Howard Weil 42 nd Annual Energy Conference March 24, 2014 - PowerPoint PPT Presentation

Howard Weil 42 nd Annual Energy Conference March 24, 2014

FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that Antero Resources Corporation and its subsidiaries (collectively, the “Company” or “Antero”) expects, believes or anticipates will or may occur in the future are forward-looking statements. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “project,” “foresee,” “should,” “would,” “could,” or other similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Without limiting the generality of the foregoing, forward- looking statements contained in this presentation specifically include estimates of the Company’s reserves, expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including as to the Company’s drilling program, production, hedging activities, capital expenditure levels and other guidance included in this presentation. These statements are based on certain assumptions made by the Company based on management’s experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or referenced under the heading “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2013 and in the Company’s subsequent filings with the SEC. The Company cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the exploration for and development, production, gathering and sale of natural gas and oil. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, and the other risks described under the heading “Risk Factors” in the Registration Statement and in the Company’s subsequent filings with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. 1

WORLD CLASS POSITION IN THE CORE OF THE MARCELLUS AND UTICA LIQUIDS-RICH FAIRWAYS ANTERO LIQUIDS-RICH UTICA SHALE Marcellus Utica Shale 107,000 Net Acres Shale Liquids-Rich 18 Horizontals Completed Southwestern Fairway 5 Rigs Currently Running & Northeastern Core Areas Utica Shale Marcellus Shale Core Area ANTERO MARCELLUS SHALE SW PA Liquids-Rich Fairway 25,000 Net Acres 2 Horizontals Completed Strong Results ANTERO MARCELLUS SHALE NW WV 327,000 Net Acres (Primarily Liquids-Rich Fairway) 234 Horizontals Completed 15 Rigs Currently Running Upper Devonian Shale Resource Utica Shale Overlies Dry Gas Marcellus Resource Acreage Underlies Marcellus Acreage 2 Source: Company presentations and press releases.

STRONG TRACK RECORD OF GROWTH NET PROVED SEC RESERVES (Bcfe) (2) AVERAGE NET DAILY PRODUCTION (MMcfe/d) Woodford Piceance Marcellus Utica (3) Woodford Piceance Marcellus Utica 950 1,000 9,000 7,632 8,000 800 Sold Woodford 7,000 Sold Woodford and Piceance and Piceance 6,000 600 522 5,017 5,000 4,283 4,000 400 3,231 334 3,000 244 200 2,000 133 680 1,141 105 87 31 1,000 6 235 87 0 0 (4) 2006 2007 2008 2009 2010 2011 2012 2013 2014E (5) (5) 2006 2007 2008 2009 2010 2011 2012 2013 OPERATED GROSS WELLS SPUD EBITDAX ($MM) Woodford Piceance Marcellus Utica Discontinued Operations Continuing Operations 200 193 $1,400 $1,272 175 162 $1,200 150 $1,000 126 119 125 $800 96 91 Financial $649 100 85 Crisis $600 75 66 $341 $434 $400 50 $209 $201 $198 18 $200 25 $60 $0 $0 0 (4) (6) 2006 2007 2008 2009 2010 2011 2012 2013 2014E 2006 2007 2008 2009 2010 2011 2012 2013 2014E 1. CAGR = Compound Annual Growth Rate. 2. Proved reserves for 2006, 2007, and 2008 represent previously effective SEC methodology. 2009, 2010, 2011, 2012 and 2013 proved reserves based on current SEC reserve methodology and SEC pricing and are audited by independent third-party engineers. 3. Includes Upper Devonian Shale proved reserves (10 Bcfe in 2012 and 44 Bcfe in 2013). 3 4. Per Company press release dated January 29, 2014; production mid-point of 925-975 MMcfe/d guidance. 5. 2012 and 2013 proved reserves are both in ethane rejection mode. 6. Per First Call estimate as at 3/20/2014.

