Partnership Overview March 2015

1. Partnership Overview
March 2015

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”). These statements are based on certain assumptions made by the Partnership and
Antero 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 Company’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’s 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 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 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

3. ANTERO MIDSTREAM – A GROWTH FOCUSED MLP
2
• AM sponsor is the most active operator in Appalachia
• Highest recycle ratio and low F&D cost supports sponsor production growth expectations
• Sponsor maintains strong liquidity and significant hedging position
• Highly incentivized to maximize value of AM to support AR growth
• Midstream assets located in lowest cost per Mcfe rich gas plays in North America
• ~80% of midstream “footprint” is associated with rich gas production
• Substantial AR and third-party future infrastructure required
• Gathering and compression provide core asset portfolio with additional option to
expand into freshwater distribution and regional pipelines
• Pure play, fee-based midstream MLP with top tier growth rate
• Cash flows are supported by 20-year, fee-based agreements with AR
• “Best in class” anchor tenant with 92% net production growth in 2014 and 40%
growth projected for 2015
• Growth not dependent on drop-downs, 3rd party business or acquisitions for growth
• Consolidated Marcellus and Utica rich gas acreage dedications
• Multiple gathering and compression, processing, pipeline and other expansion
opportunities
• Option to acquire AR Fresh Water Distribution system
• $1 billion of undrawn borrowing capacity commitments and $230 million of cash at
12/31/2014
• Good high yield access with “Ba2/BB” rated parent (corporate ratings)
• Structured to pursue organic growth opportunities
Premier
E&P Sponsorship
1
“Pure Play”
Marcellus/Utica
Midstream MLP
2
Top Tier MLP
Organic Growth3
Appalachian
Midstream Value
Chain Opportunity
4
Stacked-Pay Basin
Potential Upside5
Financial Flexibility
& Strong Capital
Structure
6
• Stacked-pay opportunities – Utica, Marcellus, Upper Devonian
• Opportunity to develop Utica Shale dry gas pipeline and compression systems in
West Virginia
• Future Upper Devonian development will require existing water resource for
completions and gathering and compression systems

4. ANTERO MIDSTREAM – 2015 GUIDANCE
Key Variable 2015 Guidance
Adjusted EBITDA ($MM) $150 - $160
Distributable Cash Flow ($MM) $135 - $145
Year-over-Year Distribution Growth 28% - 30%
Low Pressure Pipelines Added (Miles) 44
High Pressure Pipelines Added (Miles) 20
Compression Capacity Added (MMcf/d) 545
Capital Expenditures ($MM)
Low Pressure Gathering $165 - $170
High Pressure Gathering $85 - $90
Compression $160 - $165
Condensate Gathering $5 - $10
Maintenance Capital $10 - $15
Total Capital Expenditures ($MM) $425 - $450
1. Financial assumptions per Partnership press release dated 1/20/2015.
Key Operating & Financial Assumptions
3

5. Low Cost
Marcellus/Utica Focus
“Best-in-Class”
Distribution Growth
4
CATALYSTS
28%-30% distribution growth targeted for 2015 based on Sponsor
budgeted 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 $4.3 billion
of liquidity
Sponsor operations target 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
Sponsor Production
Growth Profile
Stacked-Pay Basin
Upside
1
2
3
4
5
6
Development of Utica Shale Dry Gas and Upper Devonian resources
provide further midstream infrastructure expansion opportunities
Potential Water
Business Dropdown
AM holds option to acquire water business from Sponsor; contingent on
receiving private letter ruling from IRS

6. Antero
Midstream Management
ANTERO MIDSTREAM OWNERSHIP STRUCTURE
5
Antero Resources
Corporation (NYSE: AR)
$13.5 Billion Enterprise Value(1)
Ba2/BB Corporate Rating
Antero Midstream
Partners LP (NYSE: AM)
$3.7 Billion Market Cap.(1)
Public
$1 Billion
Credit Facility
Midstream Entity
Partnership
Corporation
Marcellus
Gathering
& Compression
Utica
Gathering &
Compression
Option(3)
Antero Fresh Water
Distribution System
Option
69.7% Limited
Partner Interest
1. AR enterprise value excludes AM minority interest and cash; pro forma for $750 million Senior Notes offering on 3/3/2015 and $485 million equity offering on 3/5/2015. Market values as of 3/16/2015.
2. Option to acquire up to a 15% non-operating equity interest in a new build Regional Gathering Pipeline.
3. Option to acquire 100% interest at fair market value.
100% 100% 100%
Option(2)
Regional Gathering
Pipeline
15%
Midstream Option

