Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36120 ANTERO RESOURCES CORPORATION (Exact name of registrant as specified in its charter) Delaware 80-0162034 ...

Antero Resources Corporation (NYSE:AR) Q4 2019 Earnings Conference Call February 13, 2020 11:00 AM ET Company Participants Michael Kennedy - Senior Vice President, Finance Paul Rady - Chairman & Chief Executive Officer Glen Warren - President & Chief Executive Officer Conference Call Participants David Deckelbaum - Cowen Welles Fitzpatrick - SunTrust Jeoffrey Lambujon - Tudor, Pickering Gregg Brody - Bank of America Holly Stewart - Scotia Howard Weil Arun Jayaram - JPMorgan Betty Jiang - Credit Suisse Tare ...

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 AR New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-36120 ANTERO RESOURCES COR ...

Financial Data and Key Metrics Changes - Antero Resources reduced its full year 2019 D&C CapEx budget to a range of $1.275 billion to $1.3 billion, a nearly $100 million reduction from the midpoint of the original guidance [9] - The company achieved a third quarter D&C CapEx of $290 million, the lowest quarterly spend since its IPO in 2013 [9] - The annual production guidance was increased to the high end of the prior range, reflecting a 2% increase at the midpoint [9] Business Line Data and Key Metrics Changes - The all-in well costs decreased from $970 per foot in January 2019 to $895 per foot, equating to savings of nearly $1 million per well [10] - The company set new records for average lateral feet drilled per day, averaging 6,000 feet, and achieved a new one-well world record of drilling 10,067 lateral feet in a day [13] - The third quarter LOE was $36 million, down 17% sequentially, with expectations for further reductions in the fourth quarter [15] Market Data and Key Metrics Changes - Antero is now 91% hedged on natural gas in 2020 at an average price of $2.87 per MMBtu and 89% hedged in 2021 at an average price of $2.80 per MMBtu [21] - The company shipped 54% of total C3+ net volume on Mariner East 2 for export in the third quarter, realizing a $0.12 per gallon premium to Mont Belvieu prices [25] Company Strategy and Development Direction - The company is focused on reducing its overall cost structure, targeting a removal of $250 million from its cost structure in 2020 [8] - Antero aims to blend 100% of its flowback and produced water, which is expected to lead to significant LOE savings [16] - The company plans to maintain flexibility in its capital program depending on NGL prices, with a preliminary target for D&C CapEx under $1.2 billion in 2020 while delivering production growth of 8% to 10% [20] Management's Comments on Operating Environment and Future Outlook - Management noted that the current commodity price environment is challenging, but the company is well-positioned to navigate it due to its strong balance sheet and liquidity [27] - The management expressed optimism about the potential for improved NGL prices in 2020, driven by export capacity expansion and strong international demand [26] - The company highlighted that it can afford to be patient regarding its bond maturities, with ample time to address them [68] Other Important Information - Antero has reduced its absolute debt by approximately $700 million over the past few years, resulting in a mid-2x leverage today [27] - The company has $1.2 billion of value in its AM ownership, providing over $200 million per year of steady cash flow in the form of dividends [28] Q&A Session Summary Question: How do you see the development of Dom South and M2 hubs going forward? - Management expects continued volatility through year-end 2020 due to constraints in regional pipeline systems [34] Question: Can you discuss the increase in NGLs as a percent of total production? - The increase is attributed to focusing on highly liquids-rich locations, and this trend is expected to remain steady [40] Question: What is the cash production expense outlook for 2020? - The cash production expense is expected to be between $215 million to $225 million [47] Question: How much more can you press on water handling? - Management believes that 100% blending of flowback and produced water is achievable, which could lead to significant LOE savings [49] Question: What are the opportunities to reduce GP&T costs? - Discussions are ongoing with all service providers and midstream transport partners to explore cost reductions [80]

Third Quarter 2019 Earnings Call Presentation OCTOBER 30, 2019 Legal Disclaimer This presentation includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under AR's control. All statements, except for statements of historical fact, made in this presentation regarding activities, events or developments AR expects, believes or anticipates will or may occur in the future, such as those regarding expected results, future co ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36120 ANTERO RESOURCES CORPORATION (Exact name of registrant as specified in its charter) Delaware 80-016 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36120 ANTERO RESOURCES CORPORATION (Exact name of registrant as specified in its charter) Delaware 80-0162034 ...