Antero Midstream Partners Investor Presentation Deck

Antero Hedge Position Realized $357 MM in proceeds from hedge restructuring while remaining 100% hedged on gas in 2019 and 55%-60% hedged in 2020 at ~$3.00/MMBtu Antero Hedge Profile (MMcf/d) 2,500 2,000 1,500 1,000 500 0r 2,330 $3.48 $3.38 Ceiling $2.93 $2.50 Floor 1,149 2019 1) Based on 01/31/2018 strip pricing. NYMEX Collar Volume NYMEX Swap Price $3.00 $2.72 1,418 1,418 2020 ---- ANTERO RESOURCES | FEBRUARY 2019 PRESENTATION $3.00 $2.61 710 710 2021 NYMEX Swap Volume -- NYMEX Strip Price $3.00 $2.63 850 850 2022 $2.91 $2.71 90 90 2023 Antero ANASA ($/MMBtu) $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 9

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