<PAGE>
 
                              ZAPATA CORPORATION
                   DIVISIONAL REVENUES AND OPERATING INCOME
                                (in thousands)

<TABLE>
<CAPTION>
 
                                 Three Months Ended     Six Months Ended
                                     March 31,             March 31,
                                --------------------  -------------------- 
                                  1994       1993       1994       1993
                                ---------  ---------  ---------  ---------
<S>                             <C>        <C>        <C>        <C>
Revenues
 
Natural gas compression          $15,433   $    ---   $ 28,064   $    ---
Natural gas gathering
   and processing                 35,028     56,989     78,499    107,743
Oil and gas                        2,824      5,148      6,261     12,365
Marine protein                    21,915      9,717     42,604     22,671
                                 -------    -------   --------   --------
                                 $75,200    $71,854   $155,428   $142,779
                                 =======    =======   ========   ========
 
Operating income (loss)
 
Natural gas compression          $ 1,395   $    ---   $  2,382   $    ---
Natural gas gathering
   and processing                   (784)         8       (223)       182
Oil and gas                          432      1,312        640      4,363
Marine protein                     2,078        434      3,894        947
Corporate                         (1,818)    (2,045)    (3,236)    (3,287)
                                 -------    -------   --------   --------
                                 $ 1,303      ($291)  $  3,457   $  2,205
                                 =======    =======   ========   ========
 
</TABLE>

  (The accompanying notes are an integral part of the financial statements.)

                                       6