<PAGE>

                              ZAPATA CORPORATION
                               INCOME STATEMENT
                        THREE MONTHS ENDED DECEMBER 31
                   (in thousands, except per share amounts)

<TABLE>
<CAPTION>
 
 
                                                  1993      1992
                                               --------  --------
<S>                                            <C>       <C>
Revenues                                       $ 80,228  $ 70,925
                                               --------  --------
Expenses:
    Operating                                    70,124    61,826
    Depreciation, depletion and amortization      3,529     3,738
    Selling, general and administrative           4,421     2,865
                                               --------  --------
                                                 78,074    68,429
                                               --------  --------
Operating income                                  2,154     2,496
                                               --------  --------
Interest income (expense):
   Interest income                                  806       493
   Interest expense                              (3,766)   (3,857)
                                               --------  --------
                                                 (2,960)   (3,364)
                                               --------  --------
Other income (expense):
    Gain on sale of Tidewater common stock       33,852       ---
    Other                                        (6,270)    1,885
                                               --------  --------
                                                 27,582     1,885
                                               --------  --------
Income before income taxes                       26,776     1,017
                                               --------  --------
Provision (benefit) for income taxes
    Federal and state                             9,448       (21)
                                               --------  --------
Net income                                       17,328     1,038
                                               --------  --------
Preferred stock dividends                           101       101
                                               --------  --------
Net income available to common stock           $ 17,227  $    937
                                               ========  ========
Net income per common share                       $0.11     $0.01
                                               ========  ========
Average common shares and equivalents
   outstanding                                  155,008   129,917
 
</TABLE>

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

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