Partnership Overview and Operational Updates

Partnership Overview
October 2016

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, 2015 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, 2015 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.

2
CHANGES SINCE OCTOBER 2016 PRESENTATION
Updated AM slide showing 3Q 2016 operational and
financial performance
Slide 15
Updated AR slide showing 9/30/2016 balance sheet pro
forma for recent transactions
Slide 24
Updated AR slide showing 9/30 hedging position and
mark-to-market value
Slide 22
Updated AM slide showing 9/30/2016 balance sheet and
liquidity position
Slide 25

491
638
597
744
0
100
200
300
400
500
600
700
800
900
1,000
Dedicated Acreage:
Gathering & Compression
Dedicated Acreage:
Water Services
ANTERO RESOURCES ACQUISITION BENEFITS AM
Antero Midstream Buildout
Compressor Station – In service
Districts with 3,000+ Antero
Net Acres
Acquisition Acreage
Compressor Station – Planned
on Existing Acreage
Existing Gathering Line
New Platform for
Antero Midstream
Infrastructure
Buildout
Fresh Water Delivery Take Point
Planned Gathering Line
1. Includes projects currently under construction.
AM Gross Dedicated Acreage (000’s)
A unique opportunity as most Appalachian core acreage is already dedicated to third party midstream providers
12/31/2015 9/30/2016
Fresh Water ImpoundmentExisting Fresh Water Line
Planed Fresh Water Line
Planned Gathering Line –
Acquisition Acreage
Compressor Station – Planned on
Acquisition Acreage
Antero Resources recently closed the acquisition of 66,500
net acres in the southwestern Marcellus Shale, over 95% of
which will be dedicated to AM for gathering, compression,
processing, and water services
 Antero Resources’ 2017 production growth target of 20%
to 25% provides support to Antero Midstream’s 2017
distribution growth target of 28% to 30%
 Expands Antero Midstream footprint and identified 5-year
investment opportunity set by over 15% to ~$3.2 billion(1)
– Attractive organic investment opportunities at 4x to 7x
build-out EBITDA
– Additional adjacent third-party midstream
opportunities
3

Marcellus ShaleUtica Shale OhioOperating Highlights
 Top 20 best drilling footage days in
Marcellus since 2009 have all occurred in
2016, including 7,274’ drilled in 24 hours in
West Virginia on the Hunter 1H
 Currently completing longest lateral in
company history at 14,024 feet
 Stayed within targeted zone for 98% of
lateral length of all wells drilled in Q3 2016
 Increased sand placement during
completions to 99% in Q3 2016
 Increased proppant and water loading by
25% in 2016 with encouraging results to
date
 Utilizing zipper fracs to increase frequency
to 7 to 8 stages per day
1. Based on statistics for wells completed within each respective period.
2. Ethane rejection assumed.
3. Current D&C cost per 1,000’ lateral divided by net EUR per 1,000’ lateral assuming 81% NRI in Utica and 85% NRI in Marcellus.
4
CONTINUOUS OPERATING IMPROVEMENTS BY AR
Utica Marcellus
2014 2015 Q3 2016 Q3 2016 vs. 2014 2014 2015 Q3 2016 Q3 2016 vs. 2014
Activity Levels
Average Rigs Running 4 5 1 (75%) 14 9 5 (64%)
Average Completion Crews 2.0 3.0 1.0 (50%) 5.5 2.0 3.0 (45%)
Operational Improvements
Drilling Days 29 31 16 (45%) 29 24 14 (53%)
Average Lateral Length (Ft) 8,543 8,575 9,000 5% 8,052 8,910 9,000 12%
Stages per Well 47 49 51 9% 40 45 45 12%
Stage Length 183 175 175 4% 200 200 200 0%
Stages per Day 3.2 3.7 5.0 56% 3.2 3.5 4.5 41%
Well Cost & Performance Improvements
D&C per 1,000' of lateral ($MMs) $1.55 $1.36 $1.01 (35%) $1.34 $1.18 $0.86 (36%)
Wellhead EUR per 1,000' of lateral (Bcf)
(1)
1.4 1.6 1.6 14% 1.5 1.7 2.0 33%
Processed EUR per 1,000' of lateral (Bcfe)
(1)(2)
1.5 1.8 1.8 20% 1.8 1.9 2.4 33%
Net development cost (F&D) per Mcfe
(2)(3)
$1.28 $0.94 $0.70 (46%) $0.88 $0.73 $0.42 (52%)

32 32 32
34
36
39
43
40
20
25
30
35
40
45
50
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 2016E
BarrelsofWaterPer
FootofLateral
1,146
1,012 999
1,235
1,412
1,603 1,672 1,650
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 2016E
SandPlacedPerFootof
Lateral
5
AR Has Increased Proppant Load by Over 33% in the Marcellus and Utica
Pilot Testing Demonstrated
Improved Recoveries While
Maintaining Well Density
AR Advanced Marcellus Completion Designs Utilizing 38 to 45 Barrels of Water Per Lateral Foot, a 19% to 41% Increase
 New AR completion designs result in more water utilization driving higher AM fees, while increased proppant load generates
encouraging early results with potential long-term benefits to AM throughput
ADVANCED COMPLETIONS DRIVE INCREASED WATER VOLUMES

Classification(1) Highly-Rich Gas/Condensate Highly-Rich Gas
BTU Regime 1275-1325 1275-1325 1275-1325 1200-1275 1200-1275 1200-1275
EUR (Bcfe): 20.8 24.4 27.9 18.8 22.1 25.2
EUR (MMBoe): 3.5 4.1 4.7 3.1 3.7 4.2
% Liquids: 33% 33% 33% 24% 24% 24%
Well Cost ($MM): $7.8 $7.8 $7.8 $7.8 $7.8 $7.8
Wellhead Bcf/1,000’ 1.7 2.0 2.3 1.7 2.0 2.3
Processed Bcfe/1,000’: 2.3 2.7 3.1 2.1 2.5 2.8
Net F&D ($/Mcfe): $0.44 $0.38 $0.33 $0.49 $0.42 $0.36
Pre-Tax NPV10 ($MM): $11.5 $15.0 $18.4 $7.4 $10.1 $12.8
Pre-Tax ROR: 58% 78% 100% 38% 50% 65%
Payout (Years): 1.5 1.1 0.9 2.2 1.6 1.3
Breakeven NYMEX Gas Price ($/MMBtu)(5) $1.15 $0.89 $0.70 $1.96 $1.71 $1.51
Gross 3P Locations(3): 664 1,235
$11.5
$15.0
$18.4
$7.4
$10.1 $12.8
58%
78%
100%
38% 50%
65%
0%
20%
40%
60%
80%
100%
-$1.0
$2.0
$5.0
$8.0
$11.0
$14.0
$17.0
$20.0
1.7
2.3
2.0
2.7
2.3
3.1
1.7
2.1
2.0
2.5
2.3
2.8
Pre-TaxROR
Pre-TaxPV-10
Pre-Tax PV-10 Pre-Tax ROR
6
Assumptions
 Natural Gas – 9/30/2016 strip
 Oil – 9/30/2016 strip
 NGLs – 37.5% of Oil Price
2016; ~50% of Oil Price 2017+
45/8435/24
2016/2017 Development Plan: Completions
1. 9/30/2016 pre-tax well economics based on a 9,000’ lateral, 9/30/2016 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 include $1.2 million for road, pad and production facilities. Assumes ethane rejection.
2. Pricing for a 1225 BTU y-grade ethane rejection barrel. NGLs at 37.5% of WTI for 2016 and ~50% of WTI for 2017 and thereafter. NGL prices are forecast to increase in 2017 relative to WTI due to
projected in-service date of Mariner East 2 project allowing for a significant increase in AR NGL exports via ship.
3. Undeveloped Marcellus well locations as of 12/31/2015 adjusted for 6/30/2016 net acreage and pro forma for recent acreage acquisition.
4. Represents actual results for first nine months of 2016.
5. Breakeven price for 15% pre-tax rate of return.
Highly-Rich Gas/Condensate Highly-Rich Gas
(4) (4)Bcf/1,000’
Bcfe/1,000’
 36% lower well cost per 1,000’ lateral and 33% higher EUR per 1,000’ since 2014 are driving rates of return significantly higher
despite lower strip pricing
NYMEX
($/MMBtu)
WTI
($/Bbl)
C3+ NGL(2)
($/Bbl)
2016 $3.02 $49 $22
2017 $3.09 $51 $25
2018 $2.91 $53 $27
2019 $2.81 $55 $28
2020 $2.84 $56 $29
2021-25 $3.26 $59 $30
MARCELLUS WELL ECONOMICS – UPSIDE POTENTIAL

