - 7.0 5.0 - 6.0
Minimum Volume Commitments: N/A 75% 70% N/A Yes 80% 80%
2015 Capex(2) Total
Marcellus $298 $49 $62 $105 - $82
Utica 125 44 11 63 5 3
Growth Capex $423 $93 $73 $168 $5 $85
% of Capex 100% 22% 17% 40% 1% 20%
Included in 2015 Budget: Marcellus &
Utica
Marcellus &
Utica
Marcellus &
Utica
Utica Marcellus &
Utica
Not Included Not Included
Additional In-hand
Opportunities:
Dry Utica Dry Utica Dry Utica Utica
Stabilization
Dry Utica Regional
Gathering
Pipeline
Marcellus
Processing/
Fractionation
25%
15%
10%
25%
30%
15% 15%
35%
25%
20%
35%
25%
20%
40%
0%
10%
20%
30%
40%
InternalRateofReturn
28
Project Economics by Segment(1)
ESTIMATED PROJECT ECONOMICS BY SEGMENT
1. Based on management capex, operating cost and throughput assumptions by project. Capex guidance updated per 9/18/2015 Partnership press release.
2. Excludes $15.0 million of maintenance capex.
Wtd. Avg. 24% IRR
AM Option Opportunities

30. AM UPSIDE OPPORTUNITY SET
29
ACTIVITY CURRENTLY DEDICATED TO AM
Third Party Business
Processing, Fractionation,
Transportation and Marketing
Regional Pipeline Project
• Option to participate for up to 15% in regional gathering
pipeline project in West Virginia expected to go in-service
in 4Q 2015
• Additive to full value chain model
• Opportunity to expand fresh water, waste water and
gathering/compression services to third parties in Marcellus
and Utica to enhance asset utilization
• AR must request a bid from AM and can only reject if third
party service fees are lower. AM has right to match
lower fee offer.
WV/PA Utica Dry Gas
• 188,000 net acres of AR Utica dry gas acreage underlying
the Marcellus in West Virginia and Pennsylvania dedicated
to AM
• AR has drilled and completed its first WV Utica well
Active AR Leasing
• Future acreage acquisitions by AR are dedicated to AM
• Added 92,000 net acres in 2014 and have added 20,000
net acres in 2015

31. REGIONAL PIPELINE PROJECT
•Option to Acquire Up To 15% Non-Op Equity
Interest
●Enables Antero Resources to move up to 1.1
Bcf/d of gas on a firm basis to more
favorably priced markets including TCO,
NYMEX and Gulf Coast markets
●Once the Regional Pipeline is placed into
service, Antero Resources plans to complete
the previously deferred 50 Marcellus wells,
resulting in approximately 350 MMcf/d of
incremental gross gas production at its peak
Regional Gathering Pipeline
Throughput Capacity: 1.4 Bcf/d
Pipeline
Specifications:
50 miles of 36 inch pipeline
Project Capital: ≈ $400 Million
In-Service Date: 4Q 2015
AR Firm Commitment: 900 MMcf/d
30

32. PROCESSING – VALUE CHAIN POTENTIAL
FOR UNDEDICATED ACREAGE
Sherwood
Processing
Complex
AR acreage position on map reflects tax districts in which greater than 3,000 net acres are held.
1. Antero gross 3P C3+ NGL volumes and 3P Gross Wellhead Gas reserves as of 12/31/2014.
Processing Area Of
Dedication for AM
MarkWest
Processing AOD
– 194,500 Gross
Acres
Tyler County
70,000 Gross Acres
Ritchie County
46,500 Gross Acres
 Antero Resources has 11.6 Tcf of processable gross 3P gas reserves and 616 Million Bbls of gross 3P NGL
reserves across 128,500 gross processable Marcellus acres that are dedicated to Antero Midstream for processing
31
Gilmer County
12,000 Gross Acres
AR Gross Gross 3P NGL AR 3P Gross
Processable Reserves Wellhead Gas
Acres (MMBbls) (1)
(Tcf)
Potential Processing AOD for AM
Tyler 70,000 382.2 6.6
Ritchie 46,500 196.6 4.0
Gilmer 12,000 37.1 1.0
Total 128,500 615.9 11.6

