Antero Midstream Partners Investor Presentation Deck

Resilient and Flexible Development Plan Antero's flexible development program through 2023 will be responsive to commodity prices to grow production and maximize free cash flow Lower Prices: $50 Oil / $2.85 Gas • • 10% Production CAGR (2019-2023) . <2x Stand-alone leverage by 2022 Free Cash Flow neutrality 100% hedged on 2019 and 55-60% hedged on 2020 production guidance and outlook Lower Prices Maintain balance sheet strength Antero Resources Higher Prices: $65 Oil / $3.15 Gas 15% Production CAGR (2019-2023) <1x Stand-alone leverage by 2021 $2.5 - $3.0 Bn of Free Cash Flow Appropriate mix of return of capital and balance sheet deleveraging Likely outcome is somewhere in between Higher Prices Disciplined growth with expanding margins 18

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