Antero Midstream Partners Investor Presentation Deck

Antero Resources Stand-alone Adjusted EBITDAX Reconciliation Stand-alone LTM Adjusted EBITDAX Reconciliation (in thousands) Net (loss) and comprehensive (loss) attributable to Antero Resources Corporation Commodity derivative fair value (gains) losses Gains on settled commodity derivatives Marketing derivative fair value gains Gains on settled marketing derivatives Interest expense Income tax benefit Depletion, depreciation, amortization, and accretion Impairment of unproved properties Impairment of gathering systems and facilities Exploration expense Gain on change in fair value of contingent acquisition consideration Equity-based compensation expense Equity in (earnings) loss of Antero Midstream Partners LP Distributions from Antero Midstream Partners LP Adjusted EBITDAX APPENDIX | DISCLOSURES & RECONCILIATIONS Stand-alone Twelve months ended December 31, 2018 (397,517) 87,594 243,112 (94,081) 72,687 224,977 (128,857) 845,136 549,437 4,470 4,958 93,019 49,341 3,664 159,181 1,717,121 Antero 33

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