ANTERO MIDSTREAM EXERCISES STONEWALL OPTION
• Antero Midstream has exercised its option to
acquire a 15% non-operated equity interest in
the Stonewall gathering pipeline in May 2016
- Capital investment: $45 million
- Expected unlevered IRR: 25% - 35%
- Effective date: May 26, 2016
● DTE recently announced the acquisition of
Momentum and Vega’s 55% interest in
Stonewall resulting in a change of operator
from Momentum to DTE upon closing
● Antero Resources is an anchor shipper with
the ability to transport up to 1.1 Bcf/d of gas on
a firm basis (900 MMcf/d minimum volume
commitment) to more favorably priced markets
including TCO, NYMEX and Gulf Coast
markets
- Currently transporting ~900 MMcf/d
Stonewall Gathering Pipeline Option
Throughput Capacity: 1.4 Bcf/d
Pipeline
Specifications: 67 miles of 36-inch pipeline
Project Capital: ≈ $400 Million
In-Service Date: 12/1/2015
AR Firm Commitment: 900 MMcf/d 7
Stonewall Gathering Pipeline Asset Details

WHY OWN ANTERO MIDSTREAM?
8
 Best-in-class distribution growth guidance of 30% in 2016 and 28% to 30% target for 2017
 Strong DCF coverage of 1.7x in 2Q16 and 1.5x in 2015, above 1.1x–1.2x target
Strong Distribution
Growth & Coverage
Sponsor Strength
Organic Investment
Opportunity Set
Full Value Chain
Midstream
Opportunity
Financial Flexibility
Aligned
High Growth
Sponsor
 $4.0 billion of consolidated pro forma liquidity; stable leverage through the down cycle
 Ba2/BB corporate ratings affirmed; $4.75 billion AR borrowing base affirmed
 86% of targeted production hedged through 2019 at $3.72/MMBtu
 Peer leading realized prices and EBITDAX margins
 Identified organic investment opportunity set of $3.2 billion over the next five years
 “Just-in-time capital” results in more capital efficient project economics, while avoiding the
competitive acquisition market and reliance on capital markets
 Organic growth strategy results in investment build-out EBITDA multiples of 4x–7x vs.
drop-downs of 8x–12x
 Opportunity to expand gathering, compression, and water services to third parties
 Right of first offer for processing, fractionation, transportation and marketing activities
 Midstream provider for the largest and most active operator in Appalachia inherently brings
additional downstream opportunities to AM
 ~$1.0 billion of liquidity and 2.2x debt to EBITDA ratio at September 30, 2016 pro forma
 20% production growth guidance in 2016 and 20% to 25% growth targeted for 2017 drives
AM volume growth
 Continuous operating improvements, including more water and sand in completions
resulting in improved recoveries and well economics for AR and higher volumes for AM
 AR has a 61% LP ownership in AM, resulting in direct alignment with midstream value
creation

$0.170
$0.180
$0.190
$0.205
$0.235
$0.250
$0.2651.1x
1.2x
1.3x
1.4x
1.8x
1.6x
1.7x
2.0x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
$0.000
$0.100
$0.200
$0.300
$0.400
$0.500
$0.600
4Q14A 1Q15A 2Q15A 3Q15A 4Q15A 1Q16A 2Q16A 3Q16A 4Q16E 1Q17E 2Q17E 3Q17E 4Q17E
Distribution Per Unit (Left Axis) DCF Coverage (Right Axis)
$0.220
9
• Antero Midstream is targeting 28% to 30% annual distribution growth through 2017
• AM has delivered on those targets with DCF coverage of 2.0x in the third quarter of 2016
Note: Future distributions subject to AM Board approval.
TOP TIER DISTRIBUTION GROWTH AND COVERAGE

Sustainable
Business
Model
High Growth Sponsor
Drives AM Throughput
Growth
Largest Dedicated Core
Liquids-Rich Acreage
Position in Appalachia
~$900 Million of
AM Liquidity
10
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
Hedges Bolster Solid
Well Economics

0
500
1,000
1,500
2,000
2,500
3,000
3,500
-
100
200
300
400
500
600
AR Peer 2 Peer 1 Peer 3 Peer 5 Peer 4 Peer 6
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 CHK SWN
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
EQT AR CHK COG RRC SWN CNX
SPONSOR STRENGTH – LEADERSHIP IN APPALACHIAN BASIN
Top Producers in Appalachia (Net MMcfe/d) – 2Q 2016(1)(2)
Top 12 U.S. Natural Gas Producers (Net MMcf/d) – 2Q 2016(1)
Appalachian Producers by Proved Reserves (Bcfe) – YE 2015(1)(2) Appalachian Producers by Core Net Acres (000’s) – June 2016(4)
1. Based on company filings and presentations. Excludes pro forma additions via acquisitions.
2. Appalachian only production and reserves where available.
3. Includes proved reserves categorized in “Northern Division” consisting of Utica Shale, Marcellus Shale and Powder River Basin.
4. Based on Antero geologic interpretation supported by state well data, company presentations and public land data. Peer group includes CNX, COG, EQT, RRC, SWN, CHK. EQT adjusted for STO acreage acquisition.
Pro forma for AR announced acreage acquisition.
(3)
11
2nd Largest
Appalachian
Producer in
2Q ‘16
Appalachian Peers
8th Largest U.S.
Gas Producer in
2Q ‘16
Largest Proved
Reserve Base In
Appalachia
Antero Has the Largest
Liquids-Rich Core
Position in Appalachia
) ) ) )
 Antero has the largest proved reserve base, largest core liquids-rich acreage position and is one of the largest producers in the Appalachian Basin and the U.S.

