Company Presentation

May 2020

Legal Disclaimer

This presentation includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under AR's control. All statements, except for statements of historical fact, made in this presentation regarding activities, events or developments Antero expects, believes or anticipates will or may occur in the future, such as those regarding expected results, future commodity prices, future production targets, completion of natural gas or natural gas liquids transportation projects, future earnings, Adjusted EBITDAX, leverage targets, future capital spending plans, improved and/or increasing capital efficiency, continued utilization of existing infrastructure, gas marketability, estimated realized natural gas, natural gas liquids and oil prices, acreage quality, access to multiple gas markets, expected drilling and development plans (including the number, type, lateral length and location of wells to be drilled, the number and type of drilling rigs and the number of wells per pad), projected well costs and cost savings initiatives, including with respect to potential incremental flowback and produced water services by AM, future financial position, the amount and timing of any litigation settlements or awards, future technical improvements, and future marketing and asset monetization opportunities, are 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 forward-looking statements speak only as of the date of this presentation. Although AR believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, AR expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

AR cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil, most of which are difficult to predict and many of which are beyond AR's control. 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, impacts of world health events, including the COVID-19 pandemic, potential shut- ins of production due to lack of downstream demand or storage capacity, and the other risks described under the heading "Item 1A. Risk Factors" in AR's Annual Report on Form 10-K for the year ended December 31, 2019 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.

This presentation includes certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These measures include (i) Adjusted EBITDAX, (ii) Net Debt, (iii) PUD F&D cost (iv) leverage (v) unhedged recycle ratio and (vi) free cash flow. Please see "Antero Definitions" and "Antero Non-GAAP Measures" for the definition of each of these measures as well as certain additional information regarding these measures, including the most comparable financial measures calculated in accordance with GAAP.

Antero Resources Corporation is denoted as "AR" in the presentation and Antero Midstream Corporation is denoted

as "AM", which are their respective New York Stock Exchange ticker symbols.

2

Corporate Presentation

  • Natural Gas & NGL Macro
  • Detailed Asset Overview
  • Appendix

3

Antero Family at a Glance

50/50 JV

Exploration &

Gathering &

Natural Gas

C3+ NGL

Production

Compression

Processing

Fractionation

Water Delivery

& Blending

4

Antero Resources at a Glance

Denver, CO

Antero Resources Acreage Map

HEADQUARTERS

Antero Marcellus Rig

S&P 400

Industry Marcellus Rig

Industry Utica Rig

Antero Acreage

CONSTITUENT

SW Marcellus Core

5th Largest

Ohio Utica Core

U.S. GAS PRODUCER(1)

2nd Largest

U.S. NGL PRODUCER(1)

Own 40%

OF CORE LIQUIDS-RICH DRILLING

LOCATIONS IN APPALACHIA(2)

1,200

ADDITIONAL DRY GAS LOCATIONS

IN DRILLING INVENTORY(2)

~97% Hedged

Undrilled Locations(2)

Core Liquids-Rich Appalachian

ON NATURAL GAS THROUGH 2021

@ $2.83/MMBtu (3)

100% Hedged

)

AR

Peers

~40%

~60%

ON OIL AND PENTANES THROUGH

2020 @ $55.63/bBL (4)

Note: Hedge position as of 4/24/20. Rigs on map as of 4/24/20,) per Rig data.

3) Percentage hedged represents percent of expected natural gas production hedged based on

1) NGLs based on 2020E consensus as of 5/1/20. Natural gas based on 1Q20 reported production.

natural gas production guidance of 2.375 Bcf/d in 2020 and flat production in 2021.

5

2) AR drilling inventory as of 3/31/2020. Industry locations based on Antero analysis of undeveloped acreage in the

4) Percentage of oil and pentanes hedges represents percent of expected oil and pentane

core of the Marcellus and Ohio Utica Shales.

production based on 2020 guidance.

Antero Resources Snapshot

Lowered 2020 Capital Budget to $750 MM

  • D&C capital target of $750 million in 2020, a 35% decrease from initial 2020 guidance and a 41% decrease from 2019 spending
  • Maintaining 2020production growth guidance of 9%, while forecasting ~$175 million of free cash flow (1)

Targeting Asset Sales of $750 MM to $1 B through 2020

  • Asset monetization alternatives include lease acreage, minerals, VPP, producing properties, hedge restructuring or additional sales of AM shares to Antero Midstream
    • First $100 million asset sale executed (AM share sale to AM Dec. 2019)

Reduced Cost Structure

  • 26% well cost reduction to $715/lateral foot in 2020 through efficiency improvement, water initiatives and service cost deflation
  • Total of ~$600 million in capital and operating cost savings expected in 2020 relative to 2019 initial budget

Repurchased Bonds at a Steep Discount

  • Have bought back ~$608 million of 2020 and 2021 bonds at a ~20% discount eliminating ~$120 million of debt (2)
  • Borrowing base reset at $2.85 billion with $2.64 billion of lender commitments unchanged

D&C Capital Spending ($MM)

$1,600

$1,490

$1,400

$1,270

$1,200

$1,150

$1,000

$750

$800

$600

$400

$200

$0

2018A

2019A

2020

2020

Initial Budget

Revised

Budget

Marcellus Well Cost ($/Lateral Foot)

$1,200

$1,000

$970

$800

$810

$715

$600

$400

$200

$0

Jan-19

Initial

Revised

Budget

2020 AFE

2020 AFE

Note: See appendix for more information regarding certain underlying assumptions.

6

1)

Based on strip pricing as of 4/24/2020. See appendix for free cash flow definition.

2)

As of 3/31/2020.

