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Depending on the commodity price environment, Antero Resources plans to grow production at a 10%-15% compound annual growth rate from 2020 through 2023. Antero has a clear path to this production growth profile due to its Appalachian Basin-leading firm transportation portfolio for natural gas. The company's activity level and production growth will vary on an annual basis depending on natural gas, oil and NGL price expectations with the objective of maintaining Stand-alone drilling and completion capital spending within Stand-alone Adjusted Operating Cash Flow levels, keeping leverage low while also maximizing the return of capital to shareholders. Assuming flat $50 per barrel WTI oil prices and $2.85 per MMBtu NYMEX natural gas prices from 2020 through 2023, Antero Resources expects to grow production at the lower end of the production growth range, invest at levels that result in approximate Free Cash Flow neutrality and maintain leverage in the low 2x area declining below 2x leverage in the final two years of the outlook period. Assuming Wall Street analyst consensus commodity pricing of flat $65 per barrel WTI oil and $3.15 per MMBtu NYMEX natural gas prices from 2020 through 2023, Antero Resources expects to grow production at the high end of its production CAGR range, generate $2.5B-$3B of Free Cash Flow through 2023 and be in a position to both substantially reduce leverage and return significant capital to shareholders.

Guidance Highlights: In response to recent oil and NGL price declines, the company has reduced its 2019 drilling and completion capital budget relative to 2018 to a range of $1.1B-$1.25B on a consolidated basis and a range of $1.3B-$1.45B on a stand-alone basis; Full year 2019 production is expected to average 3,150 MMcfe/d to 3,250 MMcfe/d, a 17% to 20% increase over 2018 production guidance; Liquids volumes, including NGLs and oil are expected to average 154,000 to 164,000 Bbl/d, 18% to 26% over 2018 liquids guidance, including 9,000 Bbl/d of oil, 100,000 Bbl/d of C3+ NGLs and 50,000 Bbl/d of recovered ethane, at the midpoint; Plan to operate an average of 5 drilling rigs and 4 completion crews, down 1 to 2 crews from 2018; Includes 115 to 125 well completions in 2019 with an average lateral length of 10,200 feet and 120 to 130 wells drilled with an average lateral length of 11,900 feet; Forecasting Antero natural gas price realizations before hedges at a $0.15-$0.20/Mcf premium to Henry Hub and C3+ NGL realizations at 60%-65% of WTI oil prices; Mariner East 2 recently placed in-service enabling the first exports of C3+ NGLs on Antero's 50,000 Bbl/d firm commitment; Natural gas production guidance is 100% hedged in 2019.