Partnership Overview

November 2017

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”) or Antero Midstream GP LP and its subsidiaries other than the Partnership (collectively, “AMGP”) as applicable 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 AMGP, the Partnership and Antero Resources Corporation (“Antero Resources”). These statements are based on certain assumptions made by the AMGP, 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 AMGP or the Partnership, as applicable, 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, 2016 and in the Partnership’s subsequent filings with the SEC, as well as the factors discussed under “Risk Factors” in AMGP’s final prospectus dated May 3, 2017 and filed with the SEC on May 5, 2017.

AMGP and the Partnership caution 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, 2016 and in the Partnership’s subsequent filings with the SEC.

The Partnership’s 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. In addition, AMGP’s ability to make future distributions is substantially dependent on the Partnership’s business, financial conditions and the ability to make distributions.

Any forward-looking statement speaks only as of the date on which such statement is made, and neither AMGP or the Partnership undertakes any 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

Antero Midstream Partners LP is denoted as “AM”, Antero Midstream GP LP is denoted as “AMGP” and Antero

Resources Corporation is denoted as “AR” in the presentation, which are their respective New York Stock

Exchange ticker symbols.

2 Note: Enterprise Value as of 9/30/2017. AR enterprise value excludes 53% ownership in Antero Midstream.

100%

Incentive

Distribution

Rights

(IDRs)

Public

(NYSE: AMGP)

Enterprise Value : $3.8 Bn

General Partner

(NYSE: AM)

Enterprise Value : $7.0 Bn

Midstream MLP

(NYSE: AR)

Enterprise Value: $6.7 Bn

Exploration & Production

80% 20%

Affiliates Affiliates

53%

32%

Public

68%

47% Public

The combined enterprise value of the Antero complex is over $17 billion

Antero Simplified Organizational Structure

Market Cap……………….......

Enterprise Value(1)….........…..

LTM EBITDA……......………..

% Gathering/Compression

% Water

Net Debt/LTM EBITDA…….

Corporate Debt Rating……….

Gross Dedicated Acres(2)…….

$5.9 Billion

$7.0 Billion

$513 Million

57%

43%

2.1x

Ba2 / BB

562,000

Note: Market cap and enterprise value as of 9/30/2017.

1. Based on AM market capitalization plus debt minus cash.

2. Excludes 146,000 gross acres dedicated to third party for gathering and compression services.

Antero Midstream Profile

3

Deliver Organic Growth Over the Long Term

• Run by co-founders and employees with significant ownership in Antero complex

• Organically grow midstream operations servicing Antero Resources’ de-risked development

plan, resulting in top-tier distribution growth of 28% - 30% annually through 2020

• Not dependent on “drop-downs”, acquisitions, 3rd party business or equity markets to

deliver growth

“Just-in-time” Non-speculative Capital Investment

• High visibility capital investment driven by superior asset utilization

• Enter into long-term fixed-fee agreements with minimum volume commitments to minimize

direct commodity price risk and insulate cash flows

• Opportunistically target third party business leveraging existing infrastructure

Maintain a Strong and Flexible Balance Sheet

• Maintain leverage in the low 2x range

• Target distribution coverage ratio >1.25x through 2020

Capture the Energy Value Chain

• Expand operations across energy value chain to enhance the most integrated natural gas

and NGL story in the US

• Capture significant value and opportunity in integrated operations and cash flow diversity

Antero Midstream Business Strategy

4

Midstream Infrastructure (In Service)

Gathering Pipelines (Miles) 341

Compression Capacity (MMcf/d) 1,600

Condensate Pipelines (Miles) 19

Processing Plant (MMcf/d) 400

Fractionation Plant (Bbl/d) 20,000

Fresh Water Pipelines (Miles) 323

Fresh Water Impoundments 38

Regional Pipeline Capacity (Bcf/d) 1.4

Antero Clearwater Facility (Bbl/d)(1) 60,000

Compressor

Station

Antero

Clearwater

Facility

Sherwood

Processing

Facility

Stonewall

Pipeline

Gathering

Pipelines

Freshwater

Delivery

Pipelines`

Antero Rig

Antero Midstream Asset Overview

5

Antero

Clearwater

Facility

Sherwood

Processing

Complex

.