Strategy Aligned with Industry Risks & Reality

Energy Industry Realities

Commodity Price Risk

Commodity

prices are

cyclical

Energy is a

capital

intensive business

  • AR is ~97% hedged on natural gas through 2021 at prices 31% above current strip pricing (1)
  • AR firm transport substantially reduces basis risk
  • Drive leverage lower & improve financial flexibility

Capital Intensity

  • Develop highest rate of return locations across asset portfolio while living within cash flow
  • Ongoing capital efficiency initiatives drive down capital and operating costs and improve capital efficiency

Planning & Execution

Long-term

Integrated upstream and midstream planning

planning &

process to generate synergies, maximize

execution

utilization and minimize operational downtime

are critical

Stress test commodity prices and evaluate

multiple development plan scenarios

Base compensation on plan execution and ESG

performance

7

1) Strip pricing as of 4/24/20. Percentage hedged represents percent of expected natural gas production hedged based on natural gas production guidance of 2.375 Bcf/d in 2020 and flat production in 2021.

Antero is a Leader in Sustainability and ESG Metrics

GHG Emissions

Water Management

  • Antero has zero flaring of produced gas, one of the lowest GHG intensity metrics in the industry (upstream independents and majors) and a very low methane leak loss rate:

Total Direct GHG Emissions and Intensity (CO2e)

Methane Leak Loss Rate

Thousand Metric Tons

Tons/MBOE

3.9

1%

506

2.7

0.28%

2.3

0.10%

0.06%

0.05%

428

423

OF

Upstream 2018 OF AR 2018 AR 2019

2017

2018

2019

Industry

Sector

Upstream

Target

Target

Sector

2025

Avg.

2019 Antero vs 2018 Industry GHG Emission Intensity(1)

*

40

35

e Tons/MBOE

30

25

20

15

2

CO

10

5

0

I J* K L*

M N* O P Q*

*

AR A B C AR D* E F* G H*

R

+

*

AM*

  • Fresh water pipeline network eliminated 570,000 water truck trips in 2019
  • AR recycles and reuses over 90% of flowback and produced water (~50,000 Bbl/d currently)

Safety

  • Lost Time Incident Rate in 2018 outperformed the industry benchmark by 75%
  • Total Recordable Incident Rate in 2018 outperformed the industry benchmark by 52%

Governance

  • Have established ESG Committee on AR and AM Boards for ESG oversight
  • Both AR and AM are C-corps and have a majority of independent directors
  • Management compensation is tied to free cash flow (AR), ROIC (AM) and safety and environmental performance

For more information, please visit:https://www.anteroresources.com/community-sustainability; OF stands for ONE Future

Source: Data retrieved from 2018 and 2019 sustainability reports or calculated from 2018 sustainability and public disclosures. Antero Resources' intensity is based on the total GHG emissions reported to the EPA under Subpart

W of the Greenhouse Gas Reporting Rule Program (GHGRP). Previous years have been updated as of 4/2020.

*Company's GHG intensity includes their midstream and/or downstream operations.

8

1) Comparisons for independents and majors who report include: BP, CHK, CNX, COP, CVX, DVN, ENI, EOG, EQNR, FANG, HES, MPC, NBL, RRC, RDS, SWN and XEC.

Corporate Presentation

  • Antero Resources Executive Overview
  • Detailed Asset Overview
  • Appendix

9

Natural Gas and NGL Macro Momentum

  • Natural gas and NGL prices should strengthen over the coming quarters as global demand remains resilient while supply declines materially (assuming current oil price strip)
    • For oil and the resulting transportation fuels, some of the demand destruction from the pandemic may be permanent while supply is abundant

U.S. Natural Gas

U.S. NGLs

Supply

Supply

Near-term potential 6 to 7 Bcf/d decrease due

U.S. NGL production is projected to decline by 125

to oil shut-ins

MBbl/d through 2022, driven by reduced drilling

Longer-term 5.5 Bcf/d reduction by YE 2020 and

activity in oil shale basins

8.5 Bcf/d aggregate reduction by YE 2021 due to

International NGL production "associated" with OPEC

decline in associated gas (Permian, Eagle Ford,

oil production decreasing due to OPEC+ supply cut

SCOOP/STACK)

Lower global refinery utilization results in a decline

Flat production from gas producers who will stick

in NGL supply as a byproduct of refining

to capital discipline

Demand

Demand

Near and medium-term 3 to 4 Bcf/d decline due to

Resilient domestic and international demand from

petrochem and residential/commercial sectors

pandemic

Rising living standards in developing countries,

2 to 3 Bcf/d reduction in LNG exports over summer

particularly in Asia, create an inelastic demand pull

of 2020 due to cargo cancellations

for LPG and NGL derivative products

Asian economies are beginning to recover from

Covid-19 pandemic and Chinese tariffs on LPG were

lifted in early 2020

Outlook for Natural Gas

Outlook for NGLs

Significant U.S. associated gas production decline

The impact of a decline in oil shale activity on

with limited medium-term demand destruction

"associated NGL" production is expected to be even

more pronounced than the impact on associated gas

production while global NGL demand remains stable

Increasing U.S. export capacity expected to tighten

Mont Belvieu pricing to international pricing

10

Sources: April EIA Short Term Energy Outlook and S&P Global Platts estimates. LPG is comprised of NGL components propane and butane.

Significant Reduction in Drilling Rigs

  • Since March 6th, the total U.S. rig count has declined by 441 rigs, or ~58%
    • NGL production "associated" with oil shale activity represents 66% of total U.S. NGL production and is expected to decline due to the recent collapse in oil prices and rig count

U.S. Oil & Gas Drilling Rig Count Since 3/6/2020

Current Dry

Current

Change Since 3/6/20

Gas Production

NGL Production

3/6/2020

5/15/2020

Rigs

%

Bcf/d (1)

MBbls/d (2)

Oil Focused

66% of U.S.

Permian

429

195

(234)

(55%)

10.9

25% of U.S.

1,835

Eagle Ford

79

23

(56)

(71%)

4.9

dry gas

679

NGL

Bakken

52

17

(35)

(67%)

1.5

production

502

production

SCOOP/STACK

41

11

(30)

(73%)

3.0

376

DJ Niobrara

28

7

(21)

(75%)

2.1

457

Total

629

253

(376)

(60%)

22.3

3,848

Natural Gas Focused

Marcellus

32

24

(8)

(25%)

25.4

807

Haynesville

41

32

(9)

(22%)

12.9

51% of U.S. dry

43

17% of U.S.

