INVESTOR PRESENTATION

NOVEMBER 2023

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 our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management, return of capital, expected results, future commodity prices, future production targets, realizing potential future fee rebates or reductions, including those related to certain levels of production, leverage targets and debt repayment, future earnings, future capital spending plans, improved and/or increasing capital efficiency, estimated realized natural gas, natural gas liquids and oil prices, expected drilling and development plans, projected well costs and cost savings initiatives, future financial position, future marketing opportunities, the participation level of our drilling partner and the financial and production results to be achieved as a result of the drilling partnership and the key assumptions underlying its projection and AR's environmental goals are 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 forward-looking statements speak only as of the date of this presentation. Although AR believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, AR expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

AR cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to the exploration for and the development, production, gathering and sale of natural gas, NGLs and oil, most of which are difficult to predict and many of which are beyond AR's control. These risks include, but are not limited to, commodity price volatility, inflation, supply chain disruption, lack of availability of drilling, completion and production equipment and services, environmental risks, drilling and completion and other operating risks, marketing and transportation risks, regulatory changes and changes in law, 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, impacts of geopolitical events and world health events, cybersecurity risks, conflicts of interest among our stockholders, the state of markets for and availability of verified carbon offsets and the other risks described under the heading "Item 1A. Risk Factors" in AR's Annual Report on Form 10-K for the year ended December 31, 2022. Any forward-looking statement speaks only as of the date on which such statement is made and AR 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.

This presentation also includes AR non-GAAP measures which are financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). Please see "Antero Non-GAAP Measures" for definitions of these measures as well as certain additional information regarding these measures.

Antero Resources Corporation is denoted as "AR" in the presentation and Antero Midstream Corporation is

denoted as "AM", which are their respective New York Stock Exchange ticker symbols.

Antero Resources (NYSE: AR)

2

Antero Resources: The "Unconstrained" E&P Company

Scale & Inventory

20+ Years of Premium Inventory

Peer-Leading Capital Efficiency

Drilling Efficiencies + Strong Well Performance = Lower Maintenance Capital

Firm Transport to LNG Fairway & Product Diversity

Premier Pricing via Gas Sold to LNG Markets & Liquids Uplift

Low Absolute Debt and Leverage

Flexibility Allows for Greater Commodity Price Exposure

Integrated Midstream

Development Reliability & Visibility

Photo of Cheat Canyon, WV. Conservation efforts supported by Antero Resources.

Antero Resources (NYSE: AR)

3

AR Has the Largest Low Cost Inventory

Appalachia Sub-$2.75/Mcfe Inventory

(Years - Locations Based on 3rd Party Data)

Years

25

Includes $17 Bn of Acquisitions Since 2021

22

(six separate transactions)

20

1616

15 Includes

~$340 MM

12

of Organic

10

Leasing

Since 2021

6

5

5

-

AR

P1

P2

P3

P4

P5

Peer rationale for M&A:

Inventory

Gulf Coast/LNG market access

Balance Sheet Repair

Antero Resources (NYSE: AR) Source: Enverus - September 2023.rd4 Note: Peers include CHK, CNX, EQT, RRC and SWN. Represents sub-$2.75/Mcfe inventory that meets a 10% IRR threshold as defined by 3 party source.

Drilling and Completion Efficiencies

Increasing Pumping Hours per Day…

20.0

22.2

18.0

17.1

16.0

2023

14.0

11.7

12.0

June

10.0

8.0

6.0

Increases Completion Stages per Day…

Company

16.0 Stages

Record

10.8 Company

Record

2023

5.8

March

2019 2020 2021 2022 YTD

Daily

2019 2020 2021 2022

YTD

Daily

2023

Record

2023

Record

Significantly Reduces Cycle Time per Pad (1)

427

Company

Record (2)

160

129 Days

June

2023

2019

2020

2021

2022

YTD 2023

Record

Antero Resources (NYSE: AR)

Note: Percentage increase or decrease arrows represent change from 2019 to YTD 2023 as of 9/30/2023.

5

1)

Cycle time represents days from surface spud date to first production date.

2)

Cycle time record excludes single "step out" wells or wells drilled and completed on pads with 5 wells or less.