1. The Antero Clearwater Facility is scheduled to be placed into service in the fourth quarter of 2017.

6

Strong Sponsor that has the Largest Core Drilling Inventory

in Appalachia and is the Largest NGL Producer in the U.S. 1

Efficient Capital Investment Results in

Attractive Partnership-Wide Rates of Return 3

High Growth Organic Business Model Requiring

No Equity Funding and Free Cash Flow Positive in 2018(1) 2

Opportunity to Further Build out Northeast Value Chain and

Diversify Cash Flow Profile 4

Strong Financial Position with Low Leverage

and High Distribution Coverage 5

Antero Midstream & AMGP Investment Highlights

1. Before AM distributions.

Largest Core Drilling inventory in Appalachia 1

7

Based on thorough technical analysis of peer acreage configuration, well results and geology, Antero has the largest

core drilling inventory (see core outlines) in Appalachia and holds 44% of the total liquids rich undrilled inventory

3,890

2,096

1,757

1,024 1,001 817 776 741 653 633 632 563

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Antero EQT CHK Range Rice Consol Cabot Chevron Noble Ascent SWN Gulfport

Un

dri

lled

Lo

cati

on

s

Core - NE Pennsylvania Dry Locations

Core - SW Marcellus & Utica Dry Locations

Core - Marcellus & Utica Liquids RichLocations

Core Liquids-Rich Appalachia Undrilled

Locations

44%

EQT 13%

RRC 10%

NBL 8%

CNX 6%

SWN 5%

CHK 4%

RICE 3%

Ascent 3%

CVX 2% GPOR

2%

Core outlines based upon Antero geologic interpretation, well control and peer acreage positions based on investor presentations, news releases, 10-K/10-Qs and various other sources. Rig information per

RigData as of 10/30/2017.

1. Peers include Ascent, CHK, CNX, COG, CVX, EQT, GPOR, HG, RICE, RRC and SWN.

* Undrilled location count net of acreage allocated to publicly disclosed joint ventures.

33 SW Marcellus Rigs

31 Utica Rigs

12 NE Marcellus Rigs

76 Total

Rigs

Undrilled Core Marcellus and Core Utica 3P Locations (1)(2)

Avg.

Lateral

Length 6,429’ 6,355’ 8,601’ 5,758’ 8,594’ 9,262’ 7,085’ 7,550’ 8,880’ 6,225’ 7,762’ 7,812’

105.6

34%

30%

11% 13%

8%

12% 12% 12% 13%

7%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

45.0

55.0

65.0

75.0

85.0

95.0

105.0

115.0

AR RRC DVN APC EOG COP CHK PXD NBL OXY

NG

L %

of

Pro

du

ct

Reve

nu

es

MB

bl/d

3Q17 Daily NGL Production NGL % of Product Revenues

Source: SEC filings and company press releases. Realized prices are weighted average including ethane (C2) where applicable..

Top U.S. NGL Producers (MBbl/d) – 3Q 2017

Largest NGL producer in the

U.S. in 3Q ’17 with the

Highest exposure to NGLs

among the top 10 peer group

$23.11

Pre-hedged Realized Price ($/Bbl)

$16.93 $15.15 $31.07 $22.38 $20.72 $21.83 $18.96 $22.91 $22.99

Antero is the largest NGL producer in the U.S and has the most NGL exposure at

34% of total upstream company revenues

Largest NGL Producer in the U.S. 1

8

Longer Laterals Materially Improve E&P Economics 1

9

6,000 Foot Lateral 9,000 Foot Lateral

NOTE: Assumes 2.0 Bcf/1,000’ type curve for the Antero Marcellus Highly-Rich Gas (1250 Btu) and Nymex Henry Hub prices of $3.00 and WTI of $54.

1. All laterals rounded to the nearest thousand. 788 of the 894 wells have been completed

2. Represents wells placed to sales.

Antero has been a leader in drilling long laterals in Appalachia

12,000 Foot Lateral

Pre-Tax Economics

ROR (%) 39%

PV-10

($MM) $5.0

Pre-Tax Economics

ROR (%) 55%

PV-10

($MM) $9.5

Pre-Tax Economics

ROR (%) 61%

PV-10

($MM) $12.4

30 29

14

25

9 5 1

181

227

279 294

164 150

55 37

9 16

0

50

100

150

200

250

300

350

≤ 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 ≥ 15000

We

ll C

ou

nt

Lateral Length(1)

Antero Lateral Lengths To Date Antero

# of

Wells

Avg.

