Partnership Overview September 2016 FORWARD-LOOKING STATEMENTS - PowerPoint PPT Presentation

Partnership Overview September 2016

FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that Antero Midstream Partners LP, and its subsidiaries (collectively, the “Partnership”) expect, believe or anticipate 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 expectations of plans, strategies, objectives, and anticipated financial and operating results of the Partnership and Antero Resources Corporation (“Antero Resources”). These statements are based on certain assumptions made by the Partnership and Antero Resources 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 Partnership, 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, 2015 and in the Partnership’s subsequent filings with the SEC. The Partnership cautions you that these forward-looking statements are subject to risks and uncertainties that may cause these statements to be inaccurate, and readers are cautioned not to place undue reliance on such statements. These risks include, but are not limited to, Antero Resources’ expected future growth, Antero Resources’ ability to meet its drilling and development plan, commodity price volatility, inflation, environmental risks, drilling and completion and other operating risks, regulatory changes, the uncertainty inherent in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, and the other risks discussed or referenced under the heading “Item 1A. Risk Factors” in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2015 and in the Partnership’s subsequent filings with the SEC. Our ability to make future distributions is substantially dependent upon the development and drilling plan of Antero Resources, which itself is substantially dependent upon the review and approval by the board of directors of Antero Resources of its capital budget on an annual basis. In connection with the review and approval of the annual capital budget by the board of directors of Antero Resources, the board of directors will take into consideration many factors, including expected commodity prices and the existing contractual obligations and capital resources and liquidity of Antero Resources at the time. Any forward-looking statement speaks only as of the date on which such statement is made, and the Partnership 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. Antero Midstream Partners LP is denoted as “AM” and Antero Resources Corporation is denoted as “AR” in the presentation, which are their respective New York Stock Exchange ticker symbols. 1

CHANGES SINCE SEPTEMBER 2016 PRESENTATION Updated balance sheet and liquidity data pro forma for Slides 27, 28 AM senior notes offering 2

ANTERO RESOURCES ACQUISITION BENEFITS AM A unique opportunity as most Appalachian core acreage is already dedicated to third party midstream providers On June 9, 2016 Antero Resources announced the Antero Midstream Buildout acquisition of 66,500 net acres in the southwestern Marcellus Shale, over 95% of which will be dedicated to AM for gathering, compression, processing, and water services  Acquisition and associated equity financing allows Antero Resources to increase 2017 production target to 20% to 25%, providing further support to Antero Midstream’s 2017 distribution growth target of 28% to 30%  Expands Antero Midstream footprint and identified 5-year investment opportunity set by over 15% to ~$3.2 billion (1) – Attractive organic investment opportunities at 4x to 7x build-out EBITDA – Additional adjacent third-party midstream opportunities AM Gross Dedicated Acreage (000’s) New Platform for Antero Midstream 1,000 12/31/2015 Pro Forma Infrastructure 900 Buildout 744 800 638 700 597 600 491 500 400 300 200 Compressor Station – In service Acquisition Acreage 100 Compressor Station – Planned Districts with 3,000+ Antero on Existing Acreage Net Acres 0 Existing Gathering Line Compressor Station – Planned on Dedicated Acreage: Dedicated Acreage: Acquisition Acreage Planned Gathering Line Fresh Water Delivery Take Point Planned Gathering Line – Gathering & Compression Water Services Acquisition Acreage Fresh Water Impoundment Existing Fresh Water Line Planed Fresh Water Line 3 1. Includes projects currently under construction.

MARCELLUS UPSIDE POTENTIAL  33% lower well cost per 1,000’ lateral and 33% higher EUR per 1,000’ since 2014 are driving rates of return significantly higher despite lower strip pricing 45/84 35/24 Pre-Tax PV-10 Pre-Tax ROR Assumptions  Natural Gas – 6/30/2016 strip 99%  Oil – 6/30/2016 strip $20.0 100% 77%  NGLs – 37.5% of Oil Price $17.0 66% Pre-Tax PV-10 80% Pre-Tax ROR 58% 2016; ~50% of Oil Price 2017+ $14.0 51% 60% 38% $11.0 NYMEX WTI C3+ NGL (2) $19.5 $8.0 $15.9 40% $13.9 ($/MMBtu) ($/Bbl) ($/Bbl) $12.3 $11.1 $5.0 20% 2016 $3.04 $50 $22 $2.0 $8.2 2017 $3.18 $52 $26 -$1.0 0% Highly-Rich Gas/Condensate Highly-Rich Gas 2018 $3.02 $54 $27 1.7 2.0 (4) 2.3 1.7 2.0 (4) 2.3 Bcf/1,000’ 2019 $3.00 $55 $28 2.3 2.7 3.1 2.1 2.5 2.8 2020 $3.06 $55 $28 Bcfe/1,000’ 2016/2017 Development Plan: Completions 2021-25 $3.53 $58 $30 Classification (1) Highly-Rich Gas/Condensate Highly-Rich Gas BTU Regime 1275-1350 1275-1350 1275-1350 1200-1275 1200-1275 1200-1275 EUR (Bcfe): 20.8 24.4 27.9 18.8 22.1 25.2 EUR (MMBoe) : 3.5 4.1 4.7 3.1 3.7 4.2 % Liquids: 33% 33% 33% 24% 24% 24% Well Cost ($MM): $8.1 $8.1 $8.1 $8.1 $8.1 $8.1 Bcf/1,000’ 1.7 2.0 2.3 1.7 2.0 2.3 Bcfe/1,000’: 2.3 2.7 3.1 2.1 2.5 2.8 Net F&D ($/Mcfe): $0.46 $0.39 $0.34 $0.51 $0.43 $0.38 Pre-Tax NPV10 ($MM): $12.3 $15.9 $19.5 $8.2 $11.1 $13.9 Pre-Tax ROR: 58% 77% 99% 38% 51% 66% Payout (Years): 1.5 1.1 0.9 2.1 1.6 1.3 Breakeven NYMEX Gas Price ($/MMBtu) (5) $1.22 $0.95 $0.76 $2.02 $1.77 $1.57 Gross 3P Locations (3) : 557 1,052 Pro Forma Gross 3P Locations (3) : 664 (19% Increase) 1,235 (17% Increase) 1. 6/30/2016 pre-tax well economics based on a 9,000’ lateral, 6/30/2016 natural gas and WTI strip pricing for 2016-2025, flat thereafter, NGLs at 37.5% of WTI for 2016 and ~5 0% of WTI thereafter, and applicable firm transportation and operating costs including 50% of Antero Midstream fees. Well cost estimates include $1.2 million for road, pad and production facilities. Assumes ethane rejection. 4 2. Pricing for a 1225 BTU y-grade ethane rejection barrel. NGLs at 37.5% of WTI for 2016 and ~ 50% of WTI for 2017 and thereafter. NGL prices are forecast to increase in 2017 relative to WTI due to projected in-service date of Mariner East 2 project allowing for a significant increase in AR NGL exports via ship. 3. Undeveloped Marcellus well locations as of 12/31/2015 adjusted for 6/30/2016 net acreage and pending acreage acquisition. 4. Represents actual results for 1Q 2016. 5. Breakeven price for 15% pre-tax rate of return.