- Antero Resources is a pure play company focused on developing natural gas and oil resources in the Marcellus and Utica Shales. - As of June 2014, Antero had over 9 trillion cubic feet of proved reserves and 37.5 trillion cubic feet of potential reserves across its acreage, with production of over 1 billion cubic feet per day. - Antero has significant growth plans through 2022 involving increasing production, reserves, and secured transportation and processing for its natural gas and natural gas liquids.

1. Company Overview
November 2014

2. FORWARD-LOOKING STATEMENTS
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this presentation that address activities,
events or developments that Antero Resources Corporation and its subsidiaries (collectively, the “Company” or “Antero”) expects, believes or
anticipates will or may occur in the future are forward-looking statements. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,”
“project,” “foresee,” “should,” “would,” “could,” or other similar expressions are intended to identify forward-looking statements. However, the
absence of these words does not mean that the statements are not forward-looking. Without limiting the generality of the foregoing, forward-looking
statements contained in this presentation specifically include estimates of the Company’s reserves, expectations of plans, strategies,
objectives and anticipated financial and operating results of the Company, including as to the Company’s drilling program, production, hedging
activities, capital expenditure levels and other guidance included in this presentation. These statements are based on certain assumptions made
by the Company based on management’s experience and perception of historical trends, current conditions, anticipated future developments and
other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are
beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking
statements. These include the factors discussed or referenced under the heading “Item 1A. Risk Factors” in our Annual Report on Form 10-K for
the year ended December 31, 2013 and in the Company’s subsequent filings with the SEC.
The Company cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to
predict and many of which are beyond our control, incident to the exploration for and development, production, gathering and sale of natural gas
and oil. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and
services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil
reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, and the other risks
described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2013 and in the Company’s
subsequent filings with the SEC.
Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct
or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
1

3. ANTERO: A “PURE PLAY” ON THE MARCELLUS / UTICA
● Marcellus is one of the largest gas fields in the world today
− Largest gas field in the U.S. currently producing over 15 Bcf/d
● Antero has 37.5 Tcfe of fully engineered 3P reserves in the Marcellus and
Utica Shales and 9.5 Tcf of unrisked resource in the WV/PA Utica dry gas
Critical Mass In Two
World Class Shale Plays
● 91% organic production growth for 3Q 2014 over 3Q 2013
● Most active driller in Appalachia – 22 rigs running
− Most active driller in Marcellus Shale – 15 rigs running
− 2nd most active driller in the Utica Shale – 7 rigs running
Market Leading Growth
● Lowest 3-year average development cost through 2013: $1.15/Mcfe
● Industry leading 3-year average growth-adjusted recycle ratio: 4.8x
● Top quartile return on productive capital: 26% for 2014E
Industry Leading Capital
Efficiency and Recycle Ratio
● 2.0 Bcf/d of firm processing capacity by 3Q 2015 and 4.0 Bcf/d of firm gas
takeaway by 2018
● Liquids contribution (NGLs and oil) expected to continue to grow from
14% of 3Q 2014 production due to focus on liquids-rich development
Leader In Liquids Processing
and Takeaway Capacity
● $3.1 billion of liquidity with current $4.0 billion in total bank commitments
● Average cost of debt under 4.7% with first maturity in 2019
● 1.7 Tcfe hedged through 2019 at an average index price of $4.46/MMBtu
and $93.18/Bbl, including basis hedges
Liquidity and Hedge
Position Support High
Growth Story
● Over 30 years as a team (over 20 years in unconventional)
● “Shale Pioneers” – early mover and driller of over 600 horizontal shale
wells in the Barnett, Woodford, Marcellus and Utica Shales
Outstanding
Management Team
2

4. SIGNIFICANT MOMENTUM SINCE IPO
566
90%
1,080
1,400
1,200
1,000
800
600
400
200
0
3Q 2013 3Q 2014
520,000
38%
Ba3/BB(1)
3
Net Production
(MMcfe/d)
Liquids Production Net Acres
(Bbl/d)
600,000
500,000
400,000
300,000
200,000
100,000
0
431,000
3Q 2013 Current
7,900
30,000
24,000
18,000
12,000
6,000
0
216%
25,000
3Q 2013 3Q 2014
Proved Reserves
(Bcfe)
10,000
7,500
5,000
2,500
0
45%
9,107
6,282
3Q 2014 6/30/2014
21%
Upstream Borrowing Base
($MM)
$5,000
$4,000
$3,000
$2,000
$1,000
$0
 100%
$4,000
$2,000
3Q 2013 Current
Firm Gas Takeaway Portfolio
(MMcf/d)
1,302
142%
3,150
4,000
3,000
2,000
1,000
0
3Q 2013 Current
Firms Liquids Portfolio
(Bbl/d)
160,000
120,000
80,000
40,000
0
583%
20,000
136,500
3Q 2013 Current
Weighted Average Debt Cost
(%)
B1/B+(1)
7.59%
4.70%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
3Q 2013 Current
Note: “Current” denotes latest data per website presentation or conference presentation where applicable.
1. Corporate debt ratings from Moody’s/S&P, respectively.

5. PREMIER UNCONVENTIONAL RESOURCE PLATFORM
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. Antero and industry rig locations as of 10/31/2014 per RigData.
2. Locations as at 9/30/2014 adjusted for additional 130 locations acquired through 11/3/2014.
4
COMBINED TOTAL – 6/30/14 RESERVES
Assumes Ethane Rejection
Net Proved Reserves 9.1 Tcfe
Net 3P Reserves 37.5 Tcfe
Pre-Tax 3P PV-10 $25.9 Bn
Net 3P Reserves & Resource 47.0 Tcfe
Net 3P Liquids 966 MMBbls
% Liquids – Net 3P 15%
3Q 2014 Net Production 1,080 MMcfe/d
- 3Q 2014 Net Liquids 25,000 Bbl/d
Net Acres(1) 520,000
Undrilled 3P Locations(2) 5,244
UTICA SHALE CORE
Net Proved Reserves 537 Bcfe
Net 3P Reserves 6.4 Tcfe
Pre-Tax 3P PV-10 $6.5 Bn
Net Acres 134,000
Undrilled 3P Locations(2) 997
MARCELLUS SHALE CORE
Net Proved Reserves 8.5 Tcfe
Net 3P Reserves 26.4 Tcfe
Pre-Tax 3P PV-10 $19.4 Bn
Net Acres 386,000
Undrilled 3P Locations 3,131
UPPER DEVONIAN SHALE
Net Proved Reserves 40 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 9.5 Tcf
Net Acres 154,000
Undrilled Locations 1,390

6. LARGEST PORTFOLIO OF FIRM PROCESSING
AND GAS & NGL TAKEAWAY IN APPALACHIA
Antero Long Term Firm Processing & Takeaway Position (2018) – Accessing Favorable Markets
Dom South(1)
$(1.38) /
$(1.21)
TCO(1)
$(0.18) /
$(0.43)
Odebrecht / Braskem
30 MBbl/d Commitment
Ascent Cracker
(Pending Final
Investment Decision)
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
Chicago(1)
+$0.32 /
$(0.08)
CGTLA(1)
$(0.09) /
$(0.09)
1. November 2014 and 2016 futures basis, respectively, provided by Wells Fargo dated 11/3/2014. Favorable gas markets shaded in green.
5