Utica

14

14

-

0%

6.2

121

gas production

NGL production

Total

87

70

(17)

(20%)

44.5

970

Other

50

2

(48)

(96%)

21.1

1,027

Total U.S.

766

325

(441)

(58%)

87.9

5,846

Rig reduction led by oil focused

areas with a 376 rig, or 60% reduction since March 6th

Source: Baker Hughes and S&P Global Platts.

1) Current dry gas production per Platts as of 5/18/2020. Other production represents Platts' "Other US Production" + offshore production.11

2) NGL production per Platts monthly average C2+ NGL estimate for April 2020 as of 5/6/2020. Assumes ~2.7 MMBbl/d of ethane, or 46% of total C2+ NGL forecast.

Significant Reduction in Completion Crews

Since March 6th, total oil and natural gas completion

crews have declined by 258, or 81%

U.S. Oil & Gas Drilling Completion Crew Count Since 3/6/2020

Change Since 3/6/20

Current Dry

Current

Completion

Gas Production

NGL Production

3/6/2020 5/15/2020

Crews

%

Bcf/d (1)

MBbls/d (2)

Oil Focused

Permian

125

28

(97)

(78%)

10.9

25% of U.S.

1,835

66% of U.S.

Eagle Ford

44

1

(43)

(98%)

4.9

679

dry gas

NGL

Bakken

31

1

(30)

(97%)

1.5

502

production

production

SCOOP/STACK

28

1

(27)

(96%)

3.0

376

DJ Niobrara

19

-

(19)

(100%)

2.1

457

Total

247

31

(216)

(87%)

22.3

3,848

Natural Gas Focused

Appalachia

26

24

(2)

(8%)

31.6

928

Haynesville

18

1

(17)

(94%)

12.9

51% of U.S. dry

43

17% of U.S.

Total

44

25

(19)

(43%)

44.5

gas production

970

NGL production

Other

26

3

(23)

(88%)

21.1

1,027

Total U.S.

317

59

(258)

(81%)

87.9

5,846

Completion crew reduction led by oil focused areas with a 216, or 87% crew reduction since March 6th

NGL production "associated" with oil shale activity represents 66% of total U.S. NGL production and is expected to decline due to the recent collapse in oil prices and rig count

Source: Primary Vision and S&P Global Platts. Appalachia completion crew count based on Antero internal estimate to address discrepancies in Primary Vision data for Appalachia.

1)

Current dry gas production represents Platts production as of 5/18/2020. Other production represents Platts' "Other US Production" + offshore production.

12

2)

NGL production represents Platts monthly average C2+ NGL estimate for April 2020. Estimate as of 5/6/2020. Assumes ~2.7 MMBbl/d of ethane, or 46% of total C2+ NGL forecast.

Material Impact to NGL Production in the U.S.

The oil price decline is expected to have an even more pronounced impact on NGL

supply where two-thirds of the supply comes from oil shale plays

U.S. NGL Production Forecast (MBbl/d)

LPG Export Capacity

7,000

Jan-20 Forecast

May-20 Forecast

2,500

Expected oil shale shut-ins

6,500

in mid-2020 incorporated

2,000

with latest forecast

6,000

1,500

1

MMBbl/d

5,500

Decrease

1,000

5,000

500

4,500

0

Note: Represents Platts Analytics data as of May 6, 2020.

Gulf Coast export capacity is now plentiful,

which should tighten Mont Belvieu LPG

pricing to international pricing

Gulf Coast Export Capacity

Gulf Coast Propane Exports

Gulf Coast Butane Exports

13

NGL Price Recovery Expected

Domestic and international LPG prices are improving on a relative basis to crude

oil, driven by inelastic global demand from petrochemicals and res/comm

Mont Belvieu C3+ NGL Prices & % of WTI (1)

FEI Propane Prices & % of Brent

($/Bbl)

% of WTI

MB C3+ NGL ($/Bbl)

($/Bbl)

% of Brent

FEI Propane ($/Bbl)

$35

Historical % of WTI Avg.

100%

$35

FEI Propane Price

82%

as % of Brent

90%

C3+ Price as

90%

$30

% of WTI

$30

73%

72%

80%

Historical

75%

64%

$25

5-year avg:

69%

$25

70%

~60%

$20

60%

$20

FEI Propane Price

48%

50%

$15

40%

$15

C3+ NGL Price

$10

30%

$10

20%

$5

10%

$5

$0

0%

$0

1Q20A

2Q20E

3Q20E

4Q20E

1Q20A

2Q20E

3Q20E

4Q20E

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Source: ICEdata Mont Belvieu strip pricing as of 5/15/2020

14

1) Based on Antero C3+ NGL component barrel consists of 56% C3 (propane), 10% isobutane (Ic4), 17% normal butane (Nc4) and 17% natural gasoline (C5+).

The Impact of the U.S. Shale Revolution

The Shale Revolution dramatically changed the NGL landscape, turning the U.S. into

a net exporterafter decades of importingNGL products

U.S. NGL Production (MBbl/d) (1)

U.S. NGL Exports / (Imports) (MBbl/d)

6,000

2,500

5,000

2,000

Driven primarily by oil

shale development

4,000

with high oil prices

1,500

MBbl/d

MBbl/d

3,000

1,000

Pentane

Net importerof NGLs

2,000

500

IsoButane

1,000

Butane

-

Propane

Ethane(1)

0

(500)

1984

1990

1996

2002

2008

2014

2020

1984

1990

1996

2002

2008

2014

2020

1)

Includes recovered ethane volumes and natural gasoline (C5).

15

Source: U.S. Energy Information Administration. 2020 represents year-to-date data through March 1, 2020. NGL exports/imports includes ethane, propane, normal butane, isobutane and natural gasoline.

LPG Exports

US exports surpassed the entire Middle East region combined in 2019

LPG Exports: US versus Middle East

MBbl/d

1400

1200

1000

800

600

400

200

0

US is the incremental

supplier for growing world

demand.

Supply from Middle East nations flat,

OPEC policies limit growth potential

US

Qatar

UAE

Saudi Arabia

Algeria

Kuwait

Iran

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Source: Platts.

