Antero Midstream Partners Investor Presentation Deck

The Size and Scale to Capitalize on the Resource Antero Resources Profile Market Cap........ Enterprise Value(¹)........ Corporate Debt Ratings......... Stand-alone Leverage(2) 2019 Net Production Guidance Liquids......... Proved Reserves... C2+ NGLs (3). Condensate......... $2.9B $6.7B Ba2/ BB+ / BBB- 2.2x 3.15 3.25 Bcfe/d 154 -164 MBbl/d 18.0 Tcfe 1,052 MMBbls 46 MMBbls Net Acres.... 612,000 Core Drilling Locations........... 3,013 AR Midstream Ownership (53%) $2.5B Antero Acreage SW Marcellus Core Ohio Utica Core Ohio West Virginia AR LISTED NYSE Note: Equity market data as of 02/12/19. Reserves as of 12/31/2018 Enterprise value excludes AM net debt. See 2019 Guidance page for production guidance details. (1) Includes ownership of $2.4 billion of Antero Midstream units. Stand-alone leverage is Stand-alone debt divided by LTM Stand-alone Adjusted EBITDAX and represents 12/31/18. See appendix for details. (3) C2+ proved reserves contain 498 MMBbis of C3+ NGLS and 554 MMBbis of ethane. Assumes approximately 415 MMBbs of additional ethane are left in the natural gas stream. ANTERO RESOURCES | FEBRUARY 2019 PRESENTATION Pennsylvania Pittsburgh Antero PRINGS 4

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