Antero Midstream Partners Investor Presentation Deck

Antero Resources D&C Capital Through negotiating contracts and self sourcing sand, Antero was able to mitigate a majority of inflationary pressures on D&C capital for 2019 Antero Resources Stand-alone Marcellus Well Cost ($MM/1,000' assuming 12,000' Lateral) $1.10 $1.05 $1.00 $0.95 $0.90 $0.85 $0.80 $0.95 2018 Stand-alone Marcellus Well Cost Drilling, water hauling, and production facility inflation $0.06 Inflationary Costs Note: Assumes 2,000 pound per foot completion. Re- negotiated completion contracts and self sand sourcing $0.03 New Sand/ Completion Countracts Improved completion efficiencies $0.01 Increased Stages per Day $0.97 2019 Budgeted Stand-alone Marcellus Well Cost 100% of sand self sourced $0.01 Increased Sand Self Sourcing Lower water truck staging times and improved operations at Clearwater $0.02 Optimized Water Logistics $0.01 Further Increased Stages per Day $0.93 2019 Target Stand-alone Marcellus Well Cost 42

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