16

Notes: Propane and Butane exports only based on cFlow ship tracking data. US Exports do not include exports via land to Canada and Mexico 2020 represents year-to-date data through March 1, 2020.

Future U.S. NGL Supply Challenged by Oil Price Decline

  • U.S. shale plays were previously forecast (December 2019) to grow C3+ NGL supply through 2022 by almost 500,000 Bbl/d
  • Now, with a $30 to $40/Bbl oil strip, U.S. C3+ NGL supply is expected to decline by 125,000 Bbl/d through 2022

Bakken Supply

Forecasted Growth 2019-2022 (MBbl/d)

Current

Estimate

1,500

12/31/19

1,000

12/31/19

BAKKEN/

Estimate

500

+31%

WILLISTON

12/31/19

0

+73 MBbl/d

Current

SCOOP/STACK

(6%)

2019

2022

+17%

(24) MBbl/d

1,500

Supply

+40 MBbl/d

1,000

Current

Rockies Supply

12/31/19

Current

500

(7%)

1,500

(31) MBbl/d

+17%

(25%)

0

NORTHEAST

1,000

+55 MBbl/d

(82)

12/31/19

2019

2022

Appalachian Supply

MBbl/d

Current

500

1,500

+1%

(40%)

ROCKIES

0

+3 MBbl/d

1,000

(88) MBbl/d

2022

2019

500

SCOOP/STACK

Permian Supply

1,500

1,000

500

0

2019 2022

12/31/19

+47%

+407 MBbl/d

Current

+20%

+177

MBbl/d

PERMIAN

Current

(34%)

12/31/19

(141) MBbl/d

(5%)

(20) MBbl/d

USGC & Eagle Ford

EAGLE FORD

1,500

Supply

1,000

500

0

2019 2022

0

2019 2022

Note: Bubbles reflect growth over the next three years (2018-2022). Supply includes field production , but excludes imports and refinery production.

Source: U.S. Energy Information Administration and S&P Global Platts, as of 12/31/2019 and 5/6/20, respectively.

Volumes have been adjusted by Antero to remove ethane.

17

Corporate Presentation

  • Antero Resources Executive Overview
  • Natural Gas & NGL Macro
  • Appendix

18

AR Business Strategy

Antero Resources Principles

Build Scale with

Natural Gas &

Liquids

Diversification

Maintain Strong

Mitigate

Commodity Price

Balance Sheet

Risk With

and Financial

Hedges and Firm

Flexibility

Transportation

Denotes management & employee compensation plan metrics

Priorities

1

Balance cash flow with

capital spending

2

Maintain liquidity & strengthen balance sheet with leverage target of mid 2-times

3

Develop highest rate of return locations across asset portfolio

4

Hedge commodities to protect cash flow and balance sheet

Note: Leverage is a non-GAAP financial measure. Please see the appendix for more information.

19

1 Balance Cash Flow & Capital - Cost Structure Reset

Drilling and completion efficiencies and midstream cost savings result in approximately

$600 million of savings in 2020 compared to AR's 2019 initial budget

Cost Savings Update

2020 Savings (1)

Well Cost Reduction Progress

  • $750 MM revised D&C capital budget for 2020, a ~$400 MM reduction from the initial budget and 41% below 2019, with no change to production guidance
  • D&C of $715/lateral foot, a 26% reduction from $970/ft at the beginning of 2019

Water Savings Driving LOE Lower

  • 1Q20 represented a 33% reduction from 2019
  • Expect to save $74 MM in 2020 as a result of increased blending operations combined with reduced trucking costs

GP&T and Net Marketing Expense Reduction

  • $80 MM of midstream fee reductions in 2020 with Antero Midstream and other third party midstream providers
  • Targeting $100 MM reduction in 2020 net marketing expense (1)

G&A Cost Reduction

  • 18% reduction by mid-2020 due to headcount reductions in 2019, natural employee attrition and a reduction across the board in expenses

Grand Total Cost Reset for 2020

=

Note: Cost reductions are based on 2020 guidance vs original 2019 guidance

  1. Based on midpoint 2020 guidance.

$320 MM

($970/ft - $715/ft) x 12,000' = $3.05 MM $3.05 MM per well x 105 wells = $320 MM

+

$74 MM

~50% reduction from 2019

+

$180 MM

+

$24 MM

~$600 MM

20

1 Balance Cash Flow & Capital - Momentum Leads to Lower Capital

Through drilling and completion efficiencies, midstream cost savings, service

cost deflation and deferral of completions Antero has been able

to reduce its D&C capex budget by 41% year-over-year

Antero D&C Capex ($MM)

$1,600

$1,490

$1,400

$1,270

$1,200

$1,150

$1,000

$1,000

$800

$750

Water

$600

& Treatment

D&C Capital

$400

$200

Well

163

131

125

125

105

Completions

$0

2018

2019

Original

Revised

Current

Actual

Actual

Budget

Budget

Budget

(Feb 2020)

(Mar 2020)

(Apr 2020)

21

1 Balance Cash Flow & Capital - Drilling & Completion Efficiencies

Antero continues to achieve material improvements to drilling and

completion efficiencies which reduces well costs

Average Drilled Lateral Feet per Well

Lateral Feet Drilled per Day

18,000

16,320

New

12,000

16,000

Company

10,000

14,000

Marcellus

11,693

Record

8,000

12,000

11,062

10,000

6,000

8,000

4,000

6,000

4,000

2,000

2,000

-

-

2014

2015

2016

2017

2018

2019

1Q

Record

2020

10,453

5,934

6,395

2014

2015

2016

2017

2018

2019

1Q

Record

2020

Days to Drill a Well - Spud to Spud

Completion Stages per Day

35.0

14.0

13.0

30.0

12.0

25.0

10.0

20.0

8.0

7.1

15.0

11.4

10.7

6.0

5.8

8.0

10.0

4.0

5.0

2.0

0.0

-

2014

2015

2016

2017

2018

2019

1Q

Record

2014

2015

2016

2017

2018

2019

1Q

Record

2020

2020

22

Note: Percentage increase and decrease arrows represent change in Marcellus data from 2014 through 2020 year to date through April 24th.