Lateral

Length

Total Drilling

Program to Date 894 8,250

2017 Program(2) 135 9,250

2018-2020

Program(2) 465 9,500

Wells to Date

≥10,000’ 230 10,750

15,000 Foot Lateral

Pre-Tax Economics

ROR (%) 67%

PV-10

($MM) $16.0

Future completion

programs focused on

longer lateral

length locations

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0 30 60 90 120 150 180 210 240 270 300 330 360 390 420

We

llh

ea

d P

rod

uc

tio

n

(C

um

ula

tive

MM

cf)

Days From Peak Gas

AR’s production from advanced completions is outperforming the 2.0 Bcf/1,000’ wellhead

type curve – 2,500 lb/ft completions are 17% above type curve (First 243 days)

Well Recoveries Continue to Improve and Advanced

Completions Require More Water 1

10

AR Type Curve Outperformance

1,500 lb/ft $0.85 MM/1,000 Well Cost

38 wells

34 Bbl/ft of Water

1,875 lb/ft $0.89 MM/1,000 Well Cost

90 wells

40 Bbl/ft of Water

2,500 lb/ft $0.97 MM/1,000’ Well Cost

21 wells

48 Bbl/ft of Water

2.0 Bcf/1,000' Type

Curve Cumulative

Production

1. Cumulative average production per well normalized to a 9,000’ lateral. Cumulative production lines excludes wellhead condensate.

2. 1,875 pounds per foot type curve represents 1,750 pounds per foot wells and 2,000 pounds per foot wells.

11

Antero Resources Standalone E&P Long-Term Targets

Antero Resources is now well positioned to generate

peer leading growth and free cash flow

AR’s Attractive Long Term Outlook 1

1.0 1.5

1.8 2.3

2.7 3.3

3.8

3.9x

3.6x

2.8x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2014A 2015A 2016A 2017Guidance

2018Target

2019Target

2020Target

Sta

nd

alo

ne

E&

P L

eve

rag

e

Net

Pro

du

cti

on

(B

cfe

/d)

Target Leverage in Low 2x

Reduce Capex &

Leverage

Maintain

Production Growth

Generate Free

Cash Flow

Standalone E&P Leverage Net Production (Actual)

Net Production (Guidance)

Net Production (Target)

(1) Assumes WTI price of $54 and Nymex Henry Hub price of $3.00.

12 1. AR standalone LTM EBITDAX includes $119 million in distributions from AR’s ownership of AM common units.

2. Nymex strip pricing as of 9/30/2017.

AR Leverage Reduction(1) Restructuring of hedge swap prices resulted in

no change to hedge volumes

80% of targeted natural gas production hedged

through 2020 at $3.43/MMBtu

– $1.2 billion of remaining hedge value

Utilizing a portion of net operating losses

carried forward to eliminate cash taxes on

realized gains

Antero monetized over $1 billion of non-E&P assets through the sale of $311 million of AM

common units and $750 million through hedge restructuring

3.4x 3.0x 3.2x

2.6x

0.0x

1.0x

2.0x

3.0x

4.0x

6/30/2017 9/30/2017

Consolidated Standalone

$1 Billion Delevering Program Completed 1

$3.64

$3.91

$3.70 $3.63

$3.31 $3.16

$2.91

$3.50

$3.50 $3.25

$3.00 $3.00

$2.00

$3.00

$4.00

0

400

800

1,200

1,600

2,000

2,400

2017 2018 2019 2020 2021 2022 2023

BBtu/d $/Mcf Hedged Volume

Current NYMEX Strip(2)

Natural Gas Hedge Position

Restructured Hedge Price

Previous Hedge Price

~$750 Million of

Proceeds

No Change

to Price

Remaining Value as of 9/30/17: $1.2 Billion(2)

1,351

1,918

- 200 400 600 800

1,000 1,200 1,400 1,600 1,800 2,000

3Q 2016 3Q 2017

140 142

-

50

100

150

200

3Q 2016 3Q 2017

777

1,207

-

200

400

600

800

1,000

1,200

1,400

3Q 2016 3Q 2017

1,431 1,587

- 200 400 600 800

1,000 1,200 1,400 1,600 1,800 2,000

3Q 2016 3Q 2017

Note: All fees are as of year end 2016. Marcellus Utica

Fixed Fee: $0.32/Mcf Fixed Fee: $0.19/Mcf

Fixed Fee: $0.19/Mcf Fixed Fee: $3.69/Bbl

Low Pressure Gathering (MMcf/d) Compression (MMcf/d)

High Pressure Gathering (MMcf/d) Fresh Water Delivery (MBbl/d)

High Growth Midstream Throughput 2

High growth throughput driven by de-risked sponsor development plan and fixed-fee

contracts eliminate direct commodity price exposure

13

6.9x 6.1x

4.5x 4.4x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

2014 2015 2016 2017E DropDown

Industry leading organic growth story

– ~$2.3 billion in capital spent through

9/30/2016 on gathering and

compression and water assets

– Assumes midpoint guidance EBITDA

for 2017 (excluding JV)

– 4.4x capital expenditures to buildout

EBITDA

– 10-year identified project inventory of

$5.0 billion

Organic Adjusted EBITDA Multiple vs. Drop Down Multiples

Drop Down Median:

8.8x

AM Organic EBITDA Multiple(1)

AM Builds at 3x to 6x EBITDA

vs.