7. 1. Represents inception to date actuals as of 12/31/2014 and 2015 midpoint guidance.
2. Includes $12.5 million of maintenance capex at 2015 midpoint guidance.
6
Utica
Shale
Marcellus
Shale
Projected Midstream Infrastructure(1)
Marcellus
Shale
Utica
Shale Total
YE 2014 Cumulative Gathering/
Compression Capex ($MM) $836 $345 $1,181
Gathering Pipelines
(Miles) 153 80 233
Compression Capacity
(MMcf/d) 375 - 375
Condensate Gathering Pipelines
(Miles) - 16 16
2015 Gathering/Compression
Capex Budget ($MM)(2) $256 $182 $438
Gathering Pipelines
(Miles) 46 18 64
Compression Capacity
(MMcf/d) 425 120 545
Condensate Gathering Pipelines
(Miles) - 4 4
Midstream Assets
ANTERO MIDSTREAM PARTNERS OVERVIEW
• Gathering and compression assets in core of rapidly
growing Marcellus and Utica Shale plays
– Acreage dedication of ~417,000 net leasehold
acres for gathering and compression services
– 100% fixed fee long term contracts
• AR owns 70% of AM units (NYSE: AM)

8. $1
$5
$7
$8
$12
$19
$28
$155
$0
$5
$10
$15
$20
$25
$30
$35
$40
2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 2015E
26 31 40 36 41
116
222
0
50
100
150
200
250
2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14
Marcellus
10 38
80
126
266
531
907
0
200
400
600
800
1,000
2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14
Utica Marcellus
108
216
281
331
386
533
738
0
200
400
600
800
1,000
2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14
Utica Marcellus
HIGH GROWTH THROUGHPUT
Low Pressure Gathering (MMcf/d) Compression (MMcf/d)
High Pressure Gathering (MMcf/d) Antero Midstream Partners EBITDA ($MM)
1. Midstream EBITDA does not include EBITDA contribution from fresh water distribution.
(1)
7

9. ANTERO MIDSTREAM ASSETS – RICH GAS MARCELLUS
8
• Provides Marcellus gathering and compression
services
− Liquids-rich gas is delivered to MWE’s Sherwood
Complex for processing
• Significant growth projected over the next twelve
months as set out below:
• Antero sold the Harrison County portion of its gathering
system to a 3rd party midstream company in 2012,
which is now recognized as the 3rd Party Gathering and
Compression Dedication area
• Development upside as AR continues to drill, step-out
and add acreage
Marcellus Gathering & Compression
Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.
YE 2014 YE 2015
Gathering Pipelines (Miles) 153 199
Compression Capacity (MMcf/d) 375 800
WV/PA Utica Dry Gas Gathering & Compression
• Further development upside in 174,000 net acres of
Utica deep rights beneath the Marcellus Shale
− Will require a separate dry gas gathering system

10. 9
• Provides Utica natural gas and condensate gathering
services
− Liquids-rich gas delivered into MWE’s Seneca
Complex for processing
− Condensate delivered to centralized stabilization
and truck loading facilities
• Significant growth projected over the next twelve
months as set out below:
• Development upside as AR continues to drill, step-out
and add acreage
Utica Gathering
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 2015
Gathering Pipelines (Miles) 80 98
Condensate Pipelines (Miles) 16 20
Compression (MMcf/d) 0 120
Utica Compression
• Opportunity to build up to ten new compressor stations
that are planned to support AR development over the
next several years

11. ORGANIC GROWTH STRATEGY: “BUILD VS. BUY”
10
• 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 12/31/15 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 4-7x EBITDA
vs.
Drop-Down / Buy at 8-12x EBITDA

12. • 60% of $1.6 billion drilling and completion budget for
2015 focused on the Marcellus Shale; 80 gross wells
expected to be completed
• 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
− Only 8 gross wells are targeted for completion in
the non-AM dedicated acreage; an additional 22
wells are expected to be drilled but not
completed until 2016
− 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
Marcellus Capital Plan
ANTERO MARCELLUS CAPITAL PLAN
11

13. Fresh Water
Distribution(1)
Regional Gas Pipelines
Miles Capacity In-Service
Unnamed Regional
Pipeline
50 1.4 Bcf/d 4Q 2015
121. Currently owned by AR; AM holds option to purchase 100% of assets at fair market value.
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 2015
Marcellus 91 118
Utica 45 62
Total 136 180
AM has option to participate
in processing, fractionation,
terminaling and storage
projects offered to AR
FULL MIDSTREAM VALUE CHAIN POTENTIAL
(Miles) YE 2014 YE 2015
Marcellus 62 81
Utica 35 36
Total 97 117
(MMcf/d) YE 2014 YE 2015
Marcellus 375 800
Utica 0 120
Total 375 920
AM Owned Assets
Condensate Gathering
Stabilization
(Miles) YE 2014 YE 2015
Utica 16 20
End
Users
AM Option Assets
(Ethane, Propane,
Butane, etc.)
(De-ethanization)

