<PAGE>
 
                              ZAPATA CORPORATION
                          CONSOLIDATED BALANCE SHEET
                                    ASSETS
                                (in thousands)

<TABLE> 
<CAPTION> 
                                                   December 31,    September 30,
                                                       1994            1994
                                                  --------------   -------------
<S>                                               <C>              <C> 
Current assets:
  Cash and cash equivalents                         $  6,288          $ 14,386
  Restricted cash                                         --               779
  Receivables                                         30,128            27,591
  Inventories:
    Compressor equipment and components               20,734            17,629
    Gas liquids products                                 860               414
  Prepaid expenses and other current assets            2,722             2,049
  Net assets of discontinued operations               55,000            55,000
                                                    --------          --------
    Total current assets                             115,732           117,848
                                                    --------          --------
Investment and other assets:
  Notes receivable                                       914             1,925
  Investment in equity securities                     12,452            14,471
  Goodwill                                            25,598            25,812
  Deferred income taxes                                3,811             3,315
  Other assets                                         8,328             8,420
                                                    --------          --------
                                                      51,103            53,943
                                                    --------          --------
Property and equipment                               157,934           157,335
Accumulated depreciation                             (72,545)          (70,252)
                                                    --------          --------
                                                      85,389            87,083
                                                    --------          --------
    Total assets                                    $252,224          $258,874
                                                    ========          ========
</TABLE>

 

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

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