7. ANTERO REALIZED PRICE “ROAD MAP”
 Antero is forecasting realized gas prices including hedges at a premium to NYMEX strip prices for Q4 2014 through 2016, assuming
current strip prices and basis, existing firm transportation and hedges, and targeted 2015 and 2016 production figures
4Q 2014E 2015E 2016E
$(0.28)/MMBtu
210,000 MMBtu/d
@ $5.24/MMBtu
DOM S
29% DOM S
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
$(0.11)/MMBtu
$(0.43)/MMBtu
510,000 MMBtu/d
@ $4. 06/MMBtu(3)
($/Mcf) 4Q 2014E 2015E 2016E
NYMEX Strip Price(1) $3.91 $3.86 $3.95
Basis Differential to NYMEX(1) $(0.56) $(0.49) $(0.32)
BTU Upgrade(5) $0.34 $0.34 $0.36
Estimated Realized Hedge Gains $0.68 $0.59 $0.38
Realized Gas Price with Hedges $4.36 $4.30 $4.37
Premium to NYMEX +$0.45 +$0.44 +$0.42
Liquids Impact(6) +$0.59 +$0.62 +$0.67
Premium to NYMEX w/ Liquids +$1.04 +$1.06 +$1.09
Realized Gas-Equivalent Price $4.95 $4.92 $5.04
262,500 MMBtu/d
@ $4.01/MMBtu(4)
4. Represents 60,000 MMBtu/d of TCO index hedges and 202,500 MMBtu/d of TCO basis
hedges that are matched with NYMEX hedges for presentation purposes.
5. Assumes ethane rejection resulting in 1100 BTU residue sales gas.
6. Represents equivalent price upgrade associated with NGL (C3+) and oil production.
1. Based on 11/3/2014 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.
23%
DOM S
8%
TETCO M2
6% TETCO M2
9%
TETCO M2
8%
TCO
41%
TCO
22%
TCO
14%
NYMEX
8%
NYMEX
7%
NYMEX
10%
Gulf Coast
17% Gulf Coast
50%
Chicago
16% Chicago
22%
Chicago
10%
0%
4Q 2014
Basis(1)
2015
Basis(1)
2016
Basis(1)
4Q 2014
Hedges
2015
Hedges
2016
Hedges
Marketed % of Target Residue Gas Production
+$0.25/MMBtu
$(0.25)/MMBtu(2)
$(1.52)/MMBtu
+$0.09/MMBtu
$(0.25)/MMBtu(2)
$(1.32)/MMBtu
$(0.08)/MMBtu
$(0.25)/MMBtu(2)
$(1.21)/MMBtu
$(0.10)/MMBtu
$(0.09)/MMBtu
340,000 MMBtu/d
@ $4.18/MMBtu
160,000 MMBtu/d
@ $5.27/MMBtu
40,000 MMBtu/d
@ $4.00/MMBtu
230,000 MMBtu/d
@ $5.60/MMBtu
170,000 MMBtu/d
@ $4.09/MMBtu
272,500 MMBtu/d
@ $5.35/MMBtu
$0.68/Mcf in estimated hedge gains(1)
69% exposure to favorable price indices
$0.78/Mcf in estimated hedge gains(1)
65% exposure to favorable price indices
$0.40/Mcf in estimated hedge gains(1)
84% exposure to favorable price indices
$(1.55)/MMBtu
$(1.29)/MMBtu
$(1.10)/MMBtu
Wtd. Avg.
Basis ($0.56)
720,000 MMBtu/d
@ $4.73/MMBtu
Wtd. Avg.
Basis $(0.49)
1,000,000 MMBtu/d
@ $4.42/MMBtu
Wtd. Avg.
Basis $(0.32)
812,500 MMBtu/d
@ $4.55/MMBtu
10,000 MMBtu/d
@ $3.98/MMBtu
6
220,000 MMBtu/d
@ $4.12/MMBtu
107,500 MMBtu/d
@ $4.16/MMBtu

8. STRONG TRACK RECORD OF GROWTH
10,000
8,000
6,000
4,000
2,000
Marcellus Utica
677
2,844
4,283
7,632
9,107
(1) (1) (1)
OPERATED GROSS WELLS SPUD EBITDAX ($MM)
225
200
175
150
125
100
75
50
25
Marcellus Utica
29 36
86
162
1. 2012, 2013 and 6/30/2014 proved reserves assuming ethane rejection.
2. Midpoint of increased production guidance of 990-1,010 MMcfe/d for 2014.
3. Based on 45-50% production growth targets for 2015 and 2016.
4. Per current First Call median estimate from Bloomberg.
2,400
1,800
1,200
600
0
2010 2011 2012 2013 1H 2014 3Q
2014
1,237
4Q
2014
2015E 2016E
Marcellus Utica Guidance
30 124 239
522
(2)
838
1,500
2,200
(3) (3)
1,080
0
2010 2011 2012 2013 6/30/2014
45-50% Annual
Growth Target
7
NET PROVED SEC RESERVES (Bcfe) AVERAGE NET DAILY PRODUCTION (MMcfe/d)
0
215
2010 2011 2012 2013 2014E
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
$28
$160
$285
$649
$1,179
2010 2011 2012 2013 2014E
(4)
92% Growth –
Guidance of
1,000 MMcfe/d
for 2014E

9. “NAV” GROWTH
(MMcfe/d)  Land acquisitions and drill bit drive NAV growth
(# of Gross Wells)
Initial Antero
Marcellus Wells
118 118 118
162
189
214
Added 35,000 net acres in
1H 2014 for ~$240 million,
which resulted in 2.0 Tcfe
of 3P reserves and $1.5
billion of PV-10 value (1)
Initial Antero
Utica Wells
285
371
420
450
485
Marcellus Net Acres Utica Net Acres
325
300
275
250
225
200
175
150
125
100
75
50
25
0
1,000
900
800
700
600
500
400
300
200
100
0
Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14
Net Production (MMcfe/d) (left axis) Gross Operated Horizontal Well Count (right axis) 8
1. Assuming June 30, 2014 SEC Pricing.
Average Rig Count
20 Rigs
1 Rig

10. MULTI-YEAR DRILLING INVENTORY SUPPORTS
LOW RISK, HIGH RETURN GROWTH PROFILE
125%
100%
75%
50%
25%
80%
60%
40%
20%
0%
248
143 87
265 254
23%
70%
103%
65%
50%
300
250
200
150
100
50
0
125%
100%
75%
50%
25%
0%
Condensate Highly-Rich
Gas/
Condensate
Highly-Rich
Gas
Rich Gas Dry Gas
Total 3P Locations
ROR
Locations ROR
MARCELLUS SSL WELL ECONOMICS(1)
727
896
633
875
82% 52%
23% 18%
1000
800
600
400
200
0
0%
Highly-Rich
Gas/
Condensate
Highly-Rich
Gas
Rich Gas Dry Gas
Total 3PLlocations
ROR
Locations ROR
Large 3P Drilling Inventory of High Return Projects(3)
71%
59%
57%
21%
1. Pre-tax well economics based on 9/30/2014 strip pricing for natural gas, 9/30/2014 strip pricing for 2014-2016 and $85 flat thereafter for WTI oil, NGLs at 55% of oil price and applicable firm transportation
costs.
2. Adjusted for additional 130 gross locations acquired as of 11/3/2014.
3. Source: Credit Suisse report dated October 2014 – After-tax internal rate of return based on 10/27/2014 strip pricing.
Internal Rate of Return (%)
37%
9
UTICA WELL ECONOMICS(1)(2)
1,000
 72% of Marcellus locations are processable (1100-plus Btu)  75% of Utica locations are processable (1100-plus Btu)
3,000 Antero Liquids-Rich Locations
37%
2H 2014 / 2015
Drilling Plan
1,129 Antero Dry Gas Locations

11. LOWEST FINDING & DEVELOPMENT COST
AMONG U.S. PRODUCERS
10
 Antero ranks as the most efficient finder and developer of reserves, on a per Mcfe basis, based on a 2011-2013 average all-in F&D cost
analysis prepared by Credit Suisse
3-Year All-In F&D Cost – Excluding Revisions ($/Mcfe) through 2013
$0.79
$0.84
$1.26
$1.53
$1.74
$1.94
AR
RRC
PDCE
SWN
REXX
EPE
ATHL
SFY
ROSE
CHK
SD
BCEI
PXD
CRZO
EOG
NBL
DNR
FST
KWK
DVN
CXO
PVA
EOX
EXXI
CRK
KOG
FANG
WLL
MRO
APA
MUR
GPOR
APC
Source: Credit Suisse research dated 4/28/2014.
$10.24
$7.14
$6.68
$5.74
$4.23
$4.54
$4.66
$4.66
$3.63
$3.70
$4.01
$2.40
$2.57
$2.66
$2.87
$2.88
$2.91
$2.91
$3.05
$3.05
$3.07
$3.12
$3.28
$2.78
$2.06
$1.60
$1.04
$0.58
$0 $2 $4 $6 $8 $10 $12
MHR

12. FIRM TRANSPORTATION REDUCES APPALACHIAN
BASIS EXPOSURE
 Antero’s firm transportation (FT) portfolio increases visibility on production growth and increases exposure to Gulf Coast and Midwest
All-in Firm Transportation Costs(1)
+ $0.18/MMBtu
$0.12
$0.11 $0.33 $0.11
$0.14 $0.17 $0.23
$0.13
$0.70
$0.60
$0.50
$0.40
$0.30
$0.20
$0.10
$0.00
2013A 2014E 2015E 2016E
($/MMBtu)
Wtd. Avg. FT Demand ($/MMBtu) Wtd. Avg. FT Commodity/Fuel ($/MMBtu)
2013 Firm Transportation – 647 MMcf/d
Average All-in FT Cost $0.25/MMBtu
Appalachia
Gulf Coast 49%
51%
2013 Firm
Transportation(1)(2)
2016 Firm Transportation – 3.1 Bcf/d
Average All-in FT Cost $0.46/MMBtu
pricing, with little incremental cost per Mcf
 Reduces weighted average basis by $0.21 per MMBtu compared to 2014 basis and by $0.13 per MMBtu applying 2014 portfolio to
2016 basis prices(3) – while significantly reducing Appalachian basis exposure
Utilized portion included
in cash production
expense
(fixed cost)
1. Assumes full utilization of firm transportation capacity; page 7 assumes Antero targeted production figures.
2. Represents accessible firm transportation and sales agreements.
3. Based on current strip pricing as at 11/3/2014.
Included in cash
production expense
(variable cost)
$0.25 $0.28 $0.35
$0.46
2016 Basis(3)
TCO – $(0.43)/MMBtu
DOM S – $(1.21)/MMBtu
2016 Basis(3)
Chicago – $(0.08)/MMBtu
2016 Basis(3)
CGTLA – $(0.09)/MMBtu
11
Appalachia
35%
Midwest
20%
Gulf Coast
45%

