Antero Resources : Presentation December 2022

INVESTOR PRESENTATION

DECEMBER 2022

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 AR 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, 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, future financial position, future technical improvements, future marketing and asset monetization opportunities, the amount and timing of any contingent payments, the participation level of our drilling partner and the financial and operational results to be achieved as a result of the drilling partnership, estimated Free Cash Flow and the key assumptions underlying its projection and AR's environmental goals 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 the 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, availability of drilling, completion and production equipment and services, environmental risks, drilling and completion and other operating risks, marketing and transportation 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, conflicts of interest among our stockholders, impacts of geopolitical events and world health events, including the COVID-19 pandemic, cybersecurity risks, our ability to achieve our greenhouse gas reduction targets and costs associated therewith, the state of markets for and availability of verified carbon offsets 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, 2021. Any forward-looking statement speaks only as of the date on which such statement is made and AR 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.

This presentation also includes AR non-GAAP measures which are financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). Please see "Antero Non-GAAP Measures" for definitions of these measures as well as certain additional information regarding these measures.

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.

Antero Resources (NYSE: AR)

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Antero Resources: The "Unconstrained" E&P Company

Scale & Inventory

20+ Years of Premium Inventory

Integrated Midstream

Development Reliability & Visibility

Firm Transport to LNG Fairway & Product Diversity

Premier Pricing via Gas Sold to LNG Markets & Liquids Uplift

Low Absolute Debt and Leverage

Flexibility Allows for Greater Commodity Price Exposure

Capital Efficiency and Free Cash Flow Conversion

Repeatable Free Cash Flow Drives Superior Return of Capital & Returns

Photo of Cheat Canyon, WV. Conservation efforts supported by Antero Resources.

Antero Resources (NYSE: AR)

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Largest Low Cost Inventory in Appalachia

Antero Scale & Inventory Summary

Scale

• 5th Largest U.S. Natural Gas Producer
• 2nd Largest U.S. NGL Producer

Inventory (Antero Estimates)

Premium Core Marcellus Inventory

• ~1,542 Undeveloped Locations
• • ~925 Undeveloped Liquids Locations

Premium Core Utica Inventory

• ~176 Undeveloped Locations

1,718 Total Premium Core Locations ~75 wells drilled per year

• 20+ Years of Premium Core Drilling Inventory(1)

Sub-$2.00/Mcf Breakeven Locations

3rd Party Estimates

1,000
750
500
250
-
RRC	EQT +	SWN	CHK	CNX
	Tug Hill

Source: Enverus Intelligence.

10+ Yearsof Sub-$2.00/Mcf

Breakeven Locations(2)

Antero Resources (NYSE: AR)	1)	AR internal drilling inventory as of 12/31/21. Industry location count based on Antero technical analysis of undeveloped acreage in the core of the Marcellus and Ohio Utica Shales.	4
	2)	Assumes ~75 wells per year drilling program.

Integrated Midstream Value Chain = Reliability

Full Midstream Integration Provides Operational Reliability & Visibility

Antero Midstream Asset Map

Antero Resources owns 29% of

Antero Midstream
Bolt-On Acquisition
(NYSE: AM)

Antero Resources (NYSE: AR)

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