$198
$341
$434
$649
$1,164
$1,221
$1,394
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
2010 2011 2012 2013 2014 2015 2016E
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
2010 2011 2012 2013 2014 2015 2016E
NGLs (C3+) Oil Ethane
5 246
6,436
23,051
48,298
73,000
51% Growth
Guidance
1. Represents midpoint of updated 2017 production guidance of 20% to 25% per press release dated 6/9/2016.
2. Represents Bloomberg street consensus estimates as of 9/30/2016.
1,800
2,205
0
600
1,200
1,800
2,400
2010 2011 2012 2013 2014 2015 2016E 2017E
Marcellus Utica Guidance
30 124
239
522
1,007
1,493
12
AVERAGE NET DAILY PRODUCTION (MMcfe/d)
0
50
100
150
200
2010 2011 2012 2013 2014 2015 2016E
Marcellus Utica Deferred Completions
19
38
60
114
177 181
131
110
180
OPERATED GROSS WELLS COMPLETED
AVERAGE NET DAILY LIQUIDS PRODUCTION (Bbl/d)
20%
Growth
Guidance
23% Growth
Target(1)
 Antero is in the unique position of sustaining growth and value creation through the price down cycle
CONSOLIDATED EBITDAX ($MM)
Street
Consensus(2)
SPONSOR STRENGTH – MOMENTUM THROUGH THE DOWN CYCLE

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 additions are unaudited. 14 to 18 Tcf Utica dry resource in WV/PA.
2. 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. $1.5 billion 3P PV-10 unaudited estimate for recent acreage acquisition, using 12/31/2015 strip pricing and same year end 2015 assumptions. Strip pre-tax PV-10 is a non-GAAP financial
measure. The standardized measure was $3.2 billion as of 12/31/2015.
3. Virtually all WV/PA Utica Shale net acres are included among the net acres of Marcellus Shale rights as they are stacked pay formations attributable to the same leasehold. Marcellus acreage pro forma for acreage
divestiture announced on 10/26/2016 and additional leasing and acquisitions year-to-date.
13
AR COMBINED TOTAL – 12/31/15 RESERVES
Assumes Ethane Rejection
Net Proved Reserves 13.2 Tcfe
Net 3P Reserves(1) 42.1 Tcfe
Strip Pre-Tax 3P PV-10(2) $12.7 Bn
Net 3P Reserves & Resource(1) 57 to 60 Tcfe
Net 3P Liquids(1) 1,377 MMBbls
% Liquids – Net 3P(1) 20%
3Q 2016 Net Production 1,875 MMcfe/d
- 3Q 2016 Net Liquids 81,460 Bbl/d
Net Acres(3) 629,000
Undrilled 3P Locations(1) 4,344
OHIO UTICA SHALE CORE
Net 3P Reserves 7.5 Tcfe
Net Acres 145,000
Undrilled 3P Locations 814
MARCELLUS SHALE CORE
Net 3P Reserves(1) 34.6 Tcfe
Net Acres(3) 484,000
Undrilled 3P Locations(1) 3,530
WV/PA UTICA SHALE DRY GAS
Net Resource 14.3 to 17.8 Tcf
Net Acres 231,000
Undrilled Locations 2,269
Gas
74%
1,875 MMcfe/d
26% Liquids
C3+
18%
Oil
1%
C2
6%
3Q 2016 Production
SPONSOR STRENGTH – MOST ACTIVE OPERATOR

Condensate,
5%
Highly-Rich
Gas/Condens
ate
(8%)
Highly-Rich
Gas
33%
Rich Gas,
20%
Dry Gas,
34%
Highly-Rich
Gas/Condensate
8%
110
0
50
100
150
200
250
300
350
400
2016E 2017E 2018E 2019E 2020E
AnnualCompletions
Marcellus Completions Ohio Utica Completions
SPONSOR STRENGTH – SIGNIFICANT SPONSOR DRILLING
INVENTORY TO DRIVE VALUE FOR ANTERO MIDSTREAM
Antero plans to develop over 1,000 horizontal locations in the Marcellus and Ohio Utica by the end of the decade
while utilizing less than 25% of its current 3P drilling inventory
PLANNED ANTERO WELL COMPLETIONS BY YEAR
CURRENT UNDRILLED 3P LOCATIONS BY BTU REGIME (1) ESTIMATED YE 2020 UNDRILLED 3P LOCATIONS
4,344 Locations ~3,300 Locations YE 2020
Expect to place >1,000
Marcellus and Utica wells
to sales by YE 2020
Condensate
4%
Highly-Rich
Gas
29%Rich Gas
20%
Dry Gas
28%
Highly-Rich
Gas/Condensate
19%
1. Marcellus and Utica 3P locations pro forma for recent acreage acquisition announced 6/9/2016. Excludes WV/PA Utica Dry locations.
Average Lateral
Length ~8,800 feet
14
38% to 62%
IRRs
17% to 49%
IRRs
58% to 66%
IRRs19% to 44%
IRRs
21%

36 41
116
222
358
454 435
478
606
658
777
0
200
400
600
800
1,000
1,200 Utica Marcellus
$8 $11
$19
$28
$36
$41
$55
$83 $80
$88
$111
$0
$20
$40
$60
$80
$100
$120
EBITDA
126
266
531
908
1,134 1,197 1,216 1,195 1,222 1,253
1,351
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
331 386
532
738
935 965
1,038
1,124
1,303 1,353
1,431
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Low Pressure Gathering (MMcf/d)
Compression (MMcf/d)
High Pressure Gathering (MMcf/d)
Adjusted EBITDA ($MM)(1)
15
$375
Note: Y-O-Y growth based on 3Q’15 to 3Q’16.
1. Represents adjusted EBITDA attributable to the Partnership.
2. Represents midpoint of updated 2016 guidance.
$215
GROWTH – HIGH GROWTH MIDSTREAM THROUGHPUT

GROWTH – ORGANIC GROWTH STRATEGY DRIVES VALUE
CREATION
16
• Organic growth strategy provides attractive
returns and project economics, while
avoiding the competitive acquisition market
and reliance on capital markets
• Industry leading organic growth story
– ~$1.9 billion in capital spent through
09/30/2015 on gathering and compression
and water assets
– $410 million in additional growth capital
forecast for the twelve-month period
ending 12/31/16 (excludes $25 million of
maintenance capital and $45 million
acquisition of Stonewall pipeline interest)
– 5-year identified investment
opportunity set of $3.2 billion through
2020
Note: Precedent data per IHS Herold’s research and public filings.
1. Antero organic multiple calculated as estimated gathering and compression and water capital expended through Q3 2015 divided by midpoint of 2016 EBITDA guidance of $325 to $350 million,
assuming 12-15 month lag between capital incurred and full system utilization.
2. Selected gathering and compression drop down acquisitions since 6/1/2014. Drop down multiples are based on NTM EBITDA. Source: Barclays.
5.0x
10.0x
9.6x 9.5x 9.5x 9.4x 9.3x
9.0x
8.8x 8.7x 8.7x 8.6x 8.6x 8.6x 8.5x
8.3x
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: 8.8x
Value creation for the AM unit holder =
Build at 4x to 7x EBITDA
vs.
Drop Down / Buy at 8x to 12x EBITDA

