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Antero Resources | December 2016 Corporate Presentation | Paul Rady | Page 7 of 11 | November 21, 2024

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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): $11.8 $15.3 $18.7 $7.7 $10.4 $13.2 Pre-Tax ROR: 66% 90% 119% 42% 58% 77% Payout (Years): 1.2 0.9 0.6 1.8 1.4 1.1 Breakeven NYMEX Gas Price ($/MMBtu) (5) $1.16 $0.89 $0.70 $2.00 $1.74 $1.54 Gross 3P Locations (3) : 664 1,235 $11.8 $15.3 $18.7 $7.7 $10.4 $13.2 66% 90% 119% 72% 58% 77% 0% 20% 40% 60% 80% 100% 120% -$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-Tax ROR Pre-Tax PV-10 Pre-Tax PV-10 Pre-Tax ROR 6 Assumptions ? Natural Gas – 12/1/2016 strip ? Oil – 12/1/2016 strip ? NGLs ~50% of Oil Price 2017+ 45/92 35/43 2016/2017 Development Plan: Completions 1. 12/1/2016 pre-tax well economics based on a 9,000’ lateral, 12/1/2016 natural gas and WTI strip pricing for 2017-2026, flat thereafter, NGLs at ~50% of WTI for 2017 and thereafter, and applicable firm transportation and operating costs including 50% of Antero Midstream fees. Well cost estimates include $1.2 million for road, pad and production facilities. Assumes ethane rejection. 2. Pricing for a 1225 BTU y-grade ethane rejection barrel. NGLs at ~50% of WTI for 2017 and thereafter. NGL prices are forecast to increase in 2017 relative to WTI due to projected in-service date of Mariner East 2 project allowing for a significant increase in AR NGL exports via ship. 3. Undeveloped Marcellus well locations as of 12/31/2015 adjusted for 6/30/2016 net acreage and pro forma for recent acreage acquisition. 4. Represents actual results for first nine months of 2016. 5. Breakeven price for 15% pre-tax rate of return. Highly-Rich Gas/Condensate Highly-Rich Gas (4) (4) Bcf/1,000’ Bcfe/1,000’ ? 36% lower well cost per 1,000’ lateral and 33% higher EUR per 1,000’ since 2014 are driving rates of return significantly higher despite lower strip pricing IMPROVING MARCELLUS WELL ECONOMICS NYMEX ($/MMBtu) WTI ($/Bbl) C3+ NGL (2) ($/Bbl) 2017 $3.38 $54 $27 2018 $3.04 $54 $28 2019 $2.90 $54 $28 2020 $2.91 $55 $28 2021 $2.94 $55 $29 2022-26 $3.29 $57 $30