<PAGE>
 
                              ZAPATA CORPORATION
                          CONSOLIDATED BALANCE SHEET
                     LIABILITIES AND STOCKHOLDERS' EQUITY

                                (in thousands)

<TABLE> 
<CAPTION> 
                                                   December 31,   September 30,
                                                       1994           1994
                                                   ------------   -------------
<S>                                                <C>            <C> 
Current liabilities:
  Current maturities of long-term debt                $  2,481       $  2,478
  Accounts payable and accrued liabilities              25,116         27,258
                                                      --------       --------
    Total current liabilities                           27,597         29,736
                                                      --------       --------
Long-term debt                                          59,239         59,860
                                                      --------       --------
Other liabilities                                       14,574         14,736
                                                      --------       --------
Stockholders' equity:
  Preferred and preference stock                             3          2,258
  Common stock                                           7,931          7,930
  Capital in excess of par value                       137,790        138,293
  Reinvested earnings from October 1, 1990               2,127          1,785
  Investment in equity securities-unrealized gain,
   net of taxes                                          2,963          4,276
                                                      --------       --------
                                                       150,814        154,542
                                                      --------       --------
    Total liabilities and stockholders' equity        $252,224       $258,874
                                                      ========       ========
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   The accompanying notes are an integral part of the financial statements.

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