<PAGE>
 
                              ZAPATA CORPORATION
                               INCOME STATEMENT
                      (in thousands, except per share amounts)

<TABLE>
<CAPTION>
 
                                      Three Months Ended     Six Months Ended
                                          March 31,             March 31,
                                     --------------------  --------------------
                                       1994       1993       1994       1993
                                     ---------  ---------  ---------  ---------
<S>                                  <C>        <C>        <C>        <C>
Revenues                              $75,200   $ 71,854   $155,428   $142,779
                                     ---------  ---------  ---------  ---------
Expenses
  Operating                            64,877     64,907    135,001    126,733
  Depreciation, depletion
   and amortization                     3,965      3,548      7,494      7,286
  Selling, general and
   administrative                       5,055      3,690      9,476      6,555
                                      -------   --------   --------   --------
                                       73,897     72,145    151,971    140,574
                                      -------   --------   --------   --------
Operating income (loss)                 1,303       (291)     3,457      2,205
                                      -------   --------   --------   --------
Interest income (expense)
  Interest income                         391        464      1,197        957
  Interest expense                     (1,847)    (3,665)    (5,613)    (7,522)
                                      -------   --------   --------   --------
                                       (1,456)    (3,201)    (4,416)    (6,565)
                                      -------   --------   --------   --------
Other income
  Gain on sale of Tidewater
   stock                                3,605        ---     37,457        ---
  Other                                   395        745     (5,875)     2,630
                                      -------   --------   --------   --------
                                        4,000        745     31,582      2,630
                                      -------   --------   --------   --------
Income (loss) before income
 taxes                                  3,847     (2,747)    30,623     (1,730)
                                      -------   --------   --------   --------
Provision (benefit) for
 income taxes                           1,575     (1,205)    11,023     (1,226)
                                      -------   --------   --------   --------
Net income (loss)                       2,272     (1,542)    19,600       (504)
                                      -------   --------   --------   --------
Preferred and preference
 stock dividends                          101        101        202        202
                                      -------   --------   --------   --------
Net income (loss) to common
 stock                                $ 2,171    ($1,643)  $ 19,398      ($706)
                                      -------   --------   --------   --------
Net income (loss) per common
 share                                  $0.07     ($0.06)     $0.61     ($0.03)
Average common shares and
 equivalents
 outstanding                           32,140     25,815     31,565     25,714
 
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  (The accompanying notes are an integral part of the financial statements.)

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