LP
Gathering
HP
Gathering Compression
Condensate
Gathering
Fresh Water
Delivery
Advanced
Wastewater
Treatment
Stonewall
Gathering
Pipeline
Processing/
Fractionation
Unlevered IRR Range: 25% - 35% 15% - 25% 10% - 20% 25% - 35% 30% - 40% 15% - 25% 25% - 35% 15% - 20%
Payout (Years): 2.5 - 4.0 3.5 - 4.5 4.0 - 6.5 2.0 - 3.5 2.0 - 3.0 6.0 - 8.0 2.0 - 3.5 5.0 - 6.0
Minimum Volume Commitments: N/A 75% 70% N/A Yes N/A 80% 80%
2016 Expansion
Capex(2) Total
Marcellus $433 $33 $49 $143 - $33 $130 $45
Utica 22 7 1 7 - 7 - -
Growth Capex $455 $40 $50 $150 $0 $40 $130 $45
% of Capex 100% 9% 11% 33% 0% 9% 28% 10%
Included in 2016 Budget: Marcellus &
Utica
Marcellus &
Utica
Marcellus &
Utica
Utica Marcellus &
Utica
Marcellus &
Utica
Marcellus Not Included
5-year identified
investment
opportunity set
$3.2 B 30% - 35% 15% - 20% 30% - 35% 0% 8% - 12% 6% - 8% 1%
Additional In-hand
Opportunities:
Dry Utica Dry Utica Dry Utica Utica
Stabilization
Dry Utica Dry Utica Marcellus
Processing/
Fractionation
25%
15%
10%
25%
30%
15% 15%
35%
25%
20%
35%
25% 25%
40%
20%
0%
10%
20%
30%
40%
InternalRateofReturn
17
Project Economics by Segment(1)
GROWTH – ESTIMATED PROJECT ECONOMICS BY SEGMENT
1. Based on management capex, operating cost and throughput assumptions by project.
2. Excludes $25.0 million of maintenance capex. Includes Stonewall option exercise.
Wtd. Avg. 21% IRR
AM Option
Opportunities
35%

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 7/22/2016.
1. Based on company filings and presentations. Peers include: Ascent, CHK, CNX, CVX, ECR, EQT, GPOR, NBL, REX, RRC and SWN.
• Pro forma for the recent acreage
acquisition, Antero controls an
estimated 39% of the NGLs in the
liquids-rich core of the two plays
• Antero has the largest core liquids-rich
position in Appalachia with ≈420,000
net acres (> 1100 Btu)
• Represents over 24% of core liquids-
rich acreage in Marcellus and Utica
plays combined
 Antero has over 3,080 undeveloped rich gas locations in its 3P reserves as of 12/31/2015, pro forma for the pending acreage acquisition
0
100
200
300
400
500
(000s)
Core Liquids-Rich Net Acres(1)
18
Incremental core liquids-rich acreage
included in pending acquisition
LIQUIDS-RICH – LARGEST CORE DRILLING INVENTORY

$1.55
$1.36
$0.99
$0.000
$0.500
$1.000
$1.500
$2.000
2014 2015 Current
$MM/1,000’Lateral
Well Cost ($MM/1,000' of Lateral)
12%
Decrease
vs. 2014
27%
Decrease
vs. 2015
664 1,235
691 940
76%
53%
24%
28%
58%
38%
15% 17%
0
400
800
1,200
1,600
0%
20%
40%
60%
80%
Highly-Rich
Gas/
Condensate
Highly-Rich Gas Rich Gas Dry Gas
Total3PLocations
ROR
Total 3P Locations ROR @ 9/30/2016 Strip Pricing - After Hedges ROR @ 9/30/2016 Strip Pricing - Before Hedges
184
98 108 161
263
27%
93%
98%
80% 76%
24%
74% 66%
50%
42%
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)(3)
Marcellus Well Cost Improvement(4)
1. 9/30/2016 pre-tax well economics based on 1.7 Bcf/1,000’ type curve for Marcellus 9,000’ lateral, 9/30/2016 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 include $1.2 million for road, pad and production facilities.
2. ROR @ 9/30/2016 Strip-With Hedges reflects 9/30/2016 well cost ROR methodology, with the 9/30/2016 hedge value allocated based on 2016-2021 projected production volumes resulting in blend of strip
and hedge prices.
3. Marcellus undeveloped well locations as of 12/31/2015 adjusted for 6/30/2016 net acreage and pro forma for third-party acreage acquisition per press release dated 6/9/2016.
4. Current spot well costs based on $7.8 million for a 9,000’ lateral Marcellus well and $8.9 million for a 9,000’ lateral Utica well.
19
UTICA WELL ECONOMICS(1)(2)
 73% 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 36% in the Marcellus and 35% in the Utica as compared to 2014 well costs
 At 9/30/2016 strip pricing, Antero has 2,713 locations that exceed a 20% rate of return (excluding hedges)
– Including hedges, these locations generate rates of return of approximately 27% to 98%
Utica Well Cost Improvement(4)
$1.34
$1.18
$0.86
$0.000
$0.500
$1.000
$1.500
$2.000
2014 2015 Current
$MM/1,000’Lateral
Well Cost ($MM/1,000' of Lateral)
12%
Decrease
vs. 2014
27%
Decrease
vs. 2015
SUSTAINABLE BUSINESS MODEL – HEDGES BOLSTER
SOLID WELL ECONOMICS

20
In-service 2016 Budget
HIGH VISIBILITY – PROJECTED MIDSTREAM BUILDOUT
Utica Marcellus

-
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
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
21
BBtu/d
Antero Resources Transportation Portfolio
• Antero Resources has built the largest firm transportation portfolio in Appalachian Basin with 4.85 BBtu/d by year end 2018
• Realized pricing in line with Nymex gas prices year-to-date in 2016, before hedges
2015 2016E 2017E 2018E
Favorable:
Chicago
MichCon
Gulf Coast
NYMEX
TCO
AR Increasing Access to Favorable Markets
Less
favorable:
TETCO M2
Dominion South
74%
26%
99%
1%
97%
3%
97%
3%
(Stonewall/WB) Mid-Atlantic/NYMEX
(Stonewall/TGP) Gulf Coast
(TCO) Appalachia or Gulf Coast
Appalachia
Appalachia
(REX/ANR/NGPL/MGT) Midwest
(ANR/Rover) Gulf Coast
MITIGATED COMMODITY RISK – FIRM TRANSPORTATION &
SALES PORTFOLIO
Gross Gas Production (BBtu/d) 2017 Production Target: 20 – 25%(1)
1. Per press release dated 09/06/16.