14. AM OPTION – INTEGRATED WATER BUSINESS
13
Marcellus Fresh Water Distribution System
• Provides fresh water to support ongoing Marcellus completion
activity
• Year-round water supply sources: Ohio River and local rivers
• Significant growth projected over the next twelve months as
summarized below:
Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.
1. Estimated fee of $3.50 per barrel at an average of 200,000 Bbls of water per well.
Utica Fresh Water Distribution System
• Provides fresh water to support ongoing Utica completion activity
• Year-round water supply sources: local reservoirs and rivers
• Significant growth projected over the next twelve months as
summarized below:
• Currently owned by AR – AM holds option to purchase 100% of assets at fair market value, subject to receipt of a Private Letter
Ruling (PLR) from the IRS
Marcellus Water System YE 2014 YE 2015
Water Pipeline (Miles) 177 49
Fresh Water Storage Impoundments 22 24
YE 2015 Projected Wells 80
Water Fees per Well ($)(1) $600K -
$800K
Utica Water System YE 2014 YE 2015
Water Pipeline (Miles) 61 29
Fresh Water Storage
Impoundments
8 14
YE 2015 Projected Wells 50
Water Fees per Well ($)(1) $600K -
$800K
OHIO

15. 25%
15%
10%
25%
30%
15% 15%
35%
25%
20%
35%
25%
20%
40%
0%
10%
20%
30%
40%
InternalRateofReturn
14
DRY GAS LOCATIONS RICH GAS LOCATIONS
HIGHLY
RICH GAS
LOCATIONS
Project Economics by Segment(1)
ESTIMATED PROJECT ECONOMICS BY SEGMENT
LP
Gathering
HP
Gathering Compression
Condensate
Gathering
Water
Distribution
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 N/A 100% 60%
12/31/2015 Capex(2) Total
Marcellus $248 $73 $73 $102 -
Utica 177 104 12 56 5
Expansion Capex $425 $177 $85 $158 $5
% of Capex 100% 42% 20% 37% 1%
Included in NTM Period: Marcellus &
Utica
Marcellus &
Utica
Marcellus Utica Not Included Not Included Not Included
Additional Opportunities: Dry Utica Dry Utica Rich & Dry
Utica
Utica
Stabilization
Drop-Down
of Water
Distribution
System
Regional
Gathering
Pipeline
Marcellus
Processing/
Fractionation
1. Based on management capex, operating cost and throughput assumptions by project.
2. Excludes $12.5 million of maintenance capex.
Wtd. Avg. 23% IRR
AM Option Opportunities

16. 0.0x
0.6x
1.9x
3.1x
3.8x
4.0x 4.1x 4.4x
4.8x
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/LTMEBITDA
SIGNIFICANT FINANCIAL FLEXIBILITY
15
• Unfunded $1 billion revolver in place to fund future growth
capital (5x Debt/EBITDA Cap)
• $230 million of cash at 12/31/2014
• Sponsor (NYSE: AR) has Ba2/BB corporate ratings
AM Liquidity (12/31/2014)
AM Peer Leverage Comparison(1)
($ in millions)
Revolver Capacity $1,000
Less: Borrowings -
Plus: Cash 230
Liquidity $1,230
1. As of 12/31/2014. Peers include EQM, MWE, PSXP, RRMS, SXL, TEP, TLLP, and WES.
Financial Flexibility

17. 16
ANTERO MIDSTREAM MLP INVESTMENT HIGHLIGHTS
Premier E&P
Sponsorship
“Pure Play”
Marcellus/Utica
Midstream MLP
Top Tier MLP
Organic Growth
Full Midstream Value
Chain Potential
Financial Flexibility
& Strong Capital
Structure “Best in Class”
Distribution Growth
Expected

18. 17
Antero Resources (NYSE: AR)
Overview

19. ANTERO RESOURCES – 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) - $(14.00)
NGL Realized Price (% of WTI) 48% - 52%
Cash Production Expense ($/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. Financial assumptions per Company press release dated 1/20/2015.
2. Includes lease operating expenses, gathering, compression and transportation expenses and production taxes. Excludes net marketing expense.
Key Operating & Financial Assumptions
18

20. 19
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 Liquids-Rich
Core Position in
Appalachia
Highest Realizations
and Margins Among
Large Cap
Appalachian Peers
Growth Liquids-Rich
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
Low Break-Even
Price Economics

