Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 7 Key Information 7 Company Overview 7 Antero Resources Corporation, Valuation and Financial Data, 2011-2015 8 Antero Resources Corporation, Share Price Performance, 2011-2015 8 Share Price Performance, 2011-2015 8 Key Valuation Metrics, 2011-2015 9 Antero Resources Corporation, Production and Reserves Trends 10 Total Oil and Gas, Reserves and Production 10 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 10 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 12 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 14 Crude Oil/Liquids Production and Reserve 15 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 15 Crude Oil Production and Reserves By Country/Region, 2011-2015 16 Crude Oil/Liquids Reserve Changes, 2011-2015 18 Natural Gas Production and Reserve 19 Natural Gas Production and Reserve Trend, 2011-2015 19 Natural Gas Production and Reserves, By Country/Region, 2011-2015 20 Natural Gas Reserve Changes, 2011-2015 22 Total Crude Oil and Natural Gas Reserves Life Index 23 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 23 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 24 Antero Resources Corporation, E&P Costs Trends 26 Allocation of the Upstream Capital Expenditure 26 Upstream Capital Expenditure, 2011-2015 26 Acquisition Costs By Country/Region, 2011-2015 27 Exploration and Development Costs, By Country/Region, 2011-2015 29 Oil and Gas Cost Per boe, US$/boe 31 Oil and Gas Cost Per boe, US$/boe, 2011-2015 31 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 33 Antero Resources Corporation, Reserve Replacement Ratio 35 Oil and Gas Production Replacement Ratio 35 Oil and Gas Production Replacement Ratio, 2011-2015 35 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 37 Antero Resources Corporation, Results of Oil & Gas Operations Trend 41 Oil and Gas Revenue and Expenses 41 Oil and Gas Revenue and Expenses, 2011-2015 41 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 42 Oil and Gas Revenue and Expenses, Per boe 47 Oil and Gas Revenue and Expenses, By boe, 2011-2015 47 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 48 Oil and Gas Performance Metrics 52 Antero Resources Corporation, Land Holdings and Well Data 53 Developed and Undeveloped Acreage 53 Gross and Net Developed and Undeveloped Acreage, 2011-2015 53 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 54 Well Statistics 57 Producible Oil and Gas Well, 2011-2015 57 Producible Oil and Gas Well, By Country/Region, 2011-2015 58 Exploration and Development Wells Drilled, 2011-2015 60 Exploration and Development Wells Drilled, By Country/Region, 2011-2015 61 Recent Developments 62 Antero Resources Corporation - Recent Developments 62 Apr 27, 2016: Antero Resources Reports First Quarter 2016 Financial Results And Increases Production Guidance 62 Apr 14, 2016: Antero Resources Announces First Quarter 2016 Operations Update 66 Apr 01, 2016: Antero Resources And Antero Midstream Announce Resignation Of Christopher R. Manning From The Board Of Directors 69 Feb 24, 2016: Antero Resources Reports Fourth Quarter And Full-Year 2015 Financial And Operating Results 69 Feb 17, 2016: Antero Resources Announces 2016 Capital Budget And Guidance 75 Jan 27, 2016: Antero Resources Announces 4% Increase In Proved Reserves To 13.2 Tcfe 78 Jan 13, 2016: Antero Resources Announces Fourth Quarter 2015 Operations Update 81 Oct 28, 2015: Antero Resources Reports Third Quarter 2015 Financial Results 83 Oct 22, 2015: Veolia Wins Contracts With Oil & Gas Operator Antero Resources 88 Oct 13, 2015: Antero Resources Announces Third Quarter 2015 Operations Update 88 Appendix 92 Methodology 92 Coverage 92 Secondary Research 92 Primary Research 92 Data Information Sources 93 Company Source 93 SEC/Other Regulatory Filings 93 Other Sources 93 Expert Panel Validation 93 Data Definition 93 Oil and Gas Reserves 93 Units of Measure 94 About GlobalData 94 Disclosure 94 Disclaimer 94

List of Tables Table 1: Antero Resources Corporation, Key Facts 7 Table 2: Antero Resources Corporation, Share Price Performance, 2011-2015 8 Table 3: Antero Resources Corporation, Key Valuation Metrics, 2011-2015 9 Table 4: Antero Resources Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 11 Table 5: Antero Resources Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 13 Table 6: Antero Resources Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 14 Table 7: Antero Resources Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 15 Table 8: Antero Resources Corporation, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 17 Table 9: Antero Resources Corporation, Crude Oil Reserve Changes, mmbbl, 2011-2015 18 Table 10: Antero Resources Corporation, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 19 Table 11: Antero Resources Corporation, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 21 Table 12: Antero Resources Corporation, Natural Gas Reserve Changes, bcf, 2011-2015 22 Table 13: Antero Resources Corporation, Oil and Gas Reserves Life Index, Years, 2011-2015 23 Table 14: Antero Resources Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 25 Table 15: Antero Resources Corporation, Upstream Capital Expenditure, US$ mil, 2011-2015 26 Table 16: Antero Resources Corporation, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 28 Table 17: Antero Resources Corporation, Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 30 Table 18: Antero Resources Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 32 Table 19: Antero Resources Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 34 Table 20: Antero Resources Corporation, Oil and Gas Production Replacement Ratio, %, 2011-2015 35 Table 21: Antero Resources Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 40 Table 22: Antero Resources Corporation, Revenue and Expenses, US$ mil, 2011-2015 41 Table 23: Antero Resources Corporation, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 46 Table 24: Antero Resources Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 47 Table 25: Antero Resources Corporation, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 51 Table 26: Antero Resources Corporation, Oil