1 Balance Cash Flow & Capital - Marcellus Well Cost Reductions

  • Significant Reduction in Well Costs already "in-hand"
    • Reduced well costs by ~26% ($3.05 million per well)

Marcellus Well Cost per Lateral Foot (January 2019 AFE to Current 2020)

($MM)

$12.0

$11.5

$11.0

$10.5

$10.0

$9.5

$9.0

$8.5

$8.0

$7.5

$11.6

$970/ft

$1.59

$9.7

$810/ft

Cost reductions already achieved:

  • Service cost deflation
  • Sand sourcing logistics
  • Completion efficiencies
  • Drier completions (100% of wells)
  • Water blending by AM
  • Trucking savings
  • Enhanced drillout methodology

Assumes 12,000 foot lateral

Recent Cost Reductions:

Further drilling & completion

efficiencies

Expanded produced water

services via AM pipeline

system

$1.13

Further service cost deflation

$8.6

$715/ft

2019 Budget

2019 Achievements

Initial 2020 AFE

2020 Initiatives

Current 2020 AFE

(1/1/2019)

Achieved

23

1 Balance Cash Flow & Capital - LOE Reductions

  • Materially Reducing LOE
    • Targeting reduced LOE by 35% in 2020 (~$74 MM+)

Antero Lease Operating Expense Reductions (2020 Target)

($MM)

$225

$200

$42.0

$175

$32.0

$150

$125

$42 MM ($0.03/Mcfe)

reduction driven by

$32 MM ($0.03/Mcfe)

$100

$194.0

$6/Bbl savings related

reduction driven by

to wells already on sales

$6/Bbl savings related to

$75

$0.15/Mcfe

new wells in 2020

$120.0

$50

$0.09/Mcfe

$25

35% Reduction ($74 MM+)

$0

2020E

Existing Wells

New 2020 Completions

2020E LOE Target

LOE Pre-Water

Produced Water

Produced Water

Savings Initiatives

(after 90 days, 70% of total)

(after 90 days, 30% of total)

24

1 Balance Cash Flow & Capital - Lower Costs Drive Free Cash Flow Profile

Cost structure reset results in enhanced free cash flow profile. The 2020 capital plan will remain flexible, targeting $175 MM in free cash flow.

AR Free Cash Flow ($ MM)

$800

$600

$400

$200

$0

($200)

($400)

($600)

($800)

Targeting $175 MM in

Free Cash Flow in 2020

2017A

2018A

2019A

2020E

Note: Free cash flow is a non-GAAP financial measure. Please see the appendix for more information. Based on strip pricing as of 4/24/2020.

25

2 Strengthen Balance Sheet - 2020 Asset Sale Program

AR has multiple assets that can be monetized in 2020 to reduce debt, including producing properties, undeveloped leasehold, overriding royalty, minerals, hedges and midstream ownership

Asset Monetization Opportunity Set

Targeting $650 MM to $900 MM

E&P Assets

Financial / Midstream Assets

Land / PDP

Minerals

Hedge Portfolio

536,000 net acres

~5,000 net mineral

~1.8 Tcfe of natural

in Appalachia (1)

acres

gas hedges with a

84% NRI

High NRI enables

current hedge value

of ~$825 MM (2)

• 19 Tcfe of Proved

carveout of

• 8.3 MMBbls of crude

overriding royalty

Reserves

interest (ORRI)

oil hedges with a

• 3.4 Bcfe/d of net

Highest realized

current value of

production (1Q20)

~$240 MM (2)

VPPs

prices in Appalachia

14.8 MMBbls of

due to FT and

liquids

propane & pentane

hedges with a current

value of ~$30 MM (2)

AM Ownership

  • Current market value of $580 MM (3)
  • Divested $100 MM in December 2019
  • AM had ~$150 MM remaining under its share repurchase program as of 3/31/20
  1. As of 3/31/2020.

2)

Based on hedge position and strip pricing as of 3/31/2020.

26

3)

Based on AM share price of $4.18/share as of 5/8/2020.

2 Strengthen Balance Sheet - Liquidity & Leverage

Antero Resources plans to have substantial capacity to address its November 2021 and December 2022 bond maturities through asset sales and cost and activity reductions

AR 2020 Liquidity Outlook ($MM)

$2,500

$2,000

$1,500

$1,000

$500

$0

Repurchased $608 MM of

$2,088

principal through 1Q 2020

Borrowing Base

at a 20% discount

affirmed at $2.85 Bn

(in excess of

$2.64 Bn of lender

$900

commitments)

$1,491

Par Value

$1,028

$160

$1,224

Market

Value (2)

3/31/2020 Liquidity

2Q20E - 4Q20E

2020E Asset

YE 2020E

2021 + 2022

Free Cash Flow

Sales Target

Liquidity (1)

Senior Notes

Note: Liquidity represents borrowing availability under AR's credit facility based on $2.64 Bn of lender commitments, $730 million of letters of credit and $882 million of borrowings as of 03/31/2020. Free Cash Flow is a non-GAAPterm. See appendix for more information, including certain material assumptions in projecting Free Cash Flow.

1)

Forecasted year-end 2020 liquidity assumes no change in bank credit facility.

27

2)

Market value based on bond pricing as of 5/8/2020 of $90 for the senior notes due in 2021 and $74.50 for the senior notes due in 2022.

3 Develop Highest ROR Locations - Large Delineated Drilling Inventory

AR Resource Overview

Large Drilling Inventory

  • Diverse set of locations
  • AR holds ~1,400 liquids-rich locations, or 40% of the core undrilled liquids-rich locations in Appalachia
  • ~1,200 dry gas locations

Contiguous Acreage Position

Delivers Efficient Development

  • Long-lateralsaverage 12,100' in Marcellus rich-gas drilling inventory
  • Efficient gathering, compression and processing utilization, and water re-use opportunities generates synergies and capital savings

High Working and Net Revenue Interest

  • 925 horizontal Marcellus producing wells are 100% operated and have 99% average working interest
  • AR has 84% average NRI in the Marcellus

AR Marcellus Asset Map

Smithburg Sherwood

Antero Drilling Rig

Antero Producing Well

Antero Completion Crew

Antero Undrilled Location

AR drilling rig and completion crew as of 5/1/2020.