21. Note: 2014 SEC prices were $4.07/MMBtu for natural gas and $81.48/Bbl for oil on a weighted average Appalachian index basis.
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 and rig count as of 3/13/2015 per RigData.
DRILLING – MOST ACTIVE OPERATOR IN APPALACHIA
20
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 51.8 Tcfe
Net 3P Liquids 1,026 MMBbls
% Liquids – Net 3P 15%
4Q 2014E Net Production 1,265 MMcfe/d
- 4Q 2014E Net Liquids 30,400 Bbl/d
Net Acres(1) 548,000
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 148,000
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 400,000
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 11.1 Tcf
Net Acres 174,000
Undrilled Locations 1,616
0
2
4
6
8
10
12
RigCount
Operators
SW Marcellus & Utica(2)

22. 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
Guidance
258% Growth
0
600
1,200
1,800
2010 2011 2012 2013 2014 2015E
Marcellus Utica Guidance
30
124
239
522
1,400
1,007
21
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
92% Growth
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) (1)
12,683
NET PROVED RESERVES (Bcfe)
1. Assumes ethane rejection.
AVERAGE NET DAILY LIQUIDS PRODUCTION (Bbl/d)

23.  Assembled a 543,000 net acre position in the core of the Marcellus and Utica shale plays over the past 6 years
December 2008
Net Acreage 118,000
Net Production (MMcfe/d) NM
3P Reserves (Bcfe) NM
3P PV-10 ($MM) NM
Rigs Running NM
Dec 2008 Dec 2011 Dec 2014
December 2011(1)
Net Acreage 213,000
Net Production (MMcfe/d) 167
3P Reserves (Bcfe) 18,400
3P PV-10 ($MM) $9,000
Rigs Running 5
December 2014(1)
Net Acreage 543,000
Net Production (MMcfe/d) 1,265
3P Reserves (Bcfe) 40,700
3P PV-10 ($MM) $22,800
Rigs Running 21
1. Net daily production for December 2011 and December 2014 is for the fourth quarter, respectively.
LAND – MOST ACTIVE LAND ORGANIZATION
IN APPALACHIA
22
118,000 118,000 118,000
162,000
189,000
213,000
285,000
371,000
420,000
450,000
486,000
543,000
0
100,000
200,000
300,000
400,000
500,000
600,000
12/2008 12/2009 6/2010 12/2010 6/2011 12/2011 6/2012 12/2012 6/2013 12/2013 6/2014 12/2014
Antero Net Acreage
Utica Marcellus

24. 23
LIQUIDS-RICH – LARGEST CORE POSITION
Source: Core outlines and peer net acreage positions based on investor presentations, news releases and 10-K/10-Qs.
• Antero has the largest
liquids-rich core position in
Appalachia with ≈375,000
net acres (> 1100 Btu)
• Represents over 21% of
liquids-rich core acreage in
Marcellus and Utica plays
combined
• 2x its closest competitor

25. TAKEAWAY – LARGEST FIRM TRANSPORTATION AND
PROCESSING PORTFOLIO IN APPALACHIA
Odebrecht / Braskem
30 MBbl/d Commitment
Ascent Cracker
(Pending Final
Investment Decision)
Antero Long Term Firm Processing & Takeaway Position (2018) – Accessing Favorable Markets
Mariner East II
62 MBbl/d Commitment
Marcus Hook Export
Shell
25 MBbl/d Commitment
Beaver County Cracker
(Pending Final
Investment Decision)
Sabine Pass (Trains 1-4)
50 MMcf/d per Train
1. April 2015 and full year 2016 futures basis, respectively, provided by Wells Fargo dated 3/16/2015. Favorable gas markets shaded in green.
Chicago(1)
+$0.02 /
$(0.06)
CGTLA(1)
$(0.08) /
$(0.09)
Dom South(1)
$(1.00) /
$(1.16)
TCO(1)
$(0.14) /
$(0.37)
24
4.1 Bcf/d
Firm Gas
Takeaway
By 2018
Cove Point