Antero Wells Continue to Outperform Peers

Antero leads its Appalachian peers in well productivity trends, and

importantly, continues to increase its liquids productivity

AR Cumulative Well Productivity vs. Peers (MMcfe/1,000')

800

Operator

Well Count

Lateral Length (ft)

Since

+20% vs

Equivalent

700

252

12,415

2020

peer avg

600

Peer Average (1)

639

12,271

Cumulative Gas

(MMcfe/1,000')

500

Peer

Average (1)

400

Normalized

300

200

100

0

0

6

12

18

24

Months On Line

Source: Wellhead production from Enverus public data. Well BTU categorization based on Antero internal BTU mapping data. Processing shrink and NGL yields consistently assigned across all operators based on assigned BTU buckets.

Note: Production data cutoff at 24 months. Peers limited to SW Marcellus Operators with a minimum of 120 wells TIL since 2020. Represents cumulative sum of the average rate-time profile. Assumes no processing for wells with less than 1100 BTU (zero C3+ yield). Represents Enverus lateral lengths for peer average and internal lateral lengths for AR data.

Antero Resources (NYSE: AR)

1) Peers include EQT, RRC and SWN (SW Marcellus wells).

6

Increased Production Guidance

Drilling and completion efficiencies combined with strong

well performance translates to higher production

2023 Production Guidance (MMcfe/d)

Maintenance Capital ($MM)

3,275

3,400

4%

Increase

$925

$875

Material

Reduction

Initial Guidance

Updated Guidance

2023 Guidance

2024E

Range

Antero Resources (NYSE: AR)

7

Low Decline Rate Leads to Lower Maintenance Capital

Antero Decline Rates vs Peers (Percent Decline)

1-Year3-Year5-Year

5-yr

56%

3-yr

44%

1-yr

23%

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Antero Resources (NYSE: AR)

Source: April 2023 Enverus Intelligence Research note.

8

Note: Represents U.S. Onshore Boe annual decline rates. Peers include Aethon, Ascent, CHK, CNX, CRK, EQT, RRC and SWN.

Antero Capital Efficiency vs. Peers

D&C Capital vs. Production

+25%

Most Capital Efficient

10%

Growth:

8%

DD&C

6%

4%

Average

2%

0% Production Growth

0%

Least Capital Efficient

Peer 2

Peer 4

Peer 1

-2%

Peer 5

-4%

-6%

Peer 3

-8%

20%

15%

10%

5%

0%

50%

45%

40%

35%

30%

25%

% Change in D&C Capital (LTM 3Q23 / LTM 3Q22)

Higher Capital

Lower Capital

% Change in Production (3Q23 / 3Q22)

Production Growth Production Decline

Antero Resources (NYSE: AR) divestiture. EQT adjusted for Tug Hill acquisition.

9

Note: Peers include CHK, CNX, EQT, RRC and SWN. Represents actual production volumes and capital through 3Q23. CHK adjusted for Eagle Ford shale

Antero Capital Efficiency vs. Peers

While targeting a maintenance capital program, Antero's volumes grew 9% compared to the year ago period while the peer group declined by 3%

Year-Over-Year Change in Production

9%

9% growth driven by capital

efficiency gains and well productivity

0%

0%

-2%

Peer Average: (-3%)

-4%

-7%

P1

P2

P3

P4

P5

Adjusted for volume growth, AR has the lowest CAPEX per Mcfe of its peer group, at just $0.57/Mcfe

Capital Efficiency (LTM D&C Capital / 3Q 2023 Annualized Production)

Peer Average: $1.02

$1.12

$1.18

$1.30

$0.57

$0.71

$0.74

$0.81

P2

P5

P1

P4

P3

Flat Production(1)

Actual

Note: Peers include CHK, CNX, EQT, RRC and SWN. Represents actual production volumes and capital through 3Q23. CHK adjusted for

10

Antero Resources (NYSE: AR) Eagle Ford shale divestiture.

1)

Represents AR's D&C Capital per Mcfe with flat year-over-year production assuming $1 million of capital per 1 MMcfe/d of production.

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Disclaimer

Antero Resources Corporation published this content on 06 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 November 2023 12:49:06 UTC.