13. ANTERO FIRM TRANSPORTATION APPROPRIATELY
DESIGNED TO ACCOMMODATE GROWTH
(BBtu/d)
• Antero’s firm transport is well marketable FT):
utilized during the forecast
3,500
period (75% - 80%)
3,000
2,500
2,000
1,500
1,000
500
0
% FT Utilization
(including
marketable FT):
% FT Utilization
(including
marketable FT):
92% 88% 87%
Firm Transportation / Firm Sales (BBtu/d)
Marketable FT (BBtu/d) (3)
Risked Gross Gas Production Target (Bbtu/d)
% FT Utilization
(including
4Q 2014 2015 2016
− Excess FT for acquisitions
and well productivity
improvements
• A portion of the excess FT is
highly marketable, further
increasing utilization to the
87% - 92% range
• Cost of remaining unutilized
FT is immaterial ($0.02 -
$0.03/Mcfe of net production
target)
Net Production Target (MMcfe/d) (1) 1,237 1,500 2,200
Net Gas Production Target (MMcf/d) 1,050 1,225 1,775
Net Revenue Interest Gross-up 81% 80% 80%
Gross Gas Production Target (MMcf/d) 1,293 1,525 2,223
BTU Upgrade (2) x1.100 x1.100 x1.100
Gross Gas Production Target (BBtu/d) 1,422 1,678 2,446
Firm Transportation / Firm Sales (BBtu/d) 1,775 2,225 3,150
Estimated % Utilization of FT/FS 80% 75% 78%
Marketable Firm Transport (BBtu/d) (3) 225 325 325
Estimated % Utilization of FT/FS (Including Marketable FT) 92% 88% 87%
Cost of Unutilized / Unmarketable FT ($MM) $1.8 $10.8 $21.1
$ / Mcfe of Net Production Target $0.02 $0.02 $0.03
1. Based on midpoint of increased production guidance of 990-1,010 MMcfe/d for 2014 and 45-50% production growth targets for 2015 and 2016. 12
2. Assumes 1100 BTU residue sales gas.
3. Represents excess firm transportation that is deemed marketable to 3rd parties based on a positive differential between the receipt and delivery points of the FT capacity, less variable transport cost.

14. SIGNIFICANT LONG-TERM COMMODITY HEDGE
POSITION
NATURAL GAS HEDGE POSITION
BBtu/d $/MMBtu
$4.99
Hedged Volume Average Index Hedge Price(1) Current NYMEX Strip
Mark-to-Market Value
$4.42 $4.55 $4.34 $4.50 $4.41
$4.03 $3.87 $3.95 $4.05 $4.18 $4.27
$71 MM $328 MM $313 MM $99 MM $126 MM $41 MM
738 1,000 813 780 1,073 818
$7.00
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
1,000
800
600
400
200
0
4Q 2014 2015 2016 2017 2018 2019
 ~$978 million mark-to-market unrealized gain based on current prices; additional hedge capacity remaining through 2019
 1.7 Tcfe hedged from October 1, 2014 through year-end 2019 and 254 Bcf of TCO basis hedges from 2015 to 2017
TCO
5%Dom South
12%
CGTLA
13%
Chicago
2%
NYMEX
68%
13
% HEDGE VOLUMES BY INDEX THROUGH 2019
1. Reflects weighted average index price per annum based on volumes hedged and 6:1 gas to oil ratio. Antero has hedged ~3,000 Bbl/d for 2014, WTI hedges comprise ~1% of overall hedge book.

15. $4.31
3Q 2014 NATURAL GAS REALIZATIONS ($/MCF)
3Q 2014
% Sales
$4.12
$4.06/MMBtu Avg. 3Q NYMEX Price
$3.62 $3.60
$2.75
Region
$5.00
$4.50
$4.00
$3.50
$3.00
$2.50
$2.00
AR EQT RRC CNX COG
$/Mcf
Natural Gas Prices After Hedges
3Q 2014 NGL Y-GRADE (C3+) REALIZATIONS
$13.06
Total $46.66 per Bbl
48% of WTI
3Q 2014 REALIZATIONS
Ethane
Propane
Iso Butane
Normal Butane
Natural Gasoline
$21.93
$5.13
$6.07
$0.47
14 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 3Q, 2014 10-Qs.
Average
NYMEX Price
Average
Differential(2)
Average
BTU Upgrade
Hedge
Effect
Average 3Q 2014
Realized Gas Price(3)
Average
Premium/
Discount
TCO 39% $4.06 $(0.12) $0.48 $0.58 $5.00 $0.94
Dom South/TETCO 41% $4.06 $(1.83) $0.32 $1.10 $3.65 $(0.41)
Gulf Coast(1) 10% $4.06 $(0.25) $0.39 $0.01 $4.21 $0.15
Chicago 10% $4.06 $(0.07) $0.52 - $4.51 $0.45
Total Wtd. Avg. 100% $4.06 $(0.84) $0.41 $0.68 $4.31 $0.25
3Q 2014 NATURAL GAS REALIZATIONS (4)
% of C3+ Bbl
Ethane 1%
Propane 47%
Iso Butane 11%
Normal Butane 13%
Natural Gasoline 28%

16. BIGGEST “BANG FOR THE BUCK”
 Antero has the highest price realizations and EBITDAX per Mcfe combined with the lowest all-in F&D cost among its large cap
Appalachian peers based on 3Q 2014 results
− Driven by liquids-rich production, firm takeaway to favorable pricing indices, hedge realizations and low development cost per
3Q 2014 Price Realization & EBITDAX Per Unit vs F&D(1)
$4.16 $3.97
$4.96
F&D
$0.58/Mcfe
F&D
$0.95/Mcfe F&D
$0.74/Mcfe
F&D
$0.77/Mcfe
$4.06/MMBtu Avg. 3Q NYMEX Price
F&D
$0.81/Mcfe
unit
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
EBITDAX
$2.93/Mcfe
Antero Peer 1 Peer 2 Peer 3 Peer 4
$/Mcfe
LOE Production Taxes GPT G&A EBITDAX 4-year Avg. All-in F&D ($/Mcfe)
EBITDAX
$2.09/Mcfe
$3.25
$4.48
$4.16
F&D
$0.74/Mcfe
EBITDAX
EBITDAX $2.64/Mcfe
$2.40/Mcfe
F&D
E$B0I.T81D/MAcXfe
$2.11/Mcfe
(2)
15
1. Includes realized hedge gains and losses only; unrealized hedge gains and losses excluded. 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).
2. Price realization includes $0.03 of midstream revenues.

17. SIGNIFICANT ETHANE OPTIONALITY
European
Crackers(1) (2)
300,000 Bbl/d
of ethane
demand
South
America(2)
200,000
Bbl/d of
ethane
demand
Asia(2)
350,000
Bbl/d of
ethane
demand
16
Braskem
Cracker
Capacity
65,000 Bbl/d
(Awaiting FID)
AR Commitment
30,000 Bbl/d
Shell
Cracker
Capacity
100,000 Bbl/d
(Awaiting FID)
AR Commitment
25,000 Bbl/d
Antero
Acreage
Mariner East
Capacity
58,000 Bbl/d
AR Commitment
11,500 Bbl/d
 Antero plans to leave most of its ethane in the gas
stream until ethane prices improve relative to dry
gas prices
 If Antero were to recover ethane, 3P reserves at
June 30, 2014 would have included 1,425 million
barrels of ethane
 While Antero’s current 2014 liquids production
guidance is 25–26 MBbl/d (assuming ethane
rejection), if Antero were to recover ethane, its full
year 2014 liquids production guidance would be
approximately 65 Mbbl/d, including 38.5 MBbl/d of
ethane
 Ethane futures are indicating a recovery in ethane
prices over the next several years due to increasing
demand
− Antero has committed ethane to several
projects awaiting final investment decision (FID)
Ethane Futures Signal Positive Momentum…
$/gallon
$0.35
$0.30
$0.25
$0.20
Note: Please see glossary on p. 45 for more details on ethane recovery and ethane rejection.
1. Assumes 30% of European coastal crackers are modified to receive ethane as feedstock.
2. Source: Enterprise Products Partners investor presentation and Company estimates.
3. Assumes wellhead gas with average heating value of 1215 Btu.
Potential Antero Ethane Production
Wellhead Ethane
Gas (Bcf/d) (Bbl/d)(3)
1.0 38,500
2.0 77,000
3.0 115,500
4.0 154,000
5.0 192,500
$0.15
Nov-14 Nov-15 Nov-16 Nov-17 Nov-1