26. 1,316 1,235 820 1,093 1,268 780
$4.42 $4.28 $4.30 $4.48
$4.16
$3.87
$2.84
$3.16 $3.40 $3.50 $3.57 $3.66
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
0
200
400
600
800
1,000
1,200
1,400
2015 2016 2017 2018 2019 2020
BBtu/d $/MMBtu
25
Average Index Hedge Price(1)Hedged Volume Current NYMEX Strip(2)
COMMODITY HEDGE POSITION
1. 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 3/16/2015.
3. Pro forma for $750 million 5.625% Senior Notes offering on 3/3/2015 with $739 million of bank debt repaid and 13.1 million primary share offering on 3/5/2015 with $479 million of bank debt repaid.
 ~$2.4 billion mark-to-market unrealized gain based on 3/16/2015 prices
 2.4 Tcfe hedged from January 1, 2015 through year-end 2020 and 294 Bcf of TCO basis hedges from 2015 to 2017
$769 MM $588 MM $284 MM $393 MM $275 MM $61 MM
Mark-to-Market Value(2)
LIQUIDITY – LARGEST GAS HEDGE POSITION IN U.S. E&P
+ STRONG FINANCIAL LIQUIDITY
$4,000
$3,117
($512)
($387) $16
$0
$1,000
$2,000
$3,000
$4,000
Credit Facility
12/31/2014
Bank Debt
12/31/2014
L/Cs Outstanding
12/31/2014
Cash
12/31/2014
Pro Forma
Liquidity
12/31/2014
PRO FORMA AR LIQUIDITY POSITION ($MM)(3) AM LIQUIDITY POSITION ($MM)
$1,000
$1,230$0 $0
$230
$0
$250
$500
$750
$1,000
$1,250
$1,500
Credit Facility
12/31/2014
Bank Debt
12/31/2014
L/Cs Outstanding
12/31/2014
Cash
12/31/2014
Pro Forma
Liquidity
12/31/2014
≈ 94% of 2015
Guidance
Hedged
 Over $4.3 billion of combined AR and AM financial liquidity as of 12/31/2014, pro forma for $750 million Senior Notes offering on 3/3/2015 and
primary equity offering of $485 million on 3/5/2015

27. 1. Gulf Coast differential represents contractual deduct to NYMEX-based sales.
2. Includes firm sales.
3. Includes natural gas hedges.
4. Source: Public data from 4Q 2014 10-Ks. Peers include Cabot Oil & Gas, CONSOL Energy, EQT Corp. and Range Resources.
5. Includes realized hedge gains and losses. Operating costs include lease operating expenses, production taxes, gathering, processing and firm transport costs and general and administrative costs. 4-year
proved reserve average all-in F&D from 2010-2013. Calculation = (Development costs + exploration costs + leasehold costs) / Total reserves added (2013 ending reserves – 2010 beginning reserves + 4-year
reserve sales – 4-year reserve purchases + 4-year accumulated production). AR price realization includes $0.09 of midstream revenues.
$2.84
$2.64 $2.74
$1.95
$2.38
$0.58 $0.74
$0.95
$0.77 $0.81
$4.77
$4.15 $4.05 $3.90
$3.46
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
AR Peer 1 Peer 2 Peer 3 Peer 4
$/Mcfe
Production Taxes GPT G&A LOE EBITDAX 4-year Avg. All-in F&D
$4.39
$4.01
$3.70 $3.56
$2.96
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
AR EQT CNX RRC COG
$/Mcf
26
Region
4Q 2014
% Sales
Average
NYMEX Price
Average
Differential(2)
Average
BTU Upgrade
Hedge
Effect
Average 4Q 2014
Realized Gas Price(3)
Average
Premium/
Discount
TCO 42% $4.00 $(0.19) $0.42 $0.25 $4.48 $0.48
Dom South/TETCO 36% $4.00 $(1.78) $0.25 $0.43 $2.90 $(1.10)
Gulf Coast(1) 13% $4.00 $(0.06) $0.45 $0.06 $4.45 $0.45
Chicago 9% $4.00 $0.03 $0.46 $(0.01) $4.48 $0.48
Total Wtd. Avg. 100% $4.00 $(0.71) $0.37 $0.73 $4.39 $0.39
REALIZATIONS – HIGHEST REALIZATIONS & MARGINS
AMONG LARGE-CAP APPALACHIAN PEERS
4Q 2014 Natural Gas Realizations ($/Mcf)
4Q 2014 Natural Gas Realizations(3) 4Q 2014 Price Realization & EBITDAX Margin vs F&D(4)
4Q 2014 NYMEX = $4.00/Mcf
($/Mcfe)

