<PAGE>
 
                              ZAPATA CORPORATION
                                 BALANCE SHEET
                   LIABILITIES AND STOCKHOLDERS' INVESTMENT
                                (in thousands)

<TABLE>
<CAPTION>
 
 
                                      December 31,  September 30,
                                          1993          1993
                                      ------------  -------------
<S>                                   <C>           <C>
Current liabilities:
    Current maturities of
       long-term debt                     $  2,920       $  2,714
 
    Accounts payable and accrued
       liabilities                          35,582         36,550
 
    Income taxes payable                     5,818            783
                                          --------       --------
      Total current liabilities             44,320         40,047
                                          --------       --------
 
Long-term debt                              71,537        139,646
                                          --------       --------
Deferred income taxes                          ---          3,686
                                          --------       --------
Other liabilities                           15,526         15,474
                                          --------       --------
Stockholders' investment:
    Preferred and preference stock           4,503          4,503
 
    Common stock                            39,576         36,176
 
    Capital in excess of par value         120,570         92,906
 
    Reinvested earnings from
       October 1, 1990                      29,906         12,679
                                          --------       --------
                                           194,555        146,264
                                          --------       --------
    Total liabilities and
       stockholders' investment           $325,938       $345,117
                                          ========       ========
 
 
</TABLE>

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

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