28

3 Develop Highest ROR Locations - Premium NGL Price Realizations

Diversified exposure to both international and domestic markets results in

Antero realizing a premium to Mont Belvieu on its C3+ NGL pricing

Domestic Markets

International Markets

31

of 2019

Antero 2020 C3+ NGL Pricing Outlook (1)

Domestic

International

Combined

Sales Point

Hopedale

Marcus Hook

Blended

% of AR C3+ Volume

50%

50%

100%

Expected Premium / (Discount)

$0.00 - $0.05

to Mont Belvieu ($/Gal)

1) Based on Antero C3+ NGL component barrel consisting of 56% C3 (propane), 10% isobutane (Ic4), 17% normal butane (Nc4) and 17% natural gasoline (C5+).

29

3 Develop Highest ROR Locations - Premium NGL Price Realizations

Producer Disadvantaged:

E&Ps in Permian, Rockies, Mid-Con & Bakken

Producer Advantaged & Unconstrained:

Antero Resources in Appalachia

AR is the largest C3+ producer

with the most international

exposure in Appalachia

Mariner East

Anchor shipper on ME2

FROM ROCKIES

Conway

Mont

Belvieu

Who Captures the Arb at Marcus Hook?

Answer: AR and other Appalachian E&P's

  • Direct sales to most attractive international (ARA & FEI) & domestic markets
  • Fixed terminal rates
  • Local fractionation & marketing to sell purity products in-basin for local demand

Results in "Mont Belvieu plus" pricing netbacks captured "at the dock" by AR

Who Captures the Arb at the Gulf Coast?

Answer: Midstream & LPG off-takers (not E&P's)

  • No direct E&P access to international markets (i.e. producers only receive Mont Belvieu linked pricing)
  • No local fractionation to sell marketable purity products in-basin

Results in "Mont Belvieu Minus" pricing

"before the dock"

30

4 Hedge Commodities - Natural Gas Price Exposure Mitigated Through 2021

AR continued its consistent hedging program during 1Q20, adding 688 MMBtu/d to its 2022 hedge position (previously unhedged) at a price of $2.48/MMBtu

Antero Natural Gas Hedge Profile

(BBtu/d)

Antero Swap Volumes

NYMEX Strip Price

Antero NYMEX Swap Price (1) ($/MMBtu)

3,000

$3.50

2,228

2,400

2,500

$3.00

$2.87

$2.80

$2.70

$2.50

$2.44

$2.50

2,000

$2.48

$2.19

$2.38

$2.00

1,500

~94%

~100%

$1.50

1,000

Hedged

688

$1.00

Hedged

500

Swap at

Swap at

Swap at

$0.50

150

-

$2.87/MMBtu

$2.80/MMBtu

$2.48/MMBtu

$0.00

2020

2021

2022

2023

~$825 MM Forecasted Hedge Value (1)

Note: Percentage hedged represents percent of expected natural gas production hedged based on natural gas production guidance of 2.375 Bcf/d in 2020 and flat production in 2021.

31

1)

Strip pricing and hedge position as of 3/31/2020 (only for natural gas hedges - excludes liquids).

4 Hedge Commodities - Significant Oil Hedge Position

AR has hedged ~100% of expected oil and "oil-equivalent" pentane production in 2020 at $55.63/Bbl and 10% of oil and oil equivalent production in 2021 at $55.16/Bbl

Antero Oil and Pentane (C5) Hedge Profile

Oil Production

Oil Equivalent Production

WTI Strip Price(1)

AR WTI Swap Price(1)

(Bbl/d)

Antero has hedged pentanes as a percent of WTI and then hedged the corresponding WTI

price, effectively converting its pentane production into "oil-equivalent" production

~100%

28,340

30,000

Hedged

25,000

26,000

$55.63

26,000

$55.16

Pentane

Pentane

20,000

Volumes x

Volumes x

~80% = Oil

WTI Swap at

~80% = Oil

Equivalent

$55.63/Bbl

Equivalent

$34.90

15,000

Production

Oil

Production

16,000

$26.50

17,440

10,000

~10%

Hedged

5,000

WTI Swap at

Oil

Oil

$55.16/Bbl

10,900

3,000

-

10,000

Production

Hedges

Production

Hedges

Guidance

Guidance

2020

2021

~$240 MM Forecasted Hedge Value (1)

Note: Percentage hedged represents percent of expected oil production hedged based on 2020 production guidance and flat in 2021.

  1. Based on hedge position and strip pricing as of 3/31/2020.

$70.00

$60.00

$50.00

$40.00

$30.00

$20.00

$10.00

$0.00

32

2020 Credit Enhancement Momentum

Reduced capital budget and operating cost structure improves free cash flow profile

while targeted asset sales, hedge position and scale support debt profile

2019A

2020E

Potential Credit

Enhancement

D&C Capex Budget (1)

$1.275 B

$750 B

($0.525) B

F&D Costs ($/Mcfe)(2)

$0.44

$0.30

($0.14)

Cost Structure ($/Mcfe)

$2.48

$2.30

($0.18)

Free Cash Flow ($MM)

($310)

$175

$485

Asset Sales (YE)

$100 MM

$650 MM (3)

$550 MM

Total Debt (YE)

$3.8 B

$3.0 B (3)

($0.8) B

Leverage (YE)

3.0x

3.0x (3)

Neutral

Gas Hedge Position

75% @ $2.50

94% @ $2.87

19% / $0.37

Net Production (1)

3.2 Bcfe/d

3.5 Bcfe/d

0.3 Bcfe/d

Liquids (1)

161 MBbl/d

188 MBbl/d

27 MBbl/d

PDP Reserves (YE) (2)

10.4 Tcfe

11.7 Tcfe

1.3 Tcfe

(1) Represents 2019 actuals and 2020 guidance.