28. DOM S
22%
DOM S - 9% DOM S - 6%
TETCO M2 - 7%
TETCO M2 - 6%
TCO
24%
TCO
16%
TCO - 9%
NYMEX
8%
NYMEX
11%
NYMEX
10%
Gulf Coast
18%
Gulf Coast
38%
Gulf Coast
56%
Chicago
21%
Chicago
20%
Chicago
19%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
($/Mcf) 2015E
NYMEX Strip Price(1) $3.09
Basis Differential to NYMEX(1) $(0.46)
BTU Upgrade(6) $0.26
Estimated Realized Hedge Gains $1.35
Realized Gas Price with Hedges $4.24
Premium to NYMEX +$1.15
Liquids Impact +$0.39
Premium to NYMEX w/ Liquids +$1.54
Realized Gas-Equivalent Price $4.63
4. Represents 60,000 MMBtu/d of TCO index hedges and 290,000 MMBtu/d of TCO basis
hedges that are matched with NYMEX hedges for presentation purposes.
5. Represents 125,000 MMBtu/d of TCO basis hedges matched with NYMEX hedges.
6. Assumes ethane rejection resulting in 1100 BTU residue sales gas.
REALIZATIONS – REALIZED PRICE “ROAD MAP”
1. Based on 12/31/2014 strip pricing.
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.
2015
Basis(1)
2016
Basis(1)
2017
Basis(1)
2015
Hedges
2016
Hedges
2017
Hedges
Marketed%ofTargetResidueGasProduction
+$0.05/MMBtu
$(0.25)/MMBtu(2)
$(1.28)/MMBtu
$(0.24)/MMBtu
$(0.07)/MMBtu
$(0.25)/MMBtu(2)
$(1.11)/MMBtu
$(0.41)/MMBtu
$(0.20)/MMBtu
$(0.25)/MMBtu(2)
$(0.83)/MMBtu
$(0.50)/MMBtu
$(0.09)/MMBtu
$(0.07)/MMBtu
205,000 MMBtu/d
@ $4.28/MMBtu
125,000 MMBtu/d
@ $3.79/MMBtu (5)
40,000 MMBtu/d
@ $4.00/MMBtu
230,000 MMBtu/d
@ $5.60/MMBtu
510,000 MMBtu/d
@ $3.87/MMBtu(3)
170,000 MMBtu/d
@ $4.09/MMBtu
272,500 MMBtu/d
@ $5.35/MMBtu
350,000 MMBtu/d
@ $3.66/MMBtu(4)
85% exposure to favorable price indices71% exposure to favorable price indices 94% 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 94% by
2017
$(1.35)/MMBtu
$(1.26)/MMBtu
Wtd. Avg.
Basis ($0.46)
Wtd. Avg.
Basis $(0.32)
1,160,000 MMBtu/d
@ $4.34/MMBtu
Wtd. Avg.
Basis $(0.18)
1,072,500 MMBtu/d
@ $4.20/MMBtu
420,000 MMBtu/d
@ $4.27/MMBtu
2015E 2016E 2017E
27
380,000 MMBtu/d
@ $3.88/MMBtu
280,000 MMBtu/d
@ $3.82/MMBtu
70,000 MMBtu/d
@ $4.57/MMBtu
820,000 MMBtu/d
@ $4.22/MMBtu
$(0.10)/MMBtu

29. 0%
10%
20%
30%
40%
248
139
94
254
289
13%
37%
52%
38% 38%
0
100
200
300
0%
20%
40%
60%
Condensate Highly-Rich
Gas/
Condensate
Highly-Rich
Gas
Rich Gas Dry Gas
Total3PLocations
ROR
Locations ROR
MARCELLUS SSL WELL ECONOMICS(1)
664
1,010
628
88943%
29%
12% 13%
0
300
600
900
1,200
0%
15%
30%
45%
60%
Highly-Rich
Gas/
Condensate
Highly-Rich
Gas
Rich Gas Dry Gas
Total3PLocations
ROR
Locations ROR
MULTI-YEAR DRILLING INVENTORY SUPPORTS
LOW RISK, HIGH RETURN GROWTH PROFILE
Large 3P Drilling Inventory of High Return Projects(2)
1. Pre-tax well economics based on a 9,000’ lateral, 12/31/2014 natural gas and WTI strip pricing for 2015-2020, flat thereafter, NGLs at 50% of oil price and applicable firm transportation costs.
2. Source: Credit Suisse report dated December 2014 – After-tax internal rate of return based on 12/31/2014 strip pricing.
26% 26%
31%
15%
InternalRateofReturn(%)
20%
28
UTICA WELL ECONOMICS(1)
 72% of Marcellus locations are processable (1100-plus Btu)  72% of Utica locations are processable (1100-plus Btu)
3,037 Antero Liquids-Rich Locations
16%
2015
Drilling Plan
Antero Projects
 Antero has over 3,000 undrilled liquids-rich Marcellus and Utica locations with an average lateral length of 6,831 feet

30. WORLD CLASS MARCELLUS SHALE
DEVELOPMENT PROJECT
100% operated
Operating 7 drilling rigs including
2 intermediate rigs
400,000 net acres in
Southwestern Core (74%
includes processable rich gas
assuming an 1100 Btu cutoff)
– 50% HBP with additional 27%
not expiring for 5+ years
362 horizontal wells completed
and online
– Laterals average 7,400’
– 100% drilling success rate
5 plants in-service at Sherwood
Processing Complex capable of
processing 1 Bcf/d of rich gas
− Over 900 MMcf/d of Antero gas
being processed currently
Net production of 1,074 MMcfe/d
in 4Q 2014, including 23,100
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
132,000 Net Acres
1,010 Gross Locations
Rich Gas
92,000 Net Acres
628 Gross Locations
Dry Gas
104,000 Net Acres
889 Gross Locations
Highly-Rich/Condensate
72,000 Net Acres
664 Gross Locations
HEFLIN UNIT
30-Day Rate
2H: 21.4 MMcfe/d
(20% liquids)
CONSTABLE UNIT
30-Day Rate
1H: 14.3 MMcfe/d
(25% liquids)
142 Horizontals Completed
30-Day Rate
8.1 MMcf/d
6,915’ average lateral length
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)
29
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)

