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

<TABLE> 
<CAPTION> 
                                               MARCH 31,       SEPTEMBER 30,
                                                 1995              1994
                                            --------------     -------------
<S>                                         <C>                <C> 
Current assets:
  Cash and cash equivalents                    $  6,598           $ 14,386

  Restricted cash                                12,704                779

  Receivables                                    20,650             27,591

  Inventories:
    Compressor equipment and components          25,757             17,629
    Gas liquids products                            557                414

  Prepaid expenses and other current assets       2,391              2,049

  Net assets of discontinued operations          55,000             55,000
                                               --------           --------
    Total current assets                        123,657            117,848
                                               --------           --------
Investments and other assets:
  Notes receivable                                  914              1,925

  Investment in equity securities                   ---             14,471

  Goodwill                                       25,385             25,812

  Deferred income taxes                           6,288              3,315

  Other assets                                    8,502              8,420
                                               --------           --------
                                                 41,089             53,943
                                               --------           --------
Property and equipment                          163,965            157,335

Accumulated depreciation                        (74,841)           (70,252)
                                               --------           --------
                                                 89,124             87,083
                                               --------           --------
  Total assets                                 $253,870           $258,874
                                               ========           ========
</TABLE>

 

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

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