<PAGE>

                              ZAPATA CORPORATION
                            STATEMENT OF CASH FLOWS
                        THREE MONTHS ENDED DECEMBER 31
                                (in thousands)

<TABLE>
<CAPTION>
                                                            

<S>                                                             <C>        <C>
                       
 
                                                                  1993      1992
                                                                --------   -------
Operating activities:
  Net income                                                    $ 17,328   $ 1,038
                                                                --------   -------
  Adjustments to reconcile net income to net
    cash provided from (used in) operating activities:
      Depreciation, depletion and amortization                     3,529     3,738
      Gain on sale of Tidewater common stock                     (33,852)      ---
      Changes in assets and liabilities:
        Receivables                                                1,168     5,309
        Inventories                                                  455     3,108
        Accounts payable and accrued
           liabilities                                              (785)   (9,130)
        Other assets and liabilities                               7,767    (2,342)
                                                                --------   -------
            Total adjustments                                    (21,718)      683
                                                                --------   -------
            Net cash provided from (used in)
               operating activities                               (4,390)    1,721
                                                                --------   -------
Investing activities:
  Proceeds from dispositions                                      80,528       ---
  Restricted cash investments                                     75,083    (3,719)
  Proceeds from notes receivable                                     859       828
  Business acquisitions                                          (73,622)   (2,325)
  Capital expenditures                                            (3,266)     (276)
                                                                --------   -------
             Net cash provided from (used in)
               investing activities                               79,582    (5,492)
                                                                --------   -------
Financing activities:
  Interest obligations deferred                                      504       ---
  Principal payments of long-term
     obligations                                                 (68,727)   (5,224)
  Preferred stock dividend payments                                 (202)      ---
                                                                --------   -------
             Net cash used in financing
                activities                                       (68,425)   (5,224)
                                                                --------   -------
Net increase (decrease) in cash and cash
   equivalents                                                     6,767    (8,995)
Cash and cash equivalents at beginning of
   period                                                         15,273    35,544
                                                                --------   -------
Cash and cash equivalents at end of period                      $ 22,040   $26,549
                                                                ========   =======
</TABLE>

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


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