31. 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 4 drilling rigs
• 148,000 net acres in the core rich gas/
condensate window (72% includes processable
rich gas assuming an 1100 Btu cutoff)
– 20% HBP with additional 79% not expiring
for 5+ years
• 52 operated horizontal wells completed and
online in Antero core areas
− 100% drilling success rate
• 3 plants at Seneca Processing Complex
capable of processing 600 MMcf/d of rich gas
− Over 500 MMcf/d being processed currently,
including third party production
• Net production of 191 MMcfe/d in 4Q 2014
including 7,300 Bbl/d of liquids
• Fourth third party compressor station in-service
December 2014 with a capacity of 120 MMcf/d
• 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)
LEADING UTICA SHALE CORE POSITION DELIVERS
PROLIFIC LIQUIDS-RICH WELLS
30
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
26,000 Net Acres
139 Gross Locations
Highly-Rich Gas
15,000 Net Acres
94 Gross Locations
Rich Gas
33,000 Net Acres
254 Gross Locations
Dry Gas
42,000 Net Acres
289 Gross Locations
NEUHART UNIT 3H
30-Day Rate
16.2 MMcfe/d
(57% liquids)
Condensate
32,000 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)

32. APPENDIX
31

33. 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 gathering capital expenditures as maintenance capital
expenditures
32
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

34. CONTRACTUAL ARRANGEMENTS WITH ANTERO
PROVIDE SIGNIFICANT GROWTH OPPORTUNITIES
33
• Gathering and Compression
– 20-year agreement
– Dedication of all current and future AR acreage in West Virginia, Ohio, and Pennsylvania, outside of current
third-party commitments
– Option to gather and compress natural gas produced by Antero on any future acquired acreage outside of the
aforementioned areas
– Low-pressure gathering fee of $0.30/Mcf(1)
– High-pressure gathering fee of $0.18/Mcf(1)
– Compression fee of $0.18/Mcf(1)
– Minimum volume commitments on newly constructed high-pressure lines and compressor stations, respectively
– Compression minimum volume commitments of 70% of design capacity
– High-pressure gathering minimum volume commitments of 75% of design capacity
• Processing (“ROFO”)
– Right of first offer on future processing services
– Agreement stipulates that AR has agreed not to procure any gas processing or NGLs fractionation,
transportation or marketing services (other than production subject to a pre-existing dedication) without first
offering AM the right to provide such services
1. All subject to CPI-based adjustments.

35. FORECASTED CASH FLOW AVAILABLE
FOR DISTRIBUTIONS
34
12 Months Ending
($ in millions) December 31, 2015
Antero Midstream Adjusted EBITDA(1) $150 – $160
Less:
Cash interest, net ($2.5)
Expansion capital expenditures ($415 – $435)
Ongoing maintenance capital expenditures ($10 – $15)
Add:
Borrowings and cash to fund expansion capital expenditures $415 – $435
Minimum estimated cash available for distribution $135 – $145
Distributable Cash Flow Coverage Ratio 1.1x – 1.2x
Year-over-Year Distribution Growth(2) 28% – 30%
1. Includes incremental public company expenses.
2. Year-over-year distribution growth reflects the expected distribution in the fourth quarter of 2015 vs. the minimum quarterly distribution (“MQD”) of $0.17/unit (not full year 2015
distributions vs. the annualized MQD).

36. AM OPPORTUNITY SET
35
ACTIVITY CURRENTLY DEDICATED TO AM
Gas Gathering and Compression
(High-Pressure and Low-Pressure)
Condensate and
Liquids Gathering
Integrated Water Business
Processing, Fractionation,
Transportation, Marketing
and Other Services
• Existing dedication of ≈417,000 acres
• Option to expand outside dedicated area, including ROFR
• Minimum Volume Commitments on newly constructed
compression (70%) and high pressure gathering (75%)
Regional Pipeline Project
• Option to participate up to 15% in another regional pipeline
project
• Relevant liquids production can be
added to the existing dedication; AR must request AM to
provide a fee proposal
• Option to acquire at fair market value 100% of AR’s water
business assets covering 548,000 net acres, including ROFO
on future services
• 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.