Other MLPs that Drop Down/Buy

at 8x to 12x+ EBITDA

Antero Midstream Project Unlevered IRRs

25%

15%

10%

30%

15% 15%

35%

25%

20%

40%

25%

18%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

LPGathering

HPGathering

Compression FreshWater

Delivery

AdvancedWastewaterTreatment

Processing/Fractionation

Inte

rnal

Rate

of

Retu

rn

Wtd. Avg. 24% IRR

(2)

Note: Precedent data per IHS Herold’s research and public filings.

1. Antero Midstream organic multiples calculated as gathering and compression and water capital expended through Q3 of each respective year divided by Adjusted EBITDA, assuming 12-15 month

lag between capital incurred and full system utilization.

2. Selected gathering and compression drop down acquisitions since 1/1/2015. Drop down multiples are based on NTM EBITDA. Source: Public company filings and press releases.

Organic Growth Results in Attractive Rates of Return

Organic growth strategy provides attractive returns while avoiding the competitive

acquisition market and reliance on capital markets

14

2

Return on Invested Capital =

Net Income + Interest Expense + Taxes

Average Total Liabilities and Partners

Capital – Current Liabilities

Attractive Return on Invested Capital

Attractive project rates of return and increasing capital efficiencies result in

economic and rapidly improving Partnership-wide return on invested capital (ROIC)

15

2

12%

9%

12%

15%

17%

19% 20%

0%

5%

10%

15%

20%

25%

2014A 2015A 2016A 2017E 2018E 2019E 2020E

AM Return on Invested Capital (ROIC)

Actual Consensus

• AM’s focus on organic growth and

capital efficiencies results in an

increasing returns on invested

capital through 2020 based on

consensus estimates

‒ Antero Midstream’s ROIC

declined in 2015 due to the

water drop-down transaction

and associated earn-out

payment included in liabilities

on balance sheet

• 2017 estimated ROIC of 15% in

fourth year of operations

Source: Factset consensus estimates.

$1.03

$1.33

1.8x

1.4x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

2016A 2017Guidance

2018ETarget

2019ETarget

2020ETarget

DC

F C

ove

rag

e R

ati

o a

nd

Leve

rag

e R

ati

o

Dis

trib

uti

on

Pe

r U

nit

DCF Coverage >1.25x

Note: Future distributions subject to Board approval.

High growth midstream throughput and efficient capital investment result in top-tier distribution

growth of 28% to 30% through 2020 while maintaining leverage in the low 2-times

Distribution Guidance

Distribution Target

DCF Coverage

AM Long Term Growth With Low Leverage

AM Growth – Midpoint of Guidance and Long-term Targets

16

2

Target Leverage in Low 2x

AMGP Highly Levered to AM Distribution Growth

$0.00 $0.00 $0.04

$0.21

$0.45

$0.73

$1.11

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$0

$50

$100

$150

$200

$250

$0.68

MQD

$0.80

2015A

$1.03

2016A

$1.33

2017G

$1.71

2018T

$2.21

2019T

$2.85

2020T

AM

GP

Dis

trib

uti

on

s P

er

Sh

are

($/S

hare

)

AM

GP

Cas

h A

va

ila

ble

fo

r D

istr

ibu

tio

n (

$M

M)

1. AMGP estimated cash available for distribution (CAFD) is net of (i) Series B unit distributions, (ii) general and administrative expense, and (iii) U.S. federal and state income taxes

(assuming 38% effective income tax rate)

2. 2017 AMGP distribution assumes full-year distribution. Pro-rated distribution from IPO date to year-end 2017 equal to $0.16 per share at the midpoint.