33. LARGE UTICA SHALE DRY GAS POSITION
32
 Antero has completed its first dry gas Utica well – a 6,620’
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
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.
3. The Rymer 4HD has been flowing into the sales line for 20 days with an average choke-restricted flow rate of 20 MMcf/d.
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
2.3 Tcf
263 Gross Locations
41,000 Net Acres
AR Utica Shale Dry Gas
Total OH/WV/PA
Net Resource
14.8 to 18.3 Tcf
2,152 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)
Antero
Rymer 4HD
6,620’ Lateral
IP 20.0 MMcf/d
(3)

34. Low Cost
Marcellus/Utica Focus
“Best-in-Class”
Distribution Growth
33
CATALYSTS
28% to 30% per year from 2015 to 2017 targeted based on Sponsor
planned development; additional third party business expansion
opportunities
AM Sponsor is the most active operator in Appalachia; 40%+ production
growth targeted for 2015 supported by $1.8 billion capital budget, firm
processing and takeaway, long-term natural gas hedges and $3.0 billion
of liquidity; targeting 25% to 30% production growth in 2016
Sponsor operations target two of the lowest cost shale plays in North
America; attractive well economics support continued drilling at current
prices
Multiple opportunities exist for additional gathering and compression,
processing and pipeline assets for Sponsor and third party use
Appalachian Basin
Midstream Growth
High Growth Sponsor
Production Profile
1
2
3
4
5
6
Acquisition of integrated water business from Antero expected to result
in distributable cash flow per unit accretion in 2016
Stacked Pay Basin
Upside
Development of Utica Shale Dry Gas and Upper Devonian resources
provide further midstream infrastructure expansion opportunities
Integrated Water
Business Drop Down

35. APPENDIX
34

36. Transaction Specifics
ASSETS:
• Antero’s Marcellus and Utica freshwater delivery business, the fully contracted future
advanced wastewater treatment complex and 20-year agreement to cover all fluid
handling and disposal services for Antero
PURCHASE PRICE:
• $1.05 billion initial payment at closing and earn out payments at year-end 2019 and 2020
of $125 million each if 3-year volume threshold is met
MINIMUM VOLUME
COMMITMENTS:
• 90,000 Bbl/d in 2016, 100,000 Bbl/d in 2017 and 120,000 Bbl/d in 2018 and 2019
FINANCING:
• $243 million of units issued via PIPE, $257 million of units issued to Antero Resources and
$552 million from existing cash and revolving credit facility; 23.9 million partnership units
issued in total
CLOSING: • Expected to close concurrently with AM PIPE unit offering on September 23, 2015
Transaction Rationale
SCALE/GROWTH:
• Accretive to AM growth story and adds largest Appalachian integrated water business to
high growth gathering and compressions assets to create one of the highest growth
midstream MLPs in the U.S.
• PIPE cash proceeds to be used by AR to repay debt and fund future development plan
VALUATION: • Accretive purchase price at 8.5x to 9.0x projected 2016 EBITDA
MIDSTREAM
INTEGRATION:
• Integrates water delivery, water services and waste water treatment business with existing
gas gathering and compression business
THIRD PARTY BUSINESS:
• Enhances AM’s ability to attract third party business – fresh water supply to completions
and treatment of produced and flowback water
PRO FORMA LEVERAGE: • Net Debt/LTM EBITDAX 1.7x; over $1 billion of AM liquidity post transaction
WATER DROP DOWN COMPLETED
35

37. MVCS SUPPORT AND EARN OUTS DRIVE RETURNS
361. The 2019 earn out is based on a trailing 36 month fresh water delivery volume average at the end of 2019 of 161,000 Bbl/d while the 2020 earn out is based on a trailing 36 month fresh water delivery
volume average at the end of 2020 of 200,000 Bbl/d.
 Minimum volume commitments (MVCs) on fresh water delivery volumes, at $3.68 and $3.63 per barrel for the Marcellus and
Utica, respectively (with CPI adjustments), support revenues and rates of return for the water business acquisition
 Earn out payments at year-end 2019 and 2020 provide incentives for the sponsor to perform long-term
0
40
80
120
160
200
2014 2015E 2016E 2017E 2018E 2019E 2020E
MBbl/d
Actual Volumes Estimated Volumes MVCs
Fresh Water Delivery MVCs and Earn Out Payments(1)
177Completions
~130Completions
~125-135Completions
2020 Earn Out – 200 MBbl/d Avg
2019 Earn Out – 161 MBbl/d Avg
MVC
90K
MVC
100K
MVC
120K
MVC
120K
125K
80K - 85K
50 Deferred
Completions
Transaction Metrics
2016E EBITDA: $115MM - $125MM
Estimated Volume: 115K - 125K Bbl/d
2016E Completions: 160 - 170
2016E Volume
Midpoint 120K