18. POSITIONED FOR GROWTH & PROFITABILITY
100%
80%
60%
40%
20%
0%
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
Highest Growth & Highest Margin Large Cap E&P Focused On Marcellus & Utica
2014 Projected Growth (%)(1)
92%
AR Peer 1 Peer 2 Peer 3
$4.96
AR Peer 1 Peer 2 Peer 3
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
3Q 2014 EBITDAX/Mcfe(2)
$2.93
AR Peer 1 Peer 2 Peer 3
$1.15
AR Peer 1 Peer 2 Peer 3
17
3Q 2014 Price Realizations ($/Mcfe)(2)
3-Year PD F&D ($/Mcfe)(3)
3-Year Growth-Adjusted Recycle Ratio(4)
$1.80
$1.60
$1.40
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
5.0x
4.0x
3.0x
2.0x
1.0x
0.0x
4.8x
AR Peer 1 Peer 2 Peer 3
1. Based on midpoint of 2014 production guidance for Antero Resources and large capitalization Appalachian peers (Cabot Oil & Gas, EQT Corp and Range Resources).
2. Based on 9/30/2014 10-Qs for Antero and peers.
3. Based on 2011-2013 average proved developed F&D cost per 12/31/2013 10-Ks for Antero and peers; definition included on page 43.
4. Based on 2011-2013 average proved developed F&D cost per 12/31/2013 10-Ks for Antero and peers; definition included on page 43.

19. ASSET OVERVIEW
18

20. WORLD CLASS MARCELLUS SHALE
DEVELOPMENT PROJECT
 100% operated
 Operating 15 drilling rigs
including 5 intermediate rigs
 386,000 net acres in
Southwestern Core (73%
includes processable rich gas
assuming an 1100 Btu cutoff)
– 50% HBP with additional
27% not expiring for 5+ years
 325 horizontal wells completed
and online
– Laterals average 7,300’
– 100% drilling success rate
 Net production of 937 MMcfe/d
in 3Q 2014, including 17,300
Bbl/d of liquids
 3,131 future drilling locations in
the Marcellus (2,256 or 72% are
processable rich gas)
 26.4 Tcfe of net 3P (18%
liquids), includes 8.5 Tcfe of
proved reserves (assuming
ethane rejection)
BEE LEWIS PAD
30-Day Rate
4-well combined
30-Day Rate of
67 MMcfe/d
(26% liquids)
Highly-Rich Gas
118,000 Net Acres
896 Gross Locations
DOTSON UNIT
30-Day Rate
1H: 12.4 MMcfe/d
2H: 11.8 MMcfe/d
(26% liquids)
RJ SMITH PAD
30-Day Rate
4-well combined
30-Day Rate of
56 MMcfe/d
(21% liquids)
NERO UNIT
30-Day Rate
1H: 18.2 MMcfe/d
(27% liquids)
Rich Gas
90,000 Net Acres
633 Gross Locations
Dry Gas
104,000 Net Acres
875 Gross Locations
BLANCHE UNIT
30-Day Rate
1H: 9.7 MMcfe/d
(30% liquids)
MASH UNIT
30-Day Rate
1H: 14.9 MMcfe/d
2H: 16.5 MMcfe/d
(28% liquids)
Highly-Rich/Condensate
74,000 Net Acres
727 Gross Locations
HEFLIN UNIT
30-Day Rate
2H: 21.4 MMcfe/d
(21% liquids)
EQT PENN 15 UNIT
30-Day Rate
5-well average
9.3 MMcfe/d
(26% liquids)
CONSTABLE UNIT
30-Day Rate
1H: 14.3 MMcfe/d
(26% liquids)
142 Horizontals Completed
30-Day Rate
8.1 MMcf/d
6,915’ average lateral length
PRUNTY UNIT
30-Day Rate
1H: 11.1 MMcfe/d
(27% liquids)
HINTERER UNIT
30-Day Rate
1H: 12.9 MMcfe/d
(20% liquids)
RUTH UNIT
30-Day Rate
1H: 19.2 MMcfe/d
(14% liquids)
Sherwood
Processing
Plant
EQT
30-Day Rate
12 Recent Wells
9.2 MMcfe/d
(20% Liquids)
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.
19

21. MARCELLUS DEVELOPMENT PROGRAM –
TARGET THE LIQUIDS
 Antero continues to focus its development program further west to develop liquids-rich locations with higher rates of return
− From 2013 to 2015 Antero will increase the average BTU associated with wells drilled and completed from 1160 to 1245
20
2013 Program
1160 avg BTU per well
2014 Program
1195 avg BTU per well
2015 Program
1245 avg BTU per well

22. ANTERO’S MARCELLUS SHALE TYPE CURVE
 Antero has nearly five years of production history to support its Non-SSL type curve
 Antero’s SSL type curve is 1.7 Bcf/1,000’ with only 10% to 15% higher well costs vs. Non-SSL
 Lack of faulting and contiguous acreage position allows for drilling of long laterals ~ 7,300’ average since inception
Marcellus Type Curves – Normalized to 7,000’ Lateral
Non-SSL Type Curve (1.5 Bcf/1,000') Non-SSL Actual Production Non-SSL Type Curve Cumulative Production
SSL Type Curve (1.7 Bcf/1,000') SSL Actual Production SSL Type Curve Cumulative Production
15.0
12.0
9.0
6.0
3.0
0.0
15.0
12.0
9.0
6.0
3.0
0.0
(1)
0 1 2 3 4 5 6 7 8 9 10
Cumulative Bcf
MMcf/d
Production Year
EURs Increase With Lateral Length Well Cost / 1,000’ Decreases with Lateral Length Wellhead 30-day Rates - 316 Wells
20
15
10
5
0
MMcf/d
2014 YTD – 11.4 MMcf/d
Production from All Wells 2009 - 2014
− Drives down cost per 1,000’ of lateral resulting in best in class development costs
25
20
15
10
5
$3.0
$2.5
$2.0
$1.5
$1.0
$0.5
1. 198 Antero Marcellus Non-SSL wells normalized to time zero, production for each well normalized to 7,000’ lateral length.
2. 127 Antero Marcellus SSL wells normalized to time zero, production for each well normalized to 7,000’ lateral length.
2009-2012 – 7.9 MMcf/d
(2)
2013 – 8.4 MMcf/d
Actual Rates
24-Hour
Peak Rate
30-Day
Avg. Rate
90-Day
Avg. Rate
180-Day
Avg. Rate
One-Year
Avg. Rate
Two-Year
Avg. Rate
Three-Year
Avg. Rate
Wellhead Gas (MMcf/d) 15.1 9.0 7.0 5.7 4.2 3.2 2.5
# of Antero Wells 325 316 303 263 220 110 57
21
0
2,000 4,000 6,000 8,000 10,000
EUR, BCF
Lateral Length, ft
$0.0
2,000 4,000 6,000 8,000 10,000
$MM / 1,000'
Lateral length, ft

23. MARCELLUS ROR% AND GAS PRICE SENSITIVITY
 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 regime
 Assumes 9/30/2014 strip pricing for 2014-2016 and $85/Bbl WTI thereafter and NGL price of 55% of WTI
NYMEX Price Sensitivity(1)
200.0%
150.0%
100.0%
50.0%
0.0%
ROR% at 3-Year NYMEX Gas Strip
Highly-Rich Gas/Condensate: 82%
Highly-Rich Gas: 52%
Rich Gas: 23%
Dry Gas: 18% 727 Locations
2H 2014 / 2015
Drilling Plan
$3.00 $3.50 $4.00 $4.50 $5.00 $5.50 $6.00
Pre-Tax ROR (%)
NYMEX Gas Price
Highly-Rich Gas/Condensate Highly-Rich Gas Rich Gas Dry Gas
896 Locations
633 Locations
875 Locations
Antero Rigs Employed
1. Assumes 9/30/2014 strip pricing, market differentials and relevant transportation cost. 22