AMGP Estimated Cash Available for Distribution(1)

AMGP Distributions per Share Target(1)

AM distributions drive IDR cash flow which drives AMGP distributions

with upside to potential corporate tax reform in c-corp structure

AM DPU

Year

(2)

AMGP Distribution Growth – Midpoint of Guidance and Long-term Targets

Early Stage

IDR

Participation

17

2

8,300

10,300

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

2014A 2017E Record

Increasing Lateral Lengths (Feet) Increasing Wells Per Pad

Increasing Recoveries Per 1,000’ (Bcfe) Increasing Water Per Foot (Bbl/ft)

Midstream Capital Efficiencies Continue to Improve

Longer lateral wells, increasing recoveries per well, and more wells per pad result in more

efficient gathering, compression and freshwater delivery capital investment

18

6

9

14

-

2

4

6

8

10

12

14

16

2014A 2017E Record

1.7

2.4

3.6

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2014A 2017E Record

33

42

62

-

10

20

30

40

50

60

70

2014A 2017E Record

3

17,400

In-service 2017 Budget

Utica Marcellus

Antero Midstream has significant visibility and insight into Antero Resources’ long-term

development plan, resulting in non-speculative midstream investment

Significant Visibility on Midstream Investment 3

19

~$4.2 Billion Organic Project

Backlog

~$800 Million JV

Project Backlog

WELL PAD

LOW PRESSURE GATHERING

HIGH PRESSURE GATHERING

COMPRESSION

GAS PROCESSING

(50% INTEREST)

REGIONAL

GATHERING

PIPELINE

(15% INTEREST)

FRACTIONATION TERMINALS & STORAGE

Y-GRADE PIPELINE

(ETHANE, PROPANE, BUTANE)

NGL PRODUCT PIPELINES

LONG HAUL PIPELINE

INTERCONNECT

END USERS

PDH PLANT

>$1.0 Billion

Downstream

Investment

Opportunity Set

Note: Third party logos denote company operator of respective asset.

AM Assets AM/MPLX JV Assets Potential AM Opportunities

4 Northeast Value Chain Opportunity

20

Upstream Downstream

• Participating in the full value chain diversifies and sustains Antero’s integrated business model

• $5.0 billion organic project backlog and $1.0 billion downstream investment opportunity set

Creating a Diversified Asset Mix in the Northeast

63%

35%

2%

Gathering

& Compression

Fresh Water

Delivery

Regional Gas

Pipeline

EBITDA

Contribution % EBITDA

Contribution %

60% 24%

4%

10%

2%

Gathering

& Compression Fresh Water

Delivery

Processing

& Fractionation

JV Regional Gas

Pipeline

Wastewater

Treatment

2016A 2020E

4

Antero Midstream is creating a diversified organic midstream infrastructure business in

the Northeast that supports the long-term growth profile of the Marcellus and Utica

21

2.1x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7

Net

Deb

t / L

TM

EB

ITD

A

• $1.5 billion revolver in place to fund future growth capital

(5.0x Debt/EBITDA Cap)

• Liquidity of $1,084 million at 9/30/2017 based off $1,500

million revolver

• Sponsor (NYSE: AR) has Ba2/BB corporate debt ratings

• AM corporate debt ratings also Ba2/BB

AM Liquidity (9/30/2017)

AM Peer Leverage Comparison(1)

($ in millions)

Revolver Capacity $1,500

Less: Borrowings (418)

Plus: Cash 2

Liquidity $1,084

1. As of 9/30/2017. Peers include TEP, EQM, WES, RMP, SHLX, DM, and CNNX.

Financial Flexibility

5

Strong and flexible balance sheet combined with significant liquidity

Strong Financial Position

22

OPPORTUNITY POSITIONING

• Fresh water delivery, waste water treatment and

gathering/compression services to capture third party

business in Appalachia and enhance asset utilization

• 400 Deep Utica locations underlying the Marcellus in West

Virginia dedicated to AM and will require some new

dry gas infrastructure

• Industry is continuing to delineate deep Utica resource

• Undedicated acreage acquisitions by AR are dedicated to

AM for gathering, compression, processing and water

services

• AR has added over 200,000 net acres since 2013 IPO

• Antero leverages its resource and production to optimize

projects for AR and AM invests in the infrastructure

• Natural gas and NGL pipelines, terminals and storage

• ~1,000 incremental locations prospective for Upper

Devonian dedicated to AM for gathering and water services

• Volumes can go to Marcellus system already in place

• AM has multiple pathways to upside beyond its $5.0 billion organic project backlog

Downstream Infrastructure

Buildout 1

AR Acreage Consolidation 2

Third Party Business 3

Upper Devonian 4

WV/PA Utica Dry Gas 5

AM Upside Opportunity Set

23

Antero Midstream

Detailed Asset Overview

24

Marcellus Gathering and Compression Assets

• Provides Marcellus gathering and compression

services

− Liquids-rich gas is delivered to AM/MPLX’s 1.6

Bcf/d Sherwood processing complex

• Significant growth projected over the next twelve

months as set out below:

• Antero plans to operate an average of four drilling

rigs in the Marcellus Shale during 2017, including

intermediate rigs

• Antero plans to complete 110 Marcellus wells in 2017

− AM dedicated acreage contains over 2,000 gross

undeveloped Marcellus locations

• Antero 2017 development plan averages nine wells

per pad, improving economics at AM

Marcellus Gathering & Compression

Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.