PREMIER UNCONVENTIONAL RESOURCE PLATFORM TOTAL – 12/31/13 RESERVES (1) MARCELLUS SHALE “Pure-Play” Appalachian-Focused Shale Company A Assumes Ethane Rejection Net Proved Reserves (1) 7.2 Tcfe • 100% operated Net Proved Reserves (1) 7.6 Tcfe Net 3P Reserves (1) 25.0 Tcfe • Stable acreage base Pre-Tax 3P PV-10 (1) $15,729 MM Net 3P Reserves (1) 35.0 Tcfe − Marcellus Shale: 51% HBP, with additional 21% Pre-Tax 3P PV-10 (1) $20,362 MM % Liquids – Net 3P 17% not expiring for 5+ years 4Q 2013 Net Production 621 MMcfe/d Net 3P Liquids 902 MMBbls − Utica Shale: 20% HBP, with additional 79% not Undrilled 3P Locations 3,068 % Liquids – Net 3P 15% expiring for 5+ years 4Q 2013 Net Production 678 MMcfe/d • Portfolio flexibility across dry gas to liquids-rich and UTICA SHALE – LIQUIDS-RICH B - 4Q 2013 Net Liquids 11,190 Bbl/d condensate windows Net Proved Reserves (1) 362 Bcfe Net Acres (2) 459,000 • Significant investment in midstream infrastructure and Net 3P Reserves (1) 5.8 Tcfe Undrilled 3P Locations 4,778 secured takeaway capacity Pre-Tax 3P PV-10 (1) $4,666 MM • Financial flexibility to pursue planned 2014 and 2015 % Liquids – Net 3P 15% development drilling activities 4Q 2013 Net Production 54 MMcfe/d − $1.2 billion available liquidity with current $1.5 Undrilled 3P Locations 759 billion bank commitment UPPER DEVONIAN SHALE C • Full scale development underway A − 20 rigs currently operating Net Proved Reserves (1) 44 Bcfe C Net 3P Reserves (1) 4.2 Tcfe B Appalachia Rig Count vs. Peers (3) Pre-Tax 3P PV-10 (1) NM D % Liquids – Net 3P 7% 25 20 4Q 2013 Net Production 3 MMcfe/d 20 5 Undrilled 3P Locations 951 15 11 Rigs 10 15 8 10 6 D UTICA SHALE – DRY GAS 4 5 Net Acres (2) 128,000 0 Net Resource 7-11 Tcf Antero EQT RRC CNX COG RICE Undrilled Locations 1,080 Marcellus Shale Utica Shale 1. Proved, probable, and possible reserves as of December 31, 2013, assuming ethane rejection using SEC methodology and SEC pricing. Evaluations prepared by our internal reserve engineers and audited by DeGolyer & MacNaughton (D&M). Pre-Tax 3P PV-10 is a non-GAAP financial measure. 2. All net acres allocated to the Dry Gas Utica and Upper Devonian Shale are included among the net acres allocated to the Marcellus Shale as they are stacked pay formations attributable to the same 4 leases. 3. RigData as of 3/18/2014.

OUTSTANDING RESERVE GROWTH PROVED RESERVE GROWTH (1) 2013 RESERVE UPDATE • Proved PV-10 increased 133% to $7.0 billion (including (Tcfe) hedges) Drivers 10 • 3P PV-10 increased 82% to $21.4 billion (including hedges) • Successful 7.6 8 drilling • Replaced 1,857% of 2013 production 0.4 • Expanded • All-in finding cost of $0.58/Mcfe 6 4.3 proved • 2013 “top-down” development cost of $1.25/Mcfe 0.1 4 footprint 7.2 • 2013 “bottoms-up” development cost of $1.10/Mcfe 2 4.2 • Only 14% of 1P and 58% of 3P locations booked as SSL 0 (1.73 Bcf/1,000’ type curve) 2012 2013 • No Utica Shale WV/PA dry gas reserves booked Marcellus Utica 3P RESERVE GROWTH (1) POTENTIAL RESERVE GROWTH DRIVERS (Tcfe) Driver 2014 Action Drivers 50 • 79,000 net Complete transition to SSL type • Marcellus SSL completions 35.0 acres added curve 40 in 2013 41 wells to be completed; only 4.2 • Full scale Utica program 30 21 PUD locations booked as 5.8 21.6 • SSL results proved at YE 2013 20 4.0 • Utica results • Utica increased density drilling Drilling 2 increased density pilots in Utica 25.0 10 17.6 • Utica dry gas drilling Drilling first Utica dry gas well in 0 WV (128,000 net acres WV/PA) 2012 2013 • Core acreage acquisitions $200 million leasehold budget Marcellus Utica Upper Devonian 5 1. 2012 and 2013 reserves assume ethane rejection.