24. LEADING UTICA SHALE CORE POSITION DELIVERS
CONDENSATE AND NGLS
 100% operated
 Operating 7 rigs including 2 intermediate rigs
 134,000 net acres in the core rich gas/
condensate window (76% includes processable
rich gas assuming an 1100 Btu cutoff)
– 20% HBP with additional 79% not expiring
for 5+ years
 41 operated horizontal wells completed and
online in Antero core areas
− 100% drilling success rate
 Net production of 143 MMcfe/d in 3Q 2014
including 7,700 Bbl/d of liquids
− Seneca 3 processing plant online in July
2014
− The first 120 MMcf/d compressor station
went into service in late January, the second
120 MMcf/d station in late March and a third
100 MMcf/d station in early July
 997 future gross drilling locations (743 or 75%
are processable gas)
 6.4 Tcfe of net 3P (13% liquids), includes
537 Bcfe of proved reserves (assuming ethane
rejection)
GULFPORT
24-Hour IP
McCort1-28H, 2-28H,
Stutzman 1-14H
Average 13.1 MMcf/d
+ 922 Bbl/d NGL
+ 21 Bbl/d Oil
RUBEL UNIT
30-Day Rate
3 wells average
17.3 MMcfe/d
(22% liquids)
SCHEETZ UNIT
30-Day Rate
2 wells average
16.5 MMcfe/d
(53% liquids)
VORHIES UNIT
30-Day Rate(2)
3 wells average
12.0 MMcfe/d
(46% liquids)
Source: Company presentations and press releases. Note: Antero acreage position reflects townships in which greater than 3,000 net acres are held.
Note: Third party peak rates assume ethane recovery; Antero 30-day rates in ethane rejection.
1. For non-Antero wells, Antero has converted rich gas rates where BTU has been disclosed to NGLs, assuming ethane recovery. Where BTU has not been disclosed, Antero has estimated BTU and gas
composition.
2. 30-day rate reflects restricted choke regime.
23
Utica Shale Industry Activity(1)
Cadiz
Processing
Plant
NORMAN UNIT
30-Day Rate
2 wells average
17.2 MMcfe/d
(17% liquids)
YONTZ UNIT 1H
30-Day Rate
17.0 MMcfe/d
(14% liquids)
GULFPORT
24-Hour IP
Wagner 1-28H,
Shugert 1-1H, 1-12H
Average 21.0 MMcf/d
+ 2,270 Bbl/d NGL
+ 292 Bbl/d Oil
Utica
Core
Area
GARY UNIT
30-Day Rate
3 wells average
24.3 MMcfe/d
(22% liquids)
Highly-Rich/Cond
19,000 Net Acres
143 Gross Locations
Highly-Rich Gas
19,000 Net Acres
87 Gross Locations
Rich Gas
31,000 Net Acres
265 Gross Locations
Dry Gas
32,000 Net Acres
254 Gross Locations
COAL UNIT
30-Day Rate
2 wells average
16.3 MMcfe/d
(50% liquids)
NEUHART UNIT 3H
30-Day Rate
16.4 MMcfe/d
(56% liquids)
Condensate
33,000 Net Acres
248 Gross Locations
DOLLISON UNIT 1H
30-Day Rate
19.0 MMcfe/d
(36% liquids)
MYRON UNIT 1H
30-Day Rate
26.0 MMcfe/d
(50% liquids)
Seneca
Processing
Plant
LAW UNIT
30-Day Rate
2 wells average
15.7 MMcfe/d
(48% liquids)
SCHAFER UNIT
30-Day Rate(2)
2 wells average
13.7 MMcfe/d
(46% liquids)

25. UTICA DEVELOPMENT PROGRAM –
TARGET THE RICH GAS REGIMES
 In the second half of 2014 and all of
2015 Antero has shifted its development
plan to focus more heavily in the rich gas
regimes in the Utica Shale play
 At current pricing, the rich gas regimes
offer the highest rates of return (65%+)
in the Utica play
 First 2014 Highly-Rich Gas pad (three-well
Carpenter pad) recently placed on
line with an average 30-day rate of
approximately 61 MMcfe/d in ethane
rejection (20% liquids)
– 20.3 MMcfe/d average 30-day rate per
well
24
2013 Program
1245 avg BTU per well
2014 Program
1245 avg BTU per well
2015 Program
1200 avg BTU per well

26. UTICA ROR% AND GAS PRICE SENSITIVITY
 Large portfolio of Condensate to Dry Gas locations
 Focused on drilling highly economic rich gas locations – rig symbols represent current rig location by regime
 Assumes 9/30/2014 strip pricing for 2014-2016 and $85/Bbl WTI thereafter and NGL price of 55% of WTI
250%
200%
150%
100%
50%
0%
254 Locations
$3.00 $3.50 $4.00 $4.50 $5.00 $5.50 $6.00
Pre-Tax ROR (%)
NYMEX Gas Price
Condensate Highly-Rich Gas/Condensate Highly-Rich Gas Rich Gas Dry Gas Antero Rigs Employed
25
NYMEX Price Sensitivity(1)
87 Locations
ROR% at 3-Year NYMEX Gas Strip
Condensate: 23%
Highly-Rich Gas/Condensate: 70%
Highly-Rich Gas: 103%
Rich Gas: 65%
Dry Gas: 50%
1. Assumes 9/30/2014 strip pricing, market differentials and relevant transportation cost.
265 Locations
143 Locations
248 Locations
2H 2014 / 2015
Drilling Plan

27. LARGE UTICA SHALE DRY GAS POSITION
26
 Antero has 183,000 net acres of exposure to Utica dry gas play
− 29,000 net acres in Ohio with net 3P reserves of 1.9 Tcf as of
6/30/2014
− 154,000 net acres in West Virginia and Pennsylvania with net
resource of 9.5 Tcf as of 6/30/2014 (not included in 37.5 Tcfe
of net 3P reserves)
− 1,390 locations underlying current Marcellus Shale leasehold
in West Virginia and Pennsylvania as of 9/30/2014
 Expect to drill and complete a Utica Shale dry gas well in West
Virginia in 2015
 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
Utica Shale Dry Gas Acreage in OH/WV/PA(1)
Hess
Porterfield 1H-17
5,000’ Lateral
IP 17.2 MMcf/d
Rice
Bigfoot 9H
6,957’ Lateral
IP 41.7 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
IP
(MMcf/d)
Lateral
Length (Ft)
Well Operator 2015
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
Simms U-5H Gastar 29.4 4,447
Conner 6H Chevron 25.0 6,451
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
Utica Well
Drilling
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
WV/PA
Net Resource
9.5 Tcf
1,390 Gross Locations
154,000 Net Acres
Utica Shale Dry Gas
Ohio
3P Reserves
1.9 Tcf
226 Gross Locations
29,000 Net Acres
Utica Shale Dry Gas
Total OH/WV/PA
Net Resource
11.4 Tcf
1,616 Gross Locations
183,000 Net Acres
Stone Energy
Utica Well
Drilling
Chesapeake
Utica Well
Drilling

28. LARGE MIDSTREAM FOOTPRINT
27
Ohio River Withdrawal
System In Service
 Significant investment in infrastructure -
estimated cumulative YE 2014 total capital
investment in midstream ~$1.2 billion
– Includes gathering lines and compressor
stations
 Gathering and compression assets owned by
Antero Midstream Partners LP (NYSE: AM)
which went public on 11/4/2014; AR owns
73.7% of AM
Utica
Shale
Marcellus
Shale
Projected Midstream Infrastructure(1)
Marcellus
Shale
Utica
Shale Total
YE 2014E Cumulative Gathering /
Compression Capex ($MM) $850 $350 $1,200
Gathering Pipelines (Miles) 180 105 285
Compression Capacity (MMcf/d) 370 - 370
Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.
1. Represents inception to date actuals as of 6/30/2014 and 2014 guidance.