YE 2016 YE 2017E

Low Pressure Gathering

Pipelines (Miles)

115 126

High Pressure Gathering

Pipelines (Miles)

98 117

Compression Capacity

(MMcf/d)

1,015 1,505

Acquisition Acreage

25

• Provides Utica gathering and compression services

− Liquids-rich gas delivered into MPLX’s 800 MMcf/d

Seneca processing complex

− Condensate delivered to centralized stabilization

and truck loading facilities

• Significant growth projected over the next twelve months

as set out below:

• Antero plans to operate an average of three drilling rigs

in the Utica Shale during 2017, including intermediate

rigs

• All 25 gross wells targeted to be completed in 2017 are

on Antero Midstream’s footprint

• Antero 2017 development program plan averages six

wells per pad

Utica Gathering & Compression

Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.

Utica Gathering and Compression Assets

YE 2016 YE 2017E

Low Pressure Gathering

Pipelines (Miles) 58 63

High Pressure Gathering

Pipelines (Miles) 36 36

Condensate Pipelines (Miles) 19 19

Compression Capacity

(MMcf/d) 120 120

26

Marcellus and Utica Fresh Water Delivery Assets

Water Business Assets

• Fresh water delivery assets provide fresh water for Marcellus

and Utica well completions

– Year-round water supply sources: Clearwater Facility, Ohio

River, local rivers & reservoirs(2)

– 100% fixed fee long term contracts

Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.

1. All Antero water withdrawal sites are fully permitted under long-term state regulatory permits both in WV and OH.

2. As of 12/31/2016.

3. Marcellus assumes fee of $3.69 per barrel subject to annual inflation and 40 barrels of water per lateral foot that utilize the fresh water delivery system based on 9,000 foot lateral. Operating margin

excludes G&A. Utica assumes fee of $3.64 per barrel subject to annual inflation and 37 barrels of water per lateral foot that utilize the fresh water delivery system based on 9,000 foot lateral. Water volumes

assume 5% recycling. Operating margin excludes G&A.

Projected Water Business Infrastructure(1)

Marcellus

Shale

Utica

Shale Total

YE 2016 Cumulative Fresh Water

Delivery Capex ($MM) (2) $610 $135 $745

Water Pipelines

(Miles) 203 83 286

Fresh Water Storage

Impoundments 23 13 36

2017E Fresh Water Delivery Capex

Budget ($MM) $50 $25 $75

Water Pipelines

(Miles) 28 9 37

Fresh Water Storage

Impoundments 3 1 4

Cash Operating

Margin per Well(3)

$1.0MM -

$1.1MM

$925k -

$975k

2017E Advanced Waste Water

Treatment Budget ($MM) $100

2017E Total Water Business

Budget ($MM) $175

27

Antero Clearwater advanced wastewater treatment

facility currently under construction – connects to

Antero freshwater delivery system

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Antero Clearwater Advanced Wastewater Treatment Capacity (Bbl/d)

Produced/Flowback Volumes (Bbl/d)

Illustrative Produced & Flowback Water Volumes Advanced Wastewater Treatment

Antero Produced Water Services and Freshwater Delivery Business

Antero Advanced

Wastewater Treatment

3rd Party Recycling

and Well Disposal

(Bbl/d)

Advanced Wastewater Treatment Complex

Estimated capital expenditures ($ million)(1) ~$275

Standalone EBITDA at 100% utilization(2) ~$55 – $65

Implied investment to standalone EBITDA build-out multiple ~4x – 5x

Estimated per well savings to Antero Resources ~$150,000

Estimated in-service date Late 2017

Operating capacity (Bbl/d) 60,000

Operating agreement

• Antero has contracted with Veolia to build the largest advanced wastewater treatment complex in the world for produced water from shale

oil and gas

• Veolia will build and operate, and Antero will fund and own the

Clearwater facility

−Will treat and recycle AR produced and flowback water

− Creates additional year-round water source for completions

−Will have capacity for significant third party business

1. Includes capital to construct pipeline to connect facility to freshwater delivery system. Includes $10 million that AR agreed to fund in the drop down transaction.