$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$0
$50
$100
$150
$200
$250
$300
$MM
22
 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 the amount of time for well payouts, thereby
enhancing liquidity
 Antero has realized $2.6 billion of gains on commodity hedges since 2009
– Gains realized in 30 of last 31 quarters, or 97% of the quarters since 2009
● Based on Antero’s hedge position and strip pricing as of 9/30/2016, the unrealized commodity derivative value is $2.4 billion
● Significant additional hedge capacity remains under the credit facility hedging covenant for 2020 – 2022 period
Quarterly Realized Hedge Gains / (Losses)
Realized Hedge Gains
Projected Hedge Gains
NYMEX Natural Gas
Historical Spot Prices
($/MMBtu)
NYMEX Natural Gas
Futures Prices 09/30/16
3.5 Tcfe Hedged at
average price of
$3.66/Mcfe through
2022
Average Hedge Prices
($/MMBtu)
$3.35
$4.04
$3.47
$3.91
$3.70 $3.66
$3.26
$2.4 Billion in
Projected Hedge
Gains Through 2022
Realized $2.6 Billion
in Hedge Gains
Since 2009
HEDGING – INTEGRAL TO BUSINESS MODEL
(1)
1. Represents average hedge price for three months ending 12/31/2016.

Regional Gas Pipelines – 15% Ownership
Miles Capacity In-Service
Stonewall Gathering
Pipeline(3)
67 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. Antero Midstream has a right of first offer on 220,000 dedicated net acres for processing and fractionation pro forma for pending third-party acreage acquisition.
3. Antero Midstream owns 15% ownership in Stonewall pipeline.
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 2015 YE 2016E
Marcellus 106 114
Utica 55 56
Total 161 170
AM has option to participate
in processing, fractionation,
terminaling and storage
projects offered to AR
Marcellus 76 98
Utica 36 36
Total 112 134
(MMcf/d) YE 2015 YE 2016E
Marcellus 700 940
Utica 120 120
Total 820 1,060
AM Owned Assets
Condensate Gathering
Stabilization
Utica 19 19
End
Users
(Ethane, Propane,
Butane, etc.)
23
VALUE CHAIN OPPORTUNITY – FULL MIDSTREAM VALUE CHAIN
AM Option Opportunities(2)
AM recently exercised its option on 15% interest in Stonewall, adding a regional gas gathering
pipeline to its portfolio

Liquid “non-E&P assets” of $5.3 Bn
significantly exceeds total debt of $3.6
billion pro forma for private placement
Pro Forma Liquidity
Antero Resources (NYSE:AR) Antero Midstream (NYSE:AM)
Pro Forma 9/30/2016 Debt Liquid Non-E&P Assets 9/30/2016 Debt (4) Liquid Assets
Debt Type $MM
Credit facility $260
6.00% senior notes due 2020 525
5.375% senior notes due 2021 1,000
5.125% senior notes due 2022 1,100
Total $3,635
Asset Type $MM
Commodity derivatives(1) $2,430
AM equity ownership(2) 2,892
Cash 10
Total $5,332
Asset Type $MM
Cash $10
Credit facility – commitments(3) 4,000
Credit facility – drawn (260)
Credit facility – letters of credit (709)
Total $3,041
Debt Type $MM
Credit facility $170
Total $820
Asset Type $MM
Cash $9
Total $9
Liquidity
Asset Type $MM
Cash $9
Credit facility – capacity 1,157
Credit facility – drawn (170)
Credit facility – letters of credit -
Total $996
Approximately $3.0 billion of liquidity at AR pro
forma for private placement plus an additional
$2.9 billion of AM units
Approximately $1.0 billion of liquidity at
AM pro forma for senior notes offering
24
Only 15% of AM credit facility capacity drawn pro forma for
recent $650 million senior notes offering
Note: All balance sheet data as of 9/30/2016. Antero Resources pro forma for $175 million private placement on 10/3/2016 and $170 million AR acreage divestiture announced on 10/26/2016.
1. Mark-to-market as of 9/30/2016.
2. Based on AR ownership of AM units and closing price as of 9/30/2016.
3. AR credit facility commitments of $4.0 billion, borrowing base of $4.75 billion.
LIQUIDITY – STRONG BALANCE SHEET AND FLEXIBILITY

2.4x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7
TotalDebt/LTMEBITDA
• $1.5 billion revolver in place to fund future growth capital
(5.0x Debt/EBITDA Cap)
• Liquidity of $996 million at 9/30/2016 based off $1,157
million revolver
• Sponsor (NYSE: AR) has Ba2/BB corporate debt ratings
• AM corporate debt ratings also Ba2/BB
AM Liquidity (9/30/2016)
AM Peer Leverage Comparison(1)
($ in millions)
Revolver Capacity $1,157
Less: Borrowings 170
Plus: Cash 9
Liquidity $996
1. As of 6/30/2016. Peers include TEP, EQM, WES, RMP, SHLX, DM, and CNNX.
2. AM includes full year EBITDA contribution from water business.
Financial Flexibility
25
(2)
STRONG FINANCIAL POSITION – SIGNIFICANT FINANCIAL
FLEXIBILITY

TOP TIER DISTRIBUTION GROWTH & HEALTHY COVERAGE
26
3 –Year Street Consensus Distribution Growth Rate and DCF Coverage(1)
1. Based on Bloomberg 2016-2018 Bloomberg consensus estimates as of 9/30/2016.
29%
26%
24% 23% 23% 22%
20%
19%
13%
12%
8%
1.5x
1.2x
1.9x
1.4x
1.3x 1.2x
1.6x
1.5x
1.4x
1.3x
1.2x
0.0x
0.2x
0.4x
0.6x
0.8x
1.0x
1.2x
1.4x
1.6x
1.8x
2.0x
0%
5%
10%
15%
20%
25%
30%
35%
40%
SHLX AM VLP PSXP DM TEP RMP EQM CNNX MPLX WES
Distribution Growth DCF Coverage Ratio

Antero Midstream (NYSE: AM)
Asset Overview
27

1. Represents inception to date actuals as of 12/31/2015 and 2016 guidance.
2. Includes both expansion capital and maintenance capital.
Utica
Shale
Marcellus
Shale
Projected Gathering and Compression Infrastructure(1)
Marcellus
Shale
Utica
Shale Total
YE 2015 Cumulative Gathering/
Compression Capex ($MM) $981 $462 $1,443
Gathering Pipelines
(Miles) 182 91 273
Compression Capacity
(MMcf/d) 700 120 820
Condensate Gathering Pipelines
(Miles) - 19 19
2016E Gathering/Compression
Capex Budget ($MM)(2) $235 $20 $255
Gathering Pipelines
(Miles) 30 1 31
Compression Capacity
(MMcf/d) 240 - 240
Condensate Gathering Pipelines
(Miles) - - -
Gathering and Compression Assets
ANTERO MIDSTREAM GATHERING AND COMPRESSION
ASSET OVERVIEW
• Gathering and compression assets in core of rapidly
growing Marcellus and Utica Shale plays
– Acreage dedication of ~576,000 gross leasehold
acres for gathering and compression services
– Additional stacked pay potential with dedication on
~278,000 gross acres of Utica deep rights
underlying the Marcellus in WV and PA
– 100% fixed fee long term contracts
• AR owns 61% of AM units (NYSE: AM)
Acquisition Acreage
28