29. 28
Rover Pipeline
Operator – Energy Transfer
Antero Midstream Option
Up to 20% Ownership
2017 in-service
3.25 Bcf/d Pipeline
Antero Marcellus
& Utica Acreage
AM OPTIONS – REGIONAL PIPELINE INVESTMENTS
Seneca
Sherwood
ET Rover Pipeline
• Option to Acquire Up to 20% Non-Op Equity Interest
• Connects Antero’s Marcellus and Utica projects to
existing Chicago, Michcon, and Gulf Coast pipeline
capacity
• Provides first interconnect of Antero’s Marcellus and
Utica projects
• Fully subscribed Energy Transfer (NYSE: ETP)
project
Regional Gathering Pipeline
• Option to Acquire Up To 15% Non-Op Equity Interest
● Connects Antero’s Marcellus production to Gulf Coast
and Atlantic Seaboard capacity
Regional Gathering Pipeline
Operator – TBA
Antero Midstream Option
Up to 15% Ownership
4Q 2015 in-service
1.4 Bcf/d Pipeline
Throughput Capacity: 3.25 Bcf/d
Pipeline Specifications: 800 miles of 36” and 42”
Project Capital: $4.3 Billion
In-Service Date: 1Q 2017
AR FT Commitment: 800 MMcf/d
Throughput Capacity: 1.4 Bcf/d
Pipeline Specifications: TBD
Project Capital: ≈ $400 Million
In-Service Date: 4Q 2015
AR FT Commitment: 1,100 MMcf/d

30. AM OPTION – FRESH WATER DISTRIBUTION SYSTEMS
29
Marcellus Fresh Water Distribution System
• Provides fresh water to support Marcellus well completions
• Year-round water supply sources: Ohio River and local rivers
• Significant growth projected over the next twelve months as summarized
below:
Marcellus Water System YE 2014
Buried Water Pipeline (Miles) 107
Fresh Water Storage Impoundments 26
Water Fees per Well ($)(2) $600K -
Utica Fresh Water Distribution System
$800K
• Provides fresh water to support Utica well completions
• Year-round water supply sources: local reservoirs and rivers
• Significant growth projected over the next twelve months as summarized
below:
Utica Water System YE 2014
Buried Water Pipeline (Miles) 48
Fresh Water Storage Impoundments 8
Water Fees per Well ($)(2) $600K -
$800K
Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.
1. Represents inception to date actuals as of 6/30/2014 and 2014 guidance.
2. Estimated fee of $3.50 per barrel at an average of 200,000 Bbls of water per well.
OHIO
Projected Midstream Infrastructure(1)
Marcellus
Shale
Utica
Shale Total
YE 2014E Cumulative
Fresh Water System Capex ($MM) $300 $100 $400
Water Pipelines (Miles) 107 48 155
Water Storage Facilities 26 8 34

31. HEALTH, SAFETY, ENVIRONMENT & COMMUNITY
Antero Core Values: Protect Our People, Communities And The Environment
Keys to Execution
Local Presence
 Antero has more than 4,500 employees and contract personnel working full-time
for Antero in West Virginia. 79% of these personnel are West Virginia residents.
 Land office in Ellenboro, WV
 District office in Bridgeport, WV
 187 (45%) of Antero’s 420 employees are located in West Virginia and Ohio
Safety & Environmental
 Five company safety representatives and 56 safety consultants cover all
material field operations 24/7 including drilling, completion, construction and
pipelining
 41 person environmental staff plus outside consultants monitor all operations
and perform baseline water well testing
Central Fresh Water
System & Water
Recycling
 Numerous sources of water – built central water system to source fresh water
for completions
 Antero recycled over 80% of its flowback and produced water through the first 9
months of 2014 – no discharge to water treatment plants in West Virginia
Natural Gas
Vehicles (NGV)
 Antero supported the first natural gas fueling station in West Virginia
 Antero has 30 NGV trucks and plans to continue to convert its truck fleet to NGV
Pad Impact Mitigation  Closed loop mud system – no mud pits
 Protective liners or mats on all well pads in addition to berms
Natural Gas Powered
Drilling Rigs & Frac
Equipment
 11 of Antero’s contracted drilling rigs are currently running on natural gas
 First natural gas powered clean fleet frac crew began operations this summer
Green Completion Units
 All Antero well completions use green completion units for completion flowback,
essentially eliminating methane emissions (full compliance with EPA 2015
requirements)
LEED Gold Headquarters
Building
 Recently moved into new corporate headquarters in Denver, Colorado that has
been LEED Gold Certified
Strong West Virginia
Presence
 79% of all Antero Marcellus
employees and contract
workers are West Virginia
residents
 Antero named Business of
the Year for 2013 in
Harrison County, West
Virginia “For outstanding
corporate citizenship and
community involvement”
 Antero representatives
recently participated in a
ribbon cutting with the
Governor of West Virginia
for the grand opening of
the first natural gas fueling
station in the state; Antero
supported the station with
volume commitments for
its NGV truck fleet
30

32. CLEAN FLEET & CNG TECHNOLOGY LEADER
● Antero has contracted for two clean completion
fleets to enhance the economics of its completion
operations and reduce the environmental impact
● Replaces diesel engines (for pressure pumping)
with electric motors powered by natural gas-fired
electric generators
● A clean fleet allows Antero to fuel part of its
completion operations from field gas instead of
more expensive diesel fuel. Benefits of using a
clean fleet include:
− Reduce fuel costs by up to 80%
representing cost savings of up to
$40,000/day
− Reduces NOx and CO emissions by 99%
− Eliminates 25 diesel trucks from the roads
for an average well completion
− Reduces silica dust to levels 90% below
OSHA permissible exposure limits resulting
in a safer and cleaner work environment
− Significantly reduces noise pollution from a
well site
− Is the most environmentally responsible
completion solution in the oil and gas
industry
• Additionally, Antero utilizes compressed natural
gas (CNG) to fuel its truck fleet in Appalachia
− Antero supported the first natural gas fueling
station in West Virginia
− Antero has 30 NGV trucks and plans to
continue to convert its truck fleet to NGV
31

33. ANTERO KEY ATTRIBUTES
32
520,000 Net Acres in the Core
Marcellus and Utica Shales
“Triple Digit” Historical
Production and Reserve Growth
Low Cost Leader /
High Return Projects
Leading Appalachian
Processing and Takeaway Portfolio
Clean Balance Sheet Supports
High Growth Story
“Forward Thinking” Management Team
with a History of Success

34. APPENDIX
33

35. PRO FORMA CAPITALIZATION ($ in millions) 9/30/2014
Pro Forma $1.0 Bn AM IPO(4)
9/30/2014
Cash $6 $256
Senior Secured Revolving Credit Facility 1,505 809
6.00% Senior Notes Due 2020 525 525
5.375% Senior Notes Due 2021 1,000 1,000
5.125% Senior Notes Due 2022 1,100 1,100
Net Unamortized Premium 8 8
Total Debt $4,138 $3,442
Net Debt $4,132 $3,186
Minority Interest - $283
Shareholders' Equity $3,751 $4,415
Net Book Capitalization $7,883 $7,884
Enterprise Value(1) $17,840 $17,176
Financial & Operating Statistics
LTM EBITDAX $1,047 $1,047
LQA EBITDAX $1,109 $1,109
LTM Interest Expense(2) $155 $141
Proved Reserves (Bcfe) (6/30/2014) 9,107 9,107
Proved Developed Reserves (Bcfe) (6/30/2014) 2,772 2,772
Credit Statistics
Net Debt / LTM EBITDAX 3.9x 3.0x
Net Debt / LQA EBITDAX 3.7x 2.9x
LTM EBITDAX / Interest Expense 6.8x 7.4x
Net Debt / Net Book Capitalization 52.4% 40.4%
Net Debt / Proved Developed Reserves ($/Mcfe) $1.49 $1.15
Net Debt / Proved Reserves ($/Mcfe) $0.45 $0.35
Liquidity
Credit Facility Commitments(3)(4) $3,000 $4,000
Less: Borrowings (1,505) (809)
Less: Letters of Credit (332) (332)
Plus: Cash 6 256
Liquidity (Undrawn Credit Facility + Cash) $1,169 $3,115
1. Equity valuation based on 262.0 million shares outstanding and a share price of $52.31 as of 11/5/2014. Enterprise value includes net debt plus minority interest.
2. LTM interest expense adjusted for $1,578 million net proceeds from IPO priced on 10/14/2013 and $1,000 million 5.375% Senior Notes priced on 10/24/2013 net of fees; assumes $525 million 9.375%
Senior Notes, $25 million 9.00% Senior Notes, $140 million 7.25% Senior Notes repaid at 10/31/2013 with residual cash used to repay bank debt. Adjusted for $600 million 5.125% Senior Notes priced
on 4/23/2014 net of fees; $260 million of 7.25% Senior Notes and $315 million of bank debt repaid. Adjusted for $500 million 5.125% Senior Notes add-on priced on 9/4/2014 at 100.5 net of fees; $496
million of bank debt repaid.
3. AR lender commitments under the facility increased to $3.0 billion from $2.5 billion on 10/16/2014; commitments can be expanded to the full $4.0 billion borrowing base upon bank approval. AM credit
facility of $1 billion as of 11/4/2014.
4. Pro forma for $1,000 million IPO of 74% post-offering owned Antero Midstream; $696 million of debt repaid, $250 million of cash left at AM and $54 million of transaction expenses. AM $1 billion credit
facility currently undrawn.
34

36. ANTERO – 2014 GUIDANCE
35
Key 2014 Operating & Financial Assumptions(1)
Key Variable 2014 Guidance Range
Natural Gas Realized Price Differential to NYMEX ($/Mcf)(2) $(0.15) – $(0.25)
Oil Realized Price Differential to WTI ($/Bbl) $(10.00) – $(12.00)
NGL Realized Price (% of WTI) 53% – 57%
Net Production (MMcfe/d) 990 – 1,010
Net Natural Gas Production (MMcf/d) 840 – 850
Net Liquids Production (Bbl/d) 25,000 – 26,000
Cash Production Expense ($/Mcfe)(3) $1.50 – $1.60
Marketing Expense, Net ($/Mcfe) $0.10 – $0.20
G&A Expense ($/Mcfe) $0.25 - $0.30
Total Wells Spud 215
Capital Expenditure ($MM)
Drilling & Completion $2,400
Midstream $850
Land $450
Total Capex ($MM) $3,700
1. Financial assumptions per Company press release dated 8/26/2014.
2. Antero’s processed tailgate and unprocessed dry gas production is greater than 1000 BTU on average.
3. Includes lease operating expenses, gathering, compression and transportation expenses and production taxes. Excludes net marketing expense.