37. 0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
$3.00 $3.50 $4.00 $4.50 $5.00 $5.50 $6.00
Pre-TaxROR(%)
Highly-Rich Gas/Condensate Highly-Rich Gas Rich Gas Dry Gas
MARCELLUS ROR% AND GAS PRICE SENSITIVITY
361. Assumes 12/31/2014 strip pricing, market differentials and relevant transportation cost; 9,000’ lateral.
• Large portfolio of Highly-Rich Gas/Condensate to Dry Gas locations
• Focused on drilling highly economic rich gas locations – rig symbols represent current rig location by Btu regime
• Assumes 12/31/2014 WTI strip pricing for 2015-2020, flat thereafter; NGL price 50% of WTI
NYMEX Flat Price Sensitivity(1)
ROR% at Flat 2015-2020 Strip Price
Highly-Rich Gas/Condensate: 45%
Highly-Rich Gas: 31%
Rich Gas: 12%
Dry Gas: 13%
664 Locations
1,010 Locations
628 Locations
889 Locations
Antero Rigs Employed
2015
Drilling Plan

38. 0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
$3.00 $3.50 $4.00 $4.50 $5.00 $5.50 $6.00
Pre-TaxROR(%)
Condensate Highly-Rich Gas/Condensate Highly-Rich Gas Rich Gas Dry Gas
UTICA ROR% AND GAS PRICE SENSITIVITY
37
NYMEX Flat Price Sensitivity(1)
94 Locations
ROR% at Flat 2015-2020 Strip Price
Condensate: 12%
Highly-Rich Gas/Condensate: 41%
Highly-Rich Gas: 61%
Rich Gas: 44%
Dry Gas: 44%
• Large portfolio of Condensate to Dry Gas locations
• Focused on drilling highly economic rich gas locations – rig symbols represent current rig location by Btu regime
• Assumes 12/31/2014 WTI strip pricing for 2015-2020, flat thereafter; NGL price 50% of WTI
1. Assumes 12/31/2014 strip pricing, market differentials and relevant transportation cost; 9,000’ lateral.
254 Locations
139 Locations
289 Locations
248 Locations
2015
Drilling Plan

39. LARGE UTICA SHALE DRY GAS POSITION
38
 Antero has 216,000 net acres of exposure to Utica dry gas play
− 42,000 net acres in Ohio with net 3P reserves of 2.4 Tcf as of
12/31/2014
− 174,000 net acres in West Virginia and Pennsylvania with net
resource of 11.1 Tcf as of 12/31/2014 (not included in 40.7
Tcfe of net 3P reserves)
− 1,616 locations underlying current Marcellus Shale leasehold
in West Virginia and Pennsylvania as of 12/31/2014
 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
Planned
Utica Well
Well Operator
IP
(MMcf/d)
Lateral
Length (Ft)
Claysville SC #1 Range 59.0 5,420
Stewart Winland 1300U Magnum Hunter 46.5 5,289
Bigfoot 9H Rice Energy 41.7 6,957
Stalder #3UH Magnum Hunter 32.5 5,050
Irons #1-4H Gulfport 30.3 5,714
Pribble 6HU Stone Energy 30.0 3,605
Simms U-5H Gastar 29.4 4,447
Conner 6H Chevron 25.0 6,451
Messenger 3H Southwestern 25.0 5,889
Tippens #6H Eclipse 23.2 5,858
Porterfield 1H-17 Hess 17.2 5,000
Hubbard BRK #3H Chesapeake 11.1 3,550
1. Antero acreage position reflects tax districts in which greater than 3,000 net acres are held in OH, WV and PA.
Magnum Hunter
Stewart Winland 1300U
5,289’ Lateral
IP 46.5 MMcf/d
Range
Claysville SC #1
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
Utica Shale Dry Gas
WV/PA
Net Resource
11.1 Tcf
1,616 Gross Locations
174,000 Net Acres
Utica Shale Dry Gas
Ohio
3P Reserves
2.4 Tcf
289 Gross Locations
42,000 Net Acres
Utica Shale Dry Gas
Total OH/WV/PA
Net Resource
13.5 Tcf
1,905 Gross Locations
216,000 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

40. Needed to make up
for base declines in
conventional and
GOM production
? ??
3,037 Antero
Drilling Locations
Permian
Niobrara
GraniteWash
Barnett
Haynesville
U.S. INCREMENTAL GAS SUPPLY BREAK-EVEN PRICE CURVE(1)
39
 Low cost, liquids-rich Utica and Marcellus Shales will remain attractive in most commodity price environments
Utica
Shale
SW (Rich)
Marcellus
Shale
1. Source: Credit Suisse report dated January 2014 – Break even price for 15% after tax rate-of-return; assumes $90.00/Bbl WTI
NE (Dry)
Marcellus
Shale
Eagle Ford
Shale
MARCELLUS & UTICA – ADVANTAGED ECONOMICS

41. 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.
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Regarding Hydrocarbon Quantities