ANTERO MIDSTREAM ASSETS – RICH GAS MARCELLUS
• Provides Marcellus gathering and compression services
− Liquids-rich gas is delivered to MPLX’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 five drilling rigs in the
Marcellus Shale during 2016, including intermediate rigs
− 100% of rigs targeting the highly-rich gas/condensate
and highly-rich gas regimes
• All 80 gross wells targeted to be completed in 2016 are in
the AM dedicated area
− AM dedicated acreage contains over 2,000 gross
undeveloped Marcellus locations
• Antero will defer an additional 62 completions, with 20 being
wells dedicated to a third-party midstream provider that were
originally scheduled for completion in 2016 but will now be
carried into 2017, in order to limit natural gas volumes sold
into unfavorable pricing markets
Marcellus Gathering & Compression
Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.
YE 2015 YE 2016E
Pipelines (Miles)
106 114
High Pressure Gathering
Pipelines (Miles)
76 98
Compression Capacity (MMcf/d) 700 940
Acquisition Acreage
29

• Provides Utica gathering and compression services
− Liquids-rich gas delivered into MPLX’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 two drilling rigs in the
Utica Shale during 2016, including intermediate rigs
− 100% of rigs targeting the highly-rich gas/condensate
and highly-rich gas regimes
• All 30 gross wells targeted to be completed in 2016 are on
Antero Midstream’s footprint
• Antero will defer an additional 8 completions in order to
limit natural gas volumes sold into unfavorable pricing
markets
Utica Gathering & Compression
ANTERO MIDSTREAM ASSETS – RICH & DRY GAS UTICA
YE 2015 YE 2016E
Pipelines (Miles)
55 56
High Pressure Gathering
Pipelines (Miles)
36 36
Condensate Pipelines (Miles) 19 19
Compression Capacity (MMcf/d) 120 120
30

ANTERO MIDSTREAM WATER BUSINESS OVERVIEW
1. Represents inception to date actuals as of 12/31/2015 and 2016 guidance.
2. All Antero water withdrawal sites are fully permitted under long-term state regulatory permits both in WV and OH.
3. Includes both expansion capital and maintenance capital.
4. Marcellus assumes fee of $3.69 per barrel subject to annual inflation and 38 barrels of water per lateral foot that utilize the fresh water delivery system based on 9,000 foot lateral. Operating margin
excludes G&A. Utica assumes fee of $3.64 per barrel subject to annual inflation and 34 barrels of water per lateral foot that utilize the fresh water delivery system based on 9,000 foot lateral. Water volumes
assume 5% recycling. Operating margin excludes G&A.
 AM acquired AR’s integrated water business for $1.05 billion plus earn out payments of $125 million at year-end in each of 2019 and 2020
− The acquired business includes Antero’s Marcellus and Utica freshwater delivery business, the fully-contracted future advanced wastewater
treatment complex and all fluid handling and disposal services for Antero
Projected Water Business Infrastructure(1)
Marcellus
Shale
Utica
Shale Total
YE 2015 Cumulative Fresh Water
Delivery Capex ($MM) $469 $62 $531
Water Pipelines
(Miles) 184 75 259
Fresh Water Storage
Impoundments 22 13 35
2016E Fresh Water Delivery Capex
Budget ($MM)(3) $40 $10 $50
Water Pipelines
(Miles) 20 9 29
Fresh Water Storage
Impoundments 1 - 1
Cash Operating
Margin per Well(4)
$950k -
$1,050k
$825k -
$925k
2016E Advanced Waste Water
Treatment Budget ($MM) $130
2016E Total Water Business
Budget ($MM) $180
Water Business Assets
• Fresh water delivery assets provide fresh water to support
Marcellus and Utica well completions
– Year-round water supply sources: Clearwater Facility, Ohio
River, local rivers & reservoirs(2)
– 100% fixed fee long term contracts
Antero Clearwater advanced wastewater treatment
facility currently under construction – connects to
Antero freshwater delivery system
31

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)
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 build the largest advanced wastewater treatment complex in the world for oil and gas produced water
• Veolia will build and operate, and Antero will fund and own the
Clearwater facility
− Will treat and recycle AR produced and flowback water
− Creates additional year-round water source for completions
− Will have capacity for significant third party business
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
Integrated 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
ANTERO MIDSTREAM ADVANCED WASTEWATER TREATMENT
ASSET OVERVIEW
Capacity for third party
business
32

ANTERO CLEARWATER FACILITY UPDATE
Antero Clearwater Facility – October 2016
Antero Clearwater advanced wastewater treatment facility is on schedule to be placed on line in late 2017
‒ 2016 capital budget includes $130 million to be invested in 2016
‒ Approximately 75% of the $275 million project cost will be invested by year-end 2016
Trucking bays
Crystallizers
Grit removal and
pre-treatment
Crystallizer feed
tank
Solids removal
33
Largest Oil and Gas Wastewater Treatment Facility in the World

AM UPSIDE OPPORTUNITY SET
34
ACTIVITY CURRENTLY DEDICATED TO AM
Third Party Business
Processing, Fractionation,
Transportation and Marketing
• 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
• 247,000 gross 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
AR Acreage Consolidation
• Recent third party net acre acquisition announced by AR
substantially undedicated for gathering, compression,
processing and water services
• Future acreage acquisitions by AR are dedicated to AM

PROCESSING – VALUE CHAIN POTENTIAL
FOR UNDEDICATED ACREAGE
Sherwood
Processing
Complex
Processing Area Of
Dedication for AM
MarkWest
Processing AOD
– 192,000 Gross
Acres
Tyler County
94,000 Gross Acres
Ritchie County
53,000 Gross Acres
Gilmer County
14,000 Gross Acres
Wetzel County
57,000 Gross Acres
Pleasants County
7,000 Gross Acres
AR Gross
Processble
Acres (1)
AR C3+ 3P
Reserves
(MMBbls)(2)
AR 3P
Gross
Wellhead
Gas (Tcf)
Total 225,000 1,022 21.4
 Antero Resources has over 21 Tcf of processable gross 3P gas reserves and 1.0 billion Bbls of gross 3P NGL
reserves across 225,000 gross processable Marcellus acres that are dedicated to Antero Midstream for processing
1. Gross Processable Acres defined as acres with expected Btu greater than 1,100
2. Antero gross 3P C3+ NGL volumes and 3P Gross Wellhead Gas reserves as of 12/31/2015 including AR announced acreage acquisition. Gross acres as of 9/30/2016.
Undedicated Acreage
35