37. OUTSTANDING RESERVE GROWTH
PROVED RESERVE GROWTH(1)
7.6
0.4
7.2
9.1
0.5
8.6
2013 6/30/2014
Marcellus Utica
3P RESERVE GROWTH(1)
6/30/2014 RESERVE UPDATE
• Proved PV-10 increased 28% to $9.0 billion (including
hedges)
• 3P PV-10 increased 24% to $26.4 billion (including hedges)
• Replaced 1,070% of 1H 2014 production
• 5-year proved undeveloped reserves estimated future
development cost of $0.92/Mcfe
• Only 36% of 1P and 62% of 3P Marcellus locations booked
as SSL (1.7 Bcf/1,000’ type curve) at 6/30/2014
• No Utica Shale WV/PA dry gas reserves booked;
estimated net resource of 9.5 Tcf
(Tcfe)
10
8
6
4
2
0
37.5
4.7
35.0
4.2
5.8 6.4
25.0 26.4
(Tcfe)
40
30
20
10
0
2013 6/30/2014
Marcellus Utica Upper Devonian
Key Drivers
• Successful
drilling
• SSL results
• Expanded
proved
footprint
Key Drivers
POTENTIAL RESERVE GROWTH DRIVERS
Driver 2014 Activity
• Marcellus SSL completions
• Full scale Utica SSL program
• Utica increased density drilling
• WV/PA Utica dry gas drilling
• Core acreage acquisitions
Complete transition to SSL type
curve
• 35,000 net
acres added
in 1H 2014
• SSL results
• Utica results
41 wells to be completed; only
37 PUD locations booked as
proved at 6/30/2014
Drilling increased density pilots
in Utica
Industry drilling activity in
WV/PA (154,000 net acres)
35,000 net acres added in 1H
2014; $450 MM budget for 2014
1. 2013 and 6/30/2014 reserves assuming ethane rejection. 36

38. MARCELLUS SINGLE WELL ECONOMICS
– IN ETHANE REJECTION
37
727
82% 52%
125%
100%
75%
50%
25%
DRY GAS LOCATIONS RICH GAS LOCATIONS
633
23% 18%
HIGHLY
RICH GAS
LOCATIONS
Assumptions
 Natural Gas – 9/30/2014 strip
 Oil – 9/30/2014 strip for 2014-2016,
$85 flat thereafter
 NGLs – 55% of Oil Price
NYMEX
($/MMBtu)
WTI
($/Bbl)
C3+ NGL(2)
($/Bbl)
2014 $4.22 $90 $50
2015 $3.97 $88 $49
2016 $4.06 $86 $48
2017 $4.19 $85 $46
2018+ $4.28 $85 $46
Marcellus SSL Well Economics and Total Gross Locations(1)
Classification
Highly-Rich Gas/
Condensate
896
Highly-Rich
875
Gas Rich Gas Dry Gas
Modeled BTU 1313 1250 1150 1050
EUR (Bcfe): 16.1 14.6 13.1 11.9
EUR (MMBoe): 2.7 2.4 2.2 2.0
% Liquids: 33% 24% 12% 0%
Lateral Length (ft): 7,000 7,000 7,000 7,000
Stage Length (ft): 225 225 225 225
Well Cost ($MM): $9.5 $9.5 $9.5 $9.5
Bcfe/1,000’: 2.3 2.1 1.9 1.7
Pre-Tax NPV10 ($MM): $16.3 $11.2 $3.8 $2.5
Pre-Tax ROR: 82% 52% 23% 18%
Net F&D ($/Mcfe): $0.69 $0.76 $0.86 $0.94
Payout (Years): 1.2 1.7 3.6 4.4
Gross 3P Locations(3): 727 896 633 875
1. Well economics are based on 9/30/2014 strip differential pricing and related transportation costs. Includes gathering, compression and processing fees.
2. Pricing for a 1225 BTU y-grade ethane rejection barrel.
3. Undeveloped well locations as of 9/30/2014.
1,000
800
600
400
200
0
0%
Highly-Rich Gas/
Condensate
Highly-Rich Gas Rich Gas Dry Gas
Total 3P Locations
ROR Locations ROR 2H 2014 /
2015
Drilling Plan

39. UTICA SINGLE WELL ECONOMICS
– IN ETHANE REJECTION
38
NYMEX
($/MMBtu)
WTI
($/Bbl)
C3+ NGL(2)
($/Bbl)
2014 $4.22 $90 $50
2015 $3.97 $88 $49
2016 $4.06 $86 $48
2017 $4.19 $85 $46
2018+ $4.28 $85 $46
248
70%
103%
143 87
23%
120%
100%
80%
60%
40%
20%
0%
Condensate Highly-Rich Gas/
Condensate
DRY GAS LOCATIONS RICH GAS LOCATIONS
265 254
65%
Highly-Rich Gas Rich Gas Dry Gas
HIGHLY
RICH GAS
LOCATIONS
Utica Well Economics and Gross Locations(1)
Classification Condensate
Highly-Rich Gas/
Condensate
Highly-Rich
50%
Gas Rich Gas Dry Gas
Modeled BTU 1275 1235 1215 1175 1050
EUR (Bcfe): 7.4 13.3 19.9 18.5 16.6
EUR (MMBoe): 1.2 2.2 3.3 3.1 2.8
% Liquids 35% 26% 21% 14% 0%
Lateral Length (ft): 7,000 7,000 7,000 7,000 7,000
Stage Length (ft): 240 240 240 240 240
Well Cost ($MM): $11.0 $11.0 $11.0 $11.0 $11.0
Bcfe/1,000’: 1.1 1.9 2.8 2.7 2.4
Pre-Tax NPV10 ($MM): $3.7 $12.9 $20.0 $13.9 $11.1
Pre-Tax ROR: 23% 70% 103% 65% 50%
Net F&D ($/Mcfe): $1.84 $1.02 $0.68 $0.73 $0.82
Payout (Years): 3.4 1.1 0.9 1.2 1.5
Gross 3P Locations(3): 248 143 87 265 254
300
250
200
150
100
50
0
1. Well economics are based on 9/30/2014 strip differential pricing and related transportation costs. Includes gathering, compression and processing fees.
2. Pricing for a 1225 BTU y-grade ethane rejection barrel.
3. Undeveloped well locations as of 9/30/2014, adjusted for subsequent 130 gross locations acquired as of 11/3/2014. 3P locations representative of BTU regime; EUR and economics within regime
will vary based on BTU content.
Total 3P Locations
ROR
Locations ROR
Assumptions
 Natural Gas – 9/30/2014 strip
 Oil – 9/30/2014 strip for 2014-2016,
$85 flat thereafter
 NGLs – 55% of Oil Price
2H 2014 / 2015
Drilling Plan

40. LOW DEVELOPMENT COST DRIVES BEST IN CLASS
RECYCLE RATIOS
3-Year Proved Development Costs ($/Mcfe) through 2013
$/Mcfe
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
Antero Appalachia-Focused Peers
3-Year Average Growth – Adjusted Recycle Ratio through 2013
6.0x
4.0x
2.0x
0.0x
4.8x
Antero Appalachia-Focused Peers
3.5x 3.3x
2.4x
$0.00
$1.15 $1.18 $1.21 $1.60
Other Peers
39
Source: Proved developed F&D industry data based on company presentations, 10-Ks and press releases. Defined as total drilling and completion capital expenditures for the period divided by PDP and
PDNP volumes added after adding back production for the period. Includes all drilling and completion costs but excludes land and acquisition costs for all companies.
1. Antero data pro forma for Arkoma and Piceance divestitures in 2012.
Other Peers
Source: Wall Street research. Defined as 2011-2013 average (Cash Operating Netback / PD F&D costs) x (1 + 2013-2015 consensus production CAGR). Antero’s production CAGR based on guidance
targets. PD F&D Costs defined as total drilling and completion capital expenditures for the period divided by PDP and PDNP volumes added after adding back production for the period Includes all drilling
and completion costs but excludes land and acquisition costs for all companies.
1. Antero data pro forma for Arkoma and Piceance divestitures in 2012.