38. IMPACT OF DROP DOWN TRANSACTION ON
ANTERO FINANCIAL STATEMENTS
37
Metrics
Pre-Drop Down
Antero Resources
(Consolidated)
Pro Forma Drop Down
Antero Resources
(Consolidated)
Antero Midstream
Partners
Fresh Water Distribution Fees
N/A - Eliminated Upon
Consolidation
N/A - Eliminated Upon
Consolidation
Revenue
Fresh Water Operating Expenses ("Opex")
Drilling & Completion
Capital
Drilling & Completion
Capital
Operating
Expenses
Fresh Water Infrastructure Capital Water Capital Water Capital Water Capital
Advanced Wastewater Treatment Fees
(Upon 4Q ‘17 Expected In-Service)
N/A
N/A - Eliminated Upon
Consolidation
Revenue
Advanced Wastewater Treatment Opex
(Upon 4Q ‘17 Expected In-Service)
N/A
Drilling & Completion
Capital and LOE
Operating
Expenses
Advanced Wastewater Treatment Capital
(Upon 4Q ‘17 Expected In-Service)
Water Capital Water Capital Water Capital
2016E EBITDA Multiple of Drop Down N/A
N/A - Water Fees are
Eliminated and Opex is
Capitalized
8.5x - 9.0x
Implied 2016 EBITDA of Water Business N/A
N/A - Water Fees are
Eliminated and Opex is
Capitalized
~ $115 - $125
Million

39. 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)
38
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)
LARGEST FIRM TRANSPORTATION AND PROCESSING
PORTFOLIO IN APPALACHIA

40. NORTHEAST NGLS ARE TRANSPORTATION CHALLENGED
1. As an anchor shipper on Mariner East 2, Antero has the right to expand its NGL commitment with notice to operator.
2. 2015 NGL production assumes ethane rejection.
Mariner East 2
61,500 Bbl/d AR
Commitment(1)
4Q 2016 In-Service
 Not so much a supply problem but more of a logistics problem for NGLs in the northeast today
− The majority of northeast NGL production is being transported by expensive rail and trucking
− NGLs that are transported “to the water” are also faced with high shipping rates
Export
15%
Gulf
Coast
13%
Mid-
Atlantic
6%
Sarnia
3%
Northeast
43%
Midwest
10%
Edmonton
10%
2015 NGL Marketing by Region
39

41. NORTHEAST NGL GROWTH IS SUPPORTED BY INCREASING
TAKEAWAY OPTIONS
1. Chart 10 per BAML research dated 6/5/2015. Pipeline volumes are capacity estimates.
Industry NGL Pipelines – Actual (2015) and Projected(1)
40
Shell
Beaver County Cracker
(Pending FID 1H 2016)
Mariner East 2
62 MBbl/d Commitment
Marcus Hook Export
Gulf Coast
Critical to
NGL Pricing
Appalachia
 NGL transportation rates are expected to decline $0.12 to $0.15 per gallon by 2017 as pipeline options to domestic markets and
export terminals go in-service (Mariner East 1 and 2, for example)
(MMBbl/d)

42. $0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$/Gallon
Baltic Exchange LPG Freight Futures
Baltic LPG Rate ($/gal) Marcus Hook to Europe ($/gal)
Marcus Hook to Far East ($/gal)
U.S. EXPORTS ARE SUPPORTED BY EXCESS
DOCK CAPACITY AND FLEET GROWTH
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
MBbl/d
Butane Exports Propane Exports Total Export Capacity
Excess LPG Export Terminal Capacity vs. Expected Export Volumes(1)
Excess dock capacity supports
growing LPG export volumes
through 2025
Fleet Growth Supports U.S. LPG Export Growth(2) LPG Freight Futures Show Declining Freight Costs(3)
Baltic LPG shipping cost declines from
$0.14/gal to $0.09-$0.10/gal in early 2017
on fleet supply growth numbers
Projected growth in VLGC
fleet supports increasing
LPG export volumes and
lower shipping costs
1. Source: Bentek.
2. Source: Poten & Partners, August 2015.
3. Baltic Rate based on 9/30/2015 Baltic Futures converted to cost per gallon of LPGs, assuming 75/25 propane/butane.
 LPG transportation rates from northeast fractionation to Europe and Asia should improve by $0.05 to $0.15 per gallon by YE 2016,
driven both by pipelines replacing rail and by lower shipping costs
Excess Dock Capacity
Current Fleet 168
New builds +85
41