LARGE UTICA SHALE DRY GAS POSITION
36
 Antero has completed its first dry gas Utica well – a 6,620’
lateral in Tyler County, WV
 Antero has 285,000 net acres of exposure to Utica dry gas
play in OH, WV and PA pro forma
 Other operators have reported strong Utica Shale dry gas
results including the following wells:
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 GH9 CNX 61.9 6,141 11.131
Claysville
Sportsman
RRC 59.0 5,420 10.886
Stewart-Winland MHR 46.5 5,289 8.792
Bigfoot 9H RICE 41.7 6,957 5.994
Blake U-7H GST 36.8 6,617 5.561
Stalder #3UH MHR 32.5 5,050 6.436
Big 190 EQT 31.3 6,335 4.941
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. The Rymer 4HD has been flowing into the sales line for 90 days with an average choke-restricted flow rate of 20 MMcf/d.
RRC – Claysville Sportsman
5,420’ Lateral
24-hr IP: 59.0 MMcf/d
EQT – Scotts Run
3,221’ Lateral
CNX – GH9
6,141’ Lateral
EQT – Big 190
6,335’ Lateral
MHR – Stewart Winland
5,289’ Lateral
SGY – Pribble
3,605’ Lateral
Tughill – Blake
6,617’ Lateral
Tughill – Simms
4,447’ Lateral
Antero – Rymer 4HD
6,620’ Lateral
90-day IP: 20 MMcf/d
SWN – Messenger
5,889’ Lateral
ECR – Tippens
5,858’ Lateral
MHR – Stalder
5,050’ Lateral
CVX – Conner
6,451’ Lateral

Low Cost
Marcellus/Utica Focus
“Best-in-Class”
Distribution Growth
37
CATALYSTS
• 30% for 2016 and 28% to 30% for 2017 targeted based on Sponsor
planned development; additional third party business expansion
opportunities
• AM Sponsor is the most active operator in Appalachia;
• 20% production growth guidance for 2016 supported by $1.4 billion
capital budget, firm processing and takeaway, long-term natural gas
hedges and $4.0 billion of liquidity
• Targeting 20% to 25% production growth in 2017
• Sponsor operations target two of the lowest cost shale plays in
North America
• Attractive well economics support continued drilling at current prices
• $3.2 billion of capital investment opportunities over the next five
years, pro forma for the AR acreage acquisition
Appalachian Basin
Midstream Growth
High Growth Sponsor
Production Profile
1
2
3
4
5
6
• Acquisition of integrated water business from AR expected to result
in distributable cash flow per unit accretion in 2016
Consolidation and
Stacked Pay
Upside
• AR plans to continue to consolidate Marcellus/Utica acreage
• Development of Utica Shale Dry Gas resource will provide further
midstream infrastructure expansion opportunities
Integrated Water
Business Drop Down

Key Variable
Updated
2016 Guidance(1)
Previous
2016 Guidance
Financial:
Net Income ($MM) $205 - $225 $165 - $190
Adjusted EBITDA ($MM) $365 - $385 $325 - $350
Distributable Cash Flow ($MM) $315 - $335 $275 - $300
Year-over-Year Distribution Growth 30% 30%
Operating:
Low Pressure Pipeline Added (Miles) 9 9
High Pressure Pipeline Added (Miles) 22 22
Compression Capacity Added (MMcf/d) 240 240
Fresh Water Pipeline Added (Miles) 30 30
Capital Expenditures ($MM):
Gathering and Compression Infrastructure $240 $240
Fresh Water Infrastructure $40 $40
Advanced Wastewater Treatment $130 $130
Stonewall Gathering Pipeline Option $45 $45
Maintenance Capital $25 $25
Total Capital Expenditures ($MM) $480 $480
ANTERO MIDSTREAM – UPDATED 2016 GUIDANCE
Key Operating & Financial Assumptions
1. Updated guidance per press release dated 09/06/2016. 39

2016 UPDATED CAPITAL BUDGET
By Area
40
$423 Million – 2015(1)
By Segment ($MM)
$349
$6
$55
$13
Gathering & Compression Fresh Water Infrastructure
Advanced Wastewater Treatment Maintenance Capital
74%
26%
Marcellus Utica
By Area
$480 Million – 2016
By Segment ($MM)
 Antero Midstream’s 2016 updated capital budget is $480 million, a 13% increase from 2015 capital expenditures of $423 million
13%
130 Completions
1. Excludes $1.05 billion water drop down in September 2015. Water capex values only from 4Q 2015.
$240
$40
$130
$45
$25
Gathering & Compression Fresh Water Infrastructure
Advanced Wastewater Treatment Stonewall Pipeline
Maintenance Capital
95%
5%
Marcellus Utica

ANTERO RESOURCES – UPDATED 2016 GUIDANCE
Key Variable
Updated
2016 Guidance(1)
Previous
2016 Guidance
Net Daily Production (MMcfe/d) 1,800 1,750
Net Residue Natural Gas Production (MMcf/d) 1,365 1,355
Net C3+ NGL Production (Bbl/d) 53,500 52,500
Net Ethane Production (Bbl/d) 15,000 10,000
Net Oil Production (Bbl/d) 4,500 3,500
Net Liquids Production (Bbl/d) 73,000 66,000
Natural Gas Realized Price Premium to NYMEX Henry Hub Before Hedging
($/Mcf)(2)(3) +$0.00 to $0.05 +$0.00 to $0.10
Oil Realized Price Differential to NYMEX WTI Oil Before Hedging ($/Bbl) $(10.00) - $(11.00) $(10.00) - $(11.00)
C3+ NGL Realized Price (% of NYMEX WTI)(2) 35% - 40% 35% - 40%
Ethane Realized Price (Differential to Mont Belvieu) ($/Gal) $0.00 $0.00
Operating:
Cash Production Expense ($/Mcfe)(4) $1.40 - $1.50 $1.50 - $1.60
Marketing Expense, Net of Marketing Revenue ($/Mcfe) $0.15 - $0.20 $0.15 - $0.20
G&A Expense ($/Mcfe) $0.20 - $0.22 $0.20 - $0.25
Operated Wells Completed 110 110
Drilled Uncompleted Wells 70 70
Average Operated Drilling Rigs ≈ 7 ≈ 7
Capital Expenditures ($MM):
Drilling & Completion $1,300 $1,300
Land $100 $100
Total Capital Expenditures ($MM) $1,400 $1,400
1. Updated guidance per press release dated 09/06/2016.
2. Based on current strip pricing as of August 30, 2016.
Key Operating & Financial Assumptions
3. Includes Btu upgrade as Antero’s processed tailgate and unprocessed dry gas production is greater than 1000 Btu on average.
4. Includes lease operating expenses, gathering, compression and transportation expenses and production taxes.
41

