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Antero Resources | July 2013 Company Overview | Glen C. Warren Jr. | Page 3 of 11 | November 21, 2024

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Antero Resources Snapshot • Private E&P company headquartered in Denver, Colorado – extensive shale experience - Drilled and operated over 400 horizontal shale wells in Barnett, Woodford, Marcellus and Utica Shales • Appalachian Shale-Focused – a “pure play” company with upstream and midstream assets - Marcellus Shale: 320,000 net acres all located in the Southwestern Core area, 180 horizontal wells completed - Utica Shale: 100,000 net acres all located in the Core of the play, 10 horizontal wells completed - Upper Devonian Shale: 194,000 net acres (overlying Marcellus Shale), 2 horizontal wells completed • High production growth – Appalachian production has increased 114% year-over-year to an estimated 420 MMcfe/d net for 1H 2013, including 3,300 Bbl/d of liquids - Current net production is 470 MMcfe/d (including 3,900 Bbl/d of liquids) with an additional 200 MMcfe/d of net production (including 6,900 Bbl/d of liquids) constrained/shut-in waiting on pipeline, compression or processing; expect most constraints to be addressed in July 2013 with new infrastructure • Large, low risk drilling inventory – Over 4,900 gross locations will continue to feed high growth in existing 4.9 Tcfe (1) proved reserve base as of December 31, 2012 • Low cost leader – $0.99/Mcfe 3-year Marcellus development costs through 2011 per JP Morgan analysis (2) - $0.85/Mcfe estimated net future development cost in YE 2012 reserve base (assuming ethane recovery) • Rapidly growing liquids exposure – 5% by production volume today, forecast to grow to ~20% by 2014 assuming ethane rejection (~40% liquids exposure if assume ethane recovery in 2014 and beyond) • Large long-term hedge position – 984 Bcf hedged at $4.87/MMBtu NYMEX-equivalent (3) through 2018 • Infrastructure emphasis – Gathering, compression and processing infrastructure either in place or committed and underway • Strong liquidity to fuel low cost growth – ~$1.3 billion (4) of undrawn borrowing base capacity as at March 31, 2013 2 ___________________________ 1. 12/31/2012 SEC reserves using a price deck of $2.78/MMBtu for Appalachia. WTI SEC price averaged $95.05/Bbl. Reserves audited by independent third-party engineers using SEC reserve methodology and pricing. Assumes processing in the Marcellus and full ethane recovery beginning in 1Q 2014. 2. Source: Proved developed F&D research prepared by JP Morgan Research report dated 5/11/2012. Includes total drilling and completion costs but excludes land and acquisition costs for all companies. 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. Adjusted for sale of Antero’s Arkoma and Piceance assets. 3. In order to compare hedges across basins, hedged basin prices are converted by Antero to NYMEX-equivalent prices using current basis differentials in the over-the-counter futures market. 4. Lender commitments under the facility are $1.2 billion which can be expanded to the full $1.75 billion borrowing base. Undrawn capacity as of 3/31/2013.