<PAGE>
 
                              ZAPATA CORPORATION
                    CONDENSED CONSOLIDATED INCOME STATEMENT
                   (in thousands, except per share amounts)

<TABLE> 
<CAPTION> 
                                         Three Months Ended   Six Months Ended
                                              March 31,           March 31,
                                         ------------------   ----------------
                                           1995      1994       1995     1994
                                         -------    -------   -------  --------
<S>                                      <C>        <C>       <C>      <C> 
Revenues                                 $38,127    $53,285   $84,097  $112,824

Expenses:
  Operating                               33,138     47,294    72,359   100,678
  Depreciation, depletion and
   amortization                            2,864      2,832     5,741     5,246
  Selling, general and administrative      2,521      3,934     5,063     7,337
                                         -------    -------   -------  --------
                                          38,523     54,060    83,163   113,261
                                         -------    -------   -------  --------
Operating income (loss)                     (396)      (775)      934      (437)
                                         -------    -------   -------  --------
Other income (expense):
  Interest income                            331        391       684     1,197
  Interest expense                        (1,455)    (1,189)   (2,904)   (3,707)
  Gain on sale of Tidewater common
   stock                                   4,811      3,605     4,811    37,457
  Other                                      595        306     1,085    (5,967)
                                         -------    -------   -------  --------
                                           4,282      3,113     3,676    28,980
                                         -------    -------   -------  --------
Income from continuing operations
  before taxes                             3,886      2,338     4,610    28,543
                                         -------    -------   -------  --------
Provision for income taxes
  State                                      120        254       240       283
  Federal                                  1,318        730     1,529     9,891
                                         -------    -------   -------  --------
                                           1,438        984     1,769    10,174
                                         -------    -------   -------  --------
Income from continuing operations          2,448      1,354     2,841    18,369
                                         -------    -------   -------  --------
Income from discontinued operations,
 net of income taxes                         ---        918       ---     1,231
                                         -------    -------   -------  --------
Net income                                 2,448      2,272     2,841    19,600
                                         -------    -------   -------  --------
Preferred stock dividends                    ---        101        51       202
                                         -------    -------   -------  --------
Net income to common stockholders        $ 2,448    $ 2,171   $ 2,790  $ 19,398
                                         =======    =======   =======  ========
Per share data:
  Income from continuing operations      $  0.08    $  0.04   $  0.09  $   0.57
  Income from discontinued operations        ---       0.03       ---      0.04
                                         -------    -------   -------  --------
  Net income per share                   $  0.08    $  0.07   $  0.09  $   0.61
                                         =======    =======   =======  ========
Average common shares and equivalents
 outstanding                              31,779     32,140    31,768    31,565
                                         =======    =======   =======  ========
</TABLE>

 

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

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