Antero Long Term Firm Processing & Takeaway Position (YE 2018) – Accessing Favorable Markets
Mariner East 2
62 MBbl/d Commitment
Marcus Hook Export
Shell
Beaver County Cracker (2)
Sabine Pass (Trains 1-4)
50 MMcf/d per Train
(T1 and T2 in-service)
Lake Charles LNG(3)
150 MMcf/d
Freeport LNG
70 MMcf/d
1. November 2016 and full year 2017 futures basis, respectively, provided by Intercontinental Exchange dated 9/30/2016. Favorable markets shaded in green.
2. Shell announced final investment decision (FID) on 6/7/2016.
3. Lake Charles LNG 150 MMcf/d commitment subject to Shell FID.
Chicago(1)
$0.05 /
$0.03
CGTLA(1)
$(0.06) /
$(0.06)
TCO(1)
$(0.19) /
$(0.18)
42
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, for an average demand
fee of $0.46/MMBtu and positive weighted average basis differential to NYMEX after assumed Btu uplift for gas
YE 2018 Gas Market Mix
Antero 4.85 Bcf/d FT
44%
Gulf Coast
17%
Midwest
13%
Atlantic
Seaboard
13%
Dom S/TETCO
(PA)
13%
TCO
Expect
NYMEX-plus
pricing per
Mcf
Antero Commitments
(3)
(2)
Dom
South(1)
$(1.79) /
$(1.20)
LARGEST FIRM TRANSPORTATION AND PROCESSING
PORTFOLIO IN APPALACHIA

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 and Projected(1)
43
Shell
Beaver County Cracker
(Received FID June 2016)
Mariner East 2
Marcus Hook Export
Gulf Coast
Critical to
NGL Pricing
Appalachia
 NGL transportation rates are expected to decline $0.12 to $0.15 per gallon in 2017 as pipeline options to domestic markets and
export terminals go in-service (Mariner East)
(MMBbl/d)
Mariner West
50 MBbl/d C2

0
500
1,000
1,500
2,000
2,500
2Q16 Actual 2016 Guidance 2017 Target
GrossWellheadGasProduction(MMcf/d)AM VOLUME THROUGHPUT VS. AR PRODUCTION
44
1,755 MMcf/d
Third Party
Gathering:
402 MMcf/d
AM Compression
Capacity
@ YE 2016:
1,060 MMcf/d
AM Compression
Capacity
@ YE 2017:
1,420 MMcf/d
AM Compression:
658 MMcf/d
(80% Utilization)
AM LP: 1,353 MMcf/d
(78% of AR Gross
Wellhead Volume)
AR does not expect material
growth in third party gathered
volumes through 2017
Third Party
Gathering
Third Party
Gathering
AM HP: 1,253 MMcf/d
(93% of LP
Volume)
1,783 MMcf/d
2,184 MMcf/d
AR Gross Wellhead Gas Production (Including 3rd Party Gathering) Antero Midstream Volumes
• AM continues to gather and compress an increasing percentage of the total gross gas
production
1. Assumes 3% fuel.
AM Compression
Capacity:
820 MMcf/d
Production/Throughput Reconciliation (MMcf/d) 2Q16
AR Net Gas Production 1,311
Net Revenue Interest Gross-Up 80%
Average Processing Shrink Gross-Up 94%
AR Gross Gas Production (MMcf/d) 1,755
- Third Party LP Gathering Volumes 402
= AM LP Gathering Volumes 1,353
- Fuel/Third Party HP Gathering Volumes
(1)
7%
= AM HP Gathering Volumes 1,253

132
96 MVC
90
MVC
100
MVC
120
MVC
120
0
20
40
60
80
100
120
140
160
180
200
2014 2015 2016 2017 2018 2019 2020
MBbl/d
2017 MVC
2017-2019
Earnout
Fresh Water Volumes (MBbl/d) 100 161
Fresh Water Volumes (MBbls) 36,500 58,765
Volumes per Well Completion (MBbls)(2)
345 345
Implied Well Completions (Annual) 105 170
SUSTAINABLE WATER BUSINESS GROWTH
451. Includes 70 deferred completions.
2. Assumes 9,000 foot lateral and 39 Bbl/ft and 34 Bbl/ft of water for Marcellus and Utica, respectively.
Deferred completions drive substantial growth in 2017 and beyond, underpinned by
minimum volume commitments
177Completions
~110Completions
(Guidance)
2020 Earn Out – 200 MBbl/d Avg
131Completions
170-180Completions
Targeted(1)
Fresh Water Delivery Volumes (MBbl/d)
“Traditional” Completions “Advanced” Completions
utilizing 25% more water
2017 targeted activity implies 155-
165 MBbl/d of delivered water
2019 Earn Out – 161 MBbl/d Avg

LTM Production
NTM Production Forecast
Average LTM Production
MAINTENANCE CAPITAL METHODOLOGY
• Maintenance Capital Calculation Methodology – Low Pressure Gathering
– 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
46
• Maintenance Capital Calculation Methodology – Fresh Water Distribution
− Estimate the number of wells to which we would need to distribute fresh water during the forecast period in order to maintain
the average fresh water throughput volume on our system over the LTM period
− (1) Compare this number of wells to the total number of new wells to which we expect to distribute fresh water during such
period, and
− (2) Designate an equal percentage of our estimated water line capital expenditures as maintenance capital expenditures

ANTERO RESOURCES EBITDAX RECONCILIATION
47
EBITDAX Reconciliation
($ in millions) Quarter Ended LTM Ended
9/30/2016 9/30/2016
EBITDAX:
Net income including noncontrolling interest $268.2 $(121.1)
Commodity derivative fair value (gains) (530.4) (670.7)
Net cash receipts on settled derivatives instruments 196.7 1,083.5
Interest expense 59.8 246.1
Income tax expense (benefit) 140.9 (153.6)
Depreciation, depletion, amortization and accretion 199.7 752.1
Impairment of unproved properties 11.8 107.9
Exploration expense 1.2 4.0
Equity-based compensation expense 26.4 94.3
Equity in earnings of unconsolidated affiliate (1.5) (2.0)
Contract termination and rig stacking 0.0 27.6
Consolidated Adjusted EBITDAX $372.8 $1,368.1

ANTERO MIDSTREAM EBITDA RECONCILIATION
48
EBITDA and DCF Reconciliation
$ in thousands
Nine months ended
September 30,
2015 2016
Reconciliation of Net Income to Adjusted EBITDA and Distributable Cash Flow:
Net income $110,097 $163,352
Interest expense 5,266 12,885
Depreciation expense 63,515 74,100
Accretion of contingent acquisition consideration - 10,384
Equity-based compensation 17,663 19,366
Equity in earnings from unconsolidated affiliate - (2,027)
Adjusted EBITDA $196,541 $278,060
Pre-Water Acquisition net income attributed to parent (40,193) -
Pre-Water Acquisition depreciation expense attributed to parent (18,767) -
Pre-Water Acquisition equity-based compensation expense attributed to parent (3,445) -
Pre-Water Acquisition interest expense attributed to parent (2,326) -
Adjusted EBITDA attributable to the Partnership 131,810 278,060
Cash interest paid - attributable to Partnership (2,215) (11,751)
Cash reserved for payment of income tax witholding upon vesting of Antero Midstream LP equity-based
compensation awards - (3,000)
Cash to be received from unconsolidated affiliate - 2,998
Maintenance capital expenditures attributable to Partnership (10,001) (16,156)
Distributable Cash Flow $119,594 $250,151

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, 2015 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, 2015. 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
49

Partnership Overview and Operational Updates

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