41. ANTERO UTICA SHALE WELLS – 30-DAY RATES
30.0
25.0
20.0
15.0
10.0
5.0
-
30-Day Rate (MMcfe/d)
Condensate Highly-Rich Gas /
Liquids Gas
51% Avg. Liquids
7,201’ Avg. Lateral
Condensate Highly-Rich Gas Rich Gas
Outstanding 30-day average rates with high liquids content
– Antero’s wells produced against 1,100 psi line pressure until late January 2014 due to lack of compression facilities
– First 120 MMcf/d compressor station started up in late January 2014, a second 120 MMcf/d station was placed online in late
March 2014 and a third 100 MMcf/d station was placed online in early July 2014
37% Avg. Liquids
5,993’ Avg. Lateral
22% Avg. Liquids
7,481’ Avg. Lateral
15% Avg. Liquids
5,504’ Avg.
Lateral
Type Curve Regimes (1)
1. Excludes wells under choke management program.
2. Normalized for 7,000’ lateral.
3. In ethane rejection.
14.3 MMcfe/d
or
2,383 Boe/d 14.6 MMcfe/d
20.9 MMcfe/d
16.9 MMcfe/d
13.9 MMcfe/d
Normalized(2)
17.0 MMcfe/d
Normalized(2)
19.5 MMcfe/d
Normalized(2)
21.5 MMcfe/d
Normalized(2)
Average 30-Day Production Rate(3)
40

42. CONSIDERABLE RESERVE BASE WITH
ETHANE OPTIONALITY
 30 year proved reserve life based on 1H 2014 production annualized
 Reserve base provides significant exposure to liquids-rich projects
– 3P reserves of over 2.3 BBbl of NGLs and condensate in ethane recovery mode; 33% liquids
ETHANE REJECTION(1) ETHANE RECOVERY(1)
1. Ethane rejection occurs when ethane is left in the wellhead gas stream as the gas is processed, rather than being separated out and sold as a liquid after fractionation. When ethane is left in the gas
stream, the BTU content of the residue gas at the outlet of the processing plant is higher. Producers will elect to “reject” ethane when the price received for the higher BTU residue gas is greater than the
price received for the ethane being sold as a liquid after fractionation. When ethane is recovered, the BTU content of the residue gas is lower, but a producer is then able to recover the value of the
ethane sold as a separate NGL product.
41
Marcellus – 26.4 Tcfe
Utica – 6.4 Tcfe
Upper Devonian – 4.6 Tcfe
37.5
Tcfe
Gas – 31.7 Tcf
Oil – 86 MMBbls
NGLs – 880 MMBbls
Marcellus – 31.3 Tcfe
Utica – 7.3 Tcfe
Upper Devonian – 5.1 Tcfe
43.7
Tcfe
Gas – 29.3 Tcf
Oil – 86 MMBbls
NGLs – 2,305 MMBbls
15%
Liquids
33%
Liquids

43. MARCELLUS SHALE RICH GAS –
LIQUIDS AND PROCESSING UPGRADE
 Marcellus Shale rich gas and highly-rich gas acreage provides a significant advantage in well economics – assuming $4.25/MMBtu NYMEX,
$90.00/Bbl WTI and current spot NGL pricing
Gas
$4.46
NGLs (C3+)
$0.81
Gas
$4.21
$/Wellhead Mcf(1)
NGLs (C3+)
$1.87
Gas
$4.15
Gas
$4.08
($/Mcf)
$8.00
$7.00
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
1050 BTU
$5.01
$6.18
$7.04
$4.46
(1072 BTU)
8% shrink
(1100 BTU)
11% shrink
1150 BTU 1250 BTU 1300 BTU
Current – Ethane Rejection
(1113 BTU)
14% shrink
1. Assumes $4.25/MMBtu NYMEX, $90.00/Bbl WTI and current NGL spot prices. 0.902, 1.982 and 2.634 (ethane rejection) GPMs used, all processing costs, shrink and fuel included. No NYMEX basis
differential assumed.
42
+$0.55
Upgrade
+$1.72
Upgrade
+$2.58
Upgrade
Dry Gas Highly-Rich Gas
NGLs (C3+)
$2.54
Condensate
$0.16
Condensate
$0.42
Highly-Rich/
Rich Gas Condensate

44. FIRM TRANSPORTATION AND FIRM SALES PORTFOLIO
4,500,000
4,000,000
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
-
43
MMBtu/d
Columbia
7/26/2009 – 9/30/2025
Firm Sales #1
10/1/2011– 10/31/2019
Firm Sales #2
10/1/2011 – 5/31/2017
Firm Sales #3
1/1/2013 – 5/31/2022
Momentum III
9/1/2012 – 12/31/2023
EQT
8/1/2012 – 6/30/2025
REX/MGT/ANR
7/1/2014 – 12/31/2034
Tennessee
11/1/2015– 9/30/2030
Mid-Atlantic/NYMEX
Appalachia
Appalachia
Gulf Coast
Appalachia or Gulf Coast
ANR
3/1/2015– 2/28/2045
Midwest
Local Distribution
11/1/2015 – 9/30/2037
Gulf Coast

45. POSITIVE RATINGS MOMENTUM
Moody’s / S&P Historical Corporate Credit Ratings
Upgrade Criteria S&P Upgrade Criteria
“We could raise the ratings due to our assessment of an improvement in
the company's financial profile. An improvement in the financial profile
would include maintaining FFO to debt of greater than 45% and
narrowing the amount that the company outspends its cash flows by.”
Moody's S&P
- S&P Credit Research, September 2014
“An upgrade could be considered if debt / average daily production is
sustained below $20,000 per boe and debt / proved-developed
reserves is sustained below $8.00 per boe. An upgrade would also be
contingent on Antero maintaining unleveraged cash margins greater
than $25.00 per boe and retained cash flow to debt over 40%.”
- Moody’s Credit Research, September 2014
Credit Rating
(Moody’s / S&P)
Baa3 / BBB-Moody’s
Ba1 / BB+
Ba3 / BB-B1
/ B+
B2 / B
B3 / B-
9/1/2010 2/24/2011 5/31/13 10/21/2013 9/4/2014
Ba2 / BB
Caa1 / CCC+
(1)
___________________________
1. Represents corporate credit rating of Antero Resources Corporation / Antero Resources LLC.
9/30/2014
44

46. PRO FORMA OFFERING – BALANCE SHEET POSITIONED
FOR LONG-TERM GROWTH
 The recent bond offerings, at progressively lower coupons, have allowed Antero to reduce its cost of debt to approximately 5.0% and
enhance liquidity while extending the pro forma average debt maturity to June 2021
 Current cost of debt below 4.4%, average debt maturity 6.4 years
PRO FORMA WEIGHTED AVERAGE INTEREST RATE AND MATURITY(1)
($ in millions) As At Interest Current Maturity Maturity
09/30/14 Rate Yield (2) (Years) (Date)
Senior Secured Revolving Credit Facility $809 2.440% (3) 2.440% (3) 4.6 May-19
6.0% Senior Notes due 2020 525 6.000% 4.836% 6.2 Dec-20
5.375% Senior Notes due 2021 1,000 5.375% 4.918% 7.1 Nov-21
5.125% Senior Notes due 2022 1,100 5.125% 5.162% 8.2 Dec-22
Total Long-Term Debt $3,434
Weighted Average: 4.699% 4.400% 6.7 Jun-21
PRO FORMA DEBT MATURITY PROFILE (1)
Senior Secured Revolving Credit Facility Senior Notes
$1,200
$1,000
$800
$600
$400
$200
45 1. As at 9/30/2014 per 10-Q; pro forma for $1,000 million AM IPO priced on 11/4/2014; net proceeds of $696 million used to repay the credit facility.
2. Current yields of senior notes tranches represent the current yield-to-worst per Bloomberg.
3. Represents weighted average interest rate under the revolving credit facility as of 9/30/2014.
$809
$525
$1,000
$1,100
$0
2014 2015 2016 2017 2018 2019 2020 2021 2022
($ in Millions)

47. MARCELLUS & UTICA – ADVANTAGED ECONOMICS
3,000 Antero
Drilling Locations
Needed to make up
for base declines in
conventional and
GOM production
Permian
NE (Dry)
Marcellus
Shale
? ? ?
Niobrara
Granite Wash
Barnett
Haynesville
U.S. INCREMENTAL GAS SUPPLY BREAK-EVEN PRICE CURVE(1)
46
 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
Eagle Ford
Shale

48. CAUTIONARY NOTE
Regarding Hydrocarbon Quantities
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. The estimates of proved, probable and possible reserves as of June 30, 2014 included in this
presentation have been audited by Antero’s third-party engineers. Unless otherwise noted, reserve estimates as of June 30, 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 June 30, 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.
47