2. Standalone EBITDA projection assumes inter-company fixed fee for recycling of $4.00 per barrel and 60,000 barrels per day of capacity. Does not include potential sales of marketable byproducts.

20 Years, Extendable

Integrated Water Business

Antero Advanced

Wastewater Treatment

Freshwater delivery system

Flowback and

produced

Water

Well Pad

Well Pad

Completion

Operations

Producing

Freshwater

Salt

Calcium Chloride

Marketable byproduct

Marketable byproduct used in oil

and gas operations

Freshwater delivery system

Advanced Wastewater Treatment Assets

Capacity for third party

business

28

29

• Largest shale oil and gas related water treatment facility in the world

–60,000 Bbls/d capacity

• 100% fixed fee long term contracts

• Compliments fresh water delivery infrastructure ($800 million investment)

• At full capacity, will eliminate ~172,000 water truck trips per year, or ~15 MMBbls

Antero Clearwater Facility Nearing Completion

Processing and Fractionation Assets

Antero Midstream (NYSE: AM) and MPLX (NYSE: MPLX) formed a joint venture for processing and fractionation

infrastructure in the core of the liquids-rich Marcellus and Utica Shales in February 2017

Strategic Rationale

• Further aligns the largest core liquids-rich

resource base with the largest processing

and fractionation footprint in Appalachia

• Fits with AM’s “full value chain organic

growth” strategy

• Improved visibility throughout vertical

value chain and ability to deploy “just-in-

time” capital supporting Antero Resources’

rich gas development

Note: RigData as of 9/30/17. Rigs drilling in rich gas areas only.

1. New West Virginia site location still to be determined.

MarkWest / Antero Midstream Hopedale

Fractionation Complex

C3+ Fractionation 1 & 2: 120 MBbl/d In Service

C3+ Fractionation 3: 60 MBbl/d In Service

20 MBbl/d In Service, net to JV

MarkWest / Antero Midstream Sherwood

Complex: 11 x 200 MMcf/d

Sherwood 1 – 6: 1.2 Bcf/d In Service

Sherwood 7: 200 MMcf/d In Service

Sherwood 8: 200 MMcf/d In Service

Sherwood 9: 200 MMcf/d 4Q 2017

Sherwood 10: 200 MMcf/d 3Q 2018

Sherwood 11: 200 MMcf/d 4Q 2018

De-ethanization: 40 MBbl/d In Service

Future Processing Complex

TBD 1 – 6 – Potential – 1,200 MMcf/d (1)

Achievements Since Announcement

• Successfully placed in service two

processing plants with 400 MMcf/d of

combined capacity

‒ Sherwood 7: Fully Utilized

‒ Sherwood 8: Fully Utilized

‒ Sherwood 9: Expected year-end 2017

• Announced additional commitments for

Sherwood Plants 10 and 11

30

Appendix

31

Key Variable 2017 Guidance(1)

Financial:

Net Income ($MM) $305 – $345

Adjusted EBITDA ($MM) $520 – $560

Distributable Cash Flow ($MM) $405 – $445

Year-over-Year Distribution Growth 28% – 30%

DCF Coverage Ratio 1.30x – 1.45x

Operating:

Gathering Pipelines (Miles) 35

Compression Capacity Added (MMcf/d) 490

Fresh Water Pipeline Added (Miles) 37

Fresh Water Impoundments 4

Capital Expenditures ($MM):

Gathering and Compression Infrastructure $350

Fresh Water Infrastructure $75

Advanced Wastewater Treatment $100

Processing and Fractionation Joint Venture $275

Total Capital Expenditures ($MM) $800

Antero Midstream – 2017 Guidance

32

1. Per press release dated 2/6/2017.

2017 Capital Budget

By Area

33

$480 Million – 2016

By Segment ($MM)

By Area

$800 Million – 2017

By Segment ($MM)

Antero Midstream’s 2017 capital budget is $800 million, a 67% increase from the 2016 capital budget of $480 million, including

$275 for the processing and fractionation JV announced on 2/6/2017

130 Completions

$255 53%

$50 11%

$130 27%

$45 9%

Gathering and

Compression

Fresh Water

Advanced

Wastewater

Treatment

Stonewall

Marcellus $456 95%

Utica $24 5%

$350 44%

$75 9%

$100 13%

$275 34%

Marcellus $680 85%

Utica $120 15%

Advanced

Wastewater

Treatment

Fresh Water

Gathering and

Compression

Processing and

Fractionation

LTM Production

NTM Production Forecast

Average LTM Production

Maintenance Capital Methodology

• Maintenance Capital Calculation Methodology – Low Pressure Gathering

– Estimate the number of new well connections needed during the forecast period in order to offset the natural production

decline and maintain the average throughput volume on our system over the LTM period