43. 2015 GLOBAL LPG DEMAND
 Global LPG demand is 8.5 MMBbl/d and growing
42

44. POSITIVE OUTLOOK FOR LONG-TERM NGL MARKETS
Steady Global LPG Demand Growth Through 2035(1)
1. Source: PIRA NGL Study, September 2015.
2. Source: IHS, Waterborne, SK Gas Analysis; Wood Mackenzie; Wood Mackenzie; PDH C3 capacity based on 25 MBbl/d = 650 Mt/y.
Multiple Factors Driving Global LPG Demand Growth Through 2020(2)
MMBbl/d
0.0
0.33
0.67
 Forecast global LPG demand growth of 800 MBbl/d to 1 MMBbl/d by 2020 to be driven by petrochem projects in Asia and Middle East as well as
residential/commercial, alkylate and power generation demand
− Naphtha cracker conversion to LPG another potential demand driver that has not yet been factored into analyst estimates ≈1 MMBbl/d
China Korea
Haiwei (2016)
- 21 MBbl/d C3
SK Advanced (2016)
- 27 MBbl/d C3
Ningbo Fuji (2016)
- 29 MBbl/d C3
Fujian Meide (2016)
- 29 MBbl/d C3
Tianjin Bohua 2 (2018)
- 29 MBbl/d C3 United States
Fujian Meide 2 (2018)
- 29 MBbl/d C3
Enterprise (3Q 2016)
- 29 MBbl/d C3
Oriental Tangshan (2019)
- 25 MBbl/d C3
Formosa (2017)
- 25 MBbl/d C3
Firm and Likely PDH Underway
(By 2020)
Total - 243 MBbl/d C3
Million Tons, Global PDH Capacity
1990 2000 2010 2020
20
10
0
43
14.7
13.0
11.4
9.8
8.2
6.5
4.9
3.3
1.7
U.S. Driven Global LPG Supply Through 2035(1)
MMBbl/d MMBbl/d
1.3
1.0
0.7
0.3
-0.3

45. GLOBAL LPG DEMAND DRIVEN BY
PETCHEM AND RES/COMM
 Largest end-use sectors for LPG are residential/commercial, which tends to grow with population and improvement in
living standards in the emerging markets
− PIRA forecasting >1.0 MMBbl/d over next 5 years and >4.5 MMBbl/d of global LPG demand growth over next 20 years
44
1. PIRA NGL Study, September 2015.
MMBbl/d
14.7
13.0
11.4
9.8
8.2
6.5
4.9
3.3
1.6

46. GLOBAL LPG TRADE DRIVEN BY U.S. SHALE
 The U.S. is the largest single driver of the rapid expansion in LPG trade accounting for over 90% in trade growth
45
1. PIRA NGL Study, September 2015.
MMBbl/d
5.2
4.6
3.9
3.3
2.6
2.0
1.3
0.7
United States

47. U.S. SHALE NGL EURS SUPPORT LPG TRADE GROWTH
46
1. PIRA NGL Study, September 2015.
• U.S. shale play NGL reserves are 50.8 billion barrels
• Eagle Ford, Marcellus, Utica, Bakken and Permian are the
work horses of U.S. shale production growth
• Marcellus/Utica NGL resource estimate by PIRA is 9.7 billion
barrels, in line with Antero estimate of ≈ 11.1 billion barrels
• The growth curve of each basin will ultimately be a function
of downstream solutions and investment
(1)
(1)
(1)

