Antero Resources Corporation (NYSE:AR) Q1 2019 Earnings Conference Call May 2, 2019 11:00 AM ET Company Participants Michael Kennedy - Senior Vice President of Finance Paul Rady - Chairman & Chief Executive Officer Glen Warren - President & Chief Financial Officer Dave Cannelongo - Vice President, Liquids Marketing & Transportation Conference Call Participants Jane Trotsenko - Stifel Holly Stewart - Scotia Howard Weil Subash Chandra – Guggenheim Operator Greetings, and welcome to the Antero Resources First ...

NGL Marketing and Pricing - Antero now exports NGLs due to the opening of the ME2 pipeline in Q1 2019[5] - In Q1 2019, realized C3+ NGL price was approximately $3163 per barrel[7] - Antero expects 50% of remaining 2019 NGL volumes to be sold into international markets[10] Firm Transportation Portfolio - Antero's firm transportation (FT) portfolio has delivered Appalachia-leading realized pricing[15] - Realized hedge gains were $025 per Mcfe in 2018 and an estimated $020 per Mcfe in 2019[14] - Antero has 47 Bcf/d total FT capacity[15] LNG Market and Production - 39 Bcf/d of LNG capacity growth is expected in 2019[17] - Antero's LNG commitments are expected to reach 700 MMcf/d by YE 2019[17] - Antero's production growth from 4Q 2017 to 4Q 2018 was 37%[53] Financial and Operational Improvements - Antero's pro forma net debt to LTM EBITDAX was 21x as of YE 2018[27] - Antero has reduced leverage from 39x at YE 2014 to 21x at 1Q 2019[31] - Antero's 2019 drilling and completion capital budget is $13 billion, including $840 million for maintenance capital and $460 million for growth capital[54]

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-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, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ...

Table of Contents 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, 2018 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001‑36120 ANTERO RESOURCES CORPORATION (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 8 ...