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Antero Brings Record 73 Wells Online in 3Q; Fewer Marcellus Completion Crews, No Utica Rigs for 4Q

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Antero Resources reported its Q3 2018 results.

Highlights Include:

- Net Q3 production averaged a record 2,718 MMcfe/d (29% liquids), up +17% YOY and up +8% from 2Q18

• Liquids production averaged 129,352 Bbl/d with 25% ethane recovery, including oil production of 10,632 Bbl/d, a 15% increase YOY and a 14% increase sequentially

- 73 wells were brought to sales during the quarter, a company record

Marcellus - Cuts Completion Crews on Efficiency Gains

Completion efficiencies continued to improve during the third quarter, increasing from 5.0 completion stages per day in the second quarter to 5.5 stages per day in the third quarter. During the month of September, Antero averaged 6.0 stages per day.

These efficiency gains allowed Antero to release three completion crews during the quarter, which will result in an average of four crews during the second half of 2018, compared to six crews in the first half of 2018. Antero is currently running five drilling rigs in the Marcellus Shale.

The Company expects to place a total of 27 wells to sales in the Marcellus during the fourth quarter with an average lateral length of approximately 9,500'. The significant reduction in activity compared to the previous quarters in 2018, is expected to substantially reduce capital spending during the fourth quarter of 2018 compared to the third quarter.

Key Well Results:

Antero placed 58 horizontal Marcellus wells to sales during the third quarter of 2018 with an average lateral length of 9,100 feet and an average IP30 per well of 18.3 MMcfe/day on choke. The 30-day average rate per well included 1,073 Bbl/d of liquids, representing oil, C3+ NGLs and 25% ethane recovery.

• A 8-well pad in Doddridge County with an average lateral length of 9,750' produced a 60-day average rate of 186.4 MMcfe/d, or 23.3 MMcfe/d per well, including 1,077 Bbl/d of C2+ NGLs and 203 Bbls/d of condensate, with 25% ethane recovery

• A 7-well pad in Tyler County with an average lateral length of 9,722', produced a 60-day average rate of 142.1 MMcfe/d, or 20.3 MMcfe/d per well, including 1,015 Bbl/d of C2+ NGLs and 117 Bbl/d of condensate, with 25% ethane recovery

• A well in the highest BTU regime had a lateral length of 11,856' and produced a 60-day rate of 25.5 MMcfe/d, including 1,321 Bbl/d of C2+ and with 388 Bbl/d of condensate

Ohio Utica - No Rigs or Completion Crews for Q4

Antero placed 15 horizontal Ohio Utica wells to sales during the third quarter of 2018 with an average lateral length of approximately 10,400 feet and an average 30-day rate per well of 17.7 MMcfe/d on choke.

The Company does not plan to operate any drilling rigs or completion crews in the Ohio Utica Shale during the fourth quarter of 2018 as the development plan continues to focus on liquids-rich locations in the Marcellus.