and Gas Performance Metrics, 2011-2015 52 Table 27: Antero Resources Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 53 Table 28: Antero Resources Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 56 Table 29: Antero Resources Corporation, Producible Oil and Gas Wells, 2011-2015 57 Table 30: Antero Resources Corporation, Producible Oil and Gas Wells, By Country/Region, 2011-2015 59 Table 31: Antero Resources Corporation, Exploratory and Developed Wells, 2011-2015 60 Table 32: Antero Resources Corporation, Exploratory and Developed Wells, By Country/Region, 2011-2015 61 List of Figures Figure 1: Antero Resources Corporation, Share Price Performance, USD/Share, 2011-2015 8 Figure 2: Antero Resources Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 9 Figure 3: Antero Resources Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 10 Figure 4: Antero Resources Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 12 Figure 5: Antero Resources Corporation, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 12 Figure 6: Antero Resources Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 14 Figure 7: Antero Resources Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 15 Figure 8: Antero Resources Corporation, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 16 Figure 9: Antero Resources Corporation, Oil Production, By Country/Region, mmbbl, 2011-2015 16 Figure 10: Antero Resources Corporation, Crude Oil Reserve Changes, mmbbl, 2015 18 Figure 11: Antero Resources Corporation, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 19 Figure 12: Antero Resources Corporation, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 20 Figure 13: Antero Resources Corporation, Gas Production, By Country/Region, bcf, 2011-2015 20 Figure 14: Antero Resources Corporation, Natural Gas Reserve Changes, bcf, 2015 22 Figure 15: Antero Resources Corporation, Oil and Gas Reserves Life Index, Years, 2011-2015 23 Figure 16: Antero Resources Corporation, Gas Reserve Life Index, By Country/Region, Years, 2011-2015 24 Figure 17: Antero Resources Corporation, Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 24 Figure 18: Antero Resources Corporation, Oil Reserve Life Index, By Country/Region, Years, 2011-2015 25 Figure 19: Antero Resources Corporation, Upstream Capital Expenditure, US$ mil, 2011-2015 26 Figure 20: Antero Resources Corporation, Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 27 Figure 21: Antero Resources Corporation, Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 27 Figure 22: Antero Resources Corporation, Development Costs, By Country/Region, US$ mil, 2011-2015 29 Figure 23: Antero Resources Corporation, Exploration Costs, By Country/Region, US$ mil, 2011-2015 29 Figure 24: Antero Resources Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 31 Figure 25: Antero Resources Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 33 Figure 26: Antero Resources Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 33 Figure 27: Antero Resources Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 34 Figure 28: Antero Resources Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 35 Figure 29: Antero Resources Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 37 Figure 30: Antero Resources Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 37 Figure 31: Antero Resources Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 38 Figure 32: Antero Resources Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 38 Figure 33: Antero Resources Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 39 Figure 34: Antero Resources Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 39 Figure 35: Antero Resources Corporation, Revenue and Expenses, US$ mil, 2011-2015 41 Figure 36: Antero Resources Corporation, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 42 Figure 37: Antero Resources Corporation, Exploration Expenses, By Country/Region, US$ mil, 2011-2015 42 Figure 38: Antero Resources Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 43 Figure 39: Antero Resources Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 43 Figure 40: Antero Resources Corporation, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 44 Figure 41: Antero Resources Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 44 Figure 42: Antero Resources Corporation, Production Costs, By Country/Region, US$ mil, 2011-2015 45 Figure 43: Antero Resources Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 45 Figure 44: Antero Resources Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 47 Figure 45: Antero Resources Corporation, Exploration Expenses per boe, By Country/Region, US$/boe, 2011-2015 48 Figure 46: Antero Resources Corporation, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 48 Figure 47: Antero Resources Corporation, Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 49 Figure 48: Antero Resources Corporation, Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 49 Figure 49: Antero Resources Corporation, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 50 Figure 50: Antero Resources Corporation, Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 50 Figure 51: Antero Resources Corporation, Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 51 Figure 52: Antero Resources Corporation, Oil and Gas Performance Metrics, 2011-2015 52 Figure 53: Antero Resources Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 53 Figure 54: Antero Resources Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 54 Figure 55: Antero Resources Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 54 Figure 56: Antero Resources Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 55 Figure 57: Antero Resources Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 55 Figure 58: Antero Resources Corporation, Producible Oil and Gas Wells, 2011-2015 57 Figure 59: Antero Resources Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 58 Figure 60: Antero Resources Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 58 Figure 61: Antero Resources Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 59 Figure 62: Antero Resources Corporation, Exploratory and Developed Wells, 2011-2015 60