– (1) Compare this number of well connections to the total number of well connections estimated to be made during such

period, and

– (2) Designate an equal percentage of our estimated low pressure gathering capital expenditures as maintenance capital

expenditures

Maintenance capital expenditures are cash expenditures (including expenditures for the

construction or development of new capital assets or the replacement, improvement or expansion

of existing capital assets) made to maintain, over the long term, our operating capacity or revenue

• Illustrative Example

LTM Forecast Period

Decline of LTM average throughput to be replaced with production volume

from new well connections

• Maintenance Capital Calculation Methodology – Fresh Water Distribution

− Estimate the number of wells to which we would need to distribute fresh water during the forecast period in order to maintain

the average fresh water throughput volume on our system over the LTM period

− (1) Compare this number of wells to the total number of new wells to which we expect to distribute fresh water during such

period, and

− (2) Designate an equal percentage of our estimated water line capital expenditures as maintenance capital expenditures

34

Antero Midstream EBITDA Reconciliation

EBITDA and DCF Reconciliation

35

Three months ended

September 30,

2016 2017

Net income $ 70,524 $ 80,893

Interest expense 5,303 9,311

Depreciation expense 26,136 30,556

Accretion of contingent acquisition consideration 3,527 2,556

Equity-based compensation 6,599 7,199

Equity in earnings of unconsolidated affiliates (1,544) (7,033)

Distributions from unconsolidated affiliates — 4,300

Adjusted EBITDA $ 110,545 $ 127,782

Interest paid (4,043) (20,554)

Decrease in cash reserved for bond interest — 8,831

Cash reserved for payment of income tax withholding upon vesting of Antero Midstream Partners LP

equity-based compensation awards (1,000) (1,500)

Cash distribution to be received from unconsolidated affiliate 2,221 —

Maintenance capital expenditures (4,638) (10,772)

Distributable cash flow $ 103,085 $ 103,787

Distributions Declared to Antero Midstream Holders

Limited Partners $ 47,025 $ 63,454

Incentive distribution rights 4,820 19,067

Total Aggregate Distributions $ 51,845 $ 82,521

DCF coverage ratio 2.0x 1.3x

Cautionary Note

The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserve estimates

(collectively, “3P”). Antero has provided internally generated estimates for proved, probable and possible reserves in this presentation in

accordance with SEC guidelines and definitions, which have been audited by Antero’s third-party engineers. Unless otherwise noted,

reserve estimates as of December 31, 2016 assume ethane rejection and strip pricing.

Actual quantities that may be ultimately recovered from Antero’s interests may differ substantially from the estimates in this presentation.

Factors affecting ultimate recovery include the scope of Antero’s ongoing drilling program, which will be directly affected by commodity

prices, the availability of capital, drilling and production costs, availability of drilling services and equipment, drilling results, lease

expirations, transportation constraints, regulatory approvals and other factors, and actual drilling results, including geological and

mechanical factors affecting recovery rates.

In this presentation:

• “3P reserves” refer to Antero’s estimated aggregate proved, probable and possible reserves as of December 31, 2016. The SEC

prohibits companies from aggregating proved, probable and possible reserves in filings with the SEC due to the different levels of

certainty associated with each reserve category.

• “EUR,” or “Estimated Ultimate Recovery,” refers to Antero’s internal estimates of per well hydrocarbon quantities that may be

potentially recovered from a hypothetical future well completed as a producer in the area. These quantities do not necessarily

constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management

System or the SEC’s oil and natural gas disclosure rules.

• “Condensate” refers to gas having a heat content between 1250 BTU and 1300 BTU in the Utica Shale.

• “Highly-rich gas/condensate” refers to gas having a heat content between 1275 BTU and 1350 BTU in the Marcellus Shale and 1225

BTU and 1250 BTU in the Utica Shale.

• “Highly-rich gas” refers to gas having a heat content between 1200 BTU and 1275 BTU in the Marcellus Shale and 1200 BTU and

1225 BTU in the Utica Shale.

• “Rich gas” refers to gas having a heat content of between 1100 BTU and 1200 BTU.

• “Dry gas” refers to gas containing insufficient quantities of hydrocarbons heavier than methane to allow their commercial extraction or

to require their removal in order to render the gas suitable for fuel use.

Regarding Hydrocarbon Quantities

36