48. POSITIVE OUTLOOK FOR LONG-TERM
ETHANE MARKETS AS WELL
U.S. Ethane Supply/Demand Balance Through 2020(1)
1. Source: Bentek, August 2015.
2. Source: Citi research dated 7/15/2015.
U.S. Ethane Exports Through 2020(2)
 U.S. ethane demand is projected to increase at an annual 3.5% CAGR through 2020, primarily based on an ≈8% CAGR for U.S. petrochem
demand and a 30% growth in exports primarily to Europe
− The growth in shipping exports in 2016 and 2017 is driven by Enterprise Products’ 200 MBbl/d export facility on the Gulf Coast
-
0.5
1.0
1.5
2.0
2.5
2012 2013 2014 2015 2016 2017 2018 2019 2020
MMBb/d
Petchem Exports Rejection Total Supply (Net Stock Change)
U.S. Seaborne Ethane Exports Through 2020(2)
-
50
100
150
200
250
300
350
2013 2014 2015 2016 2017 2018 2019 2020
MBbl/d
Ship Pipeline
250
200
150
100
50
MBbl/d
U.S. exports increase
significantly into 2016
and 2017 as EPD’s
Morgan Point Facility
comes in-service
U.S. Ethane Rejection by Region Through 2020(1)
Access to both
Marcus Hook and
the Gulf Coast is
critical to
optimizing ethane
netbacks
Rejection declines
significantly into 2018
Unlike LPG, 80% of
ethane will be
consumed in the U.S.
Petrochem demand increases at
≈8% CAGR through 2020
-
100
200
300
400
500
600
2012 2013 2014 2015 2016 2017 2018 2019 2020
MBbl/d
Williston PADD 4 PADD 1 (East Coast) PADD 2 PADD 3
No Northeast
rejection after 2017
47
Northeast
Ethane
Rejection
Exports
U.S.
PetChem

49.  Plan to defer 50 Marcellus well completions into 2016 to achieve higher gas price realizations, approximately half of which are
located on AM areas of dedication
− Regional gathering pipeline expected in-service late 2015 will connect incremental Marcellus production to CGTLA (Gulf
Coast) and TCO pricing
AR COMPLETION DEFERRALS – 2016 VOLUME IMPACT
0
50
100
150
200
250
300
350
400
450
500
Jan-16 Mar-16 May-16
GrossWellheadProduction(MMcf/d)
Completion Deferral Impact on 2016 Production
Production From
50 Deferred
Completions
48

50. ANTERO RESOURCES – UPDATED 2015 GUIDANCE
Key Variable 2015 Guidance
Net Daily Production (MMcfe/d) 1,400
Net Residue Natural Gas Production (MMcf/d) 1,175
Net Liquids Production (Bbl/d) 33,000
Net Oil Production (Bbl/d) 4,000
Natural Gas Realized Price Differential to NYMEX Henry Hub Before Hedging ($/Mcf) $(0.20) - $(0.30)
Oil Realized Price Differential to NYMEX WTI Before Hedging ($/Bbl) $(12.00) - $(14.00)
NGL Realized Price (% of WTI)(1) 30% - 35%
Cash Production Expense ($/Mcfe)(2) $1.50 - $1.60
Marketing Expense, Net of Marketing Revenue ($/Mcfe) $0.20 - $0.30
G&A Expense ($/Mcfe) $0.23 - $0.27
Net Income Attributable to Non-Controlling Interest ($MM) $23 - $27
Operated Wells Completed 130
Average Operated Drilling Rigs 14
Capital Expenditures ($MM)
Drilling & Completion $1,600
Water Infrastructure $50
Land $150
Total Capital Expenditures ($MM) $1,800
1. Updated NGL pricing guidance for 2015; 1Q 2015 NGL prices before hedges were 50% of WTI per press release dated 4/29/2015.
2. Includes lease operating expenses, gathering, compression and transportation expenses and production taxes. Excludes net marketing expense.
Key Operating & Financial Assumptions
49

51. LTM Production
NTM Production Forecast
Average LTM Production
MAINTENANCE CAPITAL METHODOLOGY
• Maintenance Capital Calculation Methodology
– Estimate the number of new well connections needed during the forecast period in order to offset the natural
production decline and maintain the average throughput volume on our system over the LTM period
– (1) Compare this number of well connections to the total number of well connections estimated to be made during
such period and
– (2) Designate an equal percentage of our estimated low pressure gathering capital expenditures as maintenance
capital expenditures
Maintenance capital expenditures are cash expenditures (including expenditures for the
construction or development of new capital assets or the replacement, improvement or expansion
of existing capital assets) made to maintain, over the long term, our operating capacity or revenue
• Illustrative Example
LTM Forecast Period
Decline of LTM
average throughput
to be replaced with
production volume
from new well
connections
50

52. ANTERO RESOURCES EBITDAX RECONCILIATION
51
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

53. ANTERO MIDSTREAM EBITDA RECONCILIATION
52
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

54. 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, which have been audited by Antero’s third-party engineers. Unless otherwise noted,
reserve estimates as of December 31, 2014 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, 2014. 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
53