(2) PUD F&D cost and PDP reserve data as of 12/31/2018 and 12/31/2019, respectively. 12/31/2019 reserves back out 18% based on reduction of well cost AFE from $868/ft. at YE 2019 to current $715/ft.

33

(3) Total debt and leverage as of 12/31/2019. 2020E debt and leverage assumes low end of asset sale target of $650 MM and includes 2020E targets Free Cash Flow of $175 MM. See appendix for more

information on Free Cash Flow.

Antero Long-Term Strategy

Producer resiliency is a key attribute for a sustainable development plan:

Cost

Reduction

Initiatives

Asset Sale Initiatives

World Class Hedge Book

Free Cash

Flow

Robust

Liquidity

AR has targeted ~$600 MM in reductions to

2020 capital and operating expenses

Substantial asset monetization optionality including land,

minerals, hedge portfolio and AM ownership

~94% and ~100% of projected natural gas production hedged in 2020 and 2021 at $2.87 and $2.80/MMBtu, respectively (1)

2020 D&C capital budget of $750 MM with $175 MM

in projected Free Cash Flow (2)

Ample liquidity of $1.0 B (3) to address the 2021s and,

including asset sales, to address 2022s

The AR business model delivers multiple ways to "Win"

  1. Percentage hedged represents percent of expected natural gas production hedged based on natural gas production guidance of 2.375 Bcf/d in 2020 and flat in 2021.

(2)

Based on strip pricing as of 4/24/2020. See appendix for Free Cash Flow definition.

34

(3)

Liquidity represents borrowing availability under AR's credit facility based on $2.64 Bn of credit commitments, $730 million of letters of credit and $882 million of borrowings as of 3/31/20.

Corporate Presentation

  • Antero Resources Executive Overview
  • Natural Gas & NGL Macro
  • Detailed Asset Overview

35

2020 Capital Plan and Guidance

Represents Revised Guidance

2020 Guidance Ranges

Net Production (Bcfe/d)

3.5

Net Natural Gas Production (Bcf/d)

2.375

Net Liquids Production (Bbl/d)

187,500

Natural Gas Realized Price Expected Premium to NYMEX

$0.00 to $0.10

($/Mcf)

C3+ NGL Realized Price - Expected Premium to Mont

$0.00 - $0.05

Belvieu($/Gal) (1)

Oil Realized Price Expected Differential to NYMEX ($/Bbl)

($10) - ($12)

Cash Production Expense ($/Mcfe) (2)

$2.07 - $2.13

Net Marketing Expense ($/Mcfe)

$0.10 - $0.12

G&A Expense ($/Mcfe)

$0.08 - $0.10

(before equity-based compensation)

D&C Capital Expenditures ($MM)

$750

Land Capital Expenditures ($MM)

$45

Average Operated Rigs, Average Completion Crews

Rigs: 1 | Completion Crews: 1

Operated Wells Completed

Wells Completed: 105

Operated Wells Drilled

Wells Drilled: 95 - 100

Average Lateral Lengths, Completed

Completed: 11,400

Average Lateral Lengths, Drilled

Drilled: 12,850

1)

Based on Antero C3+ NGL component barrel, which consists of 56% C3 (propane), 10% isobutane (Ic4), 17% normal butane (Nc4) and 17% natural gasoline (C5+).

36

2)

Includes lease operating expenses, gathering, compression, processing and transportation expenses ("GP&T") and production and ad valorem taxes.

Antero Non-GAAP Measures

Adjusted EBITDAX: Adjusted EBITDAX as defined by the Company represents income or loss, including noncontrolling interests, before interest expense, interest income, gains or losses from commodity derivatives and marketing derivatives, but including net cash receipts or payments on derivative instruments included in derivative gains or losses other than proceeds from derivative monetizations, income taxes, impairment, depletion, depreciation, amortization, and accretion, exploration expense, equity-based compensation, contract termination and rig stacking costs, simplification transaction fees, and gain or loss on sale of assets. Adjusted EBITDAX also includes distributions received with respect to limited partner interests in Antero Midstream Partners common units prior to the closing of the simplification transaction on March 12, 2019.

The GAAP financial measure nearest to Adjusted EBITDAX is net income or loss including noncontrolling interest that will be reported in Antero's condensed consolidated financial statements. While there are limitations associated with the use of Adjusted EBITDAX described below, management believes that this measure is useful to an investor in evaluating the Company's financial performance because it:

  • is widely used by investors in the oil and natural gas industry to measure operating performance without regard to items excluded from the calculation of such term, which may vary substantially from company to company depending upon accounting methods and the book value of assets, capital structure, and the method by which assets were acquired, among other factors;
  • helps investors to more meaningfully evaluate and compare the results of Antero's operations from period to period by removing the effect of its capital and legal structure from its consolidated operating structure; and
  • is used by management for various purposes, including as a measure of Antero's operating performance, in presentations to the Company's board of directors, and as a basis for strategic planning and forecasting. Adjusted EBITDAX is also used by the board of directors as a performance measure in determining executive compensation.

There are significant limitations to using Adjusted EBITDAX as a measure of performance, including the inability to analyze the effects of certain recurring and non-recurring items that materially affect the Company's net income or loss, the lack of comparability of results of operations of different companies, and the different methods of calculating Adjusted EBITDAX reported by different companies. In addition, Adjusted EBITDAX provides no information regarding a company's capital structure, borrowings, interest costs, capital expenditures, and working capital movement or tax position.

The Company has not provided projected net income or a reconciliation of projected Adjusted EBITDAX to projected net income, the most comparable financial measure calculated in accordance with GAAP, because the Company does not provide guidance with respect to income tax expense, depletion and depreciation expense or the revenue impact of changes in the projected fair value of derivative instruments prior to settlement. Therefore, projected net income and a reconciliation of projected adjusted EBITDA to projected net income, are not available without unreasonable effort.

Net Debt: Net Debt is calculated as total debt less cash and cash equivalents. Management uses Net Debt to evaluate its financial position, including its ability to service its debt obligations.

Leverage: Leverage is calculated as LTM Adjusted EBITDAX divided by net debt.

Proved Undeveloped (PUD) F&D Cost: Proved undeveloped F&D costs is a non-GAAP metric commonly used in the exploration and production industry by companies, investors and analysts in order to measure a company's ability of adding and developing reserves at a reasonable cost. PUD F&D costs is a statistical indicator that has limitations, including its predictive and comparative value. This reserve metric may not be comparable to similarly titled measurements used by other companies. There are no directly comparable financial measures presented in accordance with GAAP for PUD F&D costs, and therefore a reconciliation to GAAP is not practicable.

The calculation for PUD F&D cost is based on future development costs required for the development of proved undeveloped reserves, divided by total

proved undeveloped reserves.

37

Antero Non-GAAP Measures

Free Cash Flow:

Free Cash Flow is a measure of financial performance not calculated under GAAP and should not be considered in isolation or as a substitute for cash flow from operating, investing, or financing activities, as an indicator of cash flow, or as a measure of liquidity. The Company defines Free Cash Flow as Cash Flow from Operations, less drilling and completion capital and leasehold capital and earnout payments.

The Company has not provided projected Cash Flow from Operations or reconciliations of Free Cash Flow to projected Cash Flow from Operations, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project Cash Flow from Operations for any future period because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. The Company is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts. However, the Company is able to forecast 2020 drilling and completion capital of $750 million and leasehold capital of $45 million. Targeted 2020 Free Cash Flow also includes the $125 million earnout payment received from Antero Midstream in January 2020 associated with the water drop down transaction that occurred in 2015. Targeted 2020 Free Cash Flow is based on current strip pricing and assumes that dividends from Antero Midstream remain flat for the year for aggregate annual dividends from Antero Midstream of $171 million in 2020. Today, Antero Midstream announced that in light of the uncertain market conditions impacting the energy industry, Antero Midstream will continue to evaluate its capital budget as well as the appropriate amount of capital that is returned to shareholders through dividends and share repurchases in order to maintain its financial profile.

Free Cash Flow is a useful indicator of the Company's ability to internally fund its activities and to service or incur additional debt. There are significant

limitations to using Free Cash Flow as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect the Company's net income, the lack of comparability of results of operations of different companies and the different methods of calculating Free Cash Flow reported by different companies. Free Cash Flow does not represent funds available for discretionary use because those funds may be required for debt service, land acquisitions and lease renewals, other capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations.

38

Antero Resources Net Debt & LTM EBITDAX Reconciliation

December 31,

March 31,

2019

2020

AR bank credit facility

$

552,000

$

882,000

5.375% AR senior notes due 2021

952,500

730,283

5.125% AR senior notes due 2022

923,041

761,337

5.625% AR senior notes due 2023

750,000

750,000

5.000% AR senior notes due 2025

600,000

600,000

Net unamortized premium

791

600

Net unamortized debt issuance costs

(19,464)

(16,433)

Total debt

$

3,758,868

3,707,787

Less: AR cash and cash equivalents

-

-

Net debt

$

3,758,868

3,707,787

Twelve months

ended

(in thousands)

March 31, 2020

Reconciliation of net loss to Adjusted EBITDAX:

Net loss and comprehensive loss attributable to Antero Resources Corporation

$

(1,657,702)

Depletion, depreciation, amortization, and accretion

878,233

Impairment of oil and gas properties

1,308,420

Impairment of midstream assets

7,800

Commodity derivative fair gains

(1,107,173)

Gains on settled commodity derivatives

438,924

Equity-based compensation expense

17,985

Provision for income tax benefit

(472,805)

Gain on early extinguishment of debt

(116,980)

Equity in loss of unconsolidated affiliates

285,352

Impairment of equity investment

1,078,222

Distributions/dividends from unconsolidated affiliates

188,107

Loss on sale of equity investments

108,745

Water earnout

(125,000)

Gain on sale of assets

920

Interest expense, net

209,263

Exploration expense

968

Contract termination and rig stacking

5,666

Adjusted EBITDAX

$

1,048,945

39

Antero Resources 2019 LTM EBITDAX Reconciliation

Twelve months ended

(in thousands)

December 31, 2019

Net loss and comprehensive loss attributable to Antero Resources Corporation

$

(340,129)

Net income and comprehensive income attributable to noncontrolling interests

46,993

Commodity derivative fair value gains

(463,972)

Losses on settled commodity derivatives

325,090

Loss on sale of assets

951

Gain on deconsolidation of Antero Midstream

(1,406,042)

Interest expense, net

228,111

Gain on early extinguishment of debt

(36,419)

Provision for income tax benefit

(74,110)

Depletion, depreciation, amortization, and accretion

918,629

Impairment of oil and gas properties

1,300,444

Impairment of midstream assets

14,782

Impairment of equity investments

467,590

Exploration expense

884

Equity-based compensation expense

23,559

Equity in loss of unconsolidated affiliate - AMC

143,216

Distributions from unconsolidated affiliates

157,956

Contract termination and rig stacking

14,026

Loss on sale of equity investment shares

108,745

Water earnout

(125,000)

Simplification transaction fees

15,482

Antero Midstream Related Adjustments

Net income and comprehensive income attributable to noncontrolling interests

(46,993)

Antero Midstream interest expense, net

(16,815)

Antero Midstream loss on extinguishment of debt

(21,770)

Antero Midstream depreciation, accretion of ARO and accretion of contingent consideration

(6,982)

Antero Midstream impairment

(2,477)

Antero Midstream equity-based compensation expense

12,264

Antero Midstream gain on sale

(61,319)

Antero Midstream equity in earnings of unconsolidated affiliates

(15,021)

Antero Midstream distributions from unconsolidated affiliates

95,183

Equity in earnings of Antero Midstream

-

Distributions from Antero Midstream

-

Antero Midstream simplification transaction fees

(9,185)

Adjusted EBITDAX

$

1,247,671

40

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Antero Resources Corporation published this content on 